Top Business Challenges Facing Latino Business Owners in 2022

Latinos thinking

Latin business owners tell us their priority for 2022 is to find more customers

Latin Biz Today asked our readers to identify their top business challenges and almost half told us they wanted to find more customers.

Can you guess what business concerns are on the minds of Latin Business Today readers? Halfway through this first “post-pandemic” year Latin Business Today asked our readers what they saw as the primary challenge facing their businesses in 2022. We were curious to learn how the concerns of our Latin small business owners might align with the concerns of other business leaders.

In early 2022 the Conference Board released a survey of 1600+ CEOs from around the globe called Reset and Reimagine: Surviving and Thriving in a Uniquely Challenging Business Environment, asking them what they thought were their most important challenges for 2022.

At the top of the list of external challenges were Covid-19 disruptions, rising inflation, labor shortages, supply chain disruption and changes in consumer behaviours, with US based CEO’s ranking labor shortages as their top concern.

When asked about their top internal challenges the CEO’s ranked attracting and retaining talent, accelerating digital transformation, improving cash flow, developing next Gen leader and modifying their business models.

 In the spring of 2022 Goldman Sachs asked small business owners how their year was shaping up in “10,000 small businesses” . What they heard was that the majority of small business owners reported the first quarter of the year had taken them from bad to worse. Their concerns echoed many of the concerns in the Conference Board report.

The small businesses surveyed were worried about inflation, labor shortages and supply chain disruption with difficulty finding and retaining employees ranked number one by 45% of survey respondents. 88% of the respondents also felt that small businesses were struggling more relative to larger businesses and they were worried about losing their staff to larger, better paying organizations.

We asked our Latin Business Today readers to select from 3 business challenges we heard our community talking about that generally captured key themes the Conference Board and Goldman Sachs had identified.

We asked our readers to pick between the challenges of 1) HR and Hiring, 2) Financing and 3) Customer Acquisition. What we learned was that the number one concern of Latin Business Today readers was getting more business in the door.

Question: “What is your primary challenge as a business owner”

Customer Acquisition – 42%

Financing / Securing Loans – 31%

HR/Hiring – 23%

Many of our readers are small business owners and solo entrepreneurs in the services industries, offering food and beverages, entertainment including music, fashion, beauty, fitness, and wellness in addition to a range of business services such as finance, and accounting, media and marketing, education and more. Our readers in the direct services industries have told us that over the past 2 years they struggled as their customers stayed home. It makes sense now that customers are headed out of their doors that businesses would look to bring those customers into their doors.

Latin Business Today continues to feature articles focussed on customer acquisition and retention, financial well being and employee retention and recruiting and we have more upcoming.

If your business is looking to acquire new customers check out these article

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Let us know what is on your mind – write to us at @ info@LatinBusinessToday or chat with us on Instgram, Facebook, Twitter or LinkedIn!

Do you have a small business you would like us to feature? Let us know about that also! ASK@latinbusinesstoday.com

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