Tailoring your 2023 strategy to address key challenges is essential. Consider the following factors:
Although the business world is recovering from the pandemic, we cannot ignore the ongoing global economic crisis in early 2023. Slow markets and high prices present challenges for keeping the business afloat. Reflecting this reality in your goals, targets, and long-term plan is necessary.
While there are signs of recovery in global supply chain issues, sourcing necessary products and raw materials can still be challenging. Slow ocean freight and logistics pose risks that should be factored into your planning. Whenever possible, explore local suppliers to reduce logistics times, lower costs, and create a more sustainable supply chain. Shopping around for the best deals is also advisable to source goods at competitive prices.
People are crucial to your growth strategy, but talent shortages can hinder your plans. To address this, consider promoting existing talent from within the company or reach out through your network to find experienced new hires. Utilizing contractors or freelance workers can serve as short- or medium-term solutions if permanent employees are challenging to find.
Business software solutions have advanced significantly in recent times. Incorporating the latest cloud apps, automation tools, and AI solutions into your strategy can give your business a competitive advantage. Identify manual tasks that can be automated and tracked using software, enabling you to enhance productivity, efficiency, and focus on higher-value tasks such as business development, sales, and customer service.
Building agility into your strategy and 2023 planning is crucial in unpredictable times. New opportunities can emerge overnight, and unforeseen threats can appear without warning. Your business should be able to pivot, refocus, and adapt quickly. Developing multiple “what-if scenarios” can help you explore different strategies and be prepared for various situations.
Discuss a review of your 2023 planning with us
Keeping your business plans up to date and refreshed is vital for staying ahead of the competition. As your adviser, we can help you review your 2023 plan, identify areas that require adjustments, upgrades, and refocusing of strategy and targets.
Contact us to arrange a planning meeting. It could be the most important step toward making 2023 your best year yet.
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