VanAntwerp Attorneys, LLP
Phone: 606-618-0698

What Kentucky businesses should watch for in 2018

As 2017 wraps up, business owners are reviewing both victories and mistakes while planning for the next year. Although it's impossible to see the future, you can follow trends and potential outcomes that might affect your company in 2018.

When forming your New Year's business resolution, you can consider a recent report on some possible risks. The survey asked executives around the world which problems could hurt companies in the coming year. Some of these changes may directly apply to Kentucky businesses.

Cybersecurity and data privacy

With increasing reliance on technology, businesses are finding themselves vulnerable to hackers and stolen information. Companies that don't take the necessary steps to protect information could suffer lawsuits, profit loss and intellectual property theft. This isn't just a risk for big businesses, either. Any company could be susceptible to a security breach.

Delayed business adjustments

One of the major concerns in the report was that businesses might be slow to adapt. Whether it's a new tool, competitor, law or culture issue, an external factor could threaten current strategies. It can take a long time to decide what to do about new risks, let alone implement solutions. Be ready to embrace change quickly to protect the company in the coming year.

U.S. tax reform policy

While not on the global survey, tax reform is likely to impact American executives. At this point, the effects of tax reform are still unknown. However, it could change how your company files taxes as well as the amount you have to set aside for the IRS. Business owners should watch the developments in policy carefully to prepare well for future tax seasons.

New customer preferences

Your company might pride itself on upholding traditions. It's possible that you offer the same products or services each year. While this can be a defining aspect of your brand, many executives expect that their customer base will likely change. This means that your signature offerings might need to change or you may have to provide additional products to reach a wider crowd.

Some of the business issues that could arise in 2018 involve complex areas of the law. To help your business avoid future risks, you can consult with one of our experienced attorneys.

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