What do you anticipate for your business in 2022? Do you think the trade and health challenges will ease, or are we in for an altogether new intensity in business operations?

Below are some of the trends we have been noticing. How could these affect your business? Do any represent threats or opportunities for your business, if they continue on the current path, or if they change?

Domestic and international travel is expected to open up.
There has been setbacks due to the emergence of the Omicron variant but overall the intention seems to be that as vaccination targets are reached, the regions and travel become accessible again.

There are ongoing and ever changing issues with supply chains.
Back in 2019 supply chain issues started with widespread factory closures and output reduction due to COVID-19 cases and lockdowns. More recently, the problems have been around inability to obtain materials and the transportation of goods. The high demand for shipping containers continues and now we have a potential trucking crisis if supplies of Adblue cannot be replenished in the next few weeks.

Cryptocurrencies are gaining a following.
The number of cryptocurrencies available is increasing almost by the day. More and more individuals are choosing to use cryptocurrency for investment and saving purposes and some are being caught out, as the industry is yet largely unregulated. The governor of the Reserve Bank, Philip Lowe, has warned that “privately issued and backed money all too often ends in losses“.

Cybercrime is soaring and there has been a surge in related online activity – spams, phishing, malware, hacking and the like.
Constant vigilance pays. Appropriate and functioning defenses such as anti-virus and malware detection are essential.

Demand is constantly growing for more environmentally sustainable operations and products.
To date this has typically affected some industries more than others. Responsible resource management is a controversial topic and the definition of such can differ between parties.

Recruitment of qualified personnel is an increasing issue in some industries.
There is both the challenge of not being able to utilise international capacity and then the newer situation with requirements for employees to be vaccinated leading to some resignations and terminations. Also, some industries had longstanding recruitment challenges prior to 2019, which continue.

Relationships between various nations are continually being challenged.
China’s export spats, France’s submarine blustering, Cold War tactics from Asia, these all have a flow on effect on trade, directly or indirectly.

Reduction and cessation in government funded COVID support.
As lock downs pass and vaccination rates increase, financial support is being withdrawn.

Over the next few weeks, give some thought as to what 2022 could bring for your business, how you can pursue the opportunities, optimise your strengths, beat off the threats and limit your weaknesses.

Thanks for reading.

The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.