Four trends to look out for in 2024 for small businesses
Many start-up founders have been forced to reconsider their business models and make operational changes in response to the challenges of 2023, which range from skyrocketing inflation and interest rates to shifting consumer habits.
What, therefore, will be the main motivators for business owners in 2019?
Emma Jones, the creator of Enterprise Nation, a platform that supports small businesses, reports that there is a lot of interest from these companies looking to increase sales.
But when founders land major contracts, they—and their companies—must grow quickly, according to Jones, whose organization represents 120,000 business owners.
“When it comes to getting ready and being fit to supply, this is something that kind of needs a whole piece of education in its own right,” she adds.
Jones thinks her team will be asking itself, “How do we get British businesses fit to supply bigger customers?” in the upcoming year.
According to Jones, 2024 will be a year of increasing sales for small businesses, and she also believes that exports will begin to grow in the upcoming year.
Since Brexit, Jones claims that most small businesses have decided to halt their international trade, and it “just hasn’t picked up again.” However, that might alter.
Objectives and sustainability
“An increasing number of new businesses are driven by a desire to have a positive impact in the world and are putting purpose at the core of their business plans,” says Andy Fishburn, managing director of Virgin Startup, a not-for-profit founded by Sir Richard Branson to provide advice and funding for entrepreneurs.
According to Fishburn, 92% of founders say they are aiming for more sustainable operations, and he anticipates that this trend will carry over into 2019.
As a matter of fact, 58% of small business owners claimed that their clients held similar values.
Provide attention to mental health
According to Fishburn, company founders have rated their mental health a 5 out of 10, which is concerning for many driven businesspeople trying to begin what is frequently a lonely journey.
“Those early years of starting a business can be lonely, which is why networking events, workshops and business accelerator programmes have an important part to play,” Fishburn says.
According to him, networking is not only about developing scale and abilities but also about creating a network of “like minded people” who can offer guidance, inspiration, and support.
According to Michelle Ovens, the founder of the advocacy and support organization Small Business Britain, artificial intelligence will present small businesses with a “massive opportunity” in the upcoming year.
“A remarkable number are starting to think about AI, but most I would say are yet to realise the value to the business,” Ovens adds.
“This will explode in the next year with ‘freemium’ services giving even the tiniest of businesses access to phenomenal tools.”
According to Ovens, there are countless opportunities to boost productivity or get rid of mental obstacles.
“I don’t think there is a fear of it hitting jobs, but more an excitement at the new opportunities it can bring. Small businesses remain about people, but the people can do a lot more in 2024,” she added.