The new year is here, and with it comes the fruition of small business trends that began emerging in 2021. Aspiring and current business owners would do well to pay attention to 2022’s business trends to stay ahead of the curve and keep their fingers on the pulse of success.
As you prepare your business for the year ahead, keep these four small business trends in mind.
1. More small businesses will emerge
Since the start of the pandemic, interest in business ownership has skyrocketed. More and more people have discovered that they want to pursue their own passions and be their own bosses. The transition from traditional office to remote work to entrepreneurship is expected to be in full force in 2022. This means more businesses are preparing to enter the market next year and beyond.
If you’re planning to start a small business this year, it’s time to get started. Whether you decide to open a franchise business, start a new business, or buy an existing from its current owner, moving from employee to owner is a big step, one that is best navigated with business support like a funding partner, CPA, attorney, mentor and possibly others.
2. Remote work remains popular
Not everyone wants to be a business owner. When it comes to hirable employees, a large portion of people would prefer to work from home. Remote work has a ton of benefits for small businesses, including happier employees, increased productivity and lower overhead from an office, supplies and utilities. Plus, it can help businesses recruit and retain top talent.
If your business is capable of operating a remote staff, consider giving your employees the option this year. The results and added savings might help you reinvest in your business for more growth!
3. Technology investments are critical
One trend that’s been consistent since the start of the pandemic is businesses’ reliance on advanced technology and new systems. Small businesses that adopted tech found that their operations were streamlined, and owners had more time to dedicate to crucial tasks. These kinds of things can lead to business growth in the short and long term.
If your business is lacking in the technology department, consider the systems that would make the most sense for your customers and staff. Chatbots and self-service technology streamline customer interactions, while sales and marketing software alleviate employee burdens. If your tech is outdated and not serving you, now’s the time for an upgrade!
4. Supply chain strategies will be needed
Small and large businesses alike were severely impacted by supply chain disruption, especially in the second half of 2021. Business owners learned quickly that new strategies were needed to keep supplies and inventory in stock.
In 2022, owners must reevaluate how they manage their supply chains and plan well in advance to avoid delays. Forging relationships with new vendors may also give you more options for sourcing products if one avenue hits a snag.
Trends in small business operation come and go, but one thing remains certain—small businesses need capital. Whether you’re launching a new venture or planning to invest in brand-new technology, Tenet Financial Group’s financing products can link you to the funding you need. Contact us today to learn how we can help your business stay successful in 2022.