The Best Business New Year’s Resolutions for 2023
Wed Dec 21 2022
Coffee & cornetto
Pick and Choose the New Year Goals that Can Set Up Your Business for Success
New year, new business? No— new year, same business, but a brand new blank page to write, carefully choosing what to focus on, to set up your business for great success. Willing or not, January brings along a lot of expectations for the year ahead and considerations on where we want to invest our time, effort, and money. Just as many of us do with our private life, it can be useful to establish some new year's resolutions for your retail business, which will give you a clearer direction during the months ahead. Take it as a creative exercise that opens up new opportunities instead of a limiting set of rules to impose yourself. New year resolutions for work (and for life, for what matters) are flexible pillars that can adapt to changes and evolve with the passing of time while keeping you on the right track. To get you started, we have compiled a (non-exhaustive) list of the best business new year’s resolutions to take in 2023.
Tune Into a Growth Mindset
As a business owner, you should aim at improving every year. Adopting a growth mindset within yourself and your team should definitely be one of your business goals for 2023. Why? Because it will help you face challenges in a new way, always searching for solutions that can streamline the business and increase profits. A good place to start is to think back at your business plan and adapt it to where you are now: competitors, financials, goals, and pain points will likely have changed, and revisiting them now will provide you with a clear roadmap for the year ahead. Once you’ve got this sorted, start working on the hurdles that stand in your way to success with focused efforts and different priorities. There are always plenty of processes that can be improved, and the beginning of a new year is the right time to identify them.
Track 3 More Metrics Other Than Sales
We know gross sales ultimately is the most important number you want to monitor and increase, but to improve your business and grow it steadily there are many more metrics that you should take into account and learn from. Another one of the small business resolutions we recommend for you is to track three more metrics other than sales. A good place to start is AOV, or average order value, which can tell you a lot about your customers’ shopping behavior and show whether your marketing strategy is working or not. If you want to learn more, we have a dedicated article on How To Increase Your Average Order Value. Other important metrics are UPT (units per transaction) and conversion rate, sales by category, sales by vendor, and, if you have an online shop, also the site traffic and the difference in sales between online and offline. The more you track, the more you learn, and the more you improve.
Refresh your Marketing Plan
Every year, you should revisit your marketing plan according to the learnings from the year just finished. What worked and what didn’t? What money was well invested and what money was burnt for no gain? What channels worked best for you? And so on. Prioritize what’s working for your business and expand the channels that are performing well: this will help decide where your marketing budget should go in 2023, to have the biggest return on your investment.
Get personal and Expand Your Network
The beauty of running a small business is that you can really get personal in your job, and show your clients who’s behind their favorite boutique. If you’re working in your store daily, this will of course be easier, but if you have sellers and employees working for you, this is something you should not neglect. Show your face online, through your social media channels, or organize offline events in-store where clients can meet you and access your expertise. Putting a face to your retail brand can really make a difference.
Don’t forget that people want to do business with people, not companies, so getting personal is not only important from a customer perspective but also from the side of brands and suppliers. Work on expanding your network in 2023 and make an effort to create new connections monthly. They will help grow your business in the right direction.
Increase Your Online Presence
We have often stressed how important it is to be present online: with an online shop (preferably) and with social media (at least). We’re in an era where technology growth is incredibly fast and more and more aspects of our lives are going online, so investing in your online presence can only bring benefits long-term. Among your new year business goals, think about diversifying your virtual presence, exploring new channels, and embracing innovative opportunities to buy and sell online. We’re in the middle of a digital revolution, and you should not remain behind.
Listen to Your Customers
A good retailer knows how to be a good listener. Your customers are the most important people you should listen to and learn from, even when what you hear it’s not what you’d like to hear. Customers’ feedback is essential to help your business grow, because when you understand what your customers want and how they think and feel, then you can take more conscious decisions and progress in the right direction. Feedback can be collected in various ways, from simple chats in the store to online surveys and email responses. Pay attention to anything— styles and brands they like, how they want to be treated in person, what they expect from an online shop: respect what they’re saying and decide where to take action.
Prioritize Your Work-Life Balance
Being a small business owner often means working yourself to the bone, we understand that. But remind yourself that, ultimately, your work is not your life: set clear boundaries for yourself, your family, your friends, and your health, and commit to a way to run the business that is good for you, and not for the business only. And if you have employees working for you, make sure to respect work-life balance also when it comes to them. Happier people are always more productive.
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