7 Powerful Tips for Small Business Owners in 2024

If there’s one thing that’s certain in this life, that’s change. Nowhere is that truer than the small business landscape, which continues to transform with every new trend. You need to be ready to adapt and innovate to stay competitive, which is where tips for small business owners come into play.

There’s a lot of mumbo-jumbo out there. I know you don’t have time for that. You want the best tips and pointers so you can supercharge your small business strategies, right?

Well, EngageBay has you covered. With all the handy tips I’ve got for you today, you’ll be ready to set up for success.

Let’s get right into it!

Table of Contents

Key Takeaways

Tips for small business owners provide navigational strategies for the ins and outs of owning a business in 2024.
Being ready to learn and adapt to customer expectations and growing trends continuously will keep you on the cutting edge of your industry or niche.

1. Embrace Technological Advancements

Today is all about the technology! As 2024 continues on, tech has become a more deeply entrenched part of our lives than ever.

But, of course, I’m not merely talking about smartphones and social media. Your small business has to be ready to ride the technology train, sharing space with all the new passengers who have recently jumped aboard.

I’m thinking more like VR, AI, and AR. Let me explain each in more detail so they look like more than random initials. You’ll see why they’re a valuable part of tips for small business owners.

VR (Virtual Reality)

VR is short for virtual reality, a wholly immersive experience that replaces this world with one that’s entirely in 3D. As you can imagine, the possibilities of using this technology are nearly endless. You can ride a roller coaster, fight zombies, or hike to the highest peak, all with a headset on while in your living room.

And what does this have to do with small business, you ask? A lot! While sure, maybe you won’t fight zombies with it, you can implement VR technology into your everyday business in many smart ways, such as:

3D product demonstrations: Make the product demo stage more hands-on with VR. By the time you’re done with your demonstration, customers will be chomping at the bit to buy.
Data visualization: Okay, so we’ve got AI to parse through large quantities of data. But VR can help you do it more efficiently. You can reduce the risk of human error through data visualization, ensuring you have fewer mistakes to go back and fix later.
Product prototyping: Another excellent use for VR for small businesses is using it to prototype your new products. Sure, the proto is all virtual, but that’s better. You can save money in materials. Plus, you can make changes a lot faster.
Training: Lastly, you might find it beneficial to train your employees using the immersive quality of VR. They can train in a more hands-on matter without you having to set up expensive training scenarios.

AR (Augmented Reality)

Next, there’s the complementary technology known as AR or augmented reality. This is similar to VR but not as immersive. Instead, AR combines the real world with the 3D world. The result? A more interesting day-to-day experience thanks to 3D elements.

AR might be more affordable for your small business, and better yet, it doesn’t require headsets. One can use their phone to access AR.

Among its most popular usages of AR for businesses is taking the product experience to the next level. For example, customers and potential customers can “try on” your virtual products, from clothes to jewelry, cosmetics, glasses, and even items like décor.

They don’t have to use a generic model to do so; they can try it on themselves. That ought to inspire more purchases.

There’s a reason the AR industry’s compound annual growth rate is already valued at $62.75 billion as of 2023!

AI (Artificial Intelligence)

And, of course, one can’t gloss over artificial intelligence or AI. I mean, it’s impossible not to. It’s become so pervasive in our day-to-day lives already, and I’m sure that will only become more the case in the years to come.

Small businesses can rely on AI for many, many tasks, including:

Email subject line and body content generation
Audience segmenting
Social media caption and bio generation
Image creation
Video creation
Customer service (such as AI chatbots)
SEO assistance
Copywriting
Data parsing
Report production, such as analytics

2. Enhance Your Online Presence

In a Statista survey published in January 2023, 21 percent of respondents used online search to find local businesses every day. Another 32 percent did so several times a week, followed by 24 percent several times a week.

This tells us that your online presence matters. How do you build it up into something your audience enjoys engaging with? Let’s take a look.

Don’t discard SEO

Today, it’s all about people-centric content more than anything else, but that doesn’t mean you can put SEO on the back burner. If you do, your rate will tank.

And yes, businesses still care just as much in 2024 about their spot in the SERPs as they ever did. If you don’t, your competition will gladly take over the spot that could have been yours.

