6 payment trends to look out for in 2023
2023 is on the horizon and whether you’ve just started out in business or have been operating for quite some time, now is the perfect time to sit down and set solid foundations for the year ahead. Creating a plan of action is a great exercise that will help you understand where you want to take your business in 2023 and how you’ll get there along the way.
To help you get ready for the new year, we’ve compiled a list of five business tips that are worth spending time on. Check them out below.
Tips to get your business ready for 2023
Preparing for the year ahead should be a priority for your business, to ensure you start off on the right foot and stay on track all year round.
To help you get started, we’ve compiled 5 ways to help get you on the right foot for 2023.
Review the year that was
Never underestimate the power of reflection. Taking the time to review the past year is an easy way to work out what you want to take with you in 2023 and what you want to leave behind.
As part of your reflection, make sure to identify the following:
- Your strengths and weaknesses
- Any gaps that need to be filled
- What did and didn’t work
- Monetary and non-monetary performance
- How you stacked up to competitors
- Customer satisfaction
- How your goals are progressing
This will help you eliminate the bad and elevate the good, so you can start 2023 on the best foot.
Remember, you don’t have to complete these evaluations on your own. You can hire professionals, such as business advisors, to help you out. You can also use certain tools and platforms to find the information you’re after, such as accounting software to assess financial performance and Google / Facebook / third-party pages to assess reviews.
Review or recreate your business plan
As the year draws to a close, pull out that business plan to see if it needs to be reworked so it reflects where you’re at today.
Including your brand profile, offering, market analysis, marketing plan and financial strategy, your business plan is the backbone of your business. As you operate and grow, it helps you make decisions that align with your goals, which ensures your business is always on the right track.
Considering how important a business plan is, make sure to carve out some time to freshen yours up so it’s ready to be your roadmap for the next 12 months.
Sort out your finances
It goes without saying that money makes a business go around, so another important step of preparing for 2023 is making sure your finances are in order. Here’s how you can do this:
Assess your finances to forecast a new budget
First things first, you’ll want to review your business’ finances and work out exactly how much your business brought in and how much it put out. These figures will help you create a realistic budget for 2023 that ensures you’re operating within your means.
Look at your revenue streams
It’s also valuable to identify what the most and least profitable income revenue sources were for your business this year. That way, you know what to put your money towards next year to help maximise profitability and reduce wasting funds.
Cut down on overhead costs
Some ways you can reduce how much you spend day-to-day include:
- unsubscribing from subscriptions you no longer use
- securing better deals with suppliers to get more bang for your buck
- outsourcing specific services
- adopting sustainable practices such as going paperless
- embracing remote working
Blue sky thinking
The sky really is the limit when it comes to business. With a new year – and new opportunities – around the corner, now is a great time to get creative and test the waters of new ideas.
Gather your team and put your heads together to come up with unique initiatives that will help generate new business, draw in new customers and show that your business is a cut above the rest. Whether it’s what you sell, how you sell, or your online or in-store shopping experience, don’t be afraid to let your imagination run wild.
Invest where it counts
Looking for ways to elevate your business in 2023? Investing in technology, people and skills is one way to get there. Here’s how you can invest in each of these areas:
Processing payments is an essential part of running a business. Tyro has EFTPOS solutions that are fast and seamless to make doing transactions simple. Whether you want a fixed CounterTop machine, a Mobile EFTPOS that you can take to your customers, or an on-the-go solution that you can take with you wherever1 you go, we’ve got you covered.
Your team is the heart of your business. Now is a good time to get feedback from them on how you can make coming to work even better for them, to ensure they have everything they need to thrive day in day out. You can even sit down and set goals together to help them achieve their ambitions. Together, this will help increase engagement and motivation and make for a happy working environment.
The more skills under your business’ roof, the more you can offer. Have a think about how your team can expand its skillset to provide more to your customers. Whether it involves sales, distribution, marketing, or customer service, tightening areas and making them even stronger will go a long way in boosting business.
Your business is better when it’s got a solid plan behind it. Amongst the busyness of the holiday season, make sure to find some time to plan for the year ahead – you (and your business) will thank you for it!
Want to take your business further with Tyro? Get in touch!
1 Compatible with Apple iOS 11 or later and AndroidTM 8.0 or later. Tyro Go requires a Bluetooth-enabled mobile device or tablet, an app to be installed and mobile network coverage.