The top challenges facing small and medium businesses in 2023

Global Currency

The biggest business challenges in 2023 include the urgency to control costs in a high inflation/high interest rate environment, to get balance sheets under control and protect profitability – not to mention potential supply chain issues and ongoing staff shortages.

The solutions to these challenges will vary from business to business, but there’s never been a better time to assess business expenditure and look for areas which can become more efficient. Outsourcing non-core business activity to specialists and employing the right technology can make a huge difference.

Outsourcing to the right partners can make high cost business activities, such as delivery transport, function more smoothly while taking liabilities off your balance sheet. It makes fixed costs more flexible, and solves headaches such as managing staff absenteeism.

The challenge in uncertain times is to become more adaptable and efficient. Aside from clever partnerships with quality suppliers, SMBs should be looking at ways in which technology can improve transparency and efficiency – for example, in transport, telematics technology is proven at driving efficiency.

Written by Walter Scremin, Ontime Delivery Solutions CEO.

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