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5 tips to give your business a New Year boost

Whether or not you had a successful 2022, a new year brings with it renewed opportunities to take your business to the next level. From getting your finances in order to checking in with your existing customer base, these five tips will put you in the best position to have a profitable and rewarding 2023.

1. Audit each area of your business

No matter what industry you operate in, every successful business has a specific way of managing their core systems. This may be split across:

  • Operations
  • Sales
  • Marketing
  • Finance
  • Talent
  • Clients
  • Legal
  • IT

Rather than taking a one-size-fits-all approach to managing these systems, it’s important to reflect on the people and the processes that helped each system succeed in 2022. Once you understand and document exactly what made things work over the past 12 months, you can ensure those strategies are maintained – and hopefully improved – for the year ahead.

2. Speak to your clients about their wants and needs

You might think you know your business inside out, but your customers get a different perspective – one that you may not be able to see without their input.

You already know that it costs far more to win a new customer than retain them, so make sure you keep your clients happy by asking them about their wants and needs for 2023 and beyond. What did they love about your business last year? What could you do better to make your business relationship even more attractive in the short term?

Having this information direct from the source can help bolster your plans for the future.

3. SWOT the past year and plan for the year ahead

The value of SWOT is not only in the future. In fact, you can learn a lot from reflecting on the past year and uncovering the strengths, weaknesses, opportunities (both missed and achieved) and threats. Analysing your previous operations can help you do even better next year.

With this information at hand, you can then set up a strategic planning meeting with your whole team to talk through the SWOT, map out your marketing calendar for the coming 12 months, assign duties to specific individuals, and start setting goals for where you want the business to be this time next year.

4. Get your finances in order for future growth

You could have the best ideas in the world for your business, but without the finances to back them up you’ll be more likely to sink than swim in 2023.

So make sure you spend time reviewing your financial situation and planning how much you will need to hit your goals for the year ahead. If you find there is a shortfall, or if you are expecting market turbulence in the coming months – which is more than likely the case with inflation and interest rates set to continue rising in 2023 – then think about whether a business loan could provide exactly what you need.

5. Speak to your broker

The new year is one of the busiest times of the year for many owners – especially in terms of planning. To make light work of your financial situation, it can be helpful to meet with your broker and get their perspective on your 12-month plan.

“The value in partnering with us is that you get more than just a broker for your commercial lending needs,” says David Crook, Managing Director at Nero Financial. “We are committed to the success of your business and your long-term ambitions. That means we can work on your 12-month plan to ensure you are setting the right targets and developing smart strategies for a rewarding 2023 and beyond.”

Nero Financial provides expert support from experienced brokers who will work to understand your ambitions for the year ahead. If you want to enjoy a new-year business boost, contact us today or call 1300 025 949 to find out how we can help.