The last few years have been unlike any other in our lifetimes and have caused a large amount of changes in a short timeframe. As we close out 2021 and enter 2022, it’s the perfect time to reflect on what we’ve learned, what’s happening now, and what we want to accomplish in the next 12 months. Your Favorite Orange County Bookkeeper is here with several things to consider.
Year in Review: Celebrate Your Successes
Make some time to review what you have completed in 2021. You’ve likely learned and accomplished more than you think. Compare your status on January 1, 2021 with today, and celebrate the changes you’ve made and projects you’ve finished.
Consider Changes: Monetize These Trends
Several trends will continue from 2021 into 2022 and beyond. Consider how you can use these trends to help growth and monetization of your business:
● The shift to remote work is likely to continue, especially in industries such as financial services and technology, where the work is delivered digitally. Hiring virtual workers gives employers access to a larger talent pool as well. Could offering remote work help reduce expenses such as overhead costs?
● Expanding your online presence, including ecommerce, is only becoming more paramount. Most businesses spent more time improving the online interface between company and customers as more customers clamored for increased online purchasing, delivery, and curbside pickup. Some brick-and-mortar businesses adapted their business model to develop new digital services, enhancing their current product line. How sophisticated is your online presence?
● Accelerated automation using artificial intelligence is continuing to move through the technology adoption curve. Can your business benefit from implementing AI-driven tech solutions? If not AI specifically, are there other technologies that your business should consider?
● Diversity initiatives will continue to be important in 2022 and beyond. Are your
workplace practices inclusive for all the employees and customers you serve?
● Workforce demographics are finally changing. More young people are working in 2021 compared to pre-pandemic numbers, while workers over 50 are retiring at a faster-than-normal rate. Millennials are starting businesses in large numbers, and one statistic shows that 80 percent of those businesses are profitable. How does this shift in demographics affect your industry and business practices?
● Staffing struggles are real in many industries. Many business owners who can no longer find employees have had to resort to outsourcing, contract, part-time, virtual, and many other capacity options to keep their businesses afloat. Are staffing troubles affecting your business? If your business is involved in B2B transactions, how does this affect your customers?
● Social responsibility has been prioritized by Millennials and members of Gen Z, making business owners ask how they can do their part in their businesses. What kinds of benefits can your business provide to your community?
● Life-goal realignment is something that has swept the world as people experience a wake-up call because of the pandemic. The search for purpose and meaning is one of many side effects of this trend. How is this trend is affecting your customers and employees?
Looking Forward: Set 2022 Goals
The turn of a new year is an opportune time to address problems, modify business practices, and create companywide changes to enhance your business. Think about how you can incorporate the trends above with the personal and business successes you’d like to complete by the end of 2022.
Make your list, then schedule milestones on your calendar so you can track your progress. Above all, Your Favorite Orange County Bookkeeper at Team One Accounting wishes you a Happy New Year in 2022!