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Thanks to https://www.allbusiness.com/small-business-trends-2023

Many small business owners expected 2022 to be a year of recovery after two years of struggling to survive a global pandemic. But inflation, fears of a recession, a still unreliable supply chain, and a nation at nearly full employment resulting in a tight job market all loomed large, dampening many of our goals.

As we enter 2023, the outlook seems somewhat brighter for small business owners. I talked to several small business experts to get their advice, insights, and predictions for small businesses in the new year.

Small business outlook for 2023

Impact of a recession on SMBs

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.”

Dave Charest, Director of Small Business Success, Constant Contact

What the small business environment will look like in 2023

“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 labor 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.”

—Sharon Miller, President of Small Business/Head of Specialty Banking and Lending, Bank of America

“Of course, inflation is the biggest [concern] I’ve heard from small business owners. They are concerned that higher prices will drive away customers. But consumers are very willing to support the businesses in their communities as long as the value is clear and the company cultivates a relationship with them.

“The bigger challenge I see extending into 2023 is staffing. According to our research, about 40% of small businesses are struggling to attract new employees, and another 21% are concerned about retaining current staff. I expect small businesses to get creative about what incentives they offer employees to keep them engaged and invested in the business.”

Dave Charest, Director of Small Business Success, Constant Contact

Outlook for startups

“Whether or not there’s a recession, startups will continue to flourish. More and more individuals will take control of their own destinies rather than be at the mercy of large corporations.”

Nellie Akalp, CEO, CorpNet

Overall outlook for small businesses

“Though a recession is uncertain, the warning signs are there, and small businesses should begin preparing for whatever new economic challenges may come. There are a few ways they can do this. One is to improve the way they communicate with customers. It’s never been more critical to build an email or text list, which are still cost-effective ways to deliver helpful information to customers.

“They should also lean into their strengths—their connection to their communities and the great experiences they can provide customers. Bigger brands may have bigger budgets and more exposure, but they can’t offer the same inventory, customer service, or experience that a small business can. Despite what you might read in the headlines, small businesses are tough and will get through whatever 2023 has to throw at them.”

—Dave Charest, Director of Small Business Success, Constant Contact

“Small business owners have proved that they’re resilient and nimble enough to handle any challenge the economy throws at them. A recent Hello Alice survey found that 73% of owners predict their businesses will grow in 2023. [They] are buckled in to continue their fight against inflation—their top challenge predicted for 2023. Surveyed owners identified price hikes and adjustments to product offerings as two effective strategies that helped them combat inflation in 2022.

“However, these tactics contribute to two of the owners’ biggest fears for 2023: losing customers due to price increases and the inability to acquire customers. In response, small business owners must learn best practices and explore software solutions to optimize their marketing efforts for the coming year.”

—Elizabeth Gore, Cofounder/CEO, Hello Alice

Small business finances in 2023

“In 2023, small businesses will be even more focused on managing costs to manage an increasingly challenging economic environment. Small businesses already leveraging fintech offerings will be prone to scrutinizing whether those they have are exactly what they need to run their business. We expect many to look at consolidating services, which will increase demand for cohesive financial platforms that help small businesses manage their money end to end.

“When financial services like payments, business banking, and lending are integrated and embedded intelligently to meet the money needs of a small business owner, it can unlock unparalleled cost and efficiency benefits. Faster access to money provides more opportunities to invest in growth; real-time insights aid with more informed strategic planning; and seamless integration across money-management tools removes complexity to enable streamlined business operations. Arming small businesses with the technology that fuels these capabilities will be especially critical in the new year as small businesses navigate an uncertain macroeconomic environment.”

—Rob Daniel, Director of Product Management, Intuit QuickBooks

Buying and selling businesses in 2023

“Based on how we’ve seen the small business market react to rising interest rates, I expect the theme of 2023 will be seller financing. The Federal Reserve is staying firm on its mission to fight inflation and has indicated that multiple rate hikes may be in store this year.

“Time will tell if that truly is the case. However, I expect these conditions to motivate more buyers to ask for, and sellers to accommodate, at least some percentage of seller financing in order to close deals. In terms of transactions, with so many buyers in the market and baby boomers on the brink of retirement, I expect transactions to continue at the same accelerated pace we’ve seen over the past two years, with financing being the core hurdle for entrepreneurs to overcome.”

Bob House, President, CoStar Group (BizBuySell)

Trends and challenges that will impact women entrepreneurs

“Women’s business ownership has rapidly grown over the past decade, and I expect that trend to continue in 2023. Equal access to capital will always be essential in accelerating growth—and there’s still much work to be done, but access to education is similarly critical. The
2022 Women & Minority Business Owner Spotlight found that 75% of women business owners wish they were more knowledgeable about small business finances. I believe the number of educational resources available to women entrepreneurs will continue to grow in 2023 and beyond.”

