4 Lessons I've Learned About Business in 2022

We’re fast approaching the finish line of 2022. Hard to believe I know, but whether you're counting the days or wishing for a magic wand to press pause and let you catch your breath, there's undoubtedly some big lessons to tuck away in your back pocket and carry with you into 2023.

Let's take a moment to reflect on some of the game-changing lessons I've learned as an expert-preneur throughout the year.

I hope you can find some value in these four lessons and use them to launch yourself into 2023 a wiser, more productive business owner on the fast-track to making your impact.

#1 - TIME WAITS FOR NO MAN OR WOMAN ⏰

Time is an asset you can't buy more of, so it's critical to spend it wisely. Where most people go wrong is thinking that getting as much as possible done is the meaning of being productive with their time. It's not. 

Productivity is a combination of prioritising what's really important, planning for success, delegating effectively, and mastering your focus. Being productive is as much about what you say no (or not now) to, as it is about how long it takes you to complete each of your tasks. 

Here are three skills to apply to maximise your productivity in 2023:

1. Break Big Things Down Into Little Things

Getting overwhelmed is easy when you try to tackle massive tasks whole. If you try starting your day with a goal to get through all of your 3,000 unread emails, and you're going to get overwhelmed pretty quickly. But as someone once said, it's far better to "Conquer your big boulders by turning them into small pebbles".

Break down your big tasks into manageable ones that you can fit into your schedule - like clearing just 20 emails a day from your backlog. When you do this, you not only avoid feeling overwhelmed, you'll also enjoy small victories that can boost your morale and energy! Talk about a win-win solution!

2. Embrace the Power of NO.

If you say yes to everything, you'll end up doing it all badly. You simply can't take on every project or client or team request at once — so it's important that when an opportunity comes along that you want to say Yes to, you understand how much time and resource it will need need from you and whether or not those needs align with your availability. Saying NO, or NOT NOW can be hard (I know!) BUT you're doing a favour for yourself, your clients and your team by setting clear expectations and laying down clear boundaries. 

3. Say YES to Success.

Once you've learned your boundaries, it'll be easier for you to say YES to things that can actually make your business grow. Risks and challenges will always be on the table when it comes to running a business - and they should not scare you. Remember, a ship in the harbour might be safe from the storms - but ships were not built to stay in the harbour. Have faith and learn to challenge yourself to sail out onto the open sea. 

Sailing away away from safety is a scary prospect. But the reason why sailors are confident that they can weather out any storm is because they know they never sail alone - they sail with a team. Which leads conveniently into our next lesson....

#2 - IF YOU WANT TO GO FAR, GO TOGETHER 👨🏼‍💻👩🏽‍💼👨🏿‍🔧

Building on the boat sailing analogy, can you imagine if only one person was trying to manoeuvre an entire fishing vessel by themselves? Sure someone with amazing skills can probably run the ship but what about when a storm comes along? Let's just say that wouldn't end well.

Ironically though, a lot of us fall into that trap of "solo sailing". Check this list to see if you're guilty of "solo sailing":

🛑 You have a team but you still do most of the work

🛑 You have a team but you need to approve, oversee, or double-check everything they create

🛑 You have a team but you feel like you can't take a day off because they can't function without you

Guilty? Don't worry. 

According to a recent study, almost a third of employing Australian businesses are having difficulty finding suitable staff. In fact, 56% of businesses worldwide have reported that their most significant problem comes from labor quality and employee output.

When it comes to finding great talent, the best people will be drawn to your business if they feel that it's a place where they can grow and thrive, and they feel in alignment with your vision, mission and values.

Finding great people is only one part of the equation, though. You also need to create an environment of excellence. Set clear goals and expectations. Ensure team members are supported to succeed. Then step out of the way and let them shine.

It's harder than it seems — but with good visibility and systems in place — it's perhaps the most important ingredient to help you grow your business.

#3 - USING THE RIGHT TOOLS WILL 10X YOUR IMPACT 🛠

Bubblegum and sticky tape can only get you so far (unless you're McGyver). Eventually you'll need to upgrade to the right tools for your business and your purpose. When I say "tools", I'm talking technology, processes, workflows, templates, forms, automations - all the ingredients that govern and enable the work to get done as efficiently and effectively as possible. 

There is no one-size-fits-all in this world. The right tools for you depend on your budget, your team, your needs, the problems you're trying to address and the future vision you have for your business. The only universal truth is that in 2022 and beyond, paper and pen are the wrong tools to use if you want to run an efficient, scalable business.

There are 3 core things to consider when assessing the tools you need:

1. Enhance Functionality

What functionality do you need to simplify, streamline and standardise key functions in your business. Consider where time could be saved, where pain points could be resolved, where cracks could be filled in. Start first with your wish list - if you can dream it there is a tool that can do it. You may not get all your wishes in a tool that fits your business and budget - but if you don't identify your wishes you might get none of them.

2. Improve Visibility

What tools do you need to have better visibility and insights about your business performance? You wouldn't sail your ship without knowing the weather conditions, the destination, the route to get there and probably a whole range of other things (I'm not a sailor - can you tell?!). So why run your business without visibility of how many, how long, where from, when, how much, how often . . . and all of the other important indicators that less us know if we're on or off course.

3. Maximise the Cost/Value Equation

What something costs and what it is worth are not the same thing. An hour of your time may cost $100. If, in that hour, you could earn $300 - you might think of that as your value. For some team members, that's true - but thinking one step further than that - what value could you create in that hour? What new idea could you think up that, once implemented, adds hundreds of thousands of dollars of income to your business.  What knowledge could you could gain that may help you avoid a business-breaking disaster?

When we can quantify what the true value of time is for ourselves and each of our team members, then we can apply the tools and resources that help us maximise this value. 

To provide a simplified example, if it takes me an hour to earn $300, and I'm able to deploy a process that reduces the effort to complete the same task to half an hour - then I have in essence doubled the value of an hour of my time by utilising that new process. 

So then, what would you be willing to spend on a tool that doubles the value of an hour of your time?

Remember...

Always remember that the tool is not the solution. A hammer doesn't hang a picture on the wall - it is the tool that someone skilfully uses to achieve the desired outcome of hanging the picture. The nail, the measuring tape, and the picture-frame are all part of the ecosystem of tools that are needed to successfully achieve the desired outcome.  The same is true of the tools you use in your business. It is using the right tools in the right way and the right time that ultimately leads to success.

#4 - CULTURE IS CRITICAL FOR PERFORMANCE 🤗

So, why is it that some businesses are able to grow and thrive, while others struggle or even fail? The answer lies in the ability that business has to make things happen. 

Your culture is your company's fundamental set of values and beliefs that drive your team's actions and decisions. It sets the foundation of how people work together as well as how they interact with customers and partners. The culture exists with or without your input.

Establishing a culture of high-performance can help businesses overcome obstacles, solve problems more efficiently, and execute strategic objectives more effectively than those with an undefined culture ― even when competing against larger competitors with bigger budgets! 

Establishing culture takes time, intention, effort, and energy. But once this is in place, it is a self-regulating machine that is destined to succeed no matter what obstacles are encountered along the way.

FINAL THOUGHTS

I hope these four business lessons have inspired you to take action and strengthen the foundations of your business as we rocket into 2023 and beyond. If you’re ready to get started - identify which of these items needs the most love and attention right now, and build a plan to make those improvements.

With small, consistent, intentional actions everyday, we can't help but reach our goals.

Happy sailing!