Christmas is fast approaching and that means a New Year is almost upon us too, and a chance to reset goals, re-align your business and make sure 2023 gets off to a strong start, albeit many having a bumpy end to 2022 with ongoing supply chain issues, economic uncertainty, and rising costs.
The New Year will bring many more opportunities and challenges, so we have prepared a list of tips to help you return to business is January with a boom.
Ideally you should be monitoring your goals throughout the year, but the end of the year is a particularly good time to take stock and review how the year has gone and explore any lessons that can be learnt. Conducting a SWOT analysis is a good way of doing this and having a strategic meeting across the entire organisation to get everyone’s input. Some questions you could consider are:
Currently a big one, and top of the list, is to review your financial position and understand exactly how much is coming in, and going out, of your business. Ask yourself questions such as:
After reviewing your financial position, you can set about creating a financial forecast for 2023 to determine your income and expenses projections, credit reserves and credit availability. Looking at your profit and loss and balance sheets will help you examine whether costs need to be reduced, and where, and will help you uncover any spare capital that could be allocated to existing or new projects.
Setting goals at the start of a new year is crucial for moving your business forward and tracking your progress and achievements over certain time frames. Goals must be achievable, specific, and relevant to your strategy, and ideally you should have different goals for each area of your business such as operations, sales, marketing, financial management, customer management and HR. Don’t forget to set long-term and short-term goals too! Examples of goals could include:
This deserves a point because whilst reviewing challenges it can often be easy to overlook your successes so take time to review what went well in 2022 and how things could be replicated or made even better in 2023.
There has never been a better time to review your technology than now. By equipping your business with robust, intelligent tools you could reduce spend, drive efficiency, and give yourself the complete visibility needed to make fast and smart business decisions. Review the systems you have in place and discover if you need to upgrade to a system that work with your business rather than against it.
Nobody knows what 2023 will bring but we can be certain there will be successes, challenges and opportunities along the way so be prepared and start the New Year ready to go. Carefully analysing your performance in 2022 is a good place to start and from here you can review your financial position and create a forecast and goals for the New Year which are vital to your planning stages. We strongly recommend reviewing your technology and identifying whether you have a need for more tools to help you drive efficiency and cost savings within your organisation, and don’t forget to appreciate your successes too!
If you would like to see a demo of our fully integrated ERP solution, Opera 3 SQL SE, then please get in touch today.
Posted On: December 01, 2022
