Planning for Success in 2023

My thought for the day – I think it’s fair to say 2023 may not be the most straightforward of years.

There’s no getting away from the fact we’re teetering on the brink of a recession. Recessions affect businesses differently. Some of you won't notice it as much and, for some of you, it will have quite a significant impact.

We've got inflation starting to slow down a little bit which means last year's sharp price increases are unlikely to be repeated.

Interest rates have risen again. They are affecting the cost of living for many, especially anyone who will be re-mortgaging this year.

There’s also the disruption from all the strikes and the disruption of supplies especially with the war still going on in Ukraine.

Staffing issues are likely to continue and we are facing the challenge of salary inflation.

And then there’s energy costs! Who knows what will happen with energy bills throughout the year.

But, whilst it might be challenging, I want you to focus on how you can adapt and really set yourself up for success in 2023.

Remember, with all the changes, there are always opportunities. Businesses that are resilient to a recession are the ones that look for the opportunity.

Which Opportunities Can You Take Advantage of in Your Business?

Opportunities to pay attention to in a recession are:

·????????New staff from struggling competitors – if you know competitors are laying off staff, scoop them up and offer them a job.

·????????New markets – people have new needs in a recession, consider whether you can tap into these.

·????????Help is needed – a lot of consumers and businesses need help in a recession so ask yourself how you can help others in a cost-effective way and compelling way. Building up goodwill pays dividends in the future.

·????????Pricing – put up your prices and explain why as this is a logical time to increase pricing. Don’t absorb everyone else’s costs.

Focus on Your Mindset

Your mindset will help determine how you perform in 2023. Focus on the following:

??????Fight, Flight or Freeze? - these are our three natural responses to change. In 2023 you need to be in fight mode.

??????Look for the positive – if you are only focusing on challenges, you will keep finding them. Looking for the positives will bring forward the opportunities.

??????Lead Your People – lead from the front and don’t overload your team with your challenges. Your team needs reassurance and confidence from you.

??????Be intentional – be deliberate in what you are doing rather than waiting to see what will happen.

??????Sometimes Less News is Better – turn off the news to stop negativity dragging you down.

??????Look after yourself – focusing on these five straightforward things to look after yourself - exercise, sleep, hydration, mindfulness and diet. Do you need to do more of these to keep yourself strong?

Which Sectors or Industries Will Do Well in 2023?

Every change creates opportunity so ask yourself which sectors or industries you expect to stay strong or grow in 2023 and decide whether you need to change your focus to serve, support or work with these businesses.

You want to follow the money as there is always someone making money in a recession.

Re-Match Your USP/Offering

Make sure your USP is still matching your target audience and follow the money. You can do this by:

·????????Trade-up to the next level of clientele – if your previous clientele can’t afford your offering, start targeting the tier above. Remember your messaging needs to be specific to them.

OR

·????????Downgrade your product – don’t offer the same thing for less money but instead, offer a reduced service that is costing you less with a price point that is lower. Remember, to maintain your revenue, you will need to increase your sales volume.

OR

·????????Expand your reach – if you can deliver remotely, expand your geography and keep the same volume by expanding your market.

Find Your New Sweet Spots

If you have changed your target audience and your product, the sweet spot of your marketing might have moved. This is the most profitable place to be operating at. It is where these three areas above coincide. Your particular target audience’s needs match your specific product or service, and it is worth paying more for this. This is what will take you out of price competition with other businesses.

To get yourself to this sweet spot, ask yourself what it is you do that is worth paying more for. You will know this because your existing clients will have been using this service or product for a while. What brings them back? And make sure you get up-to-date client/customer reviews to prove you are doing this.

Tone Is All Important

Don’t trip yourself up by getting the tone wrong. Instead do the following:

• Be sensitive to the current situation
• Be customer centric
• Help not sell
• Educate and engage
• Add value & expertise
• Ask more questions
• Take it a bit slower…
• Keep in contact – keep marketing

Manage Your Financials

Achieving money mastery is vital in 2023. I cover this in Money Mastery in 2023 but in summary, you need to:

·????????Track your break-even point and P&L

·????????Plan your budget – desired & worst case

·????????Monitor your marketing ROI

·????????Review pricing frequently

·????????Consider hedging (if you can)

·????????Be proactive on debtors

·????????Manage your cash

Support Your Team

For anyone with a team, understand they may well be finding 2023 challenging. To support them you need to pay attention to the following:

??????Vision, Mission, Annual plan – make sure they know where you are going. Giving them direction will give them confidence.

??????Live the values – make this a felt experience. How you treat people is vitally important.

??????Keep focus on development – training doesn’t have to be expensive. Peer to peer training is worth considering and look at cost-effective online training.

??????100% involvement – people want to feel included and involved.

??????Active management – role-specific KPI’s – what delivery do you expect them to achieve? Now is not the time for you to be carrying ineffective employees.

??????** Recognition** - remember to recognise employees. Celebrate the small wins so your team feel motivated.

Achieving Success in 2023

What will you choose to do differently this year, to make the most of 2023?

Write down your 3 most important things and feel free to share them with me. I’d love to talk these through with you and help you achieve the success you deserve in 2023.

Here are five ways I can help you build your business into a profitable enterprise that can work without you:

1.?If you would like to learn best practice?to build effective teams, join us at our Team MasterCLASS on?Friday 10th February?-?https://growmybusiness.actioncoach.co.uk/events/team-masterclass/

2. If you want to learn how to keep your business thriving through a recession, register for our FREE webinar on Friday 24th February -?https://growmybusiness.actioncoach.co.uk/events/how-to-keep-your-business-thriving/

3. Join us at our next GrowthCLUB - Friday 17th March

At GrowthCLUB Helen will inspire and assist you to build a tailor-made, step-by-step, practical business growth strategy. Covering the next 90 days, it is aimed at driving more profit into your business.?- Click here?https://growmybusiness.actioncoach.co.uk/events/create-your-90-day-business-plan/

4. Listen to the benefits and value of having 121 business coaching - Click here -?https://growmybusiness.actioncoach.co.uk/case-studies/value-of-121-business-coaching/]

5. Do you want to take your business to the next level??Get your bespoke report to give you clarity on the four areas of growth that you should focus on by clicking here [https://helenpethybridge.nextlevelassessment.co.uk/]?for your Next Level Assessment