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Owning a business is an adventure. And, like all adventures, it comes with a balance of risks and rewards. Although it’s often exciting running a business, it can be difficult to stay updated on navigating common challenges that can threaten your profitability.
Brace yourself. America’s economic turbulence is far from over. Some experts anticipate inflation won’t fully end until 2024 at the earliest, which can put the squeeze on small business owners.
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.
Is a recession coming in 2023? Eric Rosengren, former head of the Boston Fed, admits a recession is “quite likely.”
Inflation, labor shortages, and supply chain disruptions continue to frustrate American business owners, but that doesn’t mean growth is impossible. The following business growth coaching tips can help you navigate today’s challenges and thrive, even during times of economic uncertainty.
