Advocacy vs. Inquiry: How to Use Them Effectively at Work

When to Advocate, and When to Inquire?

Chances are, at some point in your career (maybe even in school), you were probably either told to speak up and voice your opinion more OR to make room for others to speak. Maybe since then you’ve discovered the perfect line between the two, but the truth is that most of us are still more comfortable with one communication style over another. Those who are comfortable with inquiry are likely those who have been told to speak up in the past, but the superpower of these individuals is their ability to listen and ask the right questions. Inquiry-based communication is all about inquiring to understand the position of the other side before attempting to change minds or do any influencing yourself. On the flip slide, those who are more comfortable voicing their opinions are said to excel in an advocacy-based communication style. These individuals tend to enter a conversation with a set opinion or goal and base their communications around convincing others to see things from their point of view.

So the question is: which of these communication styles are found in successful leaders? The answer, of course, is both, though there are outliers. For example, men tend to be rewarded more for advocacy, whereas women tend to be rewarded for inquiry. Moreover, statistics vary across industries: while professionals in fields like law may see higher incomes by excelling in advocacy, those in creative or collaborative sectors, such as entrepreneurship, often thrive by fostering inquiry. For instance, in family-owned and entrepreneurial businesses, leaders who prioritize inquiry-driven communication tend to cultivate stronger team dynamics, innovation, and adaptability, resulting in sustainable growth and success. However, in most management and leadership roles (especially as they relate to running small businesses), a balance of advocacy and inquiry tends to lead to the best business outcomes and the highest happiness quotients for employees.

Achieving the correct balance of inquiry and advocacy is possible, but it does take some self-reflection. Start by asking yourself which of the two communication styles is your go-to. If you don’t know, you can ask a colleague or even a family member. Once you’ve identified your preferred communication style, work on building competencies in the other one. Not sure how to go about doing that? Here are some tips:

To Improve Inquiry

• Avoid “leading the witness” and asking questions that guide your team members to your line of thinking. Instead, ask open ended questions: “What leads you to that conclusion?”
• Find out as much as you can about why someone is saying what they’re saying by asking them for data and examples.
• Explain why you are inquiring: “I’m asking about the potential outcomes of this choice because I want to ensure it aligns with our long-term vision for the company and our family legacy.”
• Check that your understanding is correct: “What I’m hearing you say is…”
• Remember to genuinely listen for any new ideas that may emerge and not just wait your turn to advocate for the idea you walked into the room with.

To Improve Advocacy

• Practice stating the explicit reasoning behind a conclusion or opinion: “I believe we should market this product exclusively to seniors because…”
• Include data and examples (even hypothetical ones): “Studies has shown that 72% of family-owned businesses struggle with succession planning. As an example, a fellow EFBC member faced challenges during the transition of ownership.”
• Encourage others to ask you questions and be prepared with thoughtful answers.
• Refrain from defensiveness and be transparent about any drawbacks to your position or idea.
• Even when advocating, encourage others to speak up and voice their opinion: “Can anyone think of an angle I’m not considering?”

Once you’re competent in both communication styles, you can read a situation and decide which one to use. If something needs to get done quickly and without discussion, advocacy might be called for. However, if you need to generate a lot of different ideas, inquiry is probably your better bet. And when in doubt, there is a bit of an order of operations to ideal and effective workplace communications: first inquire, then advocate. Remember: the purpose of inquiry is not just to make others feel heard, but to truly hear ideas and synthesize them into your plan, or perhaps decide to go a different direction entirely. Then again, maybe you team will have some of the same ideas as you do. Once you’ve fully inquired and heard everyone’s ideas, then you can advocate for the best ones (even if those end up being the ones you walked in with in the first place).

Which of the 12 competencies of emotional intelligence do leaders need to be successful?

How Emotionally Intelligent Is Your Leadership Team?

Emotional Intelligence. It’s an essential quality for anyone to have, but it is absolutely vital for leaders in business. Managing teams requires not only managing your own emotional wellbeing, but that of your employees and sometimes your clients, which isn’t an easy thing to do. In fact, a study published in Great Place to Work indicates that only 16% of American employees feel that they are “flourishing” in their jobs. Now, that number looks grim, but in companies that value Emotional Intelligence in their leadership roles, it increases significantly, to over 50%. These numbers show that leadership teams who make employees feel cared for and valued give their employees a greater sense of meaning in their jobs, which in turn increases productivity and employee retention.

