2023 Year-End Wrap and a Look Ahead to 2024

It’s been another wild ride this year for businesses of all stripes, franchised or no, service brand or QSR. And as 2023 winds down, the “look back” and “look ahead” articles have made their annual appearance. Here is a small smattering of business news from both sides of New Year’s Eve.

We hope it’s a small step in helping you create a prosperous 2024 for your franchise business. Seek Out a Mentor in the New Year Video: Brand leadership expert Denise Lee Yohn explains what to consider when seeking a mentor—and serving as one. (SmartBrief) 2023 in Review: 3 Key Trends To Inform Your 2024 Marketing Plan AI, evolving marketing stacks, and email authentication—keep these developments in mind as you plan your 2024 marketing strategy.

(MarTech.org) Social Trends for 2024 This 41-page survey report focuses on three social media trends in the coming year: AI, platforms, and ROI, then takes a look at overall industry trends. (Hootsuite) Here’s What You Missed If You Were Only Paying Attention to Generative AI in 2023 GAI may have been the chief preoccupation of marketers this past year, but beyond ChatGPT’s impact on search, this was a year of deep changes for the marketing industry.

(The Current) 5 Marketing Rules to Follow in 2024 From Top-Tier Brands Invigorate your strategy with insights from marketers at TikTok, Glossier, Zillow, lululemon, and more (Convince & Convert) Why Retail’s Future Is Phygital “Phygital,” a term becoming increasingly relevant when talking about the future of retail, describes the convergence of physical and digital interactions. (DevPro Journal) Omnichannel Experiences, Mixed-Use Development Among Top Retail Design Trends for 2023–2024 Retailer survival continues to hinge on retail design trends like blending online and in-person shopping and mixing retail with other building types, such as offices and residential. (Building Design & Construction) 2024 Retail Trend: Personalized Omnichannel Retailing Omnichannel retailing is set to materialize into something more personalized and data-driven than ever before.

(DevPro Journal) Small Business Optimism Plummets Amid Growing Economic Uncertainty “With inflation still outpacing revenue expectations, small-business owners are wary of the future and continue to have an overall negative impression about the national economy,” said Tom Sullivan, VP of small business policy at the Chamber of Commerce. (Fox Business) Some Optimistic Capital Market Predictions for 2024 Forecasting better times in 2024 seems like courting eventual disappointment, according to this article. However, it also notes that conditions are far different than they were in 2023, but don’t get your hopes up too high.

(GlobeSt.com) With Interest Rates Above 9%, Small Businesses Slam the Brakes Entrepreneurs are putting off equipment purchases and stepping up collection efforts to cope with steeper borrowing costs.