Top 10 UK Business Predictions for 2013

1. There’ll be a bit of an economic recovery. According to the European Commission the UK will be the fastest growing, major European economy in 2013 with a forecast growth rate of 0.9%, compared to a contraction of 0.3% this year. Don’t hold your breath though given the accuracy of economic forecasts. Maybe we can do our bit by refraining from “talking the economy down”.

2. The cost of borrowing will increase. Interest rates are likely to rise in the second half of 2013 from 0.5% to 1% with inflation softening from 2.7% to 2.3% according to PWC.

3. Fraud is expected to increase dramatically with the most common being “card not present”

4. Mobiles will overtake PCs as the most common way to access the internet, according to Gartner, becoming an integral part of the full digital experienceGoogle’s Android operating system will be UK’s #1 spot with 60% smartphone market share. Brands will begin to integrate the experience across devices, platforms and situations.

5. The retail bloodbath is set to continue in 2013 with double-digit insolvencies expected. However, corporate insolvencies have declined in 2012 and are likely to remain fairly static into 2013, depending on interest rate levels.  It isn’t going to be pretty in the Newspaper sector either!

6. Crowdfunding, the best thing to happen to financial services or a legal disaster waiting to happen? Either way, it’s here to stay in the UK, unless the government starves it at birth through excessive regulation. Globally it’s going to hit $6bn in 2013!

7. Device convergence continues. Your mobile device will become the remote control of your life.

8. B2B catches up with B2C and data analytics will be key.

 9. Manufacturing fights back against the web coders, through innovation and close-coupled logistics.

10. Developing a high performance team never seemed so important.

Kick start your business with these 7 strategies for success in 2013:

1. Cash trumps profit. Ensure your (entire) cash collection process is finely tuned.

Money

Cash v Profit

2. Retain your customers – it’s easier (and cheaper) than getting new ones.

3. But….don’t fish in the same pool. Extend. Innovate.

4. Clarify your (customer) value proposition and deliver on it. Be awesome.5. Be visible online. Like it or not, the internet is here to stay and for some (if I may use the term, “old dogs”), there are lots of new tricks still to be learned.

6. Change the pace. Up the tempo. Create urgency within the business, even if things are going well right now. Be as hungry and focused as a start-up (or possibly your competitor!). Adopt daily briefings, weekly targets and hackathons to name a few start-up tactics.

7. Celebrate your successes. I hope you will enjoy many of those in 2013.

P.S. What do your CEO peers think about the coming year? Find out by completing this (short) Business Owner Survey.

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About This Week in Business

I'm CEO @YesGrowth a leading AltFin company which provides syndicated, short term working capital to UK businesses in any sector. Connect with me on LinkedIn or Google+ and follow me on Twitter.
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