CBIZ Sattler Adventure Sports Blog

Insights and tips on how to protect your adventure sports business, giving you and your guests peace of mind.

Ward, Hayden
/ Categories: BLOG Articles

3 Trends for Outfitter Businesses to Follow in 2023

2023 Outfitter Trends

Small businesses have faced unprecedented challenges over the last few years. Many are hoping for a calmer 2023, but  a possible recession, record-high inflation and labor shortages may make that unlikely. Being aware of the small business trends for 2023 can help organizations successfully meet their challenges and find growth opportunities.

3 Trends for Outfitters to Watch

1. Employee Staffing & Labor Shortages

Attracting and retaining employees is a constant struggle for organizations of any size, but it’s particularly so for outfitter businesses. With smaller teams, employers need to hold on to talent whenever possible. This can be challenging, especially when resources are scarce as they often are during an economic downturn. That’s why it’s critical small businesses tailor their benefits offerings in a way that attracts and retains the most employees.

A strong workplace culture is built on positive values. Employers can build a solid culture by strengthening employee engagement, improving communication and encouraging employee feedback. Knowing which  employee benefits  to offer as attraction and retention tools isn’t always easy. Surveying current and prospective employees is one of the best places to start.

2. Recession Preparation

Adventure sports businesses often face unique challenges during a recession and must make difficult decisions to stay afloat. Proper planning and implementing preventive strategies can help small businesses minimize the financial hardships of a recession. This often starts with evaluating cash flow, managing controllable risks and remaining flexible.

Inflation  is driving up costs, forcing organizations of all sizes to turn to cost-saving measures. Outsourcing nonessential functions and investing in automation are effective ways small businesses are addressing their rising costs. By outsourcing or automating functions, such as recordkeeping, accounting and marketing, recreation businesses can reduce their labor costs and be more productive.

3. Experiences Are Being Prioritized

Even during a time of possible recession, consumers are still making travel and experiences a main priority. According to a third-party research study, 74% of consumers value having an experience over owning products. Our advice: Make it all about the experience when your customers come in for a thrilling adventure!

We’re Here to Help You Protect Your Outfitters Business

2023 will likely present significant challenges for many small businesses. By understanding and embracing these trends, owners can be better prepared, remain adaptable and stay ahead of the competition. Working on a solid plan and preparation can help you face the year and budget accordingly. Start worrying less and adventuring more!  Request a free CBIZ Adventure Sport Insurance quote.

This blog may contain scenarios that are provided as examples only. In an actual claim situation, coverage is subject to the terms, conditions and exclusions of the policy issued. The information provided is general in nature and may be affected by changes in law or the interpretation of such laws. The reader is advised to contact a professional prior to taking any action based upon this information.

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CBIZ Sattler Adventure Sports Insurance, a division of CBIZ Insurance Services, Inc., is the largest insurer of adventure sports businesses in the United States. As part of an $850 million New York Stock Exchange traded company (CBZ), we developed a policy coverage to meet the needs for those in the recreation and outfitting industries. Our policy is underwritten by an A.M. Best Rated A++ (Superior) company.