The Top Business Predictions for 2024 

As the last couple months of the year are swiftly approaching, it’s important that we reflect on the year just gone and how we can prepare for 2024 – not just personally, but also from a business perspective. There have been many changes and tumultuous times in the past year that we can learn from, and use to help predict how the economic landscape of 2024 will look like. Here are 4 of the top business predictions for 2024, and how you can prepare your company for the predicted business changes.

Sustainable Economy 

One of the best things you can do for your business is to prepare for the emerging green economy. Sustainability has been pushed by the government and society more over the past decade, and many modern consumers are more likely to value a brand’s green values over price. It’s essential that you prepare yourself and your staff for the sustainable economic landscape through green training – this will help you make your daily processes more sustainable, and stand out amidst your competitors throughout 2024. Make sure that you prepare for the green economy, or risk being left behind. 

Inflation Will Drop

Inflation has been one of the biggest issues facing modern businesses over the past couple of years. The pandemic has made it so inflation has risen massively, and in some cases, prices have risen by over 100%. However, very recently, inflation has started to slow down. In the UK, inflation is now staying at a steady 6.7% – with petrol prices rising, but food has started to go back down again. In 2024, inflation is likely to drop more, with the worldwide banks setting a target for inflation to be at 3%. It’s important that you prepare for all avenues, and have a plan for if inflation drops, stays the same, or starts to rise again. 

Artificial Intelligence Will Reach A Plateau 

AI has been one of the most discussed topics over the past year, particularly in the business world. Both positive and negative things have been said about the AI boom – with thought leaders insisting that it could streamline and automate many businesses, and others warning of sudden and huge job losses. Despite an initial AI boom, there have been signs of its use reaching a plateau. Despite this, it’s important to keep an eye on AI trends, so you can keep your business up to date and able to compete in the economy. 

The Rise of Qualifications 

The rise of the workforce getting qualifications instead of relying on experience seems to be rapidly increasing, to be able to stand out on the job market. For example, workers in the UK construction industry are getting NVQs to be able to qualify for CSCS cards and level up their career, which is essential as Grandfather rights are ending in the UK. This means that workers will need qualifications in order to access better work, instead of just proving their skills through observations. This is happening across many different industries worldwide – make sure you’re investing in your staff’s skills so they can compete and gain access to better work in 2024.