Google’s major algorithm changes (Panda, Penguin and Hummingbird) pretty much destroyed sites that were built up in rankings primarily by link building.   In the past, an SEO firm could make some small content changes to your site then do some monthly link building and push your site to the top in targeted search terms.   This is no longer a viable long term strategy. So what will work in 2014?
Here is my list of activities every webmaster should be focusing on in 2014:
Content Creation:   This has always been important, it is now more than ever, but the bar is raised.   Blogging highly recommended, but it isn’t going to work unless you have high quality content. You need to create content that is valuable to your target market, and can’t be found anywhere else. 
Mobile Website: If you are getting any kind of mobile traffic, then having a mobile friendly version of your website is vital. Google has stated that poor user experience is a sure fire way to drop rankings.   Some industrial clients claim that they get very low mobile traffic. My experience shows that even sites that you would not expect mobile traffic on are getting 5%-10% mobile.  I am not sure that any business can afford to ignore 10% of its market.  
Responsive Design Website: This is the best way to address the mobile website issue. A responsive design website automatically displays an optimized view for the device and screen size. The urls are the same; much of the content can be the same.   Responsive design websites are highly preferred by search engines because they avoid duplicate content issues and messy redirects.
Social Media: Google and Bing are both using social media signals in its ranking algorithm.   Even if you are business to business industrial you should at least claim your Google plus page and link it to your website.
Page Download Speed: Google has stated repeatedly that slow loading pages will be a negative ranking factor for websites.   Stated goal is 1 second download or less. You can get free advice from Google by putting your url here: https://developers.google.com/speed/pagespeed/insights/ They will give your site a score for mobile and desktop plus some advice on how to fix it.