Another year of potential promise is about to begin. For many business owners, it’s time to start thinking about what they want for their companies and teams to accomplish in 2023. Sometimes it’s about launching new products or continuing to build on the success of existing ones. As an entrepreneur, your ambitions might also veer toward reinventing brand and online presence.
While 2023 is just unfolding, current economic predictions and market conditions have shifted many owners’ priorities. Finding ways to attract leads, retain customers and employees and improve efficiency are probably the key. Despite the challenges 2023 may bring, establishing goals now can set your team and company up for success. Here are some resolutions for your business to pursue.
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Set New Growth Goals
Most companies need to keep moving forward to remain relevant. But that progress or growth isn’t always spread evenly across business units or activities. Sometimes growth objectives are concentrated on a market segment, product line, division or strategy. The important thing is to determine what you want to take to the next level and devise a plan to get there.
Setting new growth goals shows you’re invested in the company’s future. The idea of progress can also increase your team’s commitment since it gives them purpose and urgency. Growth objectives often become opportunities to serve customers better, bring innovations to market and establish industry leadership. They demonstrate resilience and persistence, which can contribute to more effective outcomes.
Upgrade Online Marketing Strategies
Compared to traditional advertising, digital marketing is the place for promotional budgets. Surveys show 57% of marketing budgets invests in digital campaign activities. Plus, spending on online marketing is expected to go up by 16% in 2023. However, simply pumping more money into digital strategies doesn’t always bring the hoped-for returns.
Maintaining a website, sending targeted emails and creating pay-per-click ads are often crucial parts of online marketing strategies. So too having a social media presence and engaging with audiences through various platforms. But performing these activities without good data analysis and experimentation won’t get the job done. Designing and implementing strategies that produce results means moving away from what you think you know about your audience.
Keep Employees Happy
Entrepreneurs may come up with business ideas by themselves. But owners and founders usually need a talented team to bring those concepts to life. Employees might join your team because they’re attracted to the ideas behind the company or they feel driven to do the work.
Yet talented team members often leave when their expectations about the job and company culture don’t match the reality. And those feelings of discontent make it tough for businesses to hold onto valuable employees.
Improve Efficiency
The phrase “Work smarter, not harder” usually applies to increasing efficiency or productivity. While efficiency improvements sometimes align with saving money, they can also be about using resources better. Maybe processes and workflows could benefit from new technologies or automation. You might also achieve higher productivity by revising project management practices.
Making changes in the efficiency category starts with assessing where bottlenecks or inefficiencies exist. Maybe you already have the tools to enable your employees to execute modern project management practices. However, teams aren’t using those apps to their full potential. Instead, they’re reverting to spreadsheets on a shared network drive that causes access problems.
Learn a New Skill
As an entrepreneur and business owner, you can never absorb enough new knowledge and information. It’s important always to seek out new information and self-education, in order to grow as a person and leader. It can also have a positive impact on your life outside of work.
Many things happen along the way, so stay flexible and adaptable. And may God be with you!
References:
2023 resolutions for business owners, John Hall, Forbes, December 4, 2022
Small business owners: What’s your 2023 New Year Resolution? Freshbooks Blog
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