The Norfolk Enterprise Festival has confirmed that there will be an investment prize of £10,000 for their Angel’s Den!
Proudly sponsored by Anglia Capital, Grant Thornton and Mills & Reeve the Angel’s Den provides you the opportunity to pitch your business idea, whether it be an idea you have always had, a start-up, expansion or desire to start exporting; you could be one of three finalists selected to receive specialist advice and coaching from Grant Thornton to pitch in the Angel’s Den to a panel of business Angel’s. First prize will be £10,000 of business support to help turn your idea into reality.
So if you’ve ever had a business idea and wondered if it would work, this is your chance to find out and give it a go!
Pitch to the ‘Angel’s’ at the Norfolk Enterprise Festival, on the 22nd of September at WestAcre.
You can apply with a 1-minute video and a 1-page document explaining your idea!
The deadline for submitting your application is Thursday 13 September 2018.
With the second quarter of 2018 behind us, and amid growing international uncertainty, from escalating trade disputes to oil price rises, the UK economy continued to grow at a sluggish rate. Brexit is a key factor – but long-standing structural issues also continue to hold companies’ growth back.
In the last quarter, the dominant service sector, consumer-facing industries, such as hospitality and retail, reported tougher trading conditions. Cashflow and investment intentions fell significantly for retailers as consumer spending continued to remain subdued. Meanwhile the UK manufacturing sector reported improved domestic sales orders and Norfolk manufacturers reported increases in their export sales and orders.
Is the uncertainty of Brexit impacting on your business?; have you seen an increase in sales and orders?; are you having recruit difficulties or facing supply chain challenges? – it’s more important than ever that as many Norfolk businesses as possible complete the survey.
Take part in the Q3 Quarterly Economic Survey (QES). It is the largest independent business survey in the UK and is used by both the Bank of England and the Chancellor of the Exchequer to plan the future of the UK economy. It is also closely watched by the International Monetary Fund.
You can have your say by completing the QES online NOW It takes less than 3 minutes. The completion deadline for this survey is midnight on Monday 17 September 2018. The Q3 results will be published week commencing 08 October 2018
Key Norfolk findings from the previous Q2 2018 survey:
Norfolk Manufacturing sector:
The balance of firms reporting increased domestic sales rose from +16 to +35, while the balance reporting improved domestic orders also rose, from +23 to +35
The balance of firms reporting increased export sales rose from +31 to +44. The balance reporting improved export orders also rose, from +26 to +31
The balance of firms increasing investment in training fell, from +33 to +5, while the balance of those increasing investment in plant and machinery also fell from +33 to +30
The percentage of firms looking to recruit remained steady at +30 while the number of those struggling to recruit rose significantly from +67 t0 +82
Cashflow continues to be a concern within manufacturing, with just +10% reporting improved cashflow.
The balance of firms expecting turnover to increase remained static +45 (from +46)
67% of firms in the sector expect the cost of their raw materials to rise in the next three months
Confidence that profitability will improve over the next twelve months dipped from +35 to +30
Norfolk Services sector:
The balance of firms reporting increased domestic sales rose from +19 to +34, while the balance reporting improved domestic orders rose considerably from +13 to +28
The balance of firms reporting increased export sales also rose, from +8 to +35. The balance reporting improved export orders also rose substantially, to +22 from +6
The balance of firms increasing investment in training rose to +22 from +13
The percentage of firms looking to recruit rose from14% to 37%, but the number of those struggling to recruit also rose to 82% (from 63%)
Cashflow is a concern, with just 12% reporting improved cashflow.
The balance of firms expecting turnover to increase in the next year increased, from +24 to +59
Confidence that profitability will improve over the next twelve months increased from +15 to +36
The first Norfolk Enterprise Festival is set to take place this summer, providing a forum for entrepreneurs across the county to meet, mingle and celebrate our thriving business community.
Attendees will be able to hear from some of Norfolk’s most successful entrepreneurs at a series of talks, participate in workshops and receive feedback from their peers.
Our county is a hub for individuals with an ambitious, enterprising spirit and is home to over 8,000 fast growing small businesses across a wide variety of industries. However, many find themselves isolated from the wider business community and see their potential limited by a lack of support and communication networks.
