The last few years have been years of drastic change, and 2023 is sure to bring just as much uncertainty. So how do you plan for success when everything is uncertain? Is it even possible?
The short answer is yes! While nobody can actually predict the future – and I certainly don’t have a crystal ball – there are some things that I do know. Here are 5 things that you should be focusing on in your business planning for 2023.
Every business needs to plan
Before I share my secret insights with you, I want to highlight the importance of having a business plan. Not only to act as a blueprint for what you want to achieve but to keep you on track for whatever life may throw at you.
As they say, failing to plan is planning to fail, so don´t be one of those people. Instead, prepare your business plans for the New Year and give yourself and your business the best chance of success.
Plan for these 5 things in 2023
- The recession will continue
The bank of England has predicted the U.K. economy is likely to still be in recession next year, so you need to think about this when business planning for 2023.
Think about how this might impact your business – for example, there´s likely to be a decrease in demand, a decline in stock prices, reduced profits, operational changes, and marketing constraints, etc – and what you can do about it. The aim is to plan for these instances now so that you can minimise their impact.
- Buying habits have changed
The pandemic changed buying habits completely. Pair this with the recession and rising energy prices, and you can assume that there will be a big decrease in demand in 2023.
In fact, a decrease in demand is the top reason why businesses struggle during a recession, so be prepared by being proactive with your marketing.
- Employees will expect more
Business planning for 2023 needs to include employee well-being and happiness. Employees have had a rough few years with the pandemic and now with the rising cost of living, they are going to want a wage increase.
In addition to employee benefits (such as flexible working hours, remote working, an increase in wage, etc) it would be wise to also look at workflow, productivity, and pricing.
- Focus on cashflow and profitability
Talking about pricing, a business plan always needs to review your current pricing strategy. Cashflow and profitability are always important but they need to be front of mind at difficult times like this.
How do your prices compare to your competitors? Have you increased your prices in line with inflation? How will you ensure a more stable cash flow this year? Are you contributing to a “rainy day fund” to prepare for the unexpected?
- Think about what you want for the future
Last but not least, nobody else but you is interested in you paying off your mortgage and having a nice life, so these personal goals also need to be considered when business planning for 2023.
This is your why for doing what you do, and reminding yourself of what it is all for is essential to carry you through the difficult times. This is a big part of business resilience.
Your business plan is your roadmap to your future, so this is why it´s so important to review, think about, and plan every year. And only you can do that. When failure and success are equally available outcomes, it´s up to you to be a success.
Ready to do some business planning?
Set yourself up for success by business planning for 2023! Join our Business Planning Workshop on the 19th of January to create a solid business plan for the year ahead.
