Whether you are running a small start-up business or are the CEO of a huge corporation, you must always be prepared to handle certain challenges your company will face. Some are out of your control, which can force you to adapt quickly and fluidly. Others you can prepare for and head off before they get too serious. In 2017, businesses may face some unique new challenges.
1. Rising costs and uncertainty of health insurance
Over the last few years, health insurance coverage and cost has changed drastically. This can make it difficult for smaller businesses to offer benefits to their employees, and benefits are an important part of retaining talent. While the Affordable Care Act will remain for the time being, many business owners are unsure of what to expect from legislation in the future, as some government representatives intend to implement a new program.
2. Cyber security threats
No matter what size your company is, you run the risk of being a target for hackers. If you have any type of business that brings in money, hackers will be interested in you. Threats related to cybersecurity are likely to be one of the biggest challenges businesses face this year.
3. New government regulations
2017 sees a new American presidential administration of a different political party than before. This could mean many different things for businesses, and no one knows for sure how this will play out. The government requires business owners to comply with government regulations regarding wages, benefits and environmental constraints, all of which may change in the future.
4. Expectations of consumers
In today's world, customers want their products and they want them now. Companies like Amazon have taught consumers that items should always be available whenever they want them. This can present a challenge to smaller businesses operating in the same industry or marketplace, where shipping times may be slower and prices a little higher.
Despite upcoming changes and insecurity regarding these challenges, businesses can thrive if they stay prepared. If you are concerned about any challenges your business may face this year, consult with an attorney.