At Webolutions, we’re much more than a digital marketing agency. We also provide management consulting and strategic growth implementation services to help your business scale faster, smarter and easier. For over 28 years, we’ve worked closely with hundreds of businesses in a wide range of industries to help them develop a strategic plan that will achieve their desired growth goals. This perspective gives us a unique insight on the specific actions necessary to set your business up for success. If you are just to start a new business, it is wise to look for a company registration consultant to help you establish your business.
Our CEO, John Vachalek, recently shared his insights on the characteristics and routines followed by the most successful companies. These are high level traits which will set you up for success as you plan and implement your strategy for 2023 and beyond. But there are also specific actions you can take to set your business up for success while you incorporate these higher level characteristics and routines into your company culture.
Establish or Revisit Your Business Goals
If you haven’t established a clear set of business goals, this should be the first action you take. It’s extremely challenging to achieve meaningful growth without first establishing what this growth looks like. Setting goals will give you targets to shoot for and help you outline the actions necessary to achieve them.
Even if you’ve established these goals, it’s important to revisit them each year. Factors impacting your business and your industry are constantly changing, and the goals you set a year or two ago may no longer reflect your current growth trajectory. You may be offering new products or services now, and your target audience may have shifted. If you’ve achieved significant growth over the past couple of years, your financial goals have most likely shifted to reflect this growth. It’s important that you reevaluate your goals on a regular basis to make sure they are still appropriate and accurate.
Take Steps to Boost Productivity
All businesses can benefit from making adjustments that will improve their efficiency and productivity. The most successful companies are constantly taking these actions, since increases in efficiency and productivity will boost your profitability and help your business grow.
There are more software tools than ever before to help you streamline your processes and make your business more efficient. These platforms will also help your team manage their time in a way that will allow them to operate at optimal levels of productivity. If you don’t already use a project management platform, consider implementing one this year.
While project management software is most commonly associated with tracking work associated with client projects, it can actually be used to organize a wide range of in-house processes. You can leverage this software to:
- Manage all tasks associated with client projects
- Track time for client projects
- Help employees organize their workflow
- Receive updates on internal projects
- Assign important administrative tasks to your team
It’s a lot easier to boost your team’s productivity when everyone knows what needs to be done and has deadlines for all the tasks assigned to them.
Organize and Manage Your Inventory
If you sell physical products, it’s critical to stay on top of your inventory. When your inventory is properly organized and managed, you’ll be able to maintain optimal production schedules to meet customer demand. In addition, you’ll be able to track changes in in sales trends, allowing you to ensure you always have an ample supply of your best selling items while avoiding overstocking slower moving products. You’ll also be able to plan ahead for peak sales seasons to ensure you’re able to effectively capitalize on these opportunities.
The most effective way to accomplish this is to implement an inventory management system. In addition to tracking the items discussed above, you’ll be able to generate a wide range of reports and data that will help your business grow and thrive. As a business owner, you should be aware of the business expenses you can claim for to minimize your tax burden.
Expand Your Digital Marketing Presence
Traditional marketing solutions are no longer the most effective way to reach your audience and grow your business. Today, an effective digital marketing strategy is essential to set your business up for success.
The key component of your digital marketing efforts should be a well designed website that is optimized for lead generation. However, you will also need to explore other avenues to reach your audience online, such as paid search campaigns, social media marketing and email marketing. In addition, you’ll need to implement analytics tools to provide you with the data necessary to track the effectiveness of your digital marketing efforts. This performance intelligence will help you identify the important adjustments you need to make to maximize your marketing ROI.
Make Continuous Learning Part of Your Culture
Continuous learning is critical to your ability to remain an industry leader. As technologies, methodologies and trends in your industry evolve, you must be on the forefront of adapting. This requires an emphasis on constantly expanding the knowledge base of your staff. Therefore, it’s critical to provide professional development opportunities that will allow your employees to grow their skills and remain industry experts. This can take on a variety of forms, including attending in-person conferences and seminars, completing virtual workshops, enrolling in training courses, or reading books written by other industry leaders.
While the continued professional growth of your team is critical to your ongoing success, there’s another aspect of continuous learning that must be emphasized. It’s also important to conduct extensive competitor research to stay current on what other businesses in your industry are doing and how they’re performing. You can gain a great deal of knowledge from this competitor research, and it can help you develop innovative solutions which may drive the growth of your business.
Develop a Contingency Plan
Perhaps the biggest takeaway businesses had from the pandemic is the fact that life as we know it can be turned upside down at a moment’s notice. While this was spurred by a public health crisis in 2020, there are other factors that can achieve the same result. An economic crisis can dramatically impact the outlook for many businesses, forcing an abrupt change of course. With the threat of a recession looming in 2023, it’s possible that an economic crisis may alter the landscape of your industry this year.
Therefore, it’s important to develop a contingency plan that will help you navigate this economic uncertainty if it comes to fruition. Having a contingency plan in place will help avoid a state of panic if things don’t go as planned this year, and it will help you pivot quickly in order to stay afloat while you adjust to the impact of an economic downturn.
As part of this contingency plan, you should evaluate areas where you can reduce expenses without negatively impacting your company’s success, as well areas where maintaining your budget will be critical. In addition, it’s a good idea to identify alternative ways of generating revenue so that your business can rebound quickly and remain profitable if your primary revenue stream dries up as part of a recession.
Webolutions Can Set Your Business Up for Success in 2023
While the most successful companies have a framework in place that sets them on a growth trajectory, these internal actions are often bolstered by the help of a third-party professional who can offer objective insights regarding ways to streamline processes and implement a data-driven plan for success. At Webolutions, we have you covered.
Our transformational Intrinsic Multiplier™ Approach was designed to help you grow your business faster, smarter and easier. As part of this approach, we’ll collaborate with your team to establish your core business goals necessary to drive both short- and long-term success. These goals will be used to help you develop and implement your plan to achieve your desired growth. We’ll provide recommendations on the tools and platforms necessary to improve your efficiency and track your results to ensure you stay on track to achieve your goals.
Our Intrinsic Multiplier™ Approach has helped hundreds of businesses achieve sustained growth and success. Talk to us about how we can help you take your business to the next level this year.
Contact us today to schedule a free 2023 success planning consultation. During this 60-minute introduction, we’ll help you start creating a plan for success.