The Results Are In: Business Performance Predictions for 2023

By Refresh Leadership on January 20, 2023 in Leadership and Management

After the ups and downs of 2020 and 2021, this past year has had challenges of its own. But with a new year comes new opportunities and expectations.

In December, we asked our readers to let us know what their business performance predictions are for 2023. The results may surprise you.

With 59%, the top answer to the monthly poll was “We anticipate moderate growth,” followed by “We anticipate our growth will be flat,” with 26%. With another 10% of the votes, readers said “We anticipate a decrease in business performance,” while only 5% of respondents said their company is anticipating “exponential growth” for 2023.

With 76% of businesses expecting some form of growth in 2022, leaders continue to push past the lingering effects of the COVID-19 pandemic and begin a new chapter.

Additionally, according to the results of Express Employment Professionals’ first quarter 2023 Job Insights survey, U.S. hiring decision-makers are more positive about the future of the workforce, with the most common feelings attributed to hiring in 2023 being positive (75%) – including optimism (43%), hopefulness (38%), and confidence (36%). This sentiment is shown as their plans to expand their employee count stayed steady at 60% in the first half of 2023, on par with the first and second halves 2022. Only 7% report they plan to decrease their workforce in the first half of 2023, with 75% citing the reason is to reduce costs.

In Canada, hiring managers expect similar results, with the most common feelings attributed to hiring in 2023 being optimistic (35%), hopeful (32%), and confident (29%). This sentiment is shown as their plans to expand their employee count stayed steady at 49% in the first half of 2023, and only 7% report they plan to decrease their workforce in the first half of 2023, with 71% citing the reason is to reduce costs.

Set Up Your Company for Success in 2023

While every company is different and has different expectations for this year, one thing is certain: if you want success in 2023, you must plan for success. As the old saying goes, “fail to plan, plan to fail.” That’s why this year you should embrace a renewed focus on effective goal planning and habit forming. Your organization can’t control the ebbs and flows of the economy or the effects of inflation on supply chains, but you can control how you plan to respond to issues, how you plan to overcome obstacles, and what your team will do to set itself up for success in the new year.

For more information on goal setting and effective habit forming, check out these articles from Refresh Leadership!

How do you plan for success in 2023? As a leader, how do you expect your company to grow this year? Let us know in the comments section below!