The Must-Know Ways Small Business Will Change in 2024

Looking ahead to 2024, small businesses need to stay on top of market changes. From new technology to evolving customer and employee demands, it’s essential to continuously adapt. To help entrepreneurs succeed in the upcoming year, we’ve gathered insights from seven business leaders on how small businesses will change in 2024. Get ready for what’s ahead and position yourself for success!.

The most successful small businesses prioritize values over profits.

What’s in store for the economy in 2024? Find out about the state of the economy and what to expect.

The Question Is Not “If” To Automate, But “How”

Companies are zeroed in on profitability this year. This means becoming more resource savvy and finding effective ways through Automation to do more with less.

Keeping it Simple: Warren Buffet On How To Be Frugal

Working Capital & Equipment Financing

• Cash back program when you finance equipment
• Refinance your existing equipment
• Easier qualifications and lower rates for equipment that replaces outside costs
• Factoring & Accounts Receivables
• SCL is offering business lines of credit from $25,000 to $150,000 to help eligible applicants to expand and meet their cash flow needs

Email Barbara to discuss.

Even with interest rate hikes, business outlook optimistic

The basic rule of customer service. Person-to-person interaction, Trust, Personalized experience, understanding of the clients needs and budgets, Support, basics manners, a good digital experience, reliability, and loyalty.

What does 2023 have in store for entrepreneurs?

Author Alec Ross predicts that next year will see a rise of world-changing startups, much like the Great Recession was the jumping off point for some of today’s biggest firms.

How much will interest rates go up in 2023?

The U.S. Federal Reserve (Fed) will meet to set interest rates eight times in 2023. We know the schedule. The main question will be how the Fed handles the transition to to an expected pause in rates. Interest rate futures suggest that the Fed will set and hold short-term rates in a 4% to 5% band for much of 2023, though we could see rate cuts in 2023 if the economy weakens.

Even with interest rate hikes, business outlook optimistic

U.S. businesses took on $7.1 billion in new loans, leases and lines of credit to fund equipment in February.

Automation is Changing the Economy

Automation leads to significant economies of scale – important in industries which require high capital investment. Automation enables firms to reduce their number of workers, and help navigate more complex controls.

Advantages-and-disadvantages-of-automation