2023: A Year of Extremes
2023 was a year of extremes. It contained some of the highest levels of hype in recent memory with the introduction of generative AI but also a windfall of uncertainty sowed among small businesses. Economies at both global and local levels have been struggling and it seems no one is certain how to correct this trend. Luckily, help has arrived in the form of enterprise-grade technology for what’s sure to be a big year for the industry.
2024 Predictions
Inflation Will Continue Into 2025
The rapid inflation we experienced in 2023 is showing no signs of abating, thus I’d expect its reach to extend through 2024 and beyond. Small businesses in particular need to take note. Many may have been shielded by the immediate effects of inflation, especially if they operated primarily on a local level, and swift action in early 2024 will mitigate how impactful inflation turns out to be for their growing business in the long term.
Year-End Audit
The end of the year is a great time for small businesses to conduct an audit of their spending. There are likely a few initiatives for 2023 that failed to pay dividends and can therefore be ceased, and the sooner those are identified, the sooner funds can be diverted to more profitable endeavors that incur lower costs. Along these lines, small businesses can’t be afraid to increase investments in areas that might bolster the company’s ability to weather continued inflation. The process of maintaining financial security is a holistic one and likely cannot be completed with a single budget cut.
Enterprise-Grade Tools for Small Businesses
Luckily, helpful enterprise-grade tools are finally becoming available to small businesses. Companies operating on a unified CRM can download software extensions from the vendor’s marketplace, enabling precise customization and adaptability to encourage longevity. If the vendor has been active for some time, odds are good that these extensions will solve for a large variety of use-cases, as well. If not, even further refinement is available via developer portals, previously relegated to enterprise software accounts and making their way into small business software.
Visibility and Analytics
Investing in a powerful, scalable technology solution also helps small businesses maintain visibility into their efforts from the get-go. Some small business CRMs include analytics functions and instant data sync across multiple locations so that when the time comes to reflect on next year, the most pertinent information will already be available and synthesized.
AI Will Require a Strategic Approach
Generative AI made a huge splash in 2023 but much of the ripple effect was noted at the enterprise level; the technology’s implications in the small business world are still being identified. In 2024, we can expect to further refine the use cases for which AI has the biggest impact on small businesses. The barriers to entry are lower and knowledge of AI’s effect on small businesses continues to be released. » …