91% of small business owners already struggle with the current economy’s impact on their industries according to a Goldman Sachs survey. Modern small business owners may be faced with a unique set of challenges that demand innovative solutions. To stay ahead of the competition here are some hurdles that you should look forward to when heading into 2024.

Supply chain disruptions may be one of the challenges that small businesses are facing. Small businesses often lack the resources for extensive market research. As reported by the U.S. Chamber and MetLife Small Business Index, 63% of small business owners have altered their supply chain in the past six months. Negotiating this operational tightrope could lead to inefficiencies and increased costs, impacting the overall sustainability of these enterprises. 

Inflation is likely to remain a challenge for small businesses. According to a Business.org survey, 82% of small businesses have already raised the price of their products and services due to inflation. However, the International Monetary Fund believes that global inflation is expected to fall to 4.3% but small business owners should start to consider managing their costs as 2024 rolls around.

Small business owners have been facing a shortage of capital and cash flow in recent years, according to a study by the SMB Group. Due to the Federal Reserve's decision to increase interest rates, borrowing expenses for businesses have also risen, including the cost of business loans and credit cards. This has made it challenging for both existing businesses to maintain their operations and for new businesses to get off the ground.

Small businesses are not immune to financial challenges, but strategic approaches could help mitigate these difficulties:

  1. Adaptability and Innovation: Continually evolve products and services to meet changing consumer demands. Embrace technology and sustainability initiatives to enhance brand relevance.
  2. Operational Efficiency: Streamline operations and supply chains to reduce costs and improve profitability. Investments in training and technology can lead to smoother operations and enhanced customer experiences.
  3. Financial Planning: Engage in rigorous financial planning to anticipate and mitigate potential challenges. Establish contingency funds to provide a safety net during uncertain times.
  4. Collaboration and Networking: Small businesses can benefit from collaboration within their networks. Sharing knowledge with fellow business owners and tapping into support resources can provide valuable insights and solutions.

Join us at Integro Bank's exclusive CEO Club event on January 24, 2024, and take your first proactive step toward overcoming the economic hurdles of the future. This event will provide you with a unique opportunity to learn about the state of the economy and market trends for 2024, allowing you to gain insights that will help you transform your business. Connect with other like-minded professionals, explore potential collaborations, and make 2024 a transformative year for your business. RSVP now by clicking the link below, and we look forward to seeing you there!

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