Based on the current slowing economy, Companies are taking a hard look at their organization to ensure they get the biggest bang out of 2023. Below, are some key elements to consider as you strategize your game plan for success.
Where Have You Been?
Analyze your sales, customers, products/projects, etc. to understand what your business trends are showing.
- What is making you the most money, requiring the least amount of effort/resources?
- What products/projects are least profitable?
- What industries seem to be performing well within in your customer base?
- Are there any new competitors or products that might deter the business and how do we manage around these?
- Are there new trends in the industry that we can take advantage of in 2023?
Now, with this information mapped out, you can focus in on your goals for 2023!
Where Are We Going?
What will be our Financial Goals & Top Priority Activities (ie. Strategies) to meet those goals in 2023 based on our strengths, the industry and market trends, and our customer growth opportunities?
How Will We Get There?
Once you have your Top Priorities nailed down, think about the owners of those activities who will drive these to completion – and do they or their team have the skillsets to make these happen. It may be an opportunity to develop a High Potential internally – or decide on a recruiting plan to bring the skills needed in house. Once the responsible person of each priority is decided (and that may be you!), the detailed plan of how to reach the goal by the due date(s) can be established.
It All Requires Retaining Your Team
We are seeing companies use this slower time to also consider Succession Planning and Career Planning (intertwined) to ensure their top talent is being retained. Ensuring you have the planned skills needed in-house and backups ready for key or unique positions is critical for any business to be successful. And, setting up these types of Plans provides growth opportunities for your business as well as for your team to keep them challenged and growing – and ready to make an impact in 2023!
Planning your priorities and developing/recruiting the skills needed to meet your important goals is a critical part of the 4th Quarter to ensure 2023 is the best that it can be for any business!
Not sure where to start? HRC is Here for You!
Reach out and we can provide a courtesy to call to help get you started!
HRC – Here for You !