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The year 2023, and it’s impact on businesses ...
Hello Venturer,
In January 2023, Forbes presented its business observations and projections, highlighting the challenges faced by small businesses in 2022 and anticipating a more optimistic outlook for 2023. Experts emphasized resilience and plans for investment in marketing, technology, and staffing, while cost management and financial technology integration were anticipated trends. Cybersecurity was deemed crucial due to the projected surge in cyberattacks on small businesses.
However, 2023 has proven to be a challenging year globally, and Nigeria is no exception. Economic and political headwinds, including high inflation, a weakened currency, and security concerns, have impacted businesses, leading to profitability struggles, job losses, and business closures. Join us on Thursday, December 7th, at Ventures Africa's LinkedIn Live event to discuss “Year 2023, and its Impact on Businesses.”
VA Poll
In a recent survey, we asked our audience, “What has been the most significant factor affecting your business in 2023?” Results indicated that economic factors, as highlighted by 62% of respondents, have been the most influential force shaping businesses in 2023. Regulatory changes or government policies followed closely with 22%. Technological advancements had minimal impact, as indicated by 4% of respondents, while 8 % indicated that changes in consumer behaviour or market trends affected their businesses. Overall, economic challenges and regulatory considerations are the primary drivers for businesses this year.
BizHive Entertainment
The New Wave of Nigeria’s Soft Power
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Remember to stay safe!
