Is Your Business Ready for 2023? 9 Questions To Ask

From the rise of artificial intelligence and automation to the use of Big Data and analytics for intelligent hiring to the continued growth of the gig economy, the future of work is here.

The closer we get to 2023, the more critical it is for businesses to prepare for what the coming year will bring. This means having a plan to address everything from new marketing trends to technological innovations to workplace diversity issues and everything in between.

With this in mind, here are a few questions business leaders should ask now to ensure they’re positioned for success in the months ahead:

Q1. What will the business landscape look like in 2023?

Flexible work models will provide the agility to help organizations reframe their future.

This is a tough question to answer because the business landscape is constantly changing, and it is difficult to predict how it will evolve. However, there are a few key trends that will shape the business landscape in 2023:

• First, “The Great Resignation,” quiet quitting and brain drain (“japa”) will change the nature of work and cause many companies to rethink their approach to talent acquisition and retention.
• Second, the rise of digital technologies is likely to continue, with more businesses using artificial intelligence, Big Data and other digital tools to gain a competitive advantage.
• Finally, environmental, social and governance (ESG) issues are expected to become increasingly important for companies as consumers and investors become more aware of the impact of business on society and the environment.

Q2. What new technologies will be available?

Contactless, autonomous shopping and delivery will also be a huge trend for 2023 – Forbes

The introduction of 5G, augmented and virtual reality, and advances in artificial intelligence (AI) will likely be the most significant technological developments in the coming years.

For businesses, this can be both good and bad. On the one hand, new technologies can provide businesses with new opportunities for growth and success.

On the other hand, they can also cause businesses to become obsolete if they don’t keep up with the latest trends.

So, how can you ensure your business is ready for 2023 in terms of new technologies? Here are some questions you should ask yourself:

• How will new technologies change how I create or deliver products or services?
• What impact will these new technologies have on my marketing efforts and advertising channels?
• What changes do I need to make to my business to stay ahead of the curve?

Q3. How will customer behaviour change?

Expect customers to be far pickier — seeking out fewer and richer experiences. – Forbes

Over the next few years, customers will be more technologically savvy and mobile. They will expect instant gratification and quality service. It’s important to ask yourself how you can provide these things and whether your company is prepared.

The first question you should ask is whether your business offers a product or service that people will pay for in a cashless society. Tomorrow’s customers may not have cash on hand, so businesses will need electronic payment systems.

The second question you should ask is about your business’s customer service. In the future, customers will expect businesses to provide more personalised services. So think about how technology can help you do that.

Next, consider the size of your workforce. Will it stay at its current level, or do you plan to increase staff? If so, ensure all necessary training programmes are in place before adding new employees to your team.

If you’re unsure of the strength of your workforce, employee outsourcing is the next best option. Employee outsourcing allows you to access professional expertise and augment any talent gap.

Q4. What new regulations will be in place?

The ever-changing regulatory environment is a big question mark. As we approach 2023, it’s important to take action to keep your business updated on the new regulations that will come into effect then.

For example, the Advertising Regulatory Council of Nigeria (ARCON) has announced that advertisers must use 75% local content in all ads and marketing intended for the Nigerian market. This will come into effect from January 1, 2023.

That said, here’s what you need to keep tabs on:

• What new regulations will be in place?
• How will these regulations affect my business?
• Do I need to make any changes to my business to comply with the new regulations?
• How can I ensure my employees are familiar with the new regulations?

Q5. What new competitors will emerge?

16% of marketers cited their biggest challenge as “increasing competition from other brands.” – Hubspot

The business world is changing fast, new competitors are entering the market, and traditional industries are transforming.

As you think about your business strategy for the coming year and beyond, ask yourself these questions:

• Are there emerging technologies that will disrupt our industry?
• How can I keep up to date with the latest trends and developments in my industry?
• What do I need to know about regulatory or legislative changes that could affect the profitability or operations of my business?
• Who are my key suppliers, partners and customers, and how might they be affected by changes in technology, regulations, or consumer behaviour?
• What am I doing now to prepare for these changes?

Q6. How will my industry be disrupted?

In any industry, some trends come and go. Therefore, it makes sense to establish a corporate research team within the company that can help you see the big picture before your competitors do.

The role of an R&D department is to keep a company competitive by providing insights into the market and developing new services/products or improving existing ones accordingly. The company’s future growth depends, to a large extent, on the R&D department.

While several factors could disrupt your industry, here are a few to consider:

• Increased competition from new entrants with better products and superior customer service.
• New government regulations or mandates that require companies to change their operations.
• The emergence of new technology that makes your product or service obsolete.
• Natural disasters or major crises in the community (e.g., the Covid-19 pandemic).

Q7. What new opportunities will be available?

“Approach the new year in a different, disruptive and creative way to take advantage of the business opportunities it presents.” – Eduardo Pérez

With the ever-changing landscape of the business world, it’s almost impossible to know what lies ahead. The introduction of new technologies, changes in the global economy and shifts in consumer behaviour are just a few variables that make it difficult for businesses to predict the future.

However, the closer we get to 2023, the more critical it is to discuss what new opportunities your business can take advantage of. Below are some questions to help you plan for the future:

• What new opportunities will be available because of increased internet speeds, advances in AI, and 5G networks?
• How might emerging technologies change how we work, socialise and do business?
• How might the rise of cryptocurrencies impact how businesses are financed, managed and regulated in the future?
• Will technological advances lead to more or fewer jobs as automation and robotics take over certain tasks previously performed by humans?
• Which industries might benefit from technological innovation? Which industries are more likely to be disrupted?
• Who will first take advantage of these changes: individuals, large corporations or smaller firms?
• As a business leader, what steps should you take to prepare your company for these changes so that you’re not caught off-guard when they finally occur?

Q8. What new threats will emerge?

No business can be prepared for everything, but it’s important to anticipate the key changes and challenges your business may face in the coming years.

Threats you should consider include, for example:

• New regulations
• Global pandemic (e.g., Covid-19)
• Cyber-attacks and data breaches
• Changes in demographics (e.g., ageing population)
• Economic conditions (rising inflation or recession)
• Climate change (flooding or extreme weather)
• Technological advances (robotics, artificial intelligence, blockchain)

By identifying the risks that could affect your business, you can take the necessary steps to develop a plan to adapt and evolve your business to be prepared for all eventualities.

Q9. How can I position my business for success in 2023?

Success is different for everyone. Creating a strategy and outlining what success looks like for your team gives you a way to measure your success.

The future is always uncertain, but there are a few things we can be sure of: Change is constant, and technology will continue to evolve rapidly.

For this reason, companies must remain agile and adaptable. However, it is not enough to move with the times; businesses must also be proactive and anticipate the future needs of their customers.

So, how can you position your business for success in 2023? Here are some questions to help you get started:

• What trends will shape the business landscape in 2023?
• How can I ensure my business is positioned to take advantage of these trends?
• What changes do I need to make to my business model to ensure long-term success?
• What new technologies will be important in 2023, and how can I ensure my business takes advantage of them?
• What will the customer landscape look like in 2023, and how can I ensure my business meets their needs?
• How can I ensure my team is prepared for the changes 2023 will bring? What professional development programmes should I enrol my employees in?
• What risks (brain drain, quiet quitting etc.) should I be aware of in 2023, and how can I mitigate them?
• What opportunities will arise in 2023, and how can I ensure my company is ready to seize them?

Answering these questions will help you develop a roadmap for the future and ensure your company is prepared for whatever comes.