WHAT IS THE BIGGEST CHALLENGE FACING YOUR BUSINESS AND ITS SECTOR IN 2025?
Hannah Churchman, digital and innovation lead, Lancashire County Council
Steph Gemson, founder of Leyland accountancy firm TaxGem
The biggest challenge for our business, and indeed the wider accountancy and tax advisory sector, is adapting to rapid regulatory changes and technological advancements.
With the implementation of HMRC’s Making Tax Digital initiative continuing to expand, businesses will need to invest more in systems and training to remain compliant. For many smaller firms, this can stretch resources and create additional pressure to stay competitive.
Andrew Brown, managing director Crow Wood Leisure, Burnley
I am no climate change sceptic, we have just installed a £1m solar farm, but the government’s headlong rush to net zero is completely bonkers, it will cause immense damage to our economy. We account for one per cent of global emissions, we are running way too fast.
Keith Melling, partner and head of corporate at Lancashire headquartered law firm Napthens
The challenges we face today are unlikely to change over the coming year. We have always invested in good people and this is something we must continue to do – there remains a race to attract the best talent.
Technology continues to act as both an opportunity and a threat to the legal sector. The key is to understand what technology can do to help drive an improved service.
Babs Murphy, chief executive of the North and Western Lancashire Chamber of Commerce
One of the most significant challenges
facing businesses across various sectors is likely to be persistent inflationary pressure, combined with rising operational costs.
As the cost of raw materials, energy, transportation and labour continues to escalate, businesses will need to navigate tight margins while maintaining competitive pricing. This will put immense strain on profitability. Companies may also face challenges in adapting to regulatory and environmental standards, leading to potential disruptions or increased costs.
Rupert Gatty, chief executive of Blackburn based temperature-controlled van specialist CoolKit
Uncertainty remains the biggest challenge. Lack of clarity in terms of the government’s net zero policy is already holding back vehicle manufacturers as they grapple with the huge costs of new product development in conjunction with unprecedented fines for selling a non-compliant mix of vehicles. It is also holding back fleet decision-making.
Andy Garnett, director at Lancashire based property developer Breck Homes
The biggest challenge facing our business and the sector in 2025
is navigating the slow planning system and this is something the government will need to address in order to meet demand for housing over the coming generation.
We’re optimistic that as we head into spring, we will see an improvement in the government’s release of funding for affordable housing schemes.
Innovate Lancashire works across all of the county’s primary sectors and one challenge they are all facing, and will continue to face, is the incredible pace of change in technology.
We’ve only just scratched the surface in terms of what impact digitalisation could have on our manufacturing base, or the disruptive role AI will play in our professional services sector, so anticipating what practical support these sectors will need is increasingly difficult.
Colin Mustoe, chairman of Lancashire manufacturer Senator International
The biggest challenge facing our business and its sector in 2025 is the Budget, which in my view is anti-growth.
Neil Evans, managing director of Burnley manufacturer VEKA
Several factors are creating a tough environment in the sector. After the high demand
for our products we saw post-Covid, we’ve faced two years of slight decline. Uncertainty persists for 2025 for us and our customers. As ever, the first quarter is expected to remain particularly challenging.
Rising employment costs announced in the recent Budget, which are due to come into effect in April, coupled with inflation, are also weighing heavily on operational budgets. The national shortage of technical skills remains a pressing issue.
James Cole founder and chief executive of Panache Cruises, based in Chorley
The luxury cruise market is supply led, there are numerous new ships being launched over the coming three to five years. Our biggest challenge is usually to convince ‘new to cruise’ customers to give cruising a go, albeit once they do, they almost always come back for more. It’s our job to put the right customer on the right ship.
Martin Emmott, fund manager at financial and growth support service Rosebud
A key part of my role involves visiting businesses and it’s challenging out there. The recent Budget and its implications on employee costs have impacted on their plans for investment and further recruitment, so some things are being put on hold while they figure out a way forward.
Add to this the knock-on effects of worldwide conflicts impacting on supply chains, import timelines and prices, and the potential tariffs being threatened by the US – the start of 2025 looks like it will be marred with a level of uncertainty.
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LOOKING AHEAD
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