How to set up your small business for success in 2022

The start of 2022 is the perfect time to take stock of your business, set some goals for the year ahead, and see howyour performance over the past 12months compared to expectations so you canmake any necessary changes. To help you achieve this, we’ve created the following guidewith all the key elements of a solid business strategy. If you think strategic planning is only for big businesses, think again. Even small businesses will benefit fromhaving a clear idea of their top priorities to ensure they continue tomake progress towards their long- termgoals and don’t get side-tracked by unexpected crises. Research shows that grow 30% faster than companies that don’t. But before you start sketching out a roadmap for the next 12 months, it’s a good idea to think about what a business strategy is and what it isn’t. companies that plan

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 Start your sustainability journey

Given the financial stress of running a small business, it’s easy for an issue like sustainability to get pushed to the back burner. But if beingmore environmentally friendly is important to you, then it should be part of your business strategy for the coming year. Why not make a commitment to offset your carbon footprint this year? This will involve auditing your business to determine your total carbon footprint, and then partneringwith a third-party provider to plant trees on your behalf. It will take a fair amount of administration, and you’ll want tomake sure you can afford the added cost, but it will send a strongmessage to your customers that you’re serious about sustainability.

 Improve employee engagement

Staff turnover costs businesses an estimated . In a tight labour market like the onewe’re in now, you should do everything you can to retain your current staff, so improving employee engagement is a great goal for 2022. $3.8 billion in lost productivity annually This may involve reviewing your leave policies to providemore support for new parents and carers, or establishing a flexiblework policy that gives staff greater control over their hours. Understandingwhat motivates eachmember of your team is key, so ensure you consult with staff before taking any actions in this space.

 Increase customer satisfaction

Every business receives negative reviews from time to time, but if yours are becoming amore frequent occurrence, youmay want tomake a concerted effort to increase your customer satisfaction levels this year. Customer satisfaction can bemeasured in various ways, from the number of repeat customers, to your star rating on Google or Amazon, to a standard benchmarking tool like NPS. Decidewhich onewill bemost valuable to your business andwhat level of improvement you’d like to see.

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