Recently, our Chief Strategy Officer, Gene Sigalov, discussed the key business trends Australian businesses will likely face in 2023. And while there are some challenges expected this year, there are ways your small business can weather the storm ahead.<\/p>\n\n\n\n
Gene is a strategic technology executive with a passion for driving innovation in the CPaaS (Communications as a platform) space and leadership experience in R&D, product and technology. His focus is always on driving customer and business value.<\/p>\n\n\n\n
Here he shares some advice on how your small business can navigate the major trends and challenges headed your way.<\/p>\n\n\n\n
Many industries are still being impacted by pandemic-induced supply-chain issues. The war in Ukraine, China\u2019s troubled economy and ongoing COVID-19 problems have only made things worse \u2013 the World Trade Organisation backs us up on this<\/a>. <\/p>\n\n\n\n So what can you do?<\/p>\n\n\n\n Reduce risk and build supply-chain resilience by shoring up weaknesses and finding alternatives to costly or hard-to-get resources. You\u2019ll also need real-time information on your inventory \u2013 even a slight shift in the chain combined with sudden surges in demand can wipe out stock levels.<\/p>\n\n\n\n Keeping transparent with customers will also see you through any major issues \u2013 when they know your stock levels and shipping times, they\u2019ll deal with fewer nasty surprises. You\u2019ll have a better chance of keeping their goodwill \u2013 and their business. <\/p>\n\n\n\n Look for tools that let you talk to customers<\/a> in real-time and have two-way conversations, so they always know what\u2019s going on.<\/p>\n\n\n\n With low unemployment rates and increased pressure on wages, the competition for skilled candidates has never been higher. There just aren\u2019t enough good people to go around at the moment. <\/p>\n\n\n\n Most small businesses won\u2019t be able to compete with the big guys on wages alone, so it\u2019s time to think creatively. Ask yourself, \u201cIs there a way I can widen my talent pool or make my overall package more attractive?\u201d Start by getting clear on what you really need. What are your must-haves in a new employee, <\/p>\n\n\n\n and where is there wiggle room? Adding a bit of clever automation or AI smarts could let you hire someone with far less technical expertise.<\/p>\n\n\n\n That can also free you to prioritise hiring for soft skills \u2013 many experts believe that creativity, critical thinking, interpersonal communication, leadership, empathy and compassion will be the most in-demand skills in the job market by 2026. To appeal to the right people (and beat the big players), consider what you offer beyond wages. Do you have tools that allow you to communicate quickly and directly through the interview process? Can you offer greater flexibility by using tools that allow more of your team to have two-way conversations<\/a> with customers from wherever? <\/p>\n\n\n\n When times are tough, it\u2019s tempting to attract customers by slashing prices. It\u2019s a race to the bottom that no one wins. Instead, offering better customer service is a far more reliable and cost-effective way to compete.<\/p>\n\n\n\n For example, you could use tools that let you have two-way conversations with customers and prospects where and when it suits them. This gives your service a level of personalisation<\/a> that has become increasingly important to consumers \u2013 people want to do business with people. When you\u2019re operating at scale, that\u2019s easier said than done and means you need to manage your customer journey through multiple channels and touchpoints.<\/p>\n\n\n\n A good first step is to find tools that give your customers the engagement they want<\/a> without you having to manage multiple platforms. <\/p>\n\n\n\n The Great Resignation. Quiet Quitting. It\u2019s enough to make an employer go cold all over. Keeping your best people means you\u2019ll need to double down on making your work environment and culture more attractive. <\/p>\n\n\n\n While remote working gives people that all-important flexibility, it comes with some downsides \u2013 the isolation can make people feel less valued and less connected to their colleagues and the business. <\/p>\n\n\n\n Luckily there are some simple tools that help you support your people\u2019s well-being, engagement and productivity (and, as a bonus, keep them for longer). <\/p>\n\n\n\n Take the time to think about your employees, the technology they use most often and what communication method is most likely to reach them. <\/p>\n\n\n\n Although digital transformation has been chugging along for years, the pandemic put some power under the hood. And it was clear that the difference between success and failure for many businesses was their appetite for digital transformation \u2013 and their ability to change things fast.<\/p>\n\n\n\n This new period of economic uncertainty will see that trend accelerate again, especially as transformative technologies such as AI, Web3 protocols and machine learning come together. It\u2019s important to look carefully at your tech stack and ask if your tools are as integrated as they could be. Too many tools complicate workflows and bottom out productivity. Look for solutions that let you integrate with your core business platform<\/a> and can be easily implemented. <\/p>\n\n\n\n While cybersecurity has always been an issue for large businesses, in 2023, smaller businesses will need to add it to their \u2018take seriously\u2019 list. <\/p>\n\n\n\n The recent explosion in cyber-attacks has been spurred by changes to how we work, more engagement between nation states and, simply, more desperate people looking to make a buck. And easier-to-hack smaller businesses are the juicy, low-hanging fruit. Once inside your systems, bad actors can sift through, steal customer data and IP or deploy ransomware.<\/p>\n\n\n\n So, it\u2019s time to lock things up a bit tighter \u2013 invest in the best cybersecurity you can afford and educate your people on how to avoid being taken in. If that sounds like it might be expensive, think about it like this: it\u2019ll definitely be cheaper than dealing with even one major breach.<\/p>\n\n\n\n Most of what we\u2019ve covered here applies to businesses across the board, but how much you\u2019re affected by these challenges depends on your location and industry. <\/p>\n\n\n\nWinning the talent wars<\/strong><\/h2>\n\n\n\n
Dominate with service, not discounts<\/h2>\n\n\n\n
Use convos to boost culture<\/strong><\/h2>\n\n\n\n
Digital, but make it integrated<\/strong><\/h2>\n\n\n\n
Cybersecurity \u2013 don\u2019t panic (much)<\/strong><\/h2>\n\n\n\n
Be a pessimistic planner<\/strong><\/h2>\n\n\n\n