January 24 - Business Advice - Culture

5 Business Resolutions For 2023

New year, new you… new year, new goals… etc, etc. This isn’t groundbreaking stuff 😉 Whilst the personal resolution content continues to go off chops this month, we’re here to remind you that considering your business resolutions is an important January activity too.

For many small businesses it’s a slow time of year and you’re likely to have a bit more time up your sleeve. If you’ve been reading our blogs for a while, you’ll know how important we believe planning and goal setting is to the success of your business. Before you get stuck into updating your business plan (which should outline higher level strategy and aims for the year), we’ve touched on some areas we think are of particular importance for 2023 that are worth considering before you decide on your business path for the next 12 months.

Develop a comprehensive digital marketing strategy 

This isn’t news – digital marketing has played an integral role in reaching and engaging with target audiences for most businesses, for years now. It still surprises us how many people don’t have a strategy in place though. Once upon a time, chucking some posts up and interacting a couple of times a month cut it. That hasn’t been the case for a long while now. Covid highlighted digital’s importance more than ever – and if you’re not doing it well, you can bet at least some of your competitors are. And that means one simple thing: you’re losing business. Consider a comprehensive digital marketing strategy that covers areas such as social media content, email marketing, paid advertising and SEO. Knowing why and what you’re doing is a marketing game changer; it allows you to track results properly, set targets and budgets and understand your audience even more. If you’d like a referral to wonderful marketers, let us know – something that works very nicely in combination with our VCFO service if you really want to set 2023 alight! 

Frame 4 min e1674517320100 5 Business Resolutions For 2023
Strategy session meeting

How’s your customer service looking?

This is relevant for startups right through to established businesses. It’s easy to rest on our laurels once at the established stage however it’s imperative to constantly be revisiting this area of your business. Providing excellent customer service is crucial for building long-lasting relationships and driving repeat business. How could you be making your customers’ lives easier? Are you nailing the service at every touchpoint? Have you actively sought feedback from people and then acted on it? A great place to start is considering your customers pain points and then honestly reflecting on whether you’re easing them or not.

Increase your focus on data-driven decision making 

It’s all about smart decision making. We have so much data at our fingertips now and it means gaining valuable insights into customer behaviour, market trends, and the performance of each area of the business (website, social media, emails, individual product sales, your sales funnel and its success or failures at each stage, to name a few). In our VCFO sessions we use dashboards to illustrate business performance and look at the data to point us in the right direction for improvement across various facets. We can be so precise in our decision making now – take advantage of the tech and leverage it to its full capacity.

Invest in technology 

Speaking of tech… it’s constantly evolving, and businesses need to keep up in order to remain competitive. Investing in new technologies such as automation, artificial intelligence, and cloud computing can help you streamline operations, improve efficiency and reduce costs. When was the last time you looked into your tech options? Is there a software you could update or a better option to move into? This is one of our strong suits so if you’re not sure where to start, you know where to find us.

Health is wealth

The above resolutions are all well and good but if you’re not healthy and happy, what’s the point? The most important place to start with business planning for this year is to consider whether it’s aligning with your personal values. Are you prioritising mental health? Seeing the kids enough? Pursuing a hobby that brings you happiness? We’ve seen businesses move to four day working weeks, engage with wellbeing experts to proactivity care for the team’s mental health (we love the look of PukaUp’s new online course), and business owners who are blocking out ample time in their calendar to make sure they’re staying true to what matters most to them throughout the year. We all know how easy it is to start off with the best intentions and then get caught up in the grind – again. Avoiding this takes time and energy but it’s the best use of both of those things. Why are you in business if not to call your own shots and live a life aligned to your values?

We’d love to hear about your 2023 resolutions. Planning and advice meetings are some of our favourite things to do with clients. If you need a hand or want to chat through any of the above further, make an appointment!