You need to research keywords, implement them naturally, use on-site and off-site SEO measures, and begin measuring SEO-related metrics.

Commit to online content

Guess what? It’s 2024, and content is still king. Forbes reports that 74 percent of companies say they get higher lead gen rates from content marketing, and the same number of companies say content marketing is still effective.

Content marketing is an ongoing process. If you post once or twice for a month and then never again, you won’t get any benefits from it. You need to plan on keyword research to generate ideas and then build an editorial calendar.

It takes time for online content to gain traction, but you can help it along. Share your content on social media and in your email newsletters. Encourage your customers to share it.

Once you have a bustling library of online content, you can use it for lead magnets and opt-in forms, so it’s a gift that keeps on giving.

Build a social media presence

Of course, you can’t talk about being online without discussing social media. I already mentioned how you can post your written content to socials, but you can’t stop there.

The key is curating a captivating feed that people will gladly engage with. You can’t do it all by yourself. It’s perfectly fine, and it is even recommended to share third-party content that is relevant and valuable to your readers.

Obviously, you don’t want to share anything from your direct competitors, but everything else is fair game.

Consistency is also important when growing a social media presence. Rome wasn’t built in a day, but taking authentic measures to increase your audience will pay back dividends eventually.

3. Utilize Data Analytics

Uber using Apache Spark, a valuable tool and good to add to your list of small business tips — *Image courtesy of Uber*

Where would we be without analytics to point us in the right direction? Marketing, advertising, and email campaigns would go off the rails a lot faster without any means of measuring them.

Fortunately, that’s not a reality that small businesses have to live in. Data analytics are here to point you in the right direction regarding areas like your business performance, audience behavior, and more.

You can gather data for analysis from almost anywhere, including purchasing behavior, customer feedback surveys, website traffic, social media posts, and more. Then, it’s all about putting it into a spreadsheet and making sense of the data. This is an area where AI can really help.

So, the right tools can make your life a million times easier as you parse through large quantities of data. Here are some I’d suggest trying if you aren’t already:

Excel: The classic Microsoft tool Excel allows you to create spreadsheets. You can collaborate on your spreadsheet with a team or work on your own, taking your data on the go.
Apache Spark: The open-source tool Apache Spark will assist with all the data science and engineering you need. It includes features like SQL analytics, batch data processing in real-time, machine learning, and Exploratory Data Analysis.
KNIME: Another open-source solution for data analysis is KNIME, short for the Konstanz Information Miner. This free tool provides data analytics and reporting, and it has a good list of integrations to explore.
Tableau: Tableau uses the power of AI to provide analytics. It offers a desktop public edition for free and Tableau+ with an AI assistant. Tableau can provide CRM analytics, embedded analytics, and data management.

4. Focus on Personalization and Customer Engagement

Personalization is the name of the game. According to Exploding Topics, almost 90 percent of marketers who use personalization have a positive ROI for their troubles.

Bearing that in mind, why wouldn’t you personalize communications with your customers? I mean here are some of the perks your business can enjoy:

Improves brand perception: When your customers feel like you understand their needs and care about them as people, they’ll feel better about your brand. That perception can increase loyalty, which means better customer retention rates.
Less risk of cart abandonment: Loyal customers aren’t likely to abandon their carts unless they have a really good reason. If your cart abandonment rate is already upsettingly high, you can correct it by personalizing your web content and marketing.
Nurture leads for more conversions: Do you know what can make a lead convert? A really good, tailored product or service recommendation. Using personalization in your email or social media marketing could help that lead finally feel comfortable enough to buy.
Improve engagement: Once you begin regularly personalizing your marketing materials, your audience will grow to look forward to correspondence from you, whether emails, new blogs, or social media posts. You should notice higher engagement rates across the board.

And how do you effectively personalize your communications across different marketing channels? Let’s take a look.

Use audience data as your starting point

You can’t personalize your marketing materials without understanding who your audience is, so that’s your first order of business. If you don’t have audience data like their purchasing behaviors, preferences, brands they like, and browsing history, you need to obtain it.

