Small business trends in 2023 to watch for

Our breakdown of the small business trends in 2023 to watch for.

Many elements contribute to the success of a small business. And while sound leadership and good financial planning both have a huge part to play, it’s also important to adapt to the latest developments and trends. If you’re keen to know what’s in store for SMEs in 2023, here’s the small business trends experts are predicting.

Transformational tech

We are on the cusp of a digital transformation, and 2023 will see technologies such as the Internet of Things, machine learning, virtual and augmented reality, and 5G continue to grow in significance. Of course, we would also include the GoSolo small business account in this! For SMEs, this means it’s more significant than ever to keep abreast of the latest developments. As these innovations continue to shape how we work and interact across all sections of society, successful businesses will be the ones which build compatibility into each stage of their process. 

Going green

Now more than ever, consumers are growing increasingly aware of the dangers posed by the climate crisis — and are piling pressure on companies to do their bit. To succeed in 2023, SMEs will need to make sustainability a priority, pushing their eco-credentials to the forefront. And it won’t be enough to focus on your own business, either: savvy consumers are going to want to see the same approach in each step of your supply chain.

Artificial intelligence

Few things have divided public opinion quite so much as the rise of AI, and it’s easy to see why. While some industries fret over the loss of automation jobs, others are looking forward to the endless opportunities this emerging technology is destined to bring. As far as the experts are concerned, there’s no need to panic just yet. Instead of replacing human workers, AI looks set to augment and enhance their performance, and companies hoping to succeed in 2023 should look into ways to make the technology work for them.

Generation Z

Having been social media savvy practically since birth, Generation Z is now starting to enter the workplace — transforming the way that businesses operate along the way. Heading into 2023, SMEs need to consider how this emerging talent will affect them in two different ways. First, we can expect to see plenty of new enterprises hitting the market, headed up by ambitious young entrepreneurs. At the same time, experts predict a shift in hiring processes, as employees seek to appeal to a new generation’s priorities and needs. 

New working patterns

It was less than three years ago that the pandemic heralded the greatest shift in working habits of the 21st century, as millions made the transition to home working. And for many, this change has become a permanent one. Moving forward, successful businesses will need to find ways to incorporate remote work, developing processes for collaboration without geographic proximity. At the same time, experts also predict that the gig economy will have a huge impact on SMEs, allowing them to attract professionals who might usually be out of their price range.

If you’re an SME looking to succeed in 2023, The small business account with GoSolo is a great place to start. A business toolkit for busy small business founders, it has everything you need to launch your company in the UK.