Dear Chuck
Of course this is another email of well wishes! Happy Holidays to all our clients and partners. We wish you the best for the remainder of 2022 and 2023.
Speaking of 2023 - are you prepared? We've included a short article with tips.
As always, past newsletters are at www.HawthorneServices.com, and click Resources at the top of the page.
Sincerely,
Chuck Bower, 574-361-6166
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Preparing for 2023 
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JP Morgan, among others, has warned of an economic slowdown in 2023. This is no surprise. What steps are you taking? Having already developed plans for 2023, did you anticipate the continuing rate increases? Never-ending inflation? Read ahead for tips:
- Prepare for contingencies. Don't be underprepared with financing, and face increased sticker shock as rates continue to rise (they will.)
- Stay on top of collections, as slowing supplier payments is one of the first steps that cash-crunched businesses take.
- Determine what opportunities could be available as supply chain issues ease. If you've had an advantage over a competitor through good supplier relationships, what happens when that advantage vanishes?
- Are you leveraging your marketing dollars properly? Using social media (if it applies) to its fullest? Getting everything out of your CRM that you've put into it? Talk to clients and customers early to anticipate their needs. Because it's the right thing to do, and because of the next tip...
- Make strong investment decisions. Don't simply look to cost cutting to save your way out of a downturn. Preparing for the right services and products will keep you one step ahead. This means right equipment, capacity, people (right people, right seats...)
- Keep the recruiting pipeline open, as favorable candidates are slowly emerging and becoming available. Make judicious decisions (remembering, Hire slow, Fire expediently.) Consider the flexibility you have to offer, based on your industry and organizational requirements, to attract candidates.
- You've finished your benefits changes and open enrollment. Have you evaluated the rest of your insurance and risk challenges? Is your cyber insurance up to date? How prepared are you for tech disruptions?
- Speaking of cyber insurance, universities and colleges are now dealing with hackers (using ransomware) who have threatened to expose student data. Is your customer and employee data safe? It's one thing to be held hostage by ransomware. Imagine your customers receiving an email from hackers threatening to sell information related to their relationship to your business. Or a threat to sell employee personal information.
Above all, enjoy the holiday season and get ready for a wild ride in 2023!
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