Five big business challenges for 2025

‘Uncertainty’ has been the defining phrase for the first half of the 2020s. The markets are unstable, supply chains have been wobbly and finding talent has been difficult.

But as we head into 2025, and the second half of the decade, what are the major threats, opportunities and challenges that your business should focus on?

We’ve highlighted five of the big business challenges and share how we can help you and your business.

Five big business challenges for 2025 (and beyond)

However well-organised you are, there are elements in the external environment that you just can’t control. These external factors can have a serious impact on your ability to trade, grow and turn a profit. So, are you on the ball and ready to tackle them in 2025?

Let’s look at five of the external factors you should be focused on:

Climate change and sustainability

It’s an unpleasant truth, but the environment is in real trouble. As a business, there’s a growing need to demonstrate your environmental responsibility. This means developing a sustainability strategy, investing in green technologies and demonstrating your environmental commitments.

If you’re working on building a sustainability strategy, First Class Accounts Ovens & Murray can assist with identifying how your financial management processes can align with environmental goals. We can help track spending on green initiatives, create accurate reporting for sustainability investments, and ensure your accounts reflect your environmental commitments.

AI and technological disruption

Artificial intelligence (AI) and automation have changed the game in a fantastically short timeframe. Finding the value in this tech is crucial, as well as understanding its limitations. Getting your digital transformation underway will be vitally important in 2025, as will exploring how AI and automation can kickstart your productivity, boost your customer service processes and create a real competitive advantage for the company as a whole.

First Class Accounts Ovens & Murray can support your business by streamlining your financial processes with automation. From automating payroll and accounts payable to integrating cloud-based accounting software, like Xero, we ensure your financial systems are ready to scale with your technological advancements.

Skills shortage and transforming your workforce

The ongoing skills shortage, combined with the reality of an aging workforce and changing employment expectations, is a major issue. To overcome the talent challenge, you’re going to need to rethink your recruitment policy, your training and what you do to retain your key people.Things like flexible working arrangements, continuous professional development (CPD) and a great company culture are all ways to attract and maintain your top talent.

Managing workforce costs effectively is critical when addressing these challenges. First Class Accounts Ovens & Murray can provide accurate payroll management and cost reporting to help you allocate resources efficiently, allowing you to focus on creating a workplace that attracts and retains talent.

Inflation and an unstable economy

The global and local economies are not out of the woods yet. Forecasts may be looking more positive but there’s still the ever-present threat of recession, rising inflation and high interest rates. Getting granular with your financial forecasting will help, as will exploring your options for additional revenue streams, better cashflow management and ready access to business finance.

At First Class Accounts Ovens & Murray, we offer cashflow forecasting and management services. By providing timely, accurate financial reports, we help you stay ahead of economic uncertainties and make informed decisions.

Regulatory compliance and reporting

Regulatory environments are getting increasingly complex, as governments wrestle with the need for tighter structures. Regulations around your environmental reporting, workplace relations and digital privacy are all likely to get tighter over the coming years. This means allocating time and resources to understanding and implementing the relevant compliance requirements.

First Class Accounts Ovens & Murray offers expertise in financial compliance and reporting. We ensure your books meet the latest regulatory standards and provide accurate reports. By staying on top of your obligations, you can focus more on running your business and less on the stress of regulatory changes.

Talk to us about overcoming the big challenges

There’s no magic wand that can change these macro environmental and economic factors. But awareness, detailed planning and good use of forecasting can be a major boost.

Talk to our team at First Class Accounts Ovens & Murray about your concerns for the year ahead. We’ll help you understand the major external factors and what you can do to make your business more resilient.