How to keep your business growing in 2023: Six tips from EFund CEO

Entrepreneur Fund CEO and President Shawn Wellnitz recently shared his expertise with Business North in their Directory 23 issue, which asked industry experts about their business predictions for 2023.

Wellnitz, shared what challenges and opportunities may lie ahead in the coming year. He addressed continued inflations, recession fears, interest rate hikes and other topics of concern for our region’s small business owners.

Even among the uncertainty, he also provided his top tips on how to keep your business growing and thriving in the months ahead.

1. Be sure to take the time to define what your business really does best - invest in those areas that give you a competitive advantage and promote it. Hitting this sweet spot always drives revenue growth and the long-term value of your company. 
2. Create an advisory board comprised of the skills, experiences, and perspectives of people that you want but can’t afford to hire. Convene with them quarterly, pay them a small stipend, feed them well, and pose some of your biggest challenges and opportunities you are having in the business. You will be amazed about the talent who wants to support small business and how clear solutions and opportunities will emerge
3. Invest in your people for the long-term. I’m not just talking about retention, but recognizing your people are the ticket to your future. Bring them into goal setting and problem-solving, give them ways to grow and be a better employer by offering career tracks. Every business can afford to do this in some way. Your next growth opportunity will be contingent on having the people you need to execute it. Investing in your people now ensures that you have people that can think and grow with you - and already feel invested in a shared future. 
4. Know and manage your numbers. This matters all the time, but especially in difficult business conditions. Know your gross profit margins. Know your break-even. Know the key weekly measures that drive your business and manage them accordingly. If it feels overwhelming, reach out to a support organization (or your EFund advisor) who can guide you along. You cannot lead and grow a business if you do not know your numbers and what drives success. 
5. Take care of yourself. Many business owners have experienced a host of stresses in the last few years: pandemic closings, staff shortages, inflation, etc. Find ways to prioritize and take care of your well-being. Your renewed energy can free your mind to work on the business and come up with creative solutions rather than grinding it out. Take 60-90 minutes every day for exercise, learning, social connection, or reflection. Every company needs a strong leader, so be sure to foster the parts of you that enable you to be what your company needs. 
6. Look for acquisitions. If you’re in a strong financial and market position, many businesses will be distressed or are coming available as aging owners retire. Many of these firms may have potential strategic value for your company. Explore opportunities to buy businesses or partner with those that have key competencies, talent, complimentary offerings or that can add market share if it’s a good fit and you have the capacity to manage this type of change. 

If you have any questions about how to manage your business in the new year, reach out to your EFund advisor. Our advisors are trained in specific areas of business operations and can connect you with the resources and tools you need to stabilize and grow your business.   

Read the full Business North article here, as well as other industry experts predictions for 2023.