Business is an ever changing landscape. With so many areas having to be looked after at any one time, it can be hard to keep on top of what you need to be aware of to ensure you support your clients in the right way. To help keep you up to speed on all the latest trends, here are the top 5 things you need to be aware of in 2023.
1. Focus on Digital
If your clients are yet to embrace the world of digitisation, then they’re going to get very left behind this year. Internet sales went up by 6% last year alone (according to the ONS). More and more people are buying online, and they’re definitely researching online. Businesses need to factor in how they can ensure their processes match end user preferences if they want to maximise sales.
Furthermore, digital advertising is set to soar this year. With a third of marketing professionals facing challenges with budget cuts, businesses are looking for cheaper ways to get their message out there, and digital techniques offer this. But businesses need to be canny. Generally, social media advertising is getting more expensive, but rising platforms, such as TikTok, which are still looking for new advertisers, are very cost effective. Innovative thinking will pay off.
2. Getting Greener
Research conducted by Boodle Hatfield found that 82% of FTSE 100 companies have now committed to achieving ‘Net Zero’ emissions by 2050. Sustainability has been on the agenda for many businesses for a number of years, but as we get ever closer to that deadline, it’s all being taken far more seriously. This is inevitably going to affect supply chains more and more, and businesses not only need to think about their own journey, but also consider what is important to those who they buy and sell to. More than a third of consumers look for brands with strong sustainable and ethical credentials – they’ll pay a premium for it too. This all needs to be taken into consideration.
3. Controlling Cashflow
The fallout of such things as the pandemic and Brexit has left many businesses vulnerable. Last year it was reported that more than 6000 SMEs were at risk of insolvency, with companies that have been trading for 3 years or less having an estimated 4-25% higher likelihood of insolvency. With staff shortages, higher taxes and rising prices being cited as some of the main reasons for this, it shows that having control on cashflow is more important than ever.
With nearly a quarter of SMEs having no cashflow forecasts, this is something they clearly need help with, and in our turbulent times it needs to be moved up the priority list to ensure that businesses don’t go under.
4. Review Insurance
Adding to the topic of business protection, there needs to be more than just a good handle on cashflow. Businesses need to ensure they are fully protected. Research conducted by Deloitte showed that 27% of SMEs would like insurance cover against pandemics, something that was not on the agenda a few years ago.
On the flipside, the report also revealed that only 19% of UK SMEs are actively looking for more protection through insurance. We believe an important part of the role of businesses coaches this year will be to help protect businesses as well as aiding them in growth.
5. Customer Experience
The world is becoming a more demanding place. That means that businesses need to go a few steps further when optimising their customer journey. Leading people to websites isn’t good enough anymore. You now have to make sure that when your customers reach your website or enter your shop, the experience is as good as possible. They have to find information quickly and they need it to feel personalised, but without it being a violation of their privacy. They need to be able to get answers, but not get stuck with an AI bot that doesn’t help them.
It’s got to be streamlined, automated and feel special, with still the right level of human touch. This is what our modern customers expect, and those who do it well will undoubtedly win more business.
From marketing to sales, management to finance, there are a multitude of areas that need tackling in any business. As a business coach, you can’t know it all, but you need to find a way to offer support across all areas. That’s where hubbix can make a massive difference. Think of it as your utility belt, ensuring you have all the right bits of knowledge to hand when you need them.