Reviewing Your Business Plan Into the New Year

Reviewing Your Business Plan Into the New Year
As we head into 2023, what are some things you can do now to set yourself up for financial success in the year ahead.
by Deborah Findling Dec 13, 2022 — 4 min read
Reviewing Your Business Plan Into the New Year

This article is for educational purposes and does not constitute legal or tax advice. For specific advice applicable to your business, please contact a professional.

A recent Fidelity study shows 68% of survey respondents were considering a financial resolution for 2022 with inflation, rising costs, and unexpected expenses as their top concerns. Of the financial resolutions set by surveyees, saving more money (43%), paying down debt (41%), and spending less money (31%) topped the list. As we head into 2023, here are some things you can do now to set yourself up for financial success in the year ahead.

Set financial goals

The end of the year can be a good time to take a look at your books and set financial goals for the year to come. Perhaps you’d like to pay off some debt, start a savings or emergency fund, or set up a plan for retirement. By checking the financial health of your business at the end of the year you can forecast what goals are possible and how long it may take to achieve them. Here are a few ways you can plan ahead:

Prep your business to take on funding (if you need it)

If you’re considering taking on funding or financing for the New Year, consider how much you can borrow and repay. In a 2022 Federal Reserve Small Business Credit Survey, 76% of respondents took on loans or lines of credit, followed by credit cards (29%), and trade credit (9%). Whether you’re taking out a loan, credit card, or outside investment, there are a few steps you can take to prepare your business beforehand.

Plan ahead for big purchases

Whether you’re investing in new equipment or renovations, setting money aside for essential big-ticket items requires planning ahead. As you think about how you want to reinvest in your business, consider what might yield a strong return on your investment.

According to Forbes, here are a few steps to consider when investing in a large purchase for your business:

Think about hiring and expansion

If you’re looking to expand your business or grow your team in the New Year, begin planning now to make sure you have the funds to find, retain, and support those new staff members.

If you’re looking to hire new staff in the coming year, consider this checklist before building up your team.


After adding new team members, look into any tax requirements related to hiring new staff. In addition, think about salary, benefits, and onboarding processes to support them as they start in their new roles.

Are you considering expanding your business to multiple locations? There are a few ways you can plan ahead and streamline the transition. If you are a Square seller, you can manage multiple locations from one Square account

Deborah Findling
Deborah Findling is an Executive Managing Editor at Square. She also writes about investment, finance, accounting and other existing and emerging payment methods and technologies.


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