Despite the tumultuous times, leaders ensure it is a good time to learn valuable lessons.- Understanding certain aspects will give your business a “push” and the stability it needs.
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The last three years have been difficult for those looking to grow their business.
Covid-19 altered the way many people handled their projects; Talk of a possible recession dominated the second half of last year, and recent layoffs at major technology companies have fueled fears about the future.
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But it’s also been a good time to learn valuable lessons. Business builders told Insider.
Many found that using new technologies, creating positive workplace cultures, and understanding the flows and setbacks are key factors for success.
Those who achieved six-figure incomes last year shared the most important lessons for starting and growing a business amid fluctuating economies and changing consumer behavior.
- Take advantage of new technologies to stay relevant.
Using new technologies as they emerge has helped Seth Fowler grow his small business.
Fowler initially began his career as a tennis critic on YouTube before launching his sock company, Apthcry.
he’sHe’s used long-form YouTube videos to build his community of shoe fans and market his sock business. But she turned to YouTube Shorts and TikTok last year to attract new customers.
To progress through changing times, Fowler also began experimenting with 3D printing to test new methods of shoe production.
Creating technology-focused content helped him further expand his audience, he explained.
“Finding different ways to try new things within tennis has been a key aspect” of the growth in 2022, which it replicated this year.
- Lean on your brand story.
As financial strains persist, Larissa May is leaning on her personal story to grow #HalfTheStory, a mental health nonprofit.
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“It was created by a young man who wants to change the future so that other children don’t have to go through what I went through,” he said.
“That’s the most relatable selling point we have, so I learned the importance of that story, and I’ve held on to that.”
3.Have a holistic view of finances.
Gina Luari, the owner of Connecticut-based brunch group The Place 2 Be, said that one important lesson she learned this year is to take a holistic view of her business finances.
“All projects have ‘ups and downs’; they are cyclical, and everyone should understand that,” he said.
“But understanding where your cycles are, knowing where you’re going to see those ups and downs and why they’re happening is important.”
When business fluctuates, he asks questions like “Is it the weather?”, “is it the environment?” or “Is it because we changed something on our menu?” to better study and control their results.
4.The culture of the company is decisive.
Meghan Lee, the owner of the Delaware-based restaurant Heirloom, promised never to hire someone to play a role.
Instead, her goal is to “recruit someone because she’s the right fit, gets along with everyone, and envisions what I envision,” she told Insider.
He said Lee recently restructured his staff to create a collaborative environment, which boosted employee morale, productivity, and interest in the company’s success.
“It was really about building a culture,” he added.
Leaders who want to emulate these results should consider reaching out to their teammates, observing the interactions between each other, and keeping abreast of workforce engagement, she said.
5.Do fewer things with more impact.
Last year, co-founder of Highwire PR, Emily Borders, went on a week-long yoga and surf retreat to take time off work and reflect.
He told Insider that he learned stress management skills and coping skills, which helped inform his leadership style.
For his part, Francisco Vieira Mendes, co-founder of the mental health wellness startup, Yerbo, argues that to prevent burnout syndrome, entrepreneurs must identify the symptoms to know how to deal with them.