Farewell to the 2020 and 2021 years! If you think 2022 will get us back to normal, I bring you bad news. I’m sorry to tell you that you are in error! Today’s small businesses must take a ‘wait and see’ attitude for 2022, because it is riddled with uncertainty and unpredictability about the future. Most organizations have limited resources and must be cautious about their business growth. However, if small businesses were given a master list of areas to improve, based on market forces, these companies would be in a better position for the upcoming year. This article examines the eight critical market trends in this economy that small businesses should consider to better manage market disruption in their organization.
Let’s start with the elephant in the room…THE PANDEMIC! With the uncertainty across the globe including the lingering impacts of COVID, many organizations must rethink their business strategies. Over a year into the pandemic, its full impact on the U.S. economy is still not fully clear. Small businesses are no exception to the need to restrategize. According to a recent study, small businesses have been heavily damaged by the COVID-linked lockdowns of the past two years. The study reported that 43% of small businesses had temporarily closed, and nearly all of these closures were due to COVID. Why should small businesses evaluate emerging trends? Because they are more vulnerable than larger companies to the destructive nature of disruptions in the marketplace. Looking ahead to 2022, there are seven additional trends that small businesses must take into account. You’ll note that almost all of these are directly related to the impact of the pandemic.
In summary, disruptive forces continue to reshape the global economy. If you are not actively monitoring trends, your company will be at a disadvantage in the market. Today’s small businesses and entrepreneurs must retool their thinking, given the potential impacts of COVID. They must apply their passion for the success of their business to developing the capacity to change outdated ways of thinking. Disruptions will continue in 2022 and beyond.
This article discussed the eight critical trends in the current economy that small businesses should consider to better manage market disruptions. While larger organizations may be able to survive the impacts of market disruptions, most small businesses cannot. By taking the necessary steps to understand these emerging market trends and to maximize the capture of unmet needs in the market, small businesses can make a positive investment in their future. Let’s pray that it is not too late.
© 2022 by D. D. Green
About Dr. Daryl Green:
Dr. Daryl D. Green is a business strategist, awarding speaker, and noted author. He is the Vice President of Marketing at AGSM Consulting LLC where he provides strategic planning, marketing, and product development to emerging and existing businesses. He provides consulting, guidance, and management training for today’s small businesses. He is a business professor operating a small business in Oklahoma. He has assisted over 100 organizations across the globe with marketing and management problems. If you would like more information about this article or business assistance, please contact Dr. Green at firstname.lastname@example.org or visit www.drdarylgreen.com.