What is a business credit score and why is it important?
If you’ve ever registered for a credit card, purchased a car on finance or applied for a mortgage, you’ll be aware of your own personal credit rating. All adults have a credit score – a rating that lenders use to see how likely you are to default on a loan or credit card, generated via credit reports with credit reference agencies (CRAs) like Experian.
Staying within your overdraft limit, avoiding bad debt and paying bills on time all help build a good personal credit rating, enabling you to access preferential rates on finance products.
A business credit score works on a very similar basis, yet many small business owners have never even considered checking their business credit report or, in some cases, know little about them.
If you’re a sole trader, lenders will use your personal credit score to determine your creditworthiness, but if you set up a limited company, you can build your business credit rating independently.
Just as boosting your own credit rating can help you secure a good deal on a mortgage for your dream home, looking after your business credit score can help you achieve your business goals. Indeed, access to finance could mean the difference between taking your company to the next level or staying stuck in a professional rut.
Having a good business credit score can also save you money in the long term, giving you access to business loans with lower interest rates. The opposite is true if your score is low, since you may only be offered higher rates that could impact your finances and ability to grow.
You can regularly check your business credit score with Experian ‘My Business Profile’ and sign up for alerts that notify you when your credit record changes. Then you can act fast to rectify any problems.
Find out more about Experian ‘My Business Profile’ and the free trial/discount offer.
- Published in News
Sara’s Blog: Chancellor’s Spring Statement 2022 and launch of 2022 Staffordshire Chambers Business Awards
The chancellor has been under pressure to help households with the cost-of-living squeeze, with prices rising by 6.2 percent in the 12 months to February – the fastest for 30 years.
In response in his Spring Statement on Wednesday he announced that he would cut fuel duty, raise the threshold at which people start paying National Insurance, and pledged to cut the basic rate of income tax before the next general election.
Unfortunately the outlook is bleak with growth projections slashed, fuel, energy and food prices soaring. More families will be pushed into poverty, having to make choices between ‘eat or heat’ and many firms will be forced to continue raising prices, further fuelling the cost-of-living crisis.
The British Chambers of Commerce (BCC) has stated that the Spring Statement falls short of what businesses needed and wanted. While there were some positive announcements that firms will welcome, it did not fundamentally address the huge cost pressures they are facing.
Businesses will no doubt be pleased that the employment allowance has been increased. This long running ask of Chambers will provide a small amount of financial headroom for firms facing rising costs.
But there was a missed opportunity to rebuild and renew the economy and ensure business has the resilience to weather the uncertain and volatile times ahead.
The cut in fuel duty, though welcome, is a drop in the ocean compared to surging costs bearing down on firms and households. And with the escalating cost of oil, it could be negated within a week. Smaller businesses are particularly exposed as they have neither the protections or financial support provided to households, nor the negotiating power of larger businesses.
Chambers are urging the government to act on pressing issues including an SME energy price cap – to tackle the escalating cost of doing business crisis. Firms need the headroom to keep a lid on prices, protect jobs and make investment that is so vital to sustaining our economic prospects.
Whilst chambers broadly welcome the chancellor’s firm commitment to cut taxes on business investment we will be keeping up the pressure on the government to react accordingly to whatever twists and turns global events present us with as well as doing all they can to provide and encourage investment which will boost productivity, whilst continuing the levelling-up agenda and the transition to net zero. You can view the key points of the statement here: Spring Statement: Key points at a glance – BBC News
Now for some good news!
Today sees the launch of the 2022 Staffordshire Chambers Business Awards.
We are moving the awards back to their usual summer slot and the grand gala final will take place at Uttoxeter Racecourse in July.
As always, our awards will showcase and celebrate the best business talent in Staffordshire with a variety of award categories that cover everything from new start-up businesses to multinational corporations – as well as awards for individual employees.
It’s a great opportunity for you to spotlight your business and get recognition for your work during the last 12 months. Shortlisted businesses receive invaluable coverage in local press and across social media and will be invited to a gala evening celebration on 14th July. The entry process is simple and streamlined and you can enter as many categories as you like.
This year’s Business Awards is kindly supported by HSBC as headline sponsors plus a sponsor for each category. The theme for the awards is innovation and sustainability – sponsored by Keele University and our award partners are We Are Staffordshire.
There are 15 award categories and one of the winners will also be crowned as overall Business of the Year.
