Now that we’re already one month into the new year, there’s no time like the present to start looking ahead and strategising.
Although you may find your business feeling the effects of the new year slowdown, this will likely end sooner rather than later. That’s why putting together a plan for the coming months, including financial forecasts, is the best step towards preparing yourself for 2023.
Here are some useful tips if you’re unsure of the best way to begin.
Set your budget
For any business, the start of the year is one of the most crucial periods. Not only will you be recovering from a possibly hectic end of the previous year, but you’ll want to make sure you have the best start possible.
As you know, your first few weeks of 2023 may be on the slightly quieter end of things, it’ll be essential to set your costs accordingly.
Anything you can save in the year’s first quarter will help set you up for when business starts to pick back up. Look at your current outgoings on staff and supplies. It may be possible for you to cut your expenditure (albeit temporarily).
Focus on your goals
You may find that this is the year you decide to expand your business or you want to improve your current service. Well, this is the best time to consider your goals for the coming year.
Once you have a fully realised blueprint for how you see your business progressing, you’ll be able to save or invest in making this a reality.
One of the most effective ways to do this is by talking to a team with a wealth of experience in business planning (just like us).
Prepare your forecasts
Although you can’t predict your upcoming trade with 100% accuracy, you can give yourself a close estimation by using your previous sale data.
You can base your future projections on your year-on-year financial data if you’ve been in business for a year or longer. The best way to do this is by focusing on sales trends. That said, no two years are the same, especially with the economy facing a recession, but the more you plan, the easier it’ll be to face any potential challenges further down the road.
By strategically planning your spending and your potential revenue, you can save some money for your upcoming tax bills and any other costs you’re likely to have.
Save money by outsourcing
As mentioned earlier, the first few weeks of 2023 will be essential for you to save where possible.
This is a perfect time to consider outsourcing some accounting processes. Rather than using your resources to accommodate for a dedicated in-house accountant, consider using a cheaper alternative – finding an outsourced firm. This way, you can pay for their services as and when you need them.
Not only will it save you money, but you’ll also find yourself with a lower workload, meaning you can refocus your and your team’s focus on some of your more essential tasks.
We’re here to help
Whatever your goals and ambitions for 2023, we’re here to help. Sometimes it can be difficult putting the first stages of your plan into action, but that’s where we come in.
Our years of experience working closely with businesses like yours allow us to plan and help you set everything in motion strategically.
Get in touch with our team to discuss your business plan for 2023.