10 Questions for 2023

2023 is finally here and that ever well-intentioned phrase ‘New Year, New Me’ is already out in abundance! Nevertheless, despite the promises that this phrase can bring, without a well thought out plan, that ‘New Me’ or in this case ‘new hopes for your business,’ can remain out of reach.

The key to setting achievable and realistic goals for this year, is to not ignore that trials and triumphs of last year. To ensure that your planning for a successful 2023 is as efficient as possible, we have curated 10 questions to ask yourself in order to review your 2022. These questions will highlight where your business succeeded, where your business can improve and help you to identify what you want for your 2023. Taking a reflective view of your year is an invaluable way to learn about your business as a whole. Many independent food and drink business operators are in the midst of their business every day, working long hours, travelling across the country and catering countless events. This hands on approach undeniably provides an unparalleled insight into the business, nevertheless it is useful to take a step back and review your business model in its entirety. A macrocosmic view can therefore enable you to re-align your business direction for 2023, celebrate your successes of 2022 and create specific targets for the year ahead.

What is my definition of success?

This may seem like a broad, open ended question but success need not solely be defined by financial gain. Undeniably, you need to make enough money to at least break even, pay your staff and purchase your supplies. However, there are different measures of success and once you have reviewed your financial successes, there may be other successes that you achieved that you want to carry forward to next year. This type of success is still a win for your business but may not be categorised under the same umbrella term; so define what success means to you and your business. Did you host/attend different events than previous years? If so, can this venture into the unknown be seen as a successful attempt to try something different? Did you focus on increasing your branding across social media? If so, can an increase in followers across multiple platforms be seen as a success? Were new additions to your menu well received by customers? Has this precipitated an increase in online reviews and your overall online presence? ‘Success’ has a broad definition and it is beneficial to have an idea of what it can look like for your business so that you can celebrate and reap the gains for the year ahead.

How often did I achieve this success?

Now that you have your personalised definition of success, how often did you achieve this? Regardless of whether you are a mobile or bricks and mortar business, it is integral that you identify the moments in which you achieved this success. Did you cater at a new festival that expanded your audience? Did you host an open mic night at your café that enticed customers during typically quieter months? As well as reviewing your whole year, any deviations from your normal day-to-day service should be reviewed to determine their merit. As mentioned, this could be a financial success or a success in other areas, nevertheless, did the benefits warrant the effort input? Is it worth replicating these or would something different better align with your goals? Taking stock of what elevated your business will help you to determine what you should aim to repeat next year.

How did my staff perform throughout the year?

Reliable staff are an integral part of your business. A strong team is not determined by numbers but by their approachability, competency and ability to share your vision and convey this to customers. Were you staff able to do this? If so, what support or training can be given to maintain it in 2023? If not, be specific in the areas in which you need more from your staff and train them accordingly. Being part of an independent businesses’ vision is an appealing element of working in the industry for many. Utilise this and make sure your staff know the importance of their role and its significance to the business as a whole. Taking the time to make sure that your staff feel valued will help with your staff retention and enable you to keep experienced, well-trained and reliable staff at the heart of your business.

What am I most proud from last year?

There is a notable difference between pride and success. Whilst success can arguably be more tangible and quantifiable than pride, it is still important to pat yourself on the back and take stock of what evoked a feeling of pride in yourself, your team and your business. Write a list of things that you achieved in 2022. Once you have written this list, reflect on which achievements made you feel proud. It could be an unexpected challenge that you overcame, reaching out to another independent business to build a relationship or not taking no for an answer in the face of adversity. Whatever it is, can you replicate it for 2023 and evoke a similar sense of pride? Can that pride inducing moment from 2022 become a lesson for the direction of your business in 2023? Focus on what made you proud and continue to guide your business in that direction.

What didn’t go well?

Failure is as much a part of life as success. However, with the right retrospective approach, we can gain valuable insight from our failures and use this knowledge to precipitate further success. In business, mistakes can be crucial lessons that enable growth. Certain failures may have been completely out of your control, nevertheless they can help to solidify your resilience, humility and flexibility. Failure can highlight specific areas for development and improvement and direct your focus for change. The point of this question isn’t to attribute blame to a specific individual or incident, but to see what can be learnt from that situation for the betterment of your businesses’ future. With this in mind, remember that there is such a things as a good mistake; that is to say those made through strong, educated decisions. They may not have had the desired end result, nevertheless you can still apply the strong foundational knowledge that you acquired to future actions.

What was the biggest risk that I took last year and did it pay off?

Starting your own business is, in and of itself, a risk; nevertheless it is a worthwhile risk. Take this approach with other risks that you took in 2022. Were they worth it and did they benefit your business? If not, you know not to repeat it in 2023. However, if they were, can it become a staple of your business model? Recognising which risks paid off and which didn’t can facilitate the growth of your business. Pushing yourself out of your comfort zone will not always pay off, but identifying the instances in which you have done so and succeeded, will enhance your confidence in your own ability and bolster your aspirations for your business.

How would I like my business to grow in 2023?

Just like success, business growth can mean different things to different people. In a similar way to which you defined your own success, take the time to define what growth looks like for your business. Do you want to cater more festivals? Or host more monthly events? Do you want to reach a new demographic and expand your brand into that market? Do you want to open a new premises? Many businesses think of growth only in terms of increased sales and this is a perfectly warranted outlook. However, it is also important to focus on how to maintain high standards, improve your product/service, expand your customer base and the area in which you trade. Do you want to diversify your menu items and offer delivery or collection options? Or create strong relationships with other independents to increase your following through access to new audiences? By picking specific areas for growth you can ensure focus and effort is put into the correct areas of your business.

What 3 words would I use to summarise 2022?

Be specific. A lot can happen in a year and it can be easy to get bogged down by one incredibly stressful week or month. By summarising your year in 3 words you force yourself to put things in perspective and look at your year as a whole. Was that one bad week or month indicative of everything that you achieved? Or was it actually a small blip in a year of ‘growth, turbulence and diversification?’ Once you have summarised your year, chose three words to define your 2023. These need not be set in stone, but they will be a direct reflection of your previous year and will emphasise the connection between previous accomplishments and future successes.

Are my accomplishments of 2022 and goals for 2023 still aligned with my business values?

Everything that you do should be in line with your business values. These are the values that you live every day, every time you open up and every time you serve a customer. Nevertheless, it can be easy to get swept away by the tide and lose focus. Taking the time to celebrate your successes, whilst also gauging whether they align with your business values, can enable the evolution of those values or encourage you to take a step back and check if you are happy with the direction of your business. Similarly, are your goals for 2023 aligned with what you want for your business? If a unyielding business value is that you will never compromise on the quality of your ingredients, then setting a goal to seek out a cheaper supplier might not be conducive to that goal. Your values and goals are not mutually exclusive and a synergistic view of the two can prove to be mutually beneficial.

Did 2022 bring me closer to achieving my goals?

Remember to have perspective. 2022 was not a standalone year in the life of your business; it will have had a notable impact. Did your triumphs bring you closer to achieving your business goals? Did certain difficulties move you further away? Goals do not necessarily have an end point when you own your own business. There are always new areas for growth and there may not necessarily be one single end goal, end figure or end event that you are trying to reach. Nevertheless, each year is a part of your business’ journey and should not be dismissed as ‘just another year.’ Instead, was this the year that bought you closer to being able to expand your business? Was this the year that moved the goalposts, but has now boosted your determination? Taking stock of the year’s impact on your goals stops you from simply ‘going through the motions’ and ensures an active, concerted effort for the year ahead.

Keep an eye out for other top tips on how to make your 2023 the best it can be, here.