Since the onset of the COVID-19 pandemic, small-business owners have faced ever-changing regulations, cash flow shortages and general economic uncertainty. And 2022 brought its own challenges: inflation, rising interest rates and staffing shortages, among others.
Entrepreneurs, however, remain resilient and optimistic about the year ahead. In fact, 66% of small-business owners expect their revenue to increase over the next 12 months and 52% plan to expand their operations, according to an annual report by Bank of America in late 2022.NerdWallet’s small-business writers offer their predictions and advice as we begin the new year.
Takeaway Stay adaptable and think creatively about your company’s strategies and operations because it appears inflation will continue to affect businesses for the near future. 4. Borrowing costs remain high Kelsey Sheehy: Business owners will need a way to offset high interest rates and a tight lending market, which will likely persist into 2023. Expect business credit cards with a balance transfer or 0% introductory annual percentage rate offer to be in high demand in the coming year.
5. Communication is key for customer relationships Hillary Crawford: Engaging with customers on social media will continue to be important for brick-and-mortar shops, restaurants and online businesses, especially in cases where they need to raise prices or alter their hours of operation. Inflation affects consumers, too, and being upfront about the struggles your business faces can help them relate to you. Chances are, they’ll also be more understanding.
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