Small and midsized business (SMBs) are optimistic about their prospects for 2023 – some very optimistic. Seventy-seven percent of SMBs say they’ll grow this year, and 46% expect to increase revenues by 10% or more versus 2022, according to Bredin’s March wave of the SMB Pulse survey of 500 U.S.-based principals.
Growth outlook is more nuanced by industry group. Here are expectations for SMB double-digit growth in 2023:
The difference in double-digit growth outlook is much more dramatic by generation:
To understand how outlook translates into SMB priorities, it’s key to look by industry and generation too.
While SMBs overall are most focused on customer retention and maintaining cash flow, SMBs in professional services prioritize data security – much more so than those in other industries. Keeping customer data secure is critical to their business success. Meanwhile, inflation and supply chain issues are keeping SMBs in retail/wholesale and manufacturing more focused on cost containment than SMBs in other industries.
Likewise, Millennials and Gen Z are much more focused on cost management than their older peers. Gen X SMB principals are more focused on customer acquisition and retention than either younger or older SMB principals.
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