What does 2023 look like for small businesses? - Lewis & Dick Solicitors

• 27th June 2023
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Rieva Lesonsky a small business expert reports:

“Nobody knows whether a recession will occur, but it’s certainly fair to say that small businesses are dealing with several economic obstacles right now. Fortunately, small businesses are resilient. Even if a recession does develop, our 2022 Small Business Now report shows that 90% are confident that they will still be in business a year from now. We also often see lots of small businesses get started during recessions.
“However, some sectors would likely be impacted more than others. The consumers we polled said that, during a recession, they would cut back on spending at “convenience,” “lifestyle,” and “entertainment” businesses first. I strongly encourage those business leaders to begin their recession planning now to be safe.”

“2023 will be a year of small business owners betting on themselves and focusing on the elements of business ownership within their control. Between the pandemic, inflation, supply chain issues, and labour shortages, running a business over the past few years has been incredibly challenging.

“Still, through research and conversations with our clients, it’s clear that most business owners are resolute and optimistic heading into 2023. While business owners anticipate a recession may force them to raise prices and reduce spending, entrepreneurs are focusing their efforts on marketing and promoting their businesses, investing in new technology, and boosting head count.”

If you need help or advice, please contact Jonathan Owens who heads up our team on 020 8393 0055