Business team having meeting
A new year full of potential promises is about to begin. For most entrepreneurs, it’s time to think about what they want their companies and teams to achieve by 2023. Perhaps those goals are launching new products or building on the success of existing products. As an entrepreneur, your aspirations may also focus on reinventing your company’s brand and online presence.
While 2023 has yet to unfold, current economic forecasts and market conditions have shifted the priorities of many owners. Finding ways to attract leads, retain customers and employees, and improve efficiency are probably top of mind. Despite the challenges the next year may bring, setting goals now can set your team and company for success. Here are some New Year’s resolutions for your business to pursue.
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Set new growth goals
Most businesses need to keep moving forward in order to survive. But that progress or growth is not always evenly distributed across business units or activities. Sometimes growth objectives are focused on a particular market segment, product line, division or strategy. The most important thing is to determine what you want to take to the next level and come up with a plan to get there.
Perhaps you’re hoping to increase your market share for a recently redesigned product. You need to raise awareness while bringing in more qualified leads. A growth marketing campaign with informative online content will help to publicize it and collect information from potential customers. As part of the campaign, you can also implement a “try before you buy” program to reduce consumer hesitation.
Setting new growth goals shows that you are invested in the future of the company. The idea of progress can also increase your team’s engagement, as it gives them purpose and agency. Growth goals often become opportunities to better serve customers, bring innovations to market and establish market leadership. They show resilience and perseverance, which can contribute to more effective results.
Upgrade online marketing strategies
Compared to traditional advertising, an increasing share of companies’ promotional budgets goes to digital marketing. Show surveys 57% of marketing budgets invest in digital campaign activities. In addition, spending on online marketing is expected to increase by 16% in 2023. However, simply pumping more money into digital strategies does not always yield the hoped-for returns.
Maintaining a website, sending targeted emails, and creating pay-per-click ads are often critical parts of online marketing strategies. This also applies to social media presence and interaction with the public via such platforms. But performing these activities without proper data analysis and experimentation will not get the job done. Designing and implementing strategies that get results means moving away from what you think you know about your audience.
By using more first-hand data and experimenting with A/B testing, you can get around misguided 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 founders usually need a talented team to bring those 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 that a position or set of business values promises.
Yet talented team members often leave when their expectations about the job and company culture don’t match reality. And those feelings of dissatisfaction make it difficult for companies to retain valuable employees. About 4 million workers resigned monthly in the first half of 2022. About 40% of the workforce also considered leaving due to shifting priorities.
Your company’s culture should reflect the needs of employees 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 security, and career advancement win out over others that don’t. When employees feel supported and seen as individuals, they are more motivated to work towards your company’s business goals.
Improving efficiency
The phrase “Work smarter, not harder” usually applies to increasing efficiency or productivity. While efficiency improvements sometimes go hand in hand with saving money, they can also be related to better use of resources. Perhaps processes and workflows could benefit from new technologies or automation. You can also achieve higher productivity by reviewing project management practices.
Implementing changes in the efficiency category starts with assessing where there are bottlenecks or inefficiencies. You may already have the tools to empower your employees to implement modern project management practices. However, Teams are not fully using those apps. Instead, they resort to spreadsheets on a shared network drive that cause access problems.
Now it is more tedious and challenging for employees to update job statuses. In this scenario, they need training on the software and a compelling reason to use it. By figuring out why there are inefficiencies, the right solutions can be found to solve them. A company can make the most of its resources by making work easier.
Business resolutions for the new year
Making business resolutions for the new year creates plans for growth and improvement. These goals also help you track and anticipate trends or changes that could impact the longevity of your business. Objectives vary by company, so defining yours is essential. After that, it’s up to you and your team to set your goals for 2023 in motion.
