It’s normal to contemplate a strategy for your business this time of year. Amidst the fanfare of welcoming 2018 and further review of your current strategy, you’ve probably thought about the business trends that may impact your organization. After reading several articles, I’ve identified a few areas that seem particularly interesting to consider.
Workplace evolution: This year saw an evolution in my workplace. It was gut wrenching trying to anticipate what needs my business would have over the next decade and build it into the space we were renovating. I spent many hours reviewing floor plans and furniture choices. And, even though I believe there will continue to be an evolution of the workplace; where companies reduce their real estate size and move toward a more flexible office options. Creative teams need to have time together for energized success.
New marketing: The world of marketing is shifting. It gets tougher and tougher to reach target demographics. Make marketing personal. Generic campaigns trying to capture multiple demographics will not work today. Personalized messaging and content in call-to-action campaigns will be much more successful. Individuals are bombarded with messages everyday and in order to cut through the clutter, marketers will need to speak directly to buyers.
IT spending: Information technology is an area seeing significant investment these days. This will not change over the coming year. Cyber security will be a top priority for large and small businesses alike. Organizations will strive to prevent a breach of confidential information or to reduce susceptibility to ransomware. Businesses will also expand the use of cloud systems that give companies flexibility.
Mobile banking: Financial institutions are preparing on a day-to-day basis for cyber attacks. This will continue. They are spending time making their services easier to navigate through mobile banking and providing faster service through product offerings including loan processing. With more mobile activity, the increased prospect of cyber-attacks is real. Therefore, financial organizations will invest in better security and rollout tougher access systems to keep financial information safe.
Tax reform: With sweeping tax reform at the end of the year, businesses will continue to work through the details. We know the tax reform lowers the corporate rate from 35 to 20 percent. It would also bring down the rate for so-called pass-through businesses like S Corps to 25 percent.
With all that to consider and our strategy in mind, I wish you all luck and prosperity in 2018. We hope the new year is a productive, innovative and profitable year for your business.