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How Running a Small Business Might Change in 2022

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Many of the concerns small business owners have now are about how they can stay afloat after the COVID-19 pandemic. Here, Bryce Sanders explains how changes to the market might affect these clients and what you can do to help them navigate the recovery afterward.

May 2nd 2022
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“This time it’s different.” Some say these are the four most dangerous words uttered on Wall Street. Here is another concept: “People like the familiar and the comfortable.” Your client who owns a local business might think the COVID-19 pandemic is over and business can get back to the way it was in 2019, but there are some major factors that indicate this time, it really will be different.

  1. Hiring personnel. Many businesses have a “We Are Hiring” sign in their window these days. Your client might have one in theirs, too. They might assume that once financial support from the government ends, people will be back on the street looking for work. 
  • How it was: Labor was like electricity: You paid for the amount you used. Your client might have had a pool of employees whom they could schedule at a moment’s notice or send home midday if business was slow. There was no shortage of employees.
  • This time it’s different: Many people left their jobs during the pandemic. Employers like Amazon went on a hiring spree, offering attractive pay and benefits. Now, employees want a set schedule each month, as well as competitive pay and attractive benefits.
  1. Access to capital. Over the last two years, your client might have seen new buildings going up, old properties getting renovated and property prices reaching record highs and wondered, “Where is all that money coming from?”

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Replies (2)

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Theo L. Morson, JD, LLM
By tmorson3
May 6th 2022 00:45 EDT

I like the article, it certainly touches on some key points. I think inflation will be the number one topic for the year. Clients will have to adjust to a new normal for 22 and 23.

T.L. Morson and Associates, PLLC
www.tlmorson.com

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Replying to tmorson3:
Bryce Sanders
By Bryce Sanders
May 6th 2022 08:02 EDT

TL, thanks for your comment. You are right. Inflation will be a big issue. It directly or indirectly affects some of the other points too.

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