As a small business owner, it’s essential to stay ahead of the curve when it comes to anticipating future trends. In 2024, the business landscape is projected to undergo significant changes in areas such as community building, personalization, finances, marketing, and technology. To help you navigate these changes, we’ve gathered insights from leading experts in the industry to outline the upcoming trends that will impact small businesses in the year ahead.
**Community Building for 2024**
In 2024, businesses of all sizes will make fostering the growth of their local communities a top priority. According to Ashley Hubka, Senior Vice President/General Manager of Walmart Business, it is of strategic importance and can provide a competitive advantage. Businesses will be responsible for building stronger economies and more resilient communities.
**Customer Experience Expectations**
As 2024 approaches, maintaining a strong brand identity and foothold within the market will be crucial. Our expert, Nellie Akalp, CEO of CorpNet, predicts that businesses will invest more in customer experience to keep their clients happy and returning. Entrepreneurs will seek tools to go the extra mile for their customers, while personalization will be crucial for continuing to build client relationships.
**Strategic Financial Planning**
Financial challenges continue to impact small businesses, with inflation and access to capital remaining pressing issues. Insights gathered by Hello Alice highlight the struggle to secure capital, which affects small business owners’ ability to invest in critical areas such as innovation, technology, and expansion efforts necessary for long-term success. According to Elizabeth Gore, President/Co-founder of Hello Alice, small business owners are resilient and will lead the way into a stronger economy.
**Navigating the Franchising Landscape**
Joel Libava, Founder/Owner of The Franchise King®, anticipates that 2024 will be a good year for franchising. With continued interest in franchise ownership and the emergence of home-based franchise concepts, the sectors poised for the most significant impact in 2024 are food, fitness, and businesses servicing the senior population.
**Embracing a Global Mindset**
The digital economy is rapidly evolving, and small and micro businesses are poised to go global in 2024. Matt Baker, Head of Small Business at Visa Commercial Solutions, highlights the opportunities for SMBs to sell across borders and the increasing comfort among consumers to engage with businesses in other countries.
**Marketing Strategies for 2024**
To stay ahead of the curve in the marketing landscape, business owners must innovate and examine how companies strategically utilize the tools at their fingertips. Chris Cho, President of LocaliQ, Digital Marketing Solutions at Gannett, identified key trends for 2024, including the continued prominence of AI, the critical importance of zero and first-party data, and the advantage of new advertising and content formats.
By staying informed about the trends shaping the business landscape, you can ensure that your small business is well-equipped to thrive in 2024 and beyond. Keep an eye on the ever-evolving entrepreneurial world and adapt your strategies to align with the changing landscape. Whether it’s building strong community ties, investing in customer experience, or navigating financial challenges, the future holds a myriad of opportunities for small business owners.
