In the business world, a lot has changed over the past few years. And that’s an understatement
As the economy moves into recession territory and suffers the effects of a global pandemic, how your business adapts will be key to whether or not you are successful.
It’s always a good idea to be forward-thinking regarding your business. But now, more than ever before, you need to take a hard look at what you will need to succeed in 2023 and beyond. Here are seven business essentials to help you do that.
Incorporate as an LLC in 2023
If you aren’t already incorporated as a limited liability company (LLC), there are good reasons to change your business status in 2023. For one, an LLC protects your personal assets better than other types of business structures. It also gives you tax benefits, reduces administrative issues, and offers more flexibility when it comes to sharing profits.
Review Your Insurance Policies
There’s plenty of reason to think your business could face increased risk over the next few years. As a business owner, it would be irresponsible not to consider the political instability in our country in combination with the economic hardships that we are staring down.
To mitigate your risk, you need an insurance policy for your company that addresses all types of situations. You need an insurance company to help you through the hard times. And you need an insurance company that you can trust to provide you with the policies that you need without trying to sell you ones that you don’t.
If you have decided to restructure your business as an LLC, it’s a good time to review your insurance policies and update them. You can get fast quotes online, and you can even save money when you bundle your policies.
Find a broker that makes it easy to get online certificates, make policy updates, and file claims. Having the right insurance broker will save you time and money to give you peace of mind so that you can move forward in 2023 with the rest of your business plans.
Revisit Your Business Plan
Speaking of business plans, it might be time to dust off your business plan and make sure it’s up to date. Business plans are supposed to be living strategies. They aren’t meant to be a one-and-done document. Unfortunately, however, many businesses fail to revisit their business plans regularly.
Experts say you should revisit your business plan if you are redefining your business, adding services, or expanding your product line. Chances are good that you have recently had to do at least one of these things to stay competitive.
Heading into 2023, it’s a good idea to revisit your business plan to stay resilient and focused.
Make A Plan to Go Green
Recent federal legislation incentivizes companies, homeowners, and EV owners to go green, which could mean business opportunities for you. These opportunities could benefit you not just in 2023 but also well into the next decade.
Depending on what industry you are in and what products you offer, there are several eco-friendly business rewards that you can take advantage of, including subsidies, grants, and tax breaks.
Consider Remote Employees
Every business has struggled with employee issues in the past few years. Even as recession threatens our economy, the Great Resignation is still looming. Job openings remain high, and people are still quitting their jobs to take advantage of more lucrative opportunities.
In fact, this is one area that sets us apart from past recessions. During the Great Recession in 2007-2009, unemployment rose to 5-10%. Our current unemployment rate sits at 3.5%. While this has been good news for job seekers, it makes it hard to find employees to keep your business running.
If you have any work that a remote employee can do, consider utilizing resources such as Upwork or Fiverr to fill gaps in your workforce. There are also answering services that you can use that will free up your valuable time and keep your customers happier.
Step Up Your Digital Marketing Game
What is digital marketing? Digital marketing encompasses all avenues of online marketing, from social media to websites to videos. If you haven’t already joined the digital marketing frenzy, you need to so you don’t get left behind.
No matter your business size, creating brand awareness by having a website or social media accounts is crucial to staying in business. However, as more and more content gets uploaded, it will be more complex and harder for people to find you online, and you’ll need a better content strategy to get noticed.
In 2022, it is estimated that digital advertising dollars spent in the United States will total about 566 billion dollars. That number is expected to surpass 700 billion by 2025. Even if you already have a digital marketing strategy, it would be a good idea to see how you can maximize your advertising budget. There are plenty of free resources online that can help you.
Find Your Niche
Online marketing has made it easier than ever for customers to find businesses that provide products that are just right for them. This translates into business opportunities if you keep your finger on the pulse of your specific industry and look for niches that you can slide into.
If you haven’t already found a niche, consider looking for one as we head into 2023. It doesn’t matter what industry you are in, if you have a niche, you have customers. Defining your niche will make it easier for you to find your customers and for them to find you, too.