Up until recently, business owners have been operating in a period where there is very little visibility of what’s ahead of them, as though we are navigating through the fog and can only see a few feet ahead of us. We are reacting to environmental fluctuations, such as meeting product demand, supply issues, inflation and labour and staffing issues. All of us, at one point or another, have slightly digressed from our strategy and adjusted goals as a response.
The start of 2023 is a great time to evaluate and take stock of your business today. Here are considerations for planning your 2023 strategy.
- Identify your core competencies and the revenue-generating activities for your business, including an evaluation of your target customers, partners and products/services etc.
- Identify the gaps and bottlenecks in your business that hinder growth. Whether it is a dependency on one supplier or specific staffing needs, really take the time to understand your vulnerabilities from a business standpoint.
- Use the information learned to create and build your strategy for the new year. Make the necessary changes to your operations and set some goals and targets that are aligned with your strengths.
- Budget planning is very important as our economic woes aren’t over just yet.
Going through this process will help you stay focused on activities that align with your goals and navigate you through unforeseen times.
I hope these tips help you shift to a more proactive approach with your business. Best wishes for 2023!
Managing Partner at Greater Toronto Executive Centre
Ritu Kohli-Sethi’s career began during the second year of her university education, as a Commercial Broker in the Property and Casualty Industry in the late 1990’s. After 17 years later she left her role as a Business Development Strategist at Unica Insurance to further pursue her education at the Ivey School of Business and join the family business.