For entry details and a full list of award categories and sponsors click here: www.staffordshirechambers.co.uk/awards
And if you need any help with your application, we are hosting two ‘How to write an award-winning entry’ masterclasses on Monday, 4th April. You can book your free AM slot, here, or a PM slot, here.
If you want to talk to us about any business issues, including funding, you can call our switchboard on 01782 202222 or call the Stoke and Staffs Growth Hub Helpline on 0300 111 8002 or email: info@staffordshirechambers.co.uk
- Published in News
Rachel Buxton
Rachel is a Director at Thompson Wright Chartered Accountants, one of the leading firms of accountants in our region. She has worked in Staffordshire for over 20 years, the last 7 of which have been at TW. Rachel has extensive experience in advising clients over a variety of sectors and sizes, from manufacturing through to rural and agricultural businesses.
Rachel was appointed a Director in November 2020, and splits her time across TW’s Newcastle and Leek offices. In her time at Thompson Wright she has seen the firm grow from around 50 staff when she joined, to just over 100 today with the inclusion of their recently acquired Hale office. She puts much of the firm’s growth down to great team work, great communication and ‘going the extra mile’ for their clients.
Rachel is actively involved with her client businesses, and advises her clients in real time, rather than seeing her role as an annual meeting to discuss historic records. She has a keen interest in helping clients to understand their accounts, identifying tax saving measures and planning ahead to ensure that growth opportunities are identified and taken (including assisting clients to achieve grant funding of over £250k in recent years). She is a firm believer that her clients should have short, mid & long term goals, and ultimately benefit from the blood sweat and tears that they are putting into running their business.
Outside of work, Rachel lives in the Staffordshire Moorlands with her husband, two small children and trusty sausage dog. She is a general sports fan, with an emphasis on football (but isn’t disclosing her loyalties)!
Rachel is President of the Local Area Board for the Staffordshire Moorlands and regularly attends the Chambers Rural Business Forum.
- Published in Board Biographies
Sara Williams
Sara Williams took over as the Chief Executive of North Staffordshire Chamber of Commerce in November 2011 and has since overseen the creation of the powerful Staffordshire Chambers of Commerce group. Her aim is to create a welcoming organising every local business wants to join and making Stoke-on-Trent and Staffordshire a place full of prosperity and opportunity.
Previously she was Director of Enterprise at St Helens Chamber. Responsible for a team of talented people helping change the culture of enterprise in St Helens – from working with young people in schools through to helping businesses facing tough decisions.
Sara is a strong advocate for the private sector taking a lead in all aspects of economic development. She believes that Chambers of Commerce provide an excellent platform for engaging with and supporting businesses to grow and prosper. This comes from having run her own small arts consultancy business and coming from a family of entrepreneurs, some more successful than others.
Sara has a wealth of experience working with the private sector to develop services in response to their needs, as well as a proven track record of lobbying and representing businesses. Previously, Sara has worked in marketing and community development as well as in museums and galleries. She originally trained as a museum curator at Manchester University after a first degree in Medieval History at University College London.
Sara has been a Governor of Liverpool John Moores University and is currently on the Board of Governors of Staffordshire University and a non-Executive Director of the highly regarded New Vic Theatre based in Newcastle-under-Lyme.
Sara splits her time between Staffordshire and Liverpool and returns to her home town of Nottingham, where she went to school at Nottingham High School for Girls, on a regular basis. She has recently got married to her partner of 23 years and they have three grown up children between them. In her spare time, Sara enjoys gardening (her Liverpool garden is part of the National Garden Scheme), sewing (she has a passion for clothes), and salsa dancing.
- Published in Board Biographies
Steve Timmis
Steve has worked and ran businesses in Staffordshire since 2000. He currently owns and operates Sempar Tax & Accountancy, a firm of accountants and tax advisors as well as owning a share of a software development company and a domiciliary healthcare company, all based in Staffordshire. Steve started Sempar (translates to mean unparalleled) in 2016 and the company has grown from strength to strength now employing 18 team members and closing in on a turnover of £1m per annum. Steve has two mantras in his life, these being “leave the world a better place” and “always do the right thing” and Sempar has been built on these mantras with it’s clients and team in mind. In his role at Sempar Steve focuses on the strategy and culture and as an advisor helps high growth businesses achieve their goals.
