Log In

Business trends and risks to watch in 2023

In the business world, the days of being able to rely on your experience alone for success are over. Today, organizations must evolve their strategies and adapt to new business trends and risks to remain competitive.

If you have no idea about what awaits your business this year, we gathered some trends and risks that might impact your business in 2023:

Frameworks beat strategies

Every business has a sales management system revolving around its strategies. However, with the global economic challenges hindering your growth, you can no longer be successful by simply following a strategy. Instead, you need to understand tried and tested  frameworks and use them to your advantage.

There is no doubt that frameworks have become more critical in business, but they’re not just for big companies with access to sophisticated technology and data insights; they’re also helpful for startups who want to adapt quickly to survive in changing conditions.

For instance, The Sales Machine has a Growth Enablement Framework that empowers organizations to increase sales, get more leads, improve staff retention, and maintain skills competitiveness. Businesses that use this framework have the peace of mind that their team is always aligned with their strategies and goals while doing their respective roles and meeting their own KPIs.

Third-party risks are more complex than ever

Third-party risk is a business risk that arises when a company relies on another company to provide a product or service and the other company fails to deliver.

It can be complex for businesses to identify and manage because they involve multiple parties with different interests and abilities. However, this year, it will become more difficult as companies continue to streamline processes to increase efficiency and decrease costs.

As a solution, organizations must find the right sales management system for them, wherein they will be able to track and manage third-party risks. And, in a much ideal scenario, businesses should get a solution that will eliminate the need for third parties. Finally, organizations must find the right platform for them to support their people in improving their sales, marketing, engagement, training, and even on their reward system without depending on a third-party service provider.

B2B companies will be forced to compete on customer experience

Customer experience will be at the forefront of customer-oriented companies in 2023. In a world and time that AI is rising, more and more customers will be seeking real human connection. Especially in a professional standpoint where stakes are at an all time high. Consumers seek experiences that make them feel valued and heard as they become savvier. Increased competition from new entrants and market disruptions such as AI mean that B2B companies must compete on a level playing field with their consumer counterparts who also invest in customer experience (CX).

Companies with superior CX have an advantage over their competitors because they can offer unique products or services that appeal to a specific segment of customers with particular needs. For example, if you’re selling professional services like accounting software or HR software, then your brand must stand out by providing an exceptional customer experience around those services.

Human capital management is a new battleground for startups

Human capital management is a new battleground for startups. Companies that can effectively manage their employees’ performance and loyalty will have an advantage over their competitors in the long run.

The first step to executing this strategy is having a solid hiring process, which includes conducting thorough interviews, screening candidates’ references, and evaluating them based on their skillsets, experience level, and personality traits.

Once you’ve found the right candidates, you must train them to perform at their highest potential during onboarding sessions with other staff members and managers.

This is where retention starts—and motivation also plays an important role here! 

An excellent way to ensure these things happen consistently across all levels within your organization is through diversity training—this ensures employees feel engaged, valued and challenged  within both teams and departments within an organization regardless of race, gender, and other factors.

You have to ensure that your people feel valued by providing them with career growth and development. According to a study by McKinsey & Company, 41% of those who quit their job said they left their company because of a lack of career development. Inadequate compensation falls behind with only 36 percent. 

Fewer but better innovations will succeed

In the future, we will see fewer but better innovations.

This is because many companies are still operating in a world where technology is king. So while it’s important to innovate with technology, you must remember that innovation isn’t just about technology! It’s also about new business models and customer experience (e.g., subscriptions).

Startups need to stay ahead of the pack when it comes to new business models.

Startups need to stay ahead of the pack regarding new business models.

For example, take a look at Uber and Airbnb. These companies started as ride-hailing services and rental listings, respectively, before they became known for their recent offerings: on-demand car service (Uber) and home-sharing (Airbnb). 

Now they’re both expanding into new areas like food delivery and financial services. Want to know how you can innovate your business with a platform that will improve your operations and overall framework? Visit www.thesalesmachine.com to learn how!