2023: The Year Your Small Business Can Thrive
As a small business owner, 2023 presents both challenges and opportunities. With the economy facing uncertainty, it's easy to fall into the trap of cutt...
As a small business owner, 2023 presents both challenges and opportunities. With the economy facing uncertainty, it's easy to fall into the trap of cutting costs and going into defense mode. But this approach can be detrimental to the growth and success of your business. I follow the sage advice of my friend and mentor, Gary Vaynerchuk, and "go on massive offense."
Cut the Fat (Yes, You Have It)
Stop Wasting Money On Shit That Doesn't Matter
Business owners, it's time to take a proactive approach and focus on cutting costs while simultaneously increasing demand. One way to do this is by conducting a full audit of all expenses and eliminating the bottom 30% of spending that does not contribute to the growth of your business. By cutting unnecessary expenses, you can redirect those resources towards effective marketing that drives increased demand.
You're Not As Lean As You Think
But I Am Already Lean
I know what some of you are thinking, I'm already lean, I don't have any waste. Wrong, you do. We all do—case in point. I consult with a bunch of businesses in different industries all over the world. One of my consulting clients runs a family-owned business specializing in sports protection gear. On a recent bi-weekly call with the owner and 3 members of the team, all family, by the way, I tasked specific members with important jobs and jobs that the owner still had his hands in. Two weeks later, I got on my call and expected to speak with those family members and not the owner. Wrong! He was still doing tasks other people on his team were assigned to do. He is micromanaging the process, thereby making it inefficient, bloated, and wasteful. That kind of shit has to stop if you're doing it in your business.
Confessional time: I am not perfect. I do this stuff too. When I catch myself doing it, I hand things off. Trust me, I suck at doing most things, so when I get in there, I get in the way.
Now Go Build Demand
Creating a strong marketing strategy is crucial for the growth of your business in 2023. This can include tactics such as SEO, social media, and brand storytelling. And if you need help developing one, you can contact me for some consulting help. I love working with small businesses like yours. I offer valuable insights and advice, and I help clients grow their brands, scale their businesses, and get shit done.
Remember that as a small business owner, there's always a way to stay ahead and grow stronger in a challenging environment. You've got to focus on cutting waste and creating demand through effective marketing strategies. Trust me, it's worth the effort, and you'll set yourself on a path to success in 2023.
Frequently Asked Questions
Instead of cutting costs and playing defense during economic uncertainty, Ken advocates taking a proactive approach: conduct a full audit of your expenses, eliminate the bottom 30% of spending that doesn't contribute to growth, then redirect those resources toward effective marketing that drives demand. It's about cutting waste while simultaneously increasing demand, not just retreating into survival mode.
Ken says you're wrong if you think you don't have waste—we all do. He gives an example of a consulting client whose owner was micromanaging tasks he'd assigned to team members, making the process inefficient, bloated, and wasteful. Even Ken admits he catches himself doing unnecessary tasks and has to hand things off because he 'sucks at doing most things' and gets in the way.
Ken mentions SEO, social media, and brand storytelling as key tactics for creating a strong marketing strategy in 2023. The focus is on redirecting resources from wasteful spending toward these effective marketing strategies that drive increased demand for your business.
Yes, Ken specifically says he loves working with small businesses and offers consulting help. He provides insights and advice to help clients grow their brands, scale their businesses, and 'get shit done.'
