What Does 2022 Hold in Store for Small Business Owners?
Posted on 25 November 2021
As we come towards the end of 2021, small business owners should already be starting to plan for 2022. Yes, the busiest time of year is almost here for many companies, particularly in the retail space, but that is why it is important to have your strategy ready for next year before you become embroiled in the Christmas craziness.
When you get round to planning, it is always good to know what might be around the corner, so let us have a look into our crystal ball and see if we can work out what 2022 has in store for small business owners.
Small Business Rate Cut
Small businesses in the retail, hospitality and leisure sectors will enjoy a 50% cut in business rates for the tax year 2022-23. If you already have a physical location, this will be a welcome relief after a tough couple of years during the pandemic. However, some small businesses are unhappy that there was nothing in the 2021 Budget to help those enterprises without premises take that next step. In fact, many have spoken out and said that the business rates cut actually helps the larger retailers and prevents small companies from establishing themselves on the high street.
Sustainability is Important
The public is evermore interested in what businesses are doing to offset their carbon and reduce their impact on the environment. Sustainability is the watchword at the moment, particularly in light of the COP 26 climate summit held in Glasgow at the start of November.
From cutting out plastics to using local suppliers and eliminating the need for long distance deliveries, there are so many ways small business owners can show customers that they care about green issues.
A recent survey found that four out of five people say they are likely to choose a brand with a positive approach to environmental sustainability over another. This shows that it is not only the right choice for the environment, but also for your bottom line too.
Afrotouch Design is corporate friends with the World Land Trust, and every purchase with us helps towards planting trees in Africa. The WLT hopes to repair the damage caused by mass deforestation and restore the habitats of multiple native species.
Some Covid Precautions Will Remain
Although the governments around the UK have lifted restrictions that were put in place at the start of the Covid-19 pandemic, some of the precautions that arose from the lockdowns will remain into 2022.
Contactless payments are more than likely to continue their upwards trend. Not only is being able to pay with the tap of a card, phone or watch much more convenient than fumbling around for cash, but it also helps consumers who are still concerned by the levels of the virus still circulating around the country. Not handling cash is a simple but effective precaution to take.
Remote working is another result of the pandemic that will continue to play a part in our lives. This might involve small business owners using remote staff for elements of their work, but it also affects consumer behaviour. People are now more likely to be free to shop on weekdays, either physically or online, without being stuck in an office and without the eyes of the boss constantly monitoring their internet usage.
You should think about how this affects what you sell, when you sell it, when you post on social media and when you run promotions amongst other considerations.
What Do You Think 2022 Will Hold in Store for Small Business Owners?
Do you have any thoughts about what to expect in 2022 for small business owners? If so, contact me and let me know what you think. I love to hear your feedback and suggestions.