To survive and thrive in these challenging times of increasing supply chain stress, labor shortages, and the fallout from the pandemic, business leaders need the right mix of confidence and strategy to chart a new path to success.
The well-known American site “Entrepreneur” specialized in entrepreneurship published in a special report “Business Leaders Predictions for 2022” conducted by the American financial institution JPMorgan Chase on more than 2,600 business and contracting leaders in various industries in In the United States, they are now allowing themselves to be satisfied in areas where they can exercise some kind of control while letting things take their natural course where they cannot.
Ben Walter, CEO of an American banking institution, confirms that "despite the ongoing turmoil, 70% of small business owners are confident in the prospects of their companies," noting that more owners expect an increase in their revenues, profits and capital spending in 2022, as about 40 percent are expected. % of them increased their credit needs, a level higher than what we have seen over the past five years.
The digital mindset is a must for survival and prosperity
For business leaders in 2022
The same is true for mid-sized companies, where business owners and managers have figured out how to plan and deal with disruptions related to the pandemic, and in many cases are back to work at or above pre-pandemic levels, giving them a blueprint to overcome the challenges of the future.
"It is essential for business leaders to maintain confidence in their decisions, as they provide a compass for their organization and their employees to follow in times when there are no clear paths or solutions," said John Simmons, head of banking at JPMorgan Chase.
"Throughout the pandemic, these leaders have proven that they are resilient by continuing to make the critical business decisions that have allowed them to survive and even thrive," he added.
Simmons and Walter point to 4 ways small and medium-sized business owners and leaders can inspire confidence and rise to the challenge this year:
1. Adopt a digital mindset
The public health crisis that everyone has experienced has shown one thing that consumers are increasingly digitizing, so business leaders can continue to live such lives by always relying on personal, pragmatic tactics to get things done. The digital mindset is a must.
2. Anticipating and planning for change
While embracing change can be daunting, business models that do not evolve over time expose themselves to greater risks. This includes the inability to attract new customers, lost revenue and efficiencies, and business inefficiency.
Walter believes that "it has never been more important than ever to accurately define your short- and long-term business goals, know what works and what doesn't, and move quickly."
3. Investing in employees
Whether it comes to medium or small companies, the tightness of the labor market affects the current workforce, 68% of medium companies confirmed that their employees are now working more. Simmons stresses that for this reason and other considerations, including declining revenue and delayed product launches, it is critical for business leaders to focus this year on the well-being and retention of their employees.
4. Cost control
Companies are paying more to attract and retain employees, and getting goods is getting more expensive.
"This year, companies need to keep a close eye on their costs to keep expenses in line with revenue," Simmons says.
Fortunately, most business leaders (81%) - according to the "Business Leaders Predictions 2022" survey - expect an increase in revenue this year, which helps offset the increased costs.
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