Steps to Take to Grow Your Business in 2023

Another year is almost at an end, which means it’s time to start looking ahead and making a plan for the next 12 months. Even though it hasn’t started yet, 2023 promises to be somewhat challenging for businesses, with many companies constricting, laying off employees, or otherwise tightening their belts.

But 2023 doesn’t have to be a year of stagnation or recession. With the right plans and moves, your business can grow in the new year. Start taking steps now to grow your company in 2023 and beyond.

1. Review 2022

You know the cliche, those who don’t remember the mistakes of the past are bound to repeat them. The end of the year is an ideal time to look back, reflect and take stock. What went well for your company in 2022? Were there any areas where you felt the business floundered or struggled?

When reviewing the past year, it helps to have facts and figures in front of you. Look at your total revenue, profit and review your budget to see what did well and where things were less than ideal.

2. Focus on Employees

Employees make your company. Even if you’re considering layoffs in the near future, it pays to do what you can to support the team members you want to keep. The happier your employees are, the more productive they’ll be.

Options for engaging employees include implementing a rewards program that awards team members who go above and beyond, exceeding their quotas, for example. You can also start a program that encourages team members to celebrate and support each other by pointing out when a co-worker performs exceptionally well.

3. Work with a Virtual CFO

It could be that you have no idea where to start regarding company growth in the new year. If you’re overwhelmed by the idea of growing your company and aren’t sure what area to focus on or how to begin, an outsourced, virtual CFO can help you.

A virtual CFO can play many roles within your company. They can examine your budget and spending and help you find ways to save money. They can also help you discover tools and techniques that will streamline certain functions, so your employees spend less time on repetitive tasks and you save time overall.

Having a business strategy is key to growth. But many companies aren’t sure how to create a strategy or what to focus on. Your vCFO can help there, too. They’ll give a list of actionable steps to take to put your strategic plan into action.

4. Strengthen Bonds With Your Customers

It’s considerably more cost-effective to retain a customer than to get new ones. While getting new customers is great, keeping the ones you have, and getting them to use your services or purchase more from your company, is ideal.

As 2023 gets underway, explore ways to strengthen your relationships with your existing customers. You could start a customer loyalty program, for instance. If previous customers have gone quiet or haven’t purchased from you in a while, reach out to them. Ask what’s been keeping them away. You can also offer a discount or promotion to encourage them to return.

Another option is to enhance your marketing efforts to form a stronger customer bond. If you’re already using email marketing or social media, make 2023 the year you start.

5. Strengthen Cash Flow

Cash is king and maybe even more critical for your company as it navigates the great unknown of 2023. If you’ve had trouble with cash flow in the past, focus on ways to boost it in the coming year. Your options include extending the time between paying invoices and encouraging your own clients to pay more quickly.

If your company was planning to make a large purchase, consider delaying it until later on. It may also be worth examining your work model. If most of your team can work from home, paying rent on office space may be an expense you can eliminate without problems.

6. Explore New Markets

Growth includes moving into new markets, whether that means introducing a new product, tapping into a new demographic, or expanding geographically. Your vCFO can help you explore your options for new markets and can work with you as you decide the path to take.

2023 will be here before you know it. New Direction Capital’s vCFOs can help you navigate growth now and in the future. Contact us today to learn more.