As we say goodbye to 2022 and welcome in a new year, it's time to start thinking about how we can make the most of the opportunities ahead of us. And if you're a business owner, that means setting yourself up for success and profitability in 2023.
But achieving those goals isn't always easy. That's why we've created a special video just for business owners like you, filled with tips and ideas on how to make the most of the coming year. From trend analysis to goal setting to strategic planning, we've got you covered.
Enjoy the Episode and we'll see you in 2023!
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Episode Show Notes :
Title: Setting Your 2023 Business FINANCIAL Goals & Important Things to Include
Introduction: The new year is here, so today we are talking about the tips and ideas that will help you make the most of the year, like trend analysis, goal setting, strategic financial planning, and also stick around for the TaxTea, where we discuss the Daycare CEO who was caught up in a Financial Fraud Scheme. The financial tips and tea coming up next
The Meat :
Review your 2022 actual trends
Feelings vs. Figures - you have to get an objective look at what has happened
Break it down into sections - understand where you are spending money
Revenue trends by product/service
Expense trends by group - Sales and Marketing, Operations, Software, General administrative, etc
Set goals for 2023 - What are the goals?
Decide what you want to work toward
What goals are worth your attention
Be specific about what you want
Create a strategic financial plan - how do you achieve the goal?
This is where reality meets your goals.
Actually, do some basic math and mapping to see what it takes for you to achieve your goals.
Do a resource review do you have the resources necessary to achieve the goals that you have in mind?
Establish financial milestones - what are my signs that I am going in the good direction/making progress?
No plan is complete with milestones - a goal with no plan is a dream, but a plan with no milestones is a dream waiting to fail.
If you don’t know if you are going in the right direction or not, then you will not be confident enough to continue - most of the steps that you will have to take are not going to feel or look great (the path to success is consistency and its a little boring at times)
If you have a team, your people need to know that signs that are pointing to the success
Create financial metrics and incremental targets that grow as you move closer to your goal
For example, your goal is to double sales this year - how many new customers do you need in a quarter, how many sales pitches do you need to make a month, and How many leads do you need a week?