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.
What is IR35 and does it apply to you?
IR35 describes two sets of legislation that HMRC has designed to combat what they consider to be tax avoidance by workers and the firms hiring them. HMRC maintains that these workers supplying their services to clients via an intermediary such as a limited company, are actually employees and so should be taxed as such
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