Refresh your business strategy for 2023
Get ready to make the most out of 2023. Three years into the pandemic, the horizon is finally in sight. Organizations are calling their employees back to the office, physical markets are picking momentum once again, and digital technologies continue to disrupt markets. Yet, geopolitical uncertainties remain in the picture, energy markets are readjusting, and climate consciousness is on the rise. Armed with the experience of treading through three years of uncertainty, 2023 represents a significant year for businesses as they readjust their focus on growth after recovery. Here are three steps to refreshing your business strategy for this year.
Revisit your vision and mission
When the physical economy was brought to a standstill 3 years ago, businesses were forced to reimagine the vision with which they operated in a new market dynamic. While the physical economy is beginning to gain movement, nothing is the same as before – customers are digitally savvier than ever, hybrid work is the new normal, and most businesses have adopted digital technologies to some extent by now.
In this business landscape, the first step of refreshing your strategy for 2023 is to take time to revisit your first principles. What is your purpose in this new economy, and what will drive you and your teams to success? How will you mobilize the workforce towards growth, and what initiatives will you prioritize to achieve this growth? Launching into 2023 with a growth mindset will be a new mission, that will be driven by a renewed vision and purpose.
Set new goals and macros
The second step to refresh your strategy for 2023 is to set SMART goals once again. This will drive your organization and your teams towards your new vision. Before committing to goals, you will be well-served by retaking SWOT analyses for your lines of businesses to understand your priorities in today’s business environment.
For example, while buy-online pickup-in-store (BOPIS) capabilities were heralded as the key to survival in retail, customers are now returning to the stores and demand better experiences. This doesn’t mean that a mere return to the store will ensure growth. In line with new trends, retail businesses will have to set new goals, develop new capabilities, and adopt new technologies.
Likewise, you will have to determine macro goals that are feasible, yet ambitious, considering the economic conditions that will define markets in 2023.