10 Ways to Prepare Your Business for 2023

According to the Philippine Statistics Authority (PSA) List of Establishments in 2021, there are more than 1, 080, 810 recorded businesses in the country. It comprises 99.58 percent or 1, 076, 079 medium and small businesses and 0.42 percent or 4, 521 large enterprises.

Out of this list, over 14, 000 startup companies or small business owners are listed in 2022, wherein 90 percent fail in their first year of operation. Many businesses shut down because they couldn't keep up with the competition and manage business hurdles such as the financial crisis and pandemic.

One thing is evident with this data; you need to be fully equipped and more competitive to be successful in the business industry. Now that a new year is coming, new challenges also await to cripple your small business. To avoid this from happening, prepare your business for roadblocks and hindrances in 2023.

Essential Tips to Get Ready for a Successful Business in 2023

2023 will be a good year for many business owners as the country continues to recover from the recent pandemic. More Filipinos returned to their jobs, while others found a new source of income to survive. Thus, there will be an influx of potential customers ready to purchase and invest, although you can still feel the presence of inflation and global recession.

Regardless if you are starting up or doing business for years, consider following these ten (10) easy ways to prepare your business in 2023.

Evaluate your previous output.

First and foremost, you must take a look at your previous results or an executive summary of your business account. Get to know how much you earn and what your company spend on expenses. Was your business profitable or losing? By gathering all the data, you can identify and have a clear understanding of your wins and struggles. 

Set a new business plan.

Once you identify key performance indicators in business, start setting up new business goals. Develop a new business plan that is realistic and achievable. Take a small step at a time, and don't exceed expectations, especially in terms of business growth. That way, you can reach your objective of becoming a successful business owner.

Improvise your current sales and marketing strategy.

Re-visit your current sales and marketing efforts. Determine which of them attracts more clients and improvise. Understand why this strategy is effective and learn why some don't work. Identify who is your majority clients and realign your approach to them.

Review your finances.

You must also need to review your finances before setting up a budget for your business. Do you still have sufficient cash flow to cover expenses in business operations? If you plan to acquire a loan, ensure you have the budget to pay them to avoid penalties or default.

Start tax planning.

Paying taxes is a mandatory obligation for a business owner. Hence, you must pay them, or you'll suffer consequences, such as penalties or foreclosure. But there are many ways to save money on taxes, especially if you pay before tax deadlines. The tax bureau also offers special programs based on the amended TRAIN Law. Seek an expert in paying your business tax if you need help.

Organize your digital space. 

Now is the time to clean up your digital space. Organize your email inboxes by category to avoid unopened emails. You need to accept the fact that technology works better in business. Although you can still utilize phone calls and text messages, getting involved in your email and responding is best. You never know if you missed some opportunities, such as contracts or orders, because you failed to open your email.

Modify your workspace.

Besides organizing your emails, you must also clean up your workspace. Get rid of those things that have never been used for a long time. Note that having an organized workspace also provides health benefits. Things that have been stocked for so long build up dust, dirt, and harmful elements to jeopardize your health. So, segregate, create a system, and start fresh.

Get your website updated.

Most customers today use smartphones and handy devices for shopping. If you have an existing website, make sure to update its entire system. You don't have to overhaul your website, but it should be mobile-friendly, responsive design, and have quality content. One of the biggest factors affecting website traffic is the loading time. Viewers usually leave the website for not more than 10 seconds if your site does not open right away. 

Create a content plan.

You don't just post or publish whenever you like and whatever you want. The most effective content must be well-planned. Strategize your content by having a specific theme or topic in a particular timeline, especially on social media platforms. Avoid sales pitching to sell your business. Customers today are smart and wise. You need to help them solve their problems and enumerate how your business can help them. Thus, you need to follow SMART Goals and buying journey - attract, delight, and nurture.

Plan a team meeting.

Be interactive and communicate with your workers to develop a strong team. You must learn how to listen and be open to suggestions. A ship can't sail with only a captain onboard. So, schedule a team meeting whenever possible. It doesn't have to be often or longer. A 30-minute scrum meeting once a week is enough to know the sentiments of your team about your business. 

Running a business may be risky because there is a possibility that you will fail. But, this type of mindset should be changed and must look at the positive aspect. You are doing business because you want to achieve something. It can be related to travel, self-improvement, or investment. 

But, the good news is you can get all these through investing in real estate. Look for a house and lot in the Philippines based in your preferred location. Opt for an affordable house and lot in nearby provinces so you can also travel whenever you want to relax from your business. 

Lumina Homes can provide a selection of housing packages based on location and lifestyle. We have thousands of affordable house and lot for sale units throughout the country with the best features. These are all disaster-proof, quality homes. Most of all, you can turn them into a rental property whenever you want to. So, all the savings and profits you accumulated from your business are worth the value of your money. 

Are you looking for investment opportunities to enjoy your business income? Get in touch with an accredited Lumina representative today and learn more about our housing packages.