Floral and botanical entrepreneurs remain optimistic, gritty and resilient as we head into 2023. The predictions below are what I think you'll see across our industry and especially the small businesses in the year ahead. I am hopeful.
(photographer: Elizabeth Lauren Granger Photography, Rosaprima)
I believe the year ahead looks promising and hopeful. I don't know a lot but I have 25+ years of small business experience with 15+ in the floral industry and a lot of the time my predictions are good. Or, else we wouldn't still be in business. Right?
It's no secret that small-business owners across the board especially retail and flower shops have always faced changing regulations, economic uncertainty and mountains of shortages from hard good supplies to fresh cut agricultural products. This has elevated since the onset of the COVID-19 pandemic. Ya'll know this is true. Across the board. Last year, while we were all pivoting and trying to do all-the-things to keep the doors open 2022 brought inflation, rising interest rates, staffing shortages and continued product availability and shortages. It was rough but I think those of us who've chosen to endure have an assured year ahead.
I am not alone. According to Nerdwallet.com, entrepreneurs (including us in the floral industry) "remain resilient and optimistic about the year ahead." More than 65% of small-business owners expect their revenue to increase over the next 12 months while 52% plan to expand operations, according to a report by Bank of America. That sounds good!
So what will 2023 bring for you and me as business owners?
(photo: Linden Tree Photography, Atlanta Botanical Garden)
Here's what I think:
1. My Banker Becomes My New Best Friend
It's happening already here locally and I expect it will continue. I think banks are upping the ante by offering higher interest rates on savings and checking accounts. I have also noticed more business friendly features. Have you?
This is the time to search for a new bank if you need one because they are competing for this space by offering things like business tools, and higher yields on checking and savings and lower fees. I've got friends in low places takes on a new meaning this year! Look for a bank that adds value to your flower or plant business, or maybe saves you a task like invoicing or accounting.
(artist: Meagan Tidwell, Colonial House of Flowers)
2. Cost Of Doing Business Gets Higher And Higher
I see costs rising the same and more than in 2022. It seems like everything from small-business insurance prices to my Georgia plant license and delivery van gasoline increased while costs of goods are still rising fast. Even shipping to customers with USPS, FedEx and UPS increased this year without any added benefits. I believe natural disaster, digital security breaches, and international logistics within growing and shipping will keep some prices rising regardless of inflation, whether it slows or hangs steady.
Comparing competitors’ pricing and product features will be important this year. I tend to be very brand and relationship loyal. I predict that we all may need to price check and verify that the services and products we need are at a cost that falls within our operating budget; while also making sure we are pricing for profits.
(location: San Diego, California, Mayesh Flower Workshop)
3. Engagement Is King
Social media engagement and communication has been important to small businesses especially in the floral and agricultural industries I believe this will continue into 2023. Customer relationships are reliant on proactive communication especially as brick-and-mortar shops and online businesses continue to adapt to inflation and market changes. Clear communication is critical to let our clients know why prices are rising or store hours are changing or services are disappearing or being added. Maintaining an authentic and true dialogue with customers that is transparent as much about your triumphs as your struggles can go a long way. It preserves relationships especially during uncertain times. I recommend you find your best communication tool and use it whether it is email, social media or newsletters. Find your customers and continue to engage with them there in 2023. Honest communication helps businesses and clients relate to one another. We need our customers to be understanding right now as times are a bit hard.
(pottery barn.com)
4. Tailored Collaborations Draw In New Business Partners
A continued labor shortage within small and large businesses creates a unique opportunity for collaborations. I believe the labor shortage will continue into 2023 as more people are working and shopping in hybrid situation - live and online. This environment make collaborations ideal so that companies can offer greater service and flexibility to their customer, employees and employers.
This year is a great time to explore new partners to collaborate with to offer one-of-a-kind perks or products or services. One of my favorite Colonial House of Flowers collaborations was with Pottery Barn to offer in-store workshops (see digital flyer above). This fall I also enjoyed collaborating with Rosaprima to feature the new Mistral Bourdeaux and Mistral Panda Anemone varieties (see photo below). The business atmosphere this year continues to offer us small flower and plant businesses growth opportunities even on a limited budget. I like it!
(photographer: Elizabeth Lauren Granger Photography, Rosaprima)
I would love to hear your thoughts and see if my predictions are in line with yours. What do you think about 2023?