Tips For Improving Your Business Strategy in 2023 (4 Video Links)
As we head into 2023, it has us looking forward to how we can better our business goals in the new year. A new year is always a great mental kick-start to get motivated and into the right mindset for improvement. Whether you have been running your business for a long time or just a few months, there are always things you can do that can make it better.
Whether you are looking to streamline your processes, save money or improve staff retention, there are a host of things you can do. Here we take a look at some ways to improve your business strategy in 2023.
Take a look at your finances and remove unnecessary payments
In business, similar to in our personal lives, we can soon find that we’re bogged down by numerous payments and monthly commitments that have just been going on for so long that we take them for granted. A new year is a time to look into these and figure out what is actually needed and what’s wasted.
It’s also a good time to look into your bank, deciding if the one you’re with is best for you, or if there’s a better bank such as Evolve Bank and Trust that could be a better option for you.
Subscribe to Accounting Accidentally on Substack. Get links to new content on accounting, personal finance, and humor/ short story topics.
Focus on the health and wellbeing of your employees
Your business is only as good as your worst employee so you want to ensure everyone who works for you is happy. If your employees aren’t happy, they won’t be working to their full potential and you might find that you have a high staff turnover.
Instead, speak to your team members and find out how they are feeling, what they want in terms of progression and if they have any suggestions. Ensure they feel listened to, and motivated and that they know you care for their wellbeing. You should undertake regular reviews and appraisals too.
Have clear set goals and a path to achieve them
The best way to improve your business strategy is to have clear-cut goals that you want to achieve in the year ahead. If you know what you are aiming for, it can make it much easier to tick these boxes. Whether you have a clear financial projection you wish to achieve, a number of sales, or to expand to a new branch, these are all goals you should outline.
List how you plan on doing this, what the steps involve, and if there are any costs in this. By knowing what you need to do to achieve these goals it makes it a lot easier to do so.
These are just a few things that you can do in order to improve your business strategy in 2023. With twelve months stretching before you, there’s never been a better time to get everything in order. From improving the way your staff feel to how much you spend, they are all guaranteed to improve your results. What are some ways you have recently improved your business strategy or that you’re looking to do? Food for thought.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(amazon author page) amazon.com/author/kenboyd
(you tube channel) https://www.youtube.com/user/kenboydstl