New Year, New Outlook
Now that the new year is underway, it’s only natural (and obligatory) to consider what the rest of 2023 will look like. Some companies are focused on staffing shortages and supply chain disruptions. Others are seeing opportunities emerge in new markets or with innovative products and services. In either case, 2023 is sure to be an eventful year defined by adaptation as various economic shocks (recession fears, geopolitical strife, etc.) continue developing. Prepare for whatever may come by taking a critical look at these three parts of the business.
Staff
The effects of the “Great Resignation” have left lots of companies struggling to get teams fully staffed. But at the same time, the sudden shift to remote work makes it possible to recruit from almost anywhere. And with technology enabling professionals to be more efficient, productive, and synchronized, the roles that companies actually need to fill are changing as well.
For all these reasons, it’s important to evaluate how the current team mix compares to staff requirements in 2023. Where there are gaps, consider how challenging it will be to recruit the right talent and what the alternatives might be. Now that automation is a realistic replacement for many administrative roles, companies have an opportunity to rethink how they utilize human resources to either cut costs or support growth.
Software
Few if any organizations these days are not driven by technology and are dependent on data. Across industries, the most successful companies often have digital tools to thank for their advantage. Alternatively, companies that are struggling can often blame outdated and underpowered legacy systems, disconnected data silos, manual processes, and analog information for their problems. Nothing helps or hurts a company as much as the software it relies on – especially in 2023.
This year will be a prime time to consider whether legacy technologies have reached their expiration date and plan for what the replacement looks like. On a broader scale, it will also be important to evaluate where tech upgrades could make a company faster, smarter, or more competitive in any way. Across-the-board upgrades probably aren’t feasible. In that case, look to add technology where it’s most urgent or impactful – areas like accounting, finance, budgeting, planning, and reporting.
Strategy
The pandemic combined with a whole host of other factors have forced many companies to pivot in recent years, whether to seize new opportunities or to remain relevant and competitive. The speed and scale of these changes has forced many companies to adapt on the fly. Now, it’s time to consider whether those changes are working, whether they’re permanent, and what the long-term business model looks like.
Succeeding at this effort starts by getting accurate data and trustworthy insights on which to identify strengths/weaknesses and plan changes. Just as important is putting those plans into action in ways that pivot the company confidently in new directions. It may be necessary to add software, staff, or some combination of both to ensure that either phase succeeds.
Dean Dorton – Build Your Own Outlook
As 2023 develops, rely on Dean Dorton to supply innovation, insights, and assistance of all kinds. Contact us for a brighter outlook on the year ahead.
