Take steps to prosperity in 2023

At each annual turn of the calendar, it is common for people to make New Year’s resolutions. Ambitious goals for fitness and dietary changes are popular, as are pledges to overcome vices, build positive habits, learn additional skills, and devote more time to loved ones or the interior life.

With Catholic executives and business leaders in mind, several experts in the Legatus network suggest resolutions worthy of consideration for 2023 in several areas of professional and personal life: in business strategy, technology implementation, investments, family relationships, health, and faith.

BUSINESS: REFOCUS ON PEOPLE

Hugh Blane, president of Claris Consulting as well as of Legatus’ Seattle Chapter, recommends making sure employees are thriving in 2023.

“Many business owners and organizations say their human capital is one of their greatest assets, but there are very few initiatives in place to support that statement,” said Blane. His suggested resolution: “Create one employee- flourishing initiative and hold your leadership team accountable for delivering on the initiative.”

Blane also urges business leaders to focus on what they provide to the customer rather than the revenue they receive. “This simple shift results in increased revenue, profit, customer loyalty, and greater business value,” he affirmed.

“Create such high value that people see you as indispensable to their success and satisfaction,” said Blane. “That’s a game changer from a typical mindset and financial perspective.”

TECHNOLOGY: USE IT WISELY

Deacon Rich Napoli, CEO emeritus of software engineering firm Relevantz and former officer of the Philadelphia Chapter, suggests how business leaders should regard nascent technologies in the new year.

Many businesses, for example, are implementing Robotic Process Automation. RPA “sounds like science fiction, but it simply helps to capture and learn the many repetitive keystrokes that clerical workers use across a variety of existing software applications,” said Napoli.

He urged caution against “paving the cowpaths” with automation rather than improving the underlying processes.

“Today’s digital technology offers so much more than just automation. You should now at least be thinking of some fundamentally different business models that are possible today—not only new ways to acquire and service customers, but entirely new products and ways to deliver them,” Napoli advised. “Technologies such as 3D printing, data analytics, blockchain, and IoT [Internet of Things] can create entirely new revenue streams for your organization.”

INVESTMENTS: BE PRUDENT

When investing, Catholics should consider both financial risks and ethics, according to Anthony Minopoli, president and chief investment officer for Knights of Columbus Asset Advisors. In his role, he oversees the KoCAA investment team, including portfolio management, research, and trading.

“Our basic advice to all clients is to make sure your investment strategy aligns with your risk tolerance,” said Minopoli, a member of the Fairfield County Chapter in Connecticut. “We also encourage all clients, regardless of their stage of life or financial circumstances, to revisit their portfolios regularly to ensure they are up to date.”

Regarding “trendy” investments like cryptocurrencies and NFTs, Minopoli advocates a “‘get rich slowly’ mantra, meaning that we invest in what we know and understand. We avoid ‘trendy’ investments because risks can be significantly higher and difficult to forecast.”

Recent issues with cryptocurrency companies, he added, “reinforce our belief in the need for deep due diligence by all investors prior to making financial decisions.”

On other risks, Minopoli noted that the Federal Reserve Board raised interest rates six times in 2022 and appears committed to getting inflation under control. “We believe there is a likelihood of a recession but are still evaluating whether it will be shallow or deep,” he explained.

He noted that the U.S. Conference of Catholic Bishops has asked Catholics to encourage companies to rethink policies that oppose Church teaching. “We expect more Catholics to participate in this type of engagement in the coming years,” Minopoli said.

HEALTH: MAKE IT A PRIORITY

Megan Frankel, president of the Healthnetwork Foundation, encourages business leaders to make health a priority in 2023. But rather than choose a single diet or exercise goal, she emphasizes the need for executives to consult a good health care professional.

“Business leaders and executives often put themselves last when it comes to health and wellness. They tend to work more, travel more, sleep less, and move less, thus increasing their risk for heart disease, stroke, diabetes, and depression,” said Frankel, a member of the Cleveland Chapter.

She urged “a comprehensive executive health physical to get a complete assessment of your current health status, and goals/targets to improve on.”
 
Business leaders have a “dashboard” of key metrics to monitor their organization’s health, “and now is the time to create your own personal health dashboard,” Frankel pointed out. “It will pay dividends!”

FAMILY: STRENGTHEN, REFORTIFY

John Cuddeback—professor, popular Legatus speaker, and founder of Life-Craft.org, which provides educational resources to strengthen family relationships through meaningful work and leisure, recommends that families spend quality time together at home.

“As powerful forces pull us apart, our homes are losing their center,” said Cuddeback. “We can refortify and reinvest in the home, focusing on ordinary activities that have become all too rare.”

Among his specific suggestions: eating together, reading together, working together, singing together, and simply being together.
“These ordinary things will make an extraordinary difference in marriage and home life,” he said.

FAITH: DO SPIRITUAL READING

Father Thomas Grafsgaard, chaplain of the Bismarck Chapter, recommends spiritual reading that business leaders will find particularly fruitful.

“I’d suggest taking time to read one of the great encyclicals on Catholic social teaching: Rerum Novarum, Populorum Progressio, or Sollicitudo Rei Socialis,” said Fr. Grafsgaard.

Rerum Novarum, written in 1891 by Pope Leo XIII, discusses the plight of workers in a newly industrialized society and warns against both socialism and unbridled capitalism. Populorum Progressio, written by Pope St. Paul VI in 1967, discusses the authentic development of nations and individuals. Sollicitudo Rei Socialis, by Pope St. John Paul II, commemorates the 20th anniversary of Populorum Progressio and continues the conversation about authentic progress.

Despite the value of these encyclicals, Fr. Grafsgaard acknowledged that their length might intimidate some busy executives. “If you’re looking for something a bit shorter, as a wise bishop recently said to me, ‘Don’t read the news, read the Gospels!’” he advised. “That’s good news!” 

THE ULTIMATE GOAL

“In God’s plan, every man is born to seek self-fulfillment, for every human life is called to some task by God,” wrote Paul VI in Populorum Progressio. To obey this call, he stressed, we must use our God-given intellects and free will to make choices that both develop our natural abilities and direct our lives toward God.

Choices in every realm—health, finances, relationships, or work—can contribute to our ultimate fulfillment in Christ. And that’s a New Year’s resolution worth keeping.

RACHEL HOOVER is a contributing writer for Legatus magazine.