We have the opportunity to speak and work with hundreds of businesses from around the country. As we kick off 2023, we’ve identified some emerging trends that we think are important to share with you. We have also provided links to resources that might help if these are areas of focus for you and your organization.

Talent Optimization

• Right person, right skills, right seat – We all experienced the volatility of employment in 2022 and are starting to see the shift back to a less challenging state. Because of this, we are seeing that many organizations are focused on optimizing their workforce and structure to have the necessary redundancies in place, but to also ensure the individuals and the company have the right culture fit. Check out this video clip on Organizational Design to get started.
• Balance of resources and tech – Because of the people shifts in the last year, many companies are looking to technology to help fill the gaps where people are not available. This can be facilitated through automation, online portals, bots, and much more. Developing the right balance of people and technology is a major focus for many organizations.
• Hybrid collaboration tools – LinkedIn predicts that more businesses will bring people back into the office in 2023. However, a hybrid work structure is still a major part of business and will doubtfully go away entirely. Determining how to maintain and improve culture while supporting a hybrid workforce is challenging and will continue to be a major area of focus. JMARK is a huge believer in Workplace by Meta to help with this need.
• Middle management development – Because of turnover, retirement, and business growth, the need for middle management development is critical for businesses to grow or even be sustainable. We are seeing an ever-increasing need for investments in this area as Subject Matter Experts (SMEs) evolve into people managers and leaders.

Technology

• Security – Cybersecurity is going to continue to be a focus. Small and medium-sized businesses continue to be a target at increasing rates. Ransomware, data-mining, compliance management, and cyber liability insurance are driving the need for a greater focus on cybersecurity in 2023. Here are some resources to get you started: How to Develop a Culture of Security and The Cybersecurity Checklist Required in 2023
• Artificial Intelligence (AI) – As I’m sure you have heard, AI is impacting more and more sectors of business. From ChatGPT, to data analysis, website optimization, lead generation, and much more, AI is changing the game. For many years this has been something only large organizations could utilize, but it wasn’t accessible for the average business. In 2022 and 2023, this is changing. Almost every business can utilize some form of AI… in fact, I would argue that it will be a competitive requirement very soon.
• Cloud – This is not a new topic. However, cloud technologies are constantly evolving and changing. From primary applications like Salesforce and NetSuite to Office 365 and Google’s G-Suite, cloud technologies are empowering hybrid work, facilitating more effective workflows, and reducing the need for major capital investments. Generally speaking, cloud technologies cost more over time because of the subscription model, which is causing the overall cost of technology to increase for the average business. However, at the same time, cloud decreases downtime caused by upgrade management, lowers the level of talent management it takes to maintain backend systems, and requires much less energy to stay current.
• Reporting & Business Intelligence (BI) – Good data drives better decisions. Businesses are investing in BI to ensure their people are informed, trends are identified, and their financial investments are facilitating the best outcomes. Core applications delivered via a cloud or SaaS solution are helping to drive better information. We highly recommend that all organizations utilize a well-informed Scorecard/OKR/KPI driving system to ensure their people are properly informed.

Growth

• Social media as a real producer – Most organizations have had some form of social media presence for years. However, very few SMB’s are able to turn their presence on these platforms into a true lead source. We see that in the coming year, this is going to shift. Integrating support, sales processes, customer service and much more is going to be required to properly engage with target audiences.
• Streamlined sales process – Attention spans are constantly decreasing. As such, it is critical to streamline your sales process to align with the expectations of the buyers. This must include a strong online engagement process that makes it easy for a buyer to gain information early and quickly. Since over 80% of the research is done on a product or service before engaging a salesperson, the digital engagement process must be strong and easy.
• eCommerce – This technology has obviously been around for years, but it is ramping up to new levels. Buying preferences continue to shift more and more from a person-to-person engagement process to a person-to-technology engagement process. From meaningful portals, to dashboards, to professional service engagement processes, to self-help portals, eCommerce is becoming more and more a requirement for every type of organization.

Legacy Planning

• Who is next? – With Baby Boomers retiring at a rapid rate and more professionals retiring early, many organizations are focusing on how to be successful through these transitions. This involves planning, difficult conversations, and often a major shift in cash management strategies.
• Business value – Because of the transitions in business and legacy planning, business valuations are becoming more meaningful. A traditional family business that has cash flow to support a single owner or small partnership is often not valuable to a third-party buyer. If a business is going to have a retirement strategy, it must produce enough profits to substantiate the value the owner(s) need to properly exit the business.
• Leadership – Similar to middle management maturation, senior leadership must continue to evolve – not only because of transitions in the business, but also because the types of leaders that businesses require are ever-changing. Good employees have options and will not stay in an organization that doesn’t have quality leadership. Leaders need to empower employees, have empathy, understand the business, and make a difference to the front lines as well as with other leaders in the business. Leadership evolution is a requirement for quality growth and sustainability.

What are your thoughts? Are you seeing any trends that you would like to share… or have any thoughts or questions about something above? Reply and let us know!