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A new wave of successful approaches is washing over the small business subsector throughout the country this year. Adopting some of these trends for your business can help you improve operations, strengthen talent retention, increase profitability, and promote growth. New methods have helped companies overcome continuing struggles left by the unique challenges of recent years. The seemingly indomitable ingenuity and adaptability of U.S. American entrepreneurs has prevailed. Today, the small business community is tightening its processes, strengthening its approaches to essential practices that impact profits.

10 Trends in Small Business Management 2023

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These are some significant 2023 trends in business management. Consider adopting some of these that can help you improve the way your company operates this year.

1. MANAGING DURING RUNAWAY INFLATION continued on page 36

U.S. inflation rates have thwarted the growth plans of many small businesses this year. So far, in 2023, prices have escalated another 8 percent over last year to the highest inflation level in almost 40 years. Understanding that these staggering conditions impact workers and business owners with skyrocketing costs of living and doing business, employers are carefully focused on budgeting and on competing effectively in the labor market.

2. PROVIDING AN OPTIMUM CUSTOMER EXPERIENCE

Customers now want to buy everything they need online, from food to clothes, to cars. Businesses want to accommodate them with home delivery for ideal convenience. Businesses are striving to make websites ideally mobile-friendly as a top priority. They’re also combining the conveniences of home delivery with curbside pickup and improved in-store customer service to create a smooth overall customer experience.

3. SIDE-STEPPING SUPPLY CHAIN ISSUES

Between the residual effects of the Covid pandemic and the continuing impacts of the Ukraine war on supply chains, companies have had to become very flexible in procurement. Many businesses have maneuvered around supply chain issues by switching to regional or local vendors. The endgame has been to avoid damage to the smooth customer experience continued on page 38

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Growing companies in all segments of the business sector are stepping up their efforts toward complete digital transformation. More employees are now working remotely and half/half remote and onsite

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that businesses need to provide despite supply chain problems.

4. UPGRADING INFORMATION TECHNOLOGY

Growing companies in all segments of the business sector are stepping up their efforts toward complete digital transformation. More employees are now working remotely and half/half remote and onsite in hybrid arrangements, and more customers want to do business exclusively or partly online. So, even when physical space is used, the environment should be digitally capacitated for the smoothest operations.

5. USING CONTACTLESS PAYMENT METHODS

The demand for contactless transactions is increasing and the technology is developing along with that rise in usage. Business owners should anticipate the greater need for alternative payment methods for customers of portable restroom rental services. Accommodate customers who are becoming accustomed to paying for everything with contactless transaction options from mobile devices.

6. EMPLOYING ARTIFICIAL INTELLIGENCE

AI is still developing but is already impacting the way people work and live. It is helping companies with humans and technologies working together be more efficient. The stage of AI development is emerging that enables humans to use robots as extensions of their bodies for heavy lifting, carrying, etc., and chatbots can increasingly offer more and more thorough assistants to help human agents prepare for interactions.

7. USING PROFESSIONAL SEO MARKETING SERVICES

Do you ever wonder what an objective small business development expert would say about your strategies and processes you’ve put in place? Many small business owners have come to terms with their limited in-house resources of technology and experienced marketing talent. More owners are now budgeting for professional SEO marketing to help them compete with larger players in their markets.

8. ADAPTING TO VOICE-ASSISTED TECHNOLOGIES

Businesses are adapting to engagement with this advanced technology already embraced by techforward consumers. Many are using chatbots for around-the-clock phone service. Some are optimizing their websites for voice search. Others are using voice technologies to improve various administrative processes with more secure and entirely hands-free management.

9. INCREASING SUSTAINABILITY PRACTICES

Business owners know their companies’ practices continued on page 40 impact the environment and impact customers’ buying decisions. So, many companies are striving to make their operations as green as possible. They’re finding more and more ways to trim off waste from their processes and strengthen adherence to their improved policies on controlling their environmental impact by reducing energy consumption and emissions.

10. STRONGLY FOCUSING ON TALENT RETENTION

The astounding shift in the employment market since 2020 has persisted in 2023. The so-called “Great Resignation” has had a profound impact on U.S. American businesses. Many small businesses are working harder to understand what it takes to attract, motivate, and retain the best workers longterm. For example, remote work opportunities, upgraded technology, improved incentives, and development opportunities.

What To Do Based On 2023 Business Trends

As normal market variations occur and consumer needs and preferences continue to change, small portable restroom rental operations must adapt and flexibly respond by restrategizing and retooling as necessary, along with the rest of the business sector. Over the next year, more adjustments in personnel management approaches, technology applications, and work processes are likely to be required for operators in highly competitive markets to perform well financially and grow their brands over the longer term.

Sources https://www.paychex.com/articles/management/small-business-trends https://www.microsourcing.com/learn/blog/ business-trends-well-see-this-year/?utm_term=&utm_campaign=US+Remarketing+Leads+PMax&utm_source=adwords&utm_medium=ppc&hsa_acc=8750364042&hsa_cam=14849361567&hsa_grp=&hsa_ad=&hsa_src=x&hsa_tgt=&hsa_kw=&hsa_mt=&hsa_net=adwords&hsa_ver=3&gad=1&gclid=CjwKCAjwzJmlBhBBEiwAEJyLu4px8t4isTBumnIE7bW3x5wyB9H-8oMbeJavYoIY-r0tHxJr3lVihhoC_L8QAvD_BwE