Strategies to Stay Ahead in 2023
Owning a small business often means you feel economic bumps harder than larger or more established operations. But with the right strategies and tactics in place, you can do a lot to make the year just a little smoother.
- Design the customer experience. It is crucial to remember that your customers are also facing financial pressures. When every dollar counts, customers become more choosy in where and how to spend their money. Budget is always a factor but customers who have an enjoyable experience are more likely to return and more inclined to refer additional business.
- Promote work-life balance. It may sound contradictory but owning your own business doesn’t mean you have to be working 24/7. Many studies have demonstrated that scheduling in “downtime” can actually be better for your mental and emotional health. The same is true for your employees. The COVID pandemic demonstrated to many people that life is more than their job. To attract and retain employees, promoting a work-life balance will be key.
- Don’t be afraid to innovate. Innovation is unnerving – it inherently involves risk for your business. However, it is also the best opportunity for your business to set itself apart. You may be able to leverage your existing products or services to meet the changing needs of your customers. Or your message may need to be tailored to address new realities. Remember, the magic happens outside your comfort zone.
- Invest in technology. It might also seem risky to make large investments in uncertain economic climates. But much like an apple a day, investing in a healthy and stable infrastructure is crucial for ongoing business health. And it doesn’t have to be expensive. There are many software or application solutions for small businesses that are easy to use and very cost-effective.
- Address Inflation. Handling inflation is not a matter of simply passing cost increases onto your customer. You must also look internally to reduce expense, improve productivity and create better processes. Perhaps you can eliminate waste by repurposing or upcycling materials. Or it may be time to look at your business processes to see where you can implement efficiencies. Inflation is no doubt a challenge but it could also lead to solid improvements.
These five strategies can help you start off 2023 on the right foot and stay ahead of the challenges to come.