Business
5 Best Business Strategies for 2024
Peachtree Corners Business Association Speaker Series Panel Discuss Issues from AI to Leadership and Staffing
After 30 minutes of networking, light refreshments and ‘death by chocolate’ brownies courtesy of Marlow’s Tavern, the Peachtree Corners Business Association (PCBA) After Hours Speaker Series Panel commenced.
This panel of local business owners and consultants gathered at the Hilton Atlanta Northeast on Thursday, Oct. 26, to discuss strategies and opportunities for business success in 2024 and beyond.
Moderator Amanda Pearch Marmolejo, owner and President of Forsyth Business Radio X, kicked things off by introducing the panel participants, which included:
- Gentry Ganote, the CEO of Rojoli Services, Inc.;
- Lisa Anders, the Executive Director for Explore Gwinnett;
- Michael Pugh, an attorney at the law firm of Thompson O’Brien Kappler & Nasuti;
- Bill McDermott, “The Profitability Coach” and
- Rico Figliolini, the founder of Mighty Rockets and Publisher of Peachtree Corners Magazine
1. The importance of cybersecurity for businesses
Cybersecurity remains a top concern for small and medium-sized businesses. In fact, according to the Identity Theft Resource Center’s (ITRC) recently published Business Impact Report, 73% of 551 surveyed small business owners encountered a cyberattack this year.
As the leader of technology solutions provider Rijoli, Gentry Ganote knows first-hand where businesses are the most vulnerable.
“What we’re seeing is phishing attacks are really the number one nefarious act that’s going on that we deal with on a daily basis. We provide security services for our customers, and we have spam filters and email filters and all kinds of artificial intelligence,” said Ganote.
“But emails still get through, texts get through and people become susceptible to clicking on a link, putting their password in, changing bank records, giving money to the wrong people, and we see it every day,” he added.
“If any of you guys hire interns, you should educate them quickly about scams that are out there. They don’t know they’re new to the workforce,” Ganote explained emphatically.
2. Business succession and exit strategies
As some business owners head toward retirement or strive to preserve their legacy for future generations, transitioning both management and ownership is paramount.
As “The Profitability Coach,” Bill McDermott has consulted many business owners on best executing their succession strategies.
“The particular work for a business owner is number one, identifying that there’s value that can be transferred either to that seller, to the management team or to the outside buyer,” said McDermott.
“Secondly, there’s a growth plan that’s required. Typically, there’s a letter of intent or confidentiality agreement. There are asset purchase agreements, there are representations and warranties, and having an attorney is absolutely critical,” he further explained.
“Selling a business in some ways is also selling real estate, except the numbers are bigger. So, it takes a business broker … it’s a complex transaction, and there are a lot of moving parts, and there are a lot of important people that are part of that,” he added.
3. Leadership, training and staffing
Industries like hospitality are innovating through adversity, developing new training programs to address service staffing shortages exacerbated by the pandemic and aiming to empower front-line employees through direct and tailored instruction.
Lisa Anders, the Executive Director for Explore Gwinnett, Gwinnett County’s official tourism organization, shared her challenges and solutions in this area.
“We have a lot of research and a lot of conversations with our hotels and our other hospitality departments on the very frontline; the very front desk is the problem. People are under-trained and under motivated. It is just a problem,” she added.
Yet, Explore Gwinnett is taking positive steps forward with its training efforts.
“We’re instituting a new training program. We’re going to be going into every single hotel district … going directly into those hotel districts and doing training one-on-one with our hotel partners and with frontline employees. Our hotels are super excited because it’s not just customer service, it is learning how to de-escalate situations,” Anders explained.
4. Content creation and podcasting
Podcasts have emerged as a powerful tool for storytelling and marketing. Drawing inspiration from a family history in journalism, McDermott leveraged the power of narrative to create a successful podcast that not only celebrates the entrepreneurial spirit but also serves as a cornerstone in his marketing strategy.
“Marketing is the number one weakness in any broken firm,” McDermott said.
“I started a show, we just celebrated our 50th episode, and I was able to tell stories of business owners and professionals that advise them. Three years forward now, my podcast has become actually the linchpin in my marketing strategy. It is the number one thing that I do,” he went on.
“Podcasting is actually a great way to get to know and trust people and a lot of my guests have now become clients,” McDermott added.
Rico Figliolini, the founder of creative services company Mighty Rockets, echoed this sentiment.
“It’s a great way to soft open a prospect. … If you want to get a lead prospect in your industry, you should become that authority of that industry,” said Figliolini.
5. Artificial intelligence and technology
Increasing efficiency while maintaining the human element using AI applications is at the forefront of business strategy heading into 2024.
The legal realm is catching up with AI’s transformative impact. Tools that once seemed futuristic are becoming standard, reshaping how legal professionals approach their work while maintaining the essential human touch through client interactions.
Michael Pugh, an attorney at the law firm of Thompson O’Brien, is witnessing this transition first-hand.
“The legal industry is just starting to incorporate AI … There’s one program called LexisNexis where I can write a legal breach and upload it to Lexis, and it’ll check my cases. It’ll suggest other cases to incorporate; it’ll analyze my arguments and tell me what percentage I’m likely to succeed,” Pugh explained.
“That’s a bit scary, but sometimes it’s pretty cool. So, we’re definitely going to be using more AI, but at the same time, people want to see who they’re working with face-to-face. So, we do meet regularly with our clients,” he added.
The next PCBA Business After Hours Speaker Series will be held on Nov. 16, 2023, from 5:30 p.m. to 7:30 p.m. Kathryn Stewart, owner of Performance Trucking, will discuss how she carved out her path as a female executive in a male-dominated industry.