But what is “Emotional Intelligence,” and what do you do if you feel like it’s not something that comes naturally to you? The Harvard Business Review breaks down the concept of Emotional Intelligence into four domains: self -awareness, self-management, social awareness, and relationship management. Those domains are then further broken down into 12 competencies: emotional self-awareness, emotional self-control, adaptability, achievement orientation, positive outlook, empathy, organizational awareness, influence, coaching and mentorship, conflict management, teamwork, and inspirational leadership. Ideally, a leader would be competent in all the above, but realistically, most everyone is more skilled in some aspects of emotional intelligence than others. For example, if a leader is a strong conflict manager, she might be skilled in giving people unpleasant feedback, knowing she can seamlessly handle any fallout. However, if someone is more of an influencer, he may prefer leading by example. Neither is incorrect, but increasing your competency levels in BOTH will help you recognize the situations where one strategy might be more effective than another.

But before you can work on improving your emotional intelligence, it’s helpful to take stock of where your current strengths lie. Simply reflecting on the categories above can be a good metric (if emotional self-awareness is already one of your strengths), but more quantifiable options exist as well. Probably the most widely available of these options is the Mayer-Salovey-Caruso Emotional Intelligence test (often called MSCEIT), but a quick google search yields dozens of other choices that you can use to suit the specific needs of your business.

So now you know what emotional intelligence is and how it breaks down. Maybe you’ve even reflected on your own strengths and weakness or taken an assessment that highlights which areas you need to work on. Your question now is, “how do I do that?” Well, much of it begins with reflection, and a lot of it. Reflect on your emotions and how they affect your actions, reflect on the feedback you get from others, practice active listening, empathize, and try to be as open-minded as possible. These things sound simple but doing them continuously and skillfully in the midst of trying to hit deadlines and other workplace goals is tricky. And that’s where we can help too! Elevating the emotional intelligence of our members is one of the core missions of EFBC, we believe that developing EI skills is essential for personal and professional growth. We’re committed to providing opportunities for our members to enhance these competencies in every aspect of our programming. This includes everything from our Forums both Full and Flex to our workshops, seminars, curriculum, leadership series, roundtables, and committees. Thus, if you’re looking for a more involved (and fun!) way to beef up those Emotional Intelligence competencies, come out and join us!

Join the Journey: EFBC Committee Opportunities for Every Member

July 2024 marks the beginning of EFBC’s 35th anniversary year. The programming committee is hard at work finalizing the details of our programming plan for next year. We have so many great events in store, and I’m excited to see each of them come to fruition. It’s fun to work with the committee and our very hardworking staff to put the plan together. It’s rewarding to fulfill a mission of business education and social connection for people I hold so dear and an organization in which I believe so strongly. So it is in that spirit that wholeheartedly extend an invitation to all EFBC members to consider committee participation and join in giving back to EFBC.

We need you. It’s important to understand EFBC is not a high-priced heavily-staffed peer group with teams of employees developing programming and impersonal content for members to consume. By design, EFBC is an organization that asks its members to be involved in creating the membership experience we all share. Aside from our very hard-working staff of three (yes, three), our members and strategic partners create, curate, or arrange each of the blog entries, programs, keynotes, round tables, panel discussions, and every other aspect of the EFBC experience. As it is with Forum, the cornerstone of EFBC is shared experiences, from member to member, and the only way to achieve that is to have members involved in creating the experiences we all enjoy. Committees are where members make EFBC come to life. As members, we need your help to keep creating the magic of EFBC. We need your expertise, experience, and wisdom to help drive our fantastic and unique member-driven organization.

Most committees meet 2 or 3 times per year. The actual time commitment is small, but even in a short amount of time you can make a big difference. Committee members lend their expertise and leadership, or sometimes their connections (know any great keynote speakers?) These are invaluable contributions that may not take much time. Also, EFBC draws from the committees for its future leaders. Most committee chairs sit on the Board of Directors. The board leadership (Vice President, President, Past President) are rotating positions that have to be filled with new people each year.

