Latest updates and stories from Bedfordshire Chamber of Commerce and its Members

The SME Bedfordshire Business Awards is coming to town again for its seventh year running – and this high-profile celebration of successful businesses in the local area now has a stronger connection to us here at Bedfordshire Chamber of Commerce than ever before.

Autumn is upon us and for many small and medium enterprises (SMEs) in the UK, this time of year is turning out to be distinctly growth-focused – more spring than autumn, you might say!

In fact, according to recent research from business finance provider Novuna, 7 in 10 UK small firms are making growth plans, and in some sectors growth planning in the SME space has hit a three-year high.

Here at the Bedfordshire Chamber of Commerce, we know that cash flow is one of the top concerns for our members.  With late customer payments, seasonal slowdowns, weak invoicing and collection processes, it is a common challenge that has a significant impact on a business.

There’s a saying in business: bad cash flow sinks more companies than weak order books - and it’s as true today as ever.

Cash flow supports everything from everyday operations, to investment in equipment and technology, to shareholder dividends and loan repayments. Quite simply, without adequate cash flow, your business can’t function.

The work of Bedfordshire Chamber of Commerce at the top table of Government, as an accredited member of the British Chambers of Commerce (BCC), is unrelenting – and a privilege to be a part of.

Lobbying and policy are possibly not the most exciting or glamorous elements of doing business, but in the background, they’re constantly working to influence decisions, sway opinion, and articulate your business’s hopes, fears, and interests, at local, regional, and national level.

Staff retention is a hot topic for today’s businesses – and the figures prove the point. On average, employee turnover rates in the UK have increased by 7.7% since 2019, and are estimated to increase even more in 2023, with a total predicted turnover rate of 35.6%.

Small businesses are stronger when they’re part of something bigger, but also when they’re part of something local. And with membership of the Bedfordshire Chamber of Commerce, you get the best of both worlds, as you’re also connected to the nationwide force for business that is the British Chambers of Commerce (BCC).

Years ago, a proverb was inscribed over the fireplace of an old Bedfordshire pub: “Fear knocked at the door. Faith answered. No-one was there.”

It’s a reminder that, even in times of turmoil, all is often not what it threatens to be, and we believe that there are genuine signs that the coming year potentially holds hidden promise for businesses forearmed with the right knowledge and the right connections, despite the wider economic issues.

Here are a few examples of what’s on our radar.

The WTO’s World Trade Report, released at the recent COP27 summit, contains much to make us all proud of being businesspeople, because it sees trade as the potential cornerstone of sustainability and climate action – not the hindrance to it that it is often viewed as.

Chancellor Hunt’s turn at the despatch box on 17 November was, in many ways, noteworthy for the taxes he didn’t change, rather than those he did.

But it’s important for businesses to understand that the absence of changes to headline tax rates hides changes to thresholds and allowances below the surface – and these will affect how much of your business’s earnings you keep.

It’s no secret that small and medium enterprises (SMEs) have had more than their share of tribulations recently – Brexit, Covid, and now soaring interest rates and energy costs.

But whilst you may be feeling shell-shocked, now is not the time for desperation - it’s the time for preparation.

If you ready your business for the tricky times ahead, you might even turn adversity into opportunity.

The Government’s emergency budget – described by them as “The Growth Plan” – is the most radical in decades, and its low-tax agenda and high borrowing has raised alarm in some quarters.

But for small and medium enterprises (SMEs) in particular, there are plenty of changes that stand to deliver new benefits, both to the business directly, and through more attractive conditions for employees.

Here’s what’s changed – and what it means to many of Bedfordshire Chamber of Commerce’s member businesses across the county.

For many UK small and medium enterprises (SMEs), the road is rough at the moment. We’ve spoken to our own expert members, and found some of the best resources on the web, to bring you these five tips for staying successful in a new and unpredictable world.

With the UK employment skills shortage extending across over 30 domains, according to the Government’s own figures, colleges and other institutions have a critical role to play in identifying where skills fall short and what needs to be done about it.

On 6^th February 1952, Queen Elizabeth II succeeded to the throne when the UK was exhausted from war and rationing. But on her watch, the economy soon began to boom. New shopping centres and housing were built, followed by the first motorway.

Companies that import and export are having a tough time recently with the disruption of Brexit, spiralling prices, and the war in Ukraine, so some positive news would be welcome. And on the surface, the recent reversal of planned import controls delivers this.

If you’ve been struggling to recruit the right people into your business recently, then you’re not alone. There is a ‘skills shortage’ in the UK, and between January and March 2022, vacancies rose to a record 1,288,000. This also comes against a backdrop of Brexit and a pandemic, both of which have been blamed for labour shortages. Some sectors have received particular attention, for example, the shortage of HGV drivers following the UK’s exit from the EU, and the difficulties in finding hospitality staff since the pandemic.

Did you know that:

• One in 10 firms have been the victim of a cyber-attack in the last year
• More than 50% of businesses believe their exposure to a cyber-attack had increased due to staff working from home
• 80% of companies do not have cyber-security accreditations in place

Every business owner will need to deliver a short pitch at some point, which sums up the basics of your business in under a minute. It is a powerful tool and here are our top 5 tips to make sure your pitch hits the right note.

It’s that time of year again when we look back to the triumphs and tribulations of the past and raise a toast to the opportunities of the future. And from where we’re sitting, there’s much to report!

Businesses have adapted to remote working to protect staff and to help curb infection rates during the pandemic. The world changed almost overnight and Zoom and Teams meetings soon became the norm, so it comes as no surprise that returning to “normality” would present some challenges.

Boosting your sales performance is a main objective for any business, regardless of size.  But how do you increase sales effectively?  The customer should always be your main focus, as opposed to just focusing on profit, but there are some other key ways to enable you to take your sales to the next level.  Here are eight ways to enable you to do just that.

With the UK’s exit from the EU now officially achieved, (ongoing wrinkles and wrangles notwithstanding!), many businesses are revisiting the prospects for international trade both within and outside the EU.

For us at the Chamber, international trade is now scheduled to become a year-long focus, and we have added extensive content to our website to give your business access to the international trade resources and services it needs now more than ever, as we explore briefly below.

Twitter recently made the bold announcement that employees would be able to work from home “forever”. The change comes as companies across the globe weigh up how to manage their offices in the coming months - and beyond.

There has been much controversy around the planned government changes to IR35, the legislation meant to prevent employees from passing themselves off as freelancers in order to avoid tax.

Winning new business is essential for growth, and in the early days as a small business, gaining just a handful more new customers can make a big difference.

As an entrepreneur or small business, you’re always on the hunt for new business opportunities. Being able to spot these opportunities is essential for growth, especially in today’s business environment.

Referrals can be incredibly powerful for your small business - they are the simplest and most consistent way to grow your customer base.

It used to be that a CEO would reach the top spot after years of having worked their way steadily up the corporate ladder. People would stay in one organisation for their entire career, and their experience and dedication to the business would earn them that coveted top spot.