Set Your Small Business Up For Success In 2024

Small businesses make up a surprising 99.9% of American businesses, but many struggle to stay afloat as a result of ineffective planning, inefficient processes, and lack of sales.

Recently, Google commissioned a small business study to see what percentage of small businesses are tapping into the capabilities of technology to help themselves save time and focus on growing their business. The results showed that a shocking 80% of small businesses are not taking full advantage of digital tools.

It’s undeniable that 2023 was the year of AI when it came to tech trends. Industry experts believe that this will continue into 2024, offering small businesses many opportunities to better compete against the big firms.

However, with many tech-related opportunities on the horizon come many challenges as well. For example, companies will need to figure out how to educate employees and incorporate AI into their day-to-day operations, often with a tighter budget than in recent years.

So, what’s the best way to prepare for these upcoming trends so you can anticipate and overcome any challenges they may present? We’re breaking down the tech trends that experts expect will dominate in 2024.

Embracing a Shift Toward Big Data

While many bigger businesses have teams in place to gather and analyze data, small businesses must find ways to use data to their advantage as well.

Data in itself can feel overwhelming at first, but with the right tools and technology in place, you can make sense of the data you already have to help your business improve operations across any field.

With the right data in hand, you can improve customer retention, minimize security risks, improve workflow efficiency, and identify trends in the industry that can keep your business at the forefront of your customers’ minds.

In short, data can give you actionable insights that allow you to more effectively serve and communicate with your customers, resulting in increased revenue.

Leaning Into Automation

While it may seem like something you’d only see in a sci-fi movie, robots and software have become more intelligent in recent years, making hyper-automation possible for businesses of all sizes.

Many small business owners are hesitant to embrace the unknown; however, automation will only continue to grow. And its benefits can include a shorter time-to-market and allow employees to move away from repetitive manual tasks.

A great example of automation in today’s small business world is Initial Public Offering (IPO) accounting software. Raising capital for your small business through an IPO can be hugely beneficial, but there is a lot of leg work required. The right software can automate your financial processes before and after your IPO while ensuring compliance — all while you focus on growing your business.

Focusing on Cybersecurity

The average data breach in the US averages $9.44M. This means some cost less, but some also cost more. As a small business owner, a cyber attack could shut your doors faster than you think.

A shift toward remote work has caused the risk of cyber attacks to increase, with small businesses at particular risk. Unfortunately, many businesses aren’t taking action to protect themselves. Nearly 60% of small businesses don’t believe they will fall victim to an attack — even though small businesses are three times more likely to be targeted in a phishing attack than enterprise-sized businesses.

One of the best ways you can protect your business from the growing risk of cyber attacks is by adopting zero-trust cybersecurity architecture. This technology focuses on access control and verification, such as multi-factor authentication and security assertion markup language.

Zero-trust cybersecurity can greatly reduce your risk of a cyber attack while also minimizing security and compliance costs. Consumers can also rest assured that their data is safe when they shop with your business.

How to Tap Into Tech Trends In 2024

Many small businesses are resistant to new trends in technology because they don’t believe it will benefit their business or they don’t have the time to learn it. However, new advancements in technology can help you stay competitive and scale effectively.

As we enter into 2024, look at the processes you have in place and see where technology could help you streamline things. Find technologies that can be easily integrated and complement your existing processes.

And always dedicate time to focus on creating policies (or refining current policies) that safeguard your business against any potential impacts of new technology.

Content created and provided by Extu.