Running a successful business isn’t something that everyone can achieve, but there are steps you can take to give yourself the best chance possible. Having a good product or service isn’t enough nowadays, as there’s so much competition that it can be hard to stand out from the crowd. If you aren’t able to overcome the hurdles that the past few years have thrown at your business, you may find that you’re struggling now more than ever. So, if you’re wondering why your company isn’t doing so good in 2022, keep reading and find out what you can do to change it.
Not Enough Marketing
Marketing is crucial for any business, and if you don’t have enough of it, you’ll soon find that no one knows your business, and your brand fades into the distance. Try upping your marketing game by using things like Instagram, TikTok, or even a giant inflatable to really help your company stand out. It’s not easy being different in such a competitive market, but how you market your business can make all the difference. Gaining a decent following on social media can do wonders for your sales, which will then help you through any struggles you might face. Customers that found you through social media marketing also tend to be more loyal, as they will most likely have followed your account, meaning they’ll continue to see your marketing and buy from you again. Make your marketing interactive as well because customers love to feel a part of something. Giving customers the opportunity to interact with you through social media marketing can really enhance your brand awareness and increase your profits in the long term.
Labour Shortages
It’s not surprising that the labour shortage is affecting everyone. From people struggling to get a job to the companies finding it hard to retain staff, everyone is feeling the impact. If your company has lost a fair few employees or if you’ve found it hard to fill job vacancies, you’re automatically going to struggle as you don’t have enough hands on deck. If you want to attract the right potential employees, you need to make your business worth working for. Being mindful of mental health, offering flexible hours etc, can really draw people in. Since the pandemic and office workers had to move from their office to their home, more people are looking for remote jobs and won’t even consider going back to the office. If you don’t like remote working, then why not at least take a hybrid approach so that you can expand your list of possible candidates. Hopefully, with the right team behind you, your business can put its struggles behind it once and for all.
Supplier Delivery Times and Costs
A lot of things have changed over the past few years, and Brexit has had more of an impact than people thought it would. Many UK businesses use suppliers in the EU, and they’re now facing longer waiting times and increased shipping costs which are detrimental to their company’s cash flow and ability to meet demands. While not everyone has been impacted by Brexit, it has affected a lot of businesses as if you don’t buy from the EU, a supplier you order might do, which then leads to the long wait times and high costs. So, it’s a good idea take a look at more local suppliers who will be able to meet your demands and keep costs lower for you overall.
COVID-19 Recovery
The pandemic caused many companies to lose a lot of money, staff, and even their entire business. But those that survived may not out of the woods just yet. Trying to recover from the pandemic is a lot harder than originally thought as the amount of work needed to catch up to pre-COVID levels is immense. This means people are now suffering from burnout and their businesses are now struggling. It’s not every day that you have to try and recover from a global pandemic that shut down how cities for months on end, so it’s no wonder people are struggling to get back into the swing of things. Make sure that you and your employees take holiday and look after your own wellbeing to ensure you avoid unnecessary burnout. Your business will fare much better when you’re all at the top of your game.
Stiffer Competition
Another impact of the pandemic is that a lot of people also had the time to start their own business, increasing the competition. This means that instead of only going up against a couple local business, you’ve now got a whole bunch of them all trying to compete in the same market. Having such stiff competition will really make it hard for your business to rise up out of the sea of new businesses, but it is possible. You just need the right branding, marketing, and dedication to being better than the rest. Although you might still be up against more competitors than ever, you can still grow and survive.
There are so many things that your business may struggle with this year, but it’s all about how you try to overcome them that matters the most. Don’t let extortionate supplier charges drain your bank accounts and don’t let stiff competition get you down. Instead, take every new challenge as a learning curve and you’ll soon find that you’re able to work through them. Before you know it, you’ll be back on your feet and be on the right track once more.
