Feb. 25, 2025

This paid piece is sponsored by Eide Bailly LLP.

A version of this insight first appeared on EideBailly.com.

As business leaders in Sioux Falls, you stand at a unique crossroads of opportunity and growth. With local and national business confidence reaching new heights, it’s an exciting time — 85 percent of leaders anticipate growth going into 2025 and increased optimism in the U.S. economy.

But let’s be clear: Strong circumstances alone can’t pave the way for successful results. For businesses to make a habit of sustained success, you need to focus on optimizing financial, operational and technical strengths – both now and into the future.

At Eide Bailly, we see three key challenges that prevent businesses from realizing their potential:

• Lack of visibility into basic business performance.
• Inability to adapt to ever-changing regulations and cyber threats.
• Planning that doesn’t connect today’s operations with tomorrow’s growth.

But there is an opportunity to move forward in a stronger, more strategic way. Focusing on optimal performance and protecting what you’ve built will help shape your business’ future with intention. Here’s how.

You can’t build a business with tools of the past

Knowledge is power. When you have a clear line of sight into the core business areas, you can make smarter, faster decisions that have an immediate impact.

This all begins by making informed decisions with accurate data. This is often easier said than done. Without the right data, uninformed decision-making can cost a company as much as $250 million annually.

Focusing on key performance indicators, effective forecasting and sound data strategy will help you get a clear snapshot of your current state and future direction.

Role of technology in performance 

Technology will play a stronger role than ever before. AI innovation is the No. 1 goal of CEOs, according to IBM. Early adopters of Copilot for sales users report an 83 percent increase in productivity.

Yet again, many businesses simply aren’t ready for this level of change. Only 25 percent of executives strongly agree that their organization’s infrastructure is ready to scale AI across the enterprise.

We recently polled business leaders across the country. The results are clear. Value is impossible without first addressing your data. In fact, top AI struggles include:

• 45 percent lack of clarity on where to begin.
• 21 percent have concerns related to security and governance.
• 18 percent feel uncertainty around AI’s value, impacting buy-in and resource allocation.
• 17 percent see challenges with data quality.

Safest move is always moving forward 

In an unpredictable world, fear of change is the greatest threat to your security. Treating risk management as another checklist item ultimately creates a weak security posture.

It all begins with being proactive. Consider your key risk indicators, which act as an early warning system. Establishing these indicators will help you proactively identify and address potential issues before they escalate.

Other areas to watch include ever-changing regulations and emerging threats. In fact, companies of all sizes ignore up to one-third of security alerts. To combat this type of “alert fatigue,” consider utilizing automation and AI to respond to and prevent potential threats.

The greatest opportunity to protect what you’ve built is a strong, strategic framework that aligns with overall business goals.

Small steps today, big successes tomorrow

The future is more than just transition or exit. Diversification of products and verticals, merger and acquisition opportunities and an increase in technology adoption are all part of your potential future growth.

Even if you’re not ready to discuss an exit strategy, early planning is critical. A Gartner survey found that only 51 percent of board directors say there is a written plan for the current CEO’s succession.

Without this planning, unforeseen circumstances can back you into a corner – with business goals and company culture being left aside. In addition, early planning gives you greater flexibility for market changes, economic circumstances and proactive, tax-efficient strategies.

Prospering into the future

Regardless of what “next” looks like, concrete steps in the “now” can help you succeed long-term. Prioritizing strategic planning and innovation has even led to an average revenue growth of 10 percent or more per year.

Things to consider as you plan:

• Develop a comprehensive financial plan that aligns with business growth goals.
• Invest in future-focused forecasting.
• Get really good at understanding and mitigating potential risk.
• Leverage technology to increase operational efficiency.

Always moving forward

Growth doesn’t come from standing still. Our experiences show that the strongest businesses in Sioux Falls know that optimization and protecting what you’ve built will help you prepare for the future you’ve always imagined.

Every organization deserves to realize its full potential. Let us help you find yours.