Enthuse Foundation's Ins and Outs for a Successful New Year
A new year. A chance to put our learnings from last year into action. A reset.
Naturally, there's a lot of optimism and hope that comes with a changing of the calendar. Check out "Resolve to Shape the Narrative this Year" for examples of what some of our founders chose to focus on in 2023.
At the Enthuse Foundation, we are big fans of education and growth. Even if there are things from the previous year that we never want to experience again, there's a lesson to be learned.
Based on that principle, we compiled a list of things to bring into the new year and items to leave out.
In
Embracing the Unknown – Isn't that the life of an entrepreneur – trying new things and taking risks. Right now – a source of trepidation and hesitation is artificial intelligence (AI). However, there are many ways that AI can be an asset for founders. Check out our blog "Five Ways CPG Brands Can Incorporate AI in Their Operations" for more information.
Evolving Your Brand Identity – We grow as people and as brands. Another year older, another year wiser. Is it time for your brand identity to evolve? While not cheap (both in capital and time), a brand refresh might be needed for your product to stay relevant. "Let's Do a Makeover!' - Don't Be Clueless with Brand Refreshes" might provide the answer if it's time for a new look.
Diversifying Cash Accounts – Forgive us for not wanting to relive the Silicon Valley Bank disaster. Learn more about the crisis at "How to Protect Your Assets During a Financial Collapse?". However, a good lesson from the collapse was exploring the idea of putting financial assets in multiple accounts. Editor's note: consult a financial advisor or professional before making decisions.
Keeping in Touch and Networking Year-Round – Regularly checking in with your community could lead to new business, investors, or opportunities. Read "You Could be Losing Business. How to Stay Connected to Supporters" for a simple technique to communicate with contacts. "A significant learning from 2023 was realizing the power and importance of networking as a small business owner and entrepreneur," said Jill Weissman, founder of Beyond the Bib. "Looking back, I wish I had recognized this earlier, as building connections- especially with other female founders- has proven invaluable. The insights and mentorship gained have been pivotal in my business's first year. In 2024, I'm committed to fostering those relationships and continued networking, recognizing it as a cornerstone for entrepreneurial success."
Out
Making Excuses – We know the importance of exercise. According to Forbes Health, improving fitness is the top New Year's Resolution for 2024. Don't let a busy schedule stop you from incorporating movement into your daily routine. Read "Work Out Excuses; Incorporate Fitness in Your Life" for tips.
Participating in Every Event and Tradeshow – While attending events can reap enormous rewards for your business, it can also require a significant investment of time and financial resources. Alexa Hoffman, the founder of Alevan Botanica, advised entrepreneurs to research tradeshows to ensure the right fit. Our blog post, "Trade Show Trigonometry – How to Measure Event Participation," provides a framework to help determine if an opportunity is worthwhile.
Having a Presence on all Social Media Platforms – There will always be a new platform or another technology that's all the rage. However, sometimes it takes too much energy and resources to maintain multiple social media accounts effectively – and that's OK. The key is understanding what platforms provide the most significant return on investment and focus your efforts accordingly. "I wish we invested in marketing efforts more strategically in 2023," said Kalpana Kethineedi, founder of Kay's Curries. "I am taking that learning / missed opportunity to invest and build a team for our marketing efforts. Check out our blog "What Social Media Platforms are Best For Your Brand?" to guide your decision-making.
Second Guessing – Trust your gut. Easier said than done. Women struggle with "imposter syndrome," an internal experience of intellectual phonies…Despite outstanding accomplishments, women [persist] in believing they are not bright and have fooled anyone who thinks otherwise, according to Pauline Rose Clance & Suzanne Imes, who first coined the term in 1978. Read more about "Beating Imposter Syndrome" in a previous blog post. Farnosh Family, founder of Sun Ghee, will try to listen to her gut in the new year. "When I know something needs to change, I will go for it rather than stress over the best step forward," she said.
Bottom line: Each year brings new challenges and successes, leading to more lessons learned. However, raw data tells another story about your business and should be reviewed at the beginning of the year. It can be an uncomfortable journey, but all business owners must take it. Read "New Year's Resolution: Have A Heart to Heart with Your Business" for more information.