This is something the Norfolk Enterprise Festival hopes to change. The brainchild of local businessman Mark Lapping, CEO of Aquapak Polymers, and George Freeman, MP for Mid Norfolk, the festival hopes to drive prosperity and growth for small businesses across the county.
“Norfolk is a powerhouse of high growth small businesses in all sectors, from technology to tourism, gin to genetics, finance to food, creating jobs and innovative products. But the micro and start-up sector needs a stronger voice and all of us in public office or private enterprise need to reach out to show our support. We’ve started this Festival to create a forum for the entrepreneurial community to come together and help make sure its voice is properly heard,” says Mark Lapping. “We believe that the Norfolk Enterprise Festival is the intervention the county needs to take its potential to the next level.”
Norfolk Chamber Chief Executive, Chris Sargisson is speaking at the Festival and will be giving his top five tips for success as an entrepreneur. Commenting on the first ever Norfolk Enterprise Festival he said: “This event is a fantastic opportunity to celebrate, champion, promote and support Norfolk’s growing entrepreneurial community”
Also speaking at the festival will be Chris Starkie, Chief Executive at New Anglia Local Enterprise Partnership, he added, “This event will help to turn great ideas into the successful businesses of tomorrow.”
The festival will take place on Saturday, September 22 at Westacre Theatre. Tickets are free, and registration available through the festival’s website https://norfolkenterprisefestival.co.uk/. For more enquiries, or to find out how to get involved, contact the Norfolk Enterprise Festival on admin@norfolkenterprisefestival.co.uk.
The British Chambers of Commerce, in partnership with DHL, today (Friday) publishes its latest Quarterly International Trade Outlook, based on survey and documentation data from UK exporters, including those in Norfolk. The Outlook indicates that many exporters are performing well but economic and political factors are weighing on them.
The survey, of over 2,600 exporters, found that confidence in future operations remains strong, but external economic and political factors are having an impact. The results show 60% of exporting manufacturers were more concerned about exchange rates in the second quarter of the year than in the previous three months. There was also increased concern among 43% of service exporters,
highlighting the broad impact of the weakness of the pound.
The findings indicate that price pressures eased slightly on exporters during the second quarter of the year. However, those manufacturers under pressure to raise prices report the cost of raw materials as the leading factor (81%). Service firms believe the cost of raw materials (39%) and other overheads (51%) are the leading sources of cost pressure.
The escalating labour shortage in the UK is also having a serious impact on exporters, with a staggering 69% of recruiting manufacturers struggling to find staff.
Elsewhere, the BCC/DHL Trade Confidence Index, which measures the volume of trade documents issued by accredited Chambers of Commerce for goods shipments, decreased slightly on the quarter (-1.34%), but still stands higher than at the same quarter in the previous year.
The Outlook indicates that many UK exporters are maintaining their competitiveness in foreign markets with healthy sales and order books, but the weakness of the pound is increasing the cost of raw materials imported from abroad. With growing tension around the nature of the future UK-EU trading relationship and escalating trade disputes with key partners such as the US, the government must do all it can to maintain confidence and take unilateral action to improve the domestic business environment wherever possible.
Key findings from the report:
39% of exporting manufacturers saw an increase in export orders over the last three months, 30% of exporting service firms report an increase
60% of manufacturing exporters are more concerned about exchange rates than three months ago (up from 56% in the previous quarter)
26% of manufacturing exporters and 25% of service firm exporters are more concerned about inflation than three months ago
35% of exporting manufacturers and 32% of exporting service firms expect the price of their goods/services to increase
For those manufacturing exporters under pressure to increase prices, 81% report the cost of raw materials as the leading source of pressure
77% of exporting manufacturers and 67% of services firms attempted to recruit in the last three months, however, of those, 69% and 60% respectively reported difficulties finding the right staff
The BCC/DHL Trade Confidence Index, a measure of the volume of trade documentation issued nationally, fell by 1.34% on the quarter. The Index now stands at 125.26 – the fifth highest level since records began in 2004.
