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Opinion holder entrepreneur Contributors are their own.
Starting a new year often comes with a laundry list of goals and to-dos. I always approached resolutions by setting short- and long-term goals for the entire year. After all, you have 12 months to reach your goal, but there’s a reason it’s not called a January resolution.
It’s a critical time for business owners to reflect and set the course for the year ahead, but it’s easier than ever to feel bogged down by worrying about the challenges facing the economy.
I encourage all small business owners to approach 2023 with a splash of empathy and realism. Don’t bury your head in the sand. Be aware of the economic headwinds we face. But don’t let it monopolize your attention. Instead, focus your time and energy on tasks and actions you can control.
Here are four trends shaping the small business landscape:
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1. The Big Picture: Executives Prioritize Marketing and Recruiting Amid Recession Concerns
A nationwide survey of business owners conducted late last year found that 78% expected the recession to affect their business initiatives. Nevertheless, business owners are actively investing in their businesses, prioritizing marketing and promotion, hiring and wage increases, and investing in new equipment and technology.
The best defense to keep your customers from squeezing their wallets is a proactive attack. If you can use updates in your marketing efforts, consider these best practices.
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keep it simple: A streamlined strategy that meets your overall business goals can help you stay on the road to success.
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Identify your target audience: Start with the end goal in mind. Who are you communicating with and what are you trying to convey?
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Please select the appropriate platform: Once you know where to find your audience, you’re ready to choose your preferred marketing channel. When you start, it’s a good idea to focus on one or two specific marketing channels, at least initially.
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measure success: In the age of social media, marketing is no longer a one-way street. A successful marketing campaign is a multi-platform, multi-interaction way to engage with your customers. Set goals and her KPIs early on, and check and re-evaluate them often to see if your message resonates with your target audience.
2. Don’t be left behind by the latest business technology
Over the past few years, small businesses have widely adopted new technologies to make their operations and the lives of their customers easier. Today, embracing the latest technology is not just a nice-to-have, it’s essential to the future of your business. His 68% of business owners plan to upgrade or incorporate new technology this year, even in the face of a possible recession.
Implementing new technologies and services can be disruptive, if not downright threatening, for many of us. Looking to integrate new technologies but don’t know where to start? Here are your priorities for this year:
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Invest in an automated payroll or human capital management (HR) platform to reduce complexity and streamline operational costs.
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Accept new forms of cashless or peer-to-peer (P2P) payments, such as Zelle, at your business’ point of sale.
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Modernize your customer relationship management (CRM) system and enhance your omnichannel capabilities so you can communicate with your customers regardless of the platform they use.
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Strengthen your cybersecurity measures to protect yourself from hackers and the latest cyberthreats. Unfortunately, small businesses are becoming targets for hackers and scammers.
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3. Business owners are taking advantage of free educational resources
It’s never too late to learn. Free educational resources for business owners have improved and become more popular over the last few years, and many entrepreneurs (at various stages of their business journey) are looking for them. Last year, we learned that the majority of business owners, including 75% of female business owners, wish they knew more about business finance.
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Educational resources such as SCORE and the Bank of America’s Small Business Resources site provide answers to many common questions and are useful to have on hand.
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If you’re interested in getting a more formal education, organizations like LinkedIn and SBA offer online learning platforms. Bank of America also offers a free online program for women to obtain a business certificate from Cornell.
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Your local small business banker will also be a key asset to your success and make your life easier.
4. Business ownership can be lonely – don’t go it alone
Bringing in the new year with the burden of business on your back can be more than stressful. I hope that if one piece of advice from this article sticks out in his mind, it’s the following.
Check out organizations such as the National Association of Women Business Owners (NAWBO), Luminary, your local Small Business Chamber, Entrepreneurs’ Organization, Business Networking International, or similar groups. The return of face-to-face networking events has also created opportunities to meet other local entrepreneurs and work with mentors who can support her on her journey as an independent business owner. Less formal networking methods such as LinkedIn groups and coffee/drinks with like-minded individuals can be beneficial as well.
Prioritizing building relationships with people and communities you trust will pay off for years to come.
It can be daunting to set out to achieve all the goals you’ve dreamed of in a year, but adding the above tips to your game plan will set your business for continued success in 2023 and beyond. You can position yourself positively.
RELATED: 7 Network Groups Every Small Business Owner Should Join
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