As many others do, I spend considerable time at the end of each year to reflect on the year that’s about to close and think about what will come in the year that’s about to open. And as I sit here thinking about where we have been and where we must go, a deep sense of uncertainty still takes over. But unlike the years since the pandemic hit us in 2020, a feeling of excitement arises at the same time; while 2023 won’t be easy, it will be chock full of opportunities. And if any one thing small businesses across Canada have built up since March of 2020, that is resilience. And in turn, that resilience provided energy to fight through whatever roadblocks came their way. Surely, 2023 will have its fair share of challenges, and they will come in the form of inflationary pressures, continued customer behaviour changes and general economic and political uncertainty. Here are a few ideas on how to tackle them:
- Rising inflation will surely continue to put excess pressure on the costs of goods and services sold. But don’t continue to dig into your margin in hopes of staying competitive – price increases will have to happen. But remember, your customers aren’t as sensitive to actual price as they are to value for their money. A price increase, supported by an increase in value through other but related benefits, will land much better.
- Just as your businesses evolve through these challenging times, your customers’ needs will do the same. Their behaviours will change accordingly, and it is imperative that you stay close to these changes. So “get out of the building” and talk to your customers; ask them what keeps them up at night, what pains they have, and what gains they want to achieve. Their “jobs to be done” are going to evolve, and your offering must, as well
- I think everyone can agree that general levels of uncertainty require agility and the ability to pivot. These shifts may be required across several elements of your business model, from value propositions and new customer segments to distribution channels and revenue streams. Strategyzer’s Business Model Canvas is a perfect tool to help sketch out all elements in order to better understand how and when to adapt them to the changes that 2023 will bring.
Miki Velemirovich
Chief Marketing Officer, Strategyzer
Miki Velemirovich is a senior executive, consultant, strategic advisor and speaker in the exciting space of B2B Marketing. As former President of Cargo, the award-winning Business-to-Small-Business (B2SB) marketing agency and consultancy, he has helped brands like Lenovo, RBC and SkipTheDishes build stronger and more valuable engagement with their Small Business customers. As Canada’s expert in the world of B2SB, he has shared many valuable insights on physical and virtual stages, and through digital content channels.
