We all have entered 2022 gratefully, we all have some relief that the markets are open and we are just coming out from the trauma of covid 19. Business owners faced great loss due to lockdown etc but now we all want to move on. In this blog, we will dive into the discussion regarding small business owners, who are making efforts to implement their new ideas. So do you know what small business owners are looking forward to in this New Year?
A known entrepreneur, Ramon Ray, who sold his two companies out of four looks into his crystal ball at the future for small business owners. He published his new book known as “Celebrity CEO – How Entrepreneurs can Thrive by Building Community and a Strong Personal Brand”.
According to Ramon, in 2021 the small business owners started to find it out and hit back in the pandemic. He also said that “for 2022, people are smarter when it comes to uncertainty. Working from home is now a standard; plus a record number of new businesses are getting started now.”
Factor Of Empathy In Profession
We are seeing the new issue of a labor shortage that is surprising for small businesses. Ramon also shares his thought that “people now hold the upper hand, especially in retail or service businesses and those paying minimum wage”. On the other hand, he thinks that many small businesses are paying more and offering jobs at the current moment. So he added that “employers need to become more empathetic that personal life is interrupting their employees’ business life.”
Factor Of Pandemic
For 2022, Ramon said that small business owners need to focus on listening and understanding the needs of customers with keeping the perspective of the pandemic in mind. Are they alarmed regarding COVID? Do they want your staff to be fully vaccinated? So the small business owners should slow down and read the room carefully before turning to the other factors.
Factor Of Inflation
You must have noticed that the inflation rate is increasing with each passing day. Therefore Ramon insists that small business owners are required to revise their prices; “customers will understand.” Thus he also believes that inflation may ease a bit in 2022, “once the price goes up, they will probably not go down.”
Small business owners should consider the supply chain issues more carefully by keeping more inventories (though this means more cash will be required in their business)
If you want to listen to the complete interview of Ramon to get an advantage of what small business owners should do then click here