Running an SMB

SMBs had a strong 2023, and they are planning to have an even better 2024

  • Did SMBs completely evade the troubles of last year? 86% of small businesses report that they achieved their goals for 2023.
  • Having survived uncertainty this new year SMBs are contemplating expanding their business by increasing hiring and investing more in their business, but inflation remains a pain point.
close

Email a Friend

SMBs had a strong 2023, and they are planning to have an even better 2024

Did SMBs completely evade the troubles of last year? 86% of small businesses report that they achieved their goals for 2023, according to a new survey by American Express.

While SMBs seem to have come out of 2023 relatively unscathed, SMB-owners weren’t always this optimistic. Only last year, 80% of SMB owners reported that their long-term financial confidence was negatively impacted by macroeconomic conditions. 

But having survived uncertainty, SMB-owners are feeling more optimistic about the new year, with 50% planning on growing their business this year. Customer retention and acquisition is top of mind for these businesses at the moment. 

With expansion on the mind, 28% of SMB-owners are also thinking about increasing hiring activities and 46% of businesses report increasing their workforce as a top priority. 

This may result in SMB-owners bolstering an already strong labor market. With jobs aplenty, SMB-owners are thinking of turning towards hybrid working models to attract talent. 

But this pivot may not be enough. 

———————————————————————————————–subscription wall for TS Pro

0 comments on “SMBs had a strong 2023, and they are planning to have an even better 2024”

Running an SMB, SMB Finance

What’s brewing in SMB finance in 2024?

  • Top executives from major banks and sector-specific firms share their views on 2024's expected trends shaping the SMB finance and banking landscape.
  • They further discuss the strategic approaches their companies are taking to enhance services for the SMB sector going forward.
Sara Khairi | December 13, 2023
Running an SMB

Holidays mean more business and more fraud for SMBs

  • While many small businesses depend on the holiday season for their revenue, it is also the time when B2B payments experience an increase in fraudulent activity.
  • Businesses cannot afford to back off holiday season sales, but to meet this demand they have to increase B2B activities like restocking inventory, which exposes them to the fraud in the space. 
Rabab Ahsan | November 07, 2023