As the ball dropped on 2022, we enjoyed hosting our formerly annual New Year’s party once again. In the two years of COVID, we canceled spending New Year’s Eve with the same group of friends we’d shared the last 20 or so December 31sts with. As we return to another normal, I raise my glass to both 2022 and 2023 and share the best and toughest of 2022 and 2023 commitments for Futurety.
The Wins in 2022
Growth, Growth, Growth.
This was a huge year for us. We grew at an exhilarating rate. 130% revenue growth to be exact. I’ve grown at 30% before that’s something, but 130% is a whole new world. We renewed almost all of our existing clients and on boarded several new ideal enterprise clients. The new revenue is from multiple clients and almost all of it is long-term, predictable revenue from committed contracts. Any small business owner sleeps better with predictable, long-term revenue on the books.
Right People, Right Seats
When I walk into the office every day and look around I think “that’s exactly the person who should be doing that job.” It’s not an easy state to reach. What we do is specialized. There aren’t a million qualified candidates for our roles. Add to that the culture fit, work ethic, and the ever-changing nature of the industry and having the right team in place is the hardest, and most important, part of this job.
Two years ago we saw the death of third-party cookies on the horizon and jumped on the opportunity to help our clients unlock their customer data by creating the most accurate buyer persona possible. We challenged ourselves further by committing to producing the persona in minutes, not months, and we had to be lower priced than traditional market research. We believe we have hit the Holy Grail of Better, Faster and Cheaper. Now the product is taking off as a stand-alone offering and creating exciting opportunities for us.
Not all Sunshine and Roses
Of course, every small business owner knows that every day has big highs and lows, so in the course of a year, the roller coaster gets really dramatic. We had our share of lessons learned this past year.
I’m a big believer in diversity and being opportunistic. Over the years we had a chance to purchase a commercial property and a waterfront short-term rental. It’s allowed us to build equity, save on rent, and offer a great perk to clients and team members. We were looking to expand our real estate holdings last year and pursued several properties, but ended up not adding a single one to our portfolio. In spite of the rumors of the death of the office, demand for commercial space in Columbus is high and we wound up being one of many buyers lined up for the best spaces. I know there is a system to acquire the best spaces, we just haven’t figured that out yet.
Our short-term rental, The Four Aces, is in Cape Coral and was directly in the path of Hurricane Ian. We were fortunate and only sustained minor damage, but our heart breaks for our friends in the area who lost homes and businesses.
The Great Resignation
We’ve always been really proud of our track record of recruiting, developing, and retaining great talent. And when an employee and a job role are on different tracks, I’m the first one to support that employee in finding their next role and doing all I can for them going forward. Many former team members are still great friends and colleagues.
From November of 2021 through mid-2022 we lost team members who I believed still had great things to accomplish here at Futurety. Remember when I said above that we retained almost every client in 2022? The two we did lose cited team changes as a reason they were not renewing. I hope we never see a wave of resignations and shuffling like we did during The Great Resignation, but if so, I’ve learned my lessons of getting ahead of the trend. I should have over communicating with team members about their opportunities here and showing the kind of support and culture I don’t think you can find just anywhere, especially with those early in their careers.
Don’t Look Back, You’re Not Going That Way
I jumped out of bed today, ready to take on 2023. We have the right clients, the right team, financial stability, and a clear product and services timeline. Next week, I’ll be sharing Futurety’s New Year’s Resolutions.