Business Lessons We Learned in 2023
2023 was a great year for learning and an even better year for succeeding. Every good business owner knows that life is a constant state of improvement. Adjusting your strategy and adapting to change are crucial parts of maintaining a successful business. As industry leaders, there’s nothing we understand like a good learning opportunity. Where some may see failure as an easy way out, we see motivation to adapt, grow, and thrive. In this blog, we’ll be breaking down the top five business lessons that we learned in 2023 and how we’re going to apply these lessons in 2024 to become even better. If you want to learn with us, stick around. It’s only up from here.
1. Embrace the Bad Times
Easy times make bad leaders; bad times make good leaders. We’ve all heard it, but how many of us apply it to our practices and mindset? When an issue or disaster strikes, you’ve got two choices. Accept failure or grow. At Lanracorp, we view a crisis as a learning opportunity, a time to step back, discover what went wrong and why, and figure out not only how to solve the issue but also how to do better next time. Because there will be a next time – and while you can’t plan for every rough patch, you can learn from them and evolve your business mindset to help propel you to the next level.
2. Hire For Core Values
To be the best, you have to hire the best. A company is only as strong as its team, which is why it is crucial to hire for your business’s core values. Your employees should reflect the values and mission of your business, as they are the ones who represent you on the job. Hiring team members based on your core values and work ethic is a guaranteed way to cultivate success and growth in your industry. If you’re hiring by these values, you have to fire by them as well. You can’t have employees on your team who don’t represent your ethics and goals – your team won’t be as strong. Take the time and put in the work to build your A-team, even if it takes years to accomplish. The wait and work will be well worth it.
3. Be a Visionary and Allow for Creativity
As a business owner, you have to fill many roles to cultivate success in your business. One of these roles is a visionary. You need to provide your team with the ideas and the motivation they need to accomplish goals and continue to grow. Establishing yourself as a big-picture thinker and getting creative with your methodology will both inspire and encourage your employees – another reason why you need to hire according to your core values. As a visionary and a creative, you provide a framework for your business and get your team on the same page. Clarify the vision, enhance your mission, set goals, and create a plan of achievement. And get creative! Nobody ever changed the world by staying in their comfort zone.
4. Build Culture At Every Opportunity
Culture is everything. More specifically, culture is a critical component of a thriving and sustainable business. A strong company culture creates a sense of safety, shared goals, and identity. Building a positive company culture contributes to both short-term and long-term business success, creating a sense of purpose that transcends individual employees and makes the entire company more resilient and motivated. As a business owner, you need to be taking every opportunity to cultivate a strong sense of culture in your company. When employees feel connected to your values and mission, they will feel more productive and satisfied with their work. Not only is culture essential to internal success, but a strong culture will boost your brand’s reputation and image from an outside perspective as well.
5. Provide Value
How do you set your business up for long-term success? You provide value. Genuine, valuable products and services will never go out of style. How do you set your business up for potential short-term success but long-term failure? Make everything about price and fail to see the bigger picture. Stop cheating others, stop undercutting, and stop making price a priority if you want to see genuine results from your business efforts. Instead, be the best, offer the best, over-deliver, and price accordingly. Establish yourself as a leader who is authentic and takes accountability. Show – don’t just tell – your clients that your product or service offers them the highest value for their purchase. That’s how you conduct good business and gain more clients. Wolves lead the pack; let the rest fight among themselves.
Looking Ahead to 2024
So, what did we learn this year? A lot. Being a better business owner involves taking initiative, seeing crises as learning opportunities, providing value, and creating the right team. It includes crafting a leadership mentality that is always searching for ways to improve. And most importantly, being a better business means being prepared and ready to constantly evolve. The industry is constantly changing – either you change with it, or you get left in the dust. And we’re not getting left behind. Lanracorp is excited to take these lessons into 2024 and beyond and see how much we continue to thrive as a business. If you want to work with a business that’s dedicated to growth, improvement, and value, work with Lanracorp on your next project.