4 Major Small Business Mistakes to Avoid in 2023

Do your best to steer clear of these.

Whether your small business had a good year in 2022 or not, you may have pretty high hopes for 2023. But the wrong moves on your part could set the stage for disaster, not success. With that in mind, here are a few mistakes to avoid as a small business owner.

1. Attempting to do everything yourself

There's a reason small business owners tend to struggle with work-life balance -- they tend to take on too much responsibility and spread themselves very thin. If you've been known to do that and you don't change your ways in 2023, then you may be setting yourself up to fail.

First of all, if you burn out, you're not going to do your business any good. And you might really deal a blow to your mental health. And also, there may be certain skills you lack that outside professionals have. By not outsourcing certain tasks, you may be doing your business a serious disservice.

Come up with a budget so you can see how much wiggle room you have for outsourcing tasks. And then go out and get the help you need.

2. Paying for workers who don't deliver great value

You may have a small staff of workers you rely on to keep your business running. But are those workers really delivering the value you expect? If not, it may be time to put some of them on a performance improvement plan. And if that doesn't have an impact, it may be time to work on replacing less efficient workers with people who are willing to hustle.

3. Sticking with the same bank because you've used it forever

If you've had your small business checking account at the same bank since your venture started, you may feel a sense of loyalty to your bank. Don't. Chances are, you're just one of many customers using that bank, and they'll be okay without you. But if you don't dump your bank and find a better one, your business might suffer.

This especially holds true if you're paying a lot of fees, or if your bank's transaction limits are impeding your ability to manage your cash flow and payments. There are many choices out there for finding a small business bank, so don't limit yourself to the bank you know when there may be a much better fit for your company.

4. Not setting concrete goals

Telling your staff you want to increase sales in 2023 isn't really good enough. After all, what does that mean?

Rather than set vague goals, focus on specific ones -- and share them. If you want to see a 15% uptick in sales, make that known. It will give your team something to work toward. And also, it'll give you something to focus on as the person who runs the show.

Your small business is something you've worked hard to kick off and maintain. And you deserve a rewarding year in 2023. Avoiding these mistakes could be your ticket to doing just that.