2024-25 Manifesto

The Quarterly Economic Survey measures business confidence in terms of turnover and profitability.

Over the course of 2023, projections of turnover improving have largely ended where they started. 54% of businesses anticipated improvement in quarter 1, this rose to 58% in quarter 2 before ending the year at 55% anticipating improvement.

Profitability projections are encouraging, however. Whilst those projecting improvement has remained the same throughout the year (47%), there is a marked positive change in anticipated profitability. In quarter 1 of 2023, when inflationary pressure and the supply chain pressures were at their height, 29% of businesses anticipated their profits would worsen. By November 2023 this had changed to just 14% of businesses expecting their profits to worsen.

• Deliver a series of industry specific, county specific and regular networking events and informative webinars for Members and help raise the profile of organisations across the region and nationally.
• Deliver the Herefordshire and Worcestershire Chamber of Commerce Expo in October 2024 and March 2025 enabling businesses to help raise the profile of their brand, grow sales through purchasing stands and be able to engage with industry experts on key topical issues.
• Use of Chamber communications, e-shots, Policy Newsletter and Business Direction magazine to highlight projects that may benefit all such as training and funding opportunities.
• Continue the development of the Growth Forum designed for businesses of all sizes to learn of best practice, overcoming of challenges and developing relationships that will provide a platform to grow their business in the short and medium term, and sustain growth over a longer period.
• Carry out Quarterly Economic Survey research four times a year, writing a report for each survey highlighting business confidence and concerns for that quarter.
• Continue research into, and signposting of, local and national government funding schemes through the Cost-hub on the Chamber website highlighting funding, grants, and business support.
• Chamber to facilitate regular Bank of England briefings with national economy updates from different businesses.

The number of businesses attempting to recruit increased gradually throughout 2023.  58% in November compared to 52% in February.

It is significant that in the top four business priorities outlined at the end of 2023 were Wage costs (39.64%) and Recruitment and Retention (31.53%).

Equally challenging is maintaining the correct balance of employees working at home, or in the office, or on flexible working hour patterns.  This Covid working change will become even more relevant in 2024 as some businesses re-address their policies, many due to the product or service they create.

Health and wellbeing, particularly mental health wellbeing, was identified by 24.32% of businesses (23% 2023) as a key priority for the year ahead.  This is significant as it is often seen as a retention tool as employees are now seeking the best possible overall work experience.

Training spend fluctuated throughout 2023 indicating that expenditure on training plans can reflect overall business performance when costs are re-assessed.

• Continue to maintain the Skills Hub on the Chamber website.
• Develop the chamber training offer to help Members develop people in their organisations and provide targeted and bespoke training for current and future business needs.
• Continue to promote equality and diversity in the workplace through case studies, forums, and training to maximise our impact on society and local communities.
• Continue to be represented on the Skills Boards and embrace the activities of Worcestershire Skills team.
• Build on excellent work in 2023 with Universities, Further Education establishments and training providers in order to work with partners on local support schemes.
• Continue delivering Young Professionals events aimed at helping young professionals develop their networking skills.
• Continue to provide forums and opportunities for HR professionals to share best practice and grow their knowledge.
• Build on the successful launch in 2023 of the Health and Wellbeing Forum.
• Continue to develop the Worcestershire LSIP through collaboration with employers and providers, articulating the skills needs of businesses within the county and enhancing the mechanism which unites these two groups.
• Continue to work with Herefordshire Council and Growth Hub, local employers and further education providers to understand the skills needs of businesses within the county and ensure employee access to training in order to gain these skills.

According to HM Government surveys 32% of businesses and 24% of charities have experienced data breaches or attacks during the last 12 months.

This is much higher for medium businesses (59%), large businesses (69%) and high-income charities with £500,000 or more in annual income (56%).

The proportion of micro businesses saying cyber security is a high priority has decreased from 80% in 2022 to 68% this year. Qualitative evidence suggests that cyber security has dropped down the priority lists for these smaller organisations, relative to wider economic concerns like inflation and uncertainty.

24% of businesses in Herefordshire and Worcestershire stated that Cyber Security was a challenge to their business in 2023/2024.

• Work with members of the tech sector to highlight benefits of technology to wider Chamber Members.
• Highlight risks of Cyber security and provide solutions.
• Continue training courses to allow employees to maintain competency and develop new skills.
• Continue to work with local universities, including the University of Worcester, NMiTE and the University of Wolverhampton to ensure learning matches industry needs and developments.
• Continue to promote Midlands Centre for Cyber Security via marketing and events.
• Promote and highlight Technology and Innovation funding opportunities via the Chamber Cost hub.