Every business strives for a competitive edge. AB Financial Group is committed to partnering with businesses to compete. Here are our top 8 trend predictions for 2022 to help increase your bottom line.
1. Remote work – This highly popular trend continues to make sense for operational agility, cost reduction and productivity jumps. The perks for companies and workers are impressive. A business will see a substantial reduction in facilities cost along with an increase in productivity. The option creates a desirable edge for new hires. Studies have shown that remote workers deliver greater productivity, using fewer sick days, have longer tenures, and enjoy the rewards of no commute. In addition, management and the workforce report being satisfied with remote work, particularly when augmented with on-site options, as needed.
2. Accounting – As digital tools, financial software, and cloud based accounting continue to evolve the role of the professional accountant is becoming more of the gold standard for businesses to achieve their goals. AB Financial Group offers the professional expertise to provide cutting edge financial services as well as an evolving leadership role when it is required. Areas of advisory leadership include:
- Data management and analysis such that agile decision-making is supported.
- Financial analytics in real time, and tracking the operational balance sheet.
- Responsive data security measures for all financial information.
As a part of our full service menu, AB Financial Group partners with businesses to meet their accounting needs.
3. Digital, digital, digital – Think more digital. Digital power is expanding deep into operational functions. Communication, essential for remote as well as in-house employees, is more efficient with digital tools. Digital communication processes and applications provide clear communication, up and down. The wide variety of messaging platforms and video conferencing software available support multiple functions. Find the tools that have the power required to ensure your team’s ability to work together. Use digital tools to increase the range of events conducted virtually, including team meetings, human resources training modules, corporate mission events, conferences, innovation roll-outs, and market updates.
Explore artificial intelligence (AI) tools to streamline processes and increase scalability. Functions can include chatbots, smart assistants, productivity recommendations, and facial recognition. Look to pre-built artificial intelligence tools currently available, or develop an AI design process to meet your specifications. Accelerating dIgital power is essential to a strong performance in 2022.
4. Environmental trends – In the domestic and global business environments, consumers and investors are finding environmentally proactive companies highly desirable. If you have not already started your shift towards going green, 2022 is the year to start. Minimizing your personal carbon footprint is always the goal, and then improving sustainability throughout your organization is next. Reducing the cost to the environment generates a consumption consciousness profile, which highlights a company’s adaptability and resilience while saving operational dollars. Proactive environmental actions include:
- Choosing paperless alternatives
- Consuming only reusable products
- Use of filtered water systems for workers and consumers where needed
- Convert to LED
- Add greenery to landscaping for environmental oxygenation and health benefits
- Explore tax credits for solar energy, carbon reduction and energy efficiency
- Promote telecommuting as an organizational priority
A business that embraces sustainability does well for their bottom line and the environment.
5. Flatten management – In the business environment of 2022, the ability to respond to change quickly provides a striking competitive edge. Decreasing the time it takes to reorganize and course adjust, benefits the company’s profit margin and the customer experience. Leadership can recognize the benefit of minimizing the time and effort formerly applied to change, flatten the structure, and reap the rewards of market sensitive processes. This trend has the benefit of crowd-sourcing solutions within the work community, and the added perk of building ownership, satisfaction and productivity among the team. Flip the hierarchy, and welcome input from front line professionals.
6. E-commerce – The growing evolution to e-commerce benefited from a pandemic, but consumer preference is the major force driving it hard in 2022. Companies are embracing it too. Offering customer access to your products and services online is a game changer for thriving enterprises. Ease of purchase helps grow market share. Decreased dependence on, and even the elimination of the traditional brick-and-mortar facility becomes a major cost savings. Winning benefits include:
- Speed of transaction
- Overhead cost decreases
- 24/7 availability
- Targeted product listings
- Access to affordable marketing tools
- Ease of cost and product comparison
- World wide web access
Consumers and businesses agree, e-commerce is good. 13% of all purchases are virtual, a factor that grows year by year. Enterprises worldwide have enjoyed over $6.4 trillion in e-commerce sales in 2021. This surge is certain to increase.
7. Payment trends – Just as e-commerce is being driven by consumer preference, the trend toward cashless payment will continue in 2022. The majority of transactions worldwide are credit and debit cards, mobile wallets and payment applications. Consumers prefer businesses that can accept either cash or cashless payment. Providing a seamless system continues to be an important trend for thriving enterprises.
8. Gig work – The gig work model continues to be popular among the workforce. There are over 60 million gig workers in the US, and it’s growing. Flexibility is a major benefit for the freelancer. As such, a business is smart to recognize how to use this sector of the workforce. Some uses and benefits include:
- Short term project staffing solution
- Outsourcing for high quality experts
- Lower full time employee cost
- Exposure to a pool of new hires
- Reduced administrative cost
- Expanding operations while decreasing cost
- Lower overhead = greater gains
AB Financial Group offers the tools to access the freelance workforce, manage the cost, and ensure regulatory compliance on accounting, reporting, and tax filing. Contact us today for all your needs for thriving in 2022.