In addition to the Board of Directors, the EFBC has five organizational committees that cover all the major aspects of the organization, our members, and strategic partners. Here is a basic rundown of what each committee does and how you might get involved:

• Forum Chair Committee – This is often the first committee many EFBC members encounter when they find themselves as new members after becoming Chairs of their respective Forums. As the name suggests, the Forum Chair committee provides a venue for the chairs of each Forum to meet as a group twice a year and discuss Forum best practices, raise concerns, share experiences, and learn from one another. The committee also provides a direct connection between each Forum and the EFBC Board and Staff It represents an excellent opportunity for you to represent your Forum to the broader EFBC family, effectively communicate and advocate for your Forum, and to share your knowledge and experiences to help other Forums provide the best experience for their members. If this interests you, you need only volunteer to be your Forum’s Chair next season.
• Forum Protocol Committee – This committee is also dedicated to delivering the highest quality forum experience for every member with a focus on how the organization can support that experience. This committee is the keeper of the Forum Protocol and provides protocol training for new and exiting members. They also assist in onboarding and placement of new members within forums. More than anything this committee concerns itself with the forum experience as a whole and enabling each forum to provide the best experience for each member. The question of what makes a forum experience great is important and complex. The members of this committee are well-suited to answer it and support EFBC’s Forums every step of the way. If this is the kind of work that interests you, you may be interested in the Forum Protocol Committee.
• Programming Committee – The programming committee brings to life all of the educational and social events for the organization outside of Forum. Everything from keynote speakers, to leadership courses, to HR roundtables, the programming committee is responsible for creating and planning the events and assisting our incredibly hard-working staff with the execution. These programs are how we deliver the EFBC mission of educating, empowering, and providing social connection to our members as well as how we introduce future members to who we are. We play an outsized role in shaping the impact the EFBC will have for our members and strategic partners as well as the legacy of the organization overall. If this sounds interesting to you, we need your experience, expertise, ideas, and enthusiasm to join us!
• Marketing and Membership Committee – As business leaders, we can all appreciate the need for a well-planned and well-executed marketing program. In a nutshell this is the role of the Marketing and Membership Committee. The committee is responsible for design and implementation of the annual marketing plan, membership outreach, recruitment, and retention initiatives.
• Strategic Partner Committee – Our strategic partners our vital members of the EFBC family. The strategic partner committee fosters dialog, collaboration, and shared experiences among strategic partners, enhancing their ability to support the EFBC members. The committee also ensure strategic partners derive professional and personal enrichment from their commitment to the EFBC.

I hope this article has helped illustrate what a vital role committees play in EFBC and what an import role you can play by joining a committee that interests you. Whether you are a new or long-time member, a past committee member or someone who has never joined, I hope you will please consider giving the gift of your time and talent to the EFBC.

President’s Letter: The Art of Business Growth

Dear EFBC Members,

March brings with it an opportunity for introspection and reflection on our growth strategies and the health of our businesses. Recently, I had the privilege of reading an insightful article in the Harvard Business Review titled “How Fast Should Your Company Really Grow?”. It raised thought-provoking questions about the true measure of a company’s success and the implications of rapid growth on internal components such as company culture, customer relationships, innovation, and capital.

1. Right-Sizing Growth is a Vital Consideration

The article prompted me to ponder: In our pursuit of growth in revenues and profits, are we neglecting the foundational elements that truly make a company successful? Can these internal components scale effectively alongside rapid growth? As business owners and managers, it’s imperative that we consider how to “right size” growth to ensure the long-term health and sustainability of our organizations. This involves striking a delicate balance between expansion and maintaining the integrity of our company culture, talent pool, customer relationships, innovation capacity, and financial stability.

2. Crafting a Great Business Growth Strategy

What does it take to develop a great business growth strategy that aligns with the core values and capabilities of our organization? It’s about more than just chasing numbers; it’s about fostering sustainable growth that enhances the overall health and vitality of our businesses. It requires a strategic approach that takes into account market dynamics, internal resources, and long-term objectives. As we navigate the complexities of growth, let’s remember the importance of thoughtful planning, adaptability, and a commitment to excellence in all aspects of our operations.

Upcoming Events: Mark Your Calendars

• Breakfast Club: Cybersecurity – Thursday, March 21st
  Join us for a collaborative workshop on Cybersecurity best practices, presented in partnership with strategic partners PSM Partners, Wintrust Financial Corporation, and our partner Alera Group. This event will equip you with valuable insights to safeguard your business against cyber threats.
• Hybrid Roundtable: Demystifying Key Person Insurance – Wednesday, March 27th
  Facilitated by our Strategic Partner, Marcus Newman from ALERA Group, this roundtable will shed light on the importance of Key Person Insurance in business planning. Gain a deeper understanding of its significance, costs, potential challenges, and how it can protect your business from unforeseen circumstances.

Thank you for your ongoing dedication and participation in our vibrant EFBC community. Together, we will continue to thrive and evolve in pursuit of our shared goals.

