Seize the opportunity to grow your small business in 2023
For many small businesses, the holiday season is one of the more lucrative times of the year to invigorate their cash flow and revenue. For others, it is a more relaxing time to spend with friends and family as they look forward to 2023.
Whatever your small business’ year-end looks like, 2023 is shaping up to be a good year to lean in on past successes and learnings as well as new opportunities to grow and thrive.
After all, who is better equipped to face challenges than small businesses? Small business owners and operators are experts in reassessing and adapting, as reflected in a recent WSFS Bank survey, which found that 76% reimagined their business model and operations to better serve customers and manage costs due to the recent economy.
As you look toward 2023 and its opportunities, here are some key considerations to help manage your business’ finances and drive growth.
Focus on your strengths
Inflation and rising costs have undoubtedly affected small businesses in many ways, but despite these financial challenges, 83% surveyed by WSFS Bank believe their revenue will stay the same or improve over the next 12 months.
Coupled with refreshed business models and operations that have helped small businesses in recent years, keying in on core strengths that drive revenues and customer loyalty will be critical for a successful 2023.
Manage your assets
The WSFS Bank survey also found that seven in 10 small businesses are confident they can get a new loan, another reflection of overall confidence in the business’ health.
If you have the financial wherewithal to reinvest in your business, financing equipment, purchasing real estate or securing a loan for another need are great options.
If your small business has sufficient cash reserves, you may be able to leverage some of that money for short term, easy access investments that can bolster the business’ books even further. Lean on partners that are invested in your success, like your banker and accountant, to see what makes the most sense for your business.
For day-to-day purchases, use a business rewards credit card to earn cash back and other incentives that help put money back into your business.
Shop local — for your business
As the lifeblood of our communities, small businesses drive innovation, job creation and more that helps neighborhoods thrive. Partner with fellow businesses to develop post-holiday promotions, streamline and reduce costs for shared supply chains, share services and other unique strategies — whether incremental or large — to support one another.
The relationships you build now will provide a support network well into the future to help you; your neighboring businesses and your community thrive.
Candice Caruso is Senior Vice President, Chief Retail Lending Officer at WSFS Bank. She brings more than 20 years of experience in the financial services industry, including 12 years as a business funding expert, and has been featured on Bloomberg Radio, CNBC’s Closing Bell, The Wall Street Journal and Franchising World.