Over the last year, business leaders have continued to face highly unpredictable social and economic environments and 2023 will be similar in many regards. It is expected that the competitive talent landscape, employee burnout, and return-to-office policies will continue to evolve as leaders seek to control costs, meet customer needs, and establish renewed growth as part of business recovery.
Across every market industry, small- to large-scale business leaders must focus on organizational intentionality to ensure all internal and external processes are running effectively and efficiently for the overall operational success of the company.
This article will give organizational practices and tools that business leaders can, and should, implement in 2023.
1. Reapproach Your Business Model
Having a solid business model is the first step to having effective operational and managerial processes that will deliver repetitive value and growth. Smart companies not only know that such is necessary during the initial stages of business growth, but also that it is important when considering a business expansion or supporting unexpected pivots in the economic market.
While true examples of business model innovation are often limited to market giants, such as Apple or Walmart, a previous IBM survey found that more than 50% of executive leaders see business model innovation as essential to see a product or service succeed.
This is not only true for new business ventures, it is also important for already well-established businesses seeking to transform their organization and operational best practices. In such a case, conducting a SWOT analysis is a great first step to identifying where gaps and missing elements exist in your current business model. From there, you can determine if your business model still has a strong customer value proposition, profit formula, and the best resources and processes to align customer and business needs.
2. Secure Your Financial Future
Having the right technical tools and applications in your business toolbox is essential for managing and simplifying daily operations. You depend on tools to track projects, meet your Customer Relationship Management (CRM) needs, or collaborate with teams. You equally do your best to stay financially in tune with your business with the use of e-Commerce management software, accounting software, and online payment tools.
But what about software to track your business’s equity?
Today, more businesses are experiencing the need to actively own their assets and future financial growth. Leaders that have chosen to adopt cap table management software, such as Astrella, are able to see a detailed picture of your business’ potential portfolio growth and make better-informed decisions.
Effective financial software that provides a well-organized, real-time cap table document is key for effectively managing all of your financial exchanges and transactions in a single space. As a growing company, you are looking to support investor relationships or manage employee stocks, while having everything in one place to record financial data to determine future financial decisions.
3. Reinvent Your Talent Acquisition Methods
Even before the pandemic, businesses have leveraged the idea of expanding and diversifying their talent pipelines to deliver more excellent strategic value to their operations. While traditional talent sourcing methods have worked well in the past, we are now seeing more companies struggling to find top talent to meet their unique organizational needs. This has largely been the result of employees looking to find more unconventional career paths for businesses that are willing to provide the work-life balance that so many have craved.
Such is why it is becoming increasingly necessary for businesses to re-approach and reinvent their current talent acquisition methods. By identifying talent acquisition strategies to attract and retain a power team, leaders can take the company’s mission, objectives, and customer service to the next level.
In 2023, hiring managers need to become more effective at assessing which candidates have the right skills for a position, rather than focusing only on their prior experience and list of credentials. Instead, expand your talent reach by searching internally and externally for candidates with nontraditional backgrounds, who could bring unexpected value and innovation. While a candidate may have the necessary experience and formal education requirements for a position, other types of candidates can equally be appropriate for the role.
4. Focus on Organizational DEI Initiatives
Improving your organizational practices also means transforming the employee experience for greater performance outcomes and a positive morale boost. This especially includes leaning into new ideas that will drive your Diversity, Equity and Inclusion (DEI) initiatives in 2023.
According to Gartner, over 42% of employees believe that their company’s DEI efforts are discordant. Leaders with limited DEI initiatives witness reduced workforce engagement, inclusion, and trust in their workforce.
To combat this, it is important to provide leaders with the right strategic tools that create a welcoming, non-disruptive work environment. This can include reapproaching communication and training efforts that encourage visibility and allyship. Some organizations, like Paradigm Strategy Inc., offer DEI consulting to various organizations and businesses to help design impactful systems and processes for their workforce.
Impactful Processes for 2023 and Beyond
Moving forward, business leaders should be implementing practices that are intentional and have the capacity to establish new organizational growth. The operational success of organizations is dependent on the main cornerstones that drive daily workflows and productivity. So placing additional focus on key business sectors is important to identify new opportunities in 2023.
Image Credit: Getty Images
Membership is open to businesses and organizations interested in increasing visibility and brand awareness in Westchester County and surrounding areas.