5 trends in small business for 2023

This year has been challenging for many businesses, small businesses especially. But have these challenges also presented new opportunities?

As we near the half-way mark of the year, let’s take a look at some emerging and continuing small business trends in 2023.

Impact of a cost of living crisis

As consumers look to reduce household spending in the face of rising costs, many businesses have been impacted, while also battling rising costs. Despite this, research shows many business owners are seeing opportunity in the challenges and most are confident they will still be trading this time next year.

Technology trends

No roundup of industry trends would be complete without looking at the impact of new and emerging tech.

From utilising constantly evolving fintech to increase efficiency to harnessing emerging artificial intelligence tools (AI), in 2023 as always, businesses that grapple with and get the best out of available technologies will have the edge on their competitors.

Operating sustainably

Sustainability is increasingly at the forefront of customers’ minds when making purchasing decisions and small businesses have an important role and unique ability to contribute to sustainability goals. In getting on the front foot, businesses can meet their customers’ expectations, while making a contribution.

Sustainable practices are also a big cost saver, so there’s even more incentive.

The great resignation becomes the great start up

One big trend in business in 2022 was the great resignation.

The aftermath of the COVID-19 pandemic saw workers quitting their jobs in record numbers, but where did they all go?

Many workers went to new jobs, but many also seized the opportunity to start their own businesses. In these people, 2022’s job leavers became 2023’s founders.

Marketing trends for small business in 2023

So what about marketing trends?

Like every industry each year brings new themes and ways of operating, often at rapid pace. from the constant trends like shifts in social media and SEO, to emerging tech like AI, marketing is always evolving. For a comprehensive guide to this and other great marketing tips, check out Hubspot‘s blog.

If you’re looking to develop a marketing plan to stay on top of all the trends in your industry, we can help.

Book your free consultation today to get started.