5 Business Trends Shaping the SME Landscape in 2022
What are the business trends that are shaping the SME landscape in Africa and the world at large in 2022? Understanding the current trends makes it easier for entrepreneurs to thrive and grow their businesses.
For several months, businesses have operated on the levels of “next normal” and “new normal.” The good news is that it seems like the worst is behind us and we are finally getting back to regular business operations. This news is bringing hope to business owners all over the world as they can resume regular business processes.
While at this, you should find out the latest business trends shaping the SME landscape to operate optimally. We have put together a few in this post so grab a seat and let’s journey through the trends together.
Business Trends Shaping the SME Landscape This Year
Here are a few trends that you should watch out for and follow this year:
Continual preparation for the unexpected
Yes, the worst seems behind us now. Regardless, businesses must learn to continue preparing for unexpected situations. COVID-19 hit the world in 2020 with so many SMEs being unprepared for the challenges that came with it. As such, many small businesses folded up and several others are yet to find their footing today.
The era of coronavirus might be fading away fast but who knows what is coming next. Businesses must set up risk mitigation strategies to ensure that they are ready for any possible unexpected scenarios.
Remote is the new normal
Several years ago, no one would have thought about running businesses remotely. Well, COVID-19 has shown us that it is possible to employ workers and carry out tasks from any part of the globe. Remote work has become the new normal and freelancers are milking this advantage more than ever.
Businesses can also take advantage of remote work. You don’t have to hire so many in-house staff or spend excessively on a large office. Simply organize your tasks and get remote workers to handle tasks that you don’t have to carry out onsite. Doing this saves cost and gives you quality results.
Different modes of payment
Once upon a time, the only way to pay for business transactions was through cash. Checks became a thing after a while for the affluent in society. However, there was still a gap for the less affluent and SMEs had issues with getting paid over long distances.
Thankfully, we are in the age of POS systems, bank transfers, bank apps, and fintech mobile applications. As such, SMEs much begin to adjust to receiving payments via an array of means. Don’t just stick to receiving payments via cash and checks as it will limit your business greatly. If you haven’t signed up for a POS machine for your business, you should get one as soon as possible. You should also consider signing up with Fintech companies so that you can receive payments from overseas.
Digital marketing over physical marketing
There is a heavy move of businesses to the digital space. More and more businesses are becoming acquainted with the digital space these days. It is becoming clearer that if you don’t have an online presence, your business will suffer so many limitations.
Digital marketing focuses on spreading the word about a business in a virtual space. Examples of virtual spaces include search engines, social media, emails, etc. As such, social media marketing, email marketing, SEO and SEM marketing, etc. have become very important.
Businesses no longer invest so much in billboards, fliers, or newspaper ads. Digital marketing is the new trend and it is growing bigger with each passing second. New inventions such as web 3.0 and the Metaverse are pushing digital marketing into new realms and you don’t want to be left behind.
Communities
So many businesses the world over are becoming more acquainted with the idea of communities. It seems far-fetched when you think about it at first, but it isn’t so difficult to set up yours.
You can create a community by adding the feature to your website and inviting visitors to join for special resources. Another way to do this is to have periodic webinars or set up group chats. The idea is to have people that you can communicate with frequently that will become loyal to your brand.
Communities are virtual networks that enable entrepreneurs to connect to other individuals within digital ecosystems. These virtual networks allow you to share products, services, tips, insights, resources, and general support.
Conclusion
That’s it for our top five business trends shaping the SME industry in 2022. Do you have any questions? Kindly drop them in the comments section below. Also, check out other insightful articles on SME360 to help you grow your business in 2022.
