May 2023 Industry News and Trends

 In News and Trends


3 ways businesses can stay relevant during the AI revolution

After surviving the devastating effects of the pandemic, the business world faces another game-changing event: the next generation of artificial intelligence. Experts predict ChatGPT and other AI technologies will rapidly transform the way businesses deliver products and services to the market in virtually every industry.

This article from Forbes presents three things every business owner should do to ensure they understand the stakes and know how to incorporate AI into their business model to stay ahead of the competition.

Read the article.


How your business can get financially fit and grow faster

The collapse of SVB and First Republic shook up the business community and got business owners thinking differently about their financial health and stability. This article from Entrepreneur rounds up three of the most effective ways to improve your business health score and boost your financial resilience. 

Read the article.


Small-business tax changes to know for 2023

With 2022 tax deadlines still fresh in our memories, it may seem far too soon to start thinking about 2023 taxes. But several big changes will take place this year, and they could have a significant impact on the bottom line for U.S. businesses. 

Three new tax credits and new rules around depreciation are just a few of the changes business owners can expect. An article from Inc. lays out how they could affect your business’s bottom line. 

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Survey: Small business owners share what’s on their minds

Goldman Sachs just released the results of a survey of 10,000 small-business owners in the U.S. Respondents were asked to weigh in on a range of topics, including their access to capital and post-pandemic profitability. They also provided insight into how inflationary pressures, layoffs, and recruitment issues were impacting their businesses.

One of the most surprising turnarounds in this year’s responses was the general sentiment around the availability of capital in 2023. Whereas 77% of business owners were confident of their access to capital in 2022, this year, an equal number say they are now concerned about their level of access.

See the survey results.

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