Surviving Uncertainty
Surviving Uncertainty
Business Support organisations Backing Essex Business, BEST Growth Hub, and Colbea highlight the support available to Essex businesses concerned for their future, ahead of rising bills for energy and fuel, alongside fears of a looming UK recession.
As we head towards the end of the year, reports of rising costs for energy, fuel, food and borrowing have many households and business owners fearful for the future. The Bank of England recently warned that the UK will fall into recession, with the economy forecast to continue shrinking until the end of 2023. Interest rates have risen to 1.75%, and inflation is predicted to reach 13%, the highest it has been for 42 years. To add to this, the war in Ukraine has energy prices soaring, with the new energy price cap set to rise 80% in October making the average household bill £3,549. This is a huge 177% increase from the cap price of Oct 2021, leaving many wondering how they can reduce costs elsewhere to balance their overheads.
The North Essex Economic Board (NEEB) is a partnership between Braintree District Council, Chelmsford City Council, Colchester Borough Council, Maldon District Council, Tendring District Council, Uttlesford District Council and Essex County Council; working together to drive economic growth and support struggling businesses. On behalf of this partnership several support organisations are working together to provide businesses with access to free support and advice to guide them through their challenges and reach their ambitions. These include:
Backing Essex Business - delivered by Let’s Do Business Group
Offers free finance and debt management support, alongside access to business finance including Start up Loans, Growth Loans and the Recovery Loan SchemeBest Growth Hub
Business owners are working hard to keep their businesses afloat or think how to adapt to survive so don’t have time to research all the different support they may be eligible for. This is where BEST Growth Hub come in. They provide free and impartial 1-2-1 support to businesses to make sure they are maximising what is out there.Colbea
Offering free support covering: start-up support, import and export support, digital skills and cyber security, and help transitioning to low carbon.
With many businesses now asking themselves difficult questions on if they could and should continue with their growth plans, and more worryingly if they can survive these new rises, these business support organisations have teamed together to discuss the questions businesses may be asking themselves and the support available out there to help.
1 – Will my business survive?
Alongside the costs of running a business rising, the increase in interest rates also can be concerning for those who have existing finance. Will they be able to service the debt, or if they need to borrow more, will they be able to afford the repayments?
If you have concerns over your business finances, there is support available to help.
Free Independent expert financial advice is available to look at the financial stability of your business. Backing Essex Business can evaluate the position of your business, provide advice, and point you in the direction of further help. BEST Growth Hub can also help you navigate the other business support available to you.
Whilst we can’t control the rise in energy rates, business can take action to try and reduce usage and help bring costs down. Colbea’s Carbon Reduction Programme helps business understand the jargon surrounding climate action and guides attendees to get started on measuring their impact. Businesses can then work with Colbea through free 1-1 consultancy sessions to create their own bespoke carbon reduction plan, which can contribute to reducing their running costs.
2 - Should I delay my growth plans?
With all of the uncertainty, businesses may be considering delaying their growth plans, holding out to ensure they are in the best financial position, or waiting for a more positive economic outlook. For those looking to grow, there is a ream of local support available from loans, advice and support entering the import/export market.
Colbea offer Import/Export training for those looking to enter the world of international trading and how to get started. With the basics covered, the experts will help develop your understanding of Incoterms®, Customs/Logistics, Distributors & Agents, and more. You can learn about rules of Origin and Letters of Credit and Export Finance, so you are fully clued up on all the aspects of an import and export business.
BEST Growth Hub can help you navigate the support available to help you achieve your growth goals. Business Navigators can signpost you to local, national and tailored programmes suitable for your aspirations from funding, skills training, recruitment and much more.
The government backed Help to Grow management course opens the door to growth for business leaders. Delivered in collaboration with industry experts and experienced entrepreneurs, the programme includes 12 weeks of in depth training, 1:1 business mentoring to help apply your learnings, and the opportunity to grow your business. The 12-week course costs just £750 and is 90% funded by the government. You can take part around your existing work commitments and access learning through a blend of online and face-to-face sessions. By the end of the course you will be able to take away a tailor-made plan and have the confidence in how to grow your business.
