Article written by Graham Fitzpatrick, Business Advisor, Western Sydney Business Centre.
Now that the holidays have finished, we have celebrated Australia Day and the kids have gone back to school it is time to get back to business. As you look at your plans, here are some things to consider in 2023.
1. Smart goals for smart business planning
Like always, good business planning is about setting solid, achievable goals. This year is no exemption. One of the tools that always work when setting goals is the SMART rule. For those that are no familiar with this and those that need a reminder, SMART goals are Specific, Measurable, Achievable, Relevant and Time Bound. When setting your business goal for the year, imagine holding a party or get together in 12 months’ time, what is it that you will be celebrating? How are you going to know that you have achieved success? Then also think about what the steps are are you need to take to achieve that goal that you want to celebrate.
2. Cash flow
Another thing to consider this year when planning ahead is interest rises and the effect it may have on your cash flow. Increases in interest rates will have impact on meeting business loan repayments just like your home mortgage. Plus getting short term loans to prop up you cash flow maybe more difficult to get. As interest rates go up, consumer confidence and spending is affected. So now is the time to look at those cash flow change levers to maximise your cash flow.
3. Cyber security
As you look at the year ahead you should also look at investing in better cyber security. Medibank and Optus has seen businesses stepping up their Cyber Security measures to not just protect their customers, but to also protect their reputation. The good news is the Western Sydney Business Centre now has a Cyber Security Advisor on board as part of the state Governments Business Connect program.
My final piece of advice for this year is to continue to look for new opportunities. When exploring new opportunities for your business, look at what pain points exist that your current and potential customers are experiencing. Look for potential market needs and conduct plenty of market research. Plus, question current processes and practises with the view of makings things better, quicker, more reliable and easier.