Common business trends for 2018

Who has a crystal ball?

by Ruth Stockdale, Director of Professional Services 

It’s that time again—time for experts of all types to predict trends for the New Year!

For 2018, market watchers continue to look for the end of an economic cycle, although no one seems to predict it for this year. However, various sources offer some immediate predictions that are easy to agree on. What do these have to do with your Sage software? Plenty!

Here is a list of some common trends for businesses in 2018 and how they relate to your software solution.

Evolving IT offerings

  • Security problems are predicted to increase in frequency—it’s no longer a question of if, but when you will have a problem. Monitoring security within your Sage software, and monitoring security outside of the software should be part of a regular IT management process.
  • The concept of mobility continues to grow. You have more sophisticated choices for cloud-based access to software and data. What are known as “microservices”, or small applications, provide targeted apps with easy mobile access.

Note: Check with us about the many mobile options that integrate with your core Sage software. We can also assist you and your IT staff (or vendor) with a review of Sage security features.

Tight labor market

  • Increased training can improve the skills of the employees you have and provide a career path for them. Cross train your employees for various positions to improve skills of those who stay and minimizes problem if you experience attrition.
  • IT improvements allow for better and more secure options for remote work. You may be able to offer the flexibility that valued employees are looking for.
  • Reviewing and improving workflow processes can eliminate some tedious tasks and allow for increased productivity. Having comprehensive and current documentation of your business processes facilitates training of new hires.
  • There are multiple resources for training your employees on your Sage products (there will be detailed information for 2018 opportunities in the LAI February newsletter).

Reminder: If you want help in reviewing your current workflows, consider scheduling a review after your year-end processes are complete.

External events

  • The most immediate will be the details and interpretation of the recent tax changes. Along with Sage, we will keep you informed about anything that will require changes within your Sage products. Read the article on the Tax Cut and Job Act (TCJA) in the “Accounting Tip” in the January 2018 LAI newsletter.
  • Regulatory changes may either decrease or increase your reporting requirements. Either way, a change in your data collection and reporting may be needed.
  • Competition will always be a factor. How you use your software to stay ahead affects everything — the accuracy and viability of an estimate; the management of costs (construction or property management); all reporting requirements; as well as fundamental accounting processes.

Need some help managing your Sage Construction accounting or estimating solution? Schedule some time with a Sage Certified consultant to evaluate your business needs and software performance.