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Best Business Strategy in 2022
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[QUOTE="Mellorando, post: 206316, member: 37973"] 2021 has been a year of rapid transformation across all industries as the country has dealt with shifting political and economic climates, as well as mitigating hot-button issues such as climate change. In a year filled with change, there are some trends making their way into the new year that you and your business should keep an eye out for. To lead your business in the right direction as we head into 2022, here are small business growth strategies entrepreneurs recommend. 1.Educate client partners on new paradigms: It’s important to inform your clients and partners about changes you’re making to better benefit your business across a shifting economic landscape. If the changes don’t land, it may be time to consider other options, said Larry Kidd, president and CEO of hire. “Our company is in the talent business and [is] painfully aware how much the talent pool has changed,” said Kidd. “We are working with our client partners to educate them on the new management styles, increased compensation packages and other aspects of recruitment and retention.” 2 .Prepare for potential contracting opportunities with state and federal governments: The Census Bureau reported this past June that there were more than 4.4 million new U.S. businesses created in 2020, the highest total on record. While business creation has soared, data is showing that a large number of companies have left the state and federal government markets. “The Department of Defense outlined at a recent conference that between 43% and 60% of the small business industrial base is no longer in the federal space,” said Padma Vatsavai, CEO at Vinformatix. “The impact [on] the small business community is due to quite a few changes in state, local and federal acquisition. “Strategic sourcing and category management are the name of the day,” Vatsavai added. “[We’re focused on] building a strong programmatic teaming strategy so that the company can prime or sub any opportunity.” 3. Get creative on sales and marketing opportunities: The digital marketing landscape has become increasingly challenging due to congestion and evolving regulations, said Joe Shamess, owner of Flags of Valor. “This is forcing many traditionally digital companies to explore other sales channels and marketing strategies,” he said. To mitigate these challenges, Shamess said his company is getting creative with its selling methods by expanding its national retail sales channel for select products and growing the company’s Amazon sales channel for its full product catalog. [/QUOTE]
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