New research reveals that in light of the COVID19 pandemic, small-business owners are focusing on their own well-being, as well as taking care of their people and their business, in 2022.
The BizCover 2022 Small Business Bravery Report shows that the pandemic gave many people a chance to reflect on what really mattered to them – both professionally and personally. And for many, starting a business, where they can invest their time and energy into their own vision, is being seen as a way to stay focused on the things they care about.
As lockdowns, supply chain issues, and the ‘Great Resignation’ affected many businesses, 23 per cent of business owners said that they were able to develop new products or services to meet market opportunities, while 17 per cent developed new online solutions or adopted new technology. This helped hundreds of businesses survive, but it also meant less time for small-business owners to live an everyday life – including sleeping, exercising, and spending time with those who matter at home.
Because of this, 46 per cent said their top business goal for 2022 making more time for family and personal wellbeing, and 35 per cent said they wanted to spend 2022 improving professionally by learning and developing their own skills and abilities. A third also said they want to spend more time doing what they love in their business (rather than admin), while 23 per cent wanted to focus more on fulfilling their business’ purpose.
When it comes to the biggest challenges facing small-business owners in 2022, 40 per cent cited external factors outside their control, such as climate change and future COVID19 responses. Meanwhile, one-third of respondents said they wanted to find ways to feel more certain about the future, and 25 per cent wanted to feel more in control of their decisions.
Other owners are looking for stability in the longer term. with 12 per cent wanting to make 2022 the year they sort out an exit strategy or succession plan for the business, while another five per cent want to protect their legacy.