I’m a financial planner, but you don’t have to be one in order to know a few things about the economy: Prices are going up, interest rates are going up, and in 2023, the economy is likely to contract or at least stagnate. There is no doubt that small businesses are being batted about by these economic headwinds. At nonprofit Asian Industry B2B, a group of primarily Asian-owned small businesses where I serve as president, we regularly discuss these concerns and our need for certainty wherever we can find it.
When small businesses budget for the future, as we do every year, we have to estimate what our expenses will be and project what our incomes might be. In this volatile economy, this is a particularly difficult and imprecise process. As Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce, said, “Inflation is really hitting small business hard, and that reality is negatively impacting their confidence, their ability to hire, invest in their businesses…
Read the full story from the Washington Business Journal.
