Eyal Lifshitz, the CEO of Bluevine, a prominent small-business banking provider, discusses the economic outlook for 2024. Despite inflation and high interest rates, economists are predicting a “soft landing” for the U.S. economy this year. This bodes well for small-business owners, who have been focused on efficiency and growth amidst economic uncertainty. With consumer spending remaining strong and unemployment low, small and medium-sized businesses are in a position to capitalize on their efforts from last year and maximize growth in 2024.
Surveys from Goldman Sachs and Bluevine show that a majority of small businesses are optimistic about their financial trajectory this year. Three-quarters of respondents in the Goldman Sachs survey expect to increase profits, while the Slack Small Business Outlook survey found that 71% of small businesses were confident about their prospects. The BOSS Report revealed that 22% of U.S.-based small businesses are projecting revenue gains of 50% or more, demonstrating a positive outlook for growth in 2024.
To achieve growth in the coming year, small businesses should consider securing credit to manage cash flow effectively. Access to additional capital can help mitigate challenges such as late payments or delayed contracts, enabling businesses to maintain momentum. Hiring new employees, while important for growth, should be done strategically to align with the broader financial plan. Small businesses should also choose a banking partner that offers digital services to save time and increase efficiency.
Maximizing growth opportunities in 2024 requires small businesses to adopt a growth-driven mindset and strategic planning. Tactics such as hiring top talent, adopting technology, and expanding access to capital can help businesses achieve their growth goals. With the right approach, many small businesses are well-positioned to make 2024 a successful year of growth and expansion. It is advisable to consult with a licensed professional for advice specific to your situation.
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