6 New Year’s Resolutions for Startup Founders in 2023
6 New Year’s Resolutions for Startup Founders in 2023
As we ring in a new year, it’s the perfect time for startup founders to think about how they can make changes to set themselves up for success in 2023. Take a close look at your business and consider which tasks you could be outsourcing to free up your time and energy so that you can focus on what you do best. By making these six changes, you’ll be well on your way to a successful year.
1. Having bookkeeping done regularly
Up to date bookkeeping is essential for any business owner. It gives you a better understanding of your sales, expenses and profits so that you can identify trends and fix issues quickly.
If you're not able to commit to monthly bookkeeping yourself, make it a priority to outsource it to someone who will keep on top of it. By getting your fundamental bookkeeping in order now, you'll save yourself a lot of stress and potential penalties down the road.
2. Decreasing work stress
Being a startup founder can be stressful, especially if you are in a high-growth phase and there’s a million and one things to do. Running your own company is exciting but if you aren’t keeping on top of everything, it can become a pressured environment, leading to physical and mental wellbeing issues. Look for ways to reduce work stress which could mean outsourcing, taking on permanent staff or making hard decisions about working with certain clients.
3. Spending quality time with family
So, what can startup founders do to make sure they don’t miss out on family time?
In 2023, aim to spend quality time with the family, especially at the weekends. It’s about making a personal contract with yourself to ensure that work doesn’t take over your life completely.
You might even want to schedule in some ‘family time’ into your calendar, just like you would any other important meeting. By doing this, you can be sure that you won’t let work consume all of your time – and you can still be there for your loved ones when they need you.
4. Healthy lifestyle
Keeping healthy takes time and effort. It means eating proper meals instead of takeaways or grabbing processed food on the go. Making time to exercise is also a priority if you want to maintain good physical and mental health in 2023.
There may be ways to incorporate more movement into your workday, such as getting a sit-stand desk, taking the stairs more or even talking calls while you are out on a lunchtime stroll.
5. Learning to delegate
Know when it’s time to get more help in. Delegating tasks that take too long, are difficult or tedious is a great way to free up your time to work on the things in your business that only you can do or give you more leisure time.
Learning to delegate is a key skill for startup founders who will quickly find that they cannot hope to complete everything on their own. It’s not a sign of weakness to bring in help, it’s a strength.
6. Having someone like OTG Accountants as their CFO
Startup founders often manage the business finances themselves at the beginning of their business journey. Over time, you may need more complex information from your financial records or you need professional support to get ready for a funding round. That’s when it makes sense to engage with an accountant who can act as an outsourced CFO (chief financial officer).
Startups may not yet be able to afford a full-time Finance Director, so instead consider a business partner to help out on a part-time basis without having the complexities of dealing with employed staff. You could get support for a couple of days a month or to work on particular projects, depending on your current needs.
Helping startup founders to better work/life balance in 2023
David Masih, our client relationship partner can talk to you about how OTG Accountants has helped other startup founders to create a sustainable work/life balance while achieving challenging business goals. We can support your startup with bookkeeping, compliance and business advice.
Call 03330 067 123 or email info@onthegoaccountants.co.uk.
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