How To Update Your Business Plan For 2022

How To Update Your Business Plan For 2022
Categorized as Business Plan Tagged

Staying up to date on the latest trends is what will set your small business apart in 2022. By using innovative approaches and finding fresh ideas, you’ll stay ahead of the game and keep turning your customers into raving fans. If you’re unsure where to begin, keep reading to learn how to update your business plan for 2022

Trends for 2022

The first thing to do when updating your business plan is to research trends for the upcoming year. To save you some of the trouble in updating your business plan, we’ve done that research for you. Check out some of the biggest trends in business for 2022:

  • Changing Workplace Structures: Gone are the days of always heading into the office to do work. There are more remote workers and freelancers now than ever before. Businesses should look to adjust in any way they can to allow for more remote work. This will attract younger workers who prefer working remotely. What’s more, organizational hierarchies are becoming flatter and flatter, with working teammates becoming a more popular structure over the typical hierarchy. All these changes will require strong leadership, good communication, and an intentional effort to build skills for employees. 
  • What Customers Want: In 2022, customers are more interested in doing business with brands they trust and know. With modern technology giving them even more access to knowledge, clients today are holding companies accountable. A brand that treats its employees well and demonstrates honesty, integrity, reliability, and humility will go much further in 2022. 
  • Partnerships and Outsourcing: More and more businesses are outsourcing several of their tasks so that they can focus on whatever it is that makes them stand out. With all of these outsourcing relationships, it’s important that you create seamless and strong partnerships with those companies. This will also mean staying up to date on the latest technology and security in order to efficiently share important data. 
  • The Digital Age: If you haven’t done so already, 2022 is the year to implement a digital business model. AI technology is ever-evolving, and an increasing number of consumers are interacting with businesses online rather than in-person. Being prepared to attract customers through digital platforms will only round out your business’s messaging. 

Business Plan Updates

There are a lot of places where you can begin updating your business plan. Here are some of our suggestions for changes you can make in each part of your plan: 

  • Overall Strategy: Keep your business model flexible. That way, you’re prepared for any last-minute pivots or changes. 
  • Sales & Marketing: Consider releasing new products to freshen up your offerings. Focus on digital marketing as a means to attract new customers. 
  • HR/Personnel: Expanding your workforce to include people with different points of view can be advantageous. Look into making remote work a permanent solution.  
  • Finances: You should always be looking for ways to improve your financial standing. Think about methods of increasing revenue, decreasing the cost of goods, and negotiating terms with your creditors, vendors, banks, etc. 

Get Your  Free Consultation 

If you want to start 2022 off strong with the right business plan, now is the time to make a change. At ASCEND Business Advisory, we use our years of expertise to help business owners in Southern California and nationwide to succeed by providing services to assist with taxes, accounting, business plans/advisory, and more. Contact us today for a free consultation.