BUSINESS REVIEW OF THE YEAR
ANOTHER YEAR OF CHALLENGE & CHANGE FOR OUR BUSINESS COMMUNITY by Fiona Scott
As we come towards the end of 2023 and start planning for another year in business , it ’ s fair to say business owners across our patch have shown resilience and determination in another year of challenge and change .
The continuing impacts of Brexit and the pandemic , coupled with the cost-of-living crisis alongside supply chain and recruitment issues , have created a perfect storm for businesses across the region . There is also the political uncertainty which is gathering pace as a general election looms next year .
We ’ ve had some bad news around large retailers shutting up shop in the county and the collapse of some local companies .
It ’ s not all doom and gloom though . Against the national picture we are holding our own in Swindon and Wiltshire . The latest Business West Quarterly Economic Report 2023 shows that Swindon is slightly bucking the trend when it comes to business confidence .
Confidence in resilience from Swindon businesses in particular runs at 63 %, compared with 57 % across the South West . Confidence in the general UK economy runs at 31 % in Swindon .
Nationally , according to the Office of National Statistics , 63 % of businesses reported some kind of concern about trading in November 2023 – this was the lowest percentage since this
question was first asked back in February 2022 . A small win perhaps . The ONS also says that 81 % of businesses with ten employees or more say they are now able to source the goods they need from within the UK .
It ’ s clear there are issues in the manufacturing sector which is still feeling gloomy . According to Novuna Business Finance ’ s Business Barometer 24 % of manufacturing businesses are predicting growth in Q4 , down from 44 % in Q1 . Construction is also showing a fall in confidence around growth for Q4 , 21 % of small construction businesses predict growth , down from 25 % in Q1 .
On the plus side , in the same survey , retail businesses are more optimistic with 38 % predicting growth in the current quarter , up from 23 % in Q1 ( it is Christmas though ) and in IT & telecoms the prediction for this quarter is 50 % expecting growth .
We ’ ve asked businesses in our patch to share their thoughts on 2023 .
TRUFFLE & THYME
Dave Nelson runs his catering and events business Truffle & Thyme from Sherston , Wiltshire . The company is still young , set up during lockdown when Dave lost his job in hospitality .
“ At the beginning of 2023 I set myself two goals . The first was quite a simple one : to still be here at the end of 2023 . I had signed a three-year lease on my unit back in June 2022 , and invested capital developing the space from an old print room into a catering unit , so I just wanted to make sure I was still going ! The second , more specific goal , was to have increased turnover by 20 % by the end of the year , which it looks like I ’ ll do if Christmas goes the way I hope it will .
“ 2023 has definitely not been without its challenges , with both energy prices and food inflation squeezing the margins .
“ There were two major highlights for me . Truffle & Thyme very recently catered for its largest event to date - a joint
For more info : www . truffleandthyme . co . uk
60th / wedding anniversary for 300 people . Another was where we catered for two companies for the full five days of the Badminton Horse Trials .
“ Next year I ’ m hoping to launch Truffle & Thyme experience days . I absolutely love baking bread and want to offer bread baking lessons and I ’ m considering offering English cheese and charcuterie evenings .”
If you were a politician for the day , what would you change to aid business growth ? “ VAT ! Catering and VAT are not friends , with most dayto-day purchases not carrying any VAT to claim back , yet when billing 20 % must be added . This pushes up prices for the consumer . I would propose a VAT reduction to 10 % for catering and hospitality .”
DASH COURIERS
Dash Couriers ( Wiltshire ) Ltd based in Kembrey Park Swindon was founded by Darren and Shani Moore . The company has four employees and over 80 subcontractors . The team deliver across the South West down to Land ’ s End .
Shani said , “ In 2023 , we experienced a remarkable year marked by significant achievements . The business steadily expanded , welcoming new clients while consistently surpassing our expectations . One highlight was when I was honored with a Businesswoman of the Year UK 2023 award - the time we take to consider the wellbeing of our team was particularly mentioned .
“ The primary challenge faced has been the demand for time and resources . The continuous influx of new clients and contracts has created a situation where downtime is rare . While this is a positive problem to have , it can still be a challenge to manage the increased workload and ensure that the existing high standards of service are maintained .
“ In response to these challenges , we have been proactive in maintaining good cash flow and ensuring invoices are paid on time .
“ Next year we have big plans . We ’ re setting up a new hub in Exeter offering reliable and friendly delivery services and we ’ re going to be offering local green parcel deliveries for
For more info : www . dashcouriers . co . uk
SN postcodes and we ’ re looking at securing a larger unit in Swindon too .”
If you were a politician for the day , what would you change to aid business growth ? “ So many things ! For example , access to low interest funding to help companies invest in growth , innovation and expansion without being burdened by high interest rates , and a reduction in corporation tax and VAT . A big one is business rates and rent reform .
“ Addressing the issue of high business rates and rents , particularly for retail establishments , is essential perhaps through tax incentives for landlords who offer reasonable rents . A cap on rents could also prevent landlords from exploiting businesses .
“ There should be financial literacy programmes for business owners and entrepreneurs . This would empower them to make more informed decisions and keep better control over their financial health .
“ We also should look at innovation and research funding , streamlined regulation , even more support around exports and offering incentives for eco-friendly operations and products , as sustainability is becoming increasingly important to consumers and investors .”
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