How YOUR SMALL BUSINESS CAN SUCCEED IN 2023
The pace of change continues unabated no matter what's happening in the world. Digital innovations, marketing opportunities, and consumer trends in 2023 may help your business succeed despite significant economic challenges.
Our goal here isn't to provide an expensive corporate solution. In order to ensure your small business remains strong by 2024, we're discussing affordable, actionable steps you can take.
Despite tight budgets, don't let your ambitions be limited. Based on the trends, we've created a to-do list for your business for this year.
Make sustainability a priority
The impact of their buying decisions is becoming increasingly relevant to consumers, and they are looking for businesses that take sustainability and social responsibility seriously. It is here that businesses that are independent, local, and sustainable can gain a competitive advantage over large chains.
Be careful not to make overblown claims - consumers are also tired of greenwashing. Conscious consumers want to support businesses that share their values, so small but significant changes, such as recycling materials and reducing packaging, will attract them. Reusable and repairable products are also becoming increasingly popular.
Keep up with consumer shopping trends
Where people buy and the way that people pay for things continues to change fast. However, this is an area where many small businesses are often playing catch-up. Being slow to adopt can put your business at a disadvantage.
Key payment trends for 2023 include social commerce, digital wallets and Buy Now Pay Later (BNPL). According to research by Shopify, digital wallets such as Google Pay and Apple Pay will account for 30% of all POS payments in 2023. Buy Now Pay Later will account for about 24% of all ecommerce transactions by 2026. The fees for offering BNPL schemes are higher than those for standard card payments; however, some businesses may find that they sell more big-ticket items as a result.
Make smart technology choices
8 in 10 small businesses say they rely on digital tools to start, survive and grow, according to the 2022 Digital Britain Report from Sage.
There has already been widespread adoption of apps for banking, bookkeeping, and productivity. According to the Sage report, there are digital gaps when it comes to accessing finance, recruiting staff, and becoming more sustainable. It is imperative that small businesses invest in apps wisely in 2023, selecting those that can save them time and money, improve the customer experience and deliver tangible benefits.
Take care of your employees
The "great resignation", "quiet quitting", and now "loud leaving" have been on the rise in response to COVID and rising employee burnout. In a low-unemployment environment, many businesses are having trouble finding and retaining competent employees.
To attract the best candidates, small business employers need to prioritize employee wellbeing and provide flexible work options (not just working from home). Fortunately, smaller companies may be able to attract high-quality recruits if bigger companies decide to slash their overheads by cutting staff in 2023.
Create helpful content for your website
Google launched its helpful content update at the end of August 2022. Aiming to reward websites that publish relevant, useful, and easy-to-read content. Small firms have a great chance to improve their Google rankings with this service.
You don't need to step out of your comfort zone; just write about your area of expertise, share your knowledge, and make sure your content is clear and easy to read (use sub-headings, bullet points, and images to break up the text). The most critical thing is to answer your customers' questions.
Create social media videos that engage viewers
While online video is not a revolutionary trend, we have reached a tipping point where video content has become more relevant than text and images. Increasingly, consumers are watching video content online, sharing it with their friends, and buying products they see in videos.
Social media videos are a very effective way to increase sales. You're undoubtedly missing out if you're not making them. Small firms can take advantage of videos to gain a competitive advantage and compete on a level playing field with larger corporations.
Get THE RIGHT ACCOUNTANCY AND BOOKKEEPING SUPPORT
Zyla Accountants offer a hands-on, jargon-free and refreshingly flexible approach to accounting. Our experienced accountants deliver clear-cut support to start-ups, SMEs and social enterprises to help you focus on what you do best and provide the right technology to support your requirements.
Schedule a call with our founder Suzy Kerton today to get started!