Andrew Marsh is a leading business mentor, company owner, Non-Executive director and Vistage chair in the North East.
Here, using his knowledge and experience, he projects on what the business trends will be in the region throughout 2022.
“2020 and 2021 saw many business models challenged and those with agile and diversified revenue streams were certainly the ones that showed themselves as more able to adapt. The period also highlighted trends that leaders used to quickly pivot to survive. “Many of these leaders grew new core skills that will continue now to be used to drive innovation and success throughout 2022. “The fight for talent also came to light. We are facing an employee’s market at the moment, with furlough having made people reroute their careers and job trends showing a shortage in the likes of hospitality and construction. Throughout 2022 employers are going to be under pressure to present themselves as desirable places to work more than ever.
“Alongside this the trend in the importance of employee engagement and reconnection will need to grow – teams will need support in moving back to office environments as we move from working from home.
“Cash and Funding will also be a focus – Coronavirus Interruption Business Loans are now being repaid and pressure from rising energy bills and increased outgoings will get more intense so cash will be a major focus for all firms to rebuild their balances. Operations need to be resilient, and cash reserves go a long way to ensuring this.
“Many companies will follow a bounce back journey – This year will be exciting and offer opportunities to companies looking to grow and recover. This will create a new competitive landscape and behaviours in many sectors, creating more choice and creating a buyers market in some cases.
“In some industries, such as AI and Digital, growth will continue at pace. IOT remote technology, such as GUARDIAN® from Plexus Innovation will become must have technology, easing challenges and bringing a whole host of business solutions.
“Supply chain issues for some sectors however will remain. Electrical components, building materials and container shortages for example will continue to slow traction in certain industries who will need to box clever looking for alternatives.
“ESG is a seriously hot topic too. There is a raise in BCorp Investors now wanting KPIs and performance metrics, with carbon neutral not being enough anymore. Net Zero is the aim to be focused upon.
“Authenticity is also a refreshing trend we must now all embrace. Brands are under pressure to use business as a force for good, and they need to connect more with their employees and customers as outlined by BCorp. Drivers to be better for the community, for people and for the planet will bring more need to be welcoming diversity to boards and executive teams with open arms. I myself will be supporting existing and new clients with making sure that they are doing more than ticking a box in this important consideration.
“For businesses to thrive in the current and future market, diversity in an executive and non-executive team is becoming a paramount requirement. Only through diversity can an organisation see that big picture and be driving a strategy of inclusion. A mix of experience and opinions in age, gender, culture, background, qualifications and energy is needed for this. As Nellie Borrero said:
“Diversity is a fact, but inclusion is a choice we make every day. As leaders, we have to put out the message that we embrace and not just tolerate diversity.”
“As well as ensuring diversity, board performance will need to be monitored throughout 2022 – there is an upwards trend being driven by organisations such as The Experience Bank Group in the region to ensure that advisors and NEDS are performing and driving value to the business.
“Another growth area, which after initially finding success on online and is now returning to face to face meetings is Peer Groups. There are a range of Peer Groups from pure networking, to more nurturing mentoring arenas to those who also teach new skills as well provide support from a trusted network of like minded executives. The key decision makers can no longer ignore their own development in training and development – its proven.
“The real benefit of a peer group should be making its members truly accountable. The group members listen to you, to what you plan to do. Your fellow members not only expect you to deliver on it, but will also support, encourage and create sophisticated interactions to make it happen. Many peer groups now also have a buddy system which allow for closer interaction, holding each other to account whilst coaching and supporting each other. A good facilitator will change your buddy regularly to allow you develop more meaningful business relationships.
“As a Vistage chair, it is so satisfying to see my members work through their issues, grasp opportunities and learn together. Our sessions boost the mood, energy, performance and wellbeing for everyone involved. Being in the right group is a vital part in ensuring you get the insights that improves decision-making and spurs faster company growth, and when introducing someone to a new group, that is always forefront of my mind!
“Vistage has recently released new statistics that highlights that during the most difficult times, Vistage CEO members grew their annual revenue on average by 4.6% in 2020, while non-members with comparable small and medium sized businesses saw revenue decrease by 4.7%. An analysis by Dun and Bradstreet also clearly shows that Vistage members grow 2.2 times faster than nonmembers.
“Group learning for self-improvement is also high on the agenda now. There really is no need for anyone in business to feel alone. And CPD doesn’t have to mean certified qualifications. Opening your mind and your heart to the right sessions where people share business experiences is a hugely rewarding practice and educational in a much more impactful way. Again, your group facilitator should have activities and learning experiences that enhance your onboarding of new ideas and information. “One thing for sure is that there won’t be a trend of sitting still and doing nothing. Our region is driven, and every day our business community shows its resilience. 2022 will be a very interesting year.”