Bidenomics is wreaking havoc on the country as prices keep rising and job numbers keep dwindling.
People are barely making ends meet, and small businesses are being pushed to the brink of survival.
And now a new poll just revealed the dark truth lurking in the U.S. economy.
Small business owners worry about 2024
Quite a large number of U.S. small business owners claim that 2024 will be a “make-or-break” year.
The data comes from a brand-new poll conducted by the software company Slack, which found that almost one in every three business owners say they’re worried their company won’t survive this year.
The survey uncovered that almost one-third, or 32% of respondents are worried their business will not survive through 2024, and 38% of respondents said they’re more concerned about this year than they were last year.
Approximately 71% of the 2,000 business owners who were polled said they were optimistic about the state of their business, but they did cite some serious concerns.
Inflation and economic conditions topped the list at 47%, followed by the need to raise prices at 32%, and increased competition at 24%.
Senior principal of product management at Slack, Jaime DeLanghe, said, “The margin for success is often razor thin, meaning small businesses need to be forward-looking, resilient, and adaptable even amid current economic climate challenges.”
He added that the survey found that most businesses “performed better than expected in 2023 and are optimistic about 2024,” however, it also found that “many are still looking for ways to improve results despite limited resources and technological capacity.”
Technology, including artificial intelligence (AI), has helped many small businesses exceed expectations, according to the survey.
Almost half (49%) said their business performed better than they expected, and one in five (21%) said their business did worse.
Over a quarter of respondents, or 26%, said they used new technology in 2023, and AI was the top new tool used (50%), followed by tech for productivity or collaboration (41%) and communication (34%).
Additionally, over one-third, or 35%, of the business owners said they were excited to add or update new technology to their operations this year, and more than half said software is at the top of their list of purchases for 2024.
AI takes center stage
Technology like AI can be helpful for certain small businesses, but it can’t save them all.
However, the Slack survey indicates that AI will continue to be a major part of many small business operations in 2024.
DeLanghe said, “AI will continue to capture entrepreneurs’ attention with its ability to enhance productivity and optimize the way we work.”
“Whether AI is used to surface insights faster, help summarize messages, or eliminate tedious and repetitive tasks, it offers small businesses significant value by allowing them to focus on more complex projects and forge new customer relationships,” he added.
But new developments in technology like AI won’t help small businesses cope with other major economic issues like high inflation, high interest rates, and more demand for higher wages.
Informed American will keep you up-to-date on any developments to this ongoing story.