Global – A recent survey by messaging service Slack has revealed a mix of sentiments among small business owners about the prospects for 2024. Approximately 40% of respondents view 2024 as a “make or break” year for their business, reflecting the challenges they’ve faced in recent years, including the pandemic, rising inflation, and a tight job market. The survey also indicates that 32% of small business owners are uncertain about their ability to survive through 2024.
Despite these concerns, there is a sense of optimism among some business owners. Seventy-one percent of respondents expressed optimism about the state of their business in 2024. However, many are grappling with ongoing issues such as a volatile economy, an upcoming polarizing election, and declining sales.
The survey highlights the various strategies small business owners are employing to navigate the challenges. While 38% admit to being more worried about their business in 2024 compared to the start of 2023, 26% feel less concerned. Nearly three-quarters of respondents are actively taking steps to improve their businesses. Key measures include expanding marketing efforts to attract new customers (50%), setting aside funds for emergencies (45%), and exploring new technologies to enhance productivity and efficiency (43%).
Jaime DeLanghe, Vice President of Product Management at Slack, commented on the findings, stating that the state of small businesses in 2024 reflects a clear desire to maximize efficiency with limited resources. The survey included 2,000 small business owners, with half of them representing the tech or retail industries.
In summary, the survey illustrates the complex landscape for small businesses, with a significant portion viewing 2024 as a critical year. While optimism exists, strategic efforts to improve efficiency, attract customers, and adapt to changing circumstances are essential for navigating the uncertainties ahead.