- Published in Board Biographies
Geoff Riley
Geoff Riley is Chief Executive of Staffordshire & Black Country Business Innovation Centre (BIC) based in the Sutherland Institute, Longton.
Geoff has a background in electrical and electronic engineering and has held senior positions in both SMEs and large public and private sector organisations.
After a number of years managing and delivering engineering training at the Michelin Tyre Company, Geoff moved to the public sector and worked for a time as a lecturer in FE. From here he rose to become Head of a successful Commercial Development Department at Newcastle under Lyme College before moving to the Consortium of Staffordshire Colleges as External Funding Projects Director. After two years with the Staffordshire Consortium, Geoff moved to the Staffordshire and Black Country BIC as Chief Executive and has successfully developed the ‘Local BIC’ concept enabling incubators to be established at the point of need and a portfolio of support packages to help new high value, high growth and technology based businesses.
Geoff has been extensively involved in European and National funding initiatives for the past 27 years. He has served on a number of key Staffordshire and West Midlands regeneration groups and acts as innovation and incubation advisor. Geoff acts as a quality auditor for the European Business Network throughout the EU.
- Published in Board Biographies
Keith Mitchell
Keith is Managing Director of Wardell Armstrong. Wardell Armstrong is an international environmental and engineering consultancy working in the property, infrastructure and mining sectors. The firm has it’s headquarters in Stoke-on-Trent and has 14 UK offices and 2 international offices. Wardell Armstrong employs 500 people and 150 of those work in Stoke. Keith is passionate about the role Wardell Armstrong plays in the city and the wider region.
- Published in Board Biographies
Julie Mirowski
Julie Mirowski is a Director of Rydale Roofing Ltd. A family run business, Rydale Roofing Ltd is committed to exceptional quality and customer service.
Working alongside husband Mick, Julie is responsible for areas of the business including liaising with customers, submitting tenders, Estimates, HR and payroll but can be often found drumming up new business by networking both in person and through social media which also keeps them up to date with new and changing laws, procurement releases and trade regulations
Julie is an active member of The Chambers Social value forum. Social value is very important to the company and Rydale Roofing gives back to people in the community in many ways.
Julie is a Trustee of the Alice Charity and is committed to the charity’s work of ridding the area of impoverished families
She also works closely with local schools as a Career ready Mentor
- Published in Board Biographies
Martin Lennon
Originally from Stafford Martin has over 30 years of experience in pharmaceutical marketing and medical communications. After starting his career in the UK, Martin moved to Switzerland with Novartis in the Organ Transplantation global marketing team. He then moved to the US joining Wyeth, later returning to Europe as commercial director for Transplantation and Haemophilia. In 2003 Martin returned to the US as head of Global Strategy for their flagship product in rheumatology overseeing its growth to a multibillion-dollar blockbuster.
Martin returned to the UK as Partner in London medical communications agency Synergy. He then established ELM group in 2014 returning home to Stafford permanently. ELM group has a core in medical communications working in areas such as rheumatology, haemophilia, rare diseases and more recently have done work on COVID therapies. The group enjoy unique collaborations with Universities of Glasgow and Leeds and has a partnership with the BMJ Group. Its People division has worked with Premiership rugby and Premier League football clubs as well as major companies developing and delivering training and volunteer programmes. His overall ambition is developing jobs in the life sciences sector for local graduates.
Outside of work Martin’s main interest is in Rugby, a sport that he supports in various capacities. He served on the legacy team for the 2015 Rugby World Cup and as Chairman of Stafford Rugby Club, where he negotiated the deal for the new £4 million facility at the heart of Stafford. He currently supports the Newcastle Falcons academy programme and is a referee assessor.
- Published in Board Biographies
Ramona Hirschi
Ramona is a solicitor turned entrepreneur. Her legal background is in litigation handling a commercial caseload of contract, property and banking litigation work. Her legal experience was gained internationally working in Kuala Lumpur, Geneva and here in Stoke-on-Trent. In 2010, Ramona turned to business by starting a property business as well as an ethical trading business specialising in home furnishings and e-commerce. From there she came to acquire the Belvoir sales and lettings agency in Stoke-on-Trent in 2017, which she runs as Managing Director. She continues to grow this business year on year alongside her responsibilities at the Chamber. Her other voluntary role is as Enterprise Advisor to a local high school. Her expertise that she brings to the Chamber is in legals, organisational growth, change management and representation at the Board for small family run businesses.
- Published in Board Biographies