2024 holds a mix of challenges and opportunities for small businesses. As the world continues to become more digitalised, online social platforms are booming and marketing strategies have evolved in accordance with the public’s changing needs. Changes to tax laws and the rise of AI bring about new obstacles to overcome, with the latter also offering the potential to expedite success. Adaptability and innovation will be the pillars of success in the dynamic year ahead – so let’s take a look at what’s in store for small businesses in 2024.
The rise of AI
In 2024, small businesses can access an increasing number of powerful, AI-driven tools to help them boost productivity and streamline operations. Automation and machine learning technologies are able to elevate all areas of running a business, though it’s important to carefully consider which to invest in as a small business owner. Do you need to automate repetitive tasks? Or are you struggling to keep up with your customer enquiries? From speedy automation programmes to virtual assistants, AI could help you reclaim hours of your time.
But despite 91.5% of leading businesses investing in AI on an ongoing basis, you needn’t feel pressured to impulsively invest in new software if it doesn’t make sense for you right now. Whilst embracing AI can help you scale your business faster and keep up with the competition in the rapidly evolving business world of this digital age, you need to take the time to assess which areas of your business would benefit from AI the most.
HMRC reporting changes
HM Revenue and Customs (HMRC) updated their rules which directly affect small businesses in the UK, effective from the 1st January 2024. The new rules allows HMRC to collect information about money earned via various online platforms such as social media, Etsy or Ebay directly from the provider. They can also share this information with tax authorities in foreign countries, so that they can track income of their citizens earned on UK platforms.
As a small business, you should already have a trustworthy accountant and be carefully filing your tax returns, and these changes should help make the process easier. It’s important to check you’ve included income from all of your platforms on your self assessment report so as to not get caught out, though.
Personalised marketing
People are over hard selling tactics. With scams and pushy sales tactics everywhere you turn, it’s the businesses that understand the value of personal marketing strategies who will thrive in 2024. If you want to turn the crowds into your loyal customers, focus on creating a unique customer experience where every person who interacts with your business feels valued and pampered.
Advertising and marketing will continue to lean towards building connections with customers, focusing on making the brand feel human and personal. With advancements in data analytics and customer profiling, small businesses can tailor their marketing efforts to meet the needs of their customers perfectly. By investing in understanding your target audience, you’ll be able to stand out from the crowd, enhance customer engagement and boost your conversion rates.
