One topic: 10 facts and What to Expect

E very year brings its own set off obstacles to overcome, goals to meet and trends to watch. 2022 brought a slew of unforeseen circumstances to you and your business, such as supply chain issues, inflation and supply shortages. Leave the guess work to us to predict the trends in 2023 that will keep you as a business owner on your toes and ready to tackle the new year.

1Now more than ever, consumers are purchasing items with sustainability in mind. Much so, a little over 75% of them have been attempting to buy more environmentally friendly products.

2 A company’s sustainable initiatives or actions toward a cause could build a loyal customer base. A whopping 88% of customers support companies that support social or environmental issues.

3 TikTok, a once up-and-coming social media platform, now has over one-billion active users. Marketing your business on TikTok may be in your best interest with over 84% of consumers admitting to buying a product after watching a video advertising its use.

4 Who are the people selling these products? Influencers. Franchise owners are aware of their low cost and influence in certain markets with 25% of small-business owners utilizing them for marketing campaigns.

5 Individuals in Generation Z are stepping up as active participants in the economy. With the oldest of this generation being 24 years old, they, now more than ever, have an influence on the economy.

6 A heavier reliance on automation is at the forefront of combatting the rising costs seen in 2022. It is predicted that 53% of tasks can be automated.

7 With automation comes artificial intelligence (AI). AI is becoming more advanced and will continue to develop as the need for human work decreases. Companies are already exploring this technology, as 25% of U.S. businesses are utilizing this, and 43% of those entities are exploring it.

8 As a business owner, you are one person trying to be in multiple places at once. It is key to have tools that allow you to monitor your business from afar to ensure your efforts are being put in the right place. Other entrepreneurs agree, and 19% of small businesses feel that investing in new technology is worth it.

9 Eighty percent of U.S. small businesses are not correctly utilizing advanced digital tools which can be detrimental to multiple parts of your business.

10 All-in-all, this is the year to build up your business or get it out of a rut. With 66% of small-business owners predicting revenue increases, 2023 is going to be a year of prosperity and growth!

*Note: This is a compilation of web articles strictly for engaging your thoughts, and NFA had no hand in making such predictions.

Sources: Small Business Currents, Melanie Edwards, Ken Marshall, Incfile, Forbes, IBM, Finances Online, Visual Objects, Business.com, Deloitte