POLICYNEWS be underestimated in Herefordshire and Worcestershire. Be it food and drink to heavy machinery, businesses in the counties are contributing to local and national prosperity. The International Team will continue to represent the membership and use connections with the International Chamber of Commerce and 120 Embassies and High Commissions around the world. However, 42% of businesses report supply chain issues as a barrier to trade. At the same time, 34% of importers/exporters reported regulation and documentation as a problem.
CHAMBER MANIFESTO RECOGNISES CHALLENGING YEAR AHEAD FOR BUSINESS Yamazaki Mazak in Worcester hosted the recent Economic Conference which included the launch of the Chamber Manifesto for 2022/2023. Speakers from Herefordshire and Worcestershire reported on successful outcomes in the last year and looked to a challenging year ahead. The Manifesto outlines activities that the Chamber will undertake to represent the interests and address the challenges faced by the membership. These challenges have been identified as a result of 12 months of research through the Quarterly Economic Survey (QES) and hundreds of consultations conducted by our Membership team.
a series of industry forums such as the Growth, Manufacturing, and Food and Drink Forums, brand and profile raising events like the two Expo’s, and regular networking events across both counties such as lunchtime networking and breakfasts to help businesses make new contacts and develop existing relationships.
BUSINESS COSTS Cost pressures are real. In recent QES’s 63% of businesses have expressed concern about increasing energy costs. 42% of businesses were experiencing supply chain delays and 21% cited changes to import and export regulations as a cost pressure.
The QES provides valuable insight into performance, and most importantly outlook for businesses. Herefordshire and Worcestershire Chamber of Commerce consistently return more surveys than any of the 53 Chambers in the UK and were recognised by David Bharier, Head of Research for the British Chamber of Commerce, at the conference.
As a Chamber we will actively seek Members feedback in this area so that we can, through the BCC, lobby and highlight to central government the challenges at local level. We will also continue to share best practice through events such as the Manufacturing Forum and where possible highlight funding and schemes that will help ease the burden of riding costs.
The most recent survey was enlightening for a change in outlook. The survey completed in November 2021 indicated a “cautious optimism” for business in terms of sales, cash flow and profitability. This was contrasted by in March 2022 with 14% of businesses expecting sales to decline in the next 3 months, 22% expecting cashflow pressures, and 19% expecting profitability to decline.
This is where wider information sources can be utilised. The Salary and Benefits Survey commissioned by Hewett Recruitment allows businesses to benchmark wage costs, Bank of England Briefings give a national view, and the Chambers “Finance Finder” can assist in the search of funding to ease cost pressures.
The Manifesto, however, is not a snapshot of current opinion, it is a culmination of research over a wider period of time and a greater sample of surveys and membership consultations. The 2021/2022 Manifesto had Covid 19 as an underlying factor. This year’s does not ignore the impact but does look forward as society tries to live with the virus. As with last year, the Manifesto has six key sections, and these are Business Growth, Business Costs, People, International Trade, Technology and Sustainability.
BUSINESS GROWTH
PEOPLE This section was referred to as Skills last year, but there is more to this section, possibly our most important asset, than training and development and as such we have widened the subject. We will be connecting business with education and in turn preparing our future workforce. 49% of businesses reported recruitment would be a key challenge in the year ahead, and 39% of businesses viewed retention of existing workforce as a challenge. This is why in our activities moving forward we will champion workplace wellbeing, identified by 38% of businesses as a priority, mental health awareness, and encourage equality and diversity.
This section was called Covid Recovery last year – Business Growth is more appropriate as we try to emerge from a Covid world. Whilst a degree of caution is attached to any business growth, of those recently surveyed 65% still expected turnover to increase in the months ahead.
The Chambers training and development offer, covering a wide range of subjects, virtually, and in person, in both Worcester and Hereford will support this activity for members.
To help facilitate this the Chamber will deliver
The importance of international trade cannot
INTERNATIONAL TRADE
Business Direction published by Herefordshire & Worcestershire Chamber of Commerce
This is where relations with the Chamber’s documentation team, ongoing liaison with DiT, and the provision of international trade training will be a vital support service for Members and customers in terms of translation, ATA Carnets and Letters of Credit.
TECHNOLOGY Technology was in the manifesto last year, rightly so as business strives to make processes more efficient and use tech to do so. This year, there is an emphasis on one critical area of technology – Cyber Security. Even today there is a higher risk of cyber-attack from foreign parties, but prevention is certainly better than cure! 31% of businesses cited cyber security as a challenge to their business. Equally, as business adopts more technology, our schools and colleges need to work with business to ensure curriculum matches need and the Chamber’s contribution to the Skills White Paper will ensure this is made possible. The Chamber will continue to champion the Midlands Centre for Cyber Security at Skylon Park in Hereford.
SUSTAINABILITY Sustainability and climate change could not be more important in terms of business growth and general wellbeing. The Chamber, along with local LEP’s, and of course local councils have been driving the green agenda forward in recent years and will continue to do so. In recent surveys. 24% of companies reported pressure from clients to become greener. 28% of companies see the use of more sustainable energy as a key action, and most interestingly, 68% of businesses requested more information on funding to help the process. As a result, and reassuring that this is the case, the Chamber will continue to deliver the BEEP and LoCOP programmes and run Sustainability Forums in conjunction with these programmes. At the same time the Chambers sustainability hub, sitting on the website, will complement activities around the Herefordshire Citizens Climate Change Assembly, and Worcester’s Zero Carbon Objectives. Business Growth, Business Costs, People, International Trade, Technology, and Sustainability. Areas identified by the members and challenges to be addressed and supported by Herefordshire and Worcestershire Chamber of Commerce in the year ahead. Download your free copy of the report here: https://hwchamber.co.uk/wp-content/ uploads/2022/03/Business-Manifesto-22-23.pdf
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