In 2023, every company will experience the biggest challenges. Since the Covid-19 pandemic, there have been a lot of ups and downs. Post-pandemic was a challenge and now as we enter 2023 there are an array of issues businesses will encounter. It ranges from inflation to fulfilling customer expectations.
Stephen Taylor is the major supplier of promotional confectionary gifts. He is the founder and CEO of Propaganda and Sweet Concepts. For 30 years he has successfully survived the fluctuating economic markets involved in booms to recessions. His advice is to think beyond the economic arc and adjust your business strategy accordingly. He is prepared for the massive challenges businesses will experience in 2023.
Inflation & Recession
The economy in the UK will continue to struggle in 2023 with price rises and stagnation. Companies will have to find ways of reducing costs without sacrificing their product or service quality. Stephen believes that it can be achieved via exploring new markets or technologies, increasing operational efficiencies, and investing in innovations.
Leverage their current resources and turn them into assets. It will help to control costs better and maintain a competitive edge. Businesses that stay flexible can quickly adapt the market conditions and changes. Get familiar with potential risks and take proactive measures to overcome the 2023 challenges in a better way.
Energy Price Hikes
Global energy rates skyrocketed at the start of 2022 due to the Russia –Ukraine war. The matter is worsening for the UK as it experiences plenty of challenges associated with energy security in 2023. Greener practices can be pursued but the endeavor is costly for businesses and customers.
The government is negotiating with other countries about extraction rights as well as searching for alternatives to get energy instead of producing its source. It sounds time-consuming, so the chances to predict that energy prices will go down soon seem impossible.
Covid-19 has disrupted the supply chain massively. Businesses had to encounter supply chain issues along with labor shortages. Even in 2022, businesses found it hard to fill production roles.
The Russian invasion of Ukraine made matters worse for businesses connected with Eastern Europe. Stephen has already started shopping with local London vendors, so his company does not have to depend on supplier failures.
Attract New Talent
Due to the pandemic, the working landscape is shifted. There is a struggle in the business world to acquire the skills and talent needed. Many candidates prefer hybrid or remote roles, which has left businesses short-staffed.
Early retirement is another factor perplexing the job market. Seasoned professionals are choosing to retire or slow down completely. To encounter this situation, businesses need to offer attractive designations and perks to influence skilled personnel on board.
To stay competitive, businesses must refine their services to fulfill consumer demand and offer product quality that is beyond their expectations. Due to the cost of living catastrophe, it is challenging to stay competitive.
Businesses have to create a better relationship with their consumers by taking action on their feedback and showing they care. It will help to enhance customer loyalty, which is great for repeat business.
Stephen believes in taking a proactive approach via transparency. He is a community lover and supports plenty of good deeds not just in donations but even in volunteering activities.