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Many small business owners are apprehensive about supply chain chaos, rising inflation, and disruptions caused by recent conflicts. While a PYMNTS’ Study revealed more than half of SMBs experienced revenue growth in 2023, a majority worried that they might not remain afloat into 2024.
Are you worried about your businesses’ capability to weather the looming economic storm forecasted for 2024? Here are more risks to consider so you are not blindsided.
Working 9-to-5 isn’t everyone’s cup of tea. A recent McKinsey report shows that 50% of people between 16 and 25 want more freedom, flexibility, and work-life balance. For many Gen Zs, becoming an entrepreneur is the surest path to achieving this.
Gen Zs have flocked to TikTok to express their frustrations with work culture. As a result, the search term “remote work” has exploded in popularity, with associated videos gaining up to 3 billion TikTok views. A recent TikTok video by Mik, alias @ginger4567, has taken the internet by storm. She explains why Gen Zs want a different work formula.
The latest Oxford report shows that geopolitical unrest is a source of worry for small businesses. Tensions related to issues over the South China Sea, Russia - NATO, and the Middle East wars are causing jitters over supply-chain disruptions.
Back home, the upcoming US elections add uncertainty to an already bleak economic situation. A New York Times survey released recently shows that a staggering 81% of voters feel that the state of the US economy was “poor” or “fair” compared to 19% who thought it was “Good.” Businesses will find it hard to plan for the future until the political and economic landscape is more stable.
In a July 2023 survey, small business owners quoted rising inflation as their most pressing concern. 38% of the respondents cited it as their biggest concern, a jump from January when inflation was the primary dilemma for 23% of business owners.
The rising inflation trend is set to continue in 2024. Raphael Bostic, Fed Reserve President for Atlanta, told CNBC that he doesn’t anticipate interest rate cuts until late 2024. Inflation figures for 2024 will be at 2.6%, a figure that is above the Fed’s target of 2%.
2023 saw the enactment of significant climate bills into law. These laws will take effect in 2024 and beyond, setting the stage for tumultuous times in corporate sustainability. Businesses will move away from voluntary sustainability reporting to mandatory.
The 2023 California climate disclosure bill, in particular, mandates reporting by 2026, meaning businesses should start complying by 2024. Also, the NYC Climate Department recently introduced new mandates governing cooking stoves in city restaurants to reduce emissions by 75%. The rules enraged pizzeria owners, restauranteurs, and customers, highlighting the ineffectiveness of the solution. The new regulation targets small business owners.
Each business is unique and will face its own set of challenges in 2024. It is important for business leaders to understand how the changing world will impact their bottom line. The good news is that you will find it easier to survive and grow if you anticipate and plan for the above concerns.
Many small business owners are apprehensive about supply chain chaos, rising inflation, and disruptions caused by recent conflicts. While a PYMNTS’ Study revealed more than half of SMBs experienced revenue growth in 2023, a majority worried that they might not remain afloat into 2024.
Are you worried about your businesses’ capability to weather the looming economic storm forecasted for 2024? Here are more risks to consider so you are not blindsided.
Working 9-to-5 isn’t everyone’s cup of tea. A recent McKinsey report shows that 50% of people between 16 and 25 want more freedom, flexibility, and work-life balance. For many Gen Zs, becoming an entrepreneur is the surest path to achieving this.
Gen Zs have flocked to TikTok to express their frustrations with work culture. As a result, the search term “remote work” has exploded in popularity, with associated videos gaining up to 3 billion TikTok views. A recent TikTok video by Mik, alias @ginger4567, has taken the internet by storm. She explains why Gen Zs want a different work formula.
The latest Oxford report shows that geopolitical unrest is a source of worry for small businesses. Tensions related to issues over the South China Sea, Russia - NATO, and the Middle East wars are causing jitters over supply-chain disruptions.
Back home, the upcoming US elections add uncertainty to an already bleak economic situation. A New York Times survey released recently shows that a staggering 81% of voters feel that the state of the US economy was “poor” or “fair” compared to 19% who thought it was “Good.” Businesses will find it hard to plan for the future until the political and economic landscape is more stable.
In a July 2023 survey, small business owners quoted rising inflation as their most pressing concern. 38% of the respondents cited it as their biggest concern, a jump from January when inflation was the primary dilemma for 23% of business owners.
The rising inflation trend is set to continue in 2024. Raphael Bostic, Fed Reserve President for Atlanta, told CNBC that he doesn’t anticipate interest rate cuts until late 2024. Inflation figures for 2024 will be at 2.6%, a figure that is above the Fed’s target of 2%.
2023 saw the enactment of significant climate bills into law. These laws will take effect in 2024 and beyond, setting the stage for tumultuous times in corporate sustainability. Businesses will move away from voluntary sustainability reporting to mandatory.
The 2023 California climate disclosure bill, in particular, mandates reporting by 2026, meaning businesses should start complying by 2024. Also, the NYC Climate Department recently introduced new mandates governing cooking stoves in city restaurants to reduce emissions by 75%. The rules enraged pizzeria owners, restauranteurs, and customers, highlighting the ineffectiveness of the solution. The new regulation targets small business owners.
Each business is unique and will face its own set of challenges in 2024. It is important for business leaders to understand how the changing world will impact their bottom line. The good news is that you will find it easier to survive and grow if you anticipate and plan for the above concerns.
