NEW YORK — About 40% of small business owners believe 2024 will be a make-or-break year for their business, according to a study by messaging service Slack.
After years of dealing with a pandemic, rising inflation and a tight job market, some small businesses (32% of respondents) are unsure if they'll make it to 2024.
Still, some are optimistic about the future. His 71% of respondents said they were optimistic about the state of business this year. But many people still face difficult challenges, including a volatile economy, a polarizing election on the horizon, and declining sales.
In fact, 38% of small business owners say they feel more anxious about their business in 2024 than they did in early 2023. And only 26% worry less.
Despite these concerns, nearly three-quarters of business owners said they were taking steps to improve their business. About half of respondents said they were increasing their marketing efforts to attract new customers, 45% said they had money set aside for emergencies, and 43% said they were increasing their productivity and efficiency. The company responded that it is considering new technology to improve its performance.
“The landscape of small businesses in 2024 reflects a clear desire to maximize efficiency with limited resources,” said Jamie DeLange, vice president of product management at Slack.
The study included 2,000 small business owners, half of whom are in the technology or retail industries.
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