Some of this data comes with time, but most is available through surveys, reviews, and other forms of audience feedback.

Incorporate user-generated content

When customers have an excellent experience with your products and services and share that online, don’t just ignore it. UGC is an awesome form of social proof. The people posting it aren’t receiving compensation or any other types of perks; they’re sharing it because they love your goods that much.

So, reward them by featuring their UGC in your blogs, newsletters, social media posts, and emails. Just ask for their permission first.

Segment your audience

I know, this is probably a bit of a no-brainer, but I figured it warranted a mention anyway. You must separate your audience into specific groups or buckets before you begin marketing to them. Segmentation plus personalization delivers awesome results because your efforts are so tailored.

Select the channels they use

An omnichannel approach to marketing and advertising is rapidly becoming the norm. That’s good for you since it’s such an important element of personalization. If your audience prefers social media, use it. And if they’re more into email or podcasts, connect with them on those mediums.

Know their name

This is a little tip that goes a long way. Knowing your customers’ names shows you’re paying attention. They aren’t just Customer #902, they’re Jane Smith.

Of course, you need other personalization elements than just this one, but hey, it’s a start.

Make meaningful recommendations

Building and retaining customer trust means making product suggestions that your audience will care about. You’ll need the audience data I discussed before to determine what kinds of products or services each of your audience groups would be the most interested in.

Look at the products they’ve browsed on your website. Dig deep into their abandoned cart history if they have it. And, of course, track their purchases and how much they spend.

A good recommendation is as much about timing as the product itself. If someone just bought an expensive product from you, suggesting another one a week later makes no sense. They’re probably financially tapped out.

However, sending the same email a month or two later or right before a holiday could have very different results.

5. Adopt Sustainable and Ethical Practices

Being a values-first, profits-second company sounds easy on the surface. However, in practice, it can sometimes present some difficult conundrums.

Sticking to your ethical guns, as they are, pays back dividends. You’ll build a more loyal following and inspire more trust among your audience.

And sustainability is another practice you can’t overlook. As the 2020s continue, businesses are putting an increasing level of focus on sustainable practices. More than 62 percent of consumers around the world in 2023 said they’re concerned about climate change.

Although your business alone can’t put your customers’ minds at ease, you can do your part to make your startup eco-friendly. Here are some strategies for a greener future:

Review your supply chain

Many businesses have complex supply chains. If yours is among them, give your supply chain a thorough review. Are there any vendors or processes you can afford to cut out? Maybe you could simplify them instead?

Reducing the extraneousness of your supply chain is the first step toward reducing your carbon footprint.

Change your product packaging

Next, it’s time to reconsider the type of packaging you’re using seriously. There are many options out there these days that can be reused or recycled or made of recycled materials. I’m talking about paper foam packaging, plant-based plastics, biodegradable packaging, and even edible packaging.

Okay, that last one won’t work for all types of products, but it is an option.

Use recycled materials to make your products

You’re packing your products more efficiently, but what about the products themselves? That’s something you have total control over, so consider making improvements to your existing product manufacturing.

Can you switch out specific materials for recyclable counterparts? Or maybe you can use recycled materials?

If this product is not possible, consider it for your next product debut. It will go a long way toward winning over today’s eco-conscious consumers and will again do the planet a favor.

Start a sustainability pledge

Your efforts to be greener can extend further. Perhaps you make a sustainability pledge on your website, seeking to reduce your carbon footprint by X percent in Y years. Or maybe a portion of purchase proceeds go toward an eco-friendly charity, and you match your customers’ donations.

There are many ways to be more transparent and committed to a greener planet.

6. Prepare for Economic Uncertainty

The future will be full of uncertainty.

Everything from wars to new technology, economic upheavals, and rising competitive industries can shake up your small business niche. That doesn’t necessarily mean it’s time to throw in the towel when these hard times arise.

Instead, you need to prepare yourself financially. Yes, even right now, when everything is going great. It’s in those times when everything is going great, after all, that you could be blindsided if you aren’t careful.

Having a contingency plan with cash flow management is the key to being prepared for the inevitable sudden shifts in your industry. You must be agile and flexible when building and preparing your business operations.

