Preparing for 2023

by Danny Summers

There's been quite a bit of conversation recently in our eLists on preparing for 2023 and in particular the budgeting process. There's a lot to be considered for sure. And 2023 is certainly not the typical "new year" to consider. But even in a typical "new year" there is a lot to consider.

Not only do you have the typical budget considerations you will see in The Group's Chart of Accounts... What should you budget for Sales (by category)? How're Margins going to be tracked? What do you see in changes to Operating Expenses for next year? And what should you project for Wage & Wage Benefits?

And after working through all the typical P&L areas, you might consider any capital improvements you've been putting off or projecting into a future year. Overall, there are a lot of moving parts, and considering inflation and its effects on costs in all these areas, the perception of your audience on their expendable income will ultimately impact your performance. Following a year where more people felt comfortable with travel and catching up on what they could not do the previous year or two, 2023 could be a year where staying closer to home could be an attractive and affordable option.

Tim Quebedeaux shared some thoughts in his cover comments for the Week 41 Weekly Department Review by saying to look at more than just last year. He urged Group Centers to study their numbers starting in 2018 and seeing trends over a 3 to 5-year range can give you a solid view and better perspective of where your Center has been and may be going. Tim said, "Most importantly, be sure to create your own dynamic budget!" This is a tool Tim shares during the Financial Basics Workshop Series classes and with Centers he consults directly with throughout the year.

As you work to complete your plans for 2023, be sure to share and participate in conversations in our Owners-Only eList, and of course, if you have questions, or ideas or just need to talk through your options or challenges, give The Group Team a call. Now is the time to make the best decisions that can help you be the best you can be in 2023!

How's Your 2023 Budget Progressing?
Take our quick Group Slido Poll and you'll see what others are saying. Simply take your smart phone's camera and focus on the QR code here, then touch the code, or if viewing this on the smartphone, simply click on the code. Let's see how you compare to others in The Group!
Group Centers... Have You Heard?

The WDR is moving to an OnLine system beginning January 2023. After 20+ years of spreadsheet-based sharing, the system will provide what we have grown to expect and rely on – and so much more. We currently have a subset of Group WDR Centers doing a parallel procedure for the rest of the year as we prepare training for everyone as well as tweak our reports.

Watch for more information on upcoming training for all Group Centers!