Unfortunately, no one can see the future. But, as a small business owner, you can do your best to look ahead and make preparations. Keep reading for some of the most important small business trends for 2023, as well as some things to keep in mind while planning for the New Year.
Small Business Trends for 2023
Post-Pandemic
While COVID-19 is not as big of an emergency any more, the pandemic changed the way so many industries do business—and some of those changes aren’t going anywhere anytime soon. Many employees got used to working from home and don’t want to return to an office, and more and more are expecting remote work to be an option with new companies.
With rising interest rates, this could be a blessing in disguise. If your company went fully remote during the pandemic, you could keep things that way and avoid renting or buying an office space. If you’re a small business, odds are you can’t match everything big companies have to offer their employees. But you can make up for certain things with flexibility. For example, maybe you can’t offer an employee as big of a salary, but they’ll choose you because you’ll allow them to work from home full time.
Hiring
Finding good people to hire has been a major challenge for small businesses this past year, and it’s expected to carry over to 2023. Finding the best of the best will be difficult, but the key here is to focus on keeping the good people you already have.
Company culture is something that develops naturally over time, but can significantly benefit from some intentional guidance. Take steps to ensure that your company offers employees a diverse and inclusive environment where they feel valued and appreciated. While you might not be able to afford higher salaries at this point in your business journey, consider other perks like flexible hours, generous vacation time, or certain wellness or environmental incentives.
Accounting
Gone are the days when a business could stay afloat solely based on popularity. The pandemic, coupled with recent financial stress, has shown us that even some of the most popular businesses don’t make it. Proper accounting is absolutely crucial, especially if you’re a small business just starting out.
Instead of focusing all resources and brain power into a great product or service, business owners now need to make sure they’re spending their money extremely carefully and investing in the right parts of their business. It’s no longer enough to be a visionary—you have to be a successful businessperson, too. Not to mention that being diligent with your accounting can save you money and stress come tax time.
Banks, Finley, White & Co: A Friend to Small Businesses
We’ve been serving small businesses just like yours for 45 years. We provide expert audit and assurance, advisory, and tax services to help you make sure you’re making all the right decisions for your business. As a regionally based, nationally recognized firm, we’re committed to excellence. Get in touch with us today to get started.