Small business growth in 2023 saw twists, turns, and great advances for entrepreneurs. Small business marketing and branding is a mix of new styles and old favorites each year. In 2023, small businesses felt the effects of supply chain disruptions, saturated markets, and more. We also witnessed a boost in community trust and want for small businesses.
Read on through this Papion Marketing blog to learn about small business growth in 2023 and what it means for this industry going forward.
Small Business Pain Points of 2023
The intersection of sales and marketing for small businesses is littered with pain points to trip you up. These three small business pain points of 2023 center on issues around the world of sales and manufacturing.
1. Staff Retention
Staff retention has been an issue for many businesses from 2021 to current times, and it’s absolutely taken a toll on small businesses. There is, however, a way to turn this pain point around for small businesses. That is the solution of hiring virtual assistants.
2. Competitive Markets
Learning how to do market research for a small business is consistently a pain point in competitive markets. The ample space for small businesses to start is filled with the pain of other businesses taking the same advantage.
3. Supply Chain Disruptions
Supply chain disruptions have been mucking up operations for businesses across many industries and business sizes. In 2023 the supply chain continued to be a problem, with businesses needing to get creative about sourcing product and service solutions.
Small Business Growth In 2023
From marketing to your audience with precision to creating flexible marketing plans, 2023 was a year of unique growth for small businesses. These three facts of small business growth in 2023 showcase how consumers play a major role in the success of small businesses.
1. High Community Trust
2023 saw a higher community trust of small businesses over large corporations. More and more everyday folks are starting to lean into small businesses that they can trust to provide sustainable, ethically produced products.
2. The Inflation Reduction Act
The Inflation Reduction Act of 2022 has slowly but surely been helping small businesses grow with less inflation interference. In the coming years, we look forward to seeing inflation continue to go down and become less of a problem for small businesses.
3. Engaged Entrepreneurship Mindsets
Business growth often starts from a mindset shift. In 2023 we saw more people than ever before publicly voicing support and interest in entrepreneurship. Social media management has played a role here, with social media marketing spreading awareness of entrepreneurial pursuits.
The Year of 2023 for Small Businesses: Growth and Reflection
All around the workplaces of small businesses, 2023 was a year of growth, change, and hope for the future. From new protective legislation to the growing community value of small businesses, 2023 was the start of a bright business journey. If you’re a small business owner looking to grow into 2024 and beyond, reach out to work with Papion Marketing today!