As you get ready to say goodbye to 2022, take some time to evaluate how your business has really performed in the year. If this is your first year of business, this is the perfect opportunity to give some serious thought to whether you’ve had a successful year, what you can improve on and what you can do to grow.

1. Money Matters

First things first, you need to know exactly how much money is going in and out of your business. Hopefully, you would have been tracking your financials throughout the year. But when December hits, it would be great if you could consolidate all that information to give you a final end-of-year progress report on whether you’re going to have a smooth transition into the new year or whether you’re in the red.

Here are some helpful financial reports to help you keep track of your money:

Cash flow statement
Budget
Income statement

Keen to learn more about how to manage your money as a business owner? Have a look at this blog for money management tips!

2. Back it Up!

After all the hard work you’ve put in, the last thing you need is to lose all your files and contacts on your computer or phone. Ideally, you should be backing up your information regularly, but if you don’t, a year-end backup should definitely be on the cards!

3. Switch Up Your Business Goals

Look, we get it: things change. What may have seemed important to you at the beginning of the year may not be a priority by the time December comes around. That’s why the end of the year is the best time to reflect on the past 12 months and to re-evaluate your business goals for the next year.

Maybe your business was still in its early days a year ago and your priority was to break even. But now that you’ve had 12 months to work on your financial matters, it could be time to shift focus and prioritise brand awareness.

4. Taking Stock

Rule number 1 of business: always have sight of what you have so you can plan to get what you need. Stock take is essential for this and should also be done regularly. Without consistent and regular stock take, you could end up having way too much stock that’s difficult to move or a shortage of products that are in high demand. Remember, it’s all about balance and planning when it comes to reaching the perfect balance of stock on hand.

5. Plan of Action

Now that you have some direction and know what you’d like to achieve over the next 12 months, it’s time to plan how you’d like to achieve it. This could be broken down into monthly or even quarterly goals. It all depends on whether your goals are short or long-term and what resources you already have at your disposal to work on them.

6. Level Up!

Have you ever heard a business owner say they’ve reached the top and it’s impossible to grow some more? Neither have we. Business owners are always striving to grow and reach the next level in their business, and their priorities and goals tend to shift.

When considering ways to level up, think about the following:

• Your products or services: what else could you offer and what could you do without?
• How many staff you employ: do you need more hands, or do you have more than what’s needed?
• The size of your premises: do you have wasted space, or do you need to expand your premises?
• Your equipment and resources: do you need more equipment, or do you have everything you need to reach your goals over the next year?

An easy way to scale your business would be levelling up on your payment solutions.In that case, we might have just what you need. Check out the iK Shop for more!

And That’s a Wrap!

Make 2023 the best year yet with a new, improved business strategy that starts off with some reflection and planning. All the best, small business warriors. You’ve got this!