Read on for several macro trends you should pay attention to if you are a small business in 2024.

Travel & Leisure is Back 

40% of Americans plan to travel more in 2024 vs 2023 according to a recent Forbes study. With 55% of Americans planning a 2024 Spring Break excursion and 76% of spring break itineraries feature U.S. domestic travel, travel numbers are expected to increase year over year for airfare, hotels and cruises. This travel can affect small businesses in the restaurant, service, hospitality and many other industries as well as bring a seasonal upswing in revenue for small businesses. According to the U.S. Travel Association, sentiment is also growing for upcoming leisure travel in 2024. The share of travelers reporting having travel plans within the next six months increased to 93% in January.

Have you considered how your business can prepare for growth during travel and warm weather season? 

Don’t forget to create your free Palm account to keep your finances organized, save on your biggest expenses and get more tips on how to grow.

Using AI & Technology for Growth 

According to Bank of America’s 2023 Small Business Owner Report, 80% of business owners digitally optimized their businesses in the prior year.  If you’re not sure where to start, it’s worth considering a few tools to optimize your efficiency and decision-making. 

AI software can take data and present synthesized courses of action, which is what makes it helpful and a productive tool when used as support. One of the best ways to use AI is to automate your business finances with a tool like Palm, so you can remain organized and have a handle on your business finances, all by just connecting your account. 

Other technology tools include addressing shifting consumer behaviors such as e-commerce shopping, social media advertising and content as well as how people hear about your business. Digital and online media is here to stay. Not sure where to start? Sites like Upwork have freelance labor that you can hire based on your budget to help you get started.  

Combating Inflation

As we’ve mentioned, according to the recent study by the National Federation of Independent Business (NFIB),  The Small Business Optimism Index has reached the lowest it’s been since 2012. The NFIB sites that “inflation has once again been reported as the top business problem on Main Street.”  

There are ways to combat inflation, like managing your biggest business costs with an AI tool like Palm that will not only alert you to your spending habits but also auto-shop your biggest business expenses for you to help you save. Create your free account today to get instant spend insights and savings recommendations.

Other ways to combat inflation are to use AI and technology to automate routine tasks as well as avoid high-interest loans and credit cards. Instead, investigate the SBA loans available to you, as well as federal and corporate and local/state level grants to see if you qualify.

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