Here are some more best practices for being future-minded:

Get insured

First, if you haven’t already, it’s time to insure your company. You’ll have so much more peace of mind. Coverage during business interruptions could come in handy and potentially prevent you from having to shutter your doors.

Plus, some forms of insurance offer employee protections. If that’s yours, you might find that your rate of turnover decreases and that you get higher-quality job candidates.

Save when and where you can

In addition to obtaining insurance, now is also a great time to begin socking money away here and there. I know, I know, you’re a small business owner. You already stretch every penny as thin as it can go. Where can you possibly save money?

Well, it might not happen immediately, but you will eventually reach a point of stability where you feel comfortable enough to look into savings. Keep adding to your savings for as long as you’re in that period of stability.

One day, the bubble will burst (sorry to say it), and you’ll be glad you had that windsock of cash for the turbulent times ahead.

Prepare for the worst

I mentioned before that you need a contingency plan, so let’s discuss that. What would happen if your company operated in the red consistently for four months, or you stopped bringing in income altogether?

Planning for worst-case scenarios isn’t dooming and glooming. It’s being realistic. Hopefully, you never need your backup plan, but if you do, you’ll be ready.

7. Invest in Employee Development and Wellbeing

Lastly, I want to discuss taking care of your employees as a small business owner. Without them, your business won’t get very far, so you need to treat them right. What does that entail? Let’s take a closer look.

Build a supportive company culture

A truly supportive workplace environment doesn’t discriminate on any basis. Instead, it’s inclusive, embracing, and welcoming to all within the fold. If you can foster that type of community within your workplace, you’ll have people eager to work for your company in droves.

Embrace flexible work arrangements

Flexible work is the future of the nine-to-five. Some people still prefer working in the office in 2024, and more power to ‘em. Others want the work-from-home arrangement, and others want a mix of both (a hybrid schedule).

You should provide a flexible work arrangement to suit everyone’s tastes. When employees can work in an environment they’re comfortable in, they’re more likely to knuckle down and get tasks done.

Upskill your employees

Keep your employees sharp. Teach them about new technology. Train them to grow skills in your industry.

Sure, employees ready to answer the market demand could leave your job for another one.

But you know what else can happen? You can create an army of knowledgeable, skillful employees who shine in their roles at your company.

Use exit interviews to improve

Inevitably, you’ll have employees who will quit, retire, or otherwise leave. Make sure you request an exit interview when this happens. Let the employee decline if they wish, as not everyone is comfortable with these interviews.

And why do I recommend an exit interview if you can get one? They’re an excellent opportunity to learn more about what you do right and wrong as a business owner. You can use this information to improve so the following employees you hire might stick around even longer.

Ask for employee feedback

You should also solicit feedback from your existing employees, asking for their opinions on the day-to-day processes at your workplace. Track the issues that come up the most frequently, as those are the ones you will want to address first.

Don’t make feedback a single-time thing. Regularly ask for it, such as once a quarter or a few times yearly. That will help you maintain a high-quality office environment everyone enjoys.

Conclusion

Are you a small business owner? As I’m sure you’re already well aware, you need innovation and resilience to face evolving business challenges successfully. It also helps to have the tips for small business owners reviewed today.

Implementing these tips will ensure growth and sustainability in the 2020s and beyond.

FAQs

What are the top technologies small business owners should invest in for 2024?

Although you don’t have to do it all at once, your small business should eventually invest in all these technologies this year and into the next:

Customer relationship management or CRM
AI
AR and VR
Advanced cybersecurity
HR software
Social media management
Cloud computing
Accounting software

How can small businesses enhance their online visibility and customer engagement?

Building your online visibility requires focusing on your small business SEO. That alone will elevate customer engagement, as will producing high-quality content, building your social media presence, and using personalization in your business communications.

What strategies can help small businesses manage economic uncertainty?

Saving money will help you keep the lights on in periods of economic turmoil. You should also build a disaster plan or contingency plan for the worst-case scenario.

Why is sustainability important for small businesses in 2024?

Climate change is becoming bigger than ever, with business owners and consumers alike concerned about the future of our planet. Taking sustainable measures will go a long way toward putting your customers’ minds at ease.