Warm Regards,

Dave Horvath
EFBC President 2023-2024

The Value of Surrounding Yourself with “Like-Minded” People

At this point in your career, you’ve probably heard the advice “surround yourself with like-minded people.” Perhaps you’ve heard this wisdom from a business course or a trusted mentor, or even found it in another online blog — a simple search of the term “like-minded” on LinkedIn yields pages and pages of posts on the topic.

Like many cliches, this advice is ubiquitous for a reason: it works. Just ask co-founders and CEOs Luis van Ahn and Severin Hacker. As expats who met in Silicon Valley and were English language learners themselves, both men saw the utility in gamifying the language learning experience. This led to the creation of Duolingo, the number one worldwide language learning application, with 74.1 million active monthly users.

There’s no doubt that the shared backgrounds and mindsets of these men contributed to the success of Duolingo, and countless other CEOs have cited the teams and peers they surround themselves with as instrumental pieces in their successes. But you don’t have to go to Silicon Valley to meet the Severin Hacker to your Luis van Ahn. In fact, you can find your “like-minded people” right here at EFBC! Our forums offer unique spaces where individuals can connect with other business leaders in small settings. They also provide a space in which those leaders can delve into impactful discussions on shared challenges, find solutions, and receive support in every step of their leadership journeys. But as you network at our forums and beyond, it’s also worth keeping in mind exactly what CEOs mean when they say “like-minded.”

Because the unfortunate truth is, too many business leaders take “like-minded” to mean “people who think exactly like me.” This can, in turn, lead to CEOs hiring workforces whose backgrounds, personal identifiers, and even educational experiences all align. Not only does this actively work against the stated diversity missions that many companies have, but it can be detrimental to bottom lines. In fact, 85% of CEOs cite diverse workforces as a factor in driving both innovation and business growth.

So if we agree that “surrounding yourself with like-minded people” doesn’t mean surrounding yourself with clones who talk and think exactly like you, what does it mean? The answer is: different things to different people. But what most successful CEOs have in common is the stated mission of surrounding themselves with the people they need to succeed. And when they say “like-minded,” here are some qualifiers on which they tend to align when pressed further on the topic:

• Like-minded people don’t always agree with you, but they share your goals and values.
• They want to see you succeed. They celebrate and share your wins.
• They want to elevate themselves. They believe that rising tides float all boats.
• They are often smarter than you or have already accomplished your goals. They can serve as mentors and role models.

Another tip that many CEOs shared on this topic was another tried and true cliche: “If you can’t play tennis, watch the game.” Perhaps you can’t make your role models your peers just yet, and that’s okay. But in the world we live in, you can consume their blog posts, podcasts, books, and YouTube videos. The beauty of the modern age is that “surrounding yourself with like-minded people” doesn’t have to be a physical act. Often, their tips, tricks, and innermost thoughts are available with just a click.

2024 Financial Outlook Key Takeaways

The EFBC recently held a finance seminar with the collaboration of our Strategic Partners and experts from Private Vista sharing their expert insights on the financial market landscape for 2024. This blog post will highlight the key takeaways from the seminar, providing an overview of the financial trends to expect in the coming year.

Key Takeaways:

• Job growth is expected to slow further and the unemployment rate edge higher from its current 3.7% to 4%, although it remains near an all-time low.
• The high level of government and corporate debt could potentially lead to a rise in interest rates. This situation does raise some concerns, as continued participation in these markets could lead to further increases in interest rates, due to the demand for investment capital.
• In the next 5 years, corporate entities will need to refinance over 3 trillion dollars’ worth of debt that is currently at or below a 5% interest rate. This surge in demand for refinancing could further escalate interest rates. Given these circumstances, it is unlikely that the Federal Reserve will be able to intervene effectively in the short term, i.e., the next 6 to 7 weeks. For those seeking insights into future market trends, it’s essential to pay attention to the key market indicators, such as Consumer Price Index (CPI) numbers and academic growth figures. These indicators could provide valuable clues about the Federal Reserve’s potential actions.
• Our experts predict that inflation will continue to decline toward the Fed’s target, likely settling between 2% and 2.5% by yearend.
• Fed is expected to start cutting interest rates in 2024. The majority of these adjustments are set to occur in the period from March through to June. Following this, Fed will likely hold steady through the November election, after which a final cut is likely to occur.
• Presidential Elections typically generate One thing that markets dislike: uncertainty. The year 2024 is not just an election year for the US, but for the world at large. With 40 national elections set to take place worldwide, which implies that the political landscape of nearly 40% of the world’s population and global GDP could potentially be reshaped. This is not merely a matter of national interest; the outcomes of these elections could have far-reaching implications for our economy, markets and us as consumers.
• The financial markets historically experience a rollercoaster ride during election years, with highs and lows. However, once the election results are declared, the markets typically stabilize, regardless of which party wins.
• Regardless of the election’s outcome, one certainty looms large: major changes in estate law are on the horizon. These changes, set to come into effect on January 1st, 2026, will need to be addressed by the incoming administration, be it Republican or Democratic.
• 2024 holds much more than just elections. While our focus may be primarily on the Middle East due to the current situation, it is crucial to consider the importance of trade through these seas. Any disruption in these maritime routes could lead to inflation in the US, restricting the Federal Reserve’s ability to reduce rates.
• The best time to get into the market is when you have money to invest for the long term. If you’re holding onto your cash with plans to invest in new machinery or product development, you’re in a good position. You can park your funds in a money market to earn slightly over 5%, with no risk of a downside. This strategy is especially beneficial for savers, business owners, and retirees who typically like to maintain a cash cushion.

