A time for action: Results from the 2024 Business Leaders Outlook Survey

A time for action: Results from the 2024 Business Leaders Outlook Survey.

Despite economic uncertainty, small business owners are planning for growth in 2024.They’re confident in their abilities and taking decisive action to shape their futures. The Chase 2024 Business Leaders Outlook survey, which polls over 1,000 business owners across industries, reveals their plans for the coming year.

Ready and resilient.

With their current teams and customers, 71% of business owners believe that they can weather any storm — even with fears of recession on the horizon. 49% plan to hire more full-time employees in 2024. Take action: Employee turnover can be costly. Invest in your existing team to minimize churn. Illustration looking into the window of a law office, with two people working inside and a flower box outside.

Taking the reins.

In the face of uncertainty, business owners are adopting strategies to secure their futures, with a focus on customers. 50% will actively seek new customers. Quote from survey respondent: “We have a great base of customers, but we need to continue to grow it to hit the goals that we have in place for the next five years.” Take action: Reacting to frequent change is a recipe for burnout. Instead, take a proactive stance that builds on your strengths. Illustration looking into the window of a marketing firm, with three people working inside.

Inflation as a catalyst for change.

Inflation is the #1 concern among business owners, and they plan to grow their way out of it. 41% intend to keep growing, full speed ahead. Take action: Many business owners are cutting noncritical expenses and raising prices to meet inflation head-on. Illustration of a dog grooming business, with people and dogs inside.