Today, I’d like to share my best business advice for 2022 and beyond. This advice can benefit any business owner in any industry, even network marketers. These are things you can do to take your business to the next level in 2022 and beyond. The ideas are listed in no particular order.
Best Business Advice for 2022
# 1: Look at Your Business from the 30,000 Foot View
It’s so easy to spend your time working in your business that you forget to step back and look at your business from the outside in. In 2022, I challenge you to spend one hour per week looking at your business from the 30,000 foot view. Step back from the minutia and look for areas to improve upon, missed opportunities, and things to eliminate. Look at your business objectively and find ways to grow and improve your business. Evaluate your why and your vision. Spend more time on the strategic work in your business and less time on the tactical work.
“You’ve got to give yourself the freedom to dream – to use your imagination to see and feel what does not yet exist. A vision is not the same as goals or objectives; those come from the head. A vision comes from the heart.”
# 2: Evaluate Your Marketing ROI
Set aside time and evaluate your marketing and advertising.
- Which methods are giving you the best return on your investment?
- What methods are actually generating new leads and new customers, and which methods aren’t?
- Which methods should you keep and which methods should you ditch?
Determine your cost to acquire a new customer with each method, and then take the time to determine how much a customer is worth to you. Eliminate the marketing and advertising methods where you can’t profitably acquire new customers. If you haven’t been tracking each type of advertising you do, start doing so immediately.
Marketing can be used to support your overall business objectives, so it’s helpful to monitor your progress towards strategic business goals. At regular intervals, conduct an evaluation of each goal. If you find that the progress toward one is slower than the others, your marketing strategies for that goal may be ineffective or need to be ramped up.
# 3: Look for Ways to Make More Money
In any business, there are only THREE ways to make more money. First off, you can focus on acquiring new customers. That’s what most businesses do. Next, you can make larger sales to your current customers. In other words, have some up-sells and additional products and services you can offer customers whenever they shop with you. The final method is to sell to your customers more often.
Most businesses simply focus on finding new customers. You should never stop doing that, but set aside a significant amount of time to keep your current customers happy. Recommend different products and services to them. Offer them incentives to shop with you more frequently. Get creative. Also, make sure you provide good customer service and RETAIN your customers.
There isn’t a business that could survive without customers. They are the foundation of your business, giving you revenue as well as brand recognition. It’s extremely important to not just retain existing customers but attract new customers, too. Customers are always seeking new options even if they have brands that they gladly support.
# 4: Give Your Customers a Reason to Talk About Your Business
Word of mouth advertising is the best form of advertising you can have, and it’s free. I’m sure you already realize that. In 2022, give your customers a reason to say good things about you, your company, and your products. Provide great quality products and services and provide amazing customer service and follow up. Do the little things that your competitors don’t do. Give people a reason to talk about you (in a good way) and they will. If possible, consider coming up with a referral program to reward loyal customers who refer your business to others.
“One customer, well taken care of, could be more valuable than $10,000 worth of advertising.”
~ Jim Rohn
# 5: Take Time to Assess What Is and What Isn’t Working
Make the time to see what is working well and what isn’t working well in your business. Find areas that waste your time and money and eliminate them. Find expenses that are too high and find ways to reduce them. Identify products and services that are not profitable and remove them from your product line. Evaluate your advertising and marketing and ditch the losers and keep the winners. Find policies or procedures that don’t make sense and rewrite them or eliminate them. Evaluate your employees’ performance and see if their contributions justify their expense.
Understanding what your product is making on the order level can pinpoint exactly where the issues might be. And, creating a productive solution will ultimately have a positive impact on your bottom line, whether you turn the product around or liquidate it.
# 6: Do a Better Job Staying in Touch with Current and Former Customers
All businesses can do a better job staying in touch with current and past customers. Make it a point to start your own mailed monthly newsletter in 2022. Stay in touch with all of your past and former customers MINIMUM once a month, until they die or tell you not to contact them again. Send note cards, periodic phone calls, emails, and direct mail. The fortune is in the follow up. This is the best business advice anyone has ever shared with me.
