covid19

Today, small business owners are having to juggle more issues than ever. These are some of the top considerations for this year to deliver on your goals and avoid the risks.

• Diversification is key

Diversification has been the buzzword of the pandemic. For good reason. Making sure you keep your ear to the ground and ready to pivot is still the key to success. With supply chains slowing, high fuel prices and geopolitical tensions, as well as staff absences due to COVID-19, running a business can be challenging. Getting off to a positive start by diversifying your operations in terms of revenue streams and customer segments means your business will still make money even if one aspect is lagging.

• Review your costs

Costs are rising. Make sure you plan for any price changes in 2022. With increasing prices for goods due to rising fuel prices or interest rates, consider making sure you have priced your services appropriately.

• Keep staff happy

Retaining staff in 2022 will be crucial. With the great resignation upon us, ensure you take the time to keep existing employees happy. Now could be a good time to discuss issues like flexible work, career progression, improvements to office culture, or promotions.

• Watch the politics – and the offerings

This is a big year for both state and federal elections. Keeping your ear to the ground is the key. Grants and new incentives for business are launched regularly – make sure you know about them and, if eligible, apply. In addition, it will be important to make sure you understand any new regulatory conditions.