Updating Your Business Plan for 2023
As we approach the holidays, many of you will be thinking about what type of person you want to be in a year’s time, what about what type of business owner you want to be? Here are 3 tips on re-evaluating your business plan for 2023.
Reevaluating your supply chain
2022 saw a rise in inflation and continued struggles for the International Supply Chain. Looking eastward, Russia’s invasion continues to reduce Ukraine’s bread production, ports in China will continue to delay shipments, and oil and gas prices will rise once again as Russia and Saudi Arabia cut oil production by 2 million barrels a day. It’s could be another rough year for the supply chain, hence tip #1 is: Re-evaluate your dependency on the international supply chain.
Producing in or buying products from the USA can look more expensive in gross cost, but factoring in shipping delays and transportation costs, would a local source be cheaper on the net? Would attaching a “made in the USA” label offset the cost by giving you a new demographic for advertising and brand loyalty? Even if you don’t connect to the supply chain directly, interrogate each vendor’s reliance on the supply chain to see if changing vendors can decrease cost and turnaround time.
Reevaluate your employee compensation
As the old saying goes, knowledge is power, and your business strategy is only as powerful as your employee’s knowledge base. We’re in the tail-end of the Great Resignation, with unemployment at an all-time low, so it’s not too hard for unhappy employees to jump ship to greener pastures.
Check your books and competitors to see if you’re still competitive; or see if there are other benefits you can offer, like school or childcare stipends. It’s common in the early life of a company to create a margin by underpaying employees while building your rate of revenue. But if after several years you still can’t pay well enough to build institutional experience, then you may have bigger problems ahead of you.
Reevaluate your position in the market
If your market positioning isn’t rock-solid, you could be on shaky ground. How can you connect with consumers more directly? Do you have a social media presence that meets all of your customers on the platforms they use, or are you only targeting a few of your demographics? Can a podcast or video series increase audience loyalty by making them feel like a part of your story, creating a sense of ownership in your success?
Even if your viewership is low, building out this type of marketing infrastructure communicates to consumers that you are running a modern business.
This content is provided for informational purposes only. It is not a guarantee of future success, is subject to change, and is not intended to serve as the basis for an individual’s financial decisions. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Strategy Financial Group does not provide specific legal or tax advice. Please consult with a qualified professional for guidance on your individual situation. Investment advice is offered through Strategy Financial Services, LLC, a registered investment adviser. Insurance and annuity products are offered separately through Strategy Financial Insurance, LLC.