Commenting on the findings, Nova Fairbank, Public Affairs for Norfolk Chamber of Commerce said:
“These are unusual times, and the escalating political and economic turbulence doesn’t go unnoticed by Norfolk businesses. It’s been a summer of trade tensions and endless Brexit bickering, and exporters are particularly exposed to the consequences of that turmoil.
“Companies in our region will always find a way to trade with each other, but messy negotiations and the threat of higher tariffs have implications, and can hit confidence and firms’ bottom lines. While many Norfolk exporters are making the most of their competitive advantage in foreign markets, the fall of sterling also puts considerable pressure on the cost of imports and the volatility can make it difficult to plan.
“The UK government can’t control currency or the actions of trading partners, but it can take steps to mitigate the level of uncertainty at home. Reaching a pragmatic and business-focused Brexit deal with the EU this autumn would go a long way to reassure markets and business communities. Addressing issues in the domestic environment – most importantly the shortage of skills in the UK – should also be top of the agenda when parliament returns next week.”
Ian Wilson, CEO DHL Express UK and Ireland, said:
“The resilience of UK exporters is highlighted with this quarter’s Trade Confidence Index. Despite being a slight decline on the previous quarter, the index remains up year on year and it is encouraging to see it stands at the fifth highest level on record. This strong performance also reflects what I hear from our customers and, at DHL Express, we continue to support an abundance of energetic, internationally-focussed UK entrepreneurs to take their businesses to the world.
The uncertain climate exporters are operating in and the challenges faced cannot be overlooked, but with all uncertainty comes opportunity – and continuing to trade internationally and expanding your portfolio of markets (and market segments) still provides the best way to spread business risk and ensure long-term revenue and profitability growth.
The growing labour shortage continues to be a very real hurdle that is impacting a vast number of sectors. Amidst challenging and unpredictable times, industry and government must work closely to ensure that we identify and develop UK talent in order to future-proof our businesses for what lies ahead.”
For the first time this year the Norfolk Chamber team entered the Break Charity Grand Norwich Duck Race. After much deliberation, voting and duck puns around the office, we finally came together and decided on Harry Quacker and the Chamber of Commerce. Transformed over the weekend by our very own staff member Sam, Harry was ready for his big reveal, and the race itself! He went on plenty of trips since his reveal including cocktail making, networking and Norfolk Day celebrations. On race day, Break Charity had plenty of activities including a duck parade and food stlls lined up outside the Ribs of Beef Public House. The smaller duck race began at 1:45pm whilst the large, painted ducks were prepared for the main event. At 2:15pm the large ducks were set loose down the river Wensum, one headed for victory. In the end the Inspired DuckaRoo by Inspired Youth was crowned the winner. Harry Quacker didn’t have the best of starts, getting stuck in the willow with many other ducks. After getting a quick lift on a paddle board he zoomed ahead to third place and held the position most of the way. Sadly, about two meters from the finish line Harry got stuck at the edge of the river and his third place victory was lost. The Chamber team had a fantastic day supporting such a great event.
With the second quarter of 2018 behind us, and amid growing international uncertainty, from escalating trade disputes to oil price rises, the UK economy continued to grow at a sluggish rate. Brexit was a key factor – but long-standing structural issues also continued to hold companies’ growth back.
The dominant service sector, consumer-facing industries, such as hospitality and retail, reported tougher trading conditions. Cashflow and investment intentions fell significantly for retailers as consumer spending continued to remain subdued. Meanwhile the UK manufacturing sector reported improved domestic sales orders and Norfolk manufacturers reported increases in their export sales and orders.
Is the uncertainty of Br3exit impacting on your business; have you seen an increase in sales and orders; are you having recruit difficulties or facing supply chain challenges, it’s more important than ever that as many Norfolk businesses as possible complete the survey.
Now we are in the third quarter – how are Norfolk businesses reacting to the current economic climate? Today (Tuesday 28 August 2018) is the first day of the fieldwork period for the Q3 Quarterly Economic Survey (QES).
The QES is the largest independent business survey in the UK and is used by both the Bank of England and the Chancellor of the Exchequer to plan the future of the UK economy. It is also closely watched by the International Monetary Fund.
