The beginning of a new year naturally invites time for looking ahead, planning and adjusting strategies. But taking a look back at how things have worked out is just as vital. It's important to review where you've been and do a deep dive on what's been successful and what hasn't. It gives you a better foundation for moving forward.
So, how was your 2021? Use these 7 business tips to learn from the past year and set a great vision for your company in 2022 and beyond.
Celebrate At Least One Win
2021 likely posed challenges you’ve only ever seen in, well, 2020—but never before that. Nearly two years into the COVID-19 pandemic, entrepreneurs and CEOs are still playing catchup and constantly adapting to the trends, health guidelines, and even legislation that dictates how their business must operate to stay afloat. This has led to fatigue for even the most optimistic entrepreneurs and managers.
Even if numbers are down, or you’re quite frankly already over the uncertainty that 2022 could bring for your business, take a moment to find one positive or silver lining from this year. Start your vision-casting from a positive note.
Maybe your win is that you didn’t realize how resilient your business (or you) could be. Hey, at least that’s something.
Establish (and Stick to) the Facts
Subjectivity can easily negate the benefits of assessing the previous year, especially if you own your business. Facts, on the other hand, don’t lie. Use metrics instead of opinions to guide your reflections and subsequent action plan for 2022.
Some basic metrics you can compare include:
- Sales and profit
- Social media engagement
- Email list growth and engagement
- The success of other marketing efforts
- Market share (growth or loss)
Remember to measure these against other tangible, such as the year’s budget or staff growth or loss as a result of the pandemic. Relative growth might tell a different story than the raw numbers do.
Ask Big Picture Questions
End-of-year business questions should always focus on where you’re going, what your mission is, and why you’re doing the work you’re doing.
Some questions to ask include:
- What is your brand at the end of 2021?
- What problem(s) do you solve for your customers?
- What is your competition doing better than you are currently?
- What will happen if you implement X strategy or tactic in 2022?
Honest, thought-out answers to these questions serve as big movers that help you put your goals and 2022 action steps into context.
Set Goals That Keep You In Control
Effective goal-setting for your business focuses on process, not outcomes. Focusing on the number of customers cold called each month versus the number of sales you make each month is an example of process versus outcome. This way, you and your team can always measure whether you’re making progress or not.
The ‘SMART’ goal acronym is time-tested, as it asks you to create goals that are specific, measurable, achievable, realistic, and time-sensitive.
An example: By the end of 2022 (time-sensitive), our business will increase social media engagement by 15 percent across all platforms by investing $1,000 more per month in content creation and local outreach to other small businesses.
Consider Your Online Marketing Angles and Approaches
There’s never been more opportunities to market your business than there will be in 2022. The problem is, if you don’t understand how the techniques you’re using work, you’ll get lost in a sea of noise and outdated offerings.
Social media and SEO are two proven methods for growth. But what customers expect (or search for) in 2022 will be different than in previous years. In 2020, for example, Forbes predicted that video would comprise 82 percent of all content posted on the internet in 2022.
Make Sure Your Payment Options Are 2022 Friendly
Today’s consumers are demanding when it comes to payment options. How did yours perform last year? How were your fees? How responsive was your payment processing partner?
What will your merchant processing look like in 2022? What payment options can you handle? Can you offer a seamless mobile checkout experience? Is your fraud prevention up to date, or could your customers be at risk of becoming one of over 400,000 people per year who either get their card or identity stolen online?
Ask Your Employees for Input
Today’s employees value workplace culture more than perhaps ever before. They can also offer valuable input from the ground-level about how your business operated in 2021, and where you could possibly improve as the new year kicks off. They’re a valuable resource, so don’t forget to include them in your vision casting.
Contact us today to learn more about Pinpoint Payments merchant processing options.
