The year 2023 is shaping up to be a turning point for small businesses, with sustainability and digitalisation at the forefront of change. As businesses continue to face economic challenges, the ability to identify and capitalise on new opportunities is critical.
Here are the top three trends small business owners should keep an eye on in 2023.
Affordable Sustainability: Over half of small and medium-sized businesses (SMEs) have invested in sustainability this year, and the trend is only set to continue. Consumers are increasingly choosing to live sustainably and buy from brands that align with their values, but affordability remains a barrier. Small businesses can fill the gap by offering more affordable sustainable options, circular products, and trusted information.
Environmental, Social, Governance (ESG): ESG strategies are becoming more important for small businesses as consumers look for brands that are environmentally and socially responsible. A strong ESG strategy can increase profits, build trust, and set your business apart from competitors. There are government support schemes available to help small businesses implement an ESG strategy.
Green Supply Chains: Brands are looking to green their supply chains and suppliers are expected to help meet these targets. Proving your own sustainability credentials can make you a more attractive green supplier or partner. Greening your own supply chain by switching to environmentally friendly suppliers can also improve your business’s overall sustainability.
In conclusion, small businesses that stay ahead of the curve by embracing sustainability, digitalisation, and ethical business practices will be better positioned to thrive in 2023 and beyond. Keep an eye on these trends and be ready to spot new opportunities as they arise.