How do you ensure business growth in 2023? Well, according to The Economist, a global recession is inevitable in the near future. Most economists are predicting a marketplace full of ongoing instability and insecurity for the end of 2023 and the beginning of 2024.
What’s driving the economic slowdown? Well, there are a number of factors, the biggest of which are: the impact of rising interest rates, the highest inflation we have seen in forty years, stress on the banking system, rising credit card debt, energy price, and now the looming threat of possible deflation just to name a few.
And while the outlook appears pretty challenging, don’t lose faith. It can still be your best year on record. Because no matter what the marketplace does, you can always find a way to thrive in uncertainty – history has proven that. But you need to understand that growing in the face of uncertainty and economic shifts is different from growing in a strong and healthy economy.
Growing during a period of uncertainty calls for a new approach and new set of strategies. If you're looking to grow your business in 2023, you need to position yourself to deal with a less than favorable reality and control the change that is coming rather than allowing the change to control you. So where do you start to ensure business growth in 2023? How do you make the shift?
Two Biggest Mistakes That Will Cost You Business Growth In 2023
Begin by understanding that what you are not doing may be the very thing that will cost you success as the marketplace and your customers change. If you are looking to grow your business in 2023 and 2024 then there are two mistakes you need to ensure you, your team and your board of directors are not making.
In fact, you need to ensure your sales team understands how to help customers not make these fatal mistakes as well.
Denial
First is denial. One of the worst things you can do is not to embrace and educate yourself around the marketplace. You hear people say all the time things like “I am not participating in this recession” or “If I don’t accept the economic downturn, then it will not impact me.” That is just not true and believe me, is a big mistake.
When the marketplace shifts, it impacts every area you need to close more sales and grow your business in 2023 – your customers, your vendors, your supply chain, etc. You need to both pay attention to those shifts and adjust your strategies to embrace them.
Think about it – when budgets are flushed with cash, isn’t it easier for your customers to make decisions to invest in their businesses? Wouldn’t it make sense that the current economic conditions would impact how you sell, to whom you sell, and your overall strategy?
So don’t deny the shifts in the marketplace. Embrace them, talk about them, and take action around them.
Inaction
The second mistake that will impact your business growth in 2023 is inaction or even slowing activity. When the market gets tight, I see so many organizations slow down their growth strategies rather than increase their activity. This is no time to be inactive or take a wait and see approach. No, you need to double down and do more, not less – why?
Because in an uncertain marketplace, decision-makers slow down the process, so it takes more of the activities you have been doing to get the same results.
In addition, if you do not increase your activity, and your results slow down, then your confidence will decrease. The last thing you need in an uncertain marketplace is to appear desperate.
So don’t make the fatal mistake of waiting for the uncertainty to pass, get out there now. The truth is your customers need you MORE in uncertain times not less. Customers remember who showed up in tough times and who was there, ready to help. Taking more action now will pay HUGE returns in good economic times.
Three Strategies To Execute To Thrive In Uncertainty and Achieve Business Growth in 2023
So enough about what you don’t do. Let’s talk about what you can do to turn uncertainty to your competitive advantage and ensure business growth in 2023.
Get Your Head Right
First and foremost, get your head right. Now more than ever, your beliefs are going to drive your actions which will drive your results. If you believe that challenging times mean less than stellar results, then guess what – less than stellar results are what you will achieve.
If you believe that uncertainty will bring opportunity, then guess what? That’s right, you will find opportunity in even the most uncertain times.
Can it really be that easy? Well, not exactly, but that is where you need to start. The right mindset will make your strategies and actions much more effective.
Predict "The Suck"
Embracing your reality is step one, and not denying the shifts happening in the marketplace will point you in the right direction. But you need to go one step further to grow your business in 2023.
You need to start to predict the suck. Sorry for the strong language ???? but if you know that change is coming, why don’t you get ready for it now, while you have the time, energy, and resources to create a plan?
Think about what may happen as we move through 2023 and 2024 – several of my clients are going to be dealing with increased regulation which will add expenses to an already tight margin.
Others are still having labor shortages with not enough trained personnel available to fill jobs they desperately need. Some are struggling to find next level leaders as they stopped training and investing in development during COVID.
When I think about those shifts and changes, it signals an opportunity for me to create products and services that help them solve those problems. Also, it helps me understand that the products I sell that have been successful in the past may not be as relevant to my clients now.
Uncertainty creates opportunity when you see it coming. You ignore it, and it will bury you.
Shift Your Market Positioning
And last but not least, you need to rethink your value proposition and your competitive advantage in the marketplace. The problems your prospects and customers are dealing with now are very different from what they dealt with a few months ago.
Why?
Because the marketplace is shifting, and fears, worries, and opportunities all move as the marketplace does. Make no mistake that your customers will still spend money no matter how tough the economy gets, but they will only spend it with the customer or prospect who can solve their immediate need and biggest problem.
Prospects choose you over the competition because you understand them, not because they understand you.
So there you have it – we are in for a challenging few years. But as I shared earlier, it does not mean it can’t be your best year on record. You just need to eliminate the mistakes and double down on the opportunities.
Do that, and you will turn uncertainty to your greatest competitive advantage.
For more tips on how to THRIVE in Uncertainty, follow this LINK for free tools and resources.
