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Mr. Biz®: What Business Owners Need to Know for a Successful 2024
Manage episode 392188764 series 3299978
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Ken Wentworth discusses the economic outlook for 2024, covering topics such as interest rates, unemployment rates, inflation, supply chain issues, and the stock market. He also provides insights on opportunities for business owners to seize in the coming year. Key Takeaways: - Interest rates are expected to decrease by about 1% throughout 2024, starting in the middle of the year. - Unemployment rates may see a modest increase in the fourth quarter of 2024. - Inflation is currently at 3.1% and is expected to decrease during the first half of 2024 before inching up again in the second half. - Labor shortages and port congestion are potential risks to the supply chain in 2024. - The stock market is projected to be mostly flat in the first half of the year, with a 9-10% increase expected on a full-year basis. - Business owners should focus on cash flow management, pricing adjustments, embracing new technology like artificial intelligence, and prioritizing the customer experience.
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