Five Things to Consider for Your 2023 Small Business Strategy
Small businesses tend to be highly conservative during less-than-ideal economic times, and rightfully so – for many reasons. Here are five things that small businesses should still be doing if their revenue lines allow:
Do not hold back on hiring
Despite market fears of a recession, businesses should not hold back on hiring as many economists predict the recession will be short-lived and businesses will bounce back quickly. Proactively hiring will help staff your business and, accordingly, increase operational production and efficacy.
Strengthen recession-proof business areas
If your company has lines of business that tend to be less impacted than others during an economic downturn, concentrate on bolstering those areas now. Aggressively expand those business lines whenever, and wherever, possible.
Expand your customer base across different industries
While some industries like technology and manufacturing are cutting back due to inflation and fear of the impending recession, other industries like energy and the newly-blossoming cannabis market continue to spawn. Whether it is prospecting new customers or entering new geographic territories, smaller businesses should look at specific industry areas in which they lack a presence and, if it makes sense to do so, begin a strategic plan for targeting these growing areas for market penetration.
Monitor industry trends – even those outside of your geographic reach
Much of what is affecting the U.S. market and many industries is coming from global events such as the Ukraine war and the global recession looming everywhere. On the other hand, parts of the country are experiencing a local economic boom as some of the manufacturing that was previously offshored is brought back domestically. While companies should keep a keen eye on the external trends, they should also keep a lookout at the local pockets of demand for their company’s services that are not typically present during booming economies.
Proactively bolster your legal protection and employment compliance
Small businesses can be particularly vulnerable to compliance issues and litigation due to, typically, a smaller HR department and/or lack of retained legal representation. By partnering with experienced labor-and-employment legal counsel, your company can take a proactive approach, bolstering your legal protection in the workplace. Additionally, partnering with the experts at Axis HR Solutions can also help your business poise itself for strategic success – and even growth – during these economic times by maintaining a proactive strategy for HR compliance. Reach out to our experts today at www.axishrky.com.
