It’s an exciting time to be running a business. For those entrepreneurs that have demonstrated flexibility and responsiveness to the needs of their customers, you’ve likely changed up your daily operations in ways that surprise even you.
Guess what? Change isn’t over yet!
Savvy business owners know that change is a constant, and that the ability to adapt will put you head and shoulders above your competition. Studying the market, knowing what your customers’ needs are, and being able to deliver what people need will be your keys to lasting success and growth. While you’re doing some digging, keep an eye on these up-and-coming business trends for 2022:
You can take advantage of new lending programs related to COVID-19 if you have small business needs such as new equipment, additional money for inventory, etc. Make sure that you’ll have consistent revenue coming in to pay these new expenses off, or you’ll find yourself in additional debt that may throw you off course.
Paycheck protection programs will boost small business productivity. The economic impacts of the recent pandemic have been significant, and many businesses need to reinforce cash reserves. A national stimulus bill including funding for Paycheck Protection programs has been implemented, allowing business owners to receive a boost of positive cash flow that may be eligible for forgiveness later. Keep an eye on this one, as there are exciting opportunities ahead for those who wish to take advantage of them.
Alternative sources of funding are rising to the surface for those business owners who may not be eligible for federal “loans.” Many businesses that incurred significant losses during the pandemic have had to think outside the box, procuring money from grants, venture capital, angel investors, and crowdfunding to make ends meet. The good news is, the more creatively you can think about raising funds for your business, the more likely you'll find untapped sources of capital that others have not depleted yet. Get out there and start some digging!
Marketing changes are afoot as we have all turned “inward” to make the world go round. As we settled into our comfy, cozy home offices to weather the pandemic storm, we relied on digital media marketing to bring customers to us. Spending on social media marketing is likely to increase, with expected increases in spending by almost as much as 15 percent. While social media marketing is relatively easy to implement, its use is becoming increasingly more competitive, with innovative ways to engage customers evolving continually. If you are not particularly savvy with a computer or website, consider employing the services of a professional digital marketing company. The upfront expenses will pay for itself in dividends as you reach new potential customers daily.
Tech changes are a given, as the pandemic has forced our technology proficiency to improve and evolve. Augmented and virtual reality play well together as they allow us to experience the best of both worlds. Networking events and trade shows can now be experienced virtually. With small businesses considering the use of both technologies to stand above their competition, it’s anyone’s guess how far this evolution will go.
A boost in the federally recognized minimum wage will be a game-changer for employees and businesses alike. With a significant hike from $7.25 to nearly $15.00, there will have to be a little bit of stimulus money coming your way to pay the qualified clientele who are bound to be bursting through your doors in anticipation of a mutually beneficial relationship.
Don’t forget! We’re innovating as well!
MaxGroup Business Solutions is committed to your success, just like you are! Our professional staff is on the cutting edge of industry and business trends, and we will do what it takes to help you and your business succeed. Take advantage of our knowledge and passion for business; partner with us today! Visit www.maxgroupbusiness.com for more information.