Running a small business? Read in this blog posts what’s going to be important in 2024.
Here are our small business trends for 2024.
1. Cash flow, cash flow, cash flow
The economic climate is still unstable. Inflation-rates still are at an all-time high. Energy cost is a heavy burden for many businesses.
In this economic climate, it remains critical for small business to stay on top of their cash flow.
Also, the last years have shown how important it is to have some financial slack for unforeseen developments.
Modern cashflow management tools make this exercise easy. A spreadsheet will do as well.
Ideally, liquidity planning is integrated with the rest of your financial and business planning.
2. Recruit smarter, not harder
The shift in the labor market is here to stay. The baby boomers are exiting the work force. Thus, the available talent is now in a much stronger position than they were a few years ago.
In this market, it’s important to hire smart.
- Work on your employer branding and employer value proposition. You must offer something, so be clear about what this is.
- Hire pro-actively. Build a talent pool that you can utilize when you have an actual position to fill.
- Get help. Working with recruiting firms can boost both speed and reduce cost of hiring.
- Use your network to actively connect and source interesting candidates.
- Consider reaching out to employees that have retired. The experience of the senior members of the workforce is valuable.
3. Balance technology and personal connection
Technology is pushing into all areas of business. Those who adopt it have a competitive advantage.
Automation and AI can deliver many tasks at better quality and lower cost.
On the other hand, clients and consumers are craving real, human interaction and a personal experience.
If you can balance these two things, for example in your lead generation, you will be having a great year.
4. Remote work is here to stay
The pandemic has accelerated the emergence of a truly global labor market.
More and more companies – also your competitors – are leveraging the remote workforce.
Benefits include a favorable cost structure, easier access to talent and potentially quicker turnaround / longer coverage of business hours (e.g., in customer support).
Integrating an onsite with a remote team is challenging but can open up great opportunity.
5. Sustainability is driving consumer and client behavior
Sustainability is a prominent topic in all areas of life. Consumers will choose the sustainable option, all other things being equal.
This trend is even stronger in B2B, where the importance of ESG efforts trickles down from larger corporations to small business.
Evaluating your company’s contribution to a greener future will pay off in the next year, so start today.
What other trends do you see?