The Challenges and Opportunities for Small Companies in 2022

Introduction

As we reflect on the successes, rebounds, and comebacks of small companies in 2021, it becomes evident that these resilient businesses have overcome significant challenges, such as the ongoing supply chain issue. Despite these obstacles, small companies have not only bounced back but also received continuous support from their customers. However, as we enter 2022, small businesses face new challenges and opportunities. In this beginner’s guide, we will explore the key challenges and areas of focus for small companies in the upcoming year.

Customer Satisfaction Challenges

Small company owners recognize the importance of prioritizing customer experience in the digital era. According to the Forbes Small Business Survey, more than 80% of respondents stated that they would concentrate on improving customer experience in the coming year. Here are some key points to consider:

• Over one-third of respondents highlighted that their primary goal for investing in new technology is to serve more customers effectively.
• Small company owners aim to empower their teams when making technology investment decisions, with three out of four owners seeking to enhance their workers’ ability to create transformational client experiences.
• Data plays a crucial role in improving customer experience and reaching a larger audience. 45% of respondents expressed their intention to acquire consumer analytics software in the next year.

Initiatives Promoting Diversity, Equality, and Inclusion

Inclusivity and diversity have become essential priorities for businesses of all sizes. Small companies recognize the significance of embracing these principles and investing in initiatives that promote diversity, equality, and inclusion. Here are some key insights:

• Despite their size, 62% of small company owners intend to invest in additional DE&I efforts in 2022.
• Forbes sets an excellent example by promoting a diverse, egalitarian, and inclusive workplace. Through platforms like Forbes EQ, the company provides a dedicated space for underrepresented groups to share their experiences and insights, widening its audience through the BrandVoice content marketing platform.

The Challenge of Technology

Technology continues to be a major investment challenge for small company owners in 2022. However, it is crucial to invest in the right technology solutions that align with their goals and objectives. Here are some key considerations:

• Research indicates that 80% of small companies have already invested in the cloud or plan to do so in the upcoming year.
• The primary goal of these investments is to service a larger customer base successfully. Small company owners understand the importance of leveraging technology to meet the evolving needs of their customers.

Workforce and Talent

Improving the employee experience and attracting top talent are critical priorities for small company owners in 2022. Here are some key insights:

• 73% of owners predict that personnel will be a major challenge and investment in the coming year.
• Enhancing mental health and well-being (36%) and promoting work-life balance (35%) are key areas of focus for small company owners.
• Chief Experience Officers (CxOs) have already taken steps to enhance parental leave and set clear limits around working hours to recruit and retain female talent.

Embracing 2022: The Future of Small Companies

As we enter 2022, small companies must adopt a future-focused mindset to navigate the challenges and opportunities that lie ahead. Here are some key takeaways to guide entrepreneurs and small company owners:

• Be a futurist: Think beyond today and envision tomorrow. Act on your intuition, even if it may seem far-fetched.
• Marketers must also embrace a futurist mindset to effectively target small enterprises. Small businesses have demonstrated their ability to adapt and prosper, even during difficult times.
• Salesforce, a leading cloud-based software firm, has been a strong advocate for small companies throughout the pandemic, encouraging them to persevere and recognizing their accomplishments.

In conclusion, small companies have proven their resilience and ability to overcome challenges in 2021. As we embark on the journey of 2022, small company owners must focus on customer satisfaction, diversity, technology, and talent to thrive in the ever-changing business landscape. By embracing a futurist mindset and taking strategic actions, small companies can pave the way for their success in the upcoming year and beyond.