Now is the time to create a plan for the year that will lead to a successful 2023 in business!
Here’s how:
Set goals
Don’t just set goals for your business this year but map them out too. Telling yourself or your team that you want to do better for the next 12 months doesn’t mean anything. You need to set goals and develop a path to reach them. For example, you might want to increase revenue by 20% this year. You might increase margins, open longer hours, grow more products, or increase rent. It’s up to you, but make sure your team has a clear idea of the strategy.
Plan for cost increases
There’s no denying that costs have increased in recent months. Sure, there’s an ebb and flow to the economy, for some increases are exponential. You need to, unfortunately, allow for this and still make a profit. How do you do this? Well, you look at ways to increase your revenue. You do this by passing on some extra costs to your customers. You also look to add revenue streams. And you look at ways to cut costs.
Work smart
Sit down with each member of your staff and plan for the year ahead. Do they want to increase their hours? Do they expect a pay raise this year? Do they want to cut their hours or go part-time? Are they interested in investing in the business? Do they want to introduce a new service or product? Are you going to offer any training or incentives? Make sure you understand their needs so that everyone is clear on expectations for the year.
Banking
Look at your banking situation. Is your bank offering everything you need to run your company efficiently? Does your business credit card cater to your needs? Is everything working for you?
Whichever way you spend the ‘slower’ months in business, make sure you’re setting yourself up for the rest of the year so that everything is running like clockwork, and you can concentrate on the business.
At Warren-Boynton, we offer personal and business accounts with features to help make your life easier. Visit one of our four branches in New Berlin, Springfield, Modesto, or Palmyra.