5 ways to set your business up for success in 2023

Image Source: Getty Images

These moves could set the stage for a triumphant year.

Key Point

• The start of the new year is a good time to assess your priorities and number of crises.
• Spending a little time on a few important tasks can potentially add up to 12 months of earnings.
• Consider your goals for the new year, adjust your budget, and make sure you have the right financial accounts in place.

As a small business owner, your goal is to enjoy a healthy revenue stream and keep your business running for the long term. Whether you’re happy with how things are in 2022 or not, there are steps you can take to make 2023 even better. Here’s how to set up your venture for a successful 12 months.

1. Plan and communicate the specific goals you want to achieve

Simply saying you want to do better in 2023 doesn’t mean you have a goal to work on for your team. Instead, set some specific goals to work towards. Some of them are “increase revenue by 15%” or “increase sales by 20%”. The details are up to you, but the key is to define clear metrics and communicate them rather than leave them vague.

2. Adjust your budget to account for rising costs

Rampant inflation is likely to continue for some time. Now is a good time to take a look at your business budget and see what your numbers are realistic. Be sure to comb through your recent bills and bank statements to get an accurate estimate.

3. Evaluate employee performance and provide actionable feedback

If you haven’t done your year-end review with your team members, now is the time to give them feedback on their performance. This is information you can use to improve your skills and productivity. But aim to give actionable advice, both for them and for yourself. Suggest researching automation tools that make life easier.

4. Make sure you’re using the correct bank account

It’s important to make sure your business bank account meets your company’s needs. If there’s something you don’t like about your bank account, such as daily, weekly, or monthly transaction limits, now’s a good time to explore different options.

5. Make sure you have a good corporate credit card

As an individual consumer, you definitely want a credit card that offers the greatest rewards for the purchases you are making. There may be better cards out there than cards you use primarily for business purposes, so take your time and do some digging. For example, if your business requires you to drive to meet clients every day, you can get the maximum amount of cash back with a pump.

For many small business owners, 2022 was a difficult year as rapid inflation ate up margins and sparked a financial crisis. You may or may not have had a similar experience. Either way, early 2023 is an opportunity for a fresh start, and these moves could help him end the year on a very solid place.