New Year 2023
The new year brings new hopes, dreams, plans, possibilities, and opportunities.
What we are sure of are
- We are not over Covid.
- We cannot avoid a recession.
- We are facing a climate crisis.
What is in our control are
- Our strong immunity through practicing healthy activities.
- Our clarity and actions on our career and finance.
- Our accountability to protect our environment.
I wish you all take charge of your health, your wealth, and our environment!
January is the month to have a business strategy in place for the year; homework for any size of business. A good strategy can sustain a business in tough times and generate revenues while saving efforts and investment.
The main focus of the work is to know your target market, the trend of your industry, and its ecosystem.
What you need to know about your target market
- What are their needs?
- Who are your competitors?
- What is your unique offer to differentiate your business?
Studying the industry and its ecosystem trend will help to answer these questions more accurately.
The next focus is on pricing and marketing:
- Higher pricing to attract a particular group or lower pricing to attract the general market?
- Marketing to existing customers or new customers, or both?
- Decision on marketing channels
If you work in a big company and are waiting for the leadership team to make decisions, do not wait around. Your work is to understand your industry trend and ecosystem proactively. You demonstrate your leadership when you can provide valuable business strategy design feedback.
If you own a small business and want to jump-start for the new year, have a 2023 business strategy! A good reference article is “Are you sure you have a strategy?” by Donald C. Hambrick. A coach with fresh eyes and a strategic mind can support this effort.