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Updated Nov 20, 2023

Small Business Trends and Predictions for 2024

Keep an eye on these developments that will affect small businesses this year.

Alex Halperin
Alex Halperin, Business Ownership Insider and Senior Writer
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Editor Reviewed
This guide was reviewed by a Business News Daily editor to ensure it provides comprehensive and accurate information to aid your buying decision.

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Small businesses need to adapt to a constantly changing market. To meet the needs of your customers and stay one step ahead of the competition, it’s critical to monitor the trends that affect your business’s operations, and there’s no better time to reflect than the start of a new year. To help you do so, we connected with experts in finance, marketing, tech and human resources to find out what you should expect in the coming year and how to position your small business for success.

Human resources

As the demand for high-quality talent increases, employers will look to more ways to attract and retain the best employees in 2023. Look out for these trends.

Child care benefits will become more common.

With companies still struggling to attract workers, more companies may offer child care benefits to entice parents to fill vacant positions. For parents who have to work late shifts or long hours after the end of the school day, ensuring their children are cared for is a major priority. Businesses that offer parents support in finding and paying for child care may have an easier time attracting job candidates than those who don’t. 

“These benefits help employees feel supported and valued, which leads to increased job satisfaction and retention,” said Jessica Chang, CEO of WeeCare, a child care network. 

There are numerous options, including search assistance, full or partial stipends, and emergency backup care. Some businesses even offer on-site day care facilities so children can be close to their parents while they work and easily picked up at the end of their parents’ shifts.

Businesses will rethink sick leave to include mental health.

Occupational burnout has become a problem for many employees, and when top talent gets burned out, it can damage productivity. That’s why many businesses have chosen to prioritize mental health as part of their PTO policy. Expect this trend to continue in the new year.

“In 2023, there will undoubtedly be a lot of conversations about sick leave,” said Jamie Coakley, senior vice president of people at remote IT provider Electric. 

According to Coakley, the increase in remote and hybrid work makes the need for mental health considerations all the more important. Although many people are now working from the comfort of their home at least some of the time, this arrangement makes it easier for them to work long hours without unplugging to take a break, thereby increasing the risk of burnout.

“The traditional understanding of time off doesn’t really apply to the current life we’re living these days with remote work becoming mainstream,” Coakley said.

Alex Halperin
Alex Halperin, Business Ownership Insider and Senior Writer
Alex Halperin, founder and CEO of a small company focused on the cannabis industry, is a business authority who has spent 20 years analyzing business trends and breaking down concepts and news for a variety of audiences. As an entrepreneur himself, he knows firsthand what it takes to conceive and scale a product for long-term success and understands the role of market forces and other factors. Halperin's trusted voice and expertise have appeared in such notable business-focused publications as BusinessWeek, Dow Jones, Fortune and Fast Company. He has also been published by the likes of Business Insider, The Guardian, Slate, U.S. News & World Report, Salon, the Los Angeles Times, The Washington Post, The Atlantic and many other esteemed outlets. Halperin, who holds an Entrepreneurial Journalism Creators Program certificate from the Craig Newmark Graduate School of Journalism at CUNY, hasn't limited his focus to U.S. businesses. As a Phillips Foundation fellow, Halperin spent a year studying and reporting on business development in sub-Saharan Africa.
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