For Some Entrepreneurs, New Year’s Resolutions Address Growth, Market Changes by Forbes – Entrepreneurs

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Some folks may approach every New Year with the same resolution, whether it be losing weight, becoming better organized or finally writing that novel.

Resolutions don’t have to be static, though, and a business may need to revisit its goals to adjust to its own rapid growth, evolving market conditions or other significant changes.

NuORDER, a B2B e-commerce platform, for example, plans changes to accommodate its growth.

The venture, which recently partnered with Nordstrom and announced a $15 million Series C funding round – the company’s raised nearly $37 million in all, according to Crunchbase – will be setting a new pace and approach for management team meetings in 2019.

Until now, the team managed the seven-year-old business on a “quarterly cadence,” co-founder and co-CEO Olivia Skuza explained recently. “We would plan each quarter and then review results at the end of the quarter. This quarterly cadence worked well when the business was smaller. But as we grow and the complexity of the business increases, we have decided that we need to move to a semi-monthly cadence.”

In 2019, the team will meet every two weeks to assess the company’s progress against goals.

“During these meetings, we are employing the philosophy of radical honesty, whereby each functional leader has the opportunity, and is encouraged, to ask tough questions of their peers, without reservation, with the goal of identifying gaps and then working together (as) a team to close them,” said Skuza.

“We believe that employing the radical honesty philosophy in a semi-monthly goal review cadence will help us ensure we achieve the many aggressive goals we’ve set for the business in 2019.”

Jenaé Elizabeth, founder and CEO of the Dance Dynamix dance studio, which is based in Landover, Md., and operates locations throughout the Washington, D.C., region, said she’s making changes in 2019 after years of growth and a more recent plateau.

After operating the newest location for two years, the company has decided its top goal for 2019 is tracking and analyzing metrics to make data-driven marketing decisions, she said.

“Over the past seven years we’ve grown the studio primarily through word of mouth.  As a service-based creative business owner, it’s easy to get caught in the cycle of relying on what we used to do. But this year we’ve seen our growth plateau and we realize that to reach more people we have to utilize current and fresh strategies. Simply put, we have to move with the market,” said Elizabeth.

“Word of mouth is still king, but after conducting a few client-based focus groups we learned that millennial moms find out about events and new opportunities via social media. Social media is word of mouth on overload!” she said.

Dance Dynamix recently hired a marketing company that specializes in studio marketing and is focusing on:

  • Content creation to amplify the studio’s mission, vision and values to attract its ideal client
  • Capturing client stories that will be used to replace traditional word of mouth and serve as social proof
  • Connecting with other local businesses that “serve our ideal client so that we’re not searching for needles in the haystack,” the CEO said.

“Having not previously paid for marketing, investing in this area feels like a significant risk,” said Elizabeth. “Marketing seems like paying for an experiment. However, our 2019 goal of impacting more people is worth the investment.”

(This is one in a series of articles on entrepreneurs’ 2019 New Year’s resolutions.)

December 27, 2018 at 03:01PM
Forbes – Entrepreneurs