Opinion: Bright outlook for business in new year

Anyone who has made a New Year’s resolution is already aware there is nothing magical about January that, in itself, changes the path we are on or alters the future in any way. In fact, my own anecdotal evidence suggests that banking on the start of a new year to make all things better and new again is no more effective than wishing upon a falling star or blowing out all the birthday candles on the first try. January is simply the month that follows December and precedes February.

That said, I won’t make you wait until the final line of type to learn that I am still bullish on 2023. In this first issue of Springfield Business Journal in the new year, we have included the contributions of several area and industry leaders with their take on what the year has to hold relative to their specific expertise. I consider myself less of an expert and more of a generalist by nature of the position I hold in an organization that serves as a point of connection for businesspeople with a variety of backgrounds. Though, here I will offer my 2 cents from the trenches. My 2023 predictions and playbook are based on three overarching tenets:

1. Post-COVID course corrections will continue to pay dividends in the new year. SBJ, like businesses everywhere, adapted to a new normal in 2022. Paper scarcity and skyrocketing costs of printing forced our organization to reexamine the materials and method used to produce the weekly SBJ print product. It became a critical moment in time where we once again asked ourselves and our customers to identify SBJ’s unique value proposition. Resoundingly, it’s business news and information. It’s always been business news and information. It’s the thing we believe we do better than anyone else. It’s at our core.

As our regular readers know, SBJ made a midyear course correction and began working with a different printer, using a different printing process and working with a nonglossy paper stock. The news didn’t change, but the newspaper did, resulting in a near return to pre-COVID pricing. This was undeniably a reactionary change, but one that drastically changed the trajectory of our business in 2022 and continues to make financial sense for the future.

2. Marketing and sales have already regained momentum and can reasonably be expected to continue trending upward. Looking back on 2020 and 2021, it almost seems like we took an extended time out in forward momentum. It certainly didn’t feel like it at the time, as everything took an inordinate amount of effort. However, sales became stagnant as area businesses paused for their own self-reflection. That all changed in the second half of 2022.

I contend SBJ’s income statement serves as a mirror of area business. When the local landscape is laden with too much uncertainty, marketing and advertising slow dramatically. Likewise, when business confidence is high, businesses tend to position themselves for new growth and increased market share. These efforts are immediately reflected and felt at SBJ. Each month from July 2022 to the present has shown indication that area businesses are once again investing in growth.

3. Continuing to invest in people provides promise for 2023 and beyond. SBJ’s annual investment in people is by leaps and bounds the biggest financial investment we make. In fact, I find that I am mentally measuring nearly every other business expenditure in its equivalence to another salary. For instance, when contemplating the 2022 printing change, I mentally posed the question, “What will have the greatest impact on the quality of our core product: glossy print stock or two dedicated staff members?” The financial investment is roughly identical, but the value of two contributing staff members is exponentially greater and more impactful to the finished product. SBJ’s investment in hiring and retaining the right people is the most important ingredient to past, present and future vitality and success.

And therein lies the magic. Good things are ahead for area businesses and for SBJ as we turn another page of the calendar.

Springfield Business Journal Publisher Jennifer Jackson can be reached at jjackson@sbj.net.