4 Challenges That Business Owners Are Set to Face This Year
Every year brings new challenges, for many different reasons; some economical, some a change in demand, and some are internal challenges within your organisation! In this week’s blog post we are going to highlight what the top 4 challenges that small businesses are likely to face in 2024.
Before we start, it is important to note that every business is different and therefore some will be more affected by certain things than others. For example, a small cafe is more likely to be negatively affected by inflation than something that offers an in-demand SaaS (Software-as-a-service) product. Nevertheless, no business becomes successful without having to face a challenge or two!
The Challenges
The first challenge that businesses are set to face is a rise in inflation which limits the disposable income of clients/customers and is likely to prevent them from spending more money as they look for more affordable alternatives. Inflation is not something you are able to solve alone, however you can make your offers more attractive by ensuring your prices are appropriate and therefore potential customers feel like they’re getting good value for money!
Another issue facing small businesses is AI! Now, let’s be frank AI can be a superpower to many businesses and certainly isn’t an all bad thing. However, the challenge that businesses face is navigating their way round using AI in an effective and useful way which doesn’t take away the personable side of their business. Through educating yourself on AI and the latest tech developments, you can overcome this challenge and benefit from its many uses, such as automations and data entry!
As business owners feel the need to not only run their business but also be the salesperson, marketing manager, operations director, HR team and so on, burnout is likely to come knocking! The good news is that you are able to outsource various tasks such as social media management and inbox management to a virtual assistant agency so you have one less job to do!
Finally, general uncertainty is set to cause challenges for business as we go through the year. With a general election very likely to be held before Christmas 2024, business owners can expect policy proposals left, right, and centre and it can be a real challenge knowing what is set to change! Not to mention the volatile economy and external shocks consistently affecting plans. Whilst you can’t change the uncertainty within the market, you can ensure that your business is prepared for external shocks and changes to the law through risk planning and ensuring your business is adaptable to change.
Don’t Struggle Alone - We Can Help You
If you’re feeling a little bit daunted as you look to the year ahead, don’t worry! You’ve got this! ✨
Our services are designed to help business owners like yourself to overcome these challenges, so that they can thrive in their business! Never feel like you have to overcome every obstacle yourself, there are people that can help!
