2023 Business Trends
5 Things Shaping The Future of Business
It’s an interesting time to be an entrepreneur. Three years of uncertainty and instability from the pandemic has led to a deep level of fatigue. That’s now being topped off with talks of a recession, inflation and the war in Ukraine dominating the news. It wouldn’t be a shock if you have a grim outlook for 2023…
In periods of reset, there are always great opportunities, and now is no different. Let’s stick together by supporting and lifting each other up, and work together to shape the trends rather than follow them.
Here are 5 key business trends I see being important this year and beyond.
1. Remote Work
After three years of the pandemic, people are thinking differently about how they want to live and work, and because of this, remote work will continue to be a major trend. Businesses will need to find ways to effectively manage their remote teams, provide the necessary tools and technology, and maintain company culture.
Remote work offers flexibility, cost savings, access to a wider talent pool, improved employee satisfaction, and the ability to reach a wider, global audience.
There are pros and cons to everything, and remote work is no different. As I sit here writing this from my apartment in Sicily, my team members and most of our clients are still sleeping in north America. It’s great for getting focus work done (like writing this blog post), and for amazing personal life experiences – however, I find it challenging to always work alone and miss the energy of others.
While fully remote work is in for now, I believe a hybrid solution is the way of the future.
2. Productization
I see the productization of services as important avenue for entrepreneurs to systemize and scale their business. By turning a service into a product, entrepreneurs can more easily replicate and sell the same offering to multiple customers rather than reinventing the wheel each time. Turning your service into a product allows you to focus on the client experience and delivering excellence.
Productization can open up new opportunities for you to monetize your expertise and knowledge through online courses, workshops, memberships etc...
I productized all of our offerings a few years ago and rarely create a custom package for someone. It has reduced my time creating proposals and chasing invoices. Now, our clients pay directly through our website, and I rarely have issues with payments.
3. Leveraging AI
Artificial Intelligence (AI) tools like ChatGPT are here…whether we like it or not. This disruptive technology will continue to get better and faster, so rather than stick our heads in the sand and pretend they aren’t here or hope they will go away (not a chance), then we need to find a way to leverage AI and Machine Learning (ML) to stay relevant and competitive.
Play with these tools and see what they are capable of. Brainstorm ways you can integrate them into your business. Think about the ways you can leverage this technology to streamline your work and allow the human experience to thrive.
I’ve been exploring ChatGPT myself and actually asked it to write this blog. What I got was a starting point. I rewrote most of it and included my personal stories, but I wasn’t starting from scratch and that saved me time. I’ll continue to explore this and many other tools.
My advice - stay aware of the latest developments so you can see the changes it will bring to your industry.
If you find yourself focusing too much on the limitations of ChatGPT, the more powerful version is just around the corner.
4. Return to In-Person Events
In recent years, the rise of digital technology has made it easier for entrepreneurs to connect with each other and their target audience online. However, many entrepreneurs are now returning to in-person events for a sense of community, opportunities for networking, and inspiration.
Humans need connection – it’s a bit part of what makes us human. When that was taken away by the pandemic, we realised just how important it is in every aspect of our lives. So as the pandemic recedes and economies open up, entrepreneurs are taking advantage of the opportunity to meet in person and grow their businesses, amplify their brand and build partnerships.
Speaking at Camp Tailwind Sept 2022 - Photo by Paula Owen
I’ve personally been to a number of in-person events over the past year and nothing, I repeat, nothing will replace that experience. Connecting with like-minded individuals, building deep meaningful relationships, exchanging ideas, and having fun in the process – yes please! Not to mention the business growth I’ve experienced because of it.
Find the right kind of community or communities for you – somewhere where you can thrive.
5. Video Content
Many people resist it (I’ve totally been there), however video content is a powerful tool for growing a brand. First and foremost, it’s what the social media platforms are pushing, so you get more eyeballs on your content when you share videos. While I’m often resistant to doing something for the algorithm, I do have to agree that video is the way to go.
Video allows you to connect with your target audience in a more engaging and personal way.
You can tell stories and show your personality, showcase your products or services in interesting ways, and create an emotional connection with your audience.
Video content also more shareable than other types of content and can help to position you as a thought leader in your field.
I’ve been using short and longer form video content in my business. Short 30-60 second videos for social platforms like Instagram, TikTok and Youtube, and I have a Live interview series that streams on Linkedin, Youtube and Facebook. These videos are great for repurposing and by having guests on my channel, I get exposure to their audience and vice versa.
Think of videos as a way to Educate and Entertain (edutain) – your audience. This content has the best chance of being shared and going viral. I’m still working on the going viral part…but you can see how I’m using video on my social channels and what videos do best! (you can follow me here Linkedin, Instagram, Youtube)
What are the opportunities you’re seeing for your business? How can I support and lift you up? Comment below and let me know!