We are all familiar with the typical new year’s resolutions like exercising regularly, eating healthier and saving money, but have you considered the health and growth of your business for your 2021 resolutions?
As a family office who has successfully grown and scaled everything from service to technology companies, we have identified a few key actions that can increase the success of any company, regardless of your industry. Here are five meaningful changes you can make in 2021 to successfully grow your business.
Build Your Company Culture
We have found time and time again that a company’s culture works from the inside out. By failing to establish a strong company culture and investing in it, you are creating a recipe for low employee morale and poor customer experience. Your company’s culture is more than just a set of values on a piece of paper. It’s vital that you practice what you preach both internally and externally. Take an honest assessment of your company’s core values and mission and look for opportunities to pour into and build upon those foundational elements. An investment in your culture is an investment in your people and the long-term success of your business.
Improve Your Customer Experience
The most successful businesses, no matter the sector, are built upon strong relationships where the customer knows they can rely on you to work in their best interest. Look for opportunities to improve your customer’s experience. Find areas of friction and reduce them by investing in additional manpower, upgrading technology, or improving the user experience of your existing processes. Take the time to really understand your customer’s journey. Making even seemingly minor adjustments can result in happier, more loyal customers and bigger dividends.
Communicate, Communicate, Communicate
If you choose a guiding word for 2021, we recommend this one: communication. One of the guiding principles in every business we have successfully grown and scaled is communication. Look for opportunities to improve your communication both internally and externally. We have found that communicating efficiently, effectively, and often has been key to building customer loyalty and employee morale, ultimately resulting in increased profits and business growth.
Invest in Technology
If we have learned anything from 2020, it is that technology is a critical component of doing business in a world that is increasingly moving to periods of remote working. No matter your industry, thoughtfully investing in technology that meets your company’s specific needs will allow you to achieve your business goals and provide both your customers and employees with a more seamless, efficient process.
Empower Your People
As a successful business owner, you cannot do everything yourself. A crucial key to that success is to surround yourself with the right people to get the job done. As your company grows, it becomes increasingly important to empower your team and equip them with the tools they need to succeed. In 2021, look for opportunities to empower your people through personal and business development opportunities, increased decision-making power, generous boundaries and established growth paths. When your employees are given the permission and latitude to take ownership of their work and customer relationships, you’ll see increased productivity and passion and a better overall experience for your customers.
No matter which of these resolutions you make in 2021, you’ll be taking an important step toward investing in your employees, improving your customer’s experience, and successfully growing your business. If you’re interested in learning more about how we’ve helped our partners grow, reach out to us at Scandia.