On Wednesday we held a launch event at The Quarter at Potbank in Stoke of our Daily Focus online business newsletter – on the day we hit 10,000 subscribers (by chance but what luck). The event was attended by local marketing, PR and business development professionals – our business storytellers in Staffordshire.
It has been hitting the inboxes of subscribers since January and we thought we would hit this milestone in a few months. Thank you to everyone who is already sending us stories and subscribing to hear every weekday about what is happening in the business world of Staffordshire and Stoke-on-Trent.
The guest speaker at the event was former Sentinel editor turned journalism lecturer, Richard Bowyer. Richard spent many years in regional journalism, and he talked about how, up until a few years ago, regional newspapers like the Sentinel, once the lifeblood of an area, were producing up to 120 news, business and sports stories a day, in several editions. Sadly, for printed media we know the all too familiar story with the advent of the internet and the smartphone causing a precipitous fall in the advertising revenue on which papers depended.
Daily Focus is produced by the talented team at i.creation, headed by Andy Jackson and based at Spode Works, working alongside the Chambers marketing department. I am immensely proud that we have built a publication that is relevant, proactive and business-led.
I am excited by the way in which Daily Focus is capturing everything we do as a business community as well as highlighting the big issues that affect us. For example, the reporting on the effect on businesses of the proposed bus gate and clean air zone in our area stirred heated debate as well as meaningful engagement with businesses, local authorities and the Government.
If you are not already a subscriber visit https://daily-focus.co.uk/ to sign up, send in your stories and catch up on everything you need to know about business in Staffordshire.
Inflation rate spike prompts rate rise
An unexpected rise in the Consumer Price Index (CPI) rate to 10.4% indicates that the UK economy is still hampered by high inflation. The main drivers of inflation – restaurants and hotels, food, clothing and energy costs – confirm the pressure we see on the hospitality and retail sectors. The longer this goes on, the greater the impact on businesses and consumers with higher prices becoming the norm.
The British Chambers of Commerce’s most recent Quarterly Economic Forecast BCC Economic Forecast: Economy to shrink in 2023 before rebounding (britishchambers.org.uk) expects the inflation rate to ease to 5% by Q4 2023 but small firms still face cost pressures, stifling their ability to invest and grow. While the Producer Price Inflation (PPI) rate has eased to 12.7%, it remains historically high and above CPI.
The March Budget saw little in the way of support for the unprecedented cost pressures businesses face. Relief can come in several forms – for instance, support to transition to more energy efficient sources and improving our trading relationships to ease supply chain difficulties -would be helpful. The Chambers will continue to lobby on businesses’ behalf for an environment more conducive to growth and success.
The decision to increase the interest rate indicates the Bank of England are still pursuing strong action following the surprise rise in inflation.
An interest rate rise alone is a blunt instrument that doesn’t address some of the fundamental causes of inflation such as failure in the energy market and global supply chain shocks.
The cost-of-living crisis and the cost of doing business crisis are two sides of the same coin and SMEs, like consumers, are getting hit from both rising prices and rising borrowing costs. The only way out of this vicious cycle is through taking action to boost economic growth, through investment in infrastructure, skills, and global trade.
Let’s hope economists’ forecasts of inflation falling and interest rate rises stabilising are accurate!
Last call for awards entries!
Finally, entries to the 2023 Staffordshire Chambers Business Awards close on Friday 31st March at 5pm, so you still have a chance to enter providing you make a start NOW!!!
The awards are a celebration of our amazing business community with 15 categories plus the prestigious ‘Business of the Year’ award, sponsored by HSBC and chosen from the category winners.
Categories range from Young Employee/Apprentice of the Year to large business, and we also have a brand-new special award for the ‘Staffordshire Ambassador of the Year, sponsored by We are Staffordshire.
The special gala evening award ceremony will be held on 13th July at Doubletree by Hilton on Festival Park, Stoke-on-Trent. It is always a fabulous showcase for sponsors and finalists, and a highlight of the business year in Staffordshire.
You never know what winning an award can do for your business and previous Staffordshire Business Awards winners have gone on to further success, for example, at the British Chambers Awards or by being awarded a Queen’s (now King’s) Award for Enterprise.
Finalists shortlisted for an award will be exclusively unveiled in Daily Focus later in the Spring.
To make a start on your entry visit: Awards 2023 – Staffordshire Chambers
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
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