Small Business 2023

Looking ahead to next year, there are a lot of question marks. Will the U.S descend into a full-blown recession? Will the bottom fall out of everything from housing to the stock market? The answer depends on to whom you are talking.

When it comes to small business, however, there are already several trends that are taking shape as we move further into fall 2022.

Here are a few of them as revealed by some leading economic and business prognosticators.

Tip: A little over half (53%) of workers participating in a recent Gallup poll said they were looking for jobs that have a greater degree of security than their current one.

BRANDS + PROMISES

A great product isn’t enough anymore. According to research conducted by Forrester, more than half (52%) of consumers now factor the values of a prospective brand and business into purchasing. Its research found that more and more, today’s “brands are held accountable to deliver on the brand promise—not simply in tone and tenor but also in past and present actions and behaviors.”

52%of consumers now factor the values of brands and businesses into their purchasing decisions.

SUSTAINABILITY + TRANSPARENCY

The Institute for Business Value recently found that 93% of individuals surveyed reported the pandemic had a direct impact on their views on sustainability. One result is that faking it can be costly. Retailer H&M found that out the hard way when a customer sued them for greenwashing. That is, implying its practices and products were more sustainable than they really were.

STABILITY VS. FLEXIBILITY

In a recent survey by Gallup, 53% of workers said they’re hoping for a position that will offer greater job security than their current one. That shows some definite post-Covid fatigue within today’s workforce, suggests Nasdaq.

With workers looking for more job stability, it’s likely time to take a fresh look at your own approach to recruiting and perhaps update how you market to prospects. 

Tell us what you learn, as well as what adjustments you make, and share in the conversation on Facebook here.

Erinn Morgan

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