Top-4 Digital Priorities for SME’s in 2022

2021 was a year of triumphs, rebounds and comebacks—and it has been a big year for small businesses.

Even as small business owners face more hurdles, like the ongoing supply chain crisis, they continue to embody resiliency and consumers continue to show up for them. Even recently, the National Retail Federation estimated that more than 58 million shoppers were expected to shop on Small Business Saturday last month.

The past year was also a moment for marketers to regroup and rethink how to best serve this growing small business community. At Forbes, we wanted to know how small businesses were  responding to the current environment, planning for their organizations’ future and fostering innovation.

So we surveyed 500 small business owners in the U.S. to arm marketers with the data they needed to serve this community wisely. And according to the data, the mood is optimistic. 

While 41% of small business owners said they saw either negative or no growth over the past fiscal year, more than half of respondents (58%) said their organization will emerge stronger than before the pandemic. The same research also found five areas small business owners will be investing in the next year. What are they?

Customer experience

Small business owners are advancing digital transformations, and customers are top of mind. More than 80% of respondents in the Forbes Small Business Survey said they’d be focusing on the customer experience next year. One-third said serving more customers is the primary goal for new tech investments.

When looking at what tech to invest in, small business owners want to empower their teams, and 3 in 4 plan to increase employees' abilities to create transformative customer experiences. 

It’s also no surprise that many small business owners are also looking to data to help them uplevel their customer experience and serve a wider audience. Our survey found that 45% plan to purchase customer analytics software over the next year.

Diversity, equity and inclusion initiatives

Diversity, equity and inclusion will remain a huge focus for brands next year, regardless of the company’s size. Even so, our survey found that 62% of small business owners plan to invest in more DE&I initiatives in 2022. 

While Forbes isn’t a small business, we too are committed to fostering a diverse, equitable and inclusive company while helping small businesses thrive. It’s also one of the reasons why we launched Forbes EQ—a dedicated space for businesses, entrepreneurs and nonprofit organizations from and serving underrepresented groups to share stories and expertise with the Forbes.com audience via the BrandVoice content marketing platform. 

Technology

Technology is going to be front and center for small business owners in 2022, according to 78% of survey respondents who said technology would be a top investment. But they don’t plan to invest in just any technology. 

Our data showed that small business owners are expecting to face the following challenges (and looking for solutions for) increasing investment in new technologies (46%), continuous innovation (43%), implementing more digital transformation initiatives (41%) and improving internal processes/workflows (38%).

Our data also showed that a whopping 80% have either already invested in cloud or plan to in the next year. The main focus of all these investments? To serve more customers—and to do it well. 

Talent and workforce

Today, small business owners want to give their employee experience a boost, with 73% saying talent would be a top investment in 2022. To empower their staff, 36% said their focus will be on improving employees' mental health and well-being, while 35% said their sights are set on maintaining employees’ work-life balance.

In another Forbes survey earlier this year, we also found that over three-quarters of CxOs said they’ve already expanded parental leave and established clear boundaries around working hours to attract and retain female talent. With “The Great Resignation” still in full swing, focusing on talent will stay top of mind for small businesses in 2022.  

The new year is almost here, and small businesses are all looking ahead. As Amber Venz Box, the cofounder and president of LTK, said at Forbes Small Business Summit earlier this fall, “as an entrepreneur or small business owner, you need to be a futurist.” And to reach small businesses, marketers will need to be futurists too.