S7 E28 – The world of business has changed – what you need to know for success in 2022 with Jeremy Gray

The price of doing the same old thing is far higher than the price of change. Bill Clinton. No one would dispute that Covid 19 has changed to the world of business in every part of the world. The rules have changed – the way business is conducted is different – the rule of adapt or die has been ruthlessly enforced The need to be agile, transformational, adaptive which ever word you use will continue in 2022. Changes that have occurred in 2020 and 2021 will impact how we businesses operate in 2022. Remote working will continue The rapid adoption of technologies to connect employees has shown that employees do not need to be in the same space to get things done. This includes creative work. More patents were issued in the US and UK in 2020 than in 2019. As an employer you need to consider your employees opinions about the transition from WFH to the office. Review what has worked and what has not worked. How remote working can be improved. Ergonomic issues may come to the fore. This is your opportunity to source talent globally. It is well known there is a lot of IT talent in India but many Asian countries has a pool of expertise – Vietnam, Indonesia, Thailand just to name a few. Your Customer Service Rep could be in the Philippines With 5G being rolled out around the world connectivity will be even easier. Mobile Commerce becomes even more important. Your customers are out there, and they are on their phones. They are less likely to return to physical shopping for basic needs. A level of trust has been achieved making consumers much more willing to buy online As a SME you can improve the degree of trust consumers place on you by using some of e-retail platforms that are available. Find the one most appropriate for your business. Your competition has become more sophisticated in their online marketing you need to as well. Sloppy websites will not cut it. This is an area you should consider spending money. If you are in a niche segment, consider your company as a publisher of information. Micro and nano influencers often carry more weight with a targeted audience Rural consumers are a relatively untapped market Facebook still supports 2G – low data usage Offer expanded payment options. Consumers often abandon their shopping cart if their preferred payment option is not available Do not neglect cyber security. Consumers will increasingly demand social responsibility from their suppliers Social media means this is no longer a tick the box exercise Millennials and Gen Z will be the largest consumer group by 2030 and they will demand good governance Be conscious of what you say, do and post. A social media backlash can kill profits Any hint of discrimination against a minority group must be avoided Even more diversity will be demanded. VC funding is still heavily skewed to men. Funding for female founded startups was reported as being a low as 9% in 2019, Black entrepreneurs struggle to get access to capital Opportunities for eco friendly companies will grow rapidly. Cop 26 has shown that the world does worry about the environment – especially the younger generations. Although there is still a gap between people say they want and how they vote will their wallet. Focus on the environment will be good for your business and may open opportunities for growth. From the World Economic Forum: 4 Questions you should be asking yourself What does my market look like in a net-zero world? What is my business model for succeeding in that market? What changes should I make now to prepare for success? What supporting conditions will I also need and how do I go about winning them Those who act early can capture major opportunities and build a competitive advantage.