2021 is finally over and most small business owners are happy to see this one in the rear-view mirror. But what can small business owners look forward to in 2022?
On The Small Business Radio Show this week, Ramon Ray, an entrepreneur who started four companies and sold two of them, looks into his crystal ball at the future for small business owners. His latest book is called “Celebrity CEO – How Entrepreneurs can Thrive by Building Community and a Strong Personal Brand”.
For Ramon, small business owners in 2021 started to “figure it out and hit back” in the COVID pandemic. He adds 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.”
The labor shortage has been a surprise for small businesses. Ramon thinks that “people now hold the upper hand, especially in retail or service businesses and those paying minimum wage”. As a result, he believes that many businesses are paying more and making job offers on the spot. Ramon adds that “employers need to become more empathetic that personal life is interrupting their employees’ business life.”
In 2022, Ramon emphasizes that you need to listen to your customers and understand their needs when it comes to the pandemic. Are they concerned about COVID? Do they want other customers to be vaccinated? He believes that “the business owner has to slow down and read the room.”
With inflation, Ramon insists that small business owners need to raise their prices; “customers will understand.” While he believes that inflation will ease a bit in 2022, “once the price goes up, they will probably not go down.”
Ramon believes that supply chain issues will ease by keeping more inventory (although this means more cash will be needed in their business).
Listen to the entire interview where Ramon discuss how small business owners can take advantage of trends in 2022.
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