UC Center for Entrepreneurship shares 5 vital tips for business success in 2024
Charting a triumphant course in the New Year
As the dawn of a fresh year emerges, it beckons an opportune moment for businesses to chart a course for the coming months. But before deciding what milestones to hit in the new year, the imperative initial step involves a meticulous inventory of the past year's endeavors.
For entrepreneurs navigating the terrain of goal setting in this nascent year, Charles H. Matthews, a distinguished teaching professor specializing in entrepreneurship and strategy and the visionary behind the UC Center for Entrepreneurship, offers five strategic tips.
1. Delve into the three R's:
Charles H. Matthews. Photo/Carl H. Lindner College of Business
- Review the bygone year
- Reflect on both triumphs and setbacks.
- Refine or reengineer processes to optimize outcomes.
“Take time to analyze wins and losses, what resonated with your customers and what did not, where you faced challenges and how these were addressed. Assess and refine goals for the upcoming year, making them more specific, measurable, quantifiable and achievable," Matthews said.
Matthews advocates identifying what updates, refinements and changes are needed on product/service offerings, marketing strategies or operational processes based past practice and future goals.
Avoid the trap of tech toys versus tech tools. Invest in technology that aligns with your business goals.
Charles H. Matthews Professor and visionary, UC Center for Entrepreneurship
2. Tactics:
Charles H. Matthews. Photo/Carl H. Lindner College of Business
Always a challenge, Matthews reveals two things that come to mind:
- A customer-centric approach
At the heart of any flourishing business lies its clientele — the lifeblood that propels its vitality. The unwavering priority is a continual pursuit to understand and exceed customer expectations. According to Matthews, the key to this understanding is actively seeking feedback employing a multifaceted approach that includes surveys, reviews and, most importantly, direct interactions.
- Embrace agility, innovation and technology
In the realm of micro, small and medium enterprises (MSME), Matthews entrusts agility as one of their paramount strengths — a capacity to respond nimbly that often surpasses their larger counterparts. To stay competitive, Matthews advocates a disciplined approach, emphasizing industry trends and technology awareness. Innovation must enhance efficiency and customer experience, cautioning against tech indulgence.
“Avoid the trap of tech toys versus tech tools. Invest in technology that aligns with your business goals, whether upgrading your digital infrastructure, implementing new software or exploring automation. Sometimes a simple cost/benefit analysis can be better than sophisticated "paralysis by analysis’ traps,” Matthews said.
Matthews advises combining human capital and technology, viewing them as interconnected assets fostering success. Crafting a formidable team and deploying appropriate technology enhances efficiency, cuts costs and establishes a distinctive competitive edge in the evolving business landscape.
3. Planning
Charles H. Matthews. Photo/Carl H. Lindner College of Business
Benjamin Franklin's timeless assertion, "Fail to plan, plan to fail," indicates that the absence of deliberate planning inadvertently paves a path to failure in neglected endeavors. Matthews agrees, underscoring the importance of foresight and strategic intent in navigating the intricate pathways of achievement.
"Planning is key. My research has shown that planning exists on a continuum from unwritten in your head, to sophisticated written business plans, with everything in the middle. While all planning, even informal unwritten planning, can boost the bottom line, the more formal the planning, the better the results. The key is recognizing that planning is an ongoing exercise, not a one-and-done deal," Matthews said.
Fundamental principles per Matthews, serve as a road map for entrepreneurs navigating successful planning:
- Allocate time for deliberate planning: where you are, where you want to go and how you plan to get there.
- Define clear and strategic objectives: Quantifiable, measurable and attainable goals and assess progress.
- Target underserved market opportunities: Action opportunities often involve expenditures. However, emphasizing underserved market opportunities entails identifying and addressing gaps in the market.
- Distinguish between strategies and objectives: Increasing sales is an objective. The strategy is to increase sales 10% over two quarters (strategic, quantifiable, measurable).
4. Adaptability and responsiveness
In the landscape of a swiftly evolving market, adaptability and responsiveness can sometimes be a challenge. Matthews offers strategic insights illuminating the path toward year-long resilience.
- Foster a culture of curiosity and learning.
- Invest strategically in people and technology.
- Prioritize customer-centric learning.
- Forge robust networks and partnerships.
