Plan the path for your peak in 2023
As the end of the year approaches now is the time to evaluate what changes need to be made for your business in 2023. Having a plan before the new year starts will set you up for a healthy foundation for whatever path the year takes.
“Determine your peak for the year. Once you know the peak you are seeking then you can chart the most efficient and sustainable path.”
If you need help planning for the new year Wild Peak is here to help, find the path to reach your peak.
Planning Overview
Top 10 Planning Categories:
Sales Projections
Operating Costs Projections
Wages
Benefits & Employee Policies
Laws (Employment, Consumer, Industry)
Capital Expenditures
Lease terms (expirations, increases)
Contracts (Existing & New)
Vendors & Supply Chain
Taxes
Determine your peak for the year. Once you know the peak you are seeking then you can chart the most efficient and sustainable path.
Sales and operating costs projections will help you grow your profits and overall health of the company. It is important that both projects be realistic but can lean aggressive or conservative depending on your goals and style. Making a plan that is authentic to your business is going to be more successful than trying to do something just because you think you should be.
If you have employees you need to prepare for minimum wage increases, new employment laws and benefit changes. Then how do these change any employee policies as well as are there any other policies changes that need to be made. For employment law changes check out SHRM, State & Local Updates (shrm.org)
Paycor has a good table that shows current and 2023 increases for minimum wage. Minimum Wage changes for 2023 in some states may change with elections or like in Colorado must be calculated based on the Consumer Price Index to account for inflation changes. Minimum Wage by State 2022 and 2023 Changes (paycor.com)
Laws affect every business but how depends on where they are located, industry, employment type and consumers. Keeping up on law changes that are applicable to your business is crucial to protecting the health of your business.
Businesses should also be looking at what large purchases they will need to make in the next year. Capital Expenditure planning will help you determine how much money you need for these purchases so you can decide if you will use cash or financing. Also determining what time of year, the expense will occur. Does the expenditure require your business to be closed to install? You should look at what time of year that will be lease impactful to your sales. Is the access to cash more important to completing the expenditure then you should probably look at what time of year your sales are the greatest.
Taking a quick review of lease terms to verify if there are any rate changes, notification deadlines or approaching expirations is a good use of your time. Same can be said for any contracts you have for services, products, or policies like insurances.
Talking with your team about vendor performances and supply chain challenges can help you determine if you need to address either of these in your yearly planning. As the year goes these two items can become outside of your control. So, knowing ahead of time if you expect there to be issues or changes you can plan for these. Or on the flip side you can be looking for new vendors or channels that will provide you with better outcomes.
Taxes are ever changing and setting up time to talk with your tax accountant before the end of the year is necessary. They can tell you if you need to make any changes before the end of the current year as well as what you need to be aware of for 2023. Having a good tax plan will be even more important in the coming years if the current plan to hire more IRS agents so more audits can be completed comes to fruition.
If you need help planning for the new year Wild Peak is here to help, find the path to reach your peak.