WOW – it’s another year! This marks my 9th year in coaching and oh how things have changed! Don’t get me started on what I’ve seen change in the last 40 years as a business owner – that’s too long a list.
However, I do see some significant trends emerging for service-based businesses for 2023 and beyond.
Here’s what I’m seeing:
1. Continued increase in the importance of having a better-than-great digital footprint. Since COVID, our markets are no longer just down the street, in the same city or province. For service-based businesses, our market is now global with some being slightly restricted by licensing i.e. lawyers, etc.
Your prospects are going to creep you out before reaching out to you to engage your services which means your digital footprint (website, social media, YouTube, etc.) is how they will find you.
Ask yourself: How effective is your digital footprint? Is it consistent?
Does it need updating or a complete overhaul?
2. With respect to digital footprint, I see a trend of more businesses relying less and less on social media to drive business success.
Ask yourself: Will you continue to invest as much time and energy in social media as you have done in the past?
3. Because our markets are more global and more crowded with competition service-based businesses will find it beneficial to become SPECIALISTS! More than ever, your prospects will be searching for a specialist – someone who is an expert in solving ONE big expensive problem for them. Subconsciously, a specialist is a better bet than a generalist.
Ask yourself: Could you niche down even more than you are already? Remember: A fox can only chase one rabbit.
(Watch for upcoming free Bootcamp – Niche Down, Profit Up)
4. Business models are changing! Service-based businesses that are thinking outside the box are winning big time! Lawyers who are creating courses and programs to sell are earning bigger profits than those who spend their time one-to-one offering bespoke services. Financial advisors who are doing business differently than others are also winning at business.
The same is true in other industries. It’s time to stop thinking – “but our industry doesn’t do business like that”!
Ask yourself: Do you have time to work on your business so you can think creatively? How could you work on producing real assets in your business such as a course or program?
5. Businesses who are clear on their purpose and who publically declare how they impact social good are also the winners. More and more, prospects are choosing businesses that do social good and who are proud of their purpose – think Toms shoes, etc.
Ask yourself: Does your business have a clear social impact purpose?
If you’ve found that you could improve:
- The joy factor in your business.
- The social impact factor in your business.
- Your business model so you could have more freedom.
Then I’m going to invite you to attend…. VISIONARY GPS
We start on Thursday – yes this week – getting clear on the direction of your business so you are more focused, more productive, and happier than ever with your business!
Here’s the link to register & get more information:
Wishing you more joy, profit & free time in 2023!