What Does 2H 2022 Look Like for Business Owners?
Kathleen Sullivan Garman is a top expert in shipping and logistics. Brian asked her: What does the second half of 2022 look like for business owners worried about shipping and logistics?
Kathleen: Prices are fluctuating measurably almost every week. Some warehouses are sitting on inventory and cutting prices to get their products moving. Other warehouses are seeing price drops and moving quickly to fill their spaces. My advice is, if you see a great deal, take it. Nothing is standard right now.
Rieva Lesonsky is the CEO of Small Business Currents and a widely respected journalist in the SMB market. Brian asked her: What marketing advice would you give to business owners who are gearing up for the second half of 2022?
Rieva: Business owners should look at what worked/didn’t work in the first half of the year and then introduce new programs, new iterations for the second half to improve results. But they must also be mindful of consumer demand. As interest rates rise and fears of a recession grow, consumers will start to cut back. Business owners should be ready to change their marketing messages to reflect the changes in the minds of consumers.
John Lawson is an internationally recognized expert on eCommerce. Brian asked him: What does the second half of 2022 look like for business owners involved in eCommerce?
John: Amazon had a record two days for their Amazon prime. However, most of the orders were for items less than $20. I believe it could be a sign that consumers might be pulling back. They might have done some early Christmas shopping ahead of the fourth quarter.
Ray Keating is the Chief Economist of the Small Business & Entrepreneurship Council. Brian asked Ray: What does the second half of 2022 look like for business owners who are worried about inflation and rising interest rates?
Ray: I think the second half of 2022 will look a lot like the first half of the year. Inflation will continue to run hot. The Federal Reserve will continue to raise short term interest rates to stem inflation. We also may see stagflation at some point in the next six months. I hope I'm wrong, but I think that's what we're looking at.
For the last question, I decided to add my own three pieces of advice for business owners to run better, more productive companies in the second half of the year.
First, live one day at a time. Don’t worry about the mistakes you made in the first half of the year and don’t worry twice about things that haven’t happened yet.
Second, write a GPS Plan that tells you where you want to be on December 31st and how, exactly, you plan on getting there. Also write 1-2 contingency plans.
Third, have at least 1-2 advisors who help you navigate the uncharted waters you will be entering in the second half of 2022. It never hurts to have an extra set of eyes and ears to watch out for obstacles and opportunities ahead.
Best of luck with your business. We look forward to speaking with you next month to discuss early steps you can take to get ready for the 2022 holiday shopping season.