Owning or starting a small business is challenging, even in the best financial times. Still, in the uncertain economy of the past few years, small business owners face even more challenges as the nation continues to recover from the fallout of a global pandemic that impacted businesses of all types and sizes. Despite these challenges, there are also market conditions in which savvy business owners can find an opportunity to thrive. Workforce issues have been, and will likely continue to be, hurdles to overcome in 2023. The pandemic served as a flashpoint for what’s become known as the Great Resignation, where many workers were willing to leave one job to try others — sometimes in quick succession — for better pay or conditions. That means there is an increased cost to attain and retain labor, and if you are fortunate enough to find quality talent, you must be willing to pay more today than you would have paid in 2019. In fact, according to the U.S. Bureau of Economic Analysis, wage growth has averaged 6.2% since 1960 but reached an all-time high of 14.8% in April 2021. The pandemic also wreaked havoc on supply chains worldwide, driving up the […]
