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  • Writer's pictureRic Armstrong

SBA: What's Ahead for Small Business in 2024

Another year is nearly in the books. For small business owners, that means the time to start planning for 2024 is now. While no one can predict exactly what the future will hold, there are plenty of trends business owners and entrepreneurs can monitor to be prepared for opportunities in the days ahead. With potential impacts for both day-to-day operations and the long-term picture, the following trends should inform your small business strategy in the coming year.

  1. Artificial intelligence is here to stay. There’s no denying that artificial intelligence (AI) is a hot-button issue with implications that go well beyond the tech space. AI is at the forefront of many sectors, including small business. In fact, according to Constant Contact’s Small Business Now Report, 91% of small businesses who are currently using AI say it has made their business more successful. With benefits for marketing, operations, and more, it may be worth looking into how AI can improve your business.

  2. But don’t forget about the human touch. In a time that is becoming increasingly digital, soft skills are more valuable than ever before. Artificial intelligence may be the future, but emotional intelligence is still important. A recent study by Redpoint Global found that 77% of consumers believe positive customer experience still requires human interaction — all the more reason to ensure you and your employees continue to hone your interpersonal skills.

  3. Customer experience is everything. Price and product quality are important, but “customer experience” still reigns supreme. What does that mean for your business? Creating a positive customer experience at every level, from research to point of sale. Meet your customers where they are, whether that’s online or in-person, and personalize their journey as much as possible.

  4. Sustainability is important to customers. Few things are as critical to today’s customer as sustainability. According to a recent study by NielsenIQ, 78% of US consumers say that a sustainable lifestyle is important to them, and they want to patronize businesses that share those values.

  5. Cybersecurity is a must in a data-driven economy. As data collection and analysis become standard business processes, consumers want to know that their information is secure and responsibly managed. 67% of smartphone users are concerned about data security and privacy on their phones.

2024 promises to be an exciting year for the small business community. If you have any questions regarding your business's legal issues in the coming year, don't hesitate to contact L&F Brown for support.


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