Are you keen to know what are small business trends 2022? Then keep on reading this article.
In 2021, businesses are faced with significant transitions and are now looking forward to 2022. After a 14-month pandemic period, companies are now looking for a digital transformation that will continue their focus on the future. This will include applying the best of 2021’s lessons to become more agile.
Many small business owners are experiencing a decline in productivity as employers struggle to find workers. The government continues to spend insufficiently to prevent inflation from spiraling out of control. This is a severe threat. Many workers couldn’t work for much of the last 14 months.
We’ll discuss the top 7 Small Business Trends 2022 for small businesses in the coming year and how business owners can prepare for the future.
Purposeful Business
Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose and not just serve up profits to shareholders. Purpose defines why the organization exists.
Not what the organization is or what it does or for whom. Therefore, the purpose is different from the mission and vision. Importantly, a strong purpose has the promise of transformation or striving for something better be it a better world, a better way to do something, or whatever is important to your organization.
Rise Of Remote Work
Another important Aussie small businesses trend is the surge in remote work and freelancing. While these provide unique benefits such as flexible scheduling and forgoing a long commute, many who are operating outside of a traditional office space may face additional challenges, such as maintaining a work-life balance.
If you’re a small business that depends on freelancers and remote workers, there are several ways to keep the work environment professional while making your staff feel supported from afar.
Remember that you can still foster a strong sense of team motivation without sharing a physical space. Be sure to check in on your employees regularly using communication platforms such as Slack, Zoom, or Google Meets.
Remote work has many benefits, including:
- Workers can choose to live in areas with a lower cost-of-living;
- Employees are more productive when there is a less idle chat at the office;
- Employees have a better work/life balance when they spend less time driving.
Flexibility At Work Places
Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing and with the so-called small business trend around, leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.
Before the rise in demand for knowledge-based jobs, remote work was slow to grow. However, forward-thinking employers saw the potential for remote work to increase their access to new talent pools as the internet grew in speed and employment became more digital. This new trend raised the efficient employee management platforms.
Relying On Tech Support
Almost 71% of growing Australian SMBs have reported that their businesses are thriving despite the pandemic because of digitization.
In 2022, the uptake of cloud-based platforms and tools will multiply and as a result, the consumers and workers will continue to demand flexibility at their workplaces.
You need to invest resources into the platforms and channels with the greatest return.
Contactless Payments
The pandemic saw a huge increase in people paying for goods and services using online payments or mobile cash apps like Venmo, PayPal, and Zelle. It’s a trend that many believe will continue. So if your small business doesn’t currently offer this feature, it’s time to start investigating your options.
And whether you’re new to using cash apps or are a seasoned pro, you should be aware of a regulatory change on the horizon. From 1st Jan, the IRS will begin keeping a close eye on all business transactions of $600 or more made on cash apps.
This differs from earlier statutes, where the IRS only received notification when business transactions made on these platforms reached the $20,000 threshold. While it’s not a new tax, it will be more important than ever to keep accurate financial records.
Personalizing Customer Service
In 2022, it’s more important than ever to clearly define your target audience. Through understanding your customers’ behavior you’ll be better equipped to market your business or brand directly to them. Personalized customer service is about adapting services to the specific needs and wants of each of your clients.
Aussie businesses today do not want to be bombarded with too many options and prefer a personal touch instead, expecting more businesses to know precisely what they want. By taking a couple of simple steps, your business can offer personalized service, thus strengthening your customer engagement.
We know that fully engaged customers are 23% more likely than average customers to spend with your business, which may also help increase your long-term profit.
Growing an Online Community
Creating an online community of like-minded individuals can foster valuable connections around your brand. By sharing quality content about your field of expertise, from webinars to blogs, you’ll be able to establish yourself as an authority in your industry and gain the trust of your audience.
Webinars are professional classes, workshops or presentations delivered online, while continually engaging a larger audience. Other forms of video content you can create in a share include live streaming, a live Q&A, or an online course.
Another great way to support your community and keep it growing is by providing a forum where people can share and exchange ideas around your site. Creating a blog can also help solidify your voice in your field of business and continuously link you to your audience.
Small Aussie Businesses are beginning to perceive that business as usual is not the only option and in turn, have begun embracing change. They are changing the way they take businesses for granted.