Prepare Your Startup For 2023 With These 5 Tips
While the past few years have been something of a rough ride for business owners, it doesn’t look as though 2023 is going to offer much of a reprieve. In fact, a growing number of experts are anticipating a global recession to be on the horizon, which means we are likely about to head into troubled waters once again.
For those that are looking to get their startups off the ground, this news will come as something of a blow. However, it doesn’t have to spell disaster for your business plans.
After all, the show must go on, and with a little foresight and preparation, you can ensure that your startup is weather-proofed against whatever the next few years might throw at us. On that note, here are five tips that will help you to get your startup ready for 2023 and beyond:
Focus on Cash Flow, Not Just Profits
Studies have found that poor cash flow is responsible for around 80-90% of business failures. So, if you want your startup to survive the tough times ahead, make sure you are keeping a close eye on your cash flow and doing everything you can to keep it healthy.
This is particularly important in times of economic uncertainty when businesses have a tendency to tighten their purse strings. As such, it’s vital that you focus on generating positive cash flow from your startup, rather than simply aiming for profitability.
There are a number of ways to achieve this, such as by invoicing promptly, seeking out short-term funding, and keeping a close eye on your outgoings. By ensuring that cash is always coming in, your startup will be more agile and better equipped to deal with any turbulence that might come its way.
Ensure your website is accessible
Web accessibility lawsuits have been rising year-on-year, according to the Bureau of Internet Accessibility, hitting an all-time high in 2021. As we move into 2023, it’s likely that this trend is only going to continue, which is why it’s so essential to ensure that your startup’s website is compliant with web accessibility standards.
Not only will this help you mitigate the chance of costly, legal action further down the line, but it will also enable your site to be accessed by a wider range of potential clients, including those with disabilities.
If your site is already up and running, you can use the accessScan web accessibility checker to check for any accessibility issues that need to be remediated. This report will give you valuable insight into whether your site (and its content) is WCAG (Web Content Accessibility Guidelines) and ADA (Americans with Disabilities Act) compliant. You will be able to download the report to share with your IT team.
Alternatively, if you’re still in the process of setting up your website, make sure to consult with a web accessibility specialist to ensure that your site is built with accessibility in mind.
Make sustainability and priority
Putting economic factors to the side for one moment, it’s also worth noting that sustainability is going to be a big talking point in 2023 and beyond.
As public awareness of the climate crisis continues to grow, more and more consumers are looking to support businesses that share their values. In fact, globally, 85 percent of people indicate that they have shifted their purchase behavior towards being more sustainable in the past five years.
If you want your startup to thrive in the years ahead, it’s important to make sustainability a priority. There are a number of simple steps you can take to make your startup more sustainable, such as reducing your carbon footprint, using recycled materials, and investing in renewable energy. Not only will this help to improve your bottom line, but it will also make your startup more attractive to the ever-growing pool of eco-conscious consumers.
Secure your supply chain
If the COVID-19 pandemic taught us anything, it’s that supply chains are fragile and vulnerable to disruption. This was felt by businesses across the globe as traditional supply chains were decimated by the pandemic, leaving many companies struggling to source the goods and materials they need.
In light of this, it’s important to review your startup’s supply chain and make sure that it is as secure and resilient as possible. Here are some considerations for you to bear in mind:
- Diversify your supplier base: Don’t put all your eggs in one basket. By diversifying your supplier base, you’ll reduce the risk of being left high and dry if one of your suppliers is unable to deliver.
- Review your contracts: Make sure that your contracts are watertight and that you have clear exit clauses in the event of a breach.
- Build up stock levels: In an ideal world, you should aim to have enough stock on hand to last you for 3-6 months. This will give you a buffer in the event of a supply chain disruption.
- Plan for the worst: No one likes to think about worst-case scenarios, but it’s critical to have a plan in place for if (or when) things go wrong. By having a solid contingency plan, you’ll be able to weather any storms that come your way.
Enhance the customer experience
Whether your startup operates in the B2B or B2C space, enhancing the customer experience should be a top priority. In today’s hyper-competitive marketplace, customers have more choices than ever before, which is why it’s so important to go the extra mile to ensure that they have a positive experience with your brand.
In order to keep in competition with the very best, you’re going to need to have the right tools and technologies in place to deliver an exceptional customer experience. This might include a CRM system to manage your customer data, live chat software to provide instant customer support, or an AI-powered chatbot to take care of the more mundane tasks.
Whatever route you decide to go down, the significant point is that you focus on enhancing the customer experience at every touchpoint. After all, it’s the satisfied customers that will keep your startup afloat in the years to come.
Launching and managing a startup is a challenging endeavor at the best of times, but even more so in times of economic uncertainty and geopolitical upheaval. However, by following the tips laid out in this article, you can give your startup the best possible chance of success in 2023 and beyond.
Just remember, it’s not always about working harder, it’s about working smarter. So, make sure you have the right team in place, the right tools and technologies at your disposal, and a clear vision for your startup’s future. If you can do that, then you’ll be well on your way to achieving success.