What’s the weather like at your house today? Today, we have sunny skies and mild temperatures. That’s my kind of weather.
If you are like most people I know, you’re not just interested in today’s weather. You want to know what the weather will be like tomorrow, next week and on into the future. Knowing what the weather will be like helps you to plan and be prepared.
Having a safe and successful day or event depends on knowing what you should wear and what precautions you need to take. Having that umbrella (or ice scraper) in the car and ready makes all the difference.
It’s like that in business, too. Understanding and predicting the economic climate is an important part of making critical business decisions.
Just like the natural climate, the business climate can be viewed in various slices and sizes. Think of the weather map showing various areas of the country …Northeast, Southwest, Gulf Coast. Another map might show just your state or portion of the state and finally there is your local forecast. The local forecast is the most detailed and specific – the one that is of most use to you in planning and decision.
In business, your national “weather map” charts the economic and business climate in general. The regional map shows your particular business sector or niche, and the local forecast represents the prospects for your own business.
While economists, politicians and pundits have all weighed in on the national business forecast for 2023, we think entrepreneurs are more knowledgeable and trustworthy forecasters. After all, they (you) are doing all the work.
So, what do entrepreneurs have to say about the national business forecast for 2023?
Recently, Bank of America surveyed more than 1,300 small business owners across the U.S. with revenues between $100,000 and $4,999,999 employing between two and 99 employees. The forecast for next year is mostly sunny according to survey respondents, who are primarily minority and women-owned businesses.
This optimism is reflected in these responses:
- 83% plan on obtaining funding for their business
- 77% of business owners feel equipped to handle a recession
- 66% of small business owners expect an increase in revenue
- 52% plan on expanding their business
Women and minority-owned business owners feel even more confident about the future than the overall respondent group:
- 72% of Black business owners expect revenue to increase
- 71% of Hispanic-Latino business owners expect revenue to increase
- 63% of women business owners expect revenue to increase
- 62% of Asian-American business owners expect revenue to increase
- 47% of women business owners expect to expand their business.
What about you? What’s the forecast for the business weather closer to home? Is your business sector poised for growth? Sustainable enough to withstand a possible recession?
And what will 2023 look like for your own business? Do you have the data in place to guide you to make that forecast and plan accordingly? Here at Wide Awake Business, our leadership coaching and business development support are designed to make sure you have all the information you need to make an accurate forecast for your business future.
Here’s to a sunny 2023.
Blessings,
P.S. Want to learn more? Click here to jump on my calendar for a quick chat. I promise you’ll walk away with at least one insight