It’s a new year and you may be feeling overwhelmed by the goals you scribbled down for your business in 2023. Goals can bring change to your business, and that change brings opportunity to re-think what needs done and how we do it. Here are three ways to keep your business moving forward in 2023:
- Acknowledge Where You Are:
You can start by taking an internal look at things by asking yourself some questions like: What have you learned through all this change? What skills or what do you need to learn to be a better leader, a better business person or business owner?
Also, what are your personal goals and how do they align with your business goals? Where do the goals separate? Taking some time to reflect on these goals is a great thing you can do for your business planning in 2023.
- Know Your Business’ Value:
For one, knowing what your business is worth, at least in the ballpark, can give you an important sense of where your business is right now.
Second, knowing what your business is worth can help you set that next big goal. Maybe it’s with thought of a new, big purchase. Or maybe you want to set a retirement date and work backwards.
Third, the value of your business can tell you how you compete with your peers in your industry.
An easy way to know your business’ value is to keep your accounting updated!
Set up time with your accountant and ask them “run some numbers” and make a fresh list of your assets and liabilities. You might even wish to try some valuation formulas. The SBDC can help with some perspective on this topic, too!
- Implement A Diversification Strategy:
The idea of adding another service, product or market to your business sounds overwhelming just thinking about it. However, implementing a diversification strategy is a way to minimize your risk and grow your revenues, before you may be forced to.
Ask yourself: Should you be selling something different, similar to your current product line or service, in order to adapt to today’s environment? Or can you add another market or customer group to your current model?
To try to determine whether you should diversify your business more in 2023, consider:
- Surveying your customers over a specific amount of time with the same set of questions centered around their needs or wants.
- Studying what competing businesses are selling and who they’re selling to.
- Talking with your fellow business owners about what they see going on in the market or area.
- Joining a state or national association in your industry with educational opportunities, so you can see what other markets may be open to your business.
If you are interested in moving your business forward in 2023 and would like to discuss it with any of the small business consultants at The University of Scranton Small Business Development Center, our team is just a phone call or a click away! Get started by calling (570) 941-7588 or by visiting www.scrantonsbdc.com today.