Getting fit for 2022? Don’t forget your business…
For most people the start of a new calendar year is usually focused around aiming for personal goals. Family, fitness and financial resolutions are the most popular aspects people like to switch their attention to at this time of year.
For the entrepreneur, these plans are commonly backed up with a raft of positive new intentions for their business.
Despite the threat of Covid-related restrictions being omnipresent and the economy still not quite moving along at full power, it makes sense to be optimistic and proactive with your business during 2022. With that in mind, we’ve put together a list of the top five things entrepreneurs should be focusing on whilst they’re running on the treadmill, the road or cycling on their Peloton…
SALES
Winning new business isn’t easy. But it simply has to be done in whatever market you operate in. Without new business coming in, you’re never going to grow. In our experience, we are increasingly finding that businesses are more interested in recruiting sales people who have engaging personalities and emotional intelligence rather than ‘old school pushy’ sales people. Sales staff are on the frontline of your business and it’s essential to select them wisely. If you do the sales yourself – then make sure you don’t focus all your effort on new business and neglect your existing clients or customers.
MARKETING
Standing out from the crowd will be more essential in 2022 than ever before. More new businesses are being launched every single day as people spot new opportunities to exploit the weaknesses of others who have been found wanting during the pandemic. Make 2022 the year that your business becomes highly visible – and therefore widely known in your marketplace. Make sure you position your business appropriately and get known for one thing in particular. Our very own ‘accountants for entrepreneurs’ mantra is a good example of this!
PEOPLE
Media headlines are all about the number of job vacancies being at the highest level in modern history. It can be tempting to think that it’s easy to find the right people to help you grow your business.
The reality, as every entrepreneur knows, is that it’s often incredibly challenging to find brilliant people who will help you take your business forward. This is especially true if you are a SME and there’s a major emphasis on personality and client/customer-facing service. Don’t lower your standards by recruiting in haste at the start of the year. Hold out for the right people and you will see the rewards over the long term.
INNOVATION
Don’t stand still. Continual improvement of systems, processes and behaviours within your business is hugely important if you’re going to succeed in 2022. Realistically that looks like an investment in new technology, new products or new services. If you don’t innovate – you can be sure that your competitors will…and they’ll reap the rewards of evolution faster than you.
(RE) FINANCING
Cash is king…but the last 18 months has tested the patience of even the most prudent Finance Director! The combination of repaying Government-supported loans, overdraft facilities, commercial loans and reduced sales will hit hard in 2022.
Sitting down with your accountant or relationship manager at your bank should be high on the agenda in Q1 of 2022, especially if you’ve got expansion plans. You’ll need to make sure you have the financial capacity to support your business plan during the year.
It makes sense to review your accountants each year. Speak to Murray Patt on (0161) 980 8788 or email murray@alexanderknightaccountants.co.uk for a confidential chat about moving your business to Alexander Knight & Co.
