I’ve never been one to dwell on the past. But at this time of year, I find it helpful to reflect on the past year’s successes and lessons learned. After all, every experience—whether good or not so good—brings insight into how to move forward in ways that will serve us and those around us more effectively.

So, without further ado, here are several nuggets of wisdom I’m taking with me into 2024. You should find their themes universal and applicable in your own entrepreneurial journey in the new year.

Business lessons learned to apply in the new year

1. Growth requires planning and follow-through

During the pandemic, our company’s revenue grew over 200%. With that growth came growing pains—it was a lot for our staff and systems to handle. In 2023, my company focused on making our services as secure and streamlined as possible. We realized we needed to invest the time to find new talent to help us manage multiple facets of our operations.

Part of our company’s efforts to acclimate to our growth was elevating the customer experience (CX). For example, we migrated our customer relationship management (CRM) system to Salesforce, which gives us more flexibility and security. We’ve also revamped our website, making things more intuitive and faster for clients. In addition, we hired a CX manager to head our new CX team. Lastly, we hired a chief technology officer to oversee everything related to security and infrastructure.

In 2024, consider how prepared your organization and its people are to handle growth. A revenue boom impacts virtually every aspect of a business—from customer service to production to fulfillment to distribution, and all the systems and processes that support those functions. Know in advance what needs to be done so that when you cross that bridge, you have a plan to handle growth seamlessly.

2. Patience fuels productivity (and quality)

Engaged leaders often have unbridled enthusiasm about making changes that will make something great even better. I’ve learned that while I would love to have initiatives up and running quickly, showing patience and giving team members time to do their jobs to the best of their abilities is essential. That means allowing them to address concerns, spot gaps, and strive for perfection.

No good ever comes from rushing or cutting corners. Yes, setting deadlines is a part of responsible project management, but it’s critical to have reasonable expectations. That’s the key to ensuring things get done right and maintaining team morale.

3. Actions speak louder than words

You’ve heard the cliché “talk is cheap.” That’s true in business and life in general. Sadly, I experienced some disappointments last year when individuals made promises they didn’t keep. They set high expectations but failed to follow through, which diminished my trust in them.

The lesson here is threefold:

1. Don’t trust everything everyone says—trust their actions.
2. If you want to be trusted and respected, deliver on your promises.
3. Be transparent if you can’t deliver—and communicate a resolution.

4. Listening is the key to intelligent speaking

In 2023, I learned how valuable active listening is for problem-solving and relationship-building. It takes time and self-discipline to be quiet and focus intently on what people are saying, but it’s worth the effort. I find it helps me articulate my thoughts and thoughtfully respond.

How do you know if you’re actively listening? After someone is done talking, you should be able to repeat what the person said (verbatim or paraphrased). This allows you to give the individual an opportunity to confirm your understanding of what they said—which then enables you to offer an informed response.

5. A little appreciation goes a long way

Everyone likes to know they’re valued. While I have always made it a point to tell and show my team how much I appreciate them and all they do for us, I became more conscious of it this past year. From our in-house staff to remote employees to contractors, they all contribute to our company’s success and play vital roles in our organization. I believe that’s one reason why many of our team members have been with us for many years.

Acknowledgment for work well done, fun team development activities, occasional catered lunches, and thoughtful holiday gifts are some ways we show our gratitude. But most impactful is that we constantly remind our team members how much we value them through our everyday interactions and expressions of appreciation for their talents and efforts.

As you embark on your new year, be more mindful of how you make your team members feel through your words and actions. A culture of appreciation is the foundation for earning team loyalty. Think about how you can show your employees and contractors that you value them throughout 2024.