I was intrigued by an article in Daily Focus last week that discussed the growing number of small and medium-sized businesses (SMEs) that now utilise social media as their main sales channel.
Recent research by BT found that 28% of businesses survey stated that their key sources of revenue are Facebook, Instagram, X and TikTok.
This news came as no shock, in fact I would have thought 28% was on the low side!
The adoption of digital technologies is as significant as the industrial revolution and we are only at the beginning with artificial intelligence (AI) and the metaverse already here and influencing business trends massively.
The BT research found a disparity between digital marketing and skills to implement them. It is a consequence of the speed of technological advancement that we have a situation where many business owners simply do not have the time or the skills to move with the times.
And I can say this; there are those of us of a certain age who just feel overwhelmed at times with the rate of advancement of digital technology.
Thankfully, we have much younger and tech-savvy people in the Chamber team who ensure we keep up and embrace the technology, not just for ourselves but for the benefit of every business in Staffordshire.
There is a great opportunity to get up to speed with the digital world if you visit our annual business expo, Let’s do Business at Uttoxeter Racecourse on 12th October.
The keynote speaker is AI expert Katie King who will be offering an exclusive insight into AI, digital transformation, and the future of marketing.
Katie, who was recently voted a ‘Top 10 AI influencer’ will explain how businesses of all sizes and across all sectors can harness AI ethically for competitive advantage by exploiting new tools and processes across their marketing, sales, the customer experience and HR, and provide insights into how they can get started, cost-effectively, using her ‘Scorecard for Success’.
Plus there will be lots of companies exhibiting or attending as delegates who are experts in all things digital.
You can book your free delegate here: Let’s Do Business – Staffordshire Chambers
You might also want to attend a meeting of our Digital Forum which meets quarterly.
It exists to drive the growing digital sector in Staffordshire, enabling businesses to freely exchange information, share best practice and discuss digital innovation, information communication technology and AI.
You can book on the next meeting here: Digital Forum – Staffordshire Chambers
Latest inflation figures
Inflation in the UK dropped to 6.8% in the year to July from 7.9% in June, according to the Office for National Statistics (ONS).
Helping the fall in inflation was a fall in the energy price cap on 1st July and a slowing of the rate at which food prices were rising – although those are still almost 15% higher than a year ago.
While some ingredients have got cheaper, retailers still faced higher bills for the likes of wages and transport – it’s often customers who pay the prices.
However, the underlying trends are still causing concern because if you take out food and energy so-called ‘core inflation’ remains close to a 30-year high.
That category includes many non-essentials, suggesting some households still had the means to treat themselves to these – and it’s that discretionary spending that the Bank of England is aiming at when it raises interest rates.
With inflation still way higher than its 2% target, most analysts expect a further rate rise come September. And it remains uncertain whether the government can fulfil its pledge to see inflation halve over this year.
The news that consumer price inflation continued to ease in July is encouraging. However, this comes off the back of months of high prices which have hit business hard. Many firms have yet to see the cost of raw materials fall.
Businesses tell us that confidence is improving slightly as inflationary pressures ease. However, our latest quarterly economic survey showed most companies reported no improvement to sales, cash flow, or investment.
High interest rates are now of real concern to firms. Investment across all sectors is suffering because of the cost-of-borrowing. Businesses need to be confident that interest rates have reached their peak – we shall soon find out!
If you want to talk to us about any business issues, including funding, you can call our switchboard on 01782 202222, call the Business Helpline on 0300 111 8002 or email: info@staffordshirechambers.co.uk
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