6 key trends for small business success this 2022
Numerous small businesses faced unprecedented challenges in keeping their doors open in 2020 and 2021.
The previous two years were some of the most challenging for small businesses in history due to several factors: the COVID-19 pandemic, dramatic change in the inflation rate, labour shortages, and umpteen natural calamities.
The years' upheavals pushed many business owners to adjust and function with immense flexibility. As 2022 gains power, small businesses are predicted to have more developments.
Small businesses can get ready for new challenges by being mindful of these emerging business trends.
1. Greater emphasis on sustainability
Consumers have become more concerned with the ever-growing response to disastrous weather conditions, numerous oceanic trash patches, and the rising extinction rate. So, what does that imply for employers regarding the small business trends in 2022?
With 48% of workers prepared to take a lesser income, over 68% said they are more inclined to seek positions with environmentally responsible companies. Employers must make significant changes to their business processes to mitigate the environmental effect of their business strategy.
2. Personalisation and empathy are necessary for customer service
In many ways, the strains of 2020 and 2021 were felt by everyone across the world. People have realised a greater need for compassion and understanding as they cope with the stress brought on by the 2020 and 2021 events.
Consumers prioritise empathy and personalised service over high-quality goods and services when deciding where to spend their money. Many consumers were irritated by the long phone lines, unhelpful service providers, and automated services that made it impossible to talk to a human operator due to staffing shortages.
As consumers ourselves, we all want empathy, yes? A level of understanding that speaks to our concerns and needs, all while being transparent about the company's vision and goal. In labour shortages, attracting and keeping talent requires meeting high standards for employee well-being.
3. Customers will continue to look for alternative methods of payment
Businesses have shifted towards alternative payment options during the past two years (e.g., credit cards, mobile pay applications, and contactless payments). Payment methods that use contactless technology won't vanish in 2022 or the following year.
As a matter of fact, small business owners should be ready for a surge in wearable tech, cryptocurrencies, apps, and mobile wallets. If you own a small business, it's time you check on contactless payment methods in case you haven't.
4. Virtual and digital service providers will remain in demand
Restaurants and entertainment venues discovered they had to stop or drastically reduce in-person services. This results in increased demand for online and technology services. Customers will want the same efficiency for assistance, just like how they adapt to a hybrid approach for their shopping needs.
Even after the pandemic has passed, there will always be a need for digital services and breakthroughs. Small business owners may profit from this trend by modifying their current operations or growing their current organisation.
5. Home-based work will carry on
The pandemic quickly changed mobile workforces into a crucial organisational strategy that allowed businesses to keep their workforces and generate income. When offered the option to work remotely, employees have shown higher happiness and productivity.
This has received widespread support from business owners, who may have long-term plans to offer remote work opportunities. The hybrid work is one of these possibilities as it aims to seize the beauty of both worlds.
Integrating remote work possibilities continues to be quite beneficial for business owners. They must keep talent and compete for high performers in the future. Small business owners will need to make future investments in new technology and software solutions.
Doing so is the best way to manage employees remotely and, thus, continue to grow.
6. Small businesses will receive support from consumers
Despite their resilience and perseverance, many local businesses found it challenging to survive the pandemic. Customers were aware of the situation and made a conscious effort to support local small businesses. Consumers that support local businesses are more likely to be environmentally conscious and valuable to their community.
Final thoughts
Small businesses have proven their resilience and exceptional capacity to adapt to challenging circumstances. Consider new small business trends likely to last for the long term if your company hopes to bounce back from the last two years.
Small business owners can outsource tasks that demand significant time and resources, such as human resources administration, payroll, and Fair Work compliance, to help achieve this need.
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