December 19, 2022
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.
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.
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.
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.
The relationships you build now will provide a support network well into the future to help you, your neighboring businesses and your community thrive.