5 Small Business Trends to Watch in 2023

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by Emma Newbery | Published on Nov. 24, 2022

Key points

• Small businesses need to prepare for a potential economic downturn next year.
• Technology is always developing, and it pays to consider how it can help your business.
• Communicate with your clients and employees about any changes you need to make.

The end of 2022 is fast approaching, and with it comes the start of a new year. After all the recent upheavals, many small business owners may be hoping for some calmer times in 2023. Unfortunately, with a potential recession looming and no end in sight for sky-high prices, this could be a vain hope.

Here are five trends to watch for in 2023.

1. Technology will become even more important

The trick with new technology is to implement solutions that will make your life easier, without letting it take over. Don’t embrace new tech ideas just because they exist and look exciting. Look for technology that will help your company achieve its goals.

For example, if you sell a lot of products online, the right e-commerce software could save you a lot of time. Good email marketing software can help you build personalized relationships with clients. But if the majority of your business is in person, it isn’t worth wasting time learning to use new software that won’t significantly help your bottom line.

Looking at the bigger picture, we’ve recently seen the growth of virtual worlds, artificial intelligence, augmented reality, and blockchain. As a small business owner it’s useful to understand these trends and consider how they might impact your company. But you don’t have to embrace all — or any — of them if they don’t align with your needs.

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