40% of Small Business Owners Consider 2024 a "Make or Break" Year

San Francisco, CA, January 25, 2024-“A new Slack survey of 2,000 small business owners-half comprised of businesses in tech or retail-found that 40% believe 2024 is a 'make or break' year for their business," according to Salesforce.com.

“Why it matters: Small businesses, which generate roughly 44% of GDP, serve as the foundation of the U.S. economy. And yet, they are constantly under pressure to navigate a changing landscape of both growth opportunities and challenges.

“49% of small business owners reported their businesses performed somewhjat of buch better than anticipated in 2023;

“71% of small business owners-half comprised of businesses in tech or retail-are feeling optimistic about the state of their businesses this year;

“Even then, 32% are worried that their business won’t survive until the end of 2024."

Small business owners are worried about the following: 47%, inflation/economic conditions; 32%, needing to raise prices; 24%, rising competition; 16%, needing to update their technology but not having the budget to do so; 14%, feeling like the technology they use is getting outdated. 

Seventy-four percent are currently taking steps to help alleviate their concerns, including: 51%, expanding marketing efforts to bring in new customers; 45%, setting money aside for emergency use; 43%, exploring new technology to increase productivity and efficiency.