Looking Ahead to December 2022
As I sat down to write Looking Ahead to December 2022, I thought about what is it you need to hear right now? What can I write that will help you the most as we head into Christmas after another year like no other? This month, I’d like you to consider how sustainable your business is. Can it continue as it is? Or do things need to change?
Brexit, the pandemic, the war in Ukraine and now a recession. The last five years have been a turbulent period for UK businesses, and a struggle for many. Having the freedom and flexibility to choose where, when and how we work is one of the great benefits of running a business. But as they say, it’s the rain that makes the garden grow, and the lessons we learn now will strengthen us for the future.
Just as for the gardener learning how and when to plant, starting, growing and scaling a business requires day after day, night after night, of experimentation, trying and failing, and then trying something else until you find what works best for your business. And then just when you think you’ve got it figured out, something happens. Nothing stays the same and it’s time to start experimenting all over again.
Next year is set to be a year of recession in the UK. In other words, our economy, overall, will shrink. There are a number of reasons for this, but the main ones are the double whammy of:
Inflation which is currently in double figures for the first time in forty years, and
Rising interest rates which are reducing the disposable income of people with mortgages.
What’s happening in simple terms, is that people have less money to spend because everything’s more expensive. Some customers will stop buying, some will buy a more affordable version while others will postpone their buying decisions. As a result, your market shrinks. Which leaves you and your competitors trying to get the same level of sales from less customers.
Or does it?
Yesterday I was on a call with a client who has just recorded her biggest year. As a result, she’s built up a substantial financial cushion, been able to double what she pays herself and expanded her team. She’s going into 2023 with monthly sales treble what they were at the start of 2022 and a healthy pipeline. And she’s in the process of making a game changing staff appointment which will free up time for her to focus on new business development.
Unlike her competitors, her professional services agency isn’t trying to get the same level of sales from less customers. It’s fishing in a different pond. That’s because, when we first started working together, we identified a fast-growing sector which her competitors hadn’t thought to target and where she has relevant knowledge and experience.
During our early meetings, my client made a set of strategic choices which means she’s building a sustainable future in an area of growth, despite the recession. Her business is on track to grow strong and safe in 2023 because early in 2022, she made the right choices to support the aspirations she has for her business.
December’s Theme
Whether your business thrives in 2023, or whether it struggles and withers, will come down to how sustainable it is. By sustainable, I mean can your business, in its current form, keep going the way it is, or does something need to change? This is the time to ask yourself how sustainable your business really is. Ask yourself questions like:
Is my business reliant on sales during one or more of the seasons? What would happen if sales were less than forecast?
Does my business need to be more profitable so that I can pay myself properly and bring in the support that I need to help me?
Is my industry or sector recession proof? Is my business in a market where people have lots of money to spend?
Do I need somebody to support me on a strategic level.
Yes, it is true that lots of people do have less money to spend and lots of businesses will struggle next year. Many will indeed close. But history tells us that in every economic downturn, in pretty much every market, some businesses do remarkably well. It also tells us that women-led businesses fare much better than their male counterparts following a recession.
Your success in 2023 will depend on your ability to make sound strategic choices about how to make your business sustainable. That’s why this question is our theme this month.
Read: Why Women-Led Businesses Fare Better Following An Economic Recession.
FREE online workshop - 'What Lies Ahead For 2023’
With the promise of more economic uncertainty, I thought it would be timely to look at the key industry trends which are set to impact the way we sell, shop and buy in 2023. On Friday 13th January at 9.30am, I’m running a FREE online workshop - 'What Lies Ahead For 2023'.
In this talk, I’ll run you through my top predictions for the year ahead. Most importantly, I will share what this means for you and your business over the next 12 months and how you can use this information to make 2023 a success.
In this free small business workshop, you'll learn...
The four trends that will impact businesses in 2023.
The key focus for all businesses wishing to not just survive but thrive this year.
How best to use what for many is the quietest time of the year to prepare.
Save your place here.
And finally...
I'd just like to offer a quick rundown of other ways I can support you and your business in 2023:
Get tailored support in your business through my signature business mentoring programme - just a couple of spots remaining.
Have me work with you to review your business and create a solid plan for 2023 together.
Have me facilitate a strategic planning session with you and/ or your team.
Become a founding member of this Substack community and get all the benefits of a paid membership as well as a one-hour Zoom call with me where we’ll discuss a business-related topic of your choice for half what I normally charge!
Wishing you a productive and successful December.
Denyse
About The Author
I’m Denyse Whillier, and I was a Chief Executive for 8 years, I spent 25 years in senior management and leadership roles and trained at Cranfield School of Management. I made the leap from corporate to founding my boutique business consultancy and have worked with a wide range of small and medium sized businesses, many of which are purpose-led. My mission is to close the gender gap in business and make it easier for women to start, grow and scale a successful business without compromising their values.
Whatever circumstances you find your business in, know that you’re not alone – and that I’m here to support you. An experienced and empathetic business advisor can make a massive difference to your business – as well as to your own sanity – so do consider getting in touch to book a friendly (and free) chat at any time. I’m always happy to talk you through how I could help. For examples of my work, check out my portfolio of case studies.