You can have your say by completing the QES online NOW It takes less than 3 minutes. The completion deadline for this survey is midnight on Monday 17 September 2018. The Q3 results will be published week commencing 08 October 2018
Key Norfolk findings in the Q2 2018 survey:
Norfolk Manufacturing sector:
The balance of firms reporting increased domestic sales rose from +16 to +35, while the balance reporting improved domestic orders also rose, from +23 to +35
The balance of firms reporting increased export sales rose from +31 to +44. The balance reporting improved export orders also rose, from +26 to +31
The balance of firms increasing investment in training fell, from +33 to +5, while the balance of those increasing investment in plant and machinery also fell from +33 to +30
The percentage of firms looking to recruit remained steady at +30 while the number of those struggling to recruit rose significantly from +67 t0 +82
Cashflow continues to be a concern within manufacturing, with just +10% reporting improved cashflow.
The balance of firms expecting turnover to increase remained static +45 (from +46)
67% of firms in the sector expect the cost of their raw materials to rise in the next three months
Confidence that profitability will improve over the next twelve months dipped from +35 to +30
Norfolk Services sector:
The balance of firms reporting increased domestic sales rose from +19 to +34, while the balance reporting improved domestic orders rose considerably from +13 to +28
The balance of firms reporting increased export sales also rose, from +8 to +35. The balance reporting improved export orders also rose substantially, to +22 from +6
The balance of firms increasing investment in training rose to +22 from +13
The percentage of firms looking to recruit rose from14% to 37%, but the number of those struggling to recruit also rose to 82% (from 63%)
Cashflow is a concern, with just 12% reporting improved cashflow.
The balance of firms expecting turnover to increase in the next year increased, from +24 to +59
Confidence that profitability will improve over the next twelve months increased from +15 to +36
Notice is hereby given that the 122nd Annual General Meeting of the Norfolk Chamber of Commerce & Industry will be held at The Open, 20 Bank Plain, Norwich on Tuesday 02 October 2018. Registration will be at 9.45am, for meeting commencement at 10am. Please see attached for all papers relevant to the meeting.
Commenting ahead of the publication of technical notices from the government relating to the possibility of ‘no deal’ in the Brexit negotiations, Dr Adam Marshall, Director General of the British Chambers of Commerce (BCC), said:
“Businesses have waited too long for answers to some basic questions around Brexit – and have been particularly frustrated by the lack of clear guidance on some of the issues that are within the UK government’s own control. ‘No deal’ preparations should have happened far earlier, and the onus is on government to move quickly and give businesses as much detailed technical information as possible to avoid significant disruption in any scenario.
“Our test for the Government’s ‘no deal’ notices is straightforward: do firms now have the clarity they need so that they can continue to conduct business both here at home and across borders on March 30th 2019?
“Companies need to know how the UK government will handle customs and VAT procedures at the border on day one after Brexit. Companies need to know what the immigration rules will be on day one, both to reassure existing staff and to recruit successfully. Firms need to know what they need to do to ensure that their contracts are valid, their transactions processed, and their rights protected.
“We will be assessing the content of these notices with businesses around the UK – and we will not hesitate to tell ministers if we find the content unclear or unhelpful to business decision-making.”
The UK’s new Customs Declaration Service (CDS) has opened for business.
HM Revenue & Customs (HMRC) has announced that it has successfully implemented the first software release for CDS, which means that a selected group of importers will be able to start making certain types of supplementary declarations on the system.
The majority of importers will start using CDS from November 2018, once their own software provider or in-house IT team has completed development of CDS-compatible software. Exporters will start using CDS at a later date.
The existing Customs Handling of Import and Export Freight (CHIEF) system will continue to operate in parallel with CDS during a transition period which is scheduled to end early next year.
The CDS will, HMRC claims, deliver a modern system for importers and exporters who have to complete customs declarations when trading outside the EU.
It will, however, meet the requirements of the Union Customs Code (UCC) as well as supporting the anticipated growth of UK trade.
Describing the software release as a major milestone, Kevin Franklin, HMRC’s Customs Transformation Programme Director, said that going live on time was a great step towards fully introducing the new system.
