We’ve never been able to accurately predict what businesses will face over a year. However, we can examine unresolved issues that show signs of worsening or improving – but, which, nonetheless appear important for all in the business world. 2016 is no different and it’s important to focus on those areas businesses need to concern themselves with.
Coming from last year, we all noticed an increase concern and focus on cybersecurity.
As the world becomes more and more digitally engaged, we rely less and less on physical documents to track important data. This has meant, however, that other kinds of thieves have been able to acquire our important data – meaning we have had to alter our security priorities to be more focused on digital security.
This hasn’t negated on the ground security, such as having proper control consoles or security guards, though – those still matter, but it’s that we have had to add additional considerations for our way of thinking about security.
Writing in Forbes, Frank Sorrentino notes:
“As we look to 2016, cybersecurity threats continue to prevail, particularly with the rise of fintech and the growing push to develop faster methods of payment and innovative ways to transact. While these advancements are undeniably valuable, new technology breeds new security and fraud risks – thus, we should all make sure to carry over this sense of vigilance and responsibility regarding cyber protection into the new year.”
Another important dynamic will be small businesses, considering how much they are able to help drive an economy. Documenting the many types of small businesses in Harvard Business Review, Karen Mills notes:
“An important but less well-documented type is comprised of an estimated 1 million small businesses that are part of commercial and government supply chains (referred to as suppliers). These businesses are often focused on growth, domestically or through exports, and operate with a higher level of management sophistication than Main Street firms.”
Finally, another important focus for business will be premised on what banks will do. As The Telegraph points out: “Both capital and liquidity have increased in terms of quantity and quality, with equity capital held by banks at least 10 times greater than it was at the time of the crisis, liquidity up around fourfold and leverage broadly halved.”
The article highlights the questions banks need to be asking themselves in 2016; and, similarly, these questions and the various answers matter to businesses to in their responses to the banks’ decisions.
2016 has started off harsh for everyone and it’s important that businesses keep an eye on what’s to come.