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Tips to Making Your Business Thrive in 2022
September 29, 2021
TABLE OF CONTENTS
- What Challenges are Businesses Facing in 2021?
- Competing Priorities
- Poor Leverage of Time And Resources
- Incomplete Employee Acquisition & Retention Plans
- What Does The Landscape Look Like For Businesses Heading In 2022?
- Risk & Uncertainty
- Cash Flow Considerations
- Increased Emphasis On Digital Experience
- Increased Focus On Niche
- Business Decisions are Not Made In a Vacuum– Everything Is Connected
- SPLI - The Partner You Need To Thrive Now And In The Future
2020 was historic. In many ways, 2021 has been too.
The business owners we come alongside are resilient. They have found ways to adapt, pivot, and adjust over the past 18 months to ensure their customers and teams are served well. That doesn't mean that this past season has come without challenges though.
So what does a thriving, sustainable business look like in 2022? Let’s paint a picture of that success in light of everything we’ve all experienced.
In a post-COVID world, businesses must navigate high levels of uncertainty as they traverse a brand new landscape.
More so than ever, business owners feel pressure to demonstrate flexibility, exceptional organizational skills, and the ability to implement a solid strategic plan with the help of loyal, enthusiastic employees.
And, as always, innovation will play a huge role as companies find new ways to adapt to a changing world and identify fresh opportunities for growth.
What Challenges are Businesses Facing in 2021?
Business owners often find themselves spending so much time working in their business, addressing everything from supply shortages to employee acquisition and retention, that they cannot devote the needed time to work on their business.
Operational and administrative functions play a vital role in every business, but these areas can also steal focus from other crucial functions like completing work or sales and marketing, which keeps your bottom line robust.
Having competing priorities is a natural occurrence for every business owner, which is why it’s so important to have a strategic plan in place for how to accommodate growth as you scale.
Poor Leverage of Time And Resources
When you and your team spend most of your time on necessary but non-revenue-generating operational and administrative tasks, you don’t have the time (or energy) to spend on completing work that boosts your bottom line or talking to prospective customers which will bring more sales through the door.
Moving into 2022 and beyond, the business leaders who thrive are the ones who successfully leverage their time and resources for the benefit of the entire company.
Incomplete Employee Acquisition & Retention Plans
You have likely seen more signs and ads for job openings in the past year than any other time in recent memory. Companies are vying to attract and retain top talent in ways they have never had to do before. The leaders who thrive in this market are the ones who have a plan in place to support employees and make them feel valued. In our experience, offering a comprehensive benefits program is one proven way to find and keep those team members. Plus, retaining those employees can save businesses from major productivity losses and hidden turnover costs.
What Does The Landscape Look Like For Businesses Heading Into 2022?
Risk & Uncertainty
In 2022, businesses will need to account for heightened risk and prolonged uncertainty. Companies will need to closely examine their approach to exposure and consider including a partner to help facilitate risk management so they can invest in higher-value/higher-return activities.
Working with local officials and government entities has also brought on bigger delays as they struggle to keep up with the competing demands placed on their offices. This puts even more pressure on business leaders to adapt and create a strategic plan to thrive even amid those possible delays.
Cash Flow Considerations
Healthy cash flow is the lifeline of any business.
Now and moving into 2022, business owners will need to find new and creative ways to preserve cash flow. The businesses with a healthy reserve heading into the pandemic faced a completely different set of challenges from those who came in “paycheck to paycheck.”
No business leader wants internal or external circumstances to push them into survival mode. Finding ways to stay cash flow positive, like adopting pay-as-you-go models for some services, can help them avoid high-percentage down payments and upfront costs that eat away at the reserve they have worked so hard to build.
Increased Emphasis On Digital Experience
Business owners have to be willing to try new technologies and methodologies as they grow their bottom line. From having an effective online marketing strategy to managing internal operational and administrative functions, digital is the way of the future.
For example, we offer businesses the chance to choose a suite of digital and traditional tools to help them facilitate elements like payroll, workers’ comp, and benefits administration. Staying available on multiple mediums like phone and our online portal allow us to meet client needs in relevant ways.
Increased Focus On Niche
It’s cliche, but true, that there are riches in the niches.
More and more, businesses will have to ‘niche down’ and partner with outside experts to direct resources towards core activities. The leader who is a jack-of-all-trades doing everything for their business doesn’t scale now, and it certainly won’t in 2022.
For example: if you are the best flat roofing contractor in your community, doubling down on your skills, abilities, and core functions (without the constraint of the laborious administrative functions) will bring a significant return on that investment.
In the end, it’s more cost-effective -- and less painful -- to do what you do best and leverage the abilities of experts to do the rest.
Business Decisions are Not Made In a Vacuum– Everything Is Connected
More than ever before, executives and owners need to remember that business decisions affect all other areas of their company. Sales and marketing impact the kind of customers you land, and delivering on expectations brings in much-needed referrals and revenue.
The organizations that thrive in 2022 are the ones who understand the power of streamlining their efforts and surrounding themselves with staff and strategic partners who help them deliver great results.
SPLI - The Partner You Need To Thrive Now And In The Future
Agile business owners don’t try to do it all themselves. Deciding to hire the experts frees up internal resources and allows your team the time and space to do what they were hired to do.
Thriving businesses in 2022 will look for strategic partners, like PEOs, to remove the burden of workers’ compensation coverage, payroll administration, and other core administrative functions.
SouthEast Personnel Leasing is your trusted partner that offers expertise in four major areas of administration:
We help our clients:
- Attract and retain the best talent with our complete suite of employee benefits from 401(k) to health insurance to prescription discount programs.
- Cover leased employees through A Rated workers’ compensation carriers.
- Delegate time-consuming payroll functions to experts who are current on the most recent tax code and compliance regulations
- Manage risk by lowering workers’ compensation costs with an aggressive claims management approach, fast claims reporting and light-duty return to work program.
When each of these areas are facilitated for you by a team of experts, your whole company thrives.
Interested in seeing the 5 benefits to bundling workers’ compensation coverage and payroll ADMINISTRATION?
Get the infographic and understand the value of coupling these two functions together.