—Sharon Miller, President of Small Business/Head of Specialty Banking and Lending, Bank of America

“2023 will be pivotal for women and access to capital. Nearly 70% of small business owners told us they plan to apply for funding to combat inflation this year. Yet, we know that women face barriers that limit their access to loans, credit, and other vital business capital. We should focus on ways to ensure every woman has the financial tools to respond to unexpected challenges and grow their business.”

—Elizabeth Gore, Cofounder/CEO, Hello Alice

Trends in cybersecurity

“Attacks on small businesses will increase in 2023. SMBs already make up over 41% of data breaches, but as large enterprises spend more on cybersecurity and adopt more robust frameworks, attackers will increasingly turn their attention to small businesses. Cybersecurity will also be a major differentiating factor in sales and partnerships for SMBs. Organizations increasingly want to work with vendors that have mature security and compliance programs.”

Why businesses should implement a BYOD (Bring Your Own Device) policy

Even if you prohibit your employees from using their own devices, some employees will choose to use them anyway. The key advantage of establishing a BYOD policy is ensuring that any device that could potentially be connected to your company is properly secured.

“The top place where BYOD policies fail is an ineffective onboarding stage. Sending employees a list of instructions may be challenging to follow but can be remedied with a live onboarding plan for every device. At a minimum, your BOYD policy should include mobile device management and remote monitoring, endpoint and network security, and personal data breach monitoring.”

—Amir Tarighat, Cofounder/CEO,
Agency

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Thanks to https://smallbiztrends.com/2022/02/small-business-live-virtual-events-february-5-2022.html

Technology and Innovation at TECHSPO Atlanta

New innovations and technologies come to market at breakneck speed. If you want to keep pace or stay ahead of the game to ensure your small business is ahead of the curve, attend TECHSPO Atlanta. You will hear, learn, and experience insights from emerging companies, experts, founders, and entrepreneurs.

The next generation of internet, mobile, AdTech, MarTech, and SaaS technology will be available for you to explore. This two-day event is going to take place in Atlanta, GA. starting on June 30 and ending on July 1.

Click the red button and register now to save with the super early bird rates.

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Featured Events, Contests and Awards

Social Media Strategies Summit | Virtual ConferenceSocial Media Strategies Summit | Virtual Conference
February 23, 2022, Online

Learn from a mix of industry leaders who will share the proven social media strategies they use to grow their brands. SMSS is the premier social media conference for solution and service providers to engage directly with a targeted audience of decision-making marketers.


TECHSPO Atlanta 2022 Technology Expo (Internet ~ Mobile ~ AdTech ~ MarTech ~ SaaS)TECHSPO Atlanta 2022 Technology Expo (Internet ~ Mobile ~ AdTech ~ MarTech ~ SaaS)
June 30, 2022, Atlanta, Georgia

TECHSPO Atlanta is a two-day technology expo returning June 30th to July 1st, 2022 at the luxurious The Westin Peachtree Plaza Atlanta Hotel in Atlanta, Georgia. TECHSPO Atlanta brings together some of the best developers, brands, marketers, technology providers, designers, innovators and evangelists looking to set the pace in our advanced world of technology.


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You can see a full list of events, contest and award listings or post your own events by visiting the Small Business Events Calendar.

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Thanks to https://www.personalbrandingblog.com/personal-branding-tips-for-executives-in-boring-industries/

Building a personal brand is all about capturing attention. If you work in a “boring” industry, it can be tough to communicate the key benefits that differentiate you from competitors. Especially when you work in an industry that’s not usually the topic of conversation or trending on social media.

Take the VoIP industry, a very boring industry. It’s hard to make VOIP stand out or make it “sexy”. People don’t usually turn to VoIP companies for engaging content, actionable educational or entertainment. But with the right attitude and the ability to produce quality content, leaders even in the boring Cloud VoIP industry can gain recognition and build an audience. (I’ll show you a real life example in bullet #1 below).

In this article I’ll show you real examples of how to capture your target market’s attention, convert them into stark raving fans, and build your personal brand even when you’re in a boring industry.

Ready? Let’s roll!

1. Be Bold. Be Authentic. 

Wallflowers and shrinking violets don’t build brands. People who are bold and enthusiastic do. For executives looking to make their mark and build a brand, being a hands-on, in the trenches type of person translates into authentic experience.

You don’t want to be the kind of exec that takes all the credit and not know how anything works. If your team does the heavy lifting while you get the kudos but you can’t explain how your widget works, then people are not going to respect your opinion.

