Look, let’s be honest – 2022 is over now.
Inflation, higher taxes, higher interest rates?
…And the fourth quarter is only at its beginning.
The big companies have already stamped “paid” to this year – even some of the larger retailers aren’t getting too excited about the holiday season. While I’ve never been one to quit, the truth is, 2022 has been extremely tough for a lot of business owners, and the most important thing you can do is to focus on how to make 2023 FAR better.
Now, I’m not suggesting you throw in the towel, not at all.
What I am saying is you need to not let 2022 be a harbinger for 2023. I understand that a lot of companies did really well in the first part of 2022 – nearly anyone in the construction industry. Fossil fuels. Shipping.
But those were only trends and we all knew they’d slip away sooner of later.
Housing and construction has fallen on its face with the recent rate hikes.
The backlog of materials waiting to be shipped has pretty well been replenished.
And – despite the way it feels – fuel prices have receded, even if they are still extremely high versus just a few years ago.
The challenge for business owners isn’t these significant spikes, but rather, the longer play of how to deal with this economy, because, like it or not, it’s here to stay.
So here’s the thing to think about right now:
What are you going to do differently, knowing that the 2022 economy is going to bleed into the 2023 economy?
Here’s some immediate actions you should consider…
- First of all, since the “pass through” laws from the 2017 tax bill will remain in effect an extra two years, you need to make sure your business is able to use that to its fullest effect. In short, get your metrics, get your data, and make sure the money is moving properly through your company to your pockets.
- As of right now, there is a LOT of potential for “green” projects in the IRA, so upgrades to your personal home and any commercial properties you own might represent money well spent, especially if you are on a depreciation schedule.
- Now – NOT when 2023 is actually here – you need to look at where you or your company had losses. More importantly, why those losses occurred. The simple truth is the economic situation we’re in is going to remain challenging for some time to come, and determining where the rough spots were can help to alleviate them in 2023.
Lastly? Now is the time to start getting your financial data in order – whether that’s from a bookkeeper or the software – and working with me and my team to make sure EVERYTHING gets documented.
It’s easy to not think about how close we are to the end of the year, and when the holidays kick off, we both know it will be nearly impossible to find the time to get this data.
Let’s get started now, and get ready for a great 2023.