Is your business model still fit for purpose in 2024?

Is your business model as solid and future-proof as you think it is?

Small businesses face a number of challenges in 2024, with the business environment, globalisation, technological change and difficult economic conditions all playing a part.

So, is your business ready to pivot and embrace the future?Or could the viability of your business soon disappear (along with your legacy)?

5 threats that could hinder your business

You’ve built up a successful business. Your sales and revenue are ticking over nicely. And you’re looking ahead to selling up or retiring from the rat race.

But this idyllic situation might be challenged if your underlying business model, strategy and operational infrastructure don’t keep pace with the changing business landscape.

Let’s take a look at five key threats that should be on your radar.

1. Increased competition from disruptors.

Existing competitors and new, disruptive market entrants can start nipping at your heels. If their strategies are more innovative and efficient, that could quickly erode your market share.

2. Rapid advances in technology and AI.

Cloud software, automation and AI-driven processes are increasingly the norm. If you fail to keep up with these new technologies, your competitiveness will suffer and your model could become obsolete overnight.

3. Changing consumer preferences and expectations.

Customers' tastes and behaviours change quickly. The move to online shopping, eCommerce and self-service customer interactions may render your existing products or services less relevant.

4. Economic uncertainty and high inflation.

We live in turbulent economic times, with high inflation, rising costs and poor cashflow for many. If customers tighten their belts, demand for your products and services can dwindle, damaging your revenue and profits.

5. Regulatory changes and compliance duties.

Pressures on the current government can lead to heightened regulation and changes to taxation etc. Complying with new regulations can add to your compliance workload and bring additional costs.

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It’s easy to discount the need for innovation and change in your business strategy and plan. But learning to evolve and pivot is vital for your company’s prosperity.

We’ll work with you to review your current business strategy and to assess the potential impacts of external threats.