JUNE 2023 INDUSTRY NEWS AND TRENDS
A credit cooldown is predicted. Here’s what it means for small businesses.
The banking crisis is spurring regulators to raise capital requirements by as much as 20% for larger U.S. banks. That means financial institutions will need to dramatically increase their liquidity and cut back on extending credit to their clients.
Inc. looks at the implications of this proposed regulatory change on small businesses and the broader economy.
In 2023, shorter payment cycles are squeezing business cash flows
A new report published this month reveals that amid high inflation, high interest rates, and increased operating costs, CFOs are focusing on short-term liquidity and prioritizing access to working capital. As part of the process, they are collecting on invoices faster than in previous years and reducing inventory.
But they are also paying invoices faster as suppliers tighten their payment cycles in a bid to address their own cash-flow issues. Find out how the trend is impacting various industries, including business services, construction, telecommunications, and more.
Employees are more engaged—and more stressed
The latest Gallup survey on the workplace reveals some surprising facts about the workforce in 2023. According to data collected from more than two million respondents, levels of employee engagement are at an all-time high, but so are levels of stress.
Nearly one in four employees (23%) report being engaged at work, which translates into tangible business outcomes including employee retention, productivity, and customer loyalty. But more than twice as many (52%) report being stressed.
Get more details from Gallup, including what the numbers mean for trends such as turnover and quiet quitting.
You can’t succeed alone — Why small businesses must work together
As every business owner knows, there are only so many hours in the day—and never enough of them. As the business (and the workload) grows, what should you continue to do in-house, and what should you outsource?
This Entrepreneur article makes the case that even in the face of cost-cutting and economic uncertainty, business owners need to stay focused on their core business and outsource the functions that don’t fall into that category.
