Approximately 40% of small business owners who responded to a survey from messaging platform Slack believe that 2024 will be “make or break” for their companies, with 32% unsure if they’re make it until the end of the year. Around half of the 2,000 survey respondents works in the tech or retails industries.
Over the past few years, small businesses have grappled with challenges ranging from inflation to a changing economy to a tough job market, leading 38% of owners to say they’re more worried this year than when 2023 began. Just a quarter of survey participants said they’re less worried than at the start of 2023.
Despite the concern, more than 70% of survey respondents feel optimistic about their business this year, and they’re making an effort to improve their organizations. Reported tactics have included increasing marketing efforts to draw in new customers, building an emergency financial fund and researching new technology to improve efficiency and productivity.
“The state of small businesses in 2024 reflects a clear desire to maximize efficiency with limited resources,” said Jaime DeLanghe, vice president of product management at Slack.
