University of Houston Small Business Development Center
By Raven Ambers
The start of the decade certainly posed many challenges to small businesses across the globe, which included a pandemic, worker and supply shortages, and the threat of a recession. But alas, a new year is here, with a promising financial outlook for many small business owners. According to a study by Bank of America, 66 percent of small business owners anticipate boosted revenue, and 52 percent plan to expand their business in 2023.
To help you get ahead this year, we’ve outlined the following five small business tips.
1. Evaluate Your Performance In 2022
Reflect on your work from last year by examining your shortfalls and wins. Write down what worked best for you and areas your business could improve. An honest performance analysis can help you set realistic goals and create an efficient business strategy for the year ahead.
2. Set New Goals for Your Business
After you evaluate your performance from the previous year, create a vision for 2023 and set clear goals you want to prioritize. Write down your expectations for revenue, expanding your market reach, securing funding and financing, and ways to improve. According to a Harvard Business study, three percent of the MBA graduates who set goals were ten times more likely to experience success than those who didn’t.
3. Track and Analyze Your Progress
Once you have outlined your goals for 2023, collect some data to evaluate your performance monthly and quarterly. Don’t let issues pile up. Update your business strategy if your business is falling short of goals. It’s also important to recognize your wins, no matter how big or small. A progress review can help you learn where to re-focus your efforts for growth.
4. Create A Marketing Plan
Creating an effective marketing plan can help you reach customers and help you measure your business’ success. Identify your target market, customers, competition, and core vision. After setting clear goals, create a budget and choose the best mediums to help you reach your target audience.
5. Boost Your Digital Presence
Social media is one of the easiest and most cost-effective ways to promote your brand. It allows you to form a personal connection with existing clients, build trusted relationships, generate leads, and increase traffic to your website. Other ways to boost your digital footprint include: improving your SEO to appear higher in Google searches and adding your business and photos to Google maps and sites like Yelp.
Remember, The UH Small Business Development Center is here to help! We provide small business assistance to 32 counties throughout Southeast Texas with 15 locations.
If you're in need of small business assistance, the SBDC advising staff can assist you in various stages of the business life cycle.
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