As we look towards 2024, small businesses are poised to navigate a landscape shaped by various trends, technologies, and regulatory changes: Artificial Intelligence (AI): AI continues to be a significant trend, with its integration in various business operations such as marketing and customer service. Small businesses using AI have reported more successful outcomes. The focus
In the intricate landscape of business, risk is an inherent element that could potentially derail the pathway to success. Understanding and calculating business risk is a critical aspect of strategic decision-making and can often differentiate a thriving company from a failing one. At its core, business risk refers to the possibility of inadequate profits, or
In this rough inflationary environment, one thing is for sure: sooner or later many businesses simply won’t be able to hold off any longer on making critical business decisions while waiting for a strong uptick in the economy. Furthermore, customers may sooner or later say “I’m tired of this,” or “I can’t wait anymore,” or
Small businesses face a unique set of challenges when it comes to dealing with a crisis. It’s important for owners to be proactive and take preparatory steps. The following tips will help small businesses prepare for and manage a crisis. Develop a crisis management plan: Small businesses should develop a crisis management plan that outlines
Although many use these terms interchangeably, strategic planning and long-range planning differ in their emphasis on the “assumed” environment. Long-range planning is generally considered to mean the development of a plan for accomplishing a goal or set of goals over a period of several years, with the assumption that current knowledge about future conditions is
