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As we enter 2025, I think about the biggest Chapter 11 retail bankruptcies of 2024. These include restaurant chains like Red Lobster and discounters like Big Lots. It is clear that many businesses did not understand the changes happening around them. They may have hundreds or even thousands of stores and many employees. However, they struggled to adapt to changing circumstances and failed to drive change.

Businesses often partner with other organizations to fill gaps, but have you looked inside of yourself lately? Too often, business owners or leaders end up building their worst fears into their own organization, digging their own grave. Are you starting 2025 by doing this?

Fear or other emotions might stop you from making important changes that may be painful but necessary. You could also be making small adjustments that do not help. Instead, they might just create conflict within. Perhaps, for example, you are uncomfortable firing people who are not a good fit, or who just “do enough” to get by.

When you let people skate on your time, they will find other things to do. They might work for your competitors and share your ideas without permission. They could also decide to leave and sell your unused assets to the highest bidder on their way out the door.

It is easy to see red flags. For example, if you feel uncomfortable talking to a customer, reach out to them. This helps resolve any issues.

Similarly, if you no longer want to interact with a staff member, it is time to speak with them. If they did not perform in 2024, do you really think things will be different in 2025? Below-par employees are sucking the oxygen from your firm — it may be time for them to move on.

Running a successful business is a journey. It needs good planning and market analysis.

You also need to understand yourself well. By examining yourself, you can find your strengths, weaknesses, values and passions. This self-discovery can help you make better decisions and improve the way you run your business.

Doing the work

One of the first steps in self-reflection is to identify your strengths and weaknesses. Take some time to think about your experiences. Consider the projects you have worked on. Reflect on the challenges you have faced. Also, think about the feedback you have received from others.

Consider conducting a SWOT assessment (Strengths, Weaknesses, Opportunities, Threats) to gain a comprehensive understanding of your capabilities. By acknowledging your strengths, you can leverage them and drive your business forward. By recognizing your weaknesses, you can take steps to address them and prevent them from hindering your progress.

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Your values are the principles and beliefs that guide your actions and decisions. When your business reflects your values, you are more likely to feel fulfilled and motivated. Moreover, your values can serve as a compass, helping you navigate difficult decisions and stay true to your mission.

To align your values with your business, start by identifying what matters most to you. What are the core principles that you hold dear? How do you want your business to impact the world?

Once you have a clear understanding of your values, integrate them into your business strategy. For example, if you value sustainability, you can implement eco-friendly practices in your operations. If you value innovation, you can foster a culture of creativity and continuous improvement. By sticking to your values, you can create a business that earns money and makes a positive impact.

Reflect on your interests. Pursuing your passions can lead to greater satisfaction and success. When you love what you do, you are more likely to stay dedicated. You can overcome challenges and inspire others.

To harness the power of passion, take some time to reflect on what excites you. What are the activities that make you lose track of time? What topics do you love to learn about? By identifying your passions, you can align your business with what truly matters to you.

For example, if you are passionate about technology, you can focus on developing innovative tech solutions. If you are passionate about helping others, you can create products or services that address their needs. By infusing your business with your passions, you can create a sense of purpose and drive that propels you forward.

Looking into yourself is a powerful way to run your business. By knowing your strengths and weaknesses, you can align your values with your business. Embrace your passions and build self-awareness. Cultivate resilience and lead with empathy. This way, you can create a business that is both successful and fulfilling.

Take the time to look into yourself and discover the best way to lead your business. The return on investment will make you glad you did.

Carl Mazzanti is president of eMazzanti Technologies in Hoboken, providing IT consulting and cybersecurity services for businesses ranging from home offices to multinational corporations.