It’s difficult to predict what 2023 holds, but business owners can use innovative strategies to combat emerging challenges.

Since the onset of the COVID-19 pandemic, small-business owners have faced ever-changing regulations, cash flow shortages and general economic uncertainty. And 2022 brought its own challenges: inflation, rising interest rates and staffing shortages, among others.

Entrepreneurs, however, remain resilient and optimistic about the year ahead. In fact, 66% of small-business owners expect their revenue to increase over the next 12 months and 52% plan to expand their operations, according to an annual report by Bank of America in late 2022.

So, what will 2023 bring for business owners?

Small-business writers offer their predictions and advice as we begin the new year:

1. Banks go all-in on customer experience

Consider whether your bank can be doing more for your business. You might look for business bank accounts with lower fees or integrated tools (e.g., invoicing, accounting software). It might also be a good time to look for a high-yield checking or savings account to help your business earn interest on your existing funds. Don’t hesitate to explore new options and talk to providers about your needs.

2. Inflation demands adaptability

Stay adaptable and think creatively about your company’s strategies and operations because it appears inflation will continue to affect businesses for the near future.

3. Tailored benefits draw in new employees

Explore new and unique perks your business can offer — such as mentorship programs, growth opportunities and flexible schedules and time off to attract and retain talent — even on a limited budget.

4. Borrowing costs remain high

Borrowing costs will likely remain expensive for the time being. If you need access to capital but a traditional business loan is out of reach, consider alternative funding options, like business grants or credit cards with rewards that work for your business.

5. Communication is key for customer relationships

Be clear and proactive when communicating with your customers because this can help preserve your relationships, even in times of uncertainty. Determine the best avenues for communication — whether social media or other channels — and meet your customers where they are.

6. Cost of doing business continues to rise

The start of a new year is a good time to evaluate your operating expenses. Identify areas where you might be able to save money and/or where an alternative product might be better for your needs such as your phone service. magicJack for Business offers small businesses big business features and benefits without the high costs. Read why so many companies choose magicJack.