4 Ways Small-Business Owners Can Prepare for 2023

As 2022 winds down, the roughly 32 million small-business owners throughout the U.S. have no doubt begun exploring ways to prepare for the new year. Whether these entrepreneurs want to build on this year’s successes or need to correct course in order to achieve more in 2023, preparation is vital.

With that in mind, here are four tips small-business owners preparing for 2023 should implement in order to gain a competitive edge in the coming year.

1. Investing in New Tech

During the Great Resignation, millions of people quit their jobs. While this mass exodus of employees impacted companies of all sizes, small businesses were particularly hard hit. As small-business owners continue to contend with staffing woes, they should explore new technologies that can help them accomplish more with less.

Investing in customer relationship management (CRM) software, accounting tools, and other technology solutions can maximize the productivity of existing staff and allow owners to replace labor-intensive processes with more efficient ones. Modern technologies with automation tools will not solve the labor crisis on their own, but they can also provide small-business owners with a means of thriving while talent remains scarce.

2. Outsourcing Auxiliary Responsibilities

Outsourcing is another great cost-saving measure that alleviates staffing challenges associated with talent shortages. Small-business owners can outsource many different responsibilities, including IT. Moreover, a third-party managed services provider (MSP) can provide access to talented IT support without incurring the costs of hiring in-house staff. In turn, this ensures businesses can make full use of their various technological resources.

A great MSP will help small-business owners avoid extended technology outages and costly downtime. Additionally, MSPs can provide a higher quality of support than in-house specialists at a fraction of the cost. They may also want to consider outsourcing accounting responsibilities to a third-party accountant or firm. Such a firm can manage things like tax document preparation and payroll. Outsourcing allows business owners and their staff to focus on core tasks while also reducing operating costs.

3. Adopting an eSignature Solution

Cumulatively, businesses in the United States waste a staggering $8 billion annually on the management of paper documents. According to the same source, companies can reduce their document management expenses by 85% simply by adopting eSignature technologies.

For a small-business owner, eSignature solutions can provide significant cost savings while simultaneously streamlining customer experiences. eSignature technology from trustworthy and dependable providers like Jsign can be used to facilitate the signing of user agreements, purchase orders, invoices, quotes, and other essential business documents.

Top eSignature solutions allow business owners to send signature requests, capture them electronically, and securely verify the documents’ legitimacy. These all-in-one platforms can help small businesses compete with larger companies while also reducing operating costs.

4. Partnering with a Marketing Firm

Businesses of all sizes must leverage digital marketing if they want to stand out on the world wide web. An experienced digital marketing firm can provide small-business owners with a cohesive brand-building strategy that allows them to acquire new clients and generate more revenue. When seeking out such a partner, find a firm that specializes in serving companies in their industry. This will ensure the firm understands the challenges facing the small business owner.

Prepare Now to Get a Leg Up on Your Competition

Don’t go into 2023 without a plan for your small business, and don’t think you can scrape by simply by doing the same thing that’s worked for the last several years. Businesses that choose to wing it or stubbornly stick to what worked last year are bound to be left behind while their competitors soar ahead. But by leveraging these tips and adopting a forward-thinking mindset, small-business owners can make 2023 their most successful and profitable year yet.

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.