Monthly Newswire

I D Bowen & Co Chartered Accountants and Registered Auditors Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful. January 2018 KEY TRENDS TO managing their peers, they will soon be buying decision based on brand. As WATCH IN 2018 managing Generation Z employees. It such, your brand must create a point of will be interesting to see if Millennial difference in order to achieve a managers complain about Generation Z competitive edge. The key is to add Technology and innovation as much as Baby Boomers and value to your brand’s proposition so are driving the evolution of Generation X complained about that price is not the key differentiator. most businesses these Millennials. days. Here are some of the key business trends to Cloud computing will continue to watch out for in 2018. develop Software as a Service (SaaS) created a Blockchain and cryptocurrencies flexible opportunity for businesses and A blockchain is a digital, decentralised, consumers to try out early cloud public ledger of all cryptocurrency services. The growth of infrastructure transactions. Blockchain is a way of and platform as a service (Iaas and Understanding the demographics of bringing trust and transparency to the PaaS) have expanded the number of your client base can pay dividends in way businesses operate online, while cloud solutions available in the public adding value (perceived or otherwise) mitigating many of the weakest points in and private sectors. Cloud based file to your brand. Older or more existing processes. Cryptocurrencies storage will likely continue to be a big sophisticated customers often place a such as Bitcoin are receiving a lot of trend and this should drive ongoing higher value on quality and customer press coverage. These online, digital developments in the cyber security service. This is because they are currencies use blockchain technology to sector. financially more secure and tend to facilitate payments. Both are likely to be spend money on fewer items, while a big trend in 2018 and beyond. VALUE IS NOT THE SAME AS PRICE choosing brands that they trust to deliver an expected level of quality and Artificial intelligence (AI) service. AI has developed in 2017 and looks set to continue to do so in 2018. Businesses In order to create an Younger customers tend to want are starting to find ways to utilise this effective pricing strategy for cheaper prices because they are often technology in terms of automating tasks your products or services, less financially secure. As such they and creating efficiencies. Some are you need to understand are more likely to purchase from starting to use AI to automate document your customer’s perceived disruptive brands and, as a result, are assembly or to analyse large data sets. value of your offering. more likely to be happy with online Businesses are experiencing cost delivery channels. pressures and AI is front and centre Value is a complex issue. Different when it comes to finding ways to deliver customers perceive the value of a Most of all, customers tend to favour more with less cost. product or service on factors varying from quality through to brand equity, brands whose values match their own. So, if your customers tend to favour Millennials move into management ethical considerations, environmental innovation then you should try to Millennials are no longer children - the sustainability and customer service etc. position your firm as an innovative oldest of them are now 35. Millennials player in your respective market. are starting to take leadership roles Customers rarely purchase based on within businesses and in addition to price alone. Most customers (over 50% according to a recent study), make a If your clients favour ethical brands that negative stance, chat with them with a prices. The 5T is the latest offering are big on promoting environmental view to addressing any problems. Ask from OnePlus. sustainability, you should try to reflect for their view in terms of getting the these values in the way that you changes over the line. They might be The OnePlus 5T has a huge 6inch market your firm. Your pricing strategy willing to share a few suggestions and AMOLED display which takes up most can then reflect this added value in this may encourage them to engage in of the phone’s face and gives it a order to deliver a product or service at the change project in a positive way. similar look to the latest handsets from a level that generates a sustainable Apple and Samsung. Like those level of profit for your business. The Impact of Culture devices, it also features facial Rather than trying to change the recognition to unlock the phone. The MANAGING CHANGE culture of your firm, you can draw 5T has a 16-megapixel main camera, energy from it. You and your which has been optimised to take management team can leverage the better low light photos. The 5T also In business, change is way your people think and work in has a fingerprint reader. A really nice inevitable. The business order to provide a boost to your change feature is that if you have two different landscape is constantly initiative. To do this, look for the accounts for apps like Facebook or evolving and how effectively elements of your firm’s culture that are Twitter (perhaps one for work and you manage change can aligned to the change, bring them to another for personal) you can run them determine the success or the foreground, and attract the both by making parallel apps on the failure of your firm. attention of the people who will be phone. Other nice features include the affected by the change. gallery app which can lay out the Communication is Key photos you've taken on a map (once Any time there is a major change in a you allow geotagging). The 5T runs business, there will be a natural dip in Android 7.1.1, Nougat and is soon productivity levels as people react and scheduled to get Android 8.0 Oreo. adapt to something new. Explain what is happening to your team members, In terms of processing power, the 5T keep them up to date and encourage features a powerful Snapdragon 835 them to ask questions. This will help chipset. Battery life is a strong point of them to feel involved in the changes. OnePlus handsets and the 5T is no exception with realistic “all-day” battery Be Patient ONEPLUS 5T life. It features the brand’s innovative Give people time to adapt. As a ‘dash charge’ technology, which manager, by the time you have means the 5T can reach a full day’s Smartphone maker OnePlus announced a change, you have charge in just half an hour. However, probably had an opportunity to work has a new offering, the unlike some other high-end devices, it through the details. Your employees isn’t water resistant, doesn’t have will not have had this opportunity so it OnePlus 5T. If you like the idea of the iPhone X but its wireless charging and doesn’t have may take time for them to reach the expandable storage. same conclusion as you - that the price tag is a bit too high, change is a good thing and / or is then perhaps this is the smartphone for you. The OnePlus 5T starts at £449 for the necessary. standard model with 64GB of storage. There is also a 128GB model available For those who are unfamiliar with the Deal with Negativity for £499. This compares to £999 for a brand, OnePlus is a Shenzhen-based Your chances of getting everything 64GB iPhone X or £669 for a start-up and producer of smartphones 100% right are pretty slim. Be prepared Samsung Galaxy S8 with 64GB which was founded in late 2013. The for some people to react negatively to storage (these are, of course, SIM company's claim to fame is its bid to change and allow time for people to Free prices). offer flagship-level specs in its process the information. If you notice smartphones, at more affordable that some people have adopted a Please contact a member of our team if you would like to discuss any of the issues raised. Call: 01792 897035 Email: [email protected] .

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