Business planning, the Innovation Loans Future Economy competition, training for heat pump installations and planning your Christmas work schedule
Welcome to our round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you!
The REALLY important stuff!
With the constant news surrounding the economy, interest rate uncertainty, and high inflation, it is difficult not to worry about these issues and lose sight of what’s really important – the health and welfare of you and your loved ones.
The issue we all face is a potent mix of inflation, recession, high debts, and the core reason for it all, a wartime energy shock. It is not the market driving the crisis; it is geopolitics, diplomacy, and conflict. On an individual level these events are not within our control, so what can we do to keep rational whilst this crisis unfolds?
It is worth remembering a quote from the singer Celine Dion: “Life imposes things on you that you can’t control, but you still have the choice of how you’re going to live through this”.
Firstly, know that you can only control your life and those close to you. Everything else going on is typically uncontrollable just now. So, take time to set some long-term goals to give yourself a sense of agency and control. Next, list the things that make you happy and safe; by doing this you can focus on the good things and not the other stuff. Thirdly, take time out to do things you enjoy. Doing something you are good at reinforces a sense of self-worth and purpose.
If you own a business, then:
- Take time to review your personal objectives – the business is there to provide you with what you want from life, not the other way round!
- Look at your business plan and where it is now: its strengths, weaknesses, opportunities, and threats. Get a clear understanding of its position in the marketplace, the competition, the systems, the way things are done, and the improvements that could be made.
- Focus on what the business is to look like when it is “complete” or running profitably and successfully. Then you can determine priorities – the big issues that need to be focussed on.
It is also a good idea to look at where you are now and plan for a range of scenarios “good and bad” so that you can be flexible about the direction you should take.
Ask us about a One Page Analyst, a “what if” scenario planner which takes your projected 2024 figures and allows you to work out the effect on profit of reducing expenses, increasing sales, increasing or decreasing prices.
If you need help during the next few months, then please call us – we are here to support you!
Innovation Loans Future Economy competition: round 11
Innovate UK is offering up to £25 million in loans to micro, small, and medium-sized enterprises (SMEs). Loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There should be a clear route to commercialisation and economic impact.
Your project must lead to new products, processes, or services that are significantly ahead of others currently available, or propose an innovative use of existing products, processes, or services. It can also involve a new or innovative business model.
Made in the UK, Sold to the World Awards 2024
The annual Made in the UK, Sold to the World awards recognises and celebrates the global trading success of SMEs from across the UK.
The Department for Business and Trade’s 2024 Made in the UK, Sold to the World awards will open for entries on Friday 10 November 2023, during this year’s International Trade Week (6 to 13 November 2023).
There will be ten categories of awards to enter:
- Agriculture, Food & Drink;
- Consultancy & Professional Services;
- Creative Industries;
- Education & EdTech;
- Financial Services & FinTech;
- Healthcare;
- Infrastructure & Engineering;
- Low Carbon Energy;
- Manufacturing, Advanced Manufacturing & Construction; and
- Retail & Consumer Goods.
See: 2024 Awards Information – great.gov.uk
New training places available for retrofitting, heat networks, and heat pump installations
A new wave of low-carbon heating and insulation installers will be created through thousands of heavily discounted training spaces in a boost to the green jobs sector.
Up to 8,000 people – including current installers and those who are new to the industry – will be able to develop the skills and expert knowledge needed to retrofit homes and install insulation through a host of training providers thanks to the Home Decarbonisation Skills Training scheme.
A further 4,000 people will also be able to get £500 towards training to install and maintain heat networks through the Heat Training Grant.
The Low Carbon Heating Technician Apprenticeship, the first of its kind, will provide people with the chance to learn how to install low-carbon heating systems on the job, supporting delivery of the expanded Boiler Upgrade Scheme which gives hard-working families the opportunity to make the switch away from fossil fuel heating.
See: Thousands of low-cost training spaces available in boost to green jobs sector – GOV.UK (www.gov.uk)
Christmas and new year holidays
The Christmas season has a big impact on most businesses and employees in the UK. It will be a time when there is likely to be extra demand for products, services, and sales in some businesses whilst others may experience a quiet period or may shut for the Christmas holidays.
This year, Christmas Day, 25 December 2023 falls on a Monday and Boxing Day, 26 December 2023, falls on a Tuesday. New Year’s Day also falls on a Monday.
The Advisory, Conciliation and Arbitration Service (ACAS) has useful guidance for both employers and employees on their website about holiday entitlement.