Business Planning in the New Year

As a new year begins, we often make new year resolutions for our personal goals, however, planning for the new year in your business is also very important. It sets the tone for the year and what you are wanting to focus on. What business goals do you want to accomplish in 2023? Have you considered calling our experienced Business Advisor Michele to arrange a 2023 Strategic Planning Workshop?

What are your business goals for the year ahead?
The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement. 
Last year, there were inescapable impacts on businesses, with some thriving, others failing, and others just getting by. So, what kind of year was 2022 for your business? 
Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an objective perspective can provide valuable insights to prepare for the next business year. Planning and goal setting will help provide a focus for your business efforts. 
Your yearly business review 

• What were the most significant impacts on your business in 2022? How well did you meet the challenges? 
• What worked well last year? What systems, technology, products or services were successful? 

• What accomplishments can you celebrate? 
• What situation, event or experience provided the biggest learning opportunity? 
• What is the biggest challenge or frustration you face as you prepare for 2023? 
• What did you most enjoy during the year? Do more of it. What did you least enjoy? Do less of it! 
• Analyse your financial reports. Are you earning what you’d like to? Is the business sustainably profitable? 

Some considerations to think about

• Interest rates increasing - How will interest rates affect your mortgage? Will you need to increase your salary and put pressure on your business’s cashflow? Do you have an overdraft or loans for the business, how will you fund the increased repayments? Why not sign up to our Profit Improvement Workshop to find the cash in your business to help with funding. 
• Capacity issues - Do you still have a need to add good people to your team? How will you find them? How will you fund it with a tightening cash supply? 
• Cyber attacks - Would your business be at risk? How would you deal with a loss of funds? Do you have a plan in place to reduce your risk?  

Get ready for a great year 
While there are many metrics you could evaluate to track business performance, we’ve given you just a few ideas to inspire your business planning for 2023. 
If you’d like to chat about what you can do differently this year to enable your business to thrive, book a time with us today.