Overview

• Small businesses in 2024 are expected to focus on community building, customer experience, personalization, and financial resilience amid challenges such as inflation and securing capital.
• Technological advances, particularly in AI, are being leveraged by small businesses to streamline operations, improve customer experience, and drive growth.
• Government support programs and policy measures are playing a crucial role in supporting small businesses, with a focus on promoting local businesses and reducing bureaucratic hurdles.
• Despite the challenges, small businesses are displaying remarkable resilience and innovation, with many harnessing digital transformation and e-commerce to reach wider audiences.
• Concerns remain high among small business owners, with one-third worried their business won't survive 2024 due to economic conditions, the need to raise prices, and increased competition.