10 work and small business trends to watch in 2023
Small Businesses are facing enormous challenges and have undergone incredible changes in recent years, and this will not slow down in 2023. Small businesses have to deal with the fallout from the global pandemic, Russia’s invasion of Ukraine, economic challenges, and the rapid advancement of technology. Here are the Top 10 Small Business trends that will have the most immediate impact on how we work and conduct business in 2023.
1. Rapid digital transformation
In 2023, we expect to see continued advancements and innovations in transformative technologies such as artificial intelligence (AI), the internet of things (IoT), virtual and augmented reality (VR/AR), cloud computing, blockchain, and super-fast network protocols such as 5G. Furthermore, these transformative digital technologies do not exist in isolation from one another, and the lines between them will become increasingly blurred. These technologies are being combined in new solutions for augmented working, hybrid and remote working, business decision-making, and automation of manual, routine, and creative workloads.
2. Supply chain security and inflation
The majority of the world’s economy does not look promising in 2023. Experts predict continued inflation and slowing economic growth. Many industries are still dealing with supply chain issues that arose during the global shutdowns caused by Covid-19 and have only gotten worse as a result of the conflict in Ukraine. Companies must improve their resilience in any way they can to combat this and stay afloat.
3. Long-term viability
The world is increasingly realizing that the climate disaster will be a far greater challenge than anything we have faced in recent decades, dwarfing the challenges posed by the Covid pandemic. This means that investors and consumers prefer businesses with strong environmental and social credentials, and purchasing trends are increasingly being driven by conscious consumers those of us who consider factors such as environmental impact and sustainability when deciding who to buy from or do business with.
4. Total customer immersion
Customers in 2023 value experience above all else. However, this does not necessarily imply that price and quality take a back seat. Both have an impact on how we perceive the process of selecting, purchasing, and enjoying the goods and services we purchase. Traditionally, the role of technology in this context has been to streamline processes and remove the hassle from the consumer’s life. Consider recommendation engines that assist us in deciding what to buy or online customer service portals that handle problems and after-sales support. These will continue to be important in 2023, but the game has evolved, with the keywords for this year being immersion and interactivity.
5. The talent competition
We have seen massive movements of talented people over the last year, referred to as the great resignation and quiet quitting, as workers reassessed the impact of work and what they want to get out of their lives. Employers are under pressure to provide appealing careers, the flexibility of hybrid work, and an appealing work environment and company culture. In 2023, it will be critical to provide people with meaningful work, ongoing opportunities to grow and learn, flexibility, and diverse, value-oriented workplaces.
6. Workplaces will prioritize accessibility
Businesses have taken a scattershot and at times inconsistent approach to allowing employees to work from home. Many business owners are realizing that the decision to allow remote work is focusing on the wrong thing.
7. Growing concern about “greenwashing”
Sustainability is now a major factor in a consumer’s purchasing decision. According to Forrester’s research, more than half of US consumers consider their values when making purchasing decisions. Consumers of all ages are now willing to pay more for environmentally friendly products.
8. Voice search technology is on the rise
According to Google, 41% of adults and 55% of teens now use voice search on a daily basis, and this figure is growing. Voice search via devices and programmes such as Siri, Amazon’s Alexa, and Windows 10 Desktop is more convenient and quicker than typing. Many businesses, however, have not considered voice search in their website or SEO marketing.
9. Employees are looking for job stability
The labor force has taken a beating in recent years. A recent Gallup poll reflects the exhaustion that many employees are experiencing. In the Gallup poll, slightly more than half (53%) of workers said they were looking for jobs with more security than they currently have.
While there are still many talented workers looking for work, many of them are picky about where they work next. These employees want security and assurance about their future with a company. Employer marketing materials and recruitment outreach can capitalize on this desire.
10. Middle management role is changing
Finally, the way we work has changed, as has the manager’s role. Employees are rethinking where, when, and how much they work as a result of social and political upheaval, a shift to hybrid/remote work, and complex consumer trends.