Our weekly tax blog has tax tips and tax ideas for small owners business and individuals.Learn more
Preparing your business for 2023
2023 will be here before we know it! That’s why now is the best time to start preparing your business for the year ahead. Getting a plan in place now will help you reach your business goals more quickly and efficiently and relieve any stress that comes along with starting a brand-new year.
Here are seven ways to get your business in top shape for the coming year.
Reflect on this past year
Before you can make plans for next year, you must first look back on the current year. Examine what worked and what didn’t. Where can you make process improvements or increase sales? Are there areas where you can save costs? You need to know this information so you can use it to plan for next year.
Set SMART goals
Once you’ve evaluated the current year, you can then set SMART goals: Specific, Measurable, Attainable, Relevant and Time-bound. This approach helps eliminate goals that are too general (i.e., increase revenue next year) in favor of quantifiable goals (i.e., increase sales by 15% by the end of the second quarter).
Guard your business
If you don’t have one already, a cybersecurity plan should be top of mind to protect your business and your customers’ sensitive data. Data breaches can be costly—not only in terms of finances but because you risk losing your business. Work with a managed IT company to help set up your cybersecurity defenses and train your team to be ever-vigilant against cyberattacks.
Streamline your tech stack
Look at all the software and applications your business currently uses and decide whether they’re superfluous. Talk to your team to see which applications help them, and which ones are clunky and hard to use. Choose tools that can integrate with each other to streamline collaboration and communication.
Delegate or outsource tasks
As a business owner, you may struggle with keeping your head above water when things are busy. Reevaluate the tasks you do that could be delegated to another team member or even outsourced. Doing this will free up the time spent on the nitty-gritty and help you focus on the bigger picture—setting and achieving goals.
Hire a business coach
Work smarter and more efficiently by hiring a business coach to help you set and achieve your goals for 2023 and beyond. Look for a coach who’s an expert within your industry, and they’ll be able to help guide you on the best decisions to improve your business.
Prep for tax season
It’s never too early to make sure you’re ready for tax season. Start now by making sure your financial information is up to date, including profit and loss statements or balance sheets. Start gathering documentation, like insurance policies, income information and adjustments, any deductions or credits, or any taxes paid. Better yet, schedule a meeting with your accountant before the end of the year to go over everything they’ll need from you.
Don’t put off getting prepared for the new year. The more you accomplish by the end of the year, the stronger (and more organized) start you’ll make as the calendar flips to 2023.Back to issue