90% of small to midsize business owners are worried about the state of the economy. As a small business owner, it can be important to set goals for your business to prepare for a successful year ahead. Here are some actions you may want to consider taking to get ready for 2024 that could give your business a boost.
Take a step back and reflect on the past and consider the strategies that worked well for your business in 2023, as well as the challenges you faced. What things did you put on hold or ignore, and where did you focus your business energy? By analyzing your successes and setbacks, you could gain valuable insights to help you determine where to focus your efforts in 2024. Take a closer look at what you put on hold and consider whether you could address those long-term issues in the coming year. Celebrate your achievements and learn from your failures.
Survey findings reveal that at least 40% of small businesses are encountering difficulties in securing qualified candidates for their open positions. The reason is that 93% of small businesses reported few or no qualified applicants. On a positive note, 42% of small businesses have intentions to boost investments in the coming year, with an additional 40% willing to expand their workforce.
Small businesses can take advantage of the 2024 trend by identifying automation to integrate into their operations. Over the next year, 83% of small business owners plan to invest in automation for business operations, with 31% expecting significant investment. These tools can help up free time. That time can be as much as an average of 13 hours a week based on the report by the U.S. Chamber of Commerce.
A significant majority of small businesses, over 50%, viewed inflation as a major hurdle, according to a survey by the U.S. Chamber of Commerce. This resonates with findings from a poll conducted by the National Federation of Independent Business, underlining the widespread concern within the small business community regarding the impact of inflation.
The U.S. Chamber of Commerce reported that “Inflation and worker shortages continue to be major headwinds as small business owners are hopeful for 2024. 22% of small business owners rank inflation as their biggest problem (1 point lower than October).” But, even with inflation being viewed as a hurdle for 2024, “13% of small business owners say the economy has improved compared to 12 months ago. 40% are neutral and 47% say that the economy has gotten worse over the past year.” Furthermore, the U.S. Chamber of Commerce report states that “57% of small businesses are bullish about expected revenues in the next 12 months. 42% believe profitability will improve.”
To prepare and address your hurdles for the economic landscape for 2024, Integro Bank would like to invite you to attend our CEO Club event on January 24, 2024. This exclusive gathering could be a perfect unique opportunity to be educated on the state of the economy and the current market trends for 2024, be able to connect, share insights, and explore collaboration possibilities. Please RSVP to the event by visiting the link below and take a proactive step towards making 2024 a transformative year for your business.
RSVP for the event online at:
https://integrobank-20681670.hs-sites.com/ceo-club-jan-24-2024
The When & Where
DATE: January 24, 2024
TIME: 5:00 PM - 7:00 PM
LOCATION: Integro Bank Headquarters
16215 N 28th Ave, Phoenix, AZ 85053