Small business owners have endured an uphill battle over the last two years as they attempt to compete despite harrowing circumstances. The challenges of the COVID-19 pandemic and issues in the worldwide social and cultural landscape have persisted for several years. Likewise, the struggles that small businesses faced in 2020 have continued into 2022. Recent EPLI claims have been highly publicized and have driven many companies to purchase business liability insurance.
Surviving as a Small Business Owner
If you are among the resilient businesses that have pivoted and adapted, you will still face new trends and issues that you must address to keep your small business alive.
Supply Chain Issues
An unintended consequence of the COVID-19 shutdown is the disruption to the supply chain, which will continue to be an issue in 2022. Many businesses are responding by ordering inventory and supplies much earlier to ensure receipt of necessary items in time. Diversification in vendor options is also helpful in expanding the supplier network. It may also be advisable to maintain a lower inventory level due to unpredictable consumer demand.
Flexible Work Environments
Following the work-at-home trend that resulted from COVID, small businesses should embrace the possibility of offering flexible work scenarios for employees. Keys to success for small businesses include offering a hybrid workplace that enables employees to choose an optimal schedule. Doing this gives them options to work remotely, in person, or a combination of the two. It will help with work-life balance and benefit both employer and employee in the long term.
Creative Marketing
A growing trend that small businesses should take advantage of is influencer marketing. Instagram and TikTok have created an enormous platform for small businesses to share their stories. It has created excitement and awareness around their products and services. Digital marketing is another time-efficient and effective method of reaching sizeable potential customer bases without the expense of other traditional marketing efforts.
Expanded Recruiting
Technology has connected the world like never before, and many people choose to work remotely from many locations worldwide. It gives businesses the ability to extend recruiting efforts to more distant areas. When the local labor market is tight, small businesses can reach further to attract the right talent they need.
Cybersecurity
More businesses are digitizing. Thus, it means that people are doing more work from remote locations. Companies are now more vulnerable to the threat of cybercriminals. Likewise, these cybercriminals will attempt to steal data or launch scams through ransomware.
Financial loss, productive downtime, and a damaged reputation are potential consequences for small business owners. However, they can avoid this by taking steps to update their cybersecurity plans, apply software fixes and updates. They can also invest in upgraded data solutions to back up and protect online assets.
Small business owners should continue researching current business trends in the current economic, social, and cultural landscape of the post-pandemic world. As consumers search for their new routine, businesses should stay proactive with EPLI insurance and a strong understanding of technology and other business trends.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