The bottom line

During an election year, it’s common to witness a certain level of apprehension among business owners. This uncertainty often leads to a state of paralysis, where decisions are put on hold and proactive strategies are side-lined. However, it’s crucial to note that such inactivity could be detrimental to business growth. It’s essential to continue implementing innovative ideas and strategies, and to not deviate from the business models that have proven successful previously. It’s advisable to keep up with your regular business practices. Continue to model your financials, budget, and forecast as you normally would. The known is always more comfortable than the unknown. Therefore, use this as an opportunity to channel your energy positively. Keep doing what you’re good at and continue with your business as usual wish a positive mindset.

***Please note that these are only predictions and should be used as a guide rather than a definitive forecast. Always consult with a financial advisor for personalized advice.

Connect with our Strategic Partners at Private Vista

• Mary Beth McLean CFP®, MBA Partner mbmclean@myprivatevista.com
• Greg Bogdan, CFP®, Senior Advisor gbogdan@myprivatevista.com
• Nicole Romito, CFP®, CDFA Partner nromito@myprivatevista.com

President’s Letter: A Call to Action and Sneak Peek of What’s to Come

EFBC members, as we journey through February, it’s the perfect time to start activating the processes and strategies we set in motion during January’s goal-setting frenzy. Understand that setting ambitious goals is just the first step. Execution is where the magic happens. I am currently re-reading “Traction” by Gino Wickman. This insightful book provides a roadmap for turning vision into reality through a structured and disciplined approach. As we absorb the wisdom within these pages, we’re positioning ourselves to execute our vision with precision and purpose.

We are thrilled to announce that the rollout of the Hivebrite online community platform for EFBC members this spring. Our Vice President, Darrin Shillair, and the dedicated EFBC staff are working diligently to set up this app-based platform. The Platform will enhance our member experience and facilitate seamless networking, knowledge-sharing, and collaboration.

EFBC Upcoming events:

1. Thursday, February 8th (Next Week) – Our upcoming Fireside Chat is an event you won’t want to miss! We’ll be joined by guests Eric VanderPloeg, Jay Giddens, and Megan Jerabek, who will provide invaluable insights into the evolving landscape of Name, Image, and Likeness. If you’re interested in participating or know someone who might be, please reach out to EFBC staff. CLICK HERE to learn more!
2. Thursday, March 21st – Save the date! We have an exciting event lined up. Teaming up with new strategic partners PSM Partners and Wintrust Financial Corporation, along with our partner Alera Group, we will be presenting a breakfast club on Cybersecurity best practices. CLICK HERE to learn more!

Thank you for being an integral part of our dynamic EFBC family. Your participation, engagement, and contributions are what make our community exceptional.

Dave Horvath
EFBC President 2023-2024

New Year, New Business Goals: Discover EFBC Members’ 2024 Resolutions

As we bid farewell to yet another year, it’s quite natural to take a moment to reflect on the highs and lows, challenges and victories, milestones and learning curves that we navigated throughout the past 12 months. As individuals, many of us are familiar with the tradition of setting New Year’s resolutions and targets for personal growth, but in the world of business, this tradition offers more than a symbolic fresh start. The beginning of the year is an ideal time for businesses, especially smaller organizations, to revisit their game plan, examine the current scenario, and set ambitious goals for the future.

