small business - Nicholas Fainlight | Business Development Associate, Hartford, CT

This year has come and gone in an instant. Now that 2022 is almost here, many businesses are ready for a fresh start and some new trends. As the new year begins, it’s time to look back at the various business trends that happened in 2021 and what will emerge next year. Most of these are likely staying around for at least another year or more.

E-commerce Will Continue To Thrive

E-commerce is a great way to start a business without having to open a storefront.

E-commerce is becoming more prevalent as businesses look to expand their operations. It allows them to connect with their customers wherever they are and without them having to go to a physical store. Many of the trends that emerged during the pandemic were related to how businesses would adapt to survive.

Remote Work Will Stick Around

Remote work is here to stay. It’s still very much alive and well, and it has plenty of advantages for employers. In the last year and a half, the pandemic wiped out half of the workforce. In 2021, around half of employees worked from home due to the pandemic.

Communication Applications Will Gain Importance

Communication tools and apps can help a company’s employees work remotely with ease. A good communication strategy is a must if you want to make your work life more productive. It can help avoid poor collaborations and even workplace drama.

Cashless Payments Will Become Standard

Cash used to be king. But, in recent years, a new trend has emerged where people are using electronic payments instead. As technology advances, more businesses will be able to accept cashless payment methods. This means that you may no longer be able to rely on traditional methods to satisfy your customers.

More Virtual Events Will Be Held

If you’re planning on holding an event in 2022, chances are that it will be held virtually. Or, at least, slightly online. As for virtual events, it is predicted that they will become a hot trend in 2022 because of Covid. Not only are they cheaper than traditional events, but they can also help expand a company’s reach.

Video Marketing Will Expand

One of the most significant changes in the way marketing is done is the rise of video marketing. It’s a trend that will continue to dominate the industry for the next year or two. Video marketing is a great way for businesses to get noticed and grow. It’s full of perks and opportunities for owners.

Every new startup faces risks of failure, but, as an entrepreneur, it’s up to you to minimize those risks as much as possible. One way you can do this is by taking the time to understand why startups do fail. In doing so, you can take steps to avoid those common pitfalls.

Failing to Fulfill a Need
While your product might be fascinating or utilize the latest technological advances, it will gather dust on shelves if it’s not fulfilling a need. Products that solve problems in new and more efficient ways are the ones that attract consumers. Your goal should be to convince consumers that they can’t live without your product.

Failing at Providing Good Customer Service
Another weakness of new entrepreneurs is failing to recognize the importance of providing good customer service. In today’s digital world, customer experiences are instantly shared and consumed online. This creates a force for developing brand reputations over which businesses seemingly have no control. In fact, your only control over your business’ reputation is in how you promote customer satisfaction.

Failing to Hire the Right People
You can’t be present for every interaction each consumer has with your business. Instead, your own employees will collectively become the face of your business. Employees that seem uninterested or rude will lead to customer dissatisfaction and fewer consumers will visit your business. Your goal should be to hire individuals with a passion for your products or for the field of interest your business operates within. Additionally, they should be knowledgeable about your industry and passionate about performing well in their jobs.

Failing to Generate Capital
From the moment you launch your business, you’ll have to create a cycle of growth and reinvestment. This requires generating enough capital on a continuous basis to provide you with surplus cash to invest back into your business. Whether the capital is used for marketing, enhancing the business, or meeting growing customer demands, you should continue to reinvest in your business. If you’re not generating the capital to meet these demands, your business will likely fail in a very short time.

While addressing these issues won’t guarantee success, your actions can increase your chances for success. In addition to avoiding these common mistakes, you must also dedicate yourself to succeeding. While talent will take you far, perseverance has the power to take you all of the way.

Nicholas Fainlight is an aspiring finance professional.

Tag: small business

2022 Small Business Trends to Watch for