With the pandemic continuing for the foreseeable future, 2022 will be a difficult year for businesses.
The essential areas of focus should be on supply chain management and rising costs due to changing consumer demands, freight delivery problems, labour shortages, climate change and inflation.
The strategies you should consider might include:
- Diversifying your supplier sources including buying locally
- Increasing stock levels
- Investing in staff retention with a comprehensive compensation package and flexible working arrangements
- Investing in technology and automating processes to free up staff for value added work.
It is advisable that you take time now to analyse your business and identify the crucial issues you may face in the coming months. Acting early is better that acting when your back is to the wall and reaction time is limited.