Forbes recently spoke to several industry leaders about the challenges and opportunities facing small businesses in the year ahead. And the outlook is positive, despite global inflation, believes Sharon Miller, President of Small Business at Bank of America.
“Through research and conversations with our clients, it's clear that most business owners are resolute and optimistic heading into 2023,” she said1. “While business owners anticipate a recession may force them to raise prices and reduce spending, entrepreneurs are focusing their efforts on marketing and promoting their businesses, investing in new technology, and boosting head count.”
Dave Charest, Director of Small Business Success at Constant Contact, offered some advice for SMEs in the event of a recession. “[They should] lean into their strengths – their connection to their communities and the great experiences they can provide customers. Bigger brands may have bigger budgets and more exposure, but they can’t offer the same inventory, customer service, or experience that a small business can.”2
Feeling inspired to spread your entrepreneurial wings in 2023? Be sure to check out our 10 things to consider before starting a business, to ensure your enterprise not just survives, but thrives!