Between interest rate hikes, inflation, and a fluctuating job market, 2022 was a challenging year for many small businesses. So, how will those macroeconomic trends impact entrepreneurs this year? On today’s show, we’re pleased to welcome back small business expert and the COO of Kapitus, Ben Johnston, to share insight from the recent 2023 Small Business Outlook.
Small businesses did quite well in 2022 from Johnston’s perspective, despite the challenges they faced. In fact, he says small business owners will be faced with the same challenges in 2023. There are concerns regarding the strength of the consumer, inflation, supply chain disruptions, and banks pulling back their lending.
One of the ways Johnston measures the health of small businesses is by looking at the health of the consumer. Consumer spending accounts for the majority f small business revenue. Right now,…
