A year ago, companies had a level of uncertainty linked to the pandemic, but these 2023 trends already shows some potential. 

Here are four trends you need to watch and take action on in 2023. 

Energy and Energy Supply

The war in Ukraine impacted the world more than anyone could have predicted. The reliance on oil, coal, and other dirty and non-renewable solutions is ending. Unfortunately, if you have a business in South Africa, the need for maintenance and infrastructure in the energy sector adds to the cost drama. 

Renewable energy options are increasing, but the uptake still needs to be faster. Finance is now becoming available for companies and households to get off the grid and become self-sustainable. It is an expensive investment for a large business to do in one go. 

Risk: The primary threat everyone faces is being left behind, hoping Eskom will magically repair a quarter of a century of mismanagement. If you have yet to investigate how to remove your business reliance on the Eskom grid, 2023 is the year to ensure you have options to continue trade, even with load-shedding. 

Technology upgrades

Although tech continually develops and offers improved options to businesses, you must consider some elements. AI is still the critical component of tech development that will enhance your business output. Every company can adopt some level of AI, from systems, processes, administration, finance, and accounting. There is no excuse for any business, large or small, to still work on manual systems. 

Risk: The primary concern for the tech industry in 2023 is the massive staffing cuts that are taking place as we speak. The Covid-19 bubble of tech is bursting. Tech graduates that saw the trend of tech jobs on the rise are going to battle to find secure employment. 

Private Capital

The private equity and private sector is taking over in terms of business growth and funding. Government loans and development, along with standard banks, need help to keep up with the trends that need financing today. As companies and households need funds to install solar options, the large banks are still trying to figure out how it will all work. Private equity companies are taking the most significant chunk of this market. 

Risk: Interest rate hikes and instability in the financial market may affect this market, but possibly for the better, as they are not borrowing money from the reserve bank. 

Commercial Property

We saw this industry battle with the impact of Covid-19 closures and the trend to work from home and hybrid solutions. Companies reduced the space they usually rented, went full remote, or worked from home. The impact on the corporate rental market will take time to recover. There are some options for urban renewal, changing the working model, and even turning office space into homes/ apartments. 

Risk: A remote/work-from-home model that will continue concerns the large buildings that now stand empty. Landlords need to assess to see what other opportunities they can take advantage of to stay relevant and solvent.