Economic Outlook 2023: Recession in session? These factors will determine how hard B.C. feels the pinch

Experts agree—the province (and country) will face some challenges in 2023
Experts in various industries mostly agree that we’ll continue to go down a tricky economic slope, but they differ in many of the details. How long or bad will it be? And what should the people in charge prioritize in order to emerge in the best shape on the other side? We talked to a few in the know and got their insights on what we should expect. Here are some themes for what’s ahead.

The Benefits Of Financial Literacy For Business Owners

As a business owner, it is essential to understand the basics of financial literacy. Being financially literate can help you make better decisions when managing your finances and give you an edge when competing with other businesses. Financial literacy is a potent tool for business owners, granting them financial freedom and countless opportunities. Being financially literate means having a thorough understanding of financial matters. From budgeting to financial planning, business owners can use financial literacy to make better decisions about their money and plan for a more secure financial future.

No one expected this inflationary climate to last so long

This year we saw a significant increase in the Bank of Canada’s key rate—it now stands at 3.75 per cent compared to 0.25 per cent at the beginning of 2022. It’s been nearly 15 years since rates have been that high and while it’s unlikely that we will see any more major hikes, they will likely remain high in 2023. Interest rates take time to have an impact and we can expect a longer adjustment period to return to an acceptable level of inflation. Just as it takes time for rate increases to have an impact, so too is a period of adjustment needed before we return to an acceptable level of inflation.

15 Simple Ways To Increase Your Financial Literacy As A Business Owner

As a business owner, you’re involved in many important financial decisions for your company. Whether you are in charge of the day-to-day budget or you outsource to an accounting professional, you’ll still benefit from a base-level understanding of your company’s finances.

Investing in your financial literacy can help you make informed decisions without having to rely solely on the expertise of others.