Small businesses have been through a lot in the last few years. There was the pandemic followed by a recession. If your business is still standing here at the end of 2023, CONGRATULATIONS!! We are currently in the post-recession phase of sustainability, but 2024 will start our growth phase. I’ve been watching the landscape of what is impacting small business success and have made four predictions of importance for 2024.
Sustainability vs Growth. The first part of 2024 will still be about sustainability. Small businesses will need to take time to evaluate what worked and how to sustain it, as well as what didn’t work and what to get rid of as a key part of their 2024 business plan. This will take them through the first quarter and possibly into the second quarter. By mid-year business should be stable and predictable, then it will be time to start looking at growth and expansion.
Time Freedom. Now more than ever, entrepreneurs are less willing to hustle and be “team no sleep” to reach their revenue goals. They have figured out that a business built on hustle will need the same hustle to sustain itself and more hustle to grow. Leaning into the concept of having a business that has a capacity that includes rest and rejuvenation, will be a huge shift for 2024. Entrepreneurs will look to create space for yearly month-long sabbaticals, quarterly vacations, and flexing their boundaries around business hours and days. With the realization that health really is wealth, 2024 will bring more goals of work/life harmony and living a best life.
Relationship Building. It’s not what you know it’s who you know. 2024 brings with it a demand for connection. Broad visibility and thought leadership are not enough if you actually want to increase revenue. Getting more eyes on you and your brand is just the first step in this dance. To grow, you will have to create three types of relationships: a community to serve and build trust, a network to nurture for resources and referrals, and partnerships to cross-pollinate revenue opportunities.
Use of technology and A.I. Those taking the viewpoint that technology is evil or will take rather than give, will be the ones left behind -the Blockbuster in a Netflix world. When Octavia Spencer’s character in Hidden Figures saw that there was technology being created to do what she and her team did, rather than become obsolete, she learned how to work and fix the technology created. Who better to work with the technology than those with the most experience in the area of expertise the technology was built to assist? This is the mindset small business owners need to adopt to not only survive but to thrive. Figure out how tech and A.I. can make your business, your offer, and your service better for 2024.
Need support figuring out what your particular 2024 should look like, let’s talk. It’s FREE. ShaCannon.info/talk