Are these the same top 5 issues facing your small business in 2024?

The challenges facing small business owners in Australia in 2024, based on a survey conducted by Big Small Business. Themes include staffing, pricing, marketing, mental health, and technology. Strategies and adaptations necessary for success.

Read time – 2:54
Published – 20 Mar 2024

Are these the same top 5 issues facing your small business in 2024?

The challenges facing small business owners in Australia in 2024, based on a survey conducted by Big Small Business. Themes include staffing, pricing, marketing, mental health, and technology. Strategies and adaptations necessary for success.

Read time – 2:54
Published – 20 Mar 2024

“The 5 Big Challenges for Business Owners in 2024” explores key issues facing Australian small business owners, based on the Big Small Business Survey. Top concerns include business growth, finding new customers, generating leads, cash flow, and rising costs. Also, it shows that despite challenges, entrepreneurs remain optimistic about positive sales outcomes and see opportunities in new partnerships, systemising their businesses, and increasing sales.

The survey involved 341 business owners globally, with the majority aged between 43 and 58 years, and a third in business for 10 to 19 years. The article dives into five key themes:

1) Staffing

Labour shortages make it difficult to find quality staff, with 30% of business owners struggling. To reduce turnover, flexible work arrangements, competitive salaries, benefits, and training are being emphasised.

2) Pricing

Fear of losing customers prevents raising prices despite increased costs. The article highlights the need for strategic and realistic price increases.

3) Marketing

Over half of the small business owners find marketing overwhelming, struggling with consistency and quality content. A goal-focused marketing strategy and necessary support are emphasised.

4) Mental Health

Blurring boundaries between work and personal life leads to mental health challenges. Nearly half of the respondents recognised mental health as a challenge. Prioritising well-being is crucial for long-term success.

5) Technology

Leveraging technology, especially artificial intelligence, is vital for cost reduction, productivity increase, and market differentiation. Although 40% express concern about technology’s impact, 25% are already using AI tools regularly.

Addressing pricing, staff retention, marketing, mental health, and technology is crucial for small businesses in 2024. Adaptation, leveraging new technologies, and clear strategies play significant roles in business success and longevity. Click here to read the full article.

The Big Small Business Survey:
What’s going on with small business in Australia?

A great resource to learn more about the challenges small businesses face in 2024 and the solutions and strategies to keep ahead of your competition, then investigate Business Advantage’s Get the Edge Program, which provides valuable insights to address these concerns and offers strategies for small business growth. Industry leaders deliver the program sessions, benefiting business owners, coaches, advisers, and professionals serving small businesses. The program navigates changing staffing needs, work-from-home challenges, cash flow, and successfully harnessing AI, among other essential topics for business growth.

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