Tiptoeing into 2023

Time is roaring past us each day, week, month, and year. The 2022 year brought an up and down journey with economic adventures waiting around every proverbial corner. We had optimism and new energy at the start of 2022. Bookings were strong and the business outlook was bright. Due to the magnitude of business momentum and lingering effects of the pandemic, companies experienced supply chain outages, labor shortages, and inflationary challenges. The focus on developing a world class supply chain, retaining/recruiting employees, and general cost management became the top priority of many corporations.  

Midway through 2022, the economy took a downward turn as the rapid rate of inflation caused a series of federal interest rate hikes. Companies now are starting to feel the impact of these rate hikes. Talks of recession, requests of customer cancellations and pushouts, news of layoffs, and supplier surpluses are leading us into 2023.  

In the semiconductor world, impacts of China sanction and chip surplus influence the demand for semiconductor related business. This economy flip feels like it happened overnight.   

With these uncertainties knocking at the door of 2023, what is our navigation path for the near-term? 

Invest in Stability  

When times are unpredictable, take a step back and assess what has been the rock in your life. This is the perfect time to give recognition and support back to the people and experiences that grounded you. On a macro scale, there are many things that are out of our control, but on a micro scale, there are opportunities that exist to enrich our lives.  Invest in your ongoing stability by giving back to the people, organizations, or causes that have lifted you up during these years. These small payments will certainly yield dividends in difficult times.  

Lean on Your Core Values 

Life altering choices may occur daily. Will these future uncertainties influence your thoughts and decisions? Often, in times of distress and uncertainty, people make decisions from feelings or emotions. There is no wrong way to arrive at a decision. Especially, when the future is cloudy, or the impact of your decision is murky. This is when having a set of core values will help guide you towards your desired outcome. Your core value will help prioritize your thoughts. Put what is important to you ahead of everything else. For example, if your core value is your health and family, you may not take a higher paying job that has a longer commute. Conversely, you may take this job if money is your highest value. Whether it is personal or business-related, having a sound core value will preserve your identity. Ultimately, it will build your legacy regardless of what level of future uncertainty exists. 

Take Time to Celebrate and Give Gratitude 

One of my core values is to celebrate success as a team no matter how great or small. For example, I’m writing this blog on the eve of our company holiday party. And despite any recent business turmoil, there are many reasons for the company to celebrate. I’m thankful for our manufacturing experts and associates at Applied Engineering. Our common work mission defines our identity. But it is our celebrations that cement our culture and working relationships. No matter how hectic life is, it is never a waste of time to stop and celebrate small victories while giving thanks to those around us.  

What does all this mean tiptoeing into 2023?   

To me, it seems to be a simple formula. We will weather any talks of recession. We will invest time in what matters most. We will make sounds decisions that won’t lead to regret. We will enjoy the journey while thanking those around us. If we can stick to this simple formula, maybe we can tiptoe past the recession troll and into a 2023 with familiar stability.