Someone who shows they know what they are doing and can express their “Why” is going to be more authentic.

Don’t be afraid to have an opinion and share it, even if it happens to touch on the politics of the day. If it is earnest, authentic and well-thought-out—not some emotionally charged overreaction—then boldly proclaim it and let the discourse begin. That is what builds engagement, followers, and brands. 

Those who take a position and confidently support their way of thinking are more likely to stand out 

People value leaders who are confident and don’t flip-flop on their beliefs just to appease the masses. Sure, some feathers may get ruffled, but how many low-key, wishy-washy executives can you name? Exactly. You can’t name many because they don’t stand out and nobody knows who they are.

2. Share Actionable Expertise

Just because your industry isn’t interesting doesn’t mean no one is interested. You can still share your knowledge and expertise to build your brand. Take Ryan Stewman, the sales and marketing expert who runs a sales training called The Hardcore Closer.

Ryan gained a loyal following talking about lead generation. He has built a multi-million dollar business by taking what has worked for him, sharing it, and monetizing it.

Ryan was on the cutting edge of using social media and videos to promote himself and connect with people when he started in sales. Because of his success, he started to teach other salespeople how to use social media to connect with people and use tools for lead generation. 

He built a lead generation software company called Phonesites that helps salespeople create their own sales funnels. He offered free training on Facebook live and produced free content in the form of articles and training videos.

Sharing his expertise helped grow his personal brand which has allowed him to scale into other successful business ventures. He’s doing it right.

Chris the founder of SalesMessage is another great example. He has been using SMS texting to communicate with anyone who contacts their business or even subscribes to their webinars, events, or blog. 

He shares actionable tips, tricks and information while trying to covert some of the leads who contact him and gets a whopping 70% response rate on SMS texts. He recently shared the complete set of sample text messages to send to customers on his blog. He engages his potential customers and build his following.

But, one of the biggest mistakes you can make in personal branding is to be and act like someone you are not. You will eventually be outed, caught, or exposed. 

When building a personal brand, don’t pretend to be someone you’re not or have expertise when you don’t.

Elizabeth Holmes, CEO of the once highly-touted blood-testing startup Theranos, was once the darling of Silicon Valley. She was seen as an influencer and visionary in the same vein as Steve Jobs.

Theranos WAS Elizabeth Holmes and her personal brand of being a healthcare wunderkind carried the firm. Unfortunately for many people, the whole company and the whole story was a massive fraud. She faked her expertise and knowledge, the company was exposed and now it is no more.

A personal brand built on lies and half-truths will come back to bite you.

3. Be the MVP of Value

If you want to really stand out, you must be useful and add maximum value at all times. Do this by offering free info, training, and content about your industry and share that info while speaking at events and on podcasts.

We’re talking about sharing real expertise, not just thoughts or opinions, but practical knowledge that comes from actually having done the work.

Jack Kosakowski kills it here. Jack has been providing actionable social selling advice and content for over 5 years. With his SkillsLab social selling site, he has been helping salespeople to increase their presence through social media and how to correctly connect with—and sell to—their target clients. 

Value comes from experience. Jack has churned out content on social media, his blog, publications like The Harvard Business Review, and on podcasts—continually sharing what has worked for him, and how it took him from a newbie salesperson to the CEO of the US division of a Global Digital Agency.

4. Stop Selling and Build Trust Instead

Look, you don’t need to be Billy Mays or the ShamWow guy, pitching and promoting all day while operators are standing by. Constantly pushing product is exhausting. But talking and engaging with people in your own voice—your true self—and showing them how to succeed with examples and actionable ideas will build trust.

When you let people see the real you, trust is built and your brand strengthens and attracts new prospects.

Trust isn’t built by speaking AT people. It’s built by engaging and speaking WITH with your audience.

People like to do business with people they know, like and trust. And that’s usually not the guy with the bullhorn shouting “Look at me! Look at me!” Differentiate yourself by sharing knowledge from real-world experience in an authentic, engaging way that creates value and trustworthiness. This will build your personal brand.

When someone needs to seek out info in your industry, you will be top-of-mind because you will be the rockstar of your “boring” industry. They will come to you for the value you provide because you’ve built trust due to engagement, value, and expertise. 

 

The post Personal Branding Tips For Executives In “Boring” Industries appeared first on Personal Branding Blog – Stand Out In Your Career.

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I felt that this information pertaining to self-employment will be a valuable source for me. I was seeking general ideas of
what business would be most profiting for me and realistic. I am also interesting in using Amazon and eBay to distribute my products or services.

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