What's Your Business Growth Strategy for 2022
Posted on 4th January 2022
Whatever your business growth strategy was in 2021, you probably had to change it as the year progressed. You might feel it isn’t worth investing time and energy in a strategy for 2022, but it’s never been more important. Whatever happens, you can maintain your competitive advantage with a well-planned strategy that has in-built flexibility.
Here are some things you can include that will help to keep you focussed and on track in 2022.
Cope With Covid
Nobody can control what will happen with the covid virus but that doesn’t mean you should ignore it, hide from it, or stop planning for the future. Certainly, customers, investors and suppliers will all be concerned about the possible impact of further waves of infection and lengthy lockdowns. You can give them confidence by showing them that you have a plan.
There aren’t any reliable trends or experts who know how to respond to the possible risks, so you will have to rely on your own expert knowledge of your business sector. Think about your customers and how you can meet their needs, even if travel and face to face contact aren’t possible. You might find that it will make sense for your business to make changes that mean you continue to work remotely, whatever happens.
If you must make deliveries, what measures can you put in place now to minimise contact and keep people safe? Your answer might be more cost-effective than your current approach. If you must go to your customers’ premises or your teams need to work together in person, what can you do to minimise risks in the future?
Take the necessary steps to make your employees and customers feel safe and protected, and make sure you tell everyone about it.
Be Dynamically Digital
Many businesses were already taking advantage of new technology and cloud-based solutions before the pandemic. If you haven’t already started the process of digital transformation you will need to include it in your strategy because the pace of change is faster than ever and you can be sure your competitors will be adopting new approaches.
Remote or hybrid working, virtual communication and ecommerce are just the beginning. You will need to check every part of your business to see how you can improve customer service and become more efficient using technology. You will need to embrace it in your strategy because this trend certainly isn’t going away.
Be Realistic In Your Forecasts
Hope for the best and plan for the worst will need to be your mantra this year. While the economic downturn predicted in 2020 wasn’t as severe as expected, the predictions for growth might not materialise.
Now is the time to talk with your bookkeeper and accountant about the impact of different financial events:
• If your business grows do you have the employees, equipment and lines of credit available to meet demand?
• If you need trained and qualified team members, have you got the right mix?
• Will your employee benefits and working conditions attract the right people?
• What are the risks of small or significant downturns in business because of materials or skills shortages?
• What measures can you put in place to minimise the risks?
You will need to keep a close eye on progress so make sure you have useful financial reports that will tell you what you need to know about how your business is performing.
Take Social Seriously
Increasingly businesses are using social media platforms as strategic sales channels or as tools to build brand and reputation. However, many haven’t yet started to explore these options.
Choose your channels carefully, treat them professionally, make sure your content is tailored to your audience and monitor and respond to comments and messages.
If you are already selling products online via your website, try selling some of the most popular items in a Facebook or Instagram shop to gauge interest.
If you would like help and advice to build your business strategy for 2022 Andromeda’s Pegasus Business Boost Program could help.
Please get in touch to find out more.
Until next time ...
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