5 Ways to Set Your Business Up for Success in 2023

These moves could set the stage for a winning year.

As a small business owner, your goal may be to enjoy a healthy stream of revenue and keep your venture going for the long haul. And whether you were happy with the way things shook out in 2022 or not, there are steps you can take to make 2023 an even better year. Here's how you can set your venture up for a successful 12 months.

1. Map out specific goals you'd like to achieve and communicate them broadly

Saying you simply want to do better in 2023 doesn't give your team an objective to work with. Instead, decide on a few specific goals to work toward. Those might include "raise revenue by 15%" or "increase sales by 20%." The specifics are up to you, but the key is to define clear metrics and communicate them rather than leave things vague.

2. Rework your budget to account for higher costs

Rampant inflation is likely to be with us for quite some time. Now's a good time to rework your business budget and make sure your numbers are realistic. Make a point to comb through recent invoices and banking statements so you're spot-on with your estimates.

3. Assess your employees' performance and give actionable feedback

If you didn't do a year-end review with your team members, now's the time to give them some feedback on their performance. That's information they might be able to use to boost their skills and productivity. But for their sake as well as your own, do aim to give out actionable advice. For example, rather than tell someone in your bookkeeping department to try to be more efficient this year, suggest that they research automation tools that make their job easier.

4. Figure out if you're using the right bank account

It's important to make sure your business bank account meets the needs of your company. It's a good time to explore different options if there are aspects of your bank account you aren't a fan of, such as limits on daily, weekly, or monthly transactions.

5. Make sure you've got a good business credit card

As an individual consumer, you no doubt want a credit card that will offer the maximum rewards for the purchases you're making. Well, that's what you should demand of your small business credit card, too. There may be a better card out there than the one you primarily use for business purposes, so take the time to dig around. If your business requires you to drive around to see clients on a daily basis, for example, then it pays to snag the maximum amount of cash back at the pump.

Many small business owners had a challenging 2022 as soaring inflation ate into their margins and caused a financial crunch. It may be that you had a similar experience, or that you didn't. But either way, the beginning of 2023 is an opportunity to get a fresh start, and these moves could help you close out the year in a really solid place.