3 Key Ways to Be a Successful Business Owner in 2022 and Beyond

Asia's Tech News Daily

As the world changes, so does the role of the business owner. In both prosperous and uncertain times, it feels like business owners can never rest — or at least, they shouldn’t. They can take a few moments to enjoy their current success, but they’re also always aware that future success isn’t a foregone conclusion; you never know what is right around the corner.

In today’s economy, small-business owners, in particular, are on the offensive. Their job has changed dramatically even from as recently as a decade ago. Because of that, they need to be proactive about cementing the position that their organizations are currently in and paying attention to where they may be headed over the next few years. Doing so requires them to keep a few essential things in mind.

1. Align your brand’s values with those of its customers

Many of today’s most successful businesses are those that have been able to properly align what they offer with the actual needs of their target audiences. But businesses have to go beyond that to truly maximize customer engagement and growth. Often times, going the extra mile means cultivating values that keep people coming back for more. A study published in Harvard Business Review revealed that about 64% of consumers say shared values are the main reason they have a long-term relationship with a business. 

Take sustainable food businesses, for example. They’ve been able to thrive over the last few years because they realized that during periods of uncertainty, consumers began to pay more attention than ever before not only to the products themselves, but also to the methods behind their production. Buyers started prioritizing brands that showcased that they were willing to do their part to protect the environment. Brands that supported the exact social causes that they were passionate about. Brands that cared less about “supply and demand” and more about a better future for all of us. And the marketplace responded in kind.

2. Be willing to pivot

Another important aspect of being a business owner in the modern era is the ability to pivot. If you’re not seeing results, you should start down a different path rather than force a product or service on a marketplace that has shown overwhelming indifference towards it. 

This is something that we’ve seen time and again over the years. Initially founded as an organization that sold espresso makers and coffee beans, Starbucks experienced modest success upon opening its doors in the 1970s. But after the company pivoted to actually brewing coffee and establishing local coffee houses, it became one of the largest (and most successful) brands ever. Similarly, Airbnb began life as a business that rented air mattresses when nearby hotels were booked. Then it became one of the largest hospitality chains on Earth with an estimated value of $75 billion as of 2020.

Business owners can no longer sit idle, resting on their laurels. The moment you stop paying attention is when the marketplace changes underneath you. It’s of paramount importance that business owners keep one eye fixed on the horizon, paying attention to trends and patterns that don’t confirm where they are, but give insight into where they might be headed. Once they do that, they can maintain the highest level of success regardless of what the market throws at them. 

3. Manage money effectively

As the last few years have illustrated, business owners must also be financially savvy. In the past, budgeting was all about making sure that necessary funds were available to capitalize on opportunities as they presented themselves, instead of being forced to watch them pass you by. Now, another goal has been added to the list: survival.

Organizations of all shapes and sizes need to create realistic, actionable budgets that help preserve the financial health of everything they’ve worked so hard to build up to that point. This is something that begins with leadership. Leaders must consider everything, from what it takes to produce products and services to marketing, employee compensation, benefits and more.

While it’s true that an accountant would likely be the one responsible for managing all of the funds coming into and out of a company, it’s the business owner that needs to keep a close eye on the situation. That way, if something unexpected yet disruptive should happen — as we’ve all learned is always a possibility — they can make smarter, faster decisions about how to recover and survive.

In the end, business owners have many responsibilities that will never change. They oversee the day-to-day operations of their organizations. They have their hands in staffing and management. They have a vision that they’re trying to execute in the most effective way possible. They have a target audience to serve — an audience that they’ve made a promise to that they need to fulfill.

But the role is also nothing if not flexible; it’s reflective of the times that we’re living in at the moment. During the last few years, consumer behaviors have changed wildly, and the organizations that want to thrive must change right alongside them. By understanding what is being asked of them in the present, even if some of those responsibilities are a bit more “hands-on” than they would have been a decade ago, business owners can set themselves up for long-term growth and success. 

