End to First Half of 2023

Close your books on the first half of the year. Take the time to assess your activities year to date (e.g., sales, expenses, profits). Is it time to revise your business plan, adjust your budget, change your marketing tactics, increase employee compensation and benefits? While inflation has come down—it’s now at an annual rate of 4%–it doesn’t mean that the prices for inventory, gasoline, and other items have come down. Factor in continued high prices, rising minimum wage rates, and other costs into your budget for the second half of 2023. #IdeaoftheDay