The Latest Business Trends for 2017

If you want to get ahead of the trend in business, you need to be constantly ahead of the trends in life. Small businesses are appearing all the time, and those that are successful will have kept a keen eye on emerging trends and new technologies.

Now that we’re in the New Year, it’s the perfect time to brush up on what’s new in business, both in terms of the latest technology and those emerging markets which are going to be big business in 2017.

The Opportunities

2017 will be all about living well. As part of this, small business owners may be able to harvest some opportunities from people’s pastimes and lifestyles.

Hygge, for example, will be huge in 2017. Hygge, if you haven’t heard of it, is a Danish trend which translates loosely as cosiness in English, and lends itself well to interior design. Google searches for Hygge were up 163 per cent in the last quarter of 2016, meaning that Hygge sets to be big in 2017.

Food and drink are often targeted by small business start-ups, and 2017 will see the rise of craft gin as the tipple of choice. In 2016, it saw a rise in Google searches on 2015 of 285 per cent. Craft beer was also popular – up 86 per cent on 2015 – and vegan diets are also popular at the moment, with an 83 percent rise in comparison to 2015. Entrepreneurs that therefore wish to break into the food and drink market should bear in mind these trends.

And, to throw in something entirely different, jive classes saw a 50 per cent increase in searches last year than in 2015. Perhaps this is something that health and fitness entrepreneurs should be aware of as the popularity of these classes increases?

The Technology

The Internet continues to be key for small businesses, giving them more control over their brand development, customer engagement and marketing. Their web presence, including reviews and testimonials, their website and social media will play an important part in a customer’s decision to buy from them or not.

Online spending is on the rise in the UK, and therefore the presence of online storefronts is essential. Ecommerce draws web users to websites en masse, and incentives can be used such as free shipping over a certain amount to encourage customers to spend more.

Small businesses can also benefit this year from Business Intelligence (BI). This data has historically been used by large businesses only, but the growth of internet technology will make it more accessible to the small business this year. Data could include the likes of spending habits, or knowing what your customers are searching for, and BI software can help you draw your target audience in without having to do the research.

The People

Millennials are in their prime at the moment, with the oldest members of this generation entering their early 30s. The Millennial generation are able to adapt to new technologies immediately, and are key in spreading marketing information at great speed. Businesses should be aware of this audience and may also wish to incorporate members of the Millennial generation into their work teams.

Of course, one of the trends which continues to be strong in 2017 is outsourcing work to qualified professionals. Once such area where small businesses can benefit is through the help of your local bookkeepers. Don’t be afraid to outsource in 2017 if it allows you to concentrate on what you do best: running your business.

How to Use the Internet of Things to Your Advantage as a Small Business

Nowadays, the Internet of Things allows us to control everything from our heating to our TV recording devices via the internet. The Internet of Things (IoT), quite literally, means connecting everything and anything to the internet. But how can this connectivity help small businesses?

Well, as the possibilities are almost endless, there are multiple ways that small businesses can take advantage of the IoT. Here are just a few examples of how it can help your brand.

Boost your Energy Efficiency

If you work in a physical office or premises, using the IoT can help you to keep track of your utility bills. The use of sensors and trackers (such as Hive, Nest and Tado, or a more advanced automation system) can be used to control your heating and lighting remotely and only use your electricity and heating when you need to.

Ensure Quality Control

Where small businesses have multiple production sites, the IoT can be used across sites to ensure that quality is of a consistent standard no matter where it is produced. Sensore readings can tell a business owner what is happening at any given site to aid this.

For example, if you work in the agricultural sector, the sensors can tell you what the light levels or moisture levels are like at any particular site. Furthermore, you can also control irrigation systems or UV lamps at the touch of a button when off site.

Keeping Stock

The retail sector has always been ahead of the came when it comes to smart technology, having used the IoT to keep track of stock and tell the end user which store it is in stock in.

Similarly, it can be used for transportation, to make decisions about peak shipping times and when is best to transport goods by road, rail or sea. The IoT basically makes the use of telematics as used by large companies available to SMEs.

Track your Staffing Levels

Not only can you keep track of your stock levels, but you can also use the IoT to make smart choices about when to bring in extra staff if they are expecting a busy period. Similarly, this will also help small to medium businesses to avoid being overstaffed during quiet times.

No matter what extent you use the Internet of Things, embracing it will surely help productivity and increase revenue. Having the technology at the touch of a button will help to put you in control of emerging trends and ensure less waste.

New Legislation Every Business Needs to Know About in 2017

If you are a business owner or an employer, you’ll know that with every New Year that rolls around, new legislation comes with it. 2017 is no exception to this, and there is a variety of new rules and laws on the horizon.

Business owners need to be aware of what’s about to change, so here’s a guide to what you need to know this year.

Living Wages and Minimum Wages

There will be a rise in the National Living Wage from 1^st April 2017, as it goes up to £7.50 per hour. Similarly the National Minimum Wage is also set to increase to the same amount for over 25s, and increases to all other age ranges too.

VAT Flat Rate Scheme

Another change coming into fruition on the 1^st April regards the VAT Flat Rate Scheme.

HMRC is concerned that some businesses are using the Scheme to pay less VAT than they should, which has caused Chancellor Philip Hammond to introduce the changes. These changes will apply to those businesses operating with a very low cost base, which will now be considered ‘limited cost traders’. These traders will still be able to use the scheme, but will be subject to a flat rate of 16.5 per cent.

To clarify, a limited cost trader is one that spends under 2 per cent of its sales on goods (not including services) during an accounting period.

Apprenticeship Levy

Also coming into force on 1^st April is the new Apprenticeship Levy. The Levy is set to replace all taxpayer funding of apprenticeships for companies of all sizes. 0.5 per cent of an employer’s wage bill will be paid via PAYE. All companies will receive an offset allowance of £15,000 which equates to 0.5 per cent of a £3 million wage bill, and all employers with a payroll over this amount will be subject to paying the levy.

Equal Pay

From 6^th April 2017, the Equality 2010 (Gender Pay Gap Information) Regulations 2017 will come into play for all private and voluntary sector employers. From this date, any companies with 250-plus employees within the private or voluntary sector will be required to publish prescribed information regarding their gender pay gap. Each qualifying company will need to publicly display this information on their website by 4^th April 2018.

Many legislation changes can, of course, be managed by your local bookkeepers. If you’re unsure on any of the changes, it’s worth seeking advice from relevant guidance teams to help you navigate your way through the new legislation.