Being a small business owner in the current economic climate can be difficult, but every new year presents new opportunities. Sven Spollen-Behrens explains what SMEs should consider when planning for 2022.

After an unpredictable two years, 2022 is right around the corner. Next year is about the return to proactive planning and expansion as we continue to adjust operations and budgets to a post-pandemic business environment. Here are seven things SMEs should consider when business planning for next year.

Setting goals

Even though we don’t know what the future will bring, you must stay in future-thinking mode – focused on growth, deals and opportunities. Identify what generates business, set targets, and always push to improve yourself, the business and the performance of the people around you.

Operations review

Do you have the proper procedures in order? How efficiently do you keep spending under control? Is it possible for supply chain issues to let you down? These are all questions SMEs should ask themselves in this calendar year. Prepare your operations for changes coming down the track.

Customer experience

You win customers over with excellent service, and there is always something extra you can do or say that doesn’t necessarily add cost but adds immense value to the relationship. This could come in the form of follow-up communications, sharing expertise informally, or reassessing clients’ needs regularly.

Marketing

When it comes to your brand, a social media presence is ideal. Images or videos for LinkedIn and Twitter (among others) are inexpensively produced and customers relate well to visuals.

Depending on your service or market, a local radio ad, door drops, or ads may be just as effective. Marketing planning begins by asking yourself who the customer is and how you can reach them. If your business is large enough, contract a marketing manager or PR professional to help.

Create an online presence

If you haven’t already, explore getting a mobile-friendly webpage and, if appropriate, e-commerce platforms. People increasingly source their products and services online. It’s handy to peruse the goods in comfort and hit the ‘buy’ or ‘contact’ button.

Track finances

Always have an up-to-date balance sheet tracking your company’s assets, inventory and liabilities. You must be clear on the figures, whether you carry more debt than assets or, hopefully, own more than you owe. Stay on top of accounts receivable and payable, available cash, and payroll commitments.

Don’t be a busy fool; ensure your efforts are generating the right return and, if not, question why.

Delegation

It’s important to delegate the tasks outlined when setting out your goals. It’s common for small business owners to take on the brunt of the work themselves, but one person can’t be all things. Build a plan with your team and transfer ownership of tasks and goals to appropriate employees. Be sure to track the plan’s progress throughout the year and adjust as needed.

Sven Spollen-Behrens is the Small Firms Assosciation (SFA) Director at MentorsWork, a free, Government-funded scheme created to help support business analysis and planning. This is delivered by the Small Firms Association and Skillnet Ireland.