Business leaders are preparing for the challenges and opportunities that 2025 may bring, focusing on agility as a key factor in navigating the year ahead. A commercial banker with over two decades of experience highlights four essential skills for businesses to develop: reacting, adjusting, staying poised, and maintaining focus.
The banker emphasizes the importance of continuous data analysis. "Historically, 'business as usual' may have allowed data analysis semiannually or annually," they note. Now, businesses must evaluate data continuously to make informed decisions based on current facts rather than past trends or expectations.
Data management is crucial for improving customer experiences and increasing sales opportunities. According to McKinsey Digital, companies that prioritize this area often see benefits such as increased cross-selling and streamlined reporting. Regular evaluation helps identify vulnerabilities and opportunities while mitigating potential losses.
The labor market's fluctuations present another challenge for businesses planning their 2025 strategies. Companies need to assess their human capital needs in light of growth goals and consider automation where possible. A Wells Fargo survey found that 27% of senior executives view an improved labor market as vital for business improvement, while 34% recognize efficiency's positive impact on operations.
Recruiting top talent remains difficult; a Society for Human Resource Management survey revealed that 77% of HR professionals struggle with full-time recruitment. Businesses should maintain awareness of the talent pool alongside their future needs.
Financial discipline also plays a critical role in business readiness. Adhering to balance sheets, managing inventory efficiently, reducing float, and understanding rate environments can help companies seize opportunities without incurring unnecessary costs from delays.
Proactivity is essential amid uncertainties—global or otherwise—as half of senior executives surveyed plan to focus on growth or expansion in 2025. Business owners should reassess their goals with a single priority guiding strategy to better determine "decision ROI."
"In 2025," says the banker, "good business will require agility." They advise staying aware of data, transactions, costs, rates, and other inputs while engaging with company needs and focusing on primary goals.