Building a business strategy is always challenging—but it's tougher during a chaotic year.
2023 will be less disruptive than 2022. However, there is still the possibility of ongoing inflation, supply chain disruptions, tech industry layoffs, and other events that could cause anxiety. So, as a business owner, how can you plan for the future of your small business when you do not know what the future holds?
Let's look at five recommendations that will help you develop a sound business strategy for 2023 and ensure that it can withstand the volatility of the following year.
Recognize How Your Company, Industry, and The World Have Changed
The planning of strategies in 2023 will be drastically different from previous years. To create a successful and realistic business strategy, you must understand how your company, industry, and the world have changed and incorporate those changes into your business plan.
For instance, how has inflation affected the demand for your product or service? How have growing costs altered your ability to service your clients? How has your community been affected?
As you develop your plan, it is essential to consider the effects of the economic events of 2022 on your business, your industry, and your customers, as well as how you might adjust to these changes to ensure your success in 2023.
But acknowledging the changes that have already occurred is insufficient. It would be best if you also accepted the potential for change in the future year.
Thus, scenario planning comes into play. It is a strategic structure that compels you to consider all potential organizational outcomes by :
Examining present tendencies
Exploring assumptions you have about your organization, rivals, and the industry as a whole.
Identifying unknown factors that could impact business outcomes.
From there, you project various plausible scenarios that could play out in your firm in 2023 and devise distinct tactics for each.
There's no arguing that the epidemic affected the economy and the world of small companies as we know it—and that further changes are certainly ahead. But by recognizing the differences you've already encountered and predicting and preparing for potential new obstacles, you can ensure that your firm is as well-prepared as possible for whatever 2023 may bring.
Concentrate On What's Under Your Control
Currently, business owners have little influence over several factors:
It would be best if you kept your suppliers from increasing their rates.
You have no control over implementing new restrictions in response to another COVID wave.
You do not influence when things return to "normal."
However, focusing on the things you cannot control is not beneficial for your small business. Instead, turn your attention to what you can influence.
Consider the areas of your organization where you still have control and influence to make decisions that will position your company for success in 2023 and beyond. For instance, if you run a restaurant, you have no control over whether in-person dining is banned in your city. But you can choose which operational areas to prioritize and begin marketing delivery and takeout choices to serve your consumers better and increase sales.
Having so much uncertainty is difficult for small business owners. But by changing your attention to the things you can influence, you can create a strategy that drives success regardless of any hurdles that may arise and position yourself for the best possible results in 2023.
Embrace Everything Digitally
Even though most individuals were eager to meet face-to-face again this past year, it's safe to conclude that remote work and communication are here to stay. 75% of consumers will continue (and prefer) to utilize digital communications post-pandemic, according to a survey.
If you want your firm to be successful in 2023, you must have a digital sound strategy.
Whether or not it becomes simpler to conduct business in person this year, the shift to digital is permanent. So if you want to engage with customers and drive revenue and growth in the coming year, you must have a sound plan to do it in the digital realm.
For instance, if you possess a physical store, you must have a solid e-commerce strategy. Consider offering a virtual option even if you usually meet with clients in person. You must account for how you conducted business in person before the epidemic in your digital strategy.
If you've maintained your business growth over the past two years, you've likely already developed a great digital strategy. But now that it's a new year, it's crucial to evaluate what's working and what's not and how you can continue adapting to serve your clients online effectively.
Have A Clearly Defined Strategy For Team Support
The economic developments over the previous year have certainly left employees feeling worried, underpaid, and worn out. Therefore, it is equally crucial to strategize how to best support your team in 2023 as it is to strategize how to best help your consumers in 2023.
When designing your business strategy for 2023, consider any potential challenges your employees may be facing, and then devise a plan for how you will assist them in resolving those concerns.
For instance, what is your policy for employee support if they or a family member are diagnosed with COVID-19? Or, if your team has converted to remote work, how can you ensure they maintain a healthy work-life balance and aren't constantly checking their email?
Consider the mechanisms you can use to assist your staff in navigating the stress of an uncertain economy, such as implementing a wellness program or providing paid sick leave.
If you want your business to succeed in 2023, you must have a strategy to assist your employees as they support you.
Have a Plan B (and C...and even D)
As previously stated, 2023 is an enormous question mark in many respects. So, in addition to having a solid strategy in place for the future year (let's call it to plan A), you should also create a plan B (or C...or even D) if a pivot is necessary.
Consider that you intend to introduce a new portfolio of services in the spring of 2023. Plan for a May launch, but also has a fall (plan B), or 2023 backup in case supply chain delays make a May launch undesirable and you need to push things back (plan C).
Or you can enter a new market by the end of the year by opening a brick-and-mortar location of your retail store in a new city (plan A). Start by developing a plan to grow your market reach by the end of the year. Remember to devise alternative revenue-generating strategies (plan B) or determine how to obtain exposure in your new market if you delay the opening (plan C).
Your plan A strategy should be successful. Having a plan B, C, and even D ready to go, and being willing to pivot quickly if necessary, will ensure that you are prepared for success regardless of how the year unfolds.
It is challenging to construct a business strategy when so many unknowns exist. However, with diligence, careful planning, and a desire to be open, flexible, and adaptive, you can create the strategy your business needs to flourish.
It is time to establish a strategy and ensure that your business is prepared for anything 2023 may bring.
No single healthcare provider can assist everyone. Because there are so many different treatment and care subgroups and specialized niches in healthcare, patient experiences can vary across services. It implies that some healthcare institutions will be better equipped to improve results for a particular group of patients and services. Whereas other patients will be better […]
It's more crucial than ever for a business to have a strong online presence in today's digital environment. Consumers are increasingly using the internet to research products and services before they purchase; therefore, if you want your company to remain competitive, you need to be found in the same space. Digital marketing can help with […]
Most small business owners believe the pandemic's effects on their industries will continue through 2023. However, they also overwhelmingly believe that their companies will survive the pandemic. Most of these business owners want to grow or renovate their companies, and others want to engage in digital marketing, so there is a change in the air. […]
Leave a Reply