Scott Cathcart

Entrepreneur | Impact Investor | Triathlete

Small Business Trends to Look For in 2023

As 2022 draws to a close, the new year will soon be upon us. Small business owners may be wishing for quieter times in 2023, but with a potential recession looming and prices still high, this hope may be unfounded. In 2023, here are five trends to keep an eye on.

The importance of Technology will increase

Don’t just embrace new tech ideas because they are new and exciting; implement technology that provides solutions in business that will make your life easier while helping your company reach its goals. Using effective software for e-commerce will save you a lot of time if you sell products online. Good email marketing software can also help you build personalized relationships with clients. However, if most of your business is in person, it’s not worth spending time learning to use software that won’t significantly impact your bottom line. It is beneficial for small business owners to understand the growth of artificial intelligence, virtual worlds, augmented reality, and blockchain and contemplate how they could impact their business. However, these don’t all have to be adopted if they do not suit the needs of the business.

Employee relationships are shifting

This year, the terms “quiet quitting” and “Great Resignation” increased in popularity, reflecting a complicated combination of post-pandemic sentiments toward work. Even though the job market has been very strong, this could change if we enter a recession. Many people have expressed exhaustion and burnout, leading some employees to reevaluate their relationship with work. Losing staff members can be costly for a small business. Employees are the lifeblood of a company, and they may feel undervalued or overworked. If you’re considering switching to a hybrid or remote work environment, it’s important to understand why your staff members are reluctant to return to the office. Ask your employees to participate in the planning process and consider ways to accommodate them. According to a study conducted by Microsoft, 87% of workers claimed they were productive, while only 12% of leaders believed that their teams were doing well.

Sustainability is more than just a passing trend

A study conducted by Deloitte revealed that the number of customers adopting sustainable lifestyles has significantly increased in the past year. This is partly due to economic concerns but also due to environmental issues. People have been talking about this topic for a long time, and it could be a game-changer for consumers. If you’re a small business owner, you must consider how your company can be more sustainable. This could help you attract more potential customers and improve the quality of your products. Unfortunately, many people are not confident in the claims made by companies when it comes to eco-friendly practices.

Economic insecurity and inflation

Despite the Federal Reserve’s aggressive actions, inflation continues to rise. This can be very challenging for small businesses as it can lead to the loss of customers. One way to mitigate this is to be transparent with your customers. Economists believe that the Fed’s actions could trigger a recession, and you must be prepared. Before you start planning how your company will survive a recession, it’s crucial that you take a look at your cash flow. Doing so will allow you to maintain a steady flow of money and keep your business running smoothly. One step you can take to improve your efficiency is to implement streamlined operations. Before you start planning how your company will survive a recession, you need to take a look at your cash flow. Consider applying for a business credit card to keep your business running smoothly. Although it’s not a great idea to use a credit card to keep your company afloat, it can help you weather the economic storm.

It’s all about the videos

The way people view social media can change quickly. According to a study conducted by Insider Intelligence, over 60% of Gen Z use TikTok, and Instagram is also very popular. It’s important to consider which channels your customers are most likely to use and prioritize the ones that are most effective. Video content is becoming increasingly important on any social media platform, with people spending more time on pages with videos. Videos are a great way to condense a lot of information into a short story and build your brand. If video isn’t already part of your content and marketing strategy, consider making 2023 the year to turn on the cameras.

If small businesses are to survive the potential economic challenges of 2023, they must be agile and adaptable. Keeping open communication with staff and customers about how the situation is being managed could help to sustain key relationships even during challenging times.

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