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4 ways to plan for business success in 2023


With 2023 just around the corner, it's time to put plans in place for the future success of your business. We take a look at some easy ways to get ready for a great year.

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2022 has flown by and 2023 is just around the corner. If you haven't already, it's time to start thinking about your business goals for the new year – and maybe even beyond!

Let's take a look at 4 of the key ways you can set you and your business up for future success.

👋 Hey there! Since we've partnered with American Express, we'll be using some examples from the American Express Platinum Business Card in this article, but always compare your options before signing up.

1. Set your goals

Setting goals is one of the most important things your business can do to kick off 2023 – or any new year, for that matter. Without clear goals in place, it's very difficult to set metrics for success or to assess where you might have fallen short.

Of course, the specifics of these will look different for every business. It may be geared towards hitting a certain sales target, achieving a percentage growth in profit, opening a new location or growing a new division.

What's important is that you have indicators of success attached. This way, you'll be able to justify the necessary costs and effort involved to stakeholders. Whether that's yourself as a business owner or to a board of directors, the underlying principles are much the same.

In fact, one of the best ways to set goals is using the SMART system, which is an acronym for "Specific, Measurable, Assignable, Realistic and Time-related". You're able to break a goal down to key components:

  • Specific – What you're trying to achieve
  • Measurable – Its metrics for success
  • Assignable – Who on your team can do it
  • Realistic – Determine whether it's achievable
  • Time-related – What sort of timeframe it can be done in
🔥 Hot tip! Goals don't have to be immovable or unchangeable. Reviewing and re-assessing your goals every few months can provide insights into whether they're on track or whether they're still relevant to your overall business aims.

2. Keep an eye on cash flow during interest rate rises

During 2022 we saw the cash rate rise a number of times, and businesses are understandably wondering whether this will continue into 2023. It's important to be prepared accordingly, and there are some key steps your business can take in preparation.

Ensuring adequate cash flow is one of the most important steps in the process. Cash flow is essential for any business – but rising interest rates can have an impact on investments and capital. It could also lead to higher repayments on some loans. That makes liquidity harder to manage, which is where financial tools like charge cards can be quite useful.

Unlike credit cards, charge cards have no pre-set monthly spending limit1 or interest charges. For example, the American Express Platinum Business Card offers up to 55 days to pay for purchases2. It also earns points which can be used to help offset certain business expenses. It's a straightforward way to free up some cash flow.

It can also help you put in the hard yards at the back end of 2022 and ensure that your business is set up for success and ready to go from January 2023.

🔥 Hot tip! When you enrol with American Express AccessLine, you're able to make fast trusted payments virtually anywhere in the world. This applies even if your merchants and suppliers don't usually accept card payments. This means you can access cash flow through any eligible business card from American Express whenever you need it. Fees, T&Cs apply.

3. Invest in better cybersecurity

One of the key investments you need to make in 2023 is better cybersecurity for your business. SME owners often find themselves in the mindset that they're "too small" to attract attention from cyber criminals.

But in truth, they're often the most vulnerable. After all, it's easier for hackers to send 200 spoof emails to SMEs with unsophisticated cybersecurity policies than it is to try and take down a major corporation.

This risk is elevated if you've got a remote workforce – a distributed network means more potential entry points. So if you haven't reassessed your cybersecurity risk recently, there's never been a better time. Update your cybersecurity and cyber insurance policies ASAP.

🔥 Hot tip! In addition to investing in cybersecurity solutions, you should also regularly check your business card transactions to stay on top of spending and reduce the risk of fraud. The American Express Platinum Business Card offers fraud protection and emergency replacement within 48 hours.

4. Get ready for new opportunities

Though it can be tempting to focus on the negatives with interest rates on the rise, this would be a mistake. After all, with every new challenge comes a new opportunity.

For example, rising costs mean that customers are often looking for new places to buy from. Larger suppliers are often looking to lock in guaranteed business to offset potential losses. Both of these have the potential to benefit your business, as you can appeal to new customers and potentially negotiate with your suppliers for a better deal.

Of course, this still means preparation on your part. This will take different forms for just about every business, but there are a few that apply to almost every business, such as checking your business credit rating. Additionally, if you're looking to borrow this year, work with a broker to navigate the lending landscape more effectively.

🔥 Hot tip! Getting your finances in order is really critical when it comes to preparing for new opportunities. Some cards – like the American Express Platinum Business Card – are able to automatically send spending data to your MYOB, which can enable a smoother reconciliation process.

Compare other business cards here

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