In the face of looming uncertainties in the world today, we present five business strategies that every entrepreneur must learn to utilize in 2023. Business strategies are proactive actions and efforts that entrepreneurs must take to enhance, improve, and position their businesses for success.
Do you want to be on top of your game in 2023? Then stay with me as I take you through the business strategies you should employ in 2023.
Business Strategies For 2023
1. Have A Strategic Direction And Focus On What You Can Do
One of the five business strategies you need in 2023 is to focus on what you can do and forget about the things you cannot do. In having a strategic direction, do the following:
Transition your business online: With everything happening, moving your business online will certainly be a step in the right direction.
Research new markets for potential expansion and diversification: What are the skills you have? Can you use your existing expertise to target new markets? Leverage your skills and expertise, expand your market, and diversify.
Engage with customers personally: Try to engage your customers personally to deepen your relationship. One of the things we did at ReDahlia during the COVID period for ReDahlia workspaces was periodically reaching out to our clients to ensure they were well and keeping safe.
Revisit Your Marketing Strategy:
Revisit the marketing effort you did in 2022. What channels really worked for you? Which ones did you spend a lot of money on and didn’t get much result? Make a data-driven decision.
For instance, if you have a website, ensure to integrate Google Analytics into it. That way, you can check what works and what does not work. And, if you are advertising on social media channels like Facebook or Instagram, have a Facebook pixel installed on your website. This way, you can track progress and get valuable insights.
Also, it is important that you define what you can do, even if it requires that you have to change your business environment to achieve it.
2. Provide Valuable Resources For Your Customers
With everyone and everything going online, it means that people have a lot of options; several options are at the tip of our fingers. The businesses that are really customer-centric are the ones that will win, so you have to put your customers first. Take some time to produce valuable resources for your audience and ensure you derive value in terms of revenue.
Also, give your customers different payment options when they want to purchase your product or service. For instance, we have several resources on how to start, market, and grow a sustainable business on our platform. From our insights, we found that most Nigerian buyers are not comfortable paying with their bank cards online, so we gave them the option of direct bank transfer. This way, those who are comfortable paying online with their card can do that, while those who are not can use bank transfers and other options.
Simply engage your customers through valuable content, and ensure you can generate revenue through the content you produce.
3. Stop Procrastinating
Don’t procrastinate anymore. Stop holding on or procrastinating on the improvement you need to do. As a business owner, somehow, in your subconscious, you know what you need to do, but you keep procrastinating.
In other words, if you are still putting off that digital transformation, now is the time to go digital. Start by giving yourself a time frame; set a target (timeline) like in three months, six months, or a month- we must have moved digitally.
Generally, going digital has its advantages; by going digital, you can offer your customers a better customer experience, more people will see your service offering and reach you on the go, and you can stop playing in the local league and have a global reach.
More so, the world is moving digital anyway, and there is nothing you and I can do about it. You either move or be moved.
4. Have A Contingency Plan
Uncertainties abound. If COVID has not taught us anything, it has taught us that we need to be prepared for the worst. Right now, we are not sure of the events for 2023; the best we can do is to lay out potential contingency plans on how to mitigate them.
Therefore, one of the business strategies for 2023 is to create different scenarios and come up with effective tactics for each of those scenarios. Also, research bigger companies in your industry and see how they manage their own problems. Making this preparation will help you in case you want to pivot to other things with your existing expertise.
5. Content Marketing
Currently, every business is a content creator. Produce different kinds of content like; blog posts for your website, videos, podcasts, etc. You may wonder, how am I going to produce this much content for different platforms?
You can achieve this by repurposing your content. For instance, create a blog post and turn it into a video, or podcast, or infographic.
Similarly, you can take a cue from what we do at ReDahlia and Entrepreneurs.ng, by listing out all the services you offer and planning your content around them. Since we offer business registration and other business support services, we create content around the importance of business registration, the importance of using a co-working space, and other content that business owners can relate to.
As an entrepreneur, it is important you learn to infuse and sell your services within the content that you create. This way, you will have smooth sailing in your business in 2023.
Bonus Strategies For 2023
You can’t build alone; you need an A team to get you to where you need to be. Re-evaluate your current team; how did each team member perform? What type of improvements do you need to make to the team? Do they need training? Logically, who needs to stay? What type of skill set is lacking in your team?
Make this improvement. Making this change will free up time for you to do your job as a CEO. The job of the CEO is to oversee the strategic direction of the business. It is not your job to be cumbered with the operations of the business.
Create a community that receives nurturing from you. People want to lean on someone; they want to lean on something. Business owners are humans in need of relationships. Create a community that fosters relationships, connections and collaborations. To be a part of our community, visit here to register.
Depending on how you grow this community, it can grow to be formidable and become an asset to your business.
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This is an excerpt from Instagram live by our CEO, Florence Chikezie, on Thursday, the 7th of January, 2021. This was updated on the 3rd of January, 2023.
Florence Chikezie is the founder of ReDahlia. ReDahlia houses ReDahlia Workspaces, Entrepreneurs.ng, and The Business Clinic. If you are looking for office space or you want to put your brand out there, Contact us today if you want to learn how to run a sustainable business.
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