DONOT exceed 10 pages FIVE NEW BUSINESS STRATEGY TIPS FOR 2022 Many things have
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DONOT exceed 10 pages
FIVE NEW BUSINESS STRATEGY TIPS FOR 2022
Many things have changed for businesses in 2022. The previous 2 business years of 2020 and
2021 have tested businesses and the workforce like nothing else. Not only were profits reduced,
and businesses were forced to diversify in order to survive, but the way businesses operate have
been forced to change. At times staff have been no longer able to work on site, therefore flexible
working and working from home have needed to be implemented. This has not always been easy
to implement for businesses, especially those that require on site working, but in 2022 it has
become a necessity for businesses in order to survive the changes. Here are our top 5 emerging
business strategy tips to use in 2022:
Focus more on customer retention
Customer retention is the key to improving your return on investment. This is because it is much
cheaper and more efficient to manage customer relationships and nurture returning customers,
rather than relying completely on lead generation for business. By making customer retention a
focus of your 2022 business strategy, you can save on lead generation costs and improve your
return on investment. This is an emerging trend for business strategies in 2022. It also creates a
more sustainable business model, diversifying your lead generation and creates longer lasting
customer relationships. This is one of the top 5 emerging business strategy tips to use in 2022.
One of the keys to making a successful and sustainable business is to diversify your lead
generation. By making customer retention a focus in your 2022 business plan, you will diversify
your lead generation and focus more on retaining customers. This will also boost your brand
awareness and improve your reputation as a brand.
Develop a multi-plan approach
Due to the uncertainty that we have faced in recent years, it is beneficial to develop multiple
plans in your business strategy. This will allow your business to become more agile, and you will
be better able to respond to unexpected changes, such as those that we have experienced in 2020
and 2021. In order to be more versatile, if you implement a business strategy that focuses on
operating on-site, you should also consider how this strategy would work should you need to
adhere to home working restrictions. By having a multi-level approach to planning, you can
organize workflows and projects more effectively, and as a business you will become more agile
and be able to adapt to unexpected circumstances. It is especially important to be prepared for
unexpected circumstances to arise. We have learned in recent years that the business landscape
can change almost overnight. Therefore, being prepared for this is vital for all businesses in
2022.
Focus on new opportunities
It is important to keep looking out for new opportunities, in order to identify emerging trends. It
is vital that you can adapt your business strategy to target these emerging trends. A business
strategy needs to be adaptable, and scope for adaptability needs to be accounted for in the
business strategy for 2022. As we have learned from recent years, circumstances can change
quickly, therefore it is important to be able to adapt your business strategy to capitalize on
emerging opportunities. To be a truly agile business, you need to be prepared for opportunities to
arise that have not yet emerged. This requires you to stay focused on new trends, and to quickly
capitalize on new ones as they emerge.
Integrate your strategy within the digital landscape
Post pandemic, more and more customers are becoming comfortable with face-to-face
interactions. However, according to McKinsey Institute, 75% of customers still prefer to use
digital communications. Therefore, it is important to consider this when devising your business
strategy. It is vital that you have a digital strategy in place in order to be successful in 2022. By
implementing a digital strategy within your business, you can meet the requirements of your
customers. By having a split strategy of digital and face to face interactions, you can meet the
needs of all of your customers.
Focus on what works
Being a results-oriented business, it is easy to be tempted into utilizing multiple sales and
marketing channels in your business strategy. However, In 2022 it is becoming more common
for businesses to focus on their core channels where they generate the most success. Instead of
having a business strategy that stretches the team across multiple channels, it is much more
worthwhile to focus the teams efforts on key core channels when implementing their business
strategy. By having a core business strategy, you focus all your efforts on what brings you
success, and it doesn’t waste any time or effort on unsuccessful or inefficient strategies.
Source: In Professional Development
Question 1;
Discuss the impact of each one of these emerging Business Strategy tips on an institution like
KENYATTA UNIVERSITY, NAIROBI;
(a) Give the practical implications
(b) Give the application (example)
(c) Suggest pitfalls that might existing on the five tips
Questions 2
It is a fact that strategy is core when it comes to business viability and relevance, evaluate the role of the following with regards to strategy adoption and execution using proper citations and referencing. How do they influence strategy in their respective mode.
(a) Small Medium Size Enterprises
(b) Internationalisation
(c) E-commerce
(d) Vertical Integration
