2022 v 2023: A Look Back, A Look Forward

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Introduction

It’s a time-honored tradition to reflect on this year as it comes to a close. At the same time, we find ourselves thinking about what is in store for the year ahead.  No doubt 2022 threw us a few curve balls, and ‘experts’ are collectively mixed on what to expect in 2023. Here’s a clue…the pace of change will not be slowing any time soon.

In the recent weeks alone, we have seen the pace of inflation slow, begging the question “will they or won’t they?” (Jerome Powell and the Fed raise interest rates), and nuclear fusion was achieved in a laboratory breakthrough, begging the question “how will this change (climate, business, supply chain, world order) EVERYTHING?” Yes, it is complicated, and yes the rate of change seems to be accelerating.

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NetSuite reviews the complicated interactions of 2022 with the geopolitical forces at play as if it were a blockbuster movie plotline. Is 2022 ‘presaging a dystopian Mad Max reality’? There is opportunity hidden somewhere – maybe everywhere – in this shifting order. Bank of America refers to inflection points – how and where do you pull them into your short term and long-term business strategies. TripActions points out the re-connection of people post pandemic.  Business travel is up, technology enables people connections, and customers are likely to demand more from their relationships. And a study conducted by Protiviti and NC State University looks at a ten year horizon created by current uncertainty and velocity of change, to identify top risks you will be facing 2022-2023.

We can check our score card against last year’s predictions – see how we did. We can try to imagine some of the most impactful macroeconomic and strategic shifts around the corner.  But what do we do with these insights? That begs the question, “are you ready?”

Inflection Points in the Business Lifecycle

Some decisions can change the trajectory of your business. While each day brings important choices, there are certain moments or “inflection points” that can have a profound impact on the long-term success of your company and the legacy you leave.

What are those inflection points for your business? Drawing on client insights and perspectives, we have identified a few key moments in time.

The Year in Review

If 2022 were a Hollywood script, the movie never would have been made. Wildly fluctuating energy prices, geopolitical miscalculations, inflation, central bank intrigue while unemployment sits near record lows? Way too implausible.

2022’s reaction: Hold my beer.
We run through some of the biggest economic events of the year, providing our perspective and thoughts on how businesses might react.

What’s Next for CFOs? Setting the Finance Function Up for Success in 2023

CFOs have positioned themselves as key contributors to the enterprises’ strategy and in C-suite and boardroom discussions.

Now, as these leaders shift more attention toward preparing for the future, they need to continue to drive business forward with data-driven insights.
Here are resources from Robert Half and Protiviti to help you prepare your finance function for the road ahead.

Travel and Expense Predictions for 2023

After nearly three years of pandemic disruptions, industry experts from TripActions are optimistic that 2023 will be the long-awaited light at the end of the tunnel for business travel. 

From a rise in M&A activity to prioritizing sustainability initiatives, here’s what’s top of mind for TripActions executives as we head into 2023.

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