Now that we are into the first month of the year 2023, it’s about time to look back at 2022.
2022 has been an impactful year for many of us still, with the economic and health uncertainties caused by the Covid-19 pandemic from before. It is also the year where several giants such as Twitter, Google and Amazon crashed and burned in various ways due to a combination of mismanagement, lack of innovation or unforeseen circumstances.
Just as there were major failures and disasters, 2022 was also the year where numerous others grew, as detailed by TIME’s Most Influential Companies project. Some of these include artificial intelligence firm OpenAI and biopharmaceutical giant Pfizer.
So, what lessons can we learn from these developments in 2022?
1. Encouraging employee feedback
a. According to hedge fund firm Bridgewater Associate’s co-CEO Mark Bertollini, “The idea of radical transparency is not to be brutally truthful, it’s to share your thinking and make your thinking accessible to everybody.”
b. He believes that honest and immediate feedback helps his firm make better decisions in businesses.
c. Thus, Bridgewater is proof that encouraging employees to share their feedback on work matters is key in promoting a positive workplace culture.
2. Proper management
a. In October last year, Elon Musk bought Twitter for $44 billion.
b. However, this deal has led to Twitter “entering a dark age”.
c. Why describe this deal in such a way?
d. To describe this situation in a nutshell, it would be that Twitter was not managed properly after the deal.
e. Employee layoffs, poor management choices and not being able to deliver on their promises to customers has led to Twitter no longer being one of the big names within the tech industry.
f. Twitter’s fall from grace is a lesson for us business owners to ensure our businesses are managed properly in all aspects of operation if we wish to survive in the business landscape.
3. Focusing on customer needs and expansion opportunities
a. Graphics design business Canva’s CEO, Melanie Perkins once said: “Solve customer problems and make sure that the customer is representative of a large market and then you will have a pretty good formula.”
b. By focusing on what the market is in high demand for, organizations and businesses can stand to gain a significant profit.
c. As an example, Canva itself became a 40-billion-dollar business because it provided graphic design options for users and customers of all backgrounds, from students all the way to large-scale businesses and organizations.
d. They also made it so that their graphic designing tools are easy to use, learn and master.
4. Cybersecurity concerns
a. A recent Garter survey shows that 88% of the board directors interviewed view cybersecurity as one of the most concerning business risks within their firms and organizations.
b. In fact, this concern is not without a good reason.
c. At least 41% of the organizations interviewed within the survey have already experienced cybersecurity incidents.
d. Furthermore, cyber threats are continuously evolving and developing new ways to threaten businesses.
e. Thus, investing into cybersecurity for your business isn’t just a luxury or quality of life change anymore.
f. It is now a necessity for any business if they wish to protect themselves.
5. Changing work environments
a. The past Covid-19 pandemic has led to a shift in how we do our work.
b. Nowadays most of our people would prefer to design their work in a way that they are most comfortable with.
c. For example, some of us may prefer a flexible schedule to cater to our families’ needs.
d. By catering to this change in how people work, we business leaders can stand to gain employees who are more loyal to their roles and positions at work.
These are but some of the lessons we’ve learnt from 2022, not only from businesses and organizations, but also from high-profile individuals who have made a name for themselves. We may not be able to predict what exactly will 2023 be like, but by learning from these lessons and mistakes made we business owners and organization leaders can position our teams for success.
Do you want to know how to better position yourself as a leader of your organization and your business for greater success in 2023 ahead, wait no more and contact us right now at email@example.com to let us assist you in this!