Must-know Small Business Trends for 2023
The past few years have been challenging for businesses across the globe, which is why there was a 0.2% decrease in business numbers in Australia since September 2022. First it was the pandemic that rocked the boat for many companies small, medium and big alike. Then, the invasion of Ukraine, economic difficulties, inflation and other challenges have all played a major role in how business especially small ones stay afloat. Many causalities were seen, but the ones that survived are bouncing back. Therefore, if you are a small business owner in Australia, it is important you are abreast with the latest trends. Thus, here is a complete list of small business trends for 2023 that can have an impact on the daily functioning of your organisation. Have a look.
For small businesses changing their prices is challenging. It could mean losing business because customers start looking for cheaper alternatives. However, with inflation hitting most businesses hard, you may have to get on-board with the trend of revising your pricing for goods and services. Make changes that require you increase the rates but do it wise so that your clients aren’t taken by surprise.
Conducting your business with digital platforms is challenging nowadays. Therefore, if you still haven’t made a strong online presence via social media sites, it is time to buck-up and do it. You can hire an integrated marketing management agency to overlook your social media channels and other avenues of marketing. Additionally, invest in the latest software and hardware for conducting your business in the digital age. You have to incorporate the latest technologies in your day-to-day operations and procedures to reap the benefits of modern-day advancements.
Secure Your Supply Chain During Inflation
Australia is struggling with inflation and if you are a small business owner or someone who is planning to expand a home-based business in Australia, it is important you have a secure and affordable supply chain. Due to inflation the prices of raw materials and things you source from vendors can increase. It can affect your supply and demand significantly. Therefore, it is crucial you have reliable vendors who increase their prices but still remain affordable for your business.
Allocate A Budget For Social Media
If you already don’t allocate a budget for social media, then this year do so to increase your visibility in front of customers and brand your small business well. Instagram reels, YouTube shorts and other ways of informing and entertaining are gaining. It is not about creating one viral video, but about being present and persist with content generation and marketing. Therefore, if you need assistance with social media management, make sure to get it in this year and decide a budget that works for your business.
Increase Your Visibility Through Traditional Media
If you are not spending much on advertising through traditional media outlets, then this year get on the wagon. It is important you have the right advertisement placement in newspapers, magazines, television and radio to increase your credibility.
In the age of digitisation that is making it challenging for people to ascertain a business’s trustworthiness, advertising in traditional media can help you gain an edge. Also, it helps that printed ads have better retention and increase your brand’s visibility significantly.
Pay Attention to Federal Leaves
Due to the COVID-19 pandemic, more and more people demanded policy reviews for paid family and medical leaves. Therefore, you can expect it to become a law to provide these leaves for a certain duration to working men and women. Therefore, if you still don’t have polices for planned family and medical leaves for your employees, it is time to take professional help from a good consultancy.
The Bottom Line
Due to multiple ups and downs in the previous three years, most small businesses in Australia suffered. Many failed to rise above and sustain their operation. However, if you made it out and want to keep growing, make sure to follow the important small business trends for 2023 mentioned above. Also, don’t hesitate to take professional help whenever required. Start by looking at professional business help & guides in Australia.