Green economy and sustainablility
In 2024, business sustainability will take center stage as climate change and environmental issues continue to be major concerns for individuals and businesses alike, spanning all industries.
To keep up with the times, it’s crucial to focus on making your business more sustainable. Start by using the ATO’s sustainability checklist to evaluate your current impact and identify practical steps you can take to promote sustainability.
Highlighting your business’ sustainability efforts can give you a competitive edge, setting you apart from competitors. However, if you’re making environmental claims about your products, services, or operations, it’s important to have evidence to back them up and avoid accusations of greenwashing or greenhushing.
Artificial intelligence currently trending
Artificial intelligence (AI) is currently a trending topic, with its adoption increasing rapidly and its capabilities becoming more advanced. It holds the potential to bring significant benefits to businesses across various industries.
You may have heard about AI’s ability to assist with tasks such as content creation, customer service, and data processing. However, it’s essential to be aware of the potential risks before integrating AI into your business operations. As AI technology is relatively new and evolving rapidly, there may not be sufficient legal safeguards in place to protect your business interests.
Recognising these concerns, the Australian Government has issued an interim response addressing the safe and responsible use of AI. Plans are underway to update legislation and regulatory frameworks in 2024 to mitigate some of the risks associated with AI. Additionally, the government intends to collaborate with industry experts to develop safety standards and establish an advisory body focused on AI governance.
Cyber security
Scams and cyber threats are becoming increasingly sophisticated, and this trend is expected to persist in 2024. Scammers are employing various tactics, including:
- Hacking into digital databases to steal sensitive information.
- Impersonating colleagues, family members, or financial institutions through phone calls, emails, or text messages.
- Presenting offers that appear too good to be true.
In 2024, it’s crucial to prioritise the review of your business’ cybersecurity measures to safeguard against emerging scams and threats. Ensure that all employees receive training on identifying and avoiding scams, and establish a clear reporting protocol for handling suspicious activities. Here’s some steps you can begin to take right now to help keep you and your small business cyber safe.
Business trends in social media
Trends in digital marketing and social media evolve rapidly, and one prominent trend in 2024 is the emphasis on authenticity.
In recent years, companies and influencers have relied heavily on paid social media posts, generative AI, filters, and other digital tools to create content. However, this approach is beginning to feel artificial and inauthentic.
In 2024, customers are seeking more genuine interactions from businesses. They want to connect with brands on a personal level and understand their values and principles. To stand out in the online landscape, it’s essential to create content that is fresh, genuine, and transparent, backed by a robust marketing strategy.
Here are some tips for crafting authentic marketing content:
- Communicate your business’ core values and mission.
- Showcase yourself or your employees discussing the business and expressing passion for what you do. Authentic human connections resonate more with audiences than paid endorsements.
Prepare your business for the unexpected
In recent years, the ability to be resilient and swiftly adapt to change has become crucial for businesses. This need for adaptability was highlighted by events like the global pandemic, natural disasters, and economic downturns, forcing businesses across various sectors to quickly pivot to maintain operations.
In 2024, the emphasis on flexibility and adaptability remains paramount. Both customers and employees seek assurance that your business can sustain its operations seamlessly, even in the face of unforeseen challenges.
To ensure your business’ resilience, consider the following actions:
- Create a comprehensive emergency management plan.
- Invest in digital tools and software to enable your business to operate from any location, ensuring continuity during unexpected events.