April 21, 2023
Grow My Business

Are Wisconsin Small Businesses Surviving or Thriving in 2023?

Small businesses in Wisconsin have always played a vital role in the state’s economy, and in 2023, they face significant challenges. The COVID-19 pandemic has left many businesses struggling to stay afloat, while others have had to adapt their operations to survive. In this article, we’ll take a closer look at the state of small businesses in Wisconsin, explore some factors affecting their success, and discuss some best practices that can help them thrive in 2023.

Overview of Wisconsin Small Businesses in 2023

As of 2023, Wisconsin is home to over 450,000 small businesses, employing nearly 1 million people. According to the Wisconsin Economic Development Corporation’s Small Business Profile (2022), small businesses account for over 97% of all businesses in the state, making them a critical component of Wisconsin’s economy. However, despite their significant impact, small businesses in Wisconsin face several challenges that impact their success. These challenges include:

  • Access to capital: Small businesses often struggle to secure funding, which can limit their growth potential.
  • Talent acquisition and retention: Finding and retaining skilled employees can be a challenge, particularly in a tight labor market.
  • Competition from large corporations: Small businesses often struggle to compete with larger corporations that have more resources and brand recognition.
  • Regulatory and tax burdens: Small businesses may face higher regulatory and tax burdens than larger corporations, making it harder for them to operate profitably.

Factors Affecting Small Business Success in 2023:

Several factors can affect the success of small businesses in Wisconsin. One of the most significant is government policies. For example, taxes and regulations can create barriers to entry, making it challenging for small businesses to compete with larger corporations. Additionally, market trends and competition can also play a role in determining the success of small businesses. Small businesses need to be agile and adapt quickly to changing trends to remain competitive.

Another crucial factor that affects small business success is access to resources and support. Small business owners can benefit from networking with other entrepreneurs, accessing training and education resources, and leveraging technology to streamline their operations. Fortunately, Wisconsin has a thriving small business support network that includes organizations like the Wisconsin Small Business Development Center, SCORE, and the Small Business Administration. These organizations provide a range of resources and services to help small businesses succeed.

Business Bankers at Fortifi are a great resource of knowledge from helping hundreds of small businesses in the area succeed over many years. Their experiences, insight, and resources are invaluable to small businesses trying to grow.

How You Can Help Small Businesses in Wisconsin:

As a consumer, you can play a vital role in supporting small businesses in Wisconsin. Here are some ways you can help:

Shop Local: One of the easiest ways to support small businesses in your community is to shop local. By buying from local businesses, you’re supporting your neighbors and contributing to the local economy. Look for small businesses in your area when you need goods or services, and consider visiting local farmers’ markets and craft fairs.

Spread the Word: Word-of-mouth is a powerful tool for small businesses, and you can help by telling your friends and family about the small businesses you love. Leave positive reviews on their websites and social media pages, and share their posts with your network.

Volunteer: Many small businesses rely on volunteers to help them with events and day-to-day operations. If you have time and skills to offer, consider volunteering with a local small business. You can also join local business organizations, such as a chamber of commerce, to network and learn about volunteer opportunities.

Purchase Gift Cards: Buying gift cards from small businesses is a great way to provide them with immediate cash flow. You can use the gift cards later or give them as gifts to friends and family.

Advocate for Small Businesses: Support policies that benefit small businesses, such as tax incentives and streamlined regulations. You can also contact your elected representatives and let them know that small businesses are important to you and your community.

By taking these steps, you can make a significant impact on the success of small businesses in Wisconsin. Supporting small businesses not only benefits the local economy but also helps preserve the unique character and culture of your community.

Small Businesses are Growing!

Overall, Wisconsin’s small businesses have shown remarkable resilience in the face of adversity. These small businesses face significant challenges in 2023, but there are also opportunities for growth and success. Business owners who stay on top of the latest trends, leverage technology, and take advantage of available resources and support can position themselves for long-term success. Small businesses are the backbone of Wisconsin’s economy, and their success is critical to the state’s prosperity.

 

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