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Business + Management: Marty Mcghie

3 Challenges That Business Owners Must Prepare for in 2022

Let them serve as inspiration to make an effective plan for the year ahead.

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IS ANYONE ELSE A little bit shocked that we find ourselves preparing to roll into 2022? Sure, in some ways, 2021 felt like a very drawn out and challenging year to manage, but for the most part it seems to have flown by. In anticipation of ushering in 2022 and all the excitement and/or anxiety that may accompany that, here are three things pertaining to your business that are on my mind.

1. Employment.

This is a big one. The challenge of finding quality employees, convincing them to join your organization, and keeping them, is here to stay for the foreseeable future. There are hundreds of articles and thousands of opinions as to why we find ourselves in the most difficult labor market in decades, but frankly none of that really matters. What matters is how you are going to deal with it. Tackling your employment challenges will require your top-notch creativity when it comes to recruiting and an incredibly high level of persistence and patience when interviewing and selecting candidates. If, and when, employees actually join your company (unfortunately you’re not the only one having candidates go through the interview process, accept the job, and then never show up) you’ll need to do your very best at cultivating a culture where they desire to stay. 2022 will continue to be a year of employment challenges for all of us.

2. Supply Chain.

Call it a prolonged effect of COVID-19 or the results of the aforementioned labor shortage, but supply chain issues will continue to be a significant problem for virtually all companies in 2022. Whether you’re trying to secure new products to offer or simply struggling to keep your current materials in stock, you’ll undoubtedly continue to encounter supply chain challenges. As is the case with your employment woes, you need to think outside of the box here. Perhaps your inventory “mins and maxes” need to be thrown out the window. If you’re heavily reliant upon a few critical items required to provide your customers with their products, you should consider stocking them at much higher levels. If space is your limitation to increased inventory, then rent a cheap warehouse or storage unit. Those costs will surely outweigh the consequences of running out of materials. Managing your supply chain will likely require a different type of strategy as you maneuver through 2022.

3. Customer Care.

Ensuring our customers get the highest level of service is always on my mind, no matter the year. Now more than ever our customers ask for the best from us. Let’s all agree they demand and actually deserve both high-quality service and great prices. With the competitive landscape as it is, gone are the days where customers are willing to pay premium prices for high-quality service. If your 2022 customer strategic plan doesn’t include both service and competitive pricing as the key foundations, then you need to rethink the plan. After all, there are plenty of your competitors who are willing to provide quality service and great prices to your customers. And while your focus should consistently be on your top clients, make sure you balance your marketing plan to always include the securing of new customers to sustain healthy growth.

You may have other challenges weighing on your mind that are different from mine. These three just happen to be on the top of my list. Let this be motivation for you to put together an effective business plan that will help you have the greatest success possible in 2022.

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Marty Mcghie is CEO/partner of Signs.com, an online provider of custom signage based in Sale Lake City. You can email him at . marty@signs.com.

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