How to Plan for 2022 Amid Uncertainty
Inflation is still rising, job shortages persist, and COVID-19 cases are rising again, making it difficult for small business owners to plan for the future. But plan they must, even in uncertain times. How is the big question. In this video, Donna Fuscaldo, a senior finance writer at business.com, interviews Ben Richmond, country manager, US at Xero, the accounting platform, about how to plan for 2022 amid so much uncertainty.
Time Stamps
0:00 Donna Fuscaldo of business.com introduces Ben Richmond of Xero.
1:11 COVID-19 isn’t going away anytime soon, so small business owners have to plan with this new normal in mind.
3:40 To plan for 2022, Richmond says to look at how your business performed in 2020 and use that as the starting point.
5:32 Making projections amid uncertainty will differ from one business to the next since some industries are booming and others are suffering during the pandemic.
9:44 Fuscaldo asks Richmond how accounting software will evolve in 2022 to help small businesses.
12:40 Small businesses who embrace the new technology coming to the accounting software market have a better chance of surviving and thriving, said Richmond.
13:33 For 2022, the top issues facing small businesses include supply chain delays, high inflation, and talent shortages.
14:34 Richmond said the small businesses which have just been surviving and haven't made the digital shift yet face challenges in the new year.
16:00 Fuscaldo thanks Richmond for talking to business.com
Planning for the new year is always tough for small business owners, but add a chaotic supply chain and labor shortages to the mix and it can be downright impossible. Small business owners don’t even know how demand will fare in 2022, let alone if they will have enough staff to support it. To plan amid such uncertainty requires small businesses owners to accept the new normal. It also means expecting the worst but hoping for the best. In this video, Donna Fuscaldo of business.com interviews Ben Richmond of Xero on how to plan for 2022.
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