Prioritize your Business Goals for The New Year

When planning for the New Year, small and mid-sized businesses should carefully consider their strategies for 2023 in order to ensure they are prioritizing their goals effectively. It is important to keep an eye on trends that may affect the industry, including advances in technology, shifts in customer preferences and demands, and changes to regulations or policies.

Businesses should also take into account their current resources and budget, as well as any changes in the market that may impact their operations. Additionally, it is important to assess the business’s performance over the past year to identify areas of improvement and create achievable objectives for the upcoming year. The last few years have not been easy on small and medium-sized business owners. Developing clear goals is crucial to making 2023 as successful as possible.

Small and Medium-Sized Business Strategic Planning for 2023

The old adage “failing to plan is planning to fail” holds true for business owners in 2023. Having a clear, detailed plan is essential for meeting goals, managing resources effectively, and increasing profits.

Create a roadmap of what needs to be done, when it should be completed, who is responsible for completion, and how success will be measured. A successful plan includes both short-term and long-term goals and should be reviewed and updated regularly. As you build your plan, make sure to consider factors such as:

• Employee Wellbeing – More and more emphasis is being placed on workers’ mental health and wellbeing. One poll found that 71 percent of employees who strongly agree that their company cares about their well-being recommend their company as a good place to work. Studies have also found that work-life balance and wellbeing are the second-most-important factors people consider when changing jobs. So, if you are experiencing high turnover or difficulty attracting staff, you may want to look for ways to increase employee wellbeing and contentment.
• Company Culture – A positive company culture can help boost morale, increase productivity and creativity, and foster loyalty to the company. Businesses should strive to create a supportive environment that encourages collaboration and celebrates achievements among their staff.
• Innovation and Adaptation – Staying competitive in the market requires businesses to continuously innovate and adapt to the changing business climate. This year is likely to bring more rapid changes in technology and customer preferences. This means it is essential for businesses to stay ahead of the curve by investing in research and development, as well as tracking industry trends.
• Maximizing Efficiency – Businesses should explore different ways they can increase efficiency and productivity. This could include optimizing processes, reducing redundancies, and investing in software and technology to streamline operations. Many experts also believe that automation will play an increasingly important role in small and medium-sized businesses. One study found that over 60 percent of companies consider automation an important tool for adapting to the current challenges. Automation may also promote employee wellbeing. Another study found that 65 percent of workers say automation reduces their stress.

Contact a Naperville Business Law Attorney

The Gierach Law Firm has a team of experienced attorneys who can help you with business and legal planning for 2023. We assist with business formation, buying and selling businesses, drafting employment contracts, succession planning, tax planning, and much more. Contact our Naperville business lawyers today to learn more about how we can assist you in achieving your goals. Call 630-228-9413 for a consultation.

Sources:

https://www.gallup.com/workplace/404105/importance-of-employee-wellbeing.aspx.aspx#ite-404120

https://www.forbes.com/sites/forbeshumanresourcescouncil/2022/11/18/12-business-goals-to-prioritize-when-planning-for-q1-in-2023/?sh=18ede6da7e4e

https://www.zdnet.com/article/automation-leads-to-lower-employee-stress/