“The biggest risk is not taking any risk… in a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking any risks” – Mark Zuckerberg
“Paying dues”, “taking class” – learning lessons. Whatever anyone wants to call it, this year has given business people a masterclass in perseverance and fortitude. Even though everyone understands and accepts that the business environment is constantly changing and learning how to adapt is crucial to survival.
Those lessons usually come in doses which, at the time of their dispensing, can seem sudden and insurmountable, but nothing – nothing in the history of our generation has given us quite the opportunities to learn and rise as the past two years have.
The only constant is change, sure – but what does that mean going forward into a new year that has never looked more uncertain? To think, we all thought the crash of 2008 was going to be this century’s economic deciding factor. Yet, as business people, our success is not just our own, because we employ more people collectively than our corporate counterparts, and when we thrive the entire North American economy thrives too. So if you’re feeling battle-weary and contemplating what your future holds for you, read on because, despite the boatloads of angst, worry, and doubt that have been the hallmarks of the last couple of years, there is a massive upsurge in positive energy sweeping the global economy and if you know how to see it and are prepared to make the changes you need to, 2022 could be a defining year for you yet.
First, let’s recap the past year.
2021 was supposed to be the year that everything turned around. We all took a collective sigh of relief at the end of 2020 saying good riddance to the year never was. All signs were that while Covid would be a reality for the upcoming year, there green shoots all over the economy, not just in North America but in the European Union and around the globe as well. Business had risen to the challenge of a new working environment and workers enjoyed the biggest dose of home-work balance possibly ever.
The indomitable human spirit delivered yet again, and creativity was unleashed in thrilling new ways as entrepreneurs delivered solutions to the market as diverse new challenges presented themselves as we began to understand the implications of lockdowns and movement restrictions. We may have navigated these new spaces a little too well because along with discovering this new working from home lifestyle, came the great resignation.
When looking back, it can be tempting to think that moving forward is going to be no different and in truth, in many ways, it probably won’t be – at least not in the ways you may think. Because even though CEOs and business leaders all agree that we’re stuck with Covid for quite some time, the massive changes that have taken place over the past year, are already defining the way we see ourselves in the future. Remember to use the tools available to you while striving for your place in the new year.
WHAT’S GOING TO BE GOOD ABOUT 2022
The US Bureau of Labor Statistics says:
“From 2012–2022, BLS expects GDP to grow at a rate of 2.6 percent per year, reaching $17.6 trillion in the target year of the projections. The unemployment rate is projected to gradually decrease to 5.4 percent, accompanied by a gain in household employment of 12.3 million jobs.”
That is a lot of economic activity, it’s certainly not nothing. The economies in both the United States and Canada are highly integrated and it’s fairly safe to say that what happens on one side of the border, will happen in way shape, or form on the other.
SO WHAT DOES THIS MEAN FOR BUSINESS OWNERS?
We can’t tell you what you need to do to take advantage of this new upwardly mobile economy, you’ll have to figure that out. But, we can give you an idea of what the rising trends are that are ultimately going to govern your daily operations as a small to medium-sized business.
Your employees are your new #1:
In line with the great resignation is the understanding that employees are no longer an expendable resource (not that they should’ve been anyway), but now more than ever it has become absolutely necessary to keep and reward your top performers adequately. If you’re not going to, someone else will.
You have to allow for remote working:
This is the new normal and it doesn’t just make sense for your works either, it makes sense for you. Office sharing and “hot desking” are the way forward for small businesses and all data indicates that when workers have greater autonomy over their lives, they lean towards being more productive, more creative and are willing to work harder too. Plus, we have all learned that for many of us, workers are necessary – offices, may not be.
Getting to grips with your finances:
Unnecessary spending and tighter controls on “expenses” are going to make the difference between bonuses next year this time or not – and it’s not just your accountant that’s keeping an eye on how good a steward you are of your finances. Workers are more vocal about company expenditure on unnecessary pursuits than ever before and with the constant social media police force doing the round, be careful. Money must be managed correctly so get good service if you need it, good bookkeepers are worth their weight in gold.
No one wants their dirty laundry aired in public and when new whistleblower protections are factored into the equation, well we don’t really need to complete that sentence.
Using social media experts:
If you didn’t know it yet, then you need to know everything about it now. Social media marketing and influencers are indispensable if your business wants to remain relevant and attractive to this generation. A solid, robust, and quality online presence instantly elevates your brand and gives it credibility.
There is no easy way around it, to take advantage of new opportunities you simply have to be prepared to change and evolve, so appreciate that you know better now, because you’ve been challenged and because you’ve experienced tough times, that knowledge is worth gold. So take stock of this year, the good and the bad, and use all of that experience going forward for you, not against.