3 key factors that will define business in 2022

The world’s in an interesting spot. After the shock of Covid in 2020 and the cautious recovery from it through 2021, we’re now looking towards a brand new year that’s brimming with opportunity.

This opportunity will take many different forms and has the potential to appear from many different sources. Looking in the right places as we move into the new year can make all the difference to how effectively you’ll seize new business opportunities. Below we take a look at the top three factors that will define business in 2022:

1. Look for growth opportunities in the least likely places

If there’s one good thing that’s come out of the pandemic, it’s the new opportunities for accelerated business growth through mergers and acquisitions.

The disruption brought on by Covid has shifted the value of businesses of all sizes dramatically. In some sectors, burgeoning firms now find themselves overvalued, but just as many have had their value driven down, and now represent attractively priced potential acquisitions with huge upward potential.

In the same vein, many business owners are starting to consider selling, with unexpected opportunities for prudent sales appearing out of the pandemic-induced chaos.

As we move into the new year, consider your business’s place in the growing appetite for mergers and acquisitions.

2. Make risk management a priority

Although there’s plenty of opportunities to be had as we move into 2022, business owners shouldn’t become complacent about risk management and mitigation.

Many of the businesses hit hardest at the outset of the pandemic had no plan in place for global disruption. Companies dealing in retail products, hard commodities and soft commodities, all felt the sting of destabilised supply chains when the pandemic first hit in 2020, and today it’s all too clear which businesses did and did not have plans in place for this kind of crisis.

Even if your business doesn’t deal in physical commodities, digital disruption, (though not a new phenomenon) has been stirred up greatly by the pandemic, and your risk management efforts should cover this too.

Lockdowns and a huge proportion of the public working from home has driven up the use of digital products and services massively. This not only means that companies are under more pressure to ensure their digital assets are up to standard, but also to address an increased risk of cyberattacks.

3. Make your openings true skill magnets

The global skills shortage has affected some industries more than others. However, with no clear end in sight for the pandemic, no good business owner should sit back and consider themselves out of the woods just yet.

Turnover is increasing across the board, with various surveys showing a frightening proportion of skilled professionals are planning to look for a new job in the next 12 months.

To ensure this trend doesn’t impact you any more than it has to, it’s essential to look at the value proposition of your new job openings. It’s time to really put yourself in your ideal candidates’ shoes, try to look past surface-level factors like the salary and benefits, and dig into the long-term career value and the sense of purpose you can offer to this year’s bright new talent.

Make your business a success in 2022

Are you ready to drive positive change in your organisation, generate leads and improve business relations? Seamless is dedicated to helping your company succeed, providing reliable support for the administration of your HR, tax, payroll and financial operations. To find out more, get in touch with our team today.

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