Growing a business is an exciting journey, but it’s often fraught with difficulty. As we step into 2024, businesses worldwide are facing a unique set of growth challenges. From managing diverse workforces with absenteeism at an all-time high, to working through geopolitical tensions, to the challenges of election year and all the insecurity that brings (64 countries (including the EU) are going to the polls this year), understanding these pain points is the first step towards addressing them effectively. Companies are going to need to adapt and innovate fast, and they can’t do it alone.

It’s these kinds of pain points where our smart/consultservice really adds value, enabling businesses to thrive despite external challenges. In this blog, we’ll explore these pain points further and look at what we can do to help overcome them.

People

People are the heart of any business and they’re often the most challenging part of running one. In 2024, the hybrid workplace tug of war remains a difficulty for many businesses – many coming to us asking how we can support them to get their people back to the office. We believe businesses need to be flexible but decisive. Companies need to create policies that accommodate diverse needs whilst maintaining productivity and a sense of culture. No easy task! Embracing a hybrid model demands robust communication channels, trust in employees, investment in technology and a redefinition of work/life balance.

The new generation of young people coming into the workforce has been raised on technology and social media, without extensive interpersonal relationships of generations past. Professionals of all ages are spending more and more time on their devices, disconnected from others more than ever before. Companies are coming to us asking us to help them look at building out the skills of interpersonal relationships to help their business thrive. When people are disconnected, they perform significantly worse and their likelihood of leaving an organisaton is higher. So, bringing a sense of togetherness and helping all generations work together and communicate well is a key challenge for 2024.

The war for talent remains and the competitive job market, attracting and retaining top talent, remains a priority. Businesses must offer compelling benefits, continuous learning opportunities and a positive work environment to attract and retain the best talent. An emphasis on mental health and wellbeing is not just a trend but a necessity. Sickness was at a 10-year high in 2023, and we don’t see that changing much in 2024. Businesses need to make HR and wellbeing a priority and invest in strategies to support their people to be well.

Customer success

In times of economic uncertainty and high inflation, nearly every business will be feeling the pinch themselves as well as their customers. Customer success will be the backbone of any growth (or survival!) strategy.

To stay profitable and maintain customer loyalty, businesses need to reevaluate how they look after their customers and what else they can do to make their offering more attractive for their customers. We’re finding more and more of our own customers are asking for help to look for opportunities where they can add value to their own customers. Providing exceptional customer service, personalised solutions, and products that align with customer needs can help justify higher prices as well as retaining customers.

We really believe that customer success is an investment in business growth. There’s been lots of talk over the last few months of customer success being seen as the new growth engine. If you have happy customers, they will tell people about the great work you do, become brand advocates and organically help your business grow. But this takes investment, training and a change in the business model – ensuring the whole organisation is on board with making the customer the priority, rather than just the customer success team.

Geopolitical tensions, political change and inflation

In 2024, geopolitical tensions continue to influence global markets and supply chains. Businesses, especially those who operate globally, must be agile, with strategies in place for rapid adaptation to changing international relations and trade policies. Diversifying supply chains and exploring local sourcing options can mitigate the risks associated with geopolitical uncertainties.

Election years often bring policy changes and regulatory uncertainty. With 64 countries and more people than ever hitting the polls in 2024, election fever will be hard to miss this year. Staying informed and flexible with changing Governments is key. We are working with companies to engage in scenario planning and developing contingency plans to adapt to new policies and regulations swiftly.

Inflation also poses a significant challenge to businesses in 2024, affecting costs, pricing strategies, and ultimately, profit margins. Businesses must balance cost management with quality and value delivery.

Innovating cost-effective solutions, optimising operations, and exploring new revenue streams are essential strategies to combat the impacts of inflation. In addition, redundancy remains a significant risk for 2024 with ACAS suggesting that 30% of UK employers will make redundancies in the year ahead.

Many of these factors combine to make the perfect storm for businesses in 2024. But we know how to solve it. At smart/tasking we specialise in optimisation; supporting clients to move forward by changing the way they work. This is, in our experience, the best way to survive a storm. Not adding more people or holding tight (and staying the same). We optimise businesses by accelerating growth and helping people change their ways of working. And in turn we improve efficiency, workflow and automation.

Business growth in 2024 is complex and multifaceted, and that’s not even considering the rapid advancement of technology, particularly AI, and the challenges and opportunities it presents. We believe success lies in a business’s ability to be adaptable, forward-thinking, and responsive to the changing environment. Businesses must focus on their people, stay alert to geopolitical shifts, innovate around customer success strategies, manage economic challenges proactively, adapt to technological advancements, and find the right balance in the hybrid workplace.

Sound like a lot? That’s because it is! To address these challenges head-on and turn obstacles into opportunities for sustainable growth, many businesses need outside help. Get in touchto find out more about our smart/consult service and how we can optimise your business.

By Niall Anderson| CEO at Smart/tasking