Happy new year. We hope you had a great Christmas and managed to get a well-earned break. As we start 2015, we’re looking ahead at what might lie in store for us this year.
And in the news, there’s reports of lengthening waiting times on the HMRC helpline (just in time for submitting self-assessment tax returns).
Top news stories
HMRC helpline waiting times lengthening
Average waiting times for HM Revenue and Customs (HMRC) contact centre phone wait times had more than doubled since 2013 to almost 11 minutes.
Small businesses welcome greater FCA regulation
From April, the government will extend the legislation to allow the Financial Conduct Authority to regulate seven additional financial benchmarks.
Small businesses react to new EU VAT rules
From January 1, companies supplying 'cross-border digital services' to customers in other EU member states are required to charge and account for VAT in all EU states to which they sell.
Federation of Small Businesses says new year is promising
Chairman, John Allan, says that small business owners are finally receiving recognition and support from across the political spectrum.
UK retailers are optimistic about 2015
76% of retailers said they expected their sales to improve in 2015 compared with 2014.
Key dates for your diary
8 January: Deduction from Wages (Limitation) Regulations 2014 come into force
This new legislation limits claims for backdated holiday pay to two years before the date the ET1 is lodged. This applies in England, Wales and Scotland. There’s more information on the Government website.
Seven predictions for 2015
What will this year bring for you and your business? While we don’t hold out much hope for the hoverboards promised in Back To The Future Part II, there are some predictions that are more likely to happen.
We’ve looked into our crystal balls and tried to predict what’s in store for businesses this year.
Increasingly diverse range of lending options
In the past year, there’s been many news stories of the challenges of getting business funding from banks. This has led to the Government’s retail banking market investigation, which is due to be completed in April 2016.
In the meantime, businesses have increasingly looked to alternative sources of funding. From PayPal’s Working Capital Fund to peer-to-peer networks and crowdfunding, we can expect the options for funding to increase in 2015.
Increase in flexible working
Flexible working has been increasing over time. With the introduction of the Flexible
Working Regulations 2014, any member of staff can now ask to work in this way. By the end of this year, it’s predicted that 37% of the workforce will work on the move.
For businesses, that means it’s important that your staff have access to the right information, wherever they may be. This can be through a combination of cloud software, mobile apps and remote access.
Sales through social media
In 2014, Facebook and Twitter both launched “buy it now” buttons. We can expect these developments to change the way people shop and increase the importance of social media in generating sales.
It’s possible that image-heavy social media sites like Pinterest and Instagram may follow suit. And, as the technology gets smarter, it should be able to make recommendations based on your profile and the things your friends like.
More use of mobiles for sales and customer experience
From taking payments through mobile phones to communicating with customers’ phones as they walk around, using technology to facilitate sales is on the up.
It’s important that your business keeps up with the changes, as customer expectations rise. For mobile payments, the options are becoming more diverse as banks, payment providers and software companies all now provide this service.
For communicating with customers who have an iPhone, Apple has introduced iBeacon. This uses hardware to detect when customers are in range and then sends a message to their phone. Apple says it can be used for welcoming people as they arrive at a sporting event to providing information about a nearby museum exhibit.
Wearable tech
It may sound like science fiction but wearable technology is here. Admittedly only 1% of the population own a smart watch and technology embedded into clothing is still new, but we are likely to see a rise over the next 12 months.
The impact for businesses is likely to be the same as for “Bring Your Own Device” so it pays to start thinking about it now.
Video customer support
It’s estimated that 4.9 million people use Skype every day and FaceTime also has a massive user base. As people become more familiar with the technology, companies are more likely to use it for customer support.
Video has a few advantages. Firstly, you can see what your customer is doing, which makes it very useful for troubleshooting issues, such as problems setting up technology. Secondly, as the conversation happens over the web, there’s no cost for the call.
Adding your contact details to your website allows people to contact you this way. You’ll just need to ensure you have someone available to answer the query. And remember, customers will be able to see your staff and their working environment, so make sure it looks professional.
The general election
For some businesses, the uncertainty of the result making them more cautious. In fact, the general election is the top concern for businesses, according to a survey of chief finance officers by Deloitte.
Of course, we can’t predict the outcome of this but whichever way it goes, you can expect some legislation changes off the back of it.