2023 Business Leaders Outlook: Businesses Are Preparing for a Turbulent Year

Business Leaders© VioletaStoimenova / Getty Images Signature / Canva

The JPMorgan Chase’s 2023 Business Leaders Outlook survey results provide an important glimpse into how midsize and small businesses are preparing for the year ahead. From recession expectations to inflation rates, optimism to preparing for economic volatility, let’s take a closer look at what businesses can learn from this survey.

Key findings from the survey include:

  • According to JPMorgan Chase’s 2023 Business Leaders Outlook survey, 65% of midsize businesses and 61% of small businesses anticipate a recession in the year ahead.
  • Inflation is causing challenges for both small and midsize businesses, with most having raised prices on their products/services or passing costs onto consumers.
  • Despite heightened recession expectations, small business leaders remain optimistic about the global and national economy compared to last year while both groups are expecting increased revenue/sales and greater profits in 2023.
  • Hiring plans remain strong among both groups as they look to increase wages/benefits or offer upskilling opportunities for employees; however, they will need to stay informed on economic trends such as inflation rates that may affect their plans.

Recession Expectations and Inflation Rates

The survey reveals that 65% of midsize businesses and 61% of small businesses anticipate a recession in the year ahead. This news is accompanied by the fact that inflation is causing challenges for both small and midsize businesses, with most having raised prices on their products/services or passing costs onto consumers.

Optimism Despite Recessions Predictions

Despite these predictions of a recession, business leaders remain optimistic about the global and national economy compared to last year while both groups are expecting increased revenue/sales and greater profits in 2023. This optimism is further reflected in hiring plans which remain strong among both groups as they look to increase wages/benefits or offer upskilling opportunities for employees.

Preparing for Economic Volatility in 2023

However, business leaders should stay informed on economic trends such as inflation rates that may affect their plans or hiring goals over the course of this year. To ensure success in the years ahead, businesses can optimize working capital by utilizing supply chain finance solutions or reworking current debt obligations to prepare for any potential economic volatility this year.

2023 Business Leaders Outlook

The JPMorgan Chase’s 2023 Business Leaders Outlook survey reveals important information about recession expectations, inflation rates, optimism, and how businesses should prepare for potential economic volatility in order to succeed in the years ahead. By staying informed on current economic trends, optimizing working capital solutions, and increasing wages/benefits or offering upskilling opportunities when possible, midsize and small business owners can better navigate through any potential obstacles they may encounter this year. Careful planning now can help secure success later!

JPMorgan Chase conducted its survey to ask businesses about their plans for the future. The survey was conducted online from November 14-22, 2022, for small businesses (annual revenues between $100,000 and $20 million) and from November 29 – December 13, 2022, for midsize businesses (annual revenues between $20 million and $500 million). In total, 1,799 business leaders in various industries across the U.S. participated in the survey. The results of this online survey are reliable and accurate.

For more information on the Business Leaders Outlook survey, view the midsize and small business reports.

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