It’s a new year and you may be feeling overwhelmed with the goals you wrote for your business in 2023. Goals can make a difference in your business, and that change is an opportunity to rethink what’s been done and how we’re doing it. Here are three ways to take your business forward in 2023:
- Know where you are.
You can start by looking at things internally by asking yourself a few questions like: What have you learned through all this change? What skills or what do you need to learn to be a better leader, better businessman or business owner?
Also, what are your personal goals and how do they align with your business goals? Where do the goals stand out? Taking some time to reflect on these goals is a great thing you can do for your business planning in 2023.
- Know the value of your business.
First of all, knowing what your business is worth, at least in the ballpark, can give you important insight into 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 a new, big purchase in mind. 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 the value of your business is to update your accounting records.
Make an appointment with your accountant and ask them to “run some numbers” and come up with a fresh list of your assets and liabilities. You might even want to try some scoring formulas. The SBDC can also help with some perspective on this topic.
- Implement a diversification strategy.
The idea of adding another service, product or marketplace to your business seems overwhelming just thinking about it. However, implementing a diversification strategy is a way to minimize your risk and increase your returns before you’re forced to.
Ask yourself: Do you need to sell something else similar to your current product line or service to adapt to today’s environment? Or can you add another market or customer group to your current model?
To try to determine if you should diversify your business further in 2023, consider:
- Polling your customers over a period of time with the same set of questions centered around their needs or wants.
- Research what competing businesses are selling and who they are selling to.
- Talk to your fellow business owners about what they are seeing in the market or area.
- Joining a state or national association with educational opportunities in your field so you can see what other markets may be open to your business.
If you are interested in taking your business forward in 2023 and would like to discuss it with one of the small business consultants at the Scranton Small Business Development Center, our team is just a phone call or a click away. Get started by calling (570) 941-7588 or visiting www.scrantonsbdc.com today.