Top 3 for 23.
Whether you listen to the doom mongers, follow the optimists, or navigate somewhere between the two, (or maybe even both at the same time!), there are three key tips we are encouraging our members to adopt for next year.
1. Short term targets
As this year has shown, if a week is a long time in politics, then right now it’s similarly so in business.
When markets are volatile, the first thing we recommend is to reduce the time periods when setting goals and targets.
Forget the annual budget, instead focus on each quarter, even just setting monthly goals.
And reduce the time even further for the frontline teams – weekly and daily objectives are more likely to yield a greater, cumulative return.
2. Charge what you’re worth
There’s rarely a good time to discount, and now most certainly isn’t one.
With reduced volumes forecast, it might be tempting to lower prices to capture market share – but that’s folly.
Instead, raise your prices by a relatively small amount, perhaps 3-7% – if people choose a competitor over you because of this, then it’s not your pricing that’s the issue but a lack of a visible, compelling, and competitive advantage.
3. Upgrade
Whilst cutting fat always makes good business sense, the temptation to cut medium and long term investment should be resisted.
Now is the time to upgrade your team – by a combination of replacement and development.
Now is the time to upgrade your marketing – both brand and tactical.
Now is the time to seize market share by upgrading your new business generation processes.
If you would like an additional 7 tips then register to experience membership at one of our January meetings and we’ll send them to you – (btw, if having attended a meeting it’s not for you then there’s no charge).
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