January 6, 2023

Welcome 2023!

Welcome 2023!

Happy New Year! I hope you all enjoyed the holiday break as much as my family and I did. After the frenetic pace of 2022, I’m sure we all deserved a little R&R.

2023 is starting out on a high note at Marcum. We just announced that Melanson, P.C., of Merrimack, N.H., has merged into our firm as of January 1, bringing 13 partners and 100 associates to our team. Melanson, a highly rated regional firm that served both businesses and individuals, adds four offices in Maine, Massachusetts and N.H. to Marcum’s eight in the New England region. We are delighted to welcome Scott Toothaker, who is now our New Hampshire managing partner, and the entire Melanson team to Marcum.

At the outset of the new year, now is a good time for middle-market companies to review plans for 2023 and make sure they are off to a strong start. With that in mind, here are a few resolutions that will put any middle-market company on solid footing.

1. Hold onto your best people and find creative ways to attract A players.

The talent shortage isn’t going away any time soon, and your need for the best people will only increase as time goes on. Make sure you’ve designed your recruiting, compensation, and benefits packages to attract and retain people who already have plenty of other options. Those are the team members who make things happen.

2. Prioritize strategy.

Treading water is not a viable plan. If your company is not growing, it is falling behind more ambitious competitors. To that end, make sure to revise your strategic plan regularly. Anything you commit to writing in January will no doubt need an update at some point.

3. Take a close look at execution.

With many teams stretched thin, most companies are seeing some slippage. Putting the right processes, procedures, and automation in place will help you to provide a better end product or service—and the right customer experience.

4. Stay one step ahead on technology.

Investing in technology early has opened the door to many opportunities for Marcum. It also has given us the resilience to serve our clients in one of the most challenging business environments in recent memory. If you don’t share my enthusiasm for tech, make sure you have a good CTO or CIO, or hire one.

5. Learn to love cybersecurity.

One breach can create a world of havoc for your company. Don’t let it happen. Find professionals who can put the right systems in place to protect you if you don’t have them already.

6. Expand your network.

Attending business events takes a modest investment, but is never a waste of resources. Now that so many events are back live and in-person, the opportunity to shake hands is absolutely unbeatable as a business strategy. Every middle-market company can use a few more relationships, hopefully leading to new customers.

7. Embrace thought leadership.

The days of offering a commoditized product or service are over. Customers want to know you and your team are leading experts in what you do. Make yourself and your team available to participate on industry panels, speak to the media, write articles for the trades, post on LinkedIn, or participate in podcasts. There’s no substitute for the third-party validation that comes from sharing your knowledge in respected publications and venues.

Here’s to a great 2023! Have a great weekend, everybody!