Recession, inflation, labor woes Small businesses have a long list of challenges to tackle in 2023
- “Unfortunately, smaller businesses have the fewest resources available to pony up.”Since small businesses can’t keep up with the raises at bigger companies, they will have to find new ways to retain workers in 2023.
- Keating said technology can help with efficiency, and one way to keep costs down is to cast a wider net in terms of suppliers.INFLATIONThe reason businesses need to keep a firm grip on costs is inflation, which appears to have peaked last summer but remains high.
- It’s far removed from hiring and turnover.”Given the economic uncertainty, small businesses will have to keep a tight rein on costs and run their operations as efficiently as possible, said Ray Keating, chief economist for the Small Business & Entrepreneurship Council.
- Minimum wage and pay transparency laws vary widely by state, so small businesses should stay on top of their local laws to make sure they follow any changes.
- “I don’t see inflation dropping in any significant way … but I don’t see it going back up above that 8 percent level,” he said.LABORAn ongoing challenge for small businesses is hiring and keeping workers.
- A looming recession, still high (although easing) inflation and labor woes are some of issues carrying over from 2022 that small businesses will have to tackle.
NEW YORK (AP) Small businesses face a mix of old and new challenges as 2023 begins.A looming recession, still high (although easing) inflation and labor woes are some of issues carrying over from 2 [+9316 chars]