Planning For Your Business Going Into 2023
Another year is ending and yet another new year is on the horizon. While it’s tempting to pat yourself on the back for a job well done (or even a job survived) it’s more important now than ever to avoid resting on any laurels.
Are you planning for your business going into 2023? Or do you have more of a ‘let’s ease into the new year first before making any drastic plans, 2022 was tough as it was’ attitude?
Any savvy business owner would tell you that planning for the new year should be a part of your annual routine and not an afterthought.
Here are some of the top suggestions for what to consider and get thinking about as we near 2023. And even if you don’t get the message until later into the new year, it’s never too late to get to grips for the rest of the year as soon as you can.
What are you investing in for yourself?
This is a big one here at Tricres. Everyone has to decide on something new to learn, try, or invest in for themselves. After all, if you don’t grow and continue educating yourself, how can you expect anything else to?
It might be continued education or a new course related to strategies for business. Maybe even a new language. If there is a particular aspect you really enjoy about your business, is there something you can learn to take your interest further and make you an expert?
New skills and development are inherent to maintaining a sense of curiosity in what we do. The point here is to pick something you will enjoy, not something you think you have to learn because you should. Those things can be outsourced if your heart isn’t in it.
Self-investment is important in all areas of life, so make sure you include a business version. Knowledge is power!
Review 2022 with a critical eye
Take a critical look at the year behind you. Some important questions you should be able to answer include:
- Are your financials in order and complete?
- Do you have the big picture of overall revenue and profitability?
- What revenue streams do you have?
- Does your brand need a refresh?
- What was your close/conversion ratio?
- Which marketing strategies worked and which didn’t?
- Does your team need to be expanded? And if so, what jobs can you delegate from yourself?
Decide on sales goals for 2023
Based on wherever you are and the current economic climate, set goals that align with your sector or market. Reasonable goals are good, but don’t forget to set a moonshot goal! Aiming higher means reaching the reasonable might become a foregone conclusion.
Break down those goals into quarters and then monthly and so on to track your progress.
Setting the 2023 budget
You should be able to report on the spending for 2022 and then use that to decide how you plan to approach 2023. Some good questions to think about (and be brutally honest about) include:
What is the current cash flow?
What are the current operating costs?
Are there known large spends, tech upgrades or hardware required in the next 12 months?
Where can costs be cut?
If your company can spend money, where should that be? And should you do it?
Do a digital clean up
Clean out the email archives, tidy up the inbox, and get rid of unnecessary documents, spreadsheets, folders or anything else clogging up your computer hard drive. Not only do those things take up valuable space, but they also slow your hardware down.
Set up your admin folders for the new year ready for filing. Run a disk cleanup and follow your OS recommendations for storage optimisation.
Are your contacts current? Get rid of unnecessary ones where possible for a streamlined system.
Clear house, a clear mind, clear thinking. Decluttering is more than a clean slate, it’s a fresh state of mind for a fresh approach to new goals and new thinking.
There are plenty of online lists of things SMEs can do to prepare their businesses for 2023, but these should be a priority. A bare minimum if you will.
Even though December is a busy time for all, a little planning goes a long way. If you can tick off a few of these suggestions from your list before January you’ll feel positive going into 2023 and can complete the job then.
Take the initiative to get the momentum rolling and see where it takes you.