5. Best practices and measures
Matthews said, “Never stop learning! It’s crucial for enterprises to maintain agility and thrive. Fostering a culture where learning is not an endpoint but an enduring journey becomes the bedrock of adaptability and resilience. In this ceaseless quest for knowledge, enterprises find the sustenance needed to navigate the complexities of an ever-shifting market.”
Featured image at top: Charles H. Matthews. Photo/Carl H. Lindner College of Business
Innovation Lives Here
The University of Cincinnati is leading public urban universities into a new era of innovation and impact. Our faculty, staff and students are saving lives, changing outcomes and bending the future in our city's direction. Next Lives Here.
Related Stories
UC Center for Entrepreneurship shares 5 vital tips for business success in 2024
January 16, 2024
As the dawn of a fresh year emerges, it beckons an opportune moment for businesses to chart a course for the coming months. But before deciding what milestones to hit in the new year, the imperative initial step involves a meticulous inventory of the past year's endeavors. For entrepreneurs navigating the terrain of goal setting in this nascent year, Charles H. Matthews, a distinguished teaching professor specializing in Entrepreneurship and Strategy and the visionary behind the UC Center for Entrepreneurship, offers five strategic tips.
UC staffer connects aspiring entrepreneurs to valuable resources
April 24, 2023
Mentorship is vital in the startup ecosystem for building a successful business, and that’s where Elizabeth Wetzel comes in. Wetzel is the program manager of the UC Venture Lab, located inside the 1819 Innovation Hub, which offers a program designed to accelerate startups from concept to commercialization.
Fifth Third partners with UC Analytics to launch high impact data bootcamp
January 25, 2023
Corporate partner at the 1819 Innovation Hub, Fifth Third Bank, recognizes that employees are at the heart of the digital revolution. It takes more than just assembling a star-studded dream squad to succeed in business. It involves upskilling, training and transforming current personnel into superstars.
Predicting the likelihood that someone has heart disease
February 8, 2023
Is it possible to know which tests have the most “bang for the buck” in determining if a patient has heart disease? Motivated by global statistics and heart disease in her own family, one University of Cincinnati student chose her capstone project to research the topic.
UC Center for Business Analytics provides skills training for individuals, employers
June 27, 2023
For more than a decade, the University of Cincinnati's Carl H. Lindner College of Business has proactively taken steps toward bridging the skills gap in today's rapidly evolving professional landscape. Through a comprehensive program training for business, the Center for Business Analytics is leveraging its extensive expertise to provide tailored education and development opportunities to individuals and businesses alike.
Data hoarding dilemma and the costs of clinging to the past
November 17, 2023
In a thought-provoking event held at the University of Cincinnati's 1819 Innovation Hub, experts from prominent organizations such as AHEAD, Fortified and the 1819 Learning Lab converged to discuss the transformative power of technology in unlocking business value. The gathering served as a forum for engagement, where participants — including 1819 partners, UC faculty, staff and students — explored the intricate intersection of business and technology.
UC professor wins national Entrepreneurship Educator award
February 12, 2024
To celebrate excellence and dedication to entrepreneurship education, the United States Association for Small Business and Entrepreneurship (USASBE) awarded its prestigious Entrepreneurship Educator of the Year Award to University of Cincinnati professor Charles H. Matthews, PhD.
Mastering the art of first impressions
March 30, 2023
As Cynthia Ozick, the American novelist, wrote, “Two things remain irretrievable: time and a first impression.” That’s especially true when introducing yourself to a possible investor. Ronald Meyers, associate professor of entrepreneurship in the University of Cincinnati's Carl H. Lindner College of Business, shares insights into teaser statements and pitches.
Biz Courier: UC Center for Entrepreneurship, Venture Lab merge
December 9, 2022
A new partnership between two University of Cincinnati innovation fulcrums is designed to provide UC entrepreneurs with easier access to support and resources, customized programming and activities, and to build a stronger ecosystem for inventors.
New book chapter touts entrepreneurial programs for UC students, business community
December 21, 2022
Entrepreneurship education helps undergraduates cultivate an innovative mindset while learning practical skills for business success. Including students in the broader entrepreneurial-university ecosystem can foster mutually beneficial relationships among students and the local business community. That’s the conclusion drawn by University of Cincinnati authors of a chapter in a new book on entrepreneurship.