Based on the current slowing economy, Companies are taking a hard look at their organization to ensure they get the biggest bang out of 2023. Below, are some key elements to consider as you strategize your game plan for success.
Where Have You Been?
Analyze your sales, customers, products/projects mix, competitors, etc. to understand what your business trends are showing.
- What is making you the most money, requiring the least amount of effort/resources?
- What products/projects are least profitable?
- What industries seem to be performing well within in your customer base & are you diversified?
- Are there any new competitors or products/services that might deter the business and how do we manage around these?
- Are there new trends in the industry that we can take advantage of in 2023?
Now, with this information mapped out, you can focus in on your goals for 2023!
Where Are We Going?
What will be our Financial Goals & Top Priority Activities (ie. Strategies) to meet our objectives in 2023 based on our strengths, the industry, market trends, and our customer growth opportunities?
How Will We Get There?
Once you have your Top Priorities nailed down, think about the owners of those activities who will drive these to completion – and do they or their team have the skillsets to make these happen. It may be an opportunity to develop a High Potential internally – or decide on a recruiting plan to bring the skills needed in house. Once the responsible person of each priority is decided (and that may be you!), the detailed plan of how to reach the goal by the due date(s) can be established.
It All Requires Retaining & Growing Your Team
We are seeing companies use this slower time to focus on Succession Planning and Career Planning (intertwined) to ensure their top talent is being retained. Businesses are recalibrating wages this year versus doing the standard CPI Merit increase to ensure internal equity as well. Using labor market wage surveys are being used to ensure people are being paid appropriately and consistently based on the market and their respective skillsets (entry – Independent – Advanced Skill) and “truing up” their team for 2023.
Ensuring you have the planned actions established and aligned skills needed in-house is critical for any business to be successful in 2023! Setting up these types of Plans and communicating ahead to your team also provides internal synergies and motivation to keep the team challenged and growing – and ready to make an impact in 2023!
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