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Running a business in 2024 means that you’ll be witnessing the peak of innovation.

In recent years, plenty of curveballs have been thrown at established companies and entrepreneurs alike, not least due to the knock-on effects of the pandemic. In 2020, the global GDP shrunk by 3.4% and the unemployment rate reached 5.77%.

It’s not all bad news for businesses as we head into another calendar year, but it’s always worth being prepared for some of the challenges set to dominate trade.

Business in 2024: Top 3 predicted challenges

1. Customer engagement and retention

As any business grows, peak periods often introduce a wider variety of clients who present unexpected and diverse requirements. To meet changing expectations, businesses need to acknowledge and respond to market trends and specific requests, too.

Understanding clients is a worthy investment of your time. Try to ask for feedback or read between the lines when it comes to reviews. Offering extra services for your customers will demonstrate that you’re willing to go the extra mile, even in challenging times.

Through market research, surveys, and focus groups, you can get to know your customers. Building and maintaining communication afterward is the most important step, but it’s one that many businesses fail on. Making the effort will set your company apart.

2. Cashflow

It’s no secret that the ongoing cost-of-living crisis in the UK is putting unprecedented pressure on businesses. Rising costs for supplies, products, and services have disrupted consumer appetites, and experts predict that the country will only narrowly avoid going into a recession in 2023.

With challenging economic times come lower household incomes. For businesses, meeting targets while paying staff sufficiently can be difficult. Many employees have turned to changing jobs more regularly than expected, with earning potential now a key motivator in career choices.

Resource allocation needs to be carefully considered next year and beyond. It’s a good idea to gain a thorough understanding of your incoming and outgoing expenditures first. To achieve this, you can either train an internal team or work with finance professionals for personalised tax consultancy in 2024.

3. Goods and services in the metaverse

Lastly – and perhaps surprisingly, for smaller businesses – another challenge will involve the protection of virtual goods and services. If your company holds assets in the metaverse, you should prepare for changes to anything that’s branded or original to your company.

With immense technological innovation setting the scene, digital creators seek enhanced ownership rights over the products they release in the metaverse. The UK Intellectual Property Office has released new guidance concerning how digital goods and services should be classified, so it’s worth getting familiar with these before you organize or distribute your assets.

The metaverse presents an incredible opportunity for growth. If you’ve not explored different avenues of digital trade, it makes an exceptional starting point for expansion.

Overview

From mobile technology to securing new deals, every business will face its own unique challenges in the coming year. The search for innovative, contemporary and original trade solutions will always be the key to finding and securing measurable growth opportunities for 2024 and beyond.