2023 Small Business Kick Off with Henry Lopez.
This a special 2023 small business kick off episode, with some tips and thoughts for success, for both aspiring business owners and exiting small business owners, as we get the new year started. Review of the previous year, goal setting, tips & thoughts on starting a new business and growing your existing small business, suggested episodes, recommended books, and inspiration ideas to help your success in 2023!
Successes & Accomplishments
- Regardless of what business stage you are in, it’s important to reflect on your successes and accomplishments last year. Take some time to assess, acknowledge and celebrate your successes and victories in 2022.
- Henry’s annual review and goal setting process includes: 1) Review 2022 2) What did not go so well? Where did I/we come up short? 3) Top Successes of 2022 4) Goals for 2023.
Goal Setting Review
- Episode 223: Goal Setting – On this episode Henry covers the topic of Goal Setting in detail.
- Why Goal Setting? Benefits of written goals (accountability).
- The power of visualization and affirmation!
- How to set goals – consider using the S.M.A.R.T. method (Specific, Measurable, Achievable, Relevant, Time-Bound)
- Share Your Goals with people who’s opinion you trust and care about.
- Episode 280 – Accountability to Get Things Done with Dawn Shannon
- Other points to consider about Goal setting:
- Are your goals in alignment? With your plans and dreams for your future? With your personal “why” or greater purpose in life?
- Is your business in alignment with your long-term goals?
- Do these goals get you closer on the path to achieve your longer-term goals?
Starting Your Small Business
If you are planning to start your first small business in 2023, then the most important considerations include:
- Are you Ready, Willing and Able? To become your own boss, you have to be ready, willing and able to overcome the obstacles and challenges that can keep you from realizing your dreams. You have to be mentally and emotionally ready, you must be willing to put in the time and effort, and you must able to afford the investment of time, money and energy.
- Related episodes:
Starting Your Business – Are You Ready?
If you are not sure if you are ready, or what it takes to successfully start your first business, you should consider Henry’s online self-paced course: Starting Your Business – Are You Ready
Grow Your Small Business
- In 2023, you should plan for continued growth, and making progress toward an owner-independent small business.
- It’s about working on your business and not just in your business.
- You 2023 Business Planning should perhaps include:
- KPIs – What are your goals and what will you measure?
- Consider leading (i.e. funnel metrics) and lagging indicators (i.e. your monthly P&L).
- Revenue and Profitability – what are your growth goals for your small business in 2023?
- Expense Management – Budgets? Track and monitor select variable expense categories.
- Implement a Financial System or organize your financials (i.e. QuickBooks).
Small Business Considerations
- Economic Conditions & Forecast
- What will be the impact of Inflation on your small business?
- Price Increases?
- Supply Chain Disruptions
- Fear of Recession and the impact on small business
- How are Labor challenges going to potential continue to impact your small business?
Popular 2022 Episodes:
Here are a few of the most popular episodes from 2022:
- 408: Small Business Startup Checklist – Henry explains the primary steps (including a free download) involved with starting your first small business and realizing your dreams of entrepreneurship.
- 432: Side-Hustle Small Business with Nick Loper – Nick is an expert on this approach, and on this episode of The How of Business podcast he shares his experiences and advice on starting a successful side-hustle small business (a business you start on the side while keeping your job.)
- 407: Funding Your Small Business – How to fund your small business startup with Henry Lopez, serial entrepreneur and host of this podcast. This episode is about helping you determine how you will find the money you need to start your small business.
Small Business Workshops:
Online workshops to help you start, run and grow your small business:
Episode Host: Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business podcast show – dedicated to helping you start, run and grow your small business.
Books mentioned in this episode:
[We receive commissions for purchases made through these links (more info)].
Top 5 All Time Recommended Books
1. The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
2. Traction: Get a Grip on Your Business by Gino Wickman
3. Think and Grow Rich: The Landmark Bestseller Now Revised and Updated for the 21st Century by Napoleon Hill
4. The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss
5. (tie) Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
by Robert T. Kiyosaki
5. (tie) Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek
Other small business book recommendations:
- Building a StoryBrand: Clarify Your Message So Customers Will Listen by Donald Miller
- Sweet Success: A Simple Recipe to Turn your Passion into Profit by Candace Nelson
Other Podcast Episodes:
You can find other episodes of The How of Business podcast, the best small business podcast, on our Archives page.