We surveyed business leaders on their expected challenges to growth in 2024 for our 2024 Growth Outlook report  – here’s what they told us: 

1. Fear of the Unknown 

Over a third of respondents said that the unpredictability of macroeconomic developments is one of their biggest concerns. In a year with elections at home and in the US, conflict in Ukraine and Gaza and uncertainty in financial markets, it’s unsurprising that businesses are thinking unexpected headwinds could interfere with growth. 

Two things will help businesses keep up growth through changeable times – planning for uncertainty and testing your growth plans against different possible scenarios,  and staying close to customers to help you understand and anticipate needs, and make sure you understand how market shifts will impact their engagement with your products and services. 

2. Attracting Talent 

As businesses expand and evolve, having a sufficiently skilled workforce emerges as a critical concern, with a significant 11% of businesses acknowledging this as a pressing issue. The need for specialised skills is growing and with only a limited pool of qualified candidates, the challenge is not only finding talent but also retaining it. Surprisingly only 40% of companies had concrete plans on how to mitigate this threat and address their skills gap. 

3. Keeping Up with Regulation and Legislation 

Although changes in legislation and regulation present a considerable risk to businesses, most leaders felt prepared for these, understanding planned changes and with strategies in place to adapt to them. A small group of respondents remain uncertain about how to respond to these threats – possibly where they come from outside their industry, highlighting the need for a proactive approach to compliance and governance, ensuring that businesses are not caught off guard by new regulations. 

What can you do about these threats? 

Staying ahead in the market is crucial and it’s clear that adaptability and strategic planning are key to turning challenges into opportunities for growth.  

We’ve outlined 10 threat mitigation strategies within our report, helping businesses to safeguard and maintain their growth plans for the year: take a look at our suggestions.  

If you want to talk about how you can plan for and safeguard your growth in 2024, get in touch to arrange a call.