As someone who has written a regular column for more than five years, I have learned that certain topics are expected at certain times of the year. At the start of the year, readers often expect to see columnists provide resolutions and predictions. I will not let you down. Let’s start with the resolutions, and more importantly, how to keep them.
Like many of you, I have probably not succeeded with all my resolutions. So, why should you listen to me? As Thomas Edison once said, “I have not failed. I’ve just found 10,000 ways that won’t work.” Just like Edison, by going through so many unsuccessful routes, I have finally found some resolution techniques that do indeed work, both for personal and business-related resolutions:
1. Tackle one resolution at a time. One of the recurring failures I have had concerning resolutions is attempting to tackle too many of them at the same time. When you resolve to “do things differently,” trying to do too many things differently, is likely trying to break multiple habits. Habits are not broken easily. I know that when I want to change something ingrained, my chances of success are much improved if I work on the most important one first, and by itself. Once I make significant progress on that resolution, then I can begin working on another. So, if you have multiple business resolutions planned for 2023, prioritize them, tackle #1 on your list, and don’t move on #2 until clear progress (i.e., change is ingrained) is made on #1.
2. Control what you can control; input metrics are what matter. The biggest mistake we often make with resolutions is giving up because we don’t see early progress on the “output metric” or result of our resolution. For instance, if we resolve to lose weight, if we don’t see our weight going down early on, we give up, believing that our resolution can’t be achieved. However, sometimes it takes longer than expected for our “output metric” to show results. We should instead focus on the “input metrics,” the things that we can control that will ultimately lead to an improved result. In losing weight, the input metrics include calorie reduction and increased exercise, which will ultimately lead to weight loss. In business, improved delivery time (input metric) will ultimately lead to increased customer loyalty (output metric), but the output metric will always lag behind the input.
3. Don’t obsess or maybe you should. Many will advise you not to obsess about your resolution(s). I agree with that only to a certain extent. I agree with those who say not to “beat yourself up” if you do not seem to be making adequate progress on your resolution. However, as you review my #1 and #2 above, you might see that these recommendations do point to obsession. First (from #1), by having a single resolution, you should be able to focus intensely on that resolution. Second (from #2), I do recommend you obsess about your inputs, not your results. Those who obsess on the inputs to achieve outputs (e.g., Wal-Mart on things that reduce costs; Chick-fil-A on things that lead to good customer service) tend to do very well. Obsess on your inputs without beating yourself up if your results are delayed, and you have a great chance of being successful in your resolution.
4. Find a resolution “accountability buddy.” To stay on top of your resolution, it’s a good idea to have someone else you can be accountable to for your resolution. Identify someone whom you can let know what your resolution is and what input metrics you have chosen to help you reach your output goal. That person can be your “accountability buddy,” with whom you can check in regularly to let him/her know that you are committed to your resolution through a focus on your input.
Hopefully, these four tips will help you achieve your business and/or personal resolutions in 2023.
As I mentioned earlier, no first column of the year is complete without some predictions. I bring new credibility to my predictions, as I am currently in the top 1% (actually, top 0.3 %!) nationwide of ESPN’s “Capital Bowl Mania,” by picking approximately 70% of the games correctly. I cannot guarantee similar accuracy on my predictions below, but here we go (with apologies to my Economics faculty on some of these):
Inflation will moderate in the first two quarters of 2023, resulting in the following:
- Two more 50 basis points (0.5%) interest rate increases by the Fed, putting the fed funds rate at 5.25% to 5.50% and it will remain there for the remainder of 2023.
- A short and shallow recession will commence in 2Q 2023, but end by the start of 4Q 2023 with limited impact on unemployment.
- The CSRA will continue to attract new employers to the area based on its low cost, talented workforce, and dedicated economic development teams.
- Healthcare in the CSRA will flourish both clinically and financially through the AU partnership with WellStar and the continued investment by Piedmont Augusta.
- By the end of 2023, we will begin to see much bigger ripples in what will become the “cyber tsunami”.
While my predictions may seem a little optimistic, I think they are well supported by solid data. If they do come to fruition, 2023 will be a great year for business in Augusta!
