A Happy New Year to you and your business

January 4, 2016 by Andy Crow

Happy New Year to you all 

Now that the festivities are over, it’s time again to get your thoughts back to matter of your business.

So what are the key aspects that I feel you should look out for in 2016?

1. Cyber Crime. There is no doubt that instances of cyber-crime will increase in 2016. The simple reason is that hackers are getting better. The move by many companies to Cloud computing and to having staff working from home or accessing emails through smartphones increases vulnerability.

There is no 100% method of preventing them but there are systems and processes that can be put in place that will deter potential hackers.

2. Cyber Insurance.  Obviously linked to the above, cyber insurance is going to be vital for all businesses. It’s not only the data you may lose or loss of income from your website going down, it’s the liability that you have to the use of data stolen from you. For example if you have a client’s bank details and they are stolen from you and the thief then buys items using that account, you could be liable. If you aren’t insured it could be very expensive.

3. Interest rates.  The UK last changed interest rates in March 2009 however with an improving economy here and in some other parts of the world, the chances of a rise are very high for 2016. The US raised rates in December for the first time in nearly 8 years indicating growth in the US economy. Therefore from a business perspective if you are considering taking any form of fixed loan now may be a good time before borrowing becomes more expensive. 

4. Utility Bills. Gas and Electricity charges have been at very low levels for the past few months. This reflects the 18 month drop in oil from $115 per barrel to under $40 per barrel. Whilst this price is unlikely to rise dramatically in the short term, costs that suppliers will place on rates charged to the end consumer could well increase. These “pass through “costs are to cover the cost of renewable energy incentives that will begin in 2016 and are “passed through” direct to clients. It is therefore a good idea to see if you can negotiate your new terms ASAP.

There are of course many other things to consider however these points should all be high on your agenda. Chorus Business Advisers can assist in answering questions on any of these points so don’t hesitate to contact us on 0845 8671263 or email [email protected]  for more info