Opportunities for financial planning for small business owners in 2022

Opportunities for financial planning for small business owners in 2022

What are your plans for 2022? It is estimated that COVID-19 affected 95% of businesses and 80% of business owners saw an impact on their personal finances. These impacts have been diverse and the economic challenges continue. This article uses two studies to provide a background for the economic roller coaster ride that business owners face, and four important planning areas to consider in preparing for the new year.

The US economic performance has been compared to a burning match. When a match is first struck, the flame burns hot and bright, but it eventually settles into a stable state. The economy grew in the first half of this year as companies and individuals restarted after an unprecedented stimulus, the rollout of vaccines and accumulated demand. Headwinds emerged – supply challenges, inflation, scarce talent, the Delta variant, return to workplace complications, etc. – and the economy came into place, facing new realities.

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