With the new year approaching quicker than you might expect, itís worth considering what this might mean for your business. 2022 has had its ups and downs and even paved the way for other issues, such as recession. Some will take comfort in working with reputable consultancy firms to help with areas such as tax while undergoing extensive reviews internally.†
The first step is being aware of what these challenges might look like. Hereís what you should look at addressing in 2023.
Cyber security and hybrid working†
Hybrid working is here to stay, so if you are spotting flaws in your current setup, itís worth ironing these out sooner rather than later. Ensuring you have the correct equipment available across your workforce, as well as cyber security software is crucial.†
A huge amount of crime takes place online with everything from email to WhatsApp scams catching employees out – and companies are often a big target of these increasingly sophisticated tactics. Sometimes these scams will even pose as a senior member in your company.† Therefore, itís important to educate your workforce so that they can wise up on any red flags. Renewing your cyber security training can be a helpful first step, as well as drip-feeding further insights across the year.
Inflation and supply chain security
Stunted economic growth and high inflation is expected in the coming year, so itís important to address how this might affect your business. Combined with the lingering aftermath of Covid-19 and global conflict issues involving Ukraine, itís a tough time to be running a business.†
Anticipation of supply chain issues is important and as a result, itís worth exploring new options that may help to eliminate risks. This might involve opting for different suppliers that run into less barriers and working with those that are based more locally. Becoming more self-sufficient is another way to ensure youíre less reliant on supply chains that are full of risk and disturbance to your processes.
Revising operating models†
Operating models provide an overview into how an organisation operates and can cover many things. From structure to governance, processes to technology, there are lots of components that marry together, which also means that once you change one thing, others will likely be impacted. Reiterating your companyís purpose and how you plan to achieve your outcomes can be highly valuable when combatting upcoming challenges.
With technology evolving far faster than we ever could have anticipated, certain systems can quickly become outdated. However, if you can stay on top of these changes and keep up to speed, you can take advantage of more efficient switches within your business.†
How are you preparing for the challenges in 2023? Leave your comment down below!
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