Set up your business for success in 2023 – Metro Philadelphia

Once November arrives, most people shift their focus to the upcoming holiday celebrations. This time of year, small business owners also need to focus on year-end business planning. This includes preparing for 2023 as well as taking stock of the past year. It’s always a good idea to use the last few weeks of the year to put your business on the road to success. Between now and the end of the year, set aside a few hours a week to plan and strategize.

Here are some questions and tips to get you started.

Where do you want to be in 2023? Set new goals for the coming year and the corresponding action plan to help you achieve them.

Remember that as a small business owner you have a lot of time to spare, so prioritization is necessary. What will you focus on? Improving your cash flow? Invest in machinery and equipment? Are you getting your certification for a minority business or a women-owned business? Whatever your goals, remember to keep them specific, measurable, attainable, realistic, and time-bound (SMART).

Check your finances. What story do they tell about your company?

Many small business owners are overwhelmed by their financial statements and ignore them until tax time, but if there’s one aspect of your business that needs thorough and regular evaluation, it’s your financial goals; After all, you started a business to generate income.

To make sense of it all, make an appointment with your accountant and review the balance sheet, income statement, and cash flow. Determine the strengths and weaknesses. Are the demands too high? How do you manage cash flow and debt? Make a resolution to meet with your accountant at least quarterly, but more often if possible.

The end of the year is a great time to review the performance of your social media strategy and update for the year ahead.

There are many platforms to promote your business, but do you know which ones brought you the most customers? Examine how much you have invested and determine how to allocate next year’s budget.

Check your website and social media accounts. Update profile pictures, About Us section and contact information. Remove unnecessary content and update photos and graphics.

Cyber ​​security is vital, so make sure your data is secure and that your website and other systems have an adequate level of protection.

Commit to improving your business skills.

Whether you need to better understand your finances or develop a better marketing strategy, this is a great time to identify your training or education needs. There are great free and inexpensive entrepreneurship education resources in the Philadelphia area. In the Hispanic community, entrepreneurs can enroll in bilingual and Spanish-only educational programs offered by the Greater Philadelphia Hispanic Chamber of Commerce and Widener University SBDC.

Choose holiday parties wisely.

The holiday season is a great time not only to connect with existing clients but also to develop leads for the new year. It’s also time to build your expert network. Latino entrepreneurs often lack a strong network of professionals who can help them advance their business goals, and holiday events are a great place to meet your future IT or marketing consultant. The holidays are a great time to build social capital.

This year GPHCC will host the excellence in Hispanic Business Awards Reception on December 7 from 6-8 p.m. at the Museum of the American Revolution. The event will feature four entrepreneurs who will be recognized for their pursuit of excellence and inspiration for others. Tickets are available at philahispanicchamber.org

Jennifer I. Rodríguez is President and CEO of Great Philadelphia Hispanic Chamber of Commerce.

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