According to a recent survey by Slack involving 2,000 small business owners, 40% believe 2024 will be pivotal for their businesses. Small businesses, contributing to 44% of the GDP, face challenges amid a dynamic environment. While 71% express optimism about their companies, 47% are concerned about the economy and inflation, and 32% worry about raising prices. Increased competition is a concern for 24% of owners. Jaime DeLanghe, senior partner of product management at Slack, said, “The margin for success is often razor thin, meaning small businesses need to be forward-looking, resilient, and adaptable even amid current economic climate challenges.” Despite limited resources, 49% of businesses outperformed expectations in 2023, often leveraging technology, especially artificial intelligence (AI). Over half plan to purchase new software in 2024, and one-third are eager to update or add tech tools to their operations this year.