Will 2024 be a Happy New Year? I present this article as a 30-year veteran in the marketing world having created advertising campaigns for more than 1,500 clients. My experience tells me that if this year turns out to be anything like 2023, we are looking at some economic headwinds that include high interest rates, consumers with less discretionary income, continued high prices, wars causing market instability, and a controversial presidential election just to name a few challenges we face.
As business owners, we should be looking back on 2023 to identify those business strategies that worked for us, increased revenue, attracted new clients, and helped us run effective enterprises. And, we should do MORE of those things in 2024. We can also easily identify things we did that DIDN’T work in our businesses and eliminate those where possible. The name of the success game in 2024 is doing more of what works and less of what doesn’t. When the economy contracts, we have to be more efficient. We can’t afford to waste precious resources as is often the case when the economy is booming and our businesses are doing great.
The small business leaders who will be a force to be reckoned with are the ones who can navigate the complexities of the business landscape and pivot to meet changing market conditions.
One notable trend among successful small business owners in 2023, and continuing into 2024, is an increased focus on digital transformation. Recognizing the importance of an online presence, entrepreneurs are investing in redesigning company websites, improving search engine optimization, and upgrading online listings to create greater opportunities and exposure to new audiences. This shift not only broadens their customer reach but also provides a more adaptable and responsive business model. Digital marketing is much more nimble and affordable than more traditional forms of advertising such as video or print.
Another strategy to consider is collaboration with strategic alliances. Working with ideal referral partners can prove to be a key driver for success among small businesses. Networking to achieve synergy enables owners to pool resources, share insights, and collectively tackle challenges. There is strength in unity.
Adaptability is one of my favorite entrepreneurial superpowers. A trait that just might make 2024 a more profitable year. Agility allows a business owner to stay relevant and responsive, while helping ensure sustainability in a dynamic market.
The new year is just starting. Forget merely weathering the economic challenges of 2024; instead actively embrace change, leverage technology, foster collaboration, and adapt quickly. Do MORE In ‘24.
Howie Nestel President of Sharkmatic Advertising A Graphics, Web & SEO Agency Serious About Big Results (210) 375-0000