Make 2023 the Year Your Small Business Shines: 5 Initiatives to Prioritize
“You adorn the year with your bounty; your paths drip with fruitful rain” (Psalm 65:12).
While entrepreneurs are passionate about their product or service, we often get so caught up in day-to-day demands that strategic business planning falls by the wayside. The new year is a perfect time to make a resolution to prioritize planning for your small business. Here are five key initiatives to get you started now in building your successful business.
1. Create a Budget
The better you plan, the more you profit. Estimating the ratio of expenses to revenue is important, because it helps to determine whether you have enough money to fund operations, expand business, and generate income. Once you have created a budget, be sure to revisit it often to make sure it is realistic and that you are following it as the year progresses.
2. Define a Sales Goal
Set weekly and monthly targets for sales. Knowing your sales goal provides direction and motivation. Then compare actual sales to your projections to determine whether and how you should adjust your marketing strategies.
3. Plan Your Marketing Strategy
How are you communicating with your current customers and connecting with new ones? What is your marketing budget, and which channels are you using? How are you measuring the success of a campaign? Once you have a marketing strategy in place, it is just as important to make sure you adapt it as needed to adjust to market changes, customer needs, and competition.
4. Build an Advisory Team
Routinely seek the advice of professionals, customers, and employees to improve your business. This step will help you stay connected and receive help from experts who want to help you succeed.
5. Grow as an Entrepreneur
Analyze your business, continue to study your industry, and network with other entrepreneurs. Set some New Year’s resolutions for yourself personally and professionally.
The new year is a time to plan for your business in order to achieve success. When you make sound, strategic business decisions, you give your business a solid foundation to thrive and start the year right.
This is your year to shine!
Annette Weeks lives in northwest Missouri. She has been a teacher, entrepreneur, and business coach. She helps women create a plan for success as a business owner while prioritizing family. Annette ran a million-dollar business while raising her five children. She has coached over 1,800 entrepreneurs. She can be reached at www.aspirebusinessconsult.com.