PLAIN AND SIMPLE Bright Business Insights
Vol . 8 | Issue 2 | Spring 2023
Dear Readers ,
It ’ s hard to believe that we are already halfway through 2023 . I hope that the start to your year has been positive and that things continue to go well . Businesses have faced massive challenges and have undergone an incredible amount of change over the past few years . That will continue in 2023 and beyond but companies are in a stronger position to handle these changes and adapt quickly . When I reflect about what ’ s going on in the world of business , I think about one of my favorite quotes : “ There is nothing permanent except change .” — Heraclitus
I wanted to highlight a few key business trends for 2023 that you should be thinking about in your business model .
1 . Accelerated digital transformation – We will see the continuation of innovations and developments in transformative technologies such as artificial intelligence ( AI ), the Internet of Things ( IoT ), cloud computing , block chain , and super-fast network protocols like 5G . In addition new solutions for augmented working , hybrid and remote working , business decision-making , and automation of manual , routine , and creative workloads combine these technologies in ways that enable them to enhance each other . Power BI is an example of this . In order to prepare for this , make sure you ’ ve embedded the right technology throughout your processes and in every area of your business ’ s operations . In order to have a competitive advantage , you need to enable technology that supports more effective sales and marketing , better customer service , more efficient supply chains , products and services that are more aligned with customer needs , and streamlined manufacturing processes .
2 . Sustainability – In today ’ s society , the world is increasingly waking up to the fact that the climate disaster will pose a much bigger challenge than anything we have experienced in recent decades and will dwarf the challenges faced by the COVID-19 pandemic . What does that mean ? Investors and consumers prefer businesses with the right environmental and social credentials , and buying trends are increasingly being driven by conscious consumers – those among us who prioritize factors such as ecological impact and sustainability when choosing who to buy from or do business with . Make sure that your environmental , social , and governance ( ESG ) processes are moved to the center of your strategy – first by measuring the impact any business is having on society and the environment and then move to increasing transparency , reporting , and accountability . In addition , every business needs a plan with clear goals and timeframes of how to reduce any negative impacts , and then the plan needs to follow-up with solid action plans . The assessment and plans should go beyond the company walls and cover the entire supply chain and suppliers .
3 . The talent challenge – The landscape had changed dramatically over the past year on the working environment . For example , we have seen huge movements of talented people , referred to as the great resignation and quiet quitting , as workers reassessed the impact of work and what they want to get out of their lives . This puts pressure on employers to ensure they are providing attractive careers , the flexibility of hybrid work , and an enticing work environment and company culture . Top of minds for businesses is to make sure they are offering people fulfilling work , ongoing opportunities to grow and learn , flexibility and diverse , value-oriented workplaces will all be essential in 2023 .
Some other key business trends will be highlighted in this issue of Plain & Simple , such as Data Analytics , ERP – selection to implementation , QuickBooks desktop to QuickBooks online , and HR solutions to navigate through these challenging times .
Though we are still several months away I also wanted to call your attention to our annual National Manufacturing Day event the first Friday in October so you can mark it on your calendars . We are already making plans and are excited for what will be presented and the fellowship that will take place .
In conclusion , I would like to wish you well throughout the remainder of the year and remind you that the team at Rea is available at any time to assist in whatever you may need . Please reach out to myself or anyone on the Ream team if you find yourself in that situation and we would be happy to help .
Ryan Brickwood , CMA
Principal , Director of Manufacturing Services
Rea & Associates 230 North Market St . Wooster , OH 44691 ryan . brickwood @ reacpa . com ( 330 ) 264 – 0791