Many business leaders found 2023 to be arduous, and 2024 is not expected to be without its difficulties. There are several key obstacles that require proactive attention to help small and midsize businesses thrive in extraordinarily competitive markets and questionable economic times. Tackling these challenges will help to ensure a company’s well-being and profitability.
1. Any process that can be automated, should be automated. Embrace and commit to digital transformation and data analytics to assist in informed decision making. Experiment with AI technologies to create exceptional customer experiences and streamlined operations. It’s been said, “it’s not if, but when” — invest in cybersecurity and data protection measures.
2. Small employers cannot always compete with the compensation offered to employees by large corporations, but they can create an engaging culture, provide opportunities for growth and mentorship. Voluntary benefits packages, savings plans, additional PTO and tuition reimbursement for work-related classes are other low-cost but meaningful perks.
3. Develop clarity around the company’s brand and create all content through that lens. Maximize digital marketing and social media techniques to drive customer engagement and relationship building. Marketing and brand awareness strategies will not bring immediate satisfaction, but are crucial for long-term success.
4. Customer experience expectations are higher than ever (and arguably, customer loyalty may be at a low point). Consumers want to buy from companies that are pleasant to work with, make personalized service a priority, have an established online presence and have optimized technology in websites and mobile devices.
5. Small business survival depends on sound financial management and understanding the economic landscape. Leaders must keep impeccable financial records, create a budget and implement forecasting processes. Financial advisors can help to ensure a company has adequate cash flow, manages expenses and makes sound investment decisions.
