2023 is just around the corner! Right about now, you’re probably reviewing your numbers from 2022, deciding what you can improve, and setting your financial targets for the new year. So, here at Clarity Voice, we have just started a new series for franchise owners to help you achieve your new year’s goals! Our first article explored popular goal-setting frameworks and common mistakes franchise owners make when setting business goals. Today, we want to look at the top 2023 goals that will allow your franchise to grow and thrive in the new year. While today’s article is an overview of the business goals you may want to consider, future articles in this series will dive into each of these topics with practical advice to help you succeed.
6 Top Business Goals for 2023
You want to move your franchise forward in 2023, and setting business goals is a great way to get there. Formulating new year’s goals will:
- Give you a clear focus for the year ahead (so you can weed out the noise)
- Motivate your team to work toward a common objective
- Allow you to celebrate wins with your team
- Increase your chances of successfully reaching the desired outcome
The only question is, what goals should you set? As we mentioned in our last article, one of the most common goal-setting mistakes is pursuing too many goals at once. You must narrow it down to a few top focuses for the new year. In the list below, we’ll highlight 6 business goals that will allow you to make big gains in 2023.
1. Increase Productivity
Productivity plays a key role in profitability and competitiveness, so it is no surprise that this is one of the top new year’s goals that business owners make. Increasing productivity means you can get more work done in less time and generate more profit without adding employees to your team. If this is your business goal for 2023, you may think about how you can improve individual productivity, team or department productivity, or the productivity of your entire workforce.
2. Reduce Costs
Another common business goal for the new year is reducing costs in your franchise. Cost reduction is a great way to increase revenue without making other changes to your operations. By analyzing your current spending and cutting unnecessary expenses, you’ll be able to save your franchise money which can then be invested in other areas, like marketing, creating new products, and hiring employees.
3. Improve Employee Engagement
Speaking of employees, employee hiring, retention, and engagement are top of mind for business owners as we continue to fight our way out of a labor shortage that has impacted countless industries. If you’ve felt the pinch, perhaps improving employee engagement is among your business goals for 2023. A good employee is hard to find; when you find one, you have to be strategic if you want to keep them for the long run. You’ll experience many benefits by improving employee engagement, including higher productivity, reduced hiring costs, and increased revenue.
4. Refresh Your Marketing
Another one of the top business goals is to refresh your marketing plan and strategy in the new year. In the world of marketing, things are constantly changing. If you’re not continually reviewing your plan and strategy, you may be wasting time and money pursuing channels and methods that are not bringing a return on investment (ROI). What worked in 2022 may not be effective in 2023. That’s why many franchise owners start the new year by refreshing their marketing plan to ensure their message will effectively reach customers and prospects.
5. Improve Customer Service
Speaking of customers, many business owners make new year’s goals specifically related to improving customer relations. We summarize it as ‘improve customer service’, but it could take the form of building customer loyalty, improving customer communication, or enhancing the customer journey. Better customer relationships will increase trust, sales, and word-of-mouth marketing, so improving customer service is a worthy goal in 2023.
6. Expand Thought Leadership
Thought leadership refers to being recognized as a leader in your industry—the best source of information when a person has a question about your industry, market, or topic. Using your passion and business experience, you can guide, inspire, and teach people about your area of expertise so that when they think about it, YOU immediately come to mind. Thought leadership helps build brand recognition, trust, and, ultimately, sales, which is why many businesses have it on their top 2023 goals.
Tips for Your New Year’s Goals
The above list features six top business goals you may consider pursuing in 2023, although you can expand on these ideas and brainstorm additional goals important to your franchise. As you select your goals, keep these tips in mind:
- Who does this goal involve? Ensure everyone who plays a part in this goal or area of your business knows about the goal and their role in achieving it.
- How will I measure success? Every goal must have specific metrics that will allow you to track your progress. Check out this list of key performance indicators (KPIs) for ideas.
- What do I need to succeed? Achieving your 2023 goals may require investments of time, money, and resources. Decide what you need and make the investment!
- Am I committed? Commitment is an absolute necessity if you want to achieve your business goals. Are you prepared to go all-in to reach the goal? If not, it might be better to save it for later and pursue something else.
We’ll Help You Achieve Your 2023 Goals!
At Clarity Voice, we love to help franchise owners reach new levels of success in their businesses. As we continue this series, we will tackle each of the business goals listed above. These six articles will provide ‘how-to’ tips and advice to guide you in pursuing each goal. So, stick with us, and we’ll help you achieve your new year’s goals. 2023 is going to be your best year yet!
