This article is reprinted by permission from NerdWallet. Since the onset of the COVID-19 pandemic, small-business owners have faced ever-changing regulations, cash flow shortages and general economic uncertainty. And 2022 brought its own challenges: inflation, rising interest rates and staffing shortages, among others.
Entrepreneurs, however, remain resilient and optimistic about the year ahead. In fact, 66% of small-business owners expect their revenue to increase over the next 12 months and 52% plan to expand their operations, according to an annual report by Bank of America in late 2022. So, what will 2023 bring for business owners? NerdWallet’s small-business writers offer their predictions and advice as we begin the new year.1. Banks go all-in on customer experience Kelsey Sheehy: Expect online banks and neobanks to up their game — offering higher interest rates on checking and savings accounts and more business-friendly features — as they compete for customers in an increasingly crowded space. Business owners should shop around for an account that goes beyond the basic deposit account and find one that adds value to their company.Takeaway Consider whether your bank can be doing more for your business. You might look for business bank accounts with lower fees or integrated tools (e.g., invoicing, accounting software). It might also be a good time to look for a high-yield checking or savings account to help your business earn interest on your existing funds. Don’t hesitate to explore new options and talk to providers about your needs. Plus: Making your small business more sustainable can pay off—here are 3 ways to get started2. Inflation demands adaptability Hillary Crawford: Inflation may force business owners to start thinking more about how they can improve efficiency and save …