Decisions, decisions. Every day, business owners must decide on matters as small as what to wear to work to as big as how to best use their revenue. Every decision has consequences—good or bad.
We asked business owners the best decision they’ve made in 2021 so far and why it was so smart. Here’s how they responded:
Adding employee benefits
I own two businesses. I’d say the best business decision I’ve made in 2021 is to offer more employee benefits, which has helped us attract and retain highly qualified new employees. Benefits are expensive, but the job market is becoming more competitive. I’ve added a limited number of paid holidays and now provide health insurance at both companies. My employees all seem to appreciate these new benefits, and I’m currently onboarding five great new team members, so it’s helping both businesses recruit in this challenging hiring environment and grow pretty rapidly right now!
Expanding our range
Flexibility has always been key to growth, and this past year was no exception. Recognizing early on that the pandemic would affect various geographic areas and economic sectors in different ways, we decided to expand our focus globally while also reaching out to a wider range of industries. Our thinking was that when certain parts of the U.S. or regions of the world would see a spike in COVID cases, any consequent declines in demand for our services would be offset by increased demand elsewhere—thus ensuring a consistent flow of business and no interruption to workflow during these challenging times.
—William Scott Goldman, founder and managing attorney, Goldman Law Group, Washington, D.C.
Developing new services
As a company that sells landlord insurance, the best decision we made in 2021 was to develop Internet of Things (IoT) services to improve preventative maintenance for rental properties. For example, we can attach sensors to the bottom of washing machines to detect leaks, reducing damage and ultimately the volume and severity of claims. Many consumers today want new services included with the insurance they buy. Not only will this offer more to my customers, but it is a potential new income stream for my company and a great opportunity for growth.
—Darren Nix, founder, Steadily Landlord Insurance, Austin, Texas
“As a company that sells landlord insurance, the best decision we made in 2021 was to develop Internet of Things services to improve preventative maintenance for rental properties.”
One concern I have always had is running out of supplies, so I have always kept a decent inventory of standard items we use at our house-painting company every day. After hearing about potential bottlenecks in the supply chain, I decided to be cautious and stock even more of our necessary items—several months’ worth. Although some jobs require specialty supplies, we are ahead of our competition because we have enough stock to satisfy existing and most new customers’ needs.
—Andre Kazimierski, CEO, Improovy Painters Phoenix, Phoenix, Arizona
The best decision I made this year was learning search-engine optimization (SEO). My industry is extremely competitive. I wanted to invest in a marketing channel that’s important for the future, and that is SEO. Instead of just paying someone to do it for me, I decided to join a program that would teach me. It was a difficult program, but it came with success! I now rank No. 1 in my market for most highly sought-after keywords. Since climbing to the top on Google, our leads and conversions have increased dramatically.
—Jeff Shipwash, CEO, Shipwash Properties, Knoxville, Tennessee
Striking out on my own
The best decision I made this year was simply to start a business. I had worked for a large firm for a number of years and was always warned about how difficult it would be to go out on my own. In one way they were right—it is more difficult. But it has been the most rewarding thing I have ever done career-wise.
—Corey Noyes, founder and lead planner, Balanced Capital, Heber City, Utah
What’s the best decision you’ve made for your business in 2021? Share your insights in the comments section below!Print this article