Boost your business in 2023
Posted on 21st December 2022
Despite the current economic uncertainties proactive small businesses will be in a good position to thrive this year. Here are some strategies and good practices you might like to consider that could give your business a boost and add value for your customers.
Reviewing your business plan – now is a good time to revisit your business plan and to check what has changed and how you will respond. Whether you’re a bold new start up business explaining for the first time how you will make a difference for your customers or an established business building on success, a review will help to give focus to your activities.
If you have some historic data it can help to confirm what is likely to be effective. Checking in with some of your ideal customers will give you well-founded ideas about how you can meet and exceed their expectations. Then you can assess whether your processes, campaigns and sales will deliver the results you want.
Setting targets – you might want to double your turnover this year, but you’ll need extra staff, equipment and supplies to do this. However, on closer analysis you might discover that all the extra investment only delivers a 10% increase in profits. Could you achieve the same by reducing your expenses?
By taking an analytical approach to your goals based on your market sector, your competitors and customers, you will have a much clearer picture of the opportunities for sustainable long term growth. Then you can make informed decisions about the right time to take on new employees, obtain funding, or introduce new products.
Building on success – when your business is well established you will regularly attract new customers and sales, but that isn’t the time to relax. Now you know you have a viable business model you can start developing your customer retention strategy to build trust and long-term relationships.
You might invest in technology to streamline your operations or set up an ecommerce website so your customers can place their orders online. With the reassurance that you have regular and reliable sales you can start to plan how to extend your offer and build your business with new products or by exploring new customer groups and locations, for example.
Growing your team – you will want to be sure you have the backing of skilled professionals to support your plans for growth. You might decide to recruit new employees, but this isn’t the only solution. Outsourcing is a good way to introduce new skills to your business. It can be a flexible way to grow and you will be supporting other small business owners as well. Ideal parts of your business functions to outsource can include finance and accounting, administration, and marketing.
Meet all the right people in one place
Whatever your plans this year, one good way to meet the people who can support your growth is at a business event.
We will be running our first business expo of 2023 on 8 February at Sywell. The Northampton Business Show will be the perfect place to present your new business concept and gain valuable feedback. If you have reviewed your business plan and want to present new ideas, a new product or service to potential customers you can take a stand and spend the day making valuable new contacts. If the time is right for you to start expanding your business you can meet outsourcing partners and discover new opportunities for business collaborations.
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