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Consumer spending trends

Consumer Spending Forecast: Expect Trends to Continue Until 2024

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With 2023 around the corner, business owners are all asking the same question: As inflation continues, what does it mean for us? Consumer trend predictions through the end of 2022 and beyond suggest that consumer spending will remain high for some time. It’s good news, giving us time to prepare for the less predictable years ahead. 

Let’s look at the current consumer spending stats

While complete data isn’t yet available for Q4, monthly consumer spending is trackable. Retail sales through October were elevated 8.3% year-over-year. That figure includes gas and food, but even with those out of the picture, retail alone was up 7.5%. Of course, inflation changes those figures significantly. Adjusted for inflation, however, retail sales were still 0.5% higher than they were this time last year. Spending continues to hover at an almost unprecedented high. Read more

Trying to achieve a healthy work-life balance

Work-Life Balance As An Entrepreneur Is Tough. Here’s How We Make It Work

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There’s been a lot of talk about work-life balance lately. Over 70% of children in the U.S. live in a household in which both parents work, which makes parenting so much more challenging than it used to be. It’s tough to know how much work is too much, but overworking is a real problem. It takes a toll on both mental and physical health, but it’s tricky to avoid. This is especially true for business owners. 

As a family-owned business, the BYX team is intimately familiar with the work-life balance struggle. It’s extra tricky today with an ongoing labor shortage. Fortunately, we’ve learned a thing or two in our decades of successful business ownership. These nine tips help us keep our work life and home life in equilibrium. (Well, most of the time!) Read more

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How to Foster Team Unity in a Pandemic

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At BYX, having our entire staff in one place doesn’t happen every day. In addition to managing multiple departments, our drivers spend most of their workday out of the office and on the road. 

Because of this, we’ve been taking deliberate steps to develop a sense of team unity since day one. It’s just part of how we operate. Now that COVID-19 has changed how many companies function, leaders are dealing with the same obstacles that our team has been dealing with for decades. Fortunately, reconnecting your company’s team is an achievable goal if you know where to start. Just take it from us!  Read more

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5 Simple Steps to Enthusiastic Employees

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Between COVID-19 and wildfires, 2020 has thrown up plenty of roadblocks. This is especially true for business owners and their employees. For local freight companies like us, work has been busier than ever, but in many other industries, that’s sadly not the case. 

When work is slow or sporadic, even the most productive team can become sluggish and stressed. Fortunately, business owners can help! Keep reading to learn five easy ways to elevate, engage, and excite your employees. (Even in 2020!)

1. Show Gratitude

Everyone thrives off appreciation, and your employees are no exception. Team meetings are a good start, but teams are made up of individuals. By acknowledging the skills and contributions of each team member, you’re telling them, “Hey! You’re not just a chess piece to me. You’re important to this company and I’m glad you’re here.”

The more your team members feel valued, the more value they’ll add!

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What I’ve Learned About Entrepreneurship from My Entrepreneur Husband

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We were sitting in a meeting last week with a group of people when one of them asked us to what we attributed the success of the company. Jay began talking about industry and market trends like a well rehearsed script. I quietly smiled at him across the table appreciating his humility but knowing that there really was only one, primary explanation for it; him. Read more