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More than 70 businesses and charities across the city and surrounding areas came along to the launch event at The Ivy in Bath on Thursday 2nd March .
Over coffee and pastries , they compared notes on the obstacles and opportunities faced by those trying to grow a business in recent years , impacted by the likes of Covid , Brexit and the cost-of-living crisis .
Guests heard first-hand how the current environment had affected two local entrepreneurs - Steph Wilder , owner of Good Day Café and Simon Rollings , CEO and founder of Canned Wine Co - as they initially struggled to set up now highly-successful businesses in the wake of the pandemic .
Providing expert advice on their respective fields were Richardson Swift Managing Director Debbie Boulton and Thrings Partner Ramona Derbyshire . Founder of The Business Exchange Anita Jaynes introduced the event and explained the logic behind it .
She said , “ At the end of last year , I met with Helen Keating , Head of Marketing at Richardson Swift , and Lizzie Heffer , Marketing Director at Thrings . We discussed the findings of Thrings ’ latest client listening programme and Richardson Swift ’ s client feedback , as well as sentiment I was tracking through my activities . It was clear businesses needed support and we knew that by pooling resources we could have a greater impact .
“ The Breakfast Exchange is all about supporting local businesses through challenging times . Exchange is in the title as it ’ s all about sharing experience , knowledge and skillsets to help our community survive and thrive .”
Debbie Boulton , Chartered Accountant and Managing Director at Richardson Swift , said , “ We recognise that the last few years have been particularly challenging for business owners , and these times are set to continue .
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“ As entrepreneurs ourselves we know how important it is to get access to great advice and we hope The Breakfast Exchange will provide the right environment for the city ’ s businesses to support each other and thrive through tough times .
“ If this first session was anything to go by , The Breakfast Exchange seems to have hit the right note ! There was a great buzz in the room and lots of conversations going on as business owners discussed the challenges they are facing ."
“ We hope The Breakfast Exchange will provide the right environment for the city ' s businesses to support each other and thrive through tough times ”
Ramona Derbyshire , Partner and Head of Business Growth at Thrings , said , “ Growth is always an objective for business leaders , but when there are significant challenges impacting the industry , this can cause it to slip down the list of priorities . This needn ’ t be the case and it is clear from the panel ’ s discussion today that success can come even during tough times .
“ It was great to see such a strong turnout for the first Breakfast Exchange event . Everyone came to engage , which was evident by the probing questions put to us , and I am really looking forward to tackling other pressing topics at future instalments this year .
“ The main focus for me today was
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ensuring local businesses know they have access to a network who can help them achieve success . There was also an overwhelmingly positive message coming from our business owners which can only stand the Bath economy in good stead for the year ahead .”
Simon Rollings , CEO and Founder of Canned Wine Co , said , “ It was a pleasure to be a part of the panel to talk about my experience setting up and growing a business during the pandemic . It has certainly been a memorable few years and I enjoyed being able to share the story of Canned Wine Co , our very challenging start and how we have come to where we are today .”
The next event will be on Thursday 1st June . Attendance is free , but by invitationonly as numbers are limited . Any local business or charity is welcome to get in touch and request a ticket .
Email : press @ tbesw . co . uk if you would like to go on the guest list for the next event .
Bath & Somerset
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TOP TIPS FOR GOING FOR GROWTH
Richardson Swift ’ s Debbie Boulton and Thrings ’ Ramona Derbyshire share their top tips to aid growth in your business this year .
1 . Stay on top of your numbers and close to your cash flow - Examine forecasts and debt regularly and keep lines of communication open with customers and suppliers as much as possible .
2 . Protect your supply chain – Keep an eye out for potential pinch points and avoid reliance on suppliers by having alternative options .
3 . Review your contracts – For suppliers , ensure price increase provisions can only be enforced with your agreement and for customers , ensure you have control over continuing contracts where necessary .
4 . Have up to date shareholders ’ and directors ’ agreements – Ensure these are flexible enough to move with changes in the economy .
5 . Have the right funding in place – As you grow , funding may be required , so make sure it ’ s right for you .
6 . Plan ahead – Everything might be moving quickly but take time out of the business and consider strategy .
7 . Be adaptable , safeguard growth and identify opportunities – Be proactive and look for opportunities where they could arise - but be prepared to change if things aren ’ t working .
8 . Take advice – Have a good network of advisers around you and speak regularly to banks and funders to know what your options are .
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