The current business environment is both challenging and uncertain, but not impossible. Moore Stephens accountants shares some top tips for business success in 2018 and beyond
Running a business has always been a challenge. This year, uncertainty around Brexit and the strength of the UK economy, along with reported shortages of skilled staff and the rapid rise of technology means businesses have to develop new tactics to succeed. Here are our top ten tips for business success in 2018.
1 Take a realistic view of the forecast growth in the UK economy over the next few years. Business plans and budgets can be built on modest growth expectations.
2 Don’t assume you always have to reduce your price to win sales – the quality of UK goods and services is recognised at home and abroad, and many businesses want to deal with trusted suppliers with whom they can develop a strong relationship.
3 Explore all ways to use new technology in your business. Many of the new cloud-based solutions and apps are low cost, intuitive and easy to implement and use.
4 Continue investing in staff training and development for people at all levels in the business – senior people can make a big impact. Investing in training can not only improve business performance, but also improve staff motivation and retention.
5 Make maximum use of all tax breaks and grants available, particularly if investing in technology.
6 If not already training apprentices, consider whether doing so could benefit your business. You can train people to meet your own high standards and benefit from their development.
7 Understand the implications of the EU General Data Protection Regulation (GDPR) for your business and stay compliant.
8 Review your cyber defences and make sure you’re doing all the ‘basics’ – including reminding staff of the need for vigilance.
9 Consider exporting as an option for mitigating any concerns about the strength of the UK economy and don’t think you have to delay plans for international growth due to Brexit uncertainties.
10 Remember that help is available to support you in developing your business – whether investigating eligibility for grants and tax breaks, exploring international opportunities or staff development and incentive schemes.
Moore Stephens For further help and advice with any aspect of your business strategy, contact Partner Geoff Norman at Moore Stephens accountants on 01733 397300 or visit www.moorestephens.co.uk/eastmidlands to find out more.