5 things to do now to propel your business into 2023

The opinions expressed by entrepreneurs contributors are their own.

Entrepreneurship is a daily act of faith. In times of economic uncertainty, that jump can feel like diving off a cliff. We are in one of those times. It will likely take months to fully readapt to the forces that have hit the global economy, and for entrepreneurs, months can feel like years.

With the right playbook, entrepreneurs can survive and thrive in any economic scenario. Here are five things you can do to propel your business now and through tough economic cycles for years to come.

1. Learning from tougher times

A tough economy presents a unique opportunity to make tough business plan decisions. Everything is open to reconsideration. How has the market changed? Do your customers face challenges that create new opportunities for your solutions? How do new conditions change your assumptions and what actions should you take in response?

Critically evaluate your product roadmap. Is it time to pivot or become more aggressive with your current plans? Prioritize the highest margin features achievable within the next twelve months. Push back projects that are not on this list and reallocate resources accordingly. Reassess prices. Even though inflation is tiptoeing back after reaching its highest level in forty years, the costs of raw materials and transport continue to rise. What will impact your customers if you adjust prices or add extras to offset these costs, at least temporarily?

It has been a difficult year for recruiting. Many companies took what talent they could get. If there are employees or construction workers who would do better in another job, now is the time to let them go. Make rigorous corrections that will pay off overall; corrections that could be avoided in less difficult times.

Related: How to Turn Inflation and Recession into Your Biggest Business Opportunity

2. Tighten your grip on money

Venture capitalists are backing off. In the third quarter, Crunchbase reported that startup funding in the US and Canada fell 50% year-over-year. Valuations are down across the board. If you're lucky enough to be a late-stage startup that has benefited from venture capital largesse in 2021, make your latest raise last longer than expected.

Keep your dry powder dry and put it back in another round until the markets balance out. Re-emphasize the basics for start-ups with less market validation and greater distance between now and a potential exit. Delay all capital expenditures. Leverage the hybrid working model if possible to reduce rent and other office expenses. Continue with Zoom or Google Meet. Now is not the time to rack up travel expenses. Renegotiate fees and terms with service providers. Seek credit terms from major providers, in a nutshell, get started.

3. Talk to customers, in person. Now.

How have the business needs of your customers (paid or beta) changed over the last 18 months? Are there any benefits to your solution that have more recognized value now? Almost all companies, for example, from enterprises to startups, have been forced to relearn the lessons of supply chain management. Startups that can help their customers do better business...