5 Things You Need To Know This Week

1) Retail Sales Still on the Rise

2) Emerging Food Trends

3) AI Helps You Write Emails

4) Podcast Wisdom

5) Well Said: Words to Live By

Happy Tuesday, June 27th!

What is the biggest concern in your business that keeps you up at night? Is it a lack of capital or access to it? Do you worry about employee issues—hiring and/or retaining workers? Or is it something outside your control, maybe something you can’t quite put your finger on?

Last week I spoke separately with six-seven business owners—some were retailers, and others ran B2B companies. I asked each of them two questions: First, what is the outlook for your business in the second half of 2023? Second, what keeps you up at night? Here are a few of their responses:

Retailer:?I am optimistic about the next six months for my business. My customers are back in full force, and our e-commerce business has doubled since the start of 2020. If I’m worried about anything, it’s the fear of the unknown. I know there will be more interest rate hikes. I also read that consumer credit card debt is almost $1 trillion and that people might have to start paying back their federal student loans, which means less money for them to spend in my stores. We are keeping an eye on all of it.

B2B Company Owner:?We are moving “slow and steady” right now. We are holding off on two investments in our business (buying a piece of equipment and launching a product extension). We want to see if prices drop this fall and if the tax credit is better this year or next. Personally, I’m worried about our industry (manufacturing). There are many moving parts when it comes to sourcing materials from China. Every company is looking for alternative suppliers, but they are hard to find. And when I do find them, all their inventory is locked up for years. If the pandemic taught me anything, it’s to have Plans B, C, and D. Right now, I’m still working on B.

Good advice from business owners who have weathered many previous storms—be proactive in your business. Don’t wait for something bad to happen; plan for it and then have a backup plan.

Peace,

Brian

1. Retail Sales Still on the Rise

According to the latest numbers from the National Retail Federation (NRF), retail sales rose?again in May “as consumers continued to spend despite economic challenges.” NRF’s president and CEO says, “Consumers continued to spend on household priorities in May, supported by gains in the job market and wages. Retailers…are offering competitive pricing, a wide product mix, and convenient shopping options to help stretch family budgets.”

May sales were up in six out of nine retail categories on a yearly basis, led by health and personal care stores, online sales, and grocery and beverage stores.

Click?HERE?to learn more.

2. Emerging Food Trends

Nation’s Restaurant News?spotted 10 emerging food trends at this year’s recent National Restaurant Association show.

One noticeable trend—“a staggering array of plant-based [food] items, mostly plant-based proteins.” At the other end of the spectrum—premium meats, including “American and Japanese wagyu beef and imported and domestic Iberico pork.”

There’s more to discover.?Click?HERE?to learn more.

3. AI Helps You Write Emails

TechRadar?reports that Google’s AI-powered Help Me Write tool for?Gmail?is coming to Android and iOS to help you quickly write email replies.

Help Me Write can edit an email you’ve already written. It can make it shorter, more formal, or even insert emojis.

With the help of a prompt from you, it can also write the entire email for you, which you can edit yourself or use the tool to edit it.

Click?HERE?to learn more.

4. Podcast Quote of the Week

When it comes to workplace benefits, the best thing business owners can do is talk to their employees before making any decisions. That’s where small businesses have a particular advantage because the owner will know every single employee.?Understanding your employees and what is important to them is the key to success in making sure you have the right benefits in place.–?Kara Hoogensen, Principal Financial Group

?Click?HERE?to listen to my podcast with Kara: A Business Owner’s Guide to Workplace Benefits

5. Words to Live By: