5 Key Topics Women-Owned Small Businesses Should Be Aware of in 2024
Serious young businesswoman reading the screen of a large desktop monitor with a look of concentration in a bright spacious airy office
The year is rapidly coming to an end and this is the time to reflect on how you are going to keep your business on track for success in 2024! As a business owner, it is extremely important for you to stay well-informed about upcoming business trends and challenges. The business world is competitive and is constantly evolving and you have to quickly adapt to achieve success.
Here are a few key topics that will keep you on top of your game:
Impact of Artificial Intelligence (AI):
AI-driven technology is reshaping the business world and you need to explore how AI tools can streamline your business process and provide you with give a competitive edge.
Embracing Technological Advancements:
Keep up with rapidly evolving technologies to stay ahead of your competitors. Expanding your digital footprints, utilize emerging technologies and utilize automation tools.
Sustainable Practices:
Incorporating sustainability practices not only benefits the environment but also appeals to the growing base of consumers who are socially-conscious. You should consider implementing sustainable practices, such as recycling, opting for green suppliers, and reducing waste during production processes.
Corporate Transparency Act:
Avoid paying a $500 day penalty and stay in compliance with the beneficial ownership reporting requirements under the Corporate Transparency Act (the “CTA”) that will take effect on January 1, 2024. The Corporate Transparency Act requires small businesses to disclose their beneficial ownership information to combat financial crime.
Network and Join Organizations
Women business owners, particularly women of color, face unique challenges and benefit from programs and networks that provide support. Engaging in communities, like The Women’s Entrepreneurial Opportunity Project, Inc. (WEOP) is a valuable resource for women entrepreneurs and business owners.
The year 2024 brings forth exciting opportunities and challenges for women-owned small businesses. It is critical for you to stay informed and up to date with technological advancements, sustainable practices and in compliance with the Corporate Transparency Act. Equally important are opportunities for networking and connections to organizations that keep you connected to resources and industry professionals.
