For small business leaders, 2022 was challenging, particularly as they move into 2023 with more inflation fears and the prospect of a recession. Lori Dann, founder of the President’s Leadership Council, an exclusive forum for small business presidents, CEOs, and partners to engage, learn, and grow through peer support, relevant presentations, and round-table discussions, recently polled her membership and identified five Critical Tips for Small Business Success in 2023. Those tips follow.

Five Critical Tips for Small Business Success in 2023

• Keep Your Pipeline Full -- Small businesses often fall into the trap of creating a roller coaster sales cycle. Prospecting stops when new customers are onboarded, just to find that the pipeline is dry once that new client is operational. Salespeople must consistently be adding and nurturing qualified leads, even when customer needs are dominating their time. As a general rule, the pipeline should steadily remain at about three times goal.Establish and
• Measure KPIs -- Vision and goals are imperative, but the right activity is the only way to reach the mark. Review each company goal (sales, revenue, web traffic, etc.), then determine what and how much of each relevant task is required to get there. Back the data into monthly, weekly and daily activity.
• Drive a Consistent, Cohesive Branding -- Brand should define the company, target customers, and how the organization uniquely solves their problems. While the visual experience for an ideal client should be recognizable in terms of graphics, illustrations, colors, tone, and feel; and should be consistent across all mediums, remember Brand is about what your stakeholders think of you. It is important you remain in control of that.
• Create a Clear Marketing Plan -- A clearly defined target audience is crucial. Analyze the ways the company solves pain points, then build distinct buyer personas. Craft specific messaging for each vertical to promote meaningful relationships. Be consistent. Create a clear call to action.
• Watch Your Wallet! Cash flow management is especially important in times of economic uncertainty. It is indicative of the overall health of the organization and allows for expense and revenue forecasting. Positive cash flow builds reserves that can help ride out economic downturns, as well as provide a cushion to allow for long-term strategic planning and spending.

“I talk to small business executives every day and they are facing dubious challenges, given today’s economy and financial outlook for early 2023,” Dann said. “That’s why they really need to follow these tips and be sure they are addressing each issue thoughtfully and thoroughly. Small business is an exceptionally large segment of our economy and we want to see the small business sector prosper and grow strong in 2023 though good business practices.”

About PLC
Presidents Leadership Council was created as an exclusive member organization for small business presidents, partners, and CEOs for participation in special councils with ability to tap into all members as a resource base. It acts as forum for small business presidents and partners to engage learn and grow through peer relationships, relevant presentations, and round table discussions. Businesses with three to 50 employees are eligible for membership. Learn more at www.myplc.club.