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Is Advanced Micro (AMD) a Solid Growth Stock? 3 Reasons to Think " Yes "

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market’s attention and produce exceptional returns. But finding a great growth stock is ... Read more »

Why Ovintiv (OVV) Could Beat Earnings Estimates Again

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly ... Read more »

Earnings Estimates Moving Higher for Caleres Inc. (CAL): Time to Buy?

Investors might want to bet on Caleres Inc. (CAL), as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, ... Read more »

Looking for a Growth Stock? 3 Reasons Why AMN Healthcare (AMN) is a Solid Choice

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market’s attention and deliver solid returns. But finding a growth stock ... Read more »

Why Expeditors International (EXPD) Could Beat Earnings Estimates Again

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Expeditors International (EXPD), which ... Read more »

Why Group 1 Automotive (GPI) Could Beat Earnings Estimates Again

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly ... Read more »

Cat And Mouse – As Scammers Step Up Their Game, Crypto Security Must Keep Pace

Leading blockchain security firm Chainalysis recently released the first glimpse of its 2022 Crypto Crime Reports, and although there are some signs of progress, it makes for sober reading. In ... Read more »

How to Build True Resilience Amid a Changing Business Landscape

The concept of resilience, as it applies to both organizations and individuals, has evolved significantly in recent years. The term that once referred to the ability to withstand sudden change ... Read more »

How to Develop Lifelong Clients

According to a survey of businesses conducted by the consulting company Invesp (which specializes in conversion rate optimization), it costs five times more to obtain new clients as it does ... Read more »

5 Innovative Global Initiatives to Invest In

When most people envision investors’ portfolios, they picture lists of stocks, annuities, and bonds. Yet investing can go far beyond those vehicles. Many people decide to grow and share their ... Read more »

Mastercard (MA) Ties Up to Accelerate B2B Payments in Canada

Mastercard Incorporated MA recently collaborated with BMO Financial Group, a financial services provider, and Moneris Solutions Corporation, a payment solutions provider. Through the partnership with the two Canada-based companies, MA’s ... Read more »

This is Why Hormel Foods (HRL) is a Great Dividend Stock

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor’s dream. But for income investors, generating consistent cash flow ... Read more »

Reasons to Hold on to Montrose Environmental (MEG) Stock

Montrose Environmental Group, Inc. MEG has had an impressive run on the bourse over the past year. The stock returned 34.1% over the past year against 8.2% decline of the ... Read more »

Why Emerson Electric (EMR) is a Top Dividend Stock for Your Portfolio

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor’s dream. But for income investors, generating consistent cash flow ... Read more »

Vail Resorts (MTN) Reports Ski Season Metrics, Skier Visits Down

Vail Resorts, Inc. MTN reported certain ski season metrics for the period from the beginning of the ski season through Jan 2, 2022. – Zacks Ski Season Metrics Season-to-date (through ... Read more »

What's in the Offing for Citizens (CFG) in Q4 Earnings?

Citizens Financial Group CFG is scheduled to report fourth-quarter and 2021 results on Jan 19, before the opening bell. While its quarterly earnings are expected to have improved year over year, ... Read more »

10 Secret Ways To Find The Best Penny Stocks To Buy In 2022

Penny stocks are high-risk, high-reward investments. If you’re looking to take a risk on the stock market to make some serious money, then penny stocks might be for you. However, ... Read more »

Key Factors to Affect M&T Bank (MTB) This Earnings Season

M&T Bank Corporation MTB is scheduled to report fourth-quarter and 2021 results on Jan 20, before the opening bell. The company’s revenues and earnings are expected to have decreased year over ... Read more »

3 Franklin Templeton Mutual Funds for a Steady Portfolio

Founded in 1947, Franklin Templeton Investments prides itself in offering “exceptional asset management” to its clients in more than 165 nations. It has offices in more than 30 countries and ... Read more »

Can Travelers (TRV) Retain Its Surprise Streak in Q4 Earnings?

