Business trends in 2021: What is coming?
Now the landscape has changed
While economic and political uncertainty continues from 2020, businesses will need to reassess their model and operations. This article focuses on some of the trends for the coming year.
Business model assessment and innovation
Each business will need to assess and reflect on what they’re offering to customers; how they operate and how they provide their services or products to their target audience.
Industries have been completely transformed in 2020, especially in the events and hospitality world. Restaurants pivoted to take advantage of take away and delivery demands, distilleries made hand sanitiser and even the local burger van is selling 15 minute Covid tests. The new year will see more of these changes for businesses and it is imperative that business owners move quickly to avoid being left behind.
This isn’t a new one however it has become increasingly important over the past year. Evaluating business processes to see where steps are not adding true value to a business will be essential to building a lean operation. Supply chains, online automated customer services, even medical services are all seeing the effects of automation in their industries.
Global to local
Covid-19 disrupted global business supply chains. Tensions between governments in the East and West as well as Brexit has made businesses revaluate their sourcing strategies. More localised sourcing and manufacturing may not only be more reliable, but also add to the sustainable nature of your business.
The impact of environment issues on businesses is not going away. Customers are demanding more meaningful and purposeful interactions with the businesses that they buy from and it is becoming a critical customer decision point.
Working from home
Businesses had to react quickly to the lockdown with enforced workplace shutdowns. The result of this is that many businesses are contemplating a more permanent arrangement. Finding the right fit for you and your business will ensure that you’re running an operation more truly connected to your values.
Authentic marketing presence
With a reduced capacity to communicate in person; in face to face meetings, networking events and even the office, an authentic online marketing presence will be all the more important in the coming years. Defining who you’re targeting, who you need to connect with, how and where will be all the more important as 2021 continues to unfold.
If you are thinking about making operational and financial changes to your business, we are always on hand to help you understand the bottom line. We’ve worked with thousands of business over the years helping them adapt to change so if you have any questions, we’re only a phone call away.
Late tax payment penalties to change
The government is changing the penalties charged for late submission of returns and late payment of tax it has been announced. The changes will initially apply to VAT and Income Tax Self Assessment (ITSA). As part of this reform, interest charges and repayment interest will be harmonised to bring VAT in line with other tax regimes.
How to prepare for the end of the Coronavirus Job Retention Scheme
The current CJRS is due to end on 30 September 2021 and will not be extended. Employers should now be reviewing the implication so the scheme ending, with a number of issues to resolve including redundancies, final claims, corrections and post CJRS activities.
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