FIVE NEW BUSINESS STRATEGY TIPS FOR 2022

Many things have changed for businesses in 2022. The previous 2 business years of 2020 and 2021 have tested businesses and the workforce like nothing else. Not only were profits reduced, and businesses were forced to diversify in order to survive, but the way businesses operate have been forced to change. At times staff have been no longer able to work on site, therefore flexible working and working from home have needed to be implemented. This has not always been easy to implement for businesses, especially those that require on site working, but in 2022 it has become a necessity for businesses in order to survive the changes. Here are our top 5 emerging business strategy tips to use in 2022:

Focus more on customer retention Customer retention is the key to improving your return on investment. This is because it is much cheaper and more efficient to manage customer relationships and nurture returning customers, rather than relying completely on lead generation for business. By making customer retention a focus of your 2022 business strategy, you can save on lead generation costs and improve your return on investment. This is an emerging trend for business strategies in 2022. It also creates a more sustainable business model, diversifying your lead generation and creates longer lasting customer relationships. This is one of the top 5 emerging business strategy tips to use in 2022. One of the keys to making a successful and sustainable business is to diversify your lead generation. By making customer retention a focus in your 2022 business plan, you will diversify your lead generation and focus more on retaining customers. This will also boost your brand awareness and improve your reputation as a brand.

Develop a multi-plan approach Due to the uncertainty that we have faced in recent years, it is beneficial to develop multiple plans in your business strategy. This will allow your business to become more agile, and you will be better able to respond to unexpected changes, such as those that we have experienced in 2020 and 2021. In order to be more versatile, if you implement a business strategy that focuses on operating on-site, you should also consider how this strategy would work should you need to adhere to home working restrictions. By having a multi-level approach to planning, you can organize workflows and projects more effectively, and as a business you will become more agile and be able to adapt to unexpected circumstances. It is especially important to be prepared for unexpected circumstances to arise. We have learned in recent years that the business landscape can change almost overnight. Therefore, being prepared for this is vital for all businesses in 2022.

Focus on new opportunities It is important to keep looking out for new opportunities, in order to identify emerging trends. It is vital that you can adapt your business strategy to target these emerging trends. A business strategy needs to be adaptable, and scope for adaptability needs to be accounted for in the business strategy for 2022. As we have learned from recent years, circumstances can change quickly, therefore it is important to be able to adapt your business strategy to capitalize on emerging opportunities. To be a truly agile business, you need to be prepared for opportunities to arise that have not yet emerged. This requires you to stay focused on new trends, and to quickly capitalize on new ones as they emerge.

Integrate your strategy within the digital landscape Post pandemic, more and more customers are becoming comfortable with face-to-face interactions. However, according to McKinsey Institute, 75% of customers still prefer to use digital communications. Therefore, it is important to consider this when devising your business strategy. It is vital that you have a digital strategy in place in order to be successful in 2022. By implementing a digital strategy within your business, you can meet the requirements of your customers. By having a split strategy of digital and face to face interactions, you can meet the needs of all of your customers.

Focus on what works Being a results-oriented business, it is easy to be tempted into utilizing multiple sales and marketing channels in your business strategy. However, In 2022 it is becoming more common for businesses to focus on their core channels where they generate the most success. Instead of having a business strategy that stretches the team across multiple channels, it is much more worthwhile to focus the teams efforts on key core channels when implementing their business strategy. By having a core business strategy, you focus all your efforts on what brings you success, and it doesn't waste any time or effort on unsuccessful or inefficient strategies.

Source: In Professional Development

It is a fact that strategy is core when it comes to business viability and relevance, evaluate the role of the following with regards to strategy adoption and execution using proper citations and referencing. How do they influence strategy in their respective mode. (a) Small Medium Size Enterprises (b) Internationalisation (c) E-commerce (d) Vertical Integration