According to the World Bank, India is projected to be one of the fastest-growing economies in 2023.
As we already know, the year 2022 carried the imprints of the post-pandemic effects of Covid-19 and had been brewing an atmosphere of uncertainty.
Other than the pandemic, the wartime economy has had an especially detrimental effect on international trade, as countries have become increasingly protectionist and imposed restrictions on imports to reduce their economic dependence on foreign goods and services.
This resulted in an overall drop in global GDP which is currently overlooking an economic slowdown.📉
🙇♀️But what does it mean for Indian businesses?🙇♀️
The Indian government has been actively taking steps to ensure that businesses recuperate from the post-pandemic phase by setting aside a relief package to help companies manage cash flow, credit and taxes, reducing the interest rates on loans to help businesses stay afloat along with a range of online training and mentorship programs to help entrepreneurs navigate the crisis.🔎
With respect to the current economic environment, it’s time for Indian businesses to re-look and re-adjust in order to remain agile and responsive to the changing market dynamics.📊
So allow us to help you get started on the most important strategies for 2023 in true New Year Resolution fashion.
Cause manifesting is the key, right?💡
Here Are the Top 5 New Year’s Resolutions for You to Not Just Survive but Thrive in 2023
With the changing economic scenario around the globe, market needs have shifted. Being in sync with these changing needs will enable you to track the shift in consumer demand over the course of time.
Hence, Know your customers now. Ask them questions in order to create strategies that are tailored to the customer base you are serving, as well as to the changes in the market.
Also, analyzing the trends in the industry to understand the receptivity of the product in the market will also allow you to reach out to the right customer base.
This information would be crucial for the evolution of the product/service that you are creating.
Ben Chestnut, the co-founder and CEO of Mailchimp, an email marketing company says,” I turned down outside funding and focused on knowing my customers because that is the validation that matters the most.”
The onslaught of a steep global economy has seized the Indian startup ecosystem.
That automatically indicates that keeping a check on your regular cash flow is highly crucial. And it is the right time to get a grip on your finances.
Know where to invest your money for a higher return on investment.
Invoke lesser cash burn and retain it for the future.
Maintain a strong balance sheet to weather the storm.
Make smarter decisions for your company to weather the current economic slowdown like delaying capital expenditures, keeping a solid track of your runway, and identifying investments where the return on investment is the lowest.
We know it’s a challenging time and it gets easier to slip away from the culture that you once built.
Retention of talent is one of the most important factors that will help your company thrive during such times. Build trust by ensuring communication between the employees and the leaders.
This in turn will eventually attract more employees who are a match to your culture in the near future.
Try to regulate the timing of recruitment and also the number of employees you are hiring amidst the steep economic slowdown.
And as we know, recruitment is always accompanied by the hassles of payroll and compliance payments!
But let us take care of that!
Imagine if all your banking woes just turned into wows overnight.
That would mean you can finally get 7-8 hours of sleep.
Amidst the ongoing situation, you may not want to grow your workforce but you do want your business to grow.
And the best way of doing so is to automate some tasks to increase efficiency, accuracy and reduce labour costs.
Banking operations that were once done manually like paying invoices, paying taxes and processing payroll can now be done faster, more seamlessly and from a single smart dashboard.
Automated banking will also help your business thrive with a limited workforce and help scale faster with advanced automation of business operations.
This is one of the most important times that you should connect more with other founders. Conversations spark opportunities to share stories and you can learn from the experiences of others, and find mentors who can help you in your journey.
You might find peers to share your struggles with and get advice and encouragement.
More importantly, you might meet potential collaborators who can help you scale your business faster.
Networking paves the way for you to identify better methods of performing the same task. This will enable you to learn faster and enhance the efficiency of your business.
Networking also brings you closer to what’s going on in your industry. This information can further impact your business decisions.
While you work towards making your new year’s resolutions a reality, let us take care of you with:
🚀collateral-free corporate card with unlimited add-on cards
✅seamless accounting software integration(Zoho, Tally)
😮easy collaboration with your chartered accountants with custom access
👀no cooling-off period and instant beneficiary addition
😍no transaction limit and so much more
And RazorpayX is your one-stop solution for all your banking needs.
Allow us to help you unlock and achieve your 2023 New year’s resolution seamlessly!