East Riding Of Yorkshire Council Business Support Update - 3rd December 2024
With the festive season now upon us, here are 2 Christmas networking events to put in your diary:
The Hull and East Yorkshire Manufacturing Network Christmas Lunch, Learn and Networking event takes place this Thursday, 5th December. Exclusively for manufacturing businesses, it’s an opportunity to meet with other local manufacturers and be involved in the group and future events. Spaces are limited but still available so book here:
Thursday 12th December sees our Networking Christmas Business celebration take place at the AURA centre in Hessle. Aimed at businesses from any sector, our festive networking, delivered in partnership with the University of Hull, will include a glass of fizz and some festive nibbles, along with the chance to meet other businesses from the local area. To book your place visit:
https://investeastyorkshire.co.uk/networking-usiness-christmas-celebration/
News coming out of central government has slowed down a little, however read on for some important information on the announced changes to business rates and also news on some free training on recruitment available through the Government Skills platform.
Our topic of the week looks at creating a competitive advantage within your business to help you stand out from the crowd.
Business News
Business rate changes – How these will affect you.
In our last newsletter, we briefly mentioned that the government had published draft legislation to help High Street businesses. Part of these changes will reform business rates and discounts available.
A summary of the planned changes to Business rates in 2026/27 and if you will be impacted are as follows:
- Retail, hospitality, and leisure properties with a rateable value below £500k will have two permanently lower tax rates.
- Retail, hospitality, and leisure properties with a rateable value over £500k will have a higher rate.
Essentially, the government plan will reduce costs to smaller businesses and increase costs to larger businesses. When more details are announced we will let you know, but in the meantime, you can read more about these proposed changes here:
4/2024: Autumn Budget 2024 - business rates measures - GOV.UK
Government Support to help managers recruit
In October, Government Skills launched a new training package including workshops, e-learning and other resources, to help managers looking to recruit the right person to the right role. Workshops are available for booking from January 2025. For more information on the new support available, visit:
https://www.gov.uk/government/news/new-support-now-available-to-help-managers-recruit
We continue to run a workshop programme, including ones aimed at getting the most from your people. In the new year we will also be offering one-to-one advice sessions with a HR expert at no cost to your business.
Once available, these will be advertised through our events page - https://investeastyorkshire.co.uk/events/
Topic Of The Week
Creating a competitive advantage for your business.
As a business, you want to stand out from the competition to ensure your long term success and growth, so here are some strategies to help your business to create its own unique place in the market.
Understand your market and customers.
The basis of any competitive advantage is an in depth understanding of your market and your customers. Have you conducted market research to identify trends, customer needs and gaps in the market? This information can be used to tailor your products and services to meet needs better than your competitors. Why not utilise social media to engage with your customers through surveys and feedback forms to gain insight into their preferences.
Build a strong brand.
A strong brand can differentiate your business from your competitors. Be sure to develop a clear brand that reflects your business values, mission, and unique selling point. Consistent branding across your website and packing can help build recognition and trust. Consider investing in professional design and marketing to create a memorable brand that resonates with your target audience.
Focus on quality and innovation.
Quality and innovation are key drivers to competitive advantage. Make sure that your product or service is of the highest quality and meets or exceeds your customer expectations. Innovation isn’t always about creating something new; it can be about improving an existing product or service. Stay ahead of trends and consider research and development to keep your product or service fresh and relevant.
Utilise technology.
Using digital tools and platforms can tick many boxes. In today’s digital age, technology can help you to streamline operations, improve customer service and enhance your marketing; with the aim of giving you that advantage over your competitors. Data analytics as an example, can help provide insights into customer behaviour or a client relationship management (CRM) system can help you to manage customer interactions more effectively. Make sure that you embrace digital marketing to reach and attract new customers.
Excellent customer service.
Exceptional customer service can set your business apart from your competitors. Train staff to provide friendly, knowledgeable, and responsive service at all times. Make sure you go the extra mile to resolve customer issues quickly. A personalised service where you recall customer preferences or offer tailored recommendations can create a loyal customer base that will recommend your business to others.
Develop partnerships.
By forming a strategic partnership, you could enhance your competitive advantage by expanding your capabilities and reach. Look for opportunities to collaborate with other businesses, suppliers, or organisations. Partnerships can enhance your credibility and reputation, as well as potentially providing access to new technologies or increased customer bases.
Focus on costs.
Cost efficiency should not be overlooked. Streamlining your operations and reducing waste can improve profit margins and allow you to price your product or service competitively. Regularly review your processes and expenses to identify areas of improvement. Efficient technology can help you achieve cost savings without compromising quality.
Creating a competitive advantage is essential for the success of any business. By understanding your market, focusing on quality and innovation, building a strong brand, utilising technology, offering excellent customer service, developing partnerships, and managing cost efficiency; you can position your business for growth and success. Remember, the key to a lasting competitive advantage is continuous improvement and adaptation to market changes.
Our Invest East Yorkshire website includes a section on Resources to help you to find other tools and information to help you to succeed and thrive on your business journey. Or why not reach out to your business advisor if you have any further questions.
Events
Action Counters Terrorism Regional event – Wednesday 15th January
ACT Regional engagement events are informative, hosted by Counter Terrorism (CT) regions, aimed at raising awareness. This Regional event will include advice, guidance and updates on the work that police and partners are doing to mitigate the terrorist threat.
The event will be delivered by subject matter experts including the National Counter Terrorism Security Office (NaCTSO) and Counter Terrorism Policing (CTP). You will gain a valuable insight into topics including:
- Risk Management
- The Menu of Tactical Options
- ACT in a Box – interactive self-delivery training for businesses of any size
Book your place here: ACT Regional: North East Tickets, Wed 15 Jan 2025 at 09:30 | Eventbrite
We are currently working on our events programme for the new year, so keep an eye on our events page for news of these once they are in the diary.
Invest East Yorkshire and Invest Hull continue to offer a wide range of business skills workshops, from marketing and social media to HR and bid writing skills. Full details of our workshop and event programme can be found here:
https://investeastyorkshire.co.uk/events/
Contact Us
If you are looking to improve your skills or knowledge in an area that we do not already have courses on, let us know what you are looking for.
For full details on all our services including business support and business centre facilities visit: https://investeastyorkshire.co.uk/ or contact the business support team on 01482 391622 or business.support@eastriding.gov.uk
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