Top 5 Worries for Business Owners in 2024

 

A newly released survey of 2,000 small business owners revealed that 40% see 2024 as a “make or break” year. (https://www.salesforce.com/news/stories/small-business-technology-trends-2024/)

The survey conducted by Slack (owned by Salesforce) said that although 71% of business owners are optimistic about their businesses, more owners are worried about what will happen in 2024 than they were at the start of 2023.

In fact, a third of small business owners (32%) are worried that their business won’t survive through the end of 2024.

Top worries include:

  1. Inflation and economic conditions (47%),
  2. The need to raise prices (32%)
  3. Increasing competition (24%)
  4. Need to update technology without the money to do so (16%)
  5. Feeling the tech they use is outdated (14%).

The article says that business owners are taking action to address their worries.

What amazes me is that there was no mention of evaluating their finance function, either in the worries or the actions.

If a company has a weak finance function, it will be more likely to fail because it will not be able to see the warning signs until it is too late to take any action.

What are your worries for your business?

What actions are you planning?

 

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