Why 2024 is ‘make or break’ year for businesses

This story version has been formatted as an on-air script for broadcast outlets. See the original research story here.

WILL 2024 BE A ‘MAKE OR BREAK’ YEAR FOR SMALL BUSINESSES? FOUR IN 10 SMALL BUSINESS OWNERS SAY IT WILL BE.

THAT’S ACCORDING TO A NEW RESEARCH, WHICH FOUND THAT THE ECONOMY, THE UPCOMING ELECTION AND DECLINING SALES WERE NAMED AS SOME OF THE REASONS THIS YEAR WILL BE PIVOTAL FOR THAT SECTOR. 

CONDUCTED BY ONEPOLL ON BEHALF OF SLACK, THE SURVEY OF 2,000 SMALL BUSINESS OWNERS — HALF OF WHOM WORK IN TECH OR RETAIL – FOUND THAT IT’S NOT ALL ‘DOOM AND GLOOM,’ HOWEVER.

49% SAID THEIR BUSINESS PERFORMED BETTER THAN ANTICIPATED IN 2023, WHILE ONLY 21% SAID IT WAS WORSE THAN THEY’D PLANNED .

EVEN IF THEY’RE NOT PINNING ALL THEIR HOPES ON THIS UPCOMING YEAR, 38% ARE MORE WORRIED ABOUT THEIR BUSINESS AS THEY ENTER 2024, COMPARED TO 2023 — WHILE ONLY 26% ARE LESS WORRIED.

WHAT ARE SMALL BUSINESS OWNERS WORRIED ABOUT IN 2024?

• Inflation/economic conditions — 47%
• Needing to raise prices — 32%
• Rising competition — 24%
• Needing to update my technology tools and software but not having the budget to do so — 16%
• Feeling like the technology I use for my business is getting outdated — 14%

Survey methodology:

This random double-opt-in survey of 2,000 small business owners (businesses with 2,000 or fewer employees) — including 1,000 tech and retail business owners — was commissioned by Slack between Dec. 22, 2023, and Jan. 8, 2024. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).