# Anticipating Small Business Trends in 2024: A Beginner’s Guide to Navigating the Ever-Evolving Entrepreneurial World
The future is crucial for small business success, but with so many potential changes and innovations on the horizon, it’s especially challenging to anticipate what’s to come in 2024. To help you better prepare and navigate these trends, several small business experts have shared their insights on what we can expect in the coming year.
## Building Community
– Small businesses should make a commitment to fostering the growth of their local communities a top priority in 2024.
– Fostering community growth is of strategic importance and can provide a competitive advantage for businesses of all sizes.
– According to Ashley Hubka, Senior Vice President/General Manager at Walmart Business, businesses are responsible for building stronger economies and more resilient communities.
## Customer Experience
– Maintaining a strong brand identity and foothold within the market boils down to how you manage your customer relationships.
– Businesses will invest more in the customer experience in 2024 to keep clients happy and returning, as predicted by Nellie Akalp, CEO of CorpNet and Oz Alon, CEO of HoneyBook.
– Small businesses are expected to put a personal touch on their marketing communications in 2024, creating a more intimate and trusting relationship with their customers.
## Finances
– Small businesses continue to grapple with significant challenges impacting their growth and sustainability, with securing capital and handling inflation being pressing issues.
– Despite these challenges, small business owners are resilient and will lead the way into a stronger economy, as said by Elizabeth Gore, President/Co-founder of Hello Alice.
– Small businesses should be judicious in their financial planning and consider exploring alternative capital options to weather a potential recession in 2024.
## Franchising
– Franchise ownership will continue to be of interest, especially to those looking to change careers, with a focus on food, fitness, and businesses servicing the senior population.
– Prospective franchisees will need to submit solid business plans and put down generous down payments for loan approvals.
– Joel Libava, Founder/Owner of The Franchise King, advises potential franchisees to do their homework and prioritize contacting and visiting franchisees in person.
## Going Global
– In 2024, small and micro businesses are expected to benefit from increased digitization that speeds and protects payments, making expanding beyond geographical borders easier than ever before, according to Matt Baker, Head of Small Business at Visa Commercial Solutions.
– The mindset for businesses of all sizes has shifted beyond the local neighborhood to the global digital economy. Businesses will likely focus on selling across borders and making digital payments more accessible.
## Marketing
– Artificial intelligence (AI) will have a lasting presence, and zero and first-party data collection will be critical in 2024 for SMBs, according to Chris Cho, President of LocaliQ, Digital Marketing Solutions at Gannett.
– AI-driven personalization is expected to emerge as a fundamental aspect of marketing strategies for small businesses, delivering more intimate and connected customer experiences, according to Michelle Taite, Global Chief Marketing Officer at Intuit Mailchimp.
## Solopreneurs
– Technologies like AI and automation will augment independent businesses and help them become more productive, giving back time to focus on doing what they love, according to Oz Alon, CEO of HoneyBook.
– Solopreneurs will be forced to do more with fewer resources, making technology critical to their success, says Matt Feierstein, President of EverCommerce.
## Technology
– Small business-focused technology companies will focus on products that meet older business owners where they are, catering to Generation X and baby boomers, according to Matt Feierstein, President of EverCommerce.
– SMBs are expected to scale back on SaaS providers and focus on more inclusive and intuitive technology, according to Aparna Khurjekar, Head of Small Business at Verizon Business.
In 2024, small businesses will continue to integrate new technologies into their companies, leveraging tools such as AI to address societal challenges and transform their operations. The future presents new challenges and opportunities, but the trends outlined above will undoubtedly shape the small business landscape in the coming year.
For more information on trends specific to AI, workplace, and retail in 2024, read our related posts:
– [2024 AI Predictions](https://www.allbusiness.com/ai-predictions-2024)
– [Workplace Predictions for 2024](https://www.allbusiness.com/workplace-predictions-2024)
– [2024 Retail Predictions](https://www.allbusiness.com/2024-retail-predictions)
