With the current political and economic uncertainty 2019 could be a turbulent year for the UK. However, there may be opportunities and developments that small business owners in the UK may be able to take advantage of. As a small business accountant, our team are specialists who are fully-equipped to help you overcome any challenges the coming year may present – there is no question we haven’t faced or task we haven’t helped our clients overcome. Aston Black Accountants are here to help answer any contractor, sole trader and partnership related queries. So, from the economic big picture to your own financials, what does 2019 have in store for small business in the UK?
The effects of political uncertainty
Regardless of what happens in March, Brexit will loom large in the year to come. Business leaders have expressed concern about political stability in the UK, and its impact on freelancers, the self-employed, and small businesses. The European Commission has forecast that the UK will grow at the joint slowest rate of any European country in 2019, before falling to the very bottom of the table in 2020. If they’re right, forward planning will be essential for self-employed people wanting to minimise the impact of a downturn, especially if they’re in consumer-facing industries.
The evolution of online marketing
Thanks to the power of the internet, every self-employed individual needs to be thinking about marketing, and this essential part of running a business is set to change significantly. There’ll be a continued shift towards digital channels, but the way you might interact with your customers or clients online will look different in the future. Smart speakers and chatbots are likely to be particularly big news, with new avenues opening up to business owners who want innovative and novel ways to reach new customers. Remember, you need to make sure you have the budget available for all of the marketing efforts that you want to initiate for the year. Make sure to keep a record of your expenses so you know what you can spend before starting any sort of marketing campaigns.
The rising value of transparency
Trust and transparency have become key considerations for every developing business – but also for society at large. In a world of hacking scandals, the public has become increasingly demanding of transparency amongst the firms they deal with. A willingness to be completely open with your customers or clients may soon be an absolute necessity. Open Banking is also a new set of rules and technology that make it much easier for individuals to access and control their own financial information. As the year goes on, we’ll see more apps and tools using the power of Open Banking to allow you to monitor your financial position, make informed choices, and plan more accurately for the future.
Are you stepping out as a contractor in 2019, or have an established small business but need some expert advice or assistance? For more contracting information and advice, contact us today.