How to Survive and Thrive in your Business for 2023

When you’re a business owner and want to prosper, you’ll need to consider new ways to develop your business in the coming year. Regardless of the industry you’re in, or whether you have a side hustle or larger company, focus on growth is essential to survive and thrive in your business. Running a self-employed business is what dreams are made of! But, if you’re just starting out or need to push yourself to stand out from the competition, carry on reading to find out how you can grow your business in 2023.

1. Reflect on Performance

Making good business decisions is primarily based on having a deep understanding and evaluating how your business is performing. Analyse what were the success and failures of 2022 and adapt strategies accordingly. Similarly, make a spreadsheet of your operational costs, profits, debts, sales and pricing to ensure a stronger start to the New Year. In addition to looking at performance indicators, don’t forget about searching competitors and wider trends in your industry. Are they, for example, offering anything that you should introduce to your own business? Take a long, hard look at all marketing data to see how well you’re doing to increase business growth.

2. Make new goals

Once you’ve assessed business performance, you’re in a much better position to set goals for the future. It’s often difficult to keep track of everything as a small business owner so creating goals can inspire you to stay on track and give a sense of purpose away from the daily grind. When compiling a list, it’s important to be realistic about what you can achieve and also, to be specific rather than vague. For example, instead of saying you want to increase profits, choose to increase sales by 20%, and then work out how you will do this. Additionally, make sure your customers/clients are involved when you compile your goals so you open up more opportunities and build a stronger relationship with them.

3. Upgrade your skillset

As a small business owner, you’re probably already conscious that you have to wear many hats in today’s world. But are there ways to improve the running of your business? There are a range of online courses or virtual workshops you can participate in which will help to advance your business skills. Perhaps you need to take a training course; for example, if you have employees, you may need to take developmental training in management. Alternatively, follow influencers in your industry who can give you insightful tips of what’s new and on trend. Taking extra time out to improve on your skills will ensure you can survive and thrive in your business and be better equipped to take on new challenges.

4. Expand online presence

If you want to survive and thrive in business, building a bigger online presence is critical. From upgrading/launching a website to developing a more engaging social media strategy, is key to boosting brand awareness and reaching out to more customers. If you don’t already do it, tell the story of your business to connect more people to what products/services you’re selling. Keeping customers up to date with what you’re offering, helps them to make an informed decision whether or not to buy from you and the overall ethos of your business. Also consider spending some time developing email marketing, which is a great way to grow your business successfully.

Review your finances

It’s always necessary to track your finances on a regular basis as you can’t afford to be irresponsible with money. This is particularly so when running a UK business during an economic downturn. High inflation and interest rates, plus an increase in wages all indicate the need for specific strategies to grow you business in 2023. For example, the price of your products/service have to align appropriately so you’re up to date with production/supplier costs and pricing. A concise record of your finances will help you to decide where to save money and where you can spend more. Don’t forget to also take into account extra bills such as taxes, so you’re not caught out unexpectedly.

While there may be tough times ahead, if you focus on being ready for any potential storms, you’ll be in the best position to take your business to the next level in 2023.

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About Anita Forrest

Anita Forrest is a Chartered Accountant, spreadsheet geek and money nerd helping financial DIY-ers organise their money so they can hit their goals quicker.

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