Growing Your Business in 2023

Growing Your Business in 2023

Small businesses have faced several economic challenges in the last three years. They survived a pandemic, record-high borrowing rates, inflation, an unstable supply chain, and a tight employment market. Simply put, small business entrepreneurs are resilient.

 

Fortunately, 2023 looks better. About 49% and 45% of small company owners were optimistic about the national and global economies. In the coming year, they forecast more revenue and sales, which will boost earnings and investments for company expansion.


Compared to business cash advance loans, business credit cards provide distinct perks and incentives for building and expanding a firm. Credit cards may assist in these ways.

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Talent Recruitment and Retention Strategy

Small company entrepreneurs face increased challenges in hiring. Most firms have issues in the current labor market, but small businesses are especially hard hit because they lack the capital reserves to provide competitive pay and benefits.

 

Credit cards and their cash back and benefits may help business owners save money and attract and keep great people. 

 

Happy workers make for a good organization, and business credit may help establish culture. To thank staff, small company owners may use card points to buy gift cards. Others may use travel incentives to assemble remote workers for team retreats

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Inventory Investment to Combat Inflation

Since 94% of company owners think inflation has affected spending, rising equipment financing are making it harder. To succeed, company owners must weather supply chain fluctuations, whether due to inflation or seasonality.

 

Pre-purchasing goods and vital supplies using a company credit card might help businesses prepare for unanticipated growth. This method keeps company owners in current margins within an uncertain inflationary climate and enables contractors and manufacturers to react to buy orders without worry of supply chain problems derailing a transaction.

 

Wholesalers provide bulk items at lower costs, thus investing in inventory may save money. In a volatile economy, stability is a competitive advantage.

Making Business Travel Connections

Success leads to growth into new target areas, requiring greater business travel. Business owners may utilize their business credit card travel advantages to attend sales presentations, manufacturing partner meetings, or retail space scouting.

 

Business travel helps preserve ties with customers and suppliers, but in a post-pandemic employment market, it also helps distant teams bond. In our 2023 Business Leaders Outlook, 52% of respondents consider remote work a permanent part of their business model, and business travel—for employees and leaders—will continue to be crucial for team connectivity and growth.

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Financial Process Automation for Efficiency

Entrepreneurs benefit from financial automation tools because they save time, decrease mistakes, and boost efficiency. Accounting software and apps let company owners receive money, pay bills, and start payroll in one simple system.

 

Financial service providers may streamline accounting, save time, and decrease manual operations. Business owners are increasingly seeking integrated financial solutions like Chase for Business that incorporate business credit, banking, and payment solutions.

 

No-fee, same-day deposits allow company owners to get their money promptly. It also offers Customer Insights, which gives performance insights to assist organizations contact consumers and manage profits.

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