With a new year upon us, what should you be focused on as an entrepreneur with a business to build?
New year. New opportunity to position yourself for success, to overcome challenges, and to move toward achieving long term goals. Entrepreneurship is a unique and challenging pursuit. If it was easy, everyone would be doing it! Growing a business requires hard work and dedication to reach your goals. As you begin this new year, here are 3 steps that every entrepreneur should take to maximize the opportunity for growth in the upcoming year.
1. Plan
Yes, that is a four letter word, and it is vital to your success as an entrepreneur. To start, the plan must highlight the current reality of the business. Look back at the prior year’s financial data. Identify the areas that performed well and the areas that need improvement in order to understand what you need to prioritize in the current year.
You are not on an island.
Rather, you should have a trusted advisor to lean on and help you build a path to achieve your goals for the year and address your biggest challenges. The advisor plays a key role, not only in tax strategy and accounting, but in how to build your business operationally and plan for an exit when the time is right for you in your entrepreneurial journey.
2. Commit
A simple way to ensure accountability is to make your goals known. You are more likely to achieve the goals you write down- and share them. Every entrepreneur should have a manifesto that defines personal and professional goals. A manifesto is a source of motivation that inspires action.
Commit to your plan, and share it with your advisor. Trust them to hold you accountable. Your CPA advisor should be your partner and the best investment you can make for your business.
3. Embrace change and set the tone
A new year and new goals need new energy. Embrace change that may be necessary in your business, and shift your mindset to look forward to the opportunity for growth. You set the tone for the team. Your excitement and vision should be shared. As the leader, you are the impetus for change. Prioritize and protect your business culture.
By taking action on these 3 simple steps at the beginning of the year, you are setting yourself up for success in 2023 and paving the way for building the lifestyle and business you desire and deserve.
