2023 is here and what’s in store for YOUR business. Mark and I have been reading around to learn what problems the 'experts' say small business owners will run into. We then put our heads together to consider how these affect the customization business industry.
So here we go... let’s get ahead of 2023 with expected challenges and resolutions!
Supply Chain Issues – There will still be issues with getting supplies, and it shouldn’t be a surprise anymore. Since 2020 everything from toilet paper to cars has seen the effect of backorders & supply chain issues.
What this means for you
- Stock up, Stock up, Stock up
- Have backup plans, especially for apparel
- Don't procrastinate
- Include in communication to customers
*Accelerated Digital Transformations** - Changes are happening faster than ever. Your customers are going to want to interact with you digitally the way THEY want to. Texts, live chats, emails, social media, package tracking, etc.
What this means for you
- Find the ways your customers like to interact
- Figure out how to implement (CRM, Texting Software, Apps)
- Move away from the old ways (Excel quotes, Taking credit card numbers over phone, physically signed quotes)
Inflation – Prices are still expected to go up.
What this means for you
- Prepare your customers ahead of time
- Be watchful of waste / Find ways to be more efficient
- Raise YOUR prices when you have to
- Find ways YOU can help YOUR customers save money. e.g. 'what other promo items do you use, maybe I can help you consolidate all of them with me to save money'
Talent and Staffing – Good quality employees are going to have plenty of opportunities
What this means for you
- It may be hard to hire if you need to add staff
- Create a Good Working Environment that encourages employees to join/stay
- Know employees’ worth, if you hear similar jobs pay $2-3 more an hour, consider raises
Increased customer expectations – People get things faster and more personalized than ever.
What this means for you
- You ARE in the customization business, so that’s good for you.
- You will want to be efficient to deliver things faster than ever.
- Consider what you keep in stock so you can deliver same/next day
Transformation of gig workers - More people are moving to gig/contract work as a side hustle or even full time.
What this means for you
- Potential to outsource to help your growth
- You might not have to hire in a full timer
- Hire people seasonally, even IN your shop
- Gig workers can be a market too
Even though challenges are expected in 2023 there is still a ton of optimism in our industry, so be sure to keep pushing forward and make it a great one!
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