The beginning of the year is an ideal time for a business to plan for new opportunities and potential challenges. In recent years, we learned valuable lessons about the type of workspace and flexibility desired by employees as well as ways to better meet the needs of customers and clients. Expectations continue to evolve and so should your goals and plans for your business, too.
From core values to short- and long-term business goals, planning for the year ahead can help you retain and attract employees, position your business for success, and operate efficiently and profitably. Here are five important topics to help you prioritize your goals for a successful 2023.
Core values are the beliefs and guiding principles of a company that informs a company’s culture, products and services, work environment, and brand. Values drive internal and external ways of working and can set one organization apart from another. Defining and living your company’s core values can build trust and customer loyalty and can affect the satisfaction and dedication of your employees. Having defined values will attract and retain those who identify with your business.
If you have not defined your organization’s core values, or if they require a refresh to reflect your business, the first quarter of 2023 is the perfect time for a reevaluation. As suggested in this article on Inc., chances are “your core values already exist, you just have to identify, define and delineate them.”
An employee’s outlook on your company has a direct impact on retaining and attracting a productive workforce. Employees who are engaged in your organization are more likely to be satisfied with their roles and go the extra mile to meet their goals and the goals of the company. It is important to have regular check-ins with your employees, set clear expectations, and support their professional development. Creating a sense of community and belonging can be the reason prospective employees choose to work for you and why current employees choose to stay.
Developing flexible business strategies can help your organization navigate changes in the business environment. Small businesses sometimes have less capacity to develop new ways of working quickly, which makes the creation of flexible strategies an important business priority. You can begin by reviewing your business strategies for the prior year and evaluating what yielded success, what didn’t yield success, and what happened that you didn’t plan for. Incorporate these lessons into your 2023 business plan.
Efficiency of Operations
Operating efficiently is a sound business practice. What areas of business and processes produce the most success? Are there redundancies you can eliminate? To help guide you through an evaluation of your business’s operational efficiency, utilize your company’s monthly financial statements, and give your workflows an in-depth review. Refining your processes in the first quarter of the year will help your business run with greater profit margins, or better cope during lower-profit quarters.
Establishing goals relevant to your business allows you to objectively measure your business’ performance and use that measured performance to set goals for the coming year. Goals should be SMART, which is an acronym that stands for specific, measurable, achievable, relevant, and time-based. This framework will ensure your goals are not vague or poorly framed. SMART goals ensure everyone knows their piece of the puzzle and what objectives must be met to move your company forward. Working through this exercise can be a great way to bring your team together and build excitement about your work. Read our blog about setting goals for a successful 2023 for more goal-setting inspiration.
Get Connected Today
Contact Gift CPAs for more information on business planning as well as our full scope of accounting and business services.
We have years of experience working with small businesses to help with bookkeeping, taxes, and other business needs. Make an appointment to meet virtually or at one of our five locations in Harrisburg, Mechanicsburg, Myerstown, Ephrata, or Lancaster!