Updated: Jan 5
Scene: Here we are entering 2023 with red eyes and mussed hair trying to figure out how we made it through the insanity of the past few years. Eyes shifting erratically to and fro with the confusion of what we should be expecting in the new year, given the recent track record.
End Scene: To the rescue Out of the Box Advisors rides! Gathering together some of what you should consider your new year’s resolutions to help you charge forth into the unknown of 2023!
Ever since the end of 2019, things have been a bit rocky for the average small business owner. Everything from lockdowns to extreme difficulty in hiring talent has given us more sleepless nights than the norm. Most of those hurdles were both unpredictable and unavoidable. As a silver lining, some of the craziness that happened in the past few years can help us predict and plan for items in the year to come.
Take the following small business resolutions and massage them to work for your small business. Each one should have a nugget that you can use for your specific business; or at the very least, shake some ideas loose that you can use to help you succeed in 2023!
1. Control the Recession – Don’t Let the Recession Control You
“I will take charge of my business’ financial strategy in preparation for a possible recession!”
We, the stoic small business owners, all know that there is a recession coming up on the horizon (or it’s already here!). This is one of those things we mentioned that we could predict was coming awhile back with the combination of spending and interest policies at the national level.
Those decisions can have an incredible impact on your growth strategy… which can be a frightening prospect.
Thankfully, through some strategic planning and research, you can grab the recession demon by the horns and wrestle control of your business’ success back into your capable hands. The alternative is that you’ll be spending all of 2023 being reactionary and never getting ahead of the problem.
Review your pricing strategy:
Take a serious look at your pricing strategy and compare that to your competition. During a recession, potential customers are going to be far more price dependent on their buying decisions. Make sure you take that into account and make any needed adjustments.
Review unnecessary expenses:
Take a good hard look at your P&L and see where there are opportunities. Things like “Food & Entertainment” should be at the top of the chopping block.
Review your competition:
Have new competitors entered the market? Which competitors are the least likely to survive a recession? (You could potentially acquire them or their market share!)
2. Set Clear and SMART Goals for the New Year
“I will set SMART Goals for my small business this year!”
This is the perfect time of year to craft your goals for the growth of your business. Goals help you measure the success of your business throughout the entire year. For example, as you conduct your mid-year review how would you know the trajectory of the year if not for comparing it to the established goals?
Goals are incredibly important, but they are also highly volatile beasts if not crafted correctly. They can be demoralizing if you’re falling far behind an exorbitant goal. Or they can invite complacency if you’re “meeting” your ridiculously-low-aspiring goals.
The key to this is to make sure that you craft your goals using the SMART goal method. We have already created a lengthy piece on both how to set SMART goals as well as a few examples for you to work from.
3. Nurturing Instead of Neglecting Your Finances
“I will make decisions that nurture the financial health of my small business!”
This resolution can turn into a web of complexity if we don’t refine it down a bit. While you should be reviewing the more nauseating aspects (Debt / Income Ratios, Depreciation on Assets, etc.) with your CPA or Business Coach on a regular basis, your new year’s resolution is more about the continued nurturing of your financial status.