Business Advice

Five New Year’s resolutions every business should consider

- January 3, 2023 3 MIN READ

 

As we ring in the new year, it’s important to take some time to reflect on your business goals and resolutions for 2023. For leaders, this is a great opportunity to reflect on the past year and strategically set goals to help your business grow sustainably and ethically, writes Chris Dahl, Co-CEO, Pin Payments.

With that in mind, here are five new year’s resolutions for 2023 that could help you when setting goals for the year ahead.

Five business resolutions for 2023

1. The environment and climate change

Businesses have the power to help mitigate the effects of climate change through strategic investments and decisions. By investing in renewable energy, energy-efficient transport, green buildings, climate tech and ethical industrial production, businesses can support climate change. Leaders should review their operations to ensure they are taking steps towards greater sustainability and growth. If you haven’t already, consider establishing a team within the business to look into new ways of reducing carbon emissions, as well as reuse and recycling initiatives, which can help ensure that sustainability remains a priority in 2023.

2. Invest in your employees

It’s been a difficult year for businesses and staff alike, with mass redundancies and staff shortages in sectors like tech. Now is the time to not only focus on external stakeholders but to look at what you can do for your employees. In today’s challenging market, businesses that invest in their employees’ well-being and development will find it easier to retain talent and maintain business consistency. Investing in employee training programs, providing flexible working hours or introducing rewards systems can help to nurture a positive work environment for your staff.


3. Focus on business innovation

It’s important for business leaders to focus on innovation to stay ahead of the competition. Businesses can benefit from exploring new ideas and technologies, such as artificial intelligence, new software, products or blockchain, which can help you automate processes and create a more efficient way of working. Business leaders should also look into how they can use new digital platforms, including digital wallets and payments systems, to optimise business in 2023.

4. Make business security a priority

If 2022 taught us anything, it’s that cybercriminals are becoming more sophisticated and attacks more commonplace. With that in mind, now is the time to up the ante regarding your business security. Make sure your business is up-to-date with the latest cybersecurity measures and systems to prevent any potential breaches. Likewise, if you haven’t already, ensure you implement two factor authentication on all related business accounts, or higher security measures.

5. Build stronger relationships with customers

Customer relationships are key for any business, so it’s important to focus on building strong customer bonds in 2023. Businesses can do this by creating a customer loyalty program or developing strategies for the year ahead which seek to improve customer service. Checking in with your customers, or at the very least your high-value customers, at the start of the year to discuss their needs for the year ahead may also help to build that connection and stay front of mind. Likewise, don’t neglect your communication channels, like socials and email marketing campaigns, over the holiday period as this is when most of your customers are online!

By taking some time out to strategically consider your business’s  new year’s resolutions,  you’ll set a roadmap of success for yourself in 2023. Whilst not everything may go to plan, setting intentional goals will ensure your business is moving in the right direction in the year ahead.



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Money, time, wellbeing – what will you prioritise in 2023?

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