3 Small Business Trends for Success in 2023

3 Small Business Trends for Success in 2023

This year is likely to be a bit shaky for the small business community. Consumers are still leery of the residual effects of the pandemic. A recession is looming, so we’re continually told. Inflation is irritatingly high and doesn’t feel like it’s falling. And the supply chain is still in recovery mode. Small business owners are also facing a lack of talent and the “quiet quitting” trend, on top of the abovementioned consumer perils. Let’s turn the conversation on its side and start talking about trends SMBs can embrace for success, shall we? Because it’s not all downhill from here.

Incentivize Your Staff 

What do your employees value most? You’re not likely to know that off the bat, which is why we recommend the obvious: Ask them. Understanding the key to your staff’s happiness is a huge step toward creating a successful business. First of all, rapid employee turnover is a complete drag on resources and money—to minimize turnover, you’ve got to have a happy staff. Employee loyalty to your business means you’ve got a restaurant, salon, or pet store full of folks willing to go to bat for you. When everyone is invested in everyone’s well-being, the road to success is a smooth ride.

Embrace Technology

Collaboration tools have never been more available than now, as we work our way out of the pandemic. Whether your staff is working on-site, completely remote, or a hybrid mix of the two, programs that help everyone work together regardless of location are critical to your business success. Tap into productivity apps like Trello and Basecamp so employees can easily manage their individual tasks and those of their team. And customer relationship management tools (aka CRMs) such as HubSpot and Salesforce were designed to lower costs and enhance the customer experience—all while keeping your entire staff on the same page.  

Streamline Finances 

Now is a great time to take inventory of your existing finances. Where is your money going every month? Are there subscriptions you can cancel, or monthly bills you can negotiate down? Lean into your business relationships, too: if there are suppliers out there you can work with on lower-cost deals, do it. And on the flip side, say goodbye to the vendors that keep raising prices while offering nothing in return. Again, lean into technology to increase employee efficiency and save time (and money). Got a business that doesn’t require on-site work? Consider moving to a hybrid model and downsizing your company’s real estate footprint.

Our economic landscape is ever-changing. With all of these ups and downs, ARF Financial has been a leader in small business loans and lines of credit. Our expert loan consultants work tirelessly to understand your business needs and goals, making us the top choice for entrepreneurs no matter what their business is experiencing. Whether it’s an expansion project or just trying to make payroll, we’ve got a loan product that’s perfect for every ebb and flow. Visit us today and learn about the difference ARF Financial can make for your business.