Business Health

Set your 2023 vision by looking back on 2022

You know those New Year’s Eve oversized eyeglass frames that are in the shape of the numbers that make up the new year? They make me want to look closely at the past year to uncover where I can improve in the new year. You can imagine where to go after looking back and assessing where you’ve been.

“You can’t set clear goals unless you have clear vision. A review of 2022 will provide insights for 2023 when you ask questions that uncover actionable steps to take.” - Cathy Lindemann

We are at the beginning of 2023 and it is time to review your 2022 financials and time blocking to see what was not profitable last year and make changes that benefit you this year. Look at these four areas and make plans to act on identified changes before the month ends.

Identify unprofitable product lines or work streams and drop 10% of them. Investing time, money, and employee talent on product lines or work streams that are a financial loss or flat on ROI doesn’t pay out. A product line or work stream that doesn’t bring you satisfaction also isn’t worth pursuing. Start this year with a focus on the business that brings you satisfaction and profitability and cut out what doesn’t. Don’t harbor any guilt. By releasing these burdens you’ll free up energy to make the profitable work even more so.

Look to add 5% new product lines. “Out with the old, in with the new” is wisdom worth considering. There is a reason some national and global brands have crazy flavors, smells, or novel lines. These innovative ways to experience the brand entice loyal customers to try something new and might also bring in new customers. Don’t fret if your new product line isn’t well received. In that case go back to Task 1 (drop it!) and try again.

Analyze how you spent your time. If you time block or use hours tracking, now is the time to assess how you spent your time in 2022. List your top 10 activities and measure those responsibilities against these two questions:

• Is there anything you spent time on that could be accomplished by someone else?
• Did you spend the majority of your time on tasks that fall into your strength set?

Remember, Tiger Woods would be a great caddy but he makes much more playing golf. You may be really good at XY or Z but you may be more profitable if someone else does that for you. Spend your time doing the work that’s in your sweet spot.

Pinpoint the activities that brought about the best strategic growth opportunities. Reflect on the networking events you attended, the training you completed, and any trade shows you participated in (whether attending or exhibiting). Decide which events resulted in financial growth, inspiration or lead generation. Drop 10% of the activities that weren’t beneficial and try a
new business development activity.

Once you’ve generated your action steps, take them! Schedule the team meetings ASAP and act for improvement in 2023.

Book a one-hour business coaching session with Cathy here.

Cathy Lindemann is President of Evolution Creative Solutions and on the Steering Committee for WBENC Ohio River Valley and Founding Member of WISe Wellness Guild. Cathy specializes in helping small businesses become "unstuck" for immediate growth and supporting strategic growth through WISe partnerships. Connect with Cathy on LinkedIn. 

Image on Burst