In all of our years of business, we’ve never seen a year quite like 2022. From inflation to supply chain challenges, 2022 has been quite the year to navigate so many aspects of business.
Despite the challenges and bumps in the road, our clients have also seen their fair share of wins and successes in 2022. We reflect on the past 12 months and look forward to the opportunities of 2023.
Challenging times
On the back of two demanding and difficult years, 2022 upped the ante for small business. In the face of a probable global economic recession, the ‘tech wreck’ has resulted in very challenging capital markets.
Whether it’s equity, venture capital or debt, getting funding this past year was exponentially harder than in previous years. The prosperous bull market that fuelled a great deal of business growth in recent times turned very quickly as interest rates started to rise in the first quarter of the calendar year.
Combined with universal staffing shortages and upheaval in the political climate, it’s been a bumpy road in the business world.
Lemons into lemonade
Every challenge has a silver lining and the disruptions of 2022 are no exception.
We’ve supported our clients to find efficiencies in their operations through automation and restructuring. With limited capital, we’ve worked with clients to rethink their business models. This has involved tough decisions, but ultimately the businesses that have emerged value profit and sustainability over unsustainable growth.
We’re seeing businesses look further into the future to restructure the business not just for today but to also survive stormy seas in the future. It might not feel like it, but this is a good thing for business.
Success in 2022
Any business that has weathered the 2022 storm is a success. It’s also important to remember that success looks different for every business. And that success should be celebrated.
Ento was a very early client of Vital Addition. What started out as doing their books, saw us sitting alongside the founder as the business was sold this year. Building that relationship with a business owner from the startup stages through to exit is a highly rewarding part of our business.
Our congratulations also go to Abyss Solutions on their successful capital raise from existing shareholders, including AirTree Ventures. And to long standing client Hey You on their merger with Drive Yello.
For each of these clients, we have achieved our goal of advising on how they can best support and restructure the team and scale the finance and accounting function.
Looking forward to 2023
While the pain we are feeling now is likely to continue for a while, it’s not all grim. The businesses that see the greatest success will be the most resilient ones. They will turn the political and economic lemons into lemonade to survive year on year.
As a business owner, support is crucial, particularly if you’re struggling to put the pieces of the puzzle together. Get help early when there is time to respond and take action.
At Vital Addition, we’re here to help. Yes, we offer taxation services and an outsourced finance team. But one of the most valuable roles we play is business counsel. We’re business owners too. We’re facing the same challenges and supporting the rest of our client portfolio to chart the road ahead.
Together we can review your finances, understand your business model and offer solutions. We’re your business support, someone who always has your back with any challenges that come your way, helping you sail forward to calmer waters.
Contact us to discuss your business situation and how we can support your future growth and plans for 2023 and beyond.