With the dawn of a new year, Brexit still very much rumbling along and a new US president about to be inaugurated, businesses and business leaders will understandably be looking to make the best they can of 2017.
With the help of The Accountancy Partnership owner Lee Murphy, we discuss what to expect from businesses in 2017.
With so much going on in the world, priorities are likely shift to more specific areas. Mr Murphy believes “many businesses will be looking at risk this year. Due to the unpredictable election and referendum results along with uncertainty for the future, businesses will likely be looking at ways and means of reducing their risk in certain areas. This could include currency considerations, trade considerations and legislation and policy considerations.”
What to Avoid
With risk in mind, there’s going to many pitfalls to avoid in a year that is likely to see Article 50 invoked, new trade agreements secured and inevitable changes to immigration policies. Mr Murphy suggests avoiding “bold moves without seeing how the next few years pan out. A rash decision now with an uncertain future might be a recipe for disaster.”
What to Expect
As we approach a year of change, can we expect to see any trends or consistent behaviours over the next 12 months? Mr Murphy predicts that “despite recent events the economy will remain stable and buoyant but I think cautious businesses will mean growth slows slightly.”
Taking all of the above into consideration and while we await the latest announcement from government regarding the bigger decisions, what are Mr Murphy’s plans and priorities for 2017?
“Our main priority this year is to release a Pandle global account meaning we can be active in many more countries around the world. We feel this will significantly reduce our exposure to market sentiment and conditions, and will be a great way to start growing significantly in the future.”
With major events expected this year, it’s hard to predict what will happen next. However, it’s clear from speaking with Mr Murphy that despite the uncertainty, the business outlook is strong.
Lee Murphy is owner and Managing Director of The Accountancy Partnership and Pandle Cloud Accounting Software