BUSINESS TIPS FROM THE EDITOR February 2024
Richard T. Hendee, Editor
The Silver Fox Advisor
,
The Wall Street Journal recently released its findings of trends (see list below) looking to shape small businesses in 2024.
- Artificial intelligence is here to stay. There’s no denying that artificial intelligence (AI) is a hot button issue with implications that go well beyond the tech space. AI is at the forefront of many sectors, including business
- But don’t forget about the human touch.
- Customer experience is everything.
- Sustainability is important to customers.
- Cybersecurity is a must in a data-driven economy.
I recently asked some members of a Silver Fox Advisor’s CEO Roundtable if any of these trends listed above were on their respective list of trends that were shaping their businesses in 2024. The two trends that were on almost all Roundtable Members’ lists were:
- Artificial intelligence is here to stay. There’s no denying that artificial intelligence (AI) is a hot button issue with implications that go well beyond the tech space. AI is at the forefront of many sectors, including business.
AND
- Cybersecurity is a must in a data-driven economy.
I was somewhat surprised that the human touch and customer related items were not something that was shaping the businesses of the owners on the Roundtable. But with that being said, both the AI and Cybersecurity issues are getting so much attention in the press and business-related publications that they are in fact front and center issues of the small business owners I asked.
My hope is that these hot topics do not absorb so much of small business owner’s focus and time that they don’t pay attention to the other trends on that list. In today’s world of technological advances, I think the human touch is almost nowhere to be found in businesses. Calls to businesses are mostly handled by voice and touch activation. In-store or on-line orders are placed on touch screens. Trying to schedule someone to come to your home to repair anything can easily take over a half hour, and that is if what you need is one of the touch options on the predetermined list!
Further, I think many business owners do not realize how many options customers have for their services or products that they offer, and they neglect what the customer experience is like in their respective business. Something that many businesses did in the past was contracting with a mystery shopper company that would shop a business and submit the business owner a report on their experience. Today customer surveys have replaced the mystery shopper. Also, all the rating services like Yelp are where customers go to report on their customer experience. However, many time if someone experiences great customer service, they do not take the time to report that.
If you need help or assistance in what maybe shaping trends in your business in 2024, we encourage you to visit our Web-site at www.silverfox.org and learn more about the Silver Fox Advisors, and how they can assist you with your business needs, as well as discover more about our great programs and community outreach endeavors.
