Top 4 Challenges SMEs Face in 2022
Any business seeking growth knows that they will be faced with an assortment of challenges and obstacles every year. That is a given. However, from year to year these challenges become more or less critical because of global events, socio-economic conditions and other factors that impact the potential for profit. If you are wondering what the leading challenges your business may face in the months ahead in 2022, here is a consensus of the top four according to economic analysts in the UK as well as in most developed nations around the world.
1. Continuing SARS-CoV-2 Restrictions
Just when the world thought it could finally relax restrictions, along came yet another variant of concern. Although the Omicron variant didn’t appear to be as lethal as its predecessor, Delta, the number of cases surged enough to overwhelm hospitals and to keep many workers from feeling safe leaving home. When caseloads within a business are high enough, they are forced to close their doors for a period. All of this equates to a loss of revenue and one of the major concerns in 2022 as it was in the previous two fiscal years.
2. Cost-Effective IT Solutions
Another of the top five obstacles to business growth is everything related to Information Technology. Most SMEs don’t have the budget to hire an in-house IT team. However, on the bright side, it is possible to contract IT support teams such as the UK experts at Geek-Guru that provide managed services Birmingham, throughout the UK and really, anywhere around the world. From server support and computer support in the local area to remote services in other regions, they provide a cost-effective way of keeping your business’s information technology running smoothly, minimising downtime.
3. Staffing Issues
Recruiting and keeping top talent has always been an issue, but with the pandemic still a concern, many SMEs simply can’t attract the professionals they need. In fact, many small businesses don’t have the budget for an in-house HR team it becomes even more difficult to recruit and train staff. The good news is that it is possible to outsource HR that will do everything from recruitment to onboarding and offboarding, and they can do it all at much less the cost of an in-house team.
4. Full Spectrum of Financial Concerns
One of the main financial concerns in the UK and other developed countries is the rising interest rates that are significantly impacting the bottom line of businesses of any size. Consider how just a point or two increase in interest rates adds to production delays due to Covid, supply chain interruptions and other issues that reduce profits while adding to excess expenditures. This is why such things as managed IT services are becoming increasingly vital to the financial health of SMEs. Having an inability to meet so many demands in-house, contracting outsourced services is keeping a great number of businesses from being made bankrupt.
There are other issues facing SMEs most of the time, but these particular challenges are among those businesses are worried about most in 2022. The good news is that once you’ve identified a challenge, you can go about seeking solutions.
