Survival Tactics for Businesses in 2023

Is there a formula for businesses to survive and thrive during a year that could witness a recession and is already dealing with record setting inflation? Owners and entrepreneurs in every industry are plotting ways to navigate their way through 2023 and come out on the other end without suffering financial setbacks. They’re putting their creative talents to good use with tactics like downsizing, using electric vehicles, offering subscription plans, and more. Here are some highlights of what’s working.

Downsizing for Accounting Firms

The era of massive accounting firms is drawing to a close. While many still talk of the big five or big four, for the most part, metro areas are serviced by dozens of medium-sized firms. The reason for the transformation of the accountancy sector, at least partly, is the need to downsize to meet the economic realities of the 2020s. But how does a traditional CPA firm do that? There are as many approaches as there are firms.

For starters, they identify one or two business segments that are underperforming and eliminate them. Some choose to relinquish consulting, tax preparation, or estate planning, but the choice is based on unique aspects of the company’s current operational performance. Another form of downsizing is to sell off individual practice segments to partners who specialize in areas like auditing or startup consulting. It’s important to note that downsizing rarely involves layoffs or across-the-board contraction of an enterprise.

Electric Vehicles (EVs) for Transport Fleets

Fleet managers are always at the cutting edge of efficient, modern strategies for surviving tough times. The professionals who supervise vehicle fleets of any size have several tricks up their sleeves for the potential recession of 2023. Even if the economy miraculously makes a U-turn and improves rapidly, transport company managers will continue their long-term commitment to include electric vehicles into their asset mix.

Paramount in importance for planners and mechanical engineering teams is range, the distance traveled on a single charge. Along with dozens of other vital components of an electricity-driven vehicle, its maximum range is what commercial buyers look at first. If you own or manage a transport fleet, you can check out all the pertinent details about EVs that have the best range numbers, see what kinds of chargers are available for fleets, and gather other relevant information about the many kinds of technology that help maximize the benefits of your electric vehicles.

Subscription as a Business Model

Subscription retail has been around for decades, but only now is the model becoming widespread. The technique has gained much ground since 2020, when millions of consumers were forced to shop online during the global COVID pandemic. Since then, companies in many industries have set up subscription plans for their most popular products. No area has seen as much success as the household goods segment of the consumer retail marketplace. Either way, internet availability by address improves consumer connections making online commerce more streamlined and viable overall.  

The standard arrangement is for the seller to offer an initial discount or free item in exchange for a customer’s agreement to receive monthly deliveries of similar goods. Shaving products, lotions, hair care formulas, face creams, soaps, and cosmetics are just a few of the fastest-moving inventory in the subscription universe. Of course, the prepared food industry has taken up the mantle as well, offering edibles and potables like chocolates, fruit jellies, assorted meats, and more. Find ways to make your business stand out in this marketplace so that even if you are offering a common good or service, people are drawn to you over the competition. 

Monthly Fee Billing for Auto Repair

Auto repair bills are one of the great unknowns in a typical working person’s daily life. Unless a vehicle is under warranty, the expenses that come with fixing a car can bring wage earners to the brink of financial desperation. Companies and national chains that repair vehicles know this, and they understand why so many owners are reluctant to visit repair shops. So, the industry has borrowed a page from retail by developing monthly fee, all-inclusive contracts whereby car owners get no surprises and regular maintenance work done at a reasonable price.

All-Online Customer Service in Banking

If you’ve been to a bank lately, it’s obvious that in-person services are being phased out. One of the many reasons for the phenomenon is that financial institutions discovered that they could deliver nearly all their products and consultative assistance via computer. There are multiple ways owners achieve this goal. Some prefer to put everything on a single website or online platform, while others leverage the power of social media to communicate with customers and offer generic or chat-based advice. In fact, many new banks, lending institutions, and brokerage firms maintain no physical presence at all.

They run 100% online companies. The approach, no matter who undertakes it, is not just a clever survival tactic amid a battered economy but also a way to build money saving methods into the long-term operational models of the industry. It’s entirely conceivable that the next decade will see the end of the bank lobby as it’s currently known. The entire financial sector is morphing toward a digital business model.