5 Big Things Every Closely Held Business Should Focus on This Year
If you own or lead a closely held business, this year will bring new challenges—and big opportunities. Here are five areas that matter most this year, plus one quick action you can take in each to get started.
1. Compensation & Incentive Innovation
Your Comp Stack (the selection of financial and non-financial benefits you offer) sends a message about what your company values. A smart Comp Stack aligns rewards with behaviors that create long-term success—not just short-term wins.
- Layer base pay, performance incentives, and non-monetary rewards.
- Reinforce cultural priorities through targeted incentives.
- Review and adjust regularly to stay aligned with business goals.
Not sure where to start? Try this: Ask three people at different levels of your organization to explain your compensation features in their own words. Notice what they mention first, what sparks enthusiasm, and what they treat as routine.
2. Succession & Continuity Planning
Leadership transitions and unexpected disruptions can derail even strong businesses. Continuity planning isn’t just naming successors—it’s building resilience.
- Document decision authority and role backups.
- Create living playbooks for critical processes.
- Engage your team in scenario planning and cross-training.
Not sure where to start? Try this: Schedule a 60-minute rapid-fire ‘what if’ session with your leadership team this month. Identify three roles with no backup plan.
3. Cybersecurity & Data Protection
Cyber threats are a leadership issue. A single breach can damage trust and erode value.
- Conduct tabletop exercises to rehearse your response.
- Enforce multi-factor authentication and review vendor risk.
- Make cybersecurity part of your culture through training and accountability.
Not sure where to start? Try this: Turn on MFA (multi-factor authentication) for every critical system today. It’s the fastest way to reduce risk.
4. AI & Automation Integration
AI and automation aren’t optional—they’re essential tools for efficiency and insight. But integration must be intentional.
- Start with high-impact use cases that complement human judgment.
- Establish governance guardrails to manage risk and bias.
- Invest in upskilling so employees see tech as an enabler, not a threat.
Not sure where to start? Try this: Use an AI tool to turn a short technical description into an easy-to-read summary. Consider using that summary in your marketing content or on your website.
5. Culture & Values Alignment
Culture shapes how employees interpret every decision—including pay, tech, and continuity planning.
- Translate values into operating norms leaders actually model.
- Align rewards and recognition with cultural priorities.
- Measure engagement and accountability so culture isn’t just a slogan.
Not sure where to start? Try this: Ask your team: What’s one value we talk about but don’t live? Use the answers to set a leadership goal for the next 90 days.
The Bottom Line
These five priorities work together. A strong culture amplifies your compensation strategy. Clear succession planning supports continuity. Cybersecurity and AI integration protect and enhance the systems your people rely on.
Question for leadership teams: Which one will you tackle first—and what will make it stick?