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The experts have weighed in and said America would likely continue to experience a “mild recession” during 2023. 

Every business owner has been there — you don’t even have to compare sales data to know this year hasn’t been a banner year for your company. In 2022, inflationary concerns even brought a 1.1% reduction in holiday sales.

Business owners face an uphill battle. In 2023, business owners continue to fight against rising overhead costs due to inflation, an ongoing labor shortage, and rising interest rates. A 2022 Goldman Sachs survey found 91% of business owners struggled with economic instability and concerns over inflation. While the economy has seen marginal improvements, many economic experts predict at least a “mild recession” in the latter half of 2023. 

This makes financial planning for a business start-up or a well-established organization even more critical until the economy stabilizes and recovers. Financial planning allows your business to remain agile and resilient in the face of these challenges. The following tips can allow you to make the most of 2023 and empower you to thrive in any economic climate.