Best Performing Small Business Models of 2022
November 15, 2021 | Last Updated on: September 18, 2024
November 15, 2021 | Last Updated on: September 18, 2024
DISCLAIMER: This article was written in 2021 and has not been updated. For more up to date information on economic impacts to small business funding, please read this recent article Top 10 Industries Experiencing Growth
If you’re re-thinking how your business turns a profit after the pandemic’s impact on the past two years, you’re far from alone. According to the recent global survey on digital strategy by McKinsey Digital, almost 90% of respondents said their business models need to change (or have already changed) to remain economically viable through 2023.
The majority believe those changes should involve embedding digital technology in their current businesses (21%) or building new digital businesses (64%). But how can you adjust your small business model so it will succeed in the years to come?
Here’s a look at some of the trending small business models of 2022 — all of which involve a digital component. But first, let’s take a quick look at the accelerated virtualization of businesses that occurred due to the coronavirus.
One of the key steps to success in 2020 and 2021 was learning how to effectively use technology to a business’s advantage as most companies were forced to close their physical doors, limit business, and/or work from home. Covid-19 fundamentally changed the pace of business, and companies with superior technology capabilities came out ahead, said McKinsey Digital.