Here we are January 2022. If youre still in business congratulations. Youve just finished two years like no other in business history. Not just in the US but worldwide.
Usually at the beginning of normal years we start with a review of how things went last year. What stats do you want to start 2022with?
Lockdowns, employee shortages, supply line disruptions, constantly changing regulations and guidelines that go in and out of court like a revolving door. Pretty hard to find calm waters in that roaringocean.
Is there any hope to have a modicum of success in the coming year based on recent history? Lets explore someoptions.
Step One: Your Accountant
Good accountants are worth their weight in gold. They can often spot red flags business owners are too busy tosee.
Sit down with your CPA or bookkeeper and try to find the good bad and ugly of the past two years. What worked what didnt? What was internal vs. external? What did you control and what was beyond yourcontrol?
Are there any positive trends month over month or year over year? Since the future is still in doubt smart planning is crucial to yoursuccess.
Step Two: Intellectual Property and Legal Protections
Mandates are hard on a business. Federal and local inoculation mandates are working their way through thecourts.
Are you going to have to ask customers for their papers? Find out where you stand with all these changing rules and regulations.
Step Three: The Employment Picture
Covid has caused and epidemic of people quitting their jobs. Not to stop working but to move on to something more satisfying. What kind of business do yourun?
Are there speed bumps at the back door to slow employees getting out at quitting time? Or do you have a stack of employment apps because you have the kind of business everyone wants to workfor?
Are your employees just mirror foggers or do you treat them with respect and value their work? In the current employment market people are moving for more money and even more for better working conditions. There are Now Hiring signs everywhere.
Take an honest review of your management style.
Step Four: Your TargetMarket
Over the past two years many customers have revised their shopping norms. People are shopping more online than ever before. Despite Covid online Christmas sales hit an all timehigh.
Inflation has also caused a reevaluation of lifestyle for many customers. This would be the ideal time to take stock and really do a deep dive into who your ideal customer reallyis.
Step Five: Marketing and Advertising
Bayer Aspirin, Excedrin, Aleve, Advil, and Tylenol are all pain relivers that do basically the same thing. How are they marketed and advertised?
They make a feature a benefit to that person buying it. Bayer Aspirin for heart attacks, Excedrin is the Headache Medicine, Aleve two tablets last 12 hours, Advil fever reducer, Tylenol Aspirinfree.
Theres no hard and fast rule that if you have a headache your only choice is Excedrin. Marketing and advertising would disagree.
Review your marketing and advertising. Can your redirect your ads to reach more of your targetmarket.
Some FinalThoughts
If business was easy everyone would be doing it. Doing it well is making a lot of mistakes once. Explore all the signposts along theway.
Get the best advice you can. Hopefully these suggestions will help make 2022 a breakthrough year for your business.
Take a look at Tom Egelhoffs Best Selling Small Business book, How to Market, Advertise and Promote Your Business or Service in Your Own Backyard.
Toms New YouTube Channel??The Art of Learning Small TownBusiness
Listen in on Toms weekly Saturday radio show 8 am to 11am Mountain Time Open For Business on AM 1450 KMMS Radio, Bozeman. kmmsam.com Click ListenLive.
How to Not Screw Up Your 2022 Business Future was originally published in Startup Stash on Medium, where people are continuing the conversation by highlighting and responding to this story.
