From technological advancements to shifts in consumer and employee demands, small businesses must continuously adapt to market changes. With 2023 now in the books, many small businesses are looking at 2024 as a time to adjust their strategies to meet the needs of the new business climate.
Predicting specific trends for 2024 with any degree of certainty is a challenge, but several ongoing themes in the small business landscape are likely to continue shaping the way business is conducted and competition takes shape.
Artificial intelligence (AI) is here to stay
There’s no denying that AI is a hot button issue with implications that go well beyond the tech space. AI is at the forefront of many sectors, including business. In fact, according to Constant Contact’s Small Business Now Report, 91% of small businesses who currently use AI say it has made their business more successful. With benefits for marketing, operations, productivity and more, every small business should examine how AI can improve your business.
In 2024, we expect AI-driven personalization to appear as a fundamental aspect of all strategies for small businesses. Increased businesses will harness the power of AI to deliver more productivity, a better-connected customer experience, and faster time-to-market for products and services.
Digital Transformation
The acceleration of digital transformation will persist, with small businesses increasingly relying on technology for operations, marketing, and client engagement. Cloud-based solutions, AI, and automation will become even more prevalent, enabling small businesses to streamline processes and enhance efficiency. 2024 will show it’s not just about moving to the cloud, but taking advantage of the cloud-based solutions that expand productivity.
Remote Work
The sustained presence of remote work will continue to affect how small businesses run. Flexible work arrangements and virtual collaboration tools will remain essential for keeping productivity and attracting talent.
People
With all the talk of automation and AI in the small business community, it’s important the human touch is not neglected. In a day and age that is becoming increasingly digital, soft skills are more valuable than ever before. Artificial intelligence may be the future, but emotional intelligence is still very much what’s important right now. A recent study by Redpoint Global found that 77% of consumers believe positive customer experience still requires human interaction — even more reason a small business must continue to hone the interpersonal skills.
Customer Experience
The customer experience is everything. Price and quality are important, but the concept of the “customer experience economy” reigns supreme. What does that mean for a small business? Creating a positive customer experience at every level, from research to delivery of services. Meet the customer where they are, whether that’s online or in-person, and personalize their journey as much as possible.
Cybersecurity
Certainly, Cybersecurity is critical in a data-driven economy. As data collection and analysis become standard processes, small business clients want to know that their information is secure and responsibly managed. This is especially true among small business clients who believe there are more relaxed cybersecurity standards for small businesses over larger corporations. 67% of smartphone users are concerned about data security and privacy on their phones.
External Environment
Economic uncertainties and unexpected disruptions are likely to persist, underscoring the importance of resilience and adaptability for small businesses. Those that can quickly pivot their strategies, diversify revenue streams, and effectively manage risk will be better positioned to weather challenges and seize opportunities.
Regulatory Developments
Small businesses will need to stay informed about regulatory developments that impact their industries, such as changes in taxation, data privacy laws, and environmental regulations. Staying compliant and adapting to evolving legal requirements will be crucial for long-term success.
While these trends provide a broad overview of what may shape the small business landscape in 2024, it's important for entrepreneurs to stay agile and responsive to emerging developments in their respective industries and markets.
If you want to understand how these emerging trends can and will affect your small business in 2024, talk to us.
Established in 1998, Roark Tech Services is a boutique technology services firm that supplies performance-focused, fit-for-purpose solutions to select organizations. We offer personalized service with a focus on quality and expertise.
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