“Our priority now is to make sure software developers, agents and their clients are ready and we will continue to work closely with them throughout the transition,” he continued.
Software providers are advised to consider what changes will be needed to their products and how they will approach the roll-out of the new system. Information about how HMRC intends to introduce the new Service can be found at www.gov.uk.
The B2B Exhibition has always been a highlight in the Norfolk Chamber calendar, attracting both local and nationally known organisations for a day of face-to-face business. Today (23 August) we sold out all our exhibition spaces. 104 exhibitors will be joining us across two floors of Norwich City Football Club, as well as Anglia Car Charging exhibiting at the entrance to the exhibition. We’ll be hosting a range of businesses and sectors including charities, venues, accountants, software developers and even a trampoline park. View all exhibitors. This day is a unique opportunity to find new products and services from the region’s top businesses. Our exhibitors run discounts, special offers, competitions and giveaways during the event helping you get the most out of your day. This sold out event is free to attend as a visitor including access to two floors of exhibition, our dedicated networking lounge and the four masterclasses running throughout the day. Visit the networking lounge to set up meetings, pop in to see who you might find or just enjoy a break from a busy day at B2B. The bar will be open for refreshments so utilise the space during the day to make notes, build relationships or find potential clients. The masterclasses give you an opportunity to learn something new and boost your business. The four topics our experts will be teaching you about are networking, sales, LinkedIn and business growth – all vital topics in the business world. Make sure you check out the schedule and make a note of which ones you’d like to go to. Find out more. B2B can often be an overwhelming day. You think you’ll have enough time but the day flashes by. We’ve written a handy top 10 tips list for visitors to get you prepared ahead of the day. View top tips. We hope to see you there this year as we present another sold out exhibition. Book your tickets.
If you have a .eu web domain but do not have a presence in the EU, you may be at risk of losing your domain as a consequence of Brexit. Only firms that are established in a Member State are allowed to own .eu domains, and therefore some firms that are based in the UK, but own a .eu domain could be at risk of losing their website. More information on potential scenarios can be found here. If you are at risk of losing your .eu domains, please contact Mark Carvell, Head of International Online Policy at DCMS.
The British Chambers of Commerce, together with the accredited Chamber Network, including Norfolk Chamber, run Britain’s largest and most influential private business survey – the Quarterly Economic Survey (QES). The next fieldwork period for the QES will start on Tuesday 28 August 2018 and will be open for 3 weeks.
But why should your organisation take part? Nova Fairbank, Norfolk Chamber’s Public Affairs Manager outlines why she wants more input from Norfolk businesses:
“The QES is Britain’s largest, and longest-running, private business survey and it’s a leading economic indicator – often picking up big changes in the economy long before other surveys or official statistics. With the uncertainty of Brexit and the UK economy effectively treading water at present, it is more important than ever that as many businesses as possible take part.
“By completing the QES you are helping to identify how strong our local economy is and how well it is performing against the national averages. Norfolk has many dynamic and innovative businesses, we need to have a strong voice and ensure our region gets the credit and investment that it deserves.”
Below are just a few more reasons why your organisation should take part in this important economic survey:
It’s provided consistent data since 1989, and regularly receives over 7,500 business responses. Compare that to the average business survey, which garners only a few hundred responses.
Norfolk responses represent over 34% of the responses from the East of England. (East of England includes: Norfolk, Suffolk, Cambridgeshire, Essex, Hertfordshire and Bedfordshire).
The Bank of England’s Monetary Policy Committee uses the QES as one of its key benchmarks when setting interest rates.
HM Treasury and the independent Office for Budget Responsibility use the QES to put together their forecasts for the UK’s economic performance.
The Organisation for Economic Cooperation and Development (OECD) and the International Monetary Fund (IMF) use the QES when comparing the UK to competitors worldwide.
The more Norfolk businesses that take part – the louder the voice of the Norfolk business community will be.
So what can your business do to contribute to the QES? During the fieldwork period, the survey can be completed electronically. There are several ways to access this online survey either:
Use the link within the Chamber Policy news article or;
Use the link that the Chamber can send direct to you