Looking for some new year business ideas?
If you are looking for some new business ideas, then ask us for a copy of our guide called “57 Ways to Grow Your Business”! Our publication is packed full of bright ideas for the Serious Entrepreneur and starts with the four basics of growth.
All the ideas in this guide ultimately revolve around four basic insights about growing a business:
- Increase the number of customers,
- Increase the number of times each one does business with you,
- Increase the average value of each transaction, and
- Increase your own effectiveness and efficiency.
Here are some other business principles that we explore in the guide:
- What you can measure, you can manage.
- Build in unique core differentiators and focus on them constantly.
- It’s more important to be different than it is to be better.
- Cutting the price is always an option but there is usually a better way: increasing value.
- Break compromises and lower the barriers to people doing business with you.
- Systemise every aspect of your business.
- Empower your team to make it right for every customer.
- Create a clear and detailed action plan.
Ask us for a copy – you never know there may be a gem or two in there for you to help you grow faster!
Post-Brexit reform of financial services announced
Andrew Griffith, the UK City of London minister, has stated the UK government’s intent to revamp the regulation of the investment and insurance sectors.
Earlier this month he unveiled over 30 reforms “to unlock investment and turbocharge growth in towns and cities across the UK”.
Last week the Chancellor, Jeremy Hunt, set out plans to repeal and replace EU retained laws governing financial services. This will establish a new regulatory framework for the UK with the aim of making it more agile, less costly, and more responsive to emerging trends.
These plans included a commitment to make substantial legislative progress over the course of 2023 on repealing and replacing EU-era rules governing insurers’ balance sheets. This is expected to unlock over £100 billion of private investment for productive assets such as UK infrastructure.
The work to repeal, and where appropriate replace, retained EU law governing the sector has been guided by industry and split into two initial tranches. These will focus on delivering reform to areas which provide the most significant boost to UK growth and competitiveness, and the government will set out further detail on future tranches over time.
These announcements deliver the next chapter in the government’s plan for a UK financial services sector that is open, sustainable, and technologically advanced; one that is globally competitive and acts in the interests of communities and citizens.
As announced in the Autumn Statement, the government will look to announce changes to EU regulations in four other high growth industries by the end of next year, including digital technology, life sciences, green industries, and advanced manufacturing.
Cost of Living Crisis – Help for Households Campaign
The UK Government has launched its ‘Help for Households’ campaign. The campaign aims to help people through the cost of living this winter. Some of the topics include:
- Cheaper broadband and phone packages – Social tariffs are cheaper broadband and phone packages for people claiming Universal Credit, Pension Credit and some other benefits. For further information please select the following link Cheaper broadband and phone packages – Ofcom
- Discounts and offers – To find out what discounts and offers are available from businesses to help with the cost of living, please select the following link Discounts and offers – Help for Households
Senedd says no to single-use plastics
Wales will become the first part of the UK to legislate against a thorough list of single-use plastics as the Senedd approves legislation to ban selling unnecessary, disposable products to consumers.
The new law is a key step in reducing the flow of damaging plastic waste into the Welsh environment and is being introduced following consultation with the public and other stakeholders.
Taking effect in autumn 2023, it will give local authorities the power to enforce the offence of supplying or offering to supply the commonly littered items – even when they are free.
Wales is currently ranked as the world’s third best domestic recycler and the new law demonstrates how the Welsh Government is continuing to take ambitious steps to tackle the climate and nature emergencies.
£460m in rates support to help businesses struggling with cost rises
All businesses in Wales will benefit from new rates support from the Welsh Government to help with the effects of rising costs.
A package of support worth more than £460 million over the next two financial years will be announced in the Welsh Government’s upcoming draft Budget.
The package will provide a boost to businesses across Wales which are struggling to cope with the impacts of high inflation and surging energy costs. It operates in addition to permanent relief schemes from the Welsh Government which are already providing £240 million of relief to ratepayers across Wales this year.
The non-domestic rates multiplier has been frozen for 2023-24, at a cost of more than £200 million over the next 2 years. This ensures there will again be no inflationary increase in the amount of rates businesses and other ratepayers are paying.
A further £113 million will be provided over the next two years to provide transitional relief for all ratepayers whose bills increase by more than £300 following the UK-wide revaluation exercise, which takes effect on 1 April 2023.
Another £140 million will support businesses in the retail, leisure and hospitality sectors. Eligible ratepayers will receive 75% non-domestic rates relief for 2023 24, a rise from the 50% relief provided in 2022-23.
For further information please select the following links:
- £460m in rates support to help businesses struggling with cost rises | GOV.WALES
- Written Statement: Non-domestic rates support for 2023-24 (12 December 2022) | GOV.WALES