For many small businesses, the holiday season is one of the more lucrative
times of the year to invigorate their cash flow and revenue. For others, it
is a more relaxing time to spend with friends and family as they look
forward to 2023.
Whatever your small business’ year-end looks like, 2023 is shaping up to be
a good year to lean in on past successes and learnings as well as new
opportunities to grow and thrive.
After all, who is better equipped to face challenges than small businesses?
Small business owners and operators are experts in reassessing and
adapting, as reflected in a recent WSFS Bank survey, which found that 76%
reimagined their business model and operations to better serve customers
and manage costs due to the recent economy.
As you look toward 2023 and its opportunities, here are some key
considerations to help manage your business’ finances and drive growth.
Focus on Your Strengths
Inflation and rising costs have undoubtedly affected small businesses in
many ways, but despite these financial challenges, 83% surveyed by WSFS
Bank believe their revenue will stay the same or improve over the next 12
months.
Coupled with refreshed business models and operations that have helped
small businesses in recent years, keying in on core strengths that drive
revenues and customer loyalty will be critical for a successful 2023.
Manage Your Assets
The WSFS Bank survey also found that seven in 10 small businesses are
confident they can get a new loan, another reflection of overall confidence
in the business’ health.
If you have the financial wherewithal to reinvest in your business, financing equipment, purchasing real estate or securing a loan for another need are
great options.
If your small business has sufficient cash reserves, you may be able to
leverage some of that money for short term, easy access investments that
can bolster the business’ books even further. Lean on partners that are
invested in your success, like your banker and accountant, to see what
makes the most sense for your business.
For day-to-day purchases, use a business rewards credit card to earn cash
back and other incentives that help put money back into your business.
Find a Preferred Lending Partner
If you are considering a loan for your small business, seek a lender that
provides a full suite of options, including being an SBA-preferred lender
with a track record of helping small businesses.
WSFS Bank, for example, is an SBA-preferred lender making local lending
decisions throughout the Greater Philadelphia and Delaware region, as
evidenced by its 2022 ranking as the top SBA 7(a) lender
in the region by number of SBA loans.
Make sure your lender not only provides the level of service you need, but
the options and consultative approach your small business needs too.
Shop Local—For Your Business
As the lifeblood of our communities, small businesses drive innovation, job
creation and more that helps neighborhoods thrive. Partner with fellow
businesses to develop post-holiday promotions, streamline and reduce costs
for shared supply chains, share services and other unique
strategies—whether incremental or large—to support one another.
The relationships you build now will provide a support network well into
the future to help you, your neighboring businesses and your community
thrive.
About the Author – Candice Caruso
Candice Caruso
is Senior Vice President, Chief Retail Lending Officer at WSFS Bank. She
brings more than 20 years of experience in the financial services industry,
including 12 years as a business funding expert, and has been featured on
Bloomberg Radio, CNBC’s Closing Bell, The Wall Street Journal and
Franchising World.
