2023 Small Business Success Means Prioritizing Innovation And Change

Navigating the financial landscape has become a full-time job. For leaders of small and medium sized businesses hoping to get a grasp on the economic outlook for this new year, there seems to be one overriding point of agreement among the experts: 2023 is a year of uncertainty. And according to the latest National Federation of Independent Businesses (NFIB), the small business optimism index declined 2.1 points—which is why now more than ever both businesses and the financial institutions serving those businesses need to adapt.

In 2022, interest rates increased seven times, and inflation had its highest increase in 40 years—and as the outlook for 2023 remains challenging—the environment today requires constant navigation—both from banks and businesses. Successful entrepreneurs and managers are increasingly relying on banks like ours that specialize in helping businesses succeed to serve as their trusted advisors and help secure their market position amid the turbulence. Whether it be new financial regulations or economic fluctuations, working with a bank that is FDIC insured and has banking experts who can provide sage counsel and vital information to help you thrive in the year ahead is key.