2024 from a business perspective

When 2024 is summed up, we can state that it has been a challenging but also insightful year for Sweden's small business owners. With high interest rates, rising costs and changing customer behaviour, adaptation has been required to keep up with developments. At the same time, there have been glimmers of light in the form of new opportunities thanks to digitalisation and an increased awareness of the importance of local presence. Here's a look back at the most significant trends in 2024 and some thoughts on what might be good to carry into 2025.

‍

Trends that shaped 2024

‍
Continued economic challenges
High interest rates and the general economic situation put pressure on entrepreneurs from several directions and made 2024 a tough year for many. Especially in sectors such as construction and trade, many entrepreneurs struggled with falling demand. At the same time, it is possible to look forward with more optimism than in years. Inflation has stabilised and interest rates have started to fall. This will benefit businesses both in terms of reduced financing costs, but also increased demand as the economy begins to recover.

‍

New technologies provide new opportunities
AI went from being a trend to actually becoming a tool that makes it easier for entrepreneurs. Today, there are a range of AI tools that can help entrepreneurs automate tasks, streamline processes and even create materials. For entrepreneurs, not only does this mean new opportunities, but AI can help free up both time and energy in a busy everyday life.

‍

Sustainability continues to be important
In 2024, customers continued to prioritize companies that take responsibility for sustainability — both socially and environmentally. For small business owners, this meant that a clear sustainability strategy was not only a way to do good, but also a business necessity. Working with sustainability is also a way to secure the company for the future, as it is likely that higher demands will be placed on smaller companies in the future related to sustainability work.

‍

Events around the world benefited the local
An outside world of trade threats, unrest and increased customer awareness led to the return of the local becoming a trend in the past year. Customers came to appreciate personal meetings and businesses with local roots. Something that made social media, storytelling and presence in the local community important tools for building trust and loyalty.

‍

Things to think about in 2025
Even if 2025 looks to be a much better year for Sweden's entrepreneurs, lessons can be learned from the past year, in order to build for the future.

‍

Build buffers and be flexible: With times now hopefully getting better, it's good to start building up the company's buffer. That way, you can be better equipped in case there are tougher times again.

‍
Bend using new technology if you don't already: As I said, AI and other digital solutions can help you streamline your business, and if you haven't tested the tools available today, it's time to do so. It can give your business new opportunities and free up time for you that you can spend on developing the business.

‍
Be proactive: With customers now starting to come back, it's good to be ahead of time with your planning to be able to gain market share during the year. Therefore, do your research
and start processing the customers instead of waiting and hoping they come to you.
‍
Think about cyber security: The threat from hacker attacks and fraud is growing, with businesses and individuals alike increasingly affected. Is corporate cyber security not fully in place? 2025 is the year to act! Take control and learn more at sakerhetskollen.se.

2024 has shown that small business owners are resourceful and conflicted when times get tougher. By being close to customers, exploiting technological opportunities and investing in sustainability, you can create the conditions for success in 2025.