We are now in 2024 and you have probably already made some personal new year’s resolutions or “intentions,” as I like to call them. And while I am all about that, what about your business? Have you thought about your intentions there?
If you are preparing budgets or projections, I am sure you included some year-over-year (YOY) increases in sales and net income. Who doesn’t want to grow by 20%, right? But let’s take it a step beyond that and think about how we can level up the business as a whole, beyond just the numbers.
What do I mean by leveling up? It means looking at your business in a fresh and different way with new ideas that go beyond just increasing sales and net income. After all, we cannot expect better results by just doing the same thing year after year. We need to expand our thought process. Ideas and learning can come in a number of different modes, from free to expensive. You just need to determine what is more important to you right now: time or money (my guess is time).
How to Level Up Your Business in 2024
There are a number of ways you can level up your business in 2024 without breaking the bank (i.e., costing more time). But the more money you pay, the more likely you will have skin in the game. So, let’s look at some options from free to a little more expensive.
Self-Learning – Free/Time Cost
The first one we’ll talk about is pretty obvious because you’re here with me right now; it is self-learning. Free content like podcasts, blogs, YouTube videos, and webinars can be a great way to dip your toes into the waters of learning new skills, strategies, or tactics to help you get closer to your goals. But let’s aim to level that up, as those who pay, pay attention. So, put some skin in the game in some way to make sure you follow through and actually implement instead of just gaining information.
Industry-Specific Forums and Social Media Groups – Free/Time Cost
If you’ve ever found yourself going down the rabbit hole in online forums or diving into groups, you know that they can be a powerful place for connection.
Joining online forums and social media groups that are specific to your industry or niche is also a great way to learn from others who have more experience than you. It is a free way to learn from others, ask questions, have more accountability, and build a network of contacts!
Free Webinars and Masterclasses – Free to Money ($)
Now, I love a good webinar, but let me preface this and say: not every webinar is valuable. I’m sure you’ve signed up for a webinar before and you felt like you walked away with nothing… I honestly hate that!
Sure, there are those “vendor-sponsored” webinars, but that’s not what I am talking about. You run the company now, so leave all that to the rest of your team. The only webinars you should be attending should be on growing your company, leadership, and how to prepare for an exit one day. After all, we all do eventually exit (maybe this is where I should hint that I am coming out with a Masterclass next month, so stay tuned).
Books and eBooks – Money ($$)
Books and reading (or listening on Audible, if you’re like me) can be a huge way you can learn and grow.
As an author, I now know how much time and care goes into writing a book – it’s a HUGE effort, a massive time commitment, and there’s a real pressure to get your best stuff in it. So books can be a GREAT way to invest in your learning.
A few of my favorite that are relevant to you as an owner:
- Buy Back Your Time by Dan Martell – excellent book no matter how big you are.
- $100 Million Offers by Alex Hormozi – this guy just fascinated me!
- The One Thing by Gary Keller and Jay Papasan – I find myself reaching for this one over and over again. I have mentioned this one before in a post.
- The Private Equity Playbook by Adam Coffey – if you plan on PE being one of your prospective buyers, it’s a must read.
- Get Acquired for Millions by me (Linda Rose) – hey, I don’t even consider this a shameless plug anymore. It will truly change the way you look at your business and send you down a more direct path to increasing company value. The first chapter is here if you want to take a listen.
How insane is it that you can find a wealth of information about business in books and eBooks?! Think about it: most books cost between $20-$30, so that’s a pretty affordable way to learn. I use my Audible credits to start listening to a book and, if I like it, I get a hard copy. Call me old-fashioned, but I still like to flip through pages and make notes in the margins.
Online Courses – Money ($$ – $$$$)
These can range from $30 – $10,000, so the curve is steep in terms of what you can learn, what you can get, and the level of support you can find in online courses.
My course(s) range from around $497 up to $3,495, and I’ve purchased courses that cost upwards of $5,000. There are many online courses available that cover a wide range of business topics, and some of them are free or low-cost. Others are bigger investments, but also higher touch. I would only ever purchase a course where I can ask questions of the creator for a period of time. I mean, who takes a course and doesn’t have questions!
I am someone who swears by online courses. While they may not be as effective as one-on-one coaching, they are a more reasonable way to get access to an expert, take what they learned, apply it to your business, save yourself time and frustration, and get results!
Going To a Conference – Money ($$$$)
If relationships are what you need to help you get ahead, then conferences can be incredible for a million reasons. But they do require a different level of investment, both financially as well as your time. Not only is it incredible networking, but you also get to learn from the experts and speakers. Again, stay away from the technical stuff, and lean into the growth and leadership sessions. If they don’t have those, then skip it. It’s also the best place to find potential buyers and sellers. Some conferences, like IT Nation, even facilitate this with special sessions. My second company was acquired by a company that I met at a conference where we chatted over tequila shots at the bar. Honestly, I think that was the key to both of us opening up and letting each other know there was some interest.
Most of these conferences are held annually, and they can be a great way to connect with others in your industry, see friends, learn the latest and greatest, and just take a break from your day-to-day life. I love conferences and think the real secret sauce is in networking!
Peer to Peer Mentorship – Money ($$$$)
If you are not in a peer group, then I think you are missing out on growing your company. I have spoken at multiple different peer groups and can tell you that the members come back year after year because they have a safe place where they can speak to peers in their industry and share numbers, salaries, etc. The key is finding a group diverse enough in geography so you know you are not competing. Now, something like Vistage® usually fits that description, and I know many of you belong. But I am talking about something more industry-specific so you can benchmark yourself against your competitors, not just other general businesses.
Hiring A Business Coach – Money ($$$$)
I’ve had different business mentors in different stages of my business, but I’ve never formally hired a “general” business coach for consistent coaching. That doesn’t mean I don’t think they can be a valuable investment, but I like my coaches to be specialized in a particular area, such as leadership or finance or selling my company!
A specialized business coach can provide personalized guidance and advice on your business strategy and can help you develop skills in areas where you need improvement. This can be a more expensive investment, but it can be well worth it if you find the right coach.
One thing to think about before hiring a coach is what end result you’re expecting out of the coaching and whether you are confident in the coach’s ability to deliver. For example, have they already experienced the end result you want to experience? And did they get there in a way that you want to?
Get crystal clear on that and don’t be afraid to ask questions about what is included, what you can expect, and what you need before making this decision. Avoid generic claims, clarify the things that sound too good to be true, and make sure that the areas you need the most support in are areas the coach feels confident in helping you.
Thinking about hiring an M&A advisor? Read this post on when and when NOT to hire one.
So, my question to you is: how will you level up in 2024? Stay tuned, because I have some exciting news to share that just may help you in your quest.
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