My Reflections on business in 2022
What a ride 2022 has been for us business owners.
It began with us dreaming of a covid busting year, growing our profits for good and getting back to ‘normal’, working less, making more money and of course with less stress.
In reality what happened was we still had to deal with Covid lingering in the background, inflation, mortgage rate rises, a war, and all on top of the mundane day-to-day challenges that come with running a business.
So, well done and congratulations on to all of us for making our way thru it!
Most of my work this year helping my clients has fallen into three categories.
Growing pains work
There were Businesses struggling to cope with demand, finding good staff and ensuring they made a profit from it all and trying to balance their work/life balance as they found themselves working way too many hours as a result.
Its great work for me and hugely rewarding supporting these businesses transform and helping the business owners getting there life back and fill their wallets. Improving business owners’ business and life is just a magical thing and I’m very lucky and privileged to be in a position to help them make it happen.
New businesses trying to make a foothold in the world
The young and the Hungry! I love this work, many business owners don’t come to me for help until things start to go wrong or they realise running a business isn’t as easy as they thought,
I love working with the ones who are smart enough to bite the bullet and engage me at the beginning, the time and pain (not to mention money) they save themselves by doing it right at the outset.
Success comes to them quicker and easier, and I love helping them make their dreams a reality.
The business owners who are working way too hard making no money and don’t know where to turn, hard work but very rewarding when you can help them turn it around.
So how about 2023 what’s coming?
No idea although I wish I had a crystal ball and could tell you the inflation thing will pass, and it will all be alright and not to worry about mortgage rates, but truth is I don’t know that no one does.
What I do know is this, there will be challenges, there always are, especially for us business owners and it’s how we react to these challenges that will determine our success. The only person who can control how 2023 will be for you is you, those that take ownership and do something will always fare far better than those who do nothing and blame the economy for their situation.
So, my tip for 2023
There will always be challenges so don’t ignore them but definitely have a plan.
The pessimist works out what they think they will sell this year and makes sure they don’t spend more.
The optimist works out how much profit they want to make and then works out how much they have to sell to have it after all their costs and then works out how they are going to generate enough work and how they are going to get it all done.
Do one or both but do something and your business will flourish and if you need any help, I know a fantastic business adviser who can definitely help.