Inspired by our member’s commitment to growth, we asked few of our valued members to share their business resolutions for 2024, that we’ll share with you today, to provide you with fresh ideas and perhaps motivation for some strategic improvements in your business. So, if you’re a small business owner searching for inspiration to make your own resolutions, you have come to the right place.

1. Implement the Entrepreneurial Operating System (EOS) Meeting Pulse
   Our valued member Dave Westerman, Owner of Carbit Paint, has put a particular emphasis on strengthen the internal communication framework of his business. His resolution is to implement the EOS Meeting Pulse – a strategic 2-day off-site meeting, designed to enhance the effectiveness of team collaboration. This off-site meeting serves as a valuable opportunity for his team to reflect on the past year and learn from their experiences. One of the activities that Dave incorporates during this meeting is team-building exercises, which not only strengthens team bonds, but also enhances the synergy vital to Carbit Paint’s long-term success. Lastly, Dave’s team participate collectively in forward planning, creating comprehensive blueprints with a particular focus on for the upcoming quarter, forthcoming year and the next three years. This is where the integration of new year business resolutions comes into place; setting achievable goals and establishing fresh strategies to accomplish the company’s objectives. “These 2 days are often my favorite 2-days of the year, as it allows us to come up for air, and work “on the business” VS “in the business”” – says Dave.
2. Use the EOS/Vision Traction Organizer
   EFBC’s another dedicated member, Sean Hoffman, Owner of Nuance Solution, is also anchoring his New Year’s resolutions on the EOS, but his focus is the Vision Traction Organizer (VTO). The VTO is an integral part of the EOS that helps to simplify complex strategies and break them down into manageable segments, ensuring that all team members are on the same page with the business’s vision, focus, goals, and strategies. Nuance Solution’s Senior Leadership team has worked over the last 90 days to craft their Vision Traction Organizer – a blueprint for Nuance’s long-term and short-term successes. This comprehensive blueprint includes both their Vision (Core Values, 10-year Target, Marketing Strategy, 3-years Snapshot) and Traction (Annual Plan & Quarterly Plan with Key Objectives and Goals). The intent is to facilitate gradual deployment of this new strategy, rolling out to their entire team over the following 6 months. “Nuance has already seen great benefits from making this commitment and we look forward to becoming a better organization!” – says Sean.
3. Develop New Key Roles Within the Organization
   Ryan Seitz, another valued member and Operations Manager of Kolbi Pipe Marker Co., is taking a different approach to reinforce the efficiency and performance of his business. Ryan understands that as his company grows, so does the complexity of tasks and projects. And as a small business owner, you cannot oversee everything. To address this, one of his New Year’s resolution involves developing new key roles within his organization that align with the company’s growth and diversification strategies. This strategy involves identifying gaps in the current structure, then designating new roles to close these gaps and increase productivity and efficiency.
4. Strengthen Onboarding and Training
   In tandem with creating new roles, Ryan is resolved to strengthen his company’s onboarding and training processes. He recognizes that a comprehensive, well-structured onboarding and training program is crucial for equipping new hires with the tools and knowledge they need to succeed. Better training leads to improved performance and increases employee satisfaction, as employees feel more competent and confident in their roles. Continuous training sessions should also be a priority to keep employees updated with current industry trends and practices. Keep the methods diverse – workshops, e-learning modules, or even mentorship programs – to cater to different learning styles.
5. Boost Employee Satisfaction
   Ryan isn’t stopping there. One of his New Year’s resolutions involves boosting employee satisfaction. He understands that the level of employee satisfaction and engagement directly impacts business success. Happy employees equate to a productive and innovative workforce. Boosting employee satisfaction doesn’t only involve financial rewards but also includes recognizing their efforts, providing opportunities for growth, creating a pleasant workplace, and striking a work-life balance.
6. Tightening up Inventory
   Rounding out Ryan’s New Year’s resolutions is his plan to tighten up the inventory. Staying in control of inventory is essential for small businesses to avoid losses and unnecessary expenses, manage cash flow, and ensure that customer demands are met without delays. To this end, Ryan aims to invest in an inventory management system to automate tracking and reduce human errors. This is a powerful strategy for reducing unnecessary costs and boosting the company’s overall profitability in 2024.

In conclusion, resolutions allow small business owners to redefine their goals, refocus their energies and strive for continuous growth and development. Remember, the key to maintaining your New Year’s resolutions lies in setting realistic, achievable goals, and maintaining a steadfast commitment to achieve them. Stay dedicated, and 2024 will likely be a promising and prosperous year for your small business.