Small businesses face a mix of old and new challenges as 2023 begins. And after three precarious pandemic years, what transpires in 2023 will make a big difference in whether small businesses across the country are able to stay afloat.
Keating said technology can help with efficiency, and one way to keep costs down is to cast a wider net in terms of suppliers.The reason businesses need to keep a firm grip on costs is inflation, which appears to have peaked last summer but remains high. According to the latest data from the government, consumer prices rose 7.1% in November from a year ago, down from an increase of 7.7% in October.
“Everything we’re seeing, or hearing, suggests companies need to look at increases double to what they used to do in the last on average 15 years in order to keep up with everybody,” said Operations Inc.’s Lewis. “Unfortunately, smaller businesses have the fewest resources available to pony up.”Since small businesses can’t keep up with the raises at bigger companies, they will have to find new ways to retain workers in 2023.
The Labor Department said the proposal will protect workers and “even the playing field” for businesses that classify their workers correctly, reducing the number of misclassified employees.
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