Your business is constantly affected, and influenced, by a variety of trends, both local and beyond. How you respond and interact with these trends can impact your business and your bottom line.
Here are five important trends we see currently affecting businesses:
1. Tax Reform
The Tax Cuts and Jobs Act may have been signed into law in late 2017, but its impact is still being felt today. Numerous items within this legislation, including entity structuring, tax deductions, rate changes and more, can dramatically affect your business operations.
As you prepare for year-end and begin to plan for 2020, tax reform is something you’ll need to consider. And, your prior-year tax planning strategy may need to be adjusted in order to achieve maximum benefit.
2. Use of Data
Data is everywhere. Soon, all businesses will be some form of a data company. Utilizing data correctly can give you incredible insight into your organization and allow you to make strategic business decisions.
But where do you begin?
Technology leaders believe it begins with understanding your key business goals and objectives and then aligning your data to support your organizational priorities.
3. Accurate, Accessible Financial Information
The ability to make timely, relevant business decisions, rests with the information and insight you have in your financial system. Many organizations only utilize historical data from days, months and even years past. But access to real-time financial information allows businesses the ability to better align their purchases, growth plans and overarching objectives.
It all begins with an accounting system that works to your advantage, with key metrics to help you chart growth and determine success potential, which may require an update or change to your current system. From there, it’s about up-to-date reporting and learning how to use real-time information.
4. Overseas Interests
Doing business overseas comes with its own set of complicated regulations and impacts. But don’t let that be a deterrent. Operating in new international markets can be a great way to leverage your products, or services, to grow your business. Just make sure you have a competent tax advisor to help you understand the rules and guide you through the potential benefits and logistical consequences of international activities.
5. Global Influence
In today’s marketplace, global business trends impact most businesses, regardless of industry or service line. While you can’t control these trends, there are ways to be prepared, and react accordingly. Stay up-to-date on the latest news. Engage a business advisor to help you understand the potential impacts.
Pay Attention to Trends
Business success requires that you constantly be on the lookout for trends, issues, and legislation that affect your business. Knowledge is only part of the battle. Make sure you surround yourself with trusted advisors who can help you not only process this information and its impact but also help you take the next step to grow your business.
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