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Entrepreneurship in 2023: Five ways to boost your business

IFM_Business Entrepreneurship

Entrepreneurship involves taking regular risks. That leap could seem like a drop off a cliff during uncertain economic times. Unfortunately, one of those moments is now. The forces that have battered the global economy will probably take months to be responded appropriately, and for entrepreneurs, months can seem like years.

However, they can flourish in any economic environment with an appropriate strategy. Here are five actions you can take to help your venture grow from now on, keeping the future in mind, despite the challenges presented by business cycles.

Take Away Knowledge From More Difficult Circumstances
A challenging economic climate offers a rare chance to make critical business plan decisions. Everything is subject to review. How the market has changed? Do your clients’ problems present opportunities for your solutions? What steps you can take in response to your assumptions changing amid new circumstances?

Analyze your product roadmap critically. Is this the right time to change/step up your current plans? Give top priority to features with the most significant margins that can be implemented in the next year. Reassign resources to projects that didn’t make a list and push them out.

Review the costing. Raw material and transportation prices continue to rise significantly even as inflation slowly decreases from its record levels in forty years. What will happen to your clients if you temporarily raise fees or impose levies to cover these expenses?

This year has not been good for hiring. Many businesses seized the talent they could. Now is the time to fire employees/gig workers who might perform better in another position. Make tough adjustments that will pay off in the long run, moves that may be avoidable in less harrowing circumstances.

Tighten Your Money Control
Crunchbase reports that start-up funding in the US and Canada dropped by 50% in the 2022 third quarter. All prices fell. Extend your last round if you’re a later-stage company that benefited from VC generosity in 2021.

Wait till markets stabilize to start another round. Then, prioritize the basics for early-stage companies with less market validation and a longer exit horizon. Delay capital purchases. Hybrid work styles reduce office costs. Continue using Zoom/Google Meet to cut down on travel costs. Service providers should review payment arrangements. Also, request supplier credit.

Yogi Berra suggested, “Hit the strikes.” A good swing can turn a tough pitch into a home run in business.

Sit Face-To-Face With Customers
How have your clients’ business demands changed in the previous 18 months? Do your solution’s benefits gain in popularity? From major corporations to start-ups, everyone has revisited supply chain management. As a result, start-ups that offer AI-based business decision support, cost savings through better inventory control, or out-of-stock protection by locating new, regional supply sources will be competitive.

Non-Dilutive Capital
PitchBook reports that venture financiers are interested in companies whose satellite, robotics, and software solutions may serve both the military and the commercial sectors. International conflict is a cause.

The defense sector is recession-proof. The US Small Business Administration (SBA) gives non-dilutive grants from USD 150,000 to USD 1 million for cutting-edge ideas.

The application process takes time. A business must be honest about the work necessary, yet many states offer assistance. Technicians also examine and evaluate government RFPs. This can provide feedback and field contacts.

Blue-Chip Talent Prefers Blue-Chip Cultures
Company culture might be strong or weak. A rich culture encourages critical hires. Finding stakeholders that share your values and adhere to your guiding principles enhances the likelihood of their support.

Talent demand is cooling after months of “great resignation” frenzy. Offers may not be as plentiful as last year. Nevertheless, young companies can’t turn off their search for outstanding talent. A corporation may modify hours or employee numbers, but it will always hire and screen for cultural fit.

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