Business goals to prioritise in 2023

As we kick start the new year, there is plenty for businesses to reflect on from the year gone by and it's highs and lows.

With input price inflation and energy prices continuing to affect success, let us look forward to a new year. 2023. Businesses by now should be considering (if they still need to be put in place), what goals they wish to achieve by December - a year from now. Prioritising said goals will anchor success. Company leaders must leverage their expertise to set goals to help their company flourish in Q1 and beyond

There are various ways that leaders can prioritise now for the new year. I have listed below 12 highly discussed goals that could be set and why they are vital factors going forward.

1. Employee well-being – A goal of a business that I personally believe is one of, if not the most valuable, to have in 2023 and beyond. Taking care of your employee's well-being has a huge impact on the results delivered. A happy mind is a motivated mind. People will work harder if they feel supported and valued. We’re in a well-being state of emergency, and it’s time now that it is addressed at a business level. Leaders should introduce new programmes or classes that create a sense of community within the workplace.

2. System efficiency - Prioritising efficiency in systems and processes is not only good in a business sense but will also be especially important as we continue to work in this financially uncertain time. If businesses can cut to the point when making processes that actually produce results, this would be the most time-efficient, resourceful method for improving business. They are then able to run with more significant profit margins or continue operations as usual during the potentially lower-profit quarters.

3. Strategy Refresh - The key is to complete a refresh of strategy. For example, Identifying those operation metrics and/or looking at individuals and how their KPIs and personal goals can contribute positively to the business. Companies must start this immediately as some find it unclear of what and how they need to do this refresh and even how to operate coming out of Q1. Focus for most companies will relate to the growth of revenue, optimising costs and how to keep these low.

4. Employee retention - A top business goal to prioritise in 2023 is retention. Organisations need to train and develop all the different levels of management with reports on how to lead people. The skills for managers today are to be empathetic with employee check-ins when possible this also includes supporting their professional and personal development. They also need to set clear expectations and balance workload. 

5. Company Culture – This year, in particular, has been tough for employers and most state that these have mainly been with recruitment and retention. It’s time to focus on improving your company culture. From your company values to communication and feedback to employee development, ask yourself, “what can I do to help improve the culture?” This focus will enhance your reputation, retention and hiring ability.

6. Equal Pay - Prioritise equal pay in your organization. Make necessary changes to compensate accordingly. Your top-performing employees are bound to be aware of their full earning potential. Stop waiting for your employees to tell you that they are underpaid. If you don't ensure their compensation is at or above the market rate, another employer most likely will.

7. Strategic Flexibility - One top goal is strategic flexibility in systems, programs and, most importantly, in hiring. Take the time to go through an organisational exercise to truly understand the data between where you are as a company and where you wish to be in the next year. Be realistic about the company's ability to reach these goals – catering for the constraints and the uncertainty in the market as it stands.

8. Employee engagement - Employee engagement is an issue that all organisations need to consider improving in 2023. Whether the company has well-established actions in place or not, workplaces have been experiencing massive shifts from not only the pandemic but generally to elevated expectations of equity and fairness that requires looking at engagement with fresh eyes and revising approaches.

9. The future of work - A priority I believe that is important in 2023 is the future of work. There have been so many changes that we now need to look at the impact of those changes, whether these are positive or negative. Adjusting to a norm will be ongoing for the foreseeable. Still, businesses need to keep this at the top of their minds as we potentially go into recession and the impacts it may have going forward. 

10. What REALLY brings results - Businesses should focus on and prioritise what honestly brings results in. This can translate into adding features that bring the most value to clients, choosing marketing channels with the most hits or even providing activities that help teams work better together. Priorities depend on your company type and expertise.

11. Stronger leadership roles - Strengthening the role of leadership in the advancement of healthy work cultures must be a goal of priority for 2023. Healthy work cultures have stepped to the forefront as a prime factor for retention. Leaders and people with influence will be instrumental to the success of businesses in the future and will need extensive training and exposure to strategies to make an impact.

12. What other roles are important? Arguably, the most significant business goal to prioritise for Q1 planning in 2023 is "What do we consider to be a good plan for our workforce, and what roles are most important?" We are entering into an economy where organisations will start to look at talent and decide what talent they wish to have working in their business. If there are good intentions when planning, then we will be able to respond to this proactively.

If you want to discuss business goals further, contact us at Lily Shippen.