Entrepreneurs Preparing for Difficulties of 2023

Analysis

Entrepreneurs are preparing for the difficulties of 2023 by cutting costs and raising prices, but 25% of companies would "escape ahead" through development, according to research by the online invoicing company Billingo, writes hrportal.hu.

The research highlighted that 27% of the respondents would solve the cost reduction by cutting back on equipment purchases, while 15% of the companies would save on each of the following categories: overhead costs, services used, and material and marketing costs.

Meanwhile, another 19% of businesses would reduce their costs through digitization, while 7% plan to withdraw from the market altogether.

Most of the respondents, 60%, would increase the price of their own products or services by a maximum of 25%.

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