The Travelers Companies, Inc. TRV is set to report fourth-quarter 2021 earnings on Jan 20. The company delivered an earnings surprise in each of the reported quarters of 2021. – ... Read more »

Smart Money Podcast: How Nerds Choose the Best, and Paying for College

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. NerdWallet – NerdWallet This week’s episode starts with a discussion about how Nerds choose the best financial ... Read more »

Designer Brands and Bed Bath & Beyond have been highlighted as Zacks Bull and Bear of the Day

For Immediate Release Chicago, IL – January 17, 2022 – Zacks Equity Research shares Designer Brands Inc. DBI as the Bull of the Day, and Bed Bath & Beyond BBBY ... Read more »

Here's Why "Trend" Investors Would Love Betting on Lynas Corp. (LYSDY)

When it comes to short-term investing or trading, they say “the trend is your friend.” And there’s no denying that this is the most profitable strategy. But making sure of ... Read more »

8 Practical Tips for Successfully Launching Your Startup

If you’re looking to launch a startup, there’s no better time than now. The startup world is buzzing with activities and opportunities that have never been available before. However, launching ... Read more »

Why Fast-paced Mover Performance Food (PFGC) Is a Great Choice for Value Investors

Momentum investors typically don’t time the market or “buy low and sell high.” In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, ... Read more »

Looking for a Fast-paced Momentum Stock at a Bargain? Consider Meritage (MTH)

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage — “buy low and sell high.” Investors following this investing style typically avoid betting on cheap stocks and ... Read more »

Recent Price Trend in Oaktree Specialty Lending (OCSL) is Your Friend, Here's Why

While “the trend is your friend” when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of ... Read more »

How Investors Can Grab Better Returns for Finance Using the Zacks ESP Screener

Quarterly financial reports play a vital role on Wall Street, as they help investors see how a company has performed and what might be coming down the road in the ... Read more »

Here's Why "Trend" Investors Would Love Betting on CBIZ (CBZ)

While “the trend is your friend” when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of ... Read more »

Best Income Stocks to Buy for January 17th

Here are three stocks with buy rank and strong income characteristics for investors to consider today, January 17th: – Zacks Bridge Investment Group BRDG: This vertically integrated real estate investment ... Read more »

Zacks Industry Outlook Highlights: AMN Healthcare Services, Apollo Medical Holdings, Inc and LifeMD, Inc

For Immediate Release Chicago, IL – January 17, 2022 – Today, Zacks Equity Research discusses AMN Healthcare Services AMN, Apollo Medical Holdings, Inc. AMEH and LifeMD, Inc. LFMD. – Zacks ... Read more »

An Annuity 101 Guide For Non Jargoned Consumers

After returning from the grocery store last week, I went to turn on my laptop. To my dismiss, it was now nothing more than a paperweight. In other words, it ... Read more »

How to Boost Your Portfolio with Top Oils and Energy Stocks Set to Beat Earnings

Wall Street watches a company’s quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands ... Read more »

Walmart Might Soon Be Rolling Out Its Own Cryptocurrency

The high demand for and success of NFTs in the crypto world and digital marketplace make it unlikely that the craze will be going away anytime soon. Bloomberg | Getty ... Read more »

Here's How Investors Can Find Strong Utilities Stocks with the Zacks ESP Screener

Two factors often determine stock prices in the long run: earnings and interest rates. Investors can’t control the latter, but they can focus on a company’s earnings results every quarter. ... Read more »

Best Value Stocks to Buy for January 17th

Here are three stocks with buy rank and strong value characteristics for investors to consider today, January 17th: – Zacks Goodyear GT: This one of the largest tire manufacturing companies ... Read more »

Here's What Could Help Stellantis (STLA) Maintain Its Recent Price Strength

While “the trend is your friend” when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of ... Read more »

New Strong Buy Stocks for January 17th

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today: – Zacks Axis Capital Holdings AXS: This Bermuda-based holding company for the AXIS group of companies ... Read more »

Netflix Is Raising Prices in the U.S.

The battle between streaming giant Netflix and its many competitors continues — and this time it comes with a higher price tag for customers in the U.S. Reuters reports that Netflix Inc. ... Read more »

Building machines that work for everyone – how diversity of test subjects is a technology blind spot, and what to do about it

People interact with machines in countless ways every day. In some cases, they actively control a device, like driving a car or using an app on a smartphone. Sometimes people ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic