Inflation peaks, growth slows – The 2023 Outlook for Business Owners
As the year 2022 draws its curtain to a close and sets to welcome the 2023 business year in a few weeks, some business owners are apprehensive about what the incoming year holds for businesses, especially with the predicted global recession.
Looking into 2023, economic growth is expected to decelerate further, as monetary policy moves well into restrictive territory, pushing growth to a sub-trend pace through 2024. Growth is expected to average 0.9% in both 2023 and 2024, respectively.
The above statistics show that the business world is reeling from shocks in economics and this could best attest to the description of the editors of the Collins English Dictionary for the ending year 2022 as “permacrisis” to be their word of the year for 2022. Defined as “an extended period of instability and insecurity”, it is an ugly portmanteau that accurately encapsulates today’s world as 2023 dawns.
While the global business space is been affected by the war between Ukraine and Russia, and its negative impact on the pulp and paper sector among other sectors, the effect of the severe hit experienced during the pandemic, the industry is yet to come to terms with and now, the predicted global recession for 2023 looms, where do we go from here is likely going to be the next rhetorical question for an average businessman in the Nigeria printing sector
As a business executive, it is important to focus on new opportunities inherent in the current challenges that have bedeviled the global business sectors and explore the opportunities, just as the saying, “Every crisis comes with opportunities”. As much as it is important to pay close attention to political stories in Nigeria; What policy is made and its effect on businesses as it relates to the printing industry, it is more important to see the opportunities in the predicted looming global recession and leverage on it for business growth and expansion.
Findings show that the third and fourth quarters of 2022, witnessed an increase in the high cost of printing consumables and equipment as the exchange rates skyrocketed almost on a weekly basis if not on daily basis and that made it difficult for this sector to witness real growth. This is expected to continue through 2023 due to inflation, which has led consumers to put limits on their spending and companies to increase costs
As markets, economies, and other factors change in this increasingly unstable and unpredictable business environment, companies that can adapt within the eco-system have a distinct advantage and those who fail to adapt to new technologies and business methods will either go out of business, get acquired by another company or will find it increasingly difficult to stay in business in 2023.
Lampe Omoyele, a business leader in the marketing and advertising space recently made this assertion during a lecture with the theme: ‘Brands and the Role of Technology in a Disruptive Economy.
According to him, companies can adapt through products and services that must be relevant to the consumer and think ‘Glocal’ in their business strategy. He gave an example of how 7Up Bottling Company, a soft drink-producing global company adapted by producing sanitizer to meet clients’ needs and as part of a survival strategy. He warned organizations either to disrupt the market or be disrupted.
To survive, organizations need to meet ever-growing clients’ expectations. To thrive, organizations must go one (or many) steps further and create novel and memorable client experiences
For businesses to remain in business, the ability to act quickly and make fact-based decisions is paramount. Survival in a disruptive economy requires the ability to quickly manage opportunities and threats in an effective and efficient way.
Market disruption creates widespread panic and results in disorderly market conditions therefore organizations require constant publicity, leverage on trends, and innovation to remain relevant in the 2023 business year and beyond.
Need help on how to survive challenging moments in your business? Send us an email: firstname.lastname@example.org