Many businesses are facing difficult times and finding that they need to make some changes in order to adapt to the world of business in 2023. Whether you have a small business or a very large one, we’ve got suggestions that every type of business should consider in order to switch things up and help to breathe some life back into their business. From rebranding to getting insurance to confidently expand, we’ve got everything you need to be inspired to refresh your business this year. So, let’s get into it!
Discuss Ways To Expand
Every business is different, and so are their goals, however, if you need to refresh your business then one of the things you should focus on is expanding your business to reach new people. This doesn’t necessarily mean investing in lots more products or team members but can be as simple as expanding your paid social strategy to target new and different audiences, or maybe you release a new product line that will interest a new type of customer.
Sit down with the senior members of your team and think about the different directions you could go in. Protecting your business through different insurance options such as public liability insurance is a good way to protect your company as you expand. Consumers change, and ensuring that you’re adjusting your products and services to suit them is really important.
Consider Rebranding
Whilst we’re on the topic of consumers changing, sometimes you need to rebrand if you haven’t in a long time. You can attract new, more and better customers, you can command higher prices with more sophisticated branding, you can differentiate from the competition, and overall you can boost the value of your company. When you have a great-looking product with great branded packaging, it can also reduce your marketing costs, so longer term it will be a great return on your investment.
The most important thing here is to work with a great design agency in Manchester that knows how to get it right the first time around if you rebrand too many times, then it can really distance your customers and make people feel completely unconnected to the brand. So, if you are considering a rebrand, go in the direction of getting your customers involved and excited about the process, so it’s not a complete surprise and they feel like they’re valued as customers. This could be sending out some emails to existing customers, or doing an exciting reveal on social media!
Protect Yourself With The Right Insurance
Another thing you should do in order to transform your business and grow safely is to get the right insurance. You might have the basics when it comes to insurance, but there are plenty of other types out there that can allow you to expand more safely without the need to take risks without protection. It’s 100% working with an insurance broker specialising in your industry, as they’ll help you to get the right cover for what you need. This is a small investment compared to how much it could help in the long term!
Ask For Employee Feedback
As well as consulting the senior members of your business when it comes to expansion, one of the best things you can do to transform your business in 2023 is to ask for employee feedback. No one knows your business as well as your employees, who work within it day in, day out. They will likely have great ideas for new products, how to simplify processes and save money, different ways that things could function or new directions for the business to move in. Regularly asking for feedback or ideas from members of staff, with incentives for their ideas, could really help to transform your business and introduce some great new initiatives that become a core part of your business.
Change Up Your Marketing Strategy
If you’ve gone in the same direction with your marketing strategy for years now, it could be time to mix things up. Perhaps once your marketing strategy worked incredibly well, then it may have plateaued. Or, if things are still going well, this could be an opportunity to expand further and try different channels. You should always be running a strong mixture of SEO, organic social, paid social, email marketing and Google Ads, however, the intricacies of each channel will depend on your business specifically. For example, a local SEO strategy would be much better suited to some businesses as opposed to a national one, and LinkedIn might be the best social channel to run ads through as opposed to Instagram. So, you should consider working with an agency to help come up with the strongest strategy for your business, to help refresh everything and guide your team. This might take a small investment but again, could pay dividends in the future! Just make sure to use an agency that has come well-recommended to make sure your money is used as effectively as possible.