In this special episode of the Small Business Edge Podcast, Brian leads a discussion with business leaders on the economic outlook for the second half of 2024, emphasizing the importance of relationships, transparency, and strategic planning to address upcoming challenges.

Key Takeaways from Our Expert Panel: 

<figure id="attachment_1172" aria-describedby="caption-attachment-1172" style="width: 150px" class="wp-caption alignright"><figcaption id="caption-attachment-1172" class="wp-caption-text">Andrew Sherman</figcaption></figure>
<figure id="attachment_1173" aria-describedby="caption-attachment-1173" style="width: 150px" class="wp-caption alignright"><figcaption id="caption-attachment-1173" class="wp-caption-text">Geoff Foster</figcaption></figure>
<figure id="attachment_1175" aria-describedby="caption-attachment-1175" style="width: 150px" class="wp-caption alignright"><figcaption id="caption-attachment-1175" class="wp-caption-text">Kara Hoogensen</figcaption></figure>
<figure id="attachment_1174" aria-describedby="caption-attachment-1174" style="width: 150px" class="wp-caption alignright"><figcaption id="caption-attachment-1174" class="wp-caption-text">Jill Johnson</figcaption></figure>

 

 

 

 

Andrew Sherman: The next six months could be a little bit rocky and challenging for small and mid-sized companies due to a lot of uncertainty weighing on the market.

Jill Johnson: What we saw during the pandemic was 40% or so of black-owned businesses shutter their doors, highlighting the stress caused by not having access to capital.

Geoff Foster: Since the pandemic, we have shifted to 65% biopharmaceuticals, which has driven phenomenal growth in our business.

Kara Hoogensen: Businesses are reporting positive year-over-year growth and high degrees of optimism, but inflation remains their top concern.

Andrew Sherman: The health impact of the pandemic may be nearing an end, but the economic effects are just beginning.

Jill Johnson: For black-owned businesses, what seems like a small contraction in the market can feel like a hurricane due to their already limited resources.

Geoff Foster: Adding automation and AI has allowed us to take market share from larger companies and reshore business from Asia.

Kara Hoogensen: Establishing a crisis plan and having a support network in place before things get bumpy is critical to surviving a crisis.

Andrew Sherman: Transparency builds trust, trust builds empathy, empathy builds loyalty, and loyalty builds brand.

The post Winning the Second Half of 2024: Expert Insights on Economic Challenges, AI, and Building Strong Business Relationships appeared first on The Small Business Edge Podcasts.