Below, are some ideas in driving your business forward for success in 2023.
Analyze Your Past Successes and Failures to Set Your Goals
Reviewing your sales history, customer diversity, products/projects mix and net return, competitors, environment, processes, etc. to identify trends to build on and areas of focus.
- What is making you the most money, requiring the least amount of effort/resources?
- What industries and markets seem to be performing well within in your customer base?
- Are there new trends in the industry that we can take advantage of in 2023?
- Are there efficiencies or automation that we can make in our processes?
- Are there vendors, smaller competitors, etc. that we can acquire to add to our volume and profits?
Create a 2023 Road Map
Map out your Financial Goals & Top Priority Activities (ie. Strategies) to meet objectives in 2023 based on your top determined areas of focus. Assess your team and decide which skillsets are crucial for meeting your 2023 goals. There may be an opportunity to scale back your team, realign your team, upskill employees, or create a recruiting plan to bring the skills needed in house.
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Retain & Grow Your Team
We are seeing companies use this slower time to focus on Succession Planning and Career Planning (intertwined) to ensure their top talent is being retained and that there is a backup for each role. Businesses are recalibrating wages this year as well versus doing the standard CPI Merit increase to ensure external and internal equity for team members for long term retention.
Develop and Maintain Your Competitive Advantage
It is important that every business develops its own Sustainable Competitive Advantage that sets it apart from their competition. Your current customers and prospects undeniably have several solutions to their problems and needs, which makes it important to secure yourself as the solution with superior value. Your competitive advantage has to be something that you do better than the anyone else and should be communicated through social media, ads & promotion, and your community network, sending powerful messages about your business that will build brand recognition and trust for enhanced sales.
With this, you will be ready for 2023!
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Adapting Your Business for Success in 2023
With the current fluctuating economy, it’s important to adapt and find new opportunities to strengthen your business through these times of uncertainty. Luckily, you’re not alone. Many businesses have experienced reductions in work, changes in their workforce, and a decrease in the effectiveness of their current strategy. Here are our top tips for adapting and realigning your business for success in 2023.
Top 7 Competitive Compensation Tips
Job seekers know what their experience is worth and are willing to walk away from a job if it does not meet their expectations. It is important for employers to offer competitive compensation.
Implementing Cascading Goals to Compound Success
Establishing clear goals at every departmental level can help lead a company to clear alignment and success. This is where cascading goals come into play.