Another year full of potential promises is about to begin. For most business owners, it’s time to start thinking about what they want their businesses and teams to achieve by 2023. Perhaps those goals include launching new products or continuing to build on the success of existing ones. As an entrepreneur, your ambitions may also revolve around reinventing your company’s brand and online presence.
While 2023 has yet to unfold, current economic predictions and market conditions have changed many owners’ priorities. Finding ways to attract potential customers, retain customers and employees, and improve efficiency are likely top of mind. Despite the challenges the next year may bring, establishing goals now can set your team and company up for success. Here are some resolutions for your business to pursue.
Set new growth targets
Most businesses need to keep moving forward to stay afloat. But that progress or growth is not always distributed evenly across business units or activities. Sometimes growth targets are concentrated on a particular market segment, product line, division or strategy. The important thing is to figure out what you want to take to the next level and make a plan to get there.
Perhaps you’re hoping to increase your market share for a newly redesigned product. You need to raise awareness while bringing in more qualified potential customers. A growth marketing campaign with informative online content will help get the word out and gather information about potential customers. As part of the promotion, you can also implement a try-before-you-buy program to reduce consumer hesitation.
Setting new growth targets shows that you are invested in the company’s future. The idea of progress can also increase team engagement as it gives them purpose and agency. Growth targets often become opportunities to serve customers better, bring innovations to the market and establish industry leadership. They show resilience and endurance, which can contribute to more effective results.
Upgrade online marketing strategies
Compared to traditional advertising, digital marketing is where an increasing proportion of companies’ advertising budgets go. Research shows that 57% of marketing budgets are invested in digital campaign activities. In addition, online marketing spending is expected to increase by 16% by 2023. However, simply pumping more money into digital strategies does not always yield the expected returns.
Maintaining a website, sending targeted emails and creating pay-per-click ads are often crucial parts of online marketing strategies. So is having a presence on social media and engaging with audiences through such platforms. But performing these activities without good data analysis and experimentation will not get the job done. Designing and implementing strategies that deliver results means moving beyond what you think you know about your audience.
Using more first-party data and experimenting with A/B tests can help you move past mistaken assumptions about your target market. Results from customer surveys and A/B tests are usually more accurate than third-party market research. Data you collect in real time can improve email open rates, online conversions and organic website traffic. Learning how your market reacts is a cost-effective way to upgrade your digital strategies for better results.
Keep employees happy
Entrepreneurs can come up with business ideas themselves. But owners and entrepreneurs usually need a skilled team to bring these concepts to life. Employees may join your team because they are attracted to the ideas behind the company. Or they feel driven to do the work a position or set of business values promises.
But talented team members often leave when their expectations of the job and company culture don’t match reality. And these feelings of dissatisfaction make it difficult for companies to retain valuable employees. Over 4 million workers quit each month in the first half of 2022. About 40% of the workforce was also thinking about quitting due to shifting priorities.
Company culture must reflect employee needs to improve team retention. Trends show that people are willing to change industries or become self-employed to meet their needs. Cultures that support flexibility, psychological and physical safety and career development win out over others that do not. When employees feel supported and seen as individuals, they are more motivated to work towards the company’s business goals.
The phrase “Work smarter, not harder” usually applies to increasing efficiency or productivity. Although efficiency improvements are sometimes consistent with saving money, they can also be about making better use of resources. Perhaps processes and workflows can benefit from new technologies or automation. You can also achieve higher productivity by revising project management practices.
Making changes in the efficiency category starts with assessing where bottlenecks or inefficiencies exist. Perhaps you already have the tools to enable your employees to execute modern project management practices. However, teams are not using these apps to their full potential. Instead, they revert to spreadsheets on a shared network drive causing access problems.
Now it is more tedious and challenging for employees to update assignment statuses. In this scenario, they need training on the software and a compelling reason to use it. Getting to the bottom of why inefficiencies exist can reveal the right solutions to fix them. A business can make the most of its resources by making it easier for work to be done.
Business resolutions for the new year
Making business resolutions for the new year creates plans for growth and improvement. These goals also help you monitor and stay ahead of trends or changes that may affect the longevity of your business. Goals will vary between businesses, so it’s important to define yours. After that, it’s up to you and your team to set your 2023 goals in motion.