What’s in store for 2024

Usually, this space is used for my thoughts on something industry related. But this month I get to share the knowledge of a group of very smart people. Here are some takeaways I had from the panel on our 2023 State of the Industry webinar in early December. You can watch the webinar at bit.ly/2023soi and read excerpts from it in next month’s issue.

More and more M&A: Companies will continue to be bought and sold, and private equity will invest in many different sectors of the industry. If you don’t have your company ready to sell, it might not be a bad idea to start that process, just in case the right opportunity comes along. There doesn’t seem to be an ending in sight for the active M&A market in the industry.

Learn to be a leader: CEOs at landscaping companies will continue to face the challenges of being a true effective leader. A CEO has to be able to build teams, build systems, network like crazy and ultimately understand the role of a CEO. They should focus on opportunities and what’s going to threaten the profitability and the continued existence of the company.

Plan for growth. Companies now and in the future have to focus on operating with a clear plan. But that plan must include goals, so everyone has something to achieve. A solid plan is even more important in 2024 because companies have been growing at a very fast rate. Panelists have seen some companies go from $1 million to $5 million almost by accident.

Build a bench. If you are hiring just to fill roles, make an adjustment. Try to hire people who can not only fill the role now, but who can also grow into positions that may be higher on the career ladder.

I hope you have a prosperous 2024. Remember to keep an open mind whenever faced with a tough decision. Those can be uncomfortable situations, and life can become a lot easier if you learn to become comfortable in situations that make you uncomfortable.

— Brian Horn