Small businesses play a vital role in driving the economy and creating jobs. In 2023, there will be several key trends that are likely to shape the small business landscape. Here are some of the most important trends that small business owners should be aware of:

Increased Focus on E-commerce

The rise of e-commerce has been one of the most significant trends in recent years, and this trend is expected to continue in 2023. With the increasing use of smartphones and the internet, customers are now able to shop online from anywhere, at any time. As a result, many small businesses are turning to e-commerce as a way to reach a wider audience and expand their customer base. In 2023, small businesses will need to invest in their online presence, including their website and social media platforms, to keep up with the competition.

Growing Importance of Technology

Technology has already transformed the way small businesses operate, and this trend is expected to continue in 2023. From cloud computing and data analytics to artificial intelligence and the Internet of Things (IoT), technology is changing the way small businesses approach various aspects of their operations, including marketing, sales, customer service, and more. In 2023, small businesses that want to stay ahead of the competition will need to invest in the latest technology and make sure they have the necessary skills and resources to effectively implement it.

Increased Emphasis on Sustainability

Sustainability has become an increasingly important issue in recent years, and this trend is expected to continue in 2023. Consumers are becoming more environmentally conscious, and they are looking for businesses that align with their values. As a result, small businesses will need to focus on reducing their carbon footprint and adopting more sustainable practices. This can include initiatives like reducing waste, using renewable energy sources, and incorporating eco-friendly products and services into their offerings.

The Gig Economy

The gig economy has been growing rapidly in recent years, and this trend is expected to continue in 2023. This refers to a labor market characterized by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs. In 2023, small businesses are likely to continue relying on gig workers and independent contractors as a way to access talent, reduce costs, and remain flexible. However, small business owners will need to stay informed about the legal implications of using gig workers and ensure they are in compliance with all relevant regulations.

Empowerment of Small Business Owners

Small business owners are becoming increasingly empowered, and this trend is expected to continue in 2023. This is due to the availability of new tools and resources, such as online marketplaces, mobile apps, and cloud computing, that make it easier for small business owners to start and grow their businesses. In 2023, small business owners can expect to have more control over their businesses and greater access to resources and support.

These are just a few of the small business trends that are likely to shape the landscape in 2023. Small business owners who want to stay ahead of the competition and ensure their businesses remain successful will need to stay informed about these trends and take advantage of the opportunities they present. By doing so, they can not only survive but also thrive in an increasingly competitive and dynamic business environment.

nVest Advisors is the perfect financial partner for your small business.

As a small business ourselves, nVest Advisors is deeply committed to helping small businesses and their teams thrive and prosper. From financial planning for both the owners and employees of the business, to fiduciary management of your SEP IRA, SIMPLE IRA, 401(k), 403(b), HSA, college savings plans and other benefit options, we strive to be an integral part of your team’s financial well-being. And being a small company ourselves, we’re small enough to develop a close working relationship with your company, and have the resources and investment partners to handle even the largest 401(k) needs.

If you company is looking for a competitive bid for your current programs, or needs to start a new benefits plan from scratch, we’d love to partner with you. Feel free to schedule a complimentary one-hour due diligence meeting with CEO Jeremy Torgerson, to discuss your needs.