It’s an unpredictable time to be an entrepreneur at the moment. The economic climate is fluctuating wildly, and no one seems to have a definitive answer to how everything might pan out. It is all shaping up to be an interesting 2017. But there are some areas of business that, no matter what will pose a threat to many people’s business plans. I thought I would go through a few of them today – so read on to find out what you can expect from next year.
While we all hear about attacks on the major corporations on the news, when it comes to smaller businesses, they never seem to hit the headlines. But make no mistake about it, cyber attacks are on the increase, and there are now more small businesses reporting big issues. In fact, around 60 percent of smaller firms have experienced a cyber attack. It’s also worth pointing out that only a third of SMEs feel they have a helpful disaster recovery plan to deal with these threats. Clearly, there is going to start causing a lot more problems in the foreseeable future. It is critical that you have some protection against these online threats. Install security software on all devices and ensure strong passwords are used across your entire company.
With recent news suggesting Article 50 will be triggered in the next six months, we are likely to see the impact of Brexit sooner rather than later. It’s going to be good for some, of course – exporters might find their sales skyrocket. But for the vast majority, the future is a lot more uncertain. Make sure you are aware of the implications of Brexit and start planning for any eventuality now. Failing to do so will mean you aren’t ready, and the prospect could be a disaster.
The Global Economy
The UK isn’t helped by the state of the global economy either. China is almost at a standstill right now in comparison to where it was 18 months ago. And there are concerns we are only a short time away from another severe economic disaster. UK entrepreneurs should seek to keep their options open regarding new markets in other areas. They should also start making plans to deal with the potential of another global crisis.
The Big Talent Drain
Finally, to be a successful business, you have to hire the right talent. The trouble is, talent seems to be flocking elsewhere – the UK reported a loss of professionals during 2015. A lot of young professionals are being tempted by the bright lights and no-tax alternatives in the United Arab Emirates. It’s a big pull for many, and it means UK employers are going to have to up their game. While you might not be able to compete financially, there are a few things you can do to make sure you are attracting talent. Make sure you are renowned for having an excellent company culture, for a start. Flexible working and pension pots are a great way to attract people, as is private healthcare. It does all come at a cost, of course. But without the talent, your business won’t go far.