Business trends for 2019 – What’s coming up?
2018 has been a tumultuous year both politically and economically. The steam train of technology is hurtling down the tracks, contributing to a more modern, online and savvy consumer while businesses are trying to keep up to stay ahead of the competition.
This article will discuss business trends that you might like to consider and look out for in 2019, to ensure your business is moving forward and not falling behind…is technology king? Or will human connections and experiences be at the core of business practice?
Sales & customer service
Sales and customer service have been hugely ‘streamlined’ and affected by the bottom line. Outsourcing and digital marketing have allowed businesses to save money and automate processes however, is this a good thing? Will businesses continue to create loyalty with this model? Or will a more personalised human touch win through?
The modern consumer:
"Customers today have more choices than ever, and they have shown they will gravitate toward those who prioritize the delivery of fast, seamless and personalized service. This is true whether they are ordering lunch, getting their car repaired or making a financial transaction. In my industry of financial services, we've already seen large legacy companies start to fall behind smaller start-ups who offer better user experiences."
Bernardo Martinez, U.S. managing director at Funding Circle
Tech vs human
"Technology runs our lives more than ever, but it is relationships that drive business and commerce, so people will find more ways to connect in person to build trust and strengthen connections. Make sure you offer several ways to talk with [customers] and get to know them. Algorithms can only tell you so much about a customer, [but] transactions are driven by relationships. Use automation where you can, but do not ignore the power of the personal touch."
Paige Arnof-Fenn, founder and CEO of Mavens & Moguls
Marketing and advertising
Marketing and advertising continue to move online to provide potential buyers with more personalised and targeted content, straight to their smartphones. Despite this online move, buyers are still likely to be highly influenced by others’ reviews online, this will continue to be a key differentiator in 2019.
Continued personalisation of content
Marketing will continue to grow more personalized. "Marketing is becoming increasingly personal, and this trend will keep going as we move into the new year. No longer will stock images, generic nurturing campaigns or impersonal calls to action convince consumers. In order to succeed, you'll have to provide high-value and personalized content every step of the way."
Harrison Doan, director of analytics at Saatva
Customer reviews and word of mouth
"Today, customer reviews influence more than 95 percent of online customers before they decide to purchase. Moreover, more than 90 percent of people step back from buying the things online which do not have any reviews, good or bad. In the coming years, these customer reviews will be the greatest influencer of any business. Most businesses will open their review forums to publish their customers' opinions. Most importantly, brands will drive innovative marketing campaigns through these review forums to influence their target audience."
Andrei Vasilescu, CEO and digital marketing expert at DontPayFull
The modern workplace
The workplace has changed drastically over the past years providing employees with a more comfortable environment in which to work; increasing employee flexibility and increasing levels of remote working. These trends will continue in 2019.
"[B]usinesses [will be] focusing on employee engagement and happiness. Because unemployment is at historic lows, keeping employees engaged and happy is critical to retaining good people. Furthermore, many people are unhappy with the state of our country and the world right now. Keeping them happier at work … boosts productivity 10 to 25 percent."
Scott Crabtree, chief happiness officer at Happy Brain Science
"People will be spending less time commuting and traveling but more time working remotely, causing business leaders to find other ways to share corporate info and increase workplace collaboration. With the rise of telecommunications (video, chats, etc.), the need for employees to hit the road has subsided, meaning that business leaders will need to rethink their communications strategies. They'll also need to consider how to encourage workplace collaboration when everyone is in a different place."
Jen Grogono, CEO of uStudio
Quote from: https://www.businessnewsdaily.com/7605-business-trend-predictions.html
CAPITAL GAINS TAX – PAYMENTS ON ACCOUNT
Capital Gains Tax Payments on Account are coming from April next year. At the moment, Self Assessment taxpayers have to pay Income Tax payments on account in January and July each year and then maybe a balancing amount in January after the end of the tax year, whereas the payment date for any Capital Gains Tax is 31 January.
What is a trust and why set one up?
Often thought to be the reserve of the ultra-rich or landed gentry, trusts are an excellent way of protecting and holding important family assets. Asset protection, control, flexibility and tax efficiency are major reasons why more and more clients are using trusts as part of their planning. This article will discuss trusts and why you should consider them as a major part of your personal tax planning strategy.
What is the reverse charge on VAT? Will it affect you?
From the 1 October 2019, CIS registered businesses which are also VAT registered will have to withhold the VAT element of an invoice when paying those suppliers which are also CIS and VAT registered. The withheld VAT must then be paid over to HMRC on the next VAT return.
Sign up to receive our private content
straight to your inbox