Essex Chambers of Commerce have launched their Big Business Network. Working closely with Maldon District Council, the group has been put together to help businesses in Essex to ‘arrive, survive, and thrive’. A great chance to meet and network with other local business leaders, to learn and collaborate to aid your business growth.
International Trade Support
Partnering with the Essex Chambers of Commerce, Chelmsford City Council offer a fully funded programme to offer international trade support to help businesses trade confidently and compliantly. If you qualify for the programme, you will receive a full 12 month membership to the Essex Chambers of Commerce and access to all standard benefits and services, alongside a 1:2:1 advisory session with an International Trade Officer.
In terms of financial support to help your business grow, you should consider a loan from the Recovery Loan Scheme (RLS). This government backed scheme delivered through the British Business Bank was introduced to support businesses to get back on their feet following the COVID-19 pandemic. Offering loans of up to £2million, it could give you the capital injection to get your plans moving. Let’s Do Business Finance are an accredited lender of the RLS programme across the South East and East of England.
Essex+ Reward Scheme
The Essex+ Reward Scheme is a free local rewards scheme aimed at helping Essex’s businesses build better customer relationships, boost engagement, increase customer loyalty, and ultimately help increase sales. The new scheme allows your customers to use one loyalty account/card with multiple Essex businesses, and you can set up your own promotions and incentives and access a range of marketing tools and data on your customers.
3 – Am I overstaffed?
When looking at costs and overheads, it’s natural to consider if your team is overstaffed. Salaries alongside pension contributions, can often make up a significant percentage of your business costs. But rather than look at redundancy, perhaps evaluate productivity. Are all of your staff in the right roles for not only their skills, but also your business needs? Could some be developed through training to evolve their roles to help your growth? There is a range of support out there to help with this. Including:
Colbea – Digital Skills
Free digital skills training that develops your knowledge in creating an online presence and productivity through digital tools, ultimately building a more resilient business. This includes Website development, driving traffic to your website, social media, and online sales and ecommerce.
Instagram training
Chelmsford City Council have partnered with Squarestar Digital to offer businesses free one-to-one training and support on Instagram. Whether you are brand new to the world of Instagram or a daily user, this training will help you get the most from the platform.
Keep It Local
Maldon District Council has launched the “Keep it Local” to help support small businesses to augment their customer offer and enable them to better serve their customers.
A limited number of 1-2-1 consultancy sessions are available to local customer facing businesses to either develop/improve an efficient online/web presence - such as transactional website or develop/improve digital marketing skills through their online presence.
Wellbeing Resilience Training
In partnership with Maldon and District CVS, you can access FREE business and employee wellbeing resilience training. Mental health conditions, which includes stress, depression, anxiety, accounted for 9.8% of all sickness absences in 2021. This free training will support you to manage health and wellbeing proactively, minimise the impact of mental ill health on your business and your employees whilst promoting and maintaining healthy workplaces.
BEST Growth Hub
BEST have access to a wide variety of business support including mental health and well being, skills training, apprenticeships and access to graduates and interns who can help fulfil some of your challenges.
4 – How can I reduce my other overheads?
Energy bills and Net Zero are both hot topics right now, as we navigate our way through a cost of living crisis. Becoming more economical and environmentally friendly is something most businesses and households are considering as part of their upcoming plans, and there is support available to help with that.
Locase Grants
LoCASE aims to reduce costs by cutting emissions and promoting opportunities in the low carbon market. To help achieve these goals, grants of up to £10,000 are available to small and medium businesses across the South East.
Essex Energy Switch
The Essex Energy Switch is a scheme you can sign up to to check you are on the best tariff. Register with the energy switch scheme to see if you can benefit from the peace of mind of a fixed priced tariff to make budgeting for your household energy bills easier.
Colchester Business Cost Reduction Programme
For any businesses with a premises in Colchester, Colbea and Auditel are offering a FREE to user commercial cost review of your overheads, to identify current usage and spend, and highlight potential opportunities for improved service, reduced admin and lower cost, through the ‘Colchester Business Cost Reduction Programme’.
BEST can also help navigate you and support you through applying for government based funding such as the ‘Electric Vehicle charge point discount’. They will also guide you through the finance and grant landscape.
