Start Your 2023 Business Year Right
POSTED Dec 23 2022 | 1 MINUTE READ
This time of year always seem to brim with new opportunity and hope! Consider your resolutions as goal setting! What are your business resolutions to help start 2023 off in the right direction? Are they actionable? Can they be implemented for success? Maybe you thought about:
Improving Your Creative Problem Solving
After the last few years, businesses were driven to think differently. In 2023 you might consider empowering your leadership team to think outside the box, investigate new revenue sources, upping your customer experience or challenging your processes and procedures for better efficiency. To do so might mean you need to discipline yourself with a more creative mindset or at least be willing to collaborate with others to provoke innovation.
Being Flexible and Adapting
Remember Einstein’s quote: “Insanity is doing the same thing over and over again and expecting different results.” Business as usual went out the window the last few years, but those businesses that were flexible and able to adapt to the changing circumstances fared better than those that had a rigid approach to weathering the pandemic and the resulting economic upheaval. There are still many unknowns going into 2023 so we still need to prepare for the unexpected. Review your strategic plan and understand where you can adjust to achieve business growth and stay ahead of your competition.
Continue to Build Financial Stability
By increasing your cash reserve you improve your ability to withstand additional financial distress. Open a savings account and commit a certain portion of profitability each month and do not touch this reserve unless it is a true cash flow emergency. That safety net can provide peace of mind. Another component is to maintain a manageable debt level. Fixed costs must be paid even if your revenue falls, so consider a quicker repayment structure or selling unprofitable equipment to lower your capital expenditures.
Mars Bank is here to help you succeed. Talk to your commercial banking officer about your 2023 plans and how the bank can help you reach them. Contact us today!
This time of year always seem to brim with new opportunity and hope! Consider your resolutions as goal setting! What are your business resolutions to help start 2023 off in the right direction? Are they actionable? Can they be implemented for success? Maybe you thought about:
Improving Your Creative Problem Solving
After the last few years, businesses were driven to think differently. In 2023 you might consider empowering your leadership team to think outside the box, investigate new revenue sources, upping your customer experience or challenging your processes and procedures for better efficiency. To do so might mean you need to discipline yourself with a more creative mindset or at least be willing to collaborate with others to provoke innovation.
Being Flexible and Adapting
Remember Einstein’s quote: “Insanity is doing the same thing over and over again and expecting different results.” Business as usual went out the window the last few years, but those businesses that were flexible and able to adapt to the changing circumstances fared better than those that had a rigid approach to weathering the pandemic and the resulting economic upheaval. There are still many unknowns going into 2023 so we still need to prepare for the unexpected. Review your strategic plan and understand where you can adjust to achieve business growth and stay ahead of your competition.
Continue to Build Financial Stability
By increasing your cash reserve you improve your ability to withstand additional financial distress. Open a savings account and commit a certain portion of profitability each month and do not touch this reserve unless it is a true cash flow emergency. That safety net can provide peace of mind. Another component is to maintain a manageable debt level. Fixed costs must be paid even if your revenue falls, so consider a quicker repayment structure or selling unprofitable equipment to lower your capital expenditures.
Mars Bank is here to help you succeed. Talk to your commercial banking officer about your 2023 plans and how the bank can help you reach them. Contact us today!
