Business trends for 2024

Sustainability will be a huge focus in 2024, with climate change and environmental impact being a top concern for individuals and businesses across all industries. 

In 2024, you should work towards making your business more sustainable. Start by using our sustainability checklist to assess your current impact and see what practical steps you can take to be sustainable.

Promoting your business’s sustainability efforts can lead to a competitive advantage which helps you create a point of difference from your competitors. But if you’re making environmental claims about your products, services, or operations, it’s important to have evidence to avoid risking claims of greenwashing or greenhushing.

Artificial intelligence (AI) is a hot topic at the moment. It’s rapidly becoming more widespread and sophisticated, and has potential to add value for businesses across a range of industries. 

You might have heard that AI can be used to help with tasks like content creation, customer service and data processing. However, you should be aware of the risks involved before adopting the use of AI into your business practices. AI is so new and evolving so quickly, there may not be legal protections in place to keep your business safe. 

The Australian Government has published an interim response on the safe and responsible use of AI. They are looking to update legislation and regulatory frameworks in 2024 to address some of the risks posed by AI, and will be working with industry experts to develop safety standards and establish an advisory body.

Scams and cyber threats are getting more sophisticated, and this is set to continue in 2024. Scammers might:

• hack into your digital databases to steal information
• impersonate a colleague, family member or financial institution over the phone, email or SMS
• reach out with offers that seem too good to be true.

You should prioritise reviewing your business’s cyber security measures in 2024, to make sure you’re protected against new types of scams and threats. Make sure all your employees are trained in how to spot and avoid scams, and have a plan in place for reporting scammers.

Trends can move quickly in the world of digital marketing and social media. A major trend across all platforms in 2024 is a focus on authenticity. 

Companies and influencers have been using paid social media posts, generative AI, filters and other digital tools when creating their content over the past few years. These posts are beginning to feel inauthentic.

In 2024, customers want more genuine interactions from businesses – they want to know who you are and what you stand for. You can stand out online by creating content that is fresh, realistic and honest, and have a strong brand with a strong marketing strategy.

Some tips for creating authentic marketing content:

• Talk about what your business stands for – what is your mission and what do you care about?
• Feature yourself or your employees talking about the business and why you love it – real people are more effective than paid influencers.

Being resilient and able to adapt to changing circumstances has been a top priority for businesses in recent years. Events such as the global pandemic, natural disasters and economic downturn meant businesses across all industries had to adapt quickly to continue operating.

2024 will see businesses continuing to prioritise being flexible and adaptable. Both customers and employees want reassurance that your business will continue to deliver without interruption if something unexpected happens.

To make sure your business is resilient you should:

• develop an emergency management plan
• invest in digital tools and software so that you can conduct business from anywhere if something unexpected happens.