Optimizing the customer experience and listening to their needs leads to lifetime brand loyalty, plus major financial benefits. On average, attracting a new customer costs five times as much as keeping an existing one, plus up to 30 times the marketing cost. However, increasing customer retention rates by just 5% can boost your profits by 25% to 95%!
Source: dcr strategies
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# 7: Fine Tune Your Unique Selling Proposition
Each year, it’s a good idea to fine tune your unique selling proposition. In other words, what makes you and your business different from your competitors? Why should people do business with you and not with someone else? Ideally, you want a one to two sentence unique selling proposition. Make sure it is on your business cards, stationary, website, signage, and all marketing materials.
If all the products appear to be the same, your prospective customers won’t know which one is right for them. Being clear about your unique selling proposition helps them differentiate between the variety of choices available to them. It is a crucial part of effective selling, especially online where consumers have so many options.
# 8: Clearly Identify Your Best Customers
Look through your sales figures from previous year and identify your best customers. If your business is like most businesses, you will quickly discover that 80% of your sales came from just 20% of your customers. This is known as the 20/80 Rule. Do yourself a favor and study that 20%. Learn everything you can about your best customers and then go out and find more customers just like them! Remember, not all customers are created equal. Spend 80% of your time and marketing budget focusing on your 20% best customers.
Once you’ve identified who your best customers are, you can begin to intentionally build emotional relationships with them. These relationships go beyond simply making a purchase and have the power to supercharge the valuable interactions they already have with your brand.
# 9: Try to Have More Fun at Work!
All work and no play makes Jack a dull boy! Try to have fun with what you do. If you have employees or other people who work for you (or with you), find ways to bring happiness and fun into the workplace. Consider doing a casual Friday, a monthly cookout, a quarterly employee appreciation day, office bingo, or something else. Get creative. I truly believe that if your employees and team members are happy, and can have some fun at work, they will be more productive.
A study at a British telecommunications firm run by Oxford University’s Saïd Business School found that happy workers were 13% more productive.
# 10: Start Outsourcing and Delegating More to Free Up Your Time
Stop being so darn busy! Track what you do on a daily basis for the next 30-days. At the end of the month, look at how you spent each day and make a list of everything that you did, but could have someone else do. Identify time wasters and tasks that you don’t enjoy and don’t produce revenue for your business.
Once you have those tasks clearly identified, consider hiring an employee to do those tasks for you, or outsource it to an independent contractor. This will free up your time so you don’t have to spend your $100 per hour time doing $10 per hour tasks.
Remember, your most important job as the business owner is the strategic work of your business (making the cash register ring), not doing the tactical work of the business. Learning to delegate is some of the best business advice I can share with you.
Outsourcing important but mundane activities can allow you to refocus your in-house resources on the activities that make you profitable without sacrificing quality or service.
Source: the balance
# 11: Look for Missed Opportunities
Within every niche and target market, there are missed opportunities. What products and services are you NOT providing that you could be providing? What is your business doing, but not doing well?
One of the best things you could do in 2022 is survey your customers and ask them “what types of additional products and services would you like my business to sell or provide?” Or, ask them “what are we not doing that we should be doing?” If you ask your customers, you will learn some great ideas.
“Look back at your missed opportunity and brainstorm what kind of questions you could have asked but missed out on that would have helped you reach a different or better decision. Next time you’ll know exactly what to ask to ensure you don’t miss out.”
# 12: Work On Your Exit Plan
All entrepreneurs should have an exit plan, so they can one day sell their business for a large profit. Start thinking of ways that you could replace yourself in your business. Work on systems and procedures. Create some short-term or long-term goals for your business, so you have something to look forward to.
If you build your business the right way, you won’t have to shut it down when you want to retire or move on to something else. Instead, you will be able to sell it for a big profit, or let it run on auto-pilot without you. That is the purpose of owning a business, as I see it.
An exit strategy sets the wheels in motion for the journey beyond your business. Planning early gives you greater insights into your company, a plan for the future, and a means to add value between now and the day you decide to depart.
In summary, these are my best business tips for 2022 and beyond. I hope you will take the time to do these things in your business. If you do, good things will happen. If you don’t, you will keep getting more of the same. What are your thoughts? What is your best business advice for 2022?
Leave a comment below to share your thoughts. I look forward to hearing from you.