Running a successful business requires adaptability. It demands vision. Most important, it insists upon a willingness to learn from others. Each year, industry experts and business owners share valuable insights that inspire growth and challenge conventional thinking.
These 10 standout pieces of advice from 2024 are business gold. When paired with actionable steps to integrate them into your business, they are a blueprint to success.
1. Build Trust with Honesty
“Clients can tell when you’re lying. It’s better to admit, ‘I don’t know the answer, but I’ll find it,’ rather than bluffing. Clients respect integrity, and that builds trust.”
—Drew Scott, Property Brothers
How to Apply This:
Honesty is wonderful because it fosters long-term relationships. If you don’t have an answer, admit it, and then find one. Transparency strengthens your reputation and builds client loyalty.
2. Drive Business Growth
“Successful companies embrace specialization and productivity. They constantly ask, ‘Does this make us more efficient?’”
—Kevin O’Connor, This Old House
How to Apply This:
Focus on what you do well—and then hire experts to fill in the knowledge gaps. Consistently evaluate your processes and tools, as doing so will enhance team efficiency and productivity.
3. Cultivate a Growth-Oriented Team
“Hire people who want to learn rather than those who resist new systems. Skills matter, but adaptability and an open mind are more valuable.”
—Tony Gemignani, Tony’s Pizza Napoletana
How to Apply This:
Build a team of eager learners—and avoid hiring individuals who resist change. Always prioritize potential and a willingness to grow over rigid expertise.
4. Balance Your Personal and Professional Life
“Make time to disconnect. Resting your brain lets you recharge and return to work with focus and energy.”
—Alessandro Farrugio, il Canale
How to Apply This:
Prevent burnout from happening to you by scheduling regular breaks—even if you feel overwhelmed. Prioritizing recovery will give you the mental and physical energy you need to take on responsibilities and manage your team effectively.
5. Manage Your Finances Effectively
“Don’t avoid your finances. Even a simple budget can help you track inflows and outflows, giving you the tools to navigate challenges.”
—Jamaal Brown, Justworks
How to Apply This:
Create a basic financial plan to monitor your business’s cash flow. Understanding your baseline ensures you’re prepared for unexpected obstacles. Few things can overwhelm a business leader like financial uncertainty, so plan ahead.
6. Lead with Vision
“Trying to be everything to everyone means you end up being nothing to no one. Know who you are and what you stand for.”
—Amy Jennette, GoDaddy
How to Apply This:
Behind every successful business lies a core set of principles. A vision that provides guidance and perspective. Define your core mission and values. Then, align your marketing efforts and team goals with this vision. The enhanced sense of focus will inspire everyone on your team.
7. Engage with Your Community
“Staple businesses give back to their communities. Locals support those who invest in the people and culture around them.”
—Diandra L., Yelp
How to Apply This:
It takes a village, so put time into building relationships with your community. Some ways to do this include supporting local initiatives and hiring homegrown talent. A strong local presence creates loyalty that can sustain your business during tough times.
8. Embrace Feedback
“Feedback is a gift. It’s hard to hear criticism, but it’s invaluable for growth if you can set aside your ego.”
—Alli Webb, Drybar
How to Apply This:
The best business leaders pursue growth. One way to grow is by hearing about your strengths—and learning about your growth areas. Encourage feedback from customers and employees, then use it to show your willingness to evolve.
9. Strengthen Your Brand
“Clarify why customers should choose you over competitors. List your unique value propositions and communicate them across all platforms.”
—Cassie Tucker, Marketing Happy Hour
How to Apply This:
Your business is unique, and your job is to let people know why. Use your branding and marketing strategies to showcase what sets you apart.
10. Innovate with Adaptability
“Stay solid in your business identity but remain open to evolution. Listen to your community and adapt to their needs.”
—Robert Perry, Tattooed Mom
How to Apply This:
Confidence + flexibility = success. Embrace unexpected opportunities. Adapt your skills based on feedback. Doing so will help you maintain relevance in constantly changing markets.
Looking Ahead
With 2025 just around the corner, this business advice can be beneficial no matter what industry you are in. Running a business is a demanding job and it is vital that you remain sharp and at the top of your game.
