2021 was a tumultuous year for us all. Very few small business owners selling products, whether online or in-store, managed to navigate the year without being affected in some way by the coronavirus pandemic.
Despite the struggles and changes, the world is learning to adapt to a new way of living and working. So, as we begin a new year with anticipation for all the excitement and challenges that lie ahead, there is no better time to adopt new strategies that will boost the success of your small business and help you sell more products in 2022.
In this article, we take a look at six strategies that your business can adopt to be more successful in 2022.
Re-evaluate Your Pricing Model
The New Year is one of the best times to reevaluate your pricing model and communicate any changes to your clients. Raising your prices on an annual basis, in line with inflation, is a widely accepted practice for all business owners and one that is particularly helpful for small business owners, helping to support sustainable growth.
If you have never followed a particular formula when costing your services, 2022 is the year to start. Your pricing model should take into account fixed costs and variable costs and should always be communicated clearly to your clients.
When sharing any changes to your pricing model, it is important to focus solely on the benefits this will provide others. The better it sounds, the more likely your clients are to pay.
Manage Your Cash Flow Effectively
Cash flow accounts for all money coming in and going out of your business. It goes without saying that in order for your business to succeed and grow, you need to be earning more than you are spending. Making sure your business continues to grow involves keeping its financial activity of in check. Stay on top of your finances and get the ultimate budgeting guide.
However, according to Business New Daily, “a recent study from Intuit found that 61% of small businesses around the world struggle with cash flow. Nearly one-third of those surveyed are unable to either pay vendors, pay pending loans or pay themselves or their employees due to cash flow issues.”
Learning how to manage your cash flow effectively will be essential for succeeding in 2022. Thanks to updates in technology, cash flow management is simpler than ever before. We recommend using online accounting systems such as Xero and payment platforms like PayPal to take control of your finances in 2022. Adopting the right technologies will streamline even the most complex aspects of your business and help you reach your financial goals in 2022.
Supercharge Your Productivity
Solopreneurs especially don’t have the luxury of delegating their work to other people. That means it’s crucial to have productivity tips and tools to keep business running smoothly. Not to mention, it will make it possible to find some downtime for yourself.
There are a couple of things you can start doing right away to be more productive. The first is to have one or two dedicated hours for your inbox each day. Don’t answer emails and messages when you’re supposed to be doing another task. Consider an email app on your desktop, rather than jumping back and forth from your phone and your computer.
The second is to find shortcuts that make repetitive tasks easier. That might mean you put together templates or checklists that make it easier to get started, rather than always contemplating your work from scratch. Or, it might mean outsourcing some of your work to give you a breather. Whatever you decide to do, invest in activities that give you more mental space to innovate, rather than put out fires.
Take Control of Your Business Marketing
“Marketing is one of the best and most sustainable ways to promote your brand in front of new audiences, boost your online authority, and win the loyalty of new customers in 2022,” says Maxine Bremner, Head of Content and Outreach at Hive19. “Often when small business owners hear the word ‘marketing’ the assumption is that it’s too big of a financial investment, when the reality is there are thousands of ways to achieve a return on marketing”.
Marketing your business doesn’t have to cost the earth. You can promote your brand for free using strategies such as guest posting, social media promotion, and creating a Google My Business account. Writing informative blog posts, creating infographics, and running competitions are also excellent ways to market your business to new audiences and potential customers.
If you want your business to succeed in 2022, your customers need to know it exists. According to Forbes, “in today’s world of constant connectivity, you must make sure you’re seen and heard. The most common reason that people do not buy your product is that they do not know about it yet.” Marketing helps your business be seen and it is one of the most important tools for ensuring business success over the long-term.
Utilize Plugins to Better Your Business
If you want your small business to reach new heights in 2022, it’s time to utilize plugins. Plugins expand on-site functionality, speed, and aesthetics (to name a few) so that you see an increase in conversions, customer engagement, and customer satisfaction.
POWR plugins will help your small businesses:
- Boost conversions online - motivating visitors to make a purchase
- Attract followers - increasing brand loyalty across social media
- Collect information - gaining insight into your customers' preferences and pain points
- Support customers - making it easy for your target consumer to contact you
- Engage visitors - improving the time visitors spend on your site
POWR is the ultimate supplier of exceptional plugins and through their service, we have helped over 8 million businesses grow. POWR helps you navigate the often complicated world of plugins, advising on the best plugins for your business. If you want to take your website to the next level in 2022, you need to invest in top-quality plugins.
Reach Out for Support
Running a small business certainly isn’t a walk in the park. It requires a huge amount of hard work and determination to get an idea off the ground and transform it into something profitable and successful. Running a small business also requires practical, financial, and emotional support. Asking for help when you need it will go a long way towards business success in 2022.
Reach out to business owners you admire and ask for their mentorship, request financial support from friends and family or apply for a small business loan, and seek emotional support from your friends and loved ones.
Receiving the right support when you need it will play a huge part in the success of your small business this year. It will help you keep going when the going gets tough and will help you navigate the business world with wisdom, despite the challenges that may lie ahead.
Invest in Green Infrastructure
Your customers care about the environment and they want you to care about it, too. In fact, according to research, “many consumers believe brands bear as much responsibility for positive change as governments.” So, if you want your company to succeed in 2022 it’s time to invest in green infrastructure.
Investing in green infrastructure is one of the best ways to future-proof your business in an increasingly sustainable and planet-conscious world. By investing in green infrastructure you not only future-proof your business and gain the loyalty of your customers, but you greatly increase your reputation in a competitive market. If you want your small business to succeed in 2022, it’s time to go green.
The coronavirus pandemic has, perhaps forever, changed the way we do business. As a small business owner, it’s easy to feel overwhelmed by the challenges of 2021 and give in to the temptation to quit.
However, 2022 holds a lot of promise and if you take the time to learn from the mistakes and challenges of the past year and apply what you have learned, you could take great strides towards success in 2022.
We hope the strategies in this article will help you on your way and we wish you the best of luck for 2022!