Issue #51 - Bracing for more headwinds 🌬
Prepare for increased interest rates and other costs | UPDATED - The best grants for small businesses | What are the Premier League’s greenest grounds? | Screamworks SME story | Tunes | Words | More
🦾 G O
2022 was another tough year. What about 2023? 📅
Welcome to Issue #51 of The Backbone - the fortnightly newsletter from Bionic.
2022 saw more UK businesses go bust than at any time since the banking crash. New figures from the Office for National Statistics (ONS) show that there were a total of 22,109 insolvencies last year - a 57% increase on the 14,059 recorded in 2021 and closer to the 24,000 that went bust in 2009.
There are loads of reasons why companies have continued to struggle over the last few years, but increased costs, the withdrawal of government support following Covid, and (dare we say it) Brexit seem to be among the main drivers.
The Bank of England pushing up interest rates to the highest they’ve been in 14 years could also cause issues. Although the Bank of England is predicting a more ‘shallow’ recession than first thought, increased interest rates could mean higher business loan repayments and reduced customer spending.
With so many headwinds, it’s important to make sure your small business is as resilient as possible. If high energy bills are hitting hard, the government’s Energy Bills Discount Scheme might help to cut costs, but it’s nowhere near as generous as the previous scheme. Funding has been cut from about £18 billion over six months to around £5 billion over 12 months, so it still makes sense to shop around for the best rates.
And even though the weather is warming up, it’s still worth seeing if there are any ways you can save energy and money.
It’s also worth checking out if your business is eligible for any grants or government-backed financial support (see our updated guide below for more info) before you think about making any tough decisions on cutting your service, working hours, or even staff. And see if any other business owners have advice on how to make things work in such trying circumstances.
It’s a tough time to be a business owner, but if you’ve made it through the last few years, you’ll hopefully be around for many more to come 🦾
If you’re confused about how the Energy Bills Discount Scheme will work, we got the yoga blocks back out and put together this explainer video.
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🗞 R E A D
The best grants for small businesses in 2023
If money is tight at your business, it’s worth seeing if it’s eligible for any government-supported funding or grants. We’ve updated our guide for 2023 to include schemes like the Northern Powerhouse Investment Fund, and Venture Capital Schemes, as well as government schemes to help with business energy bills.
What are the Premier League’s greenest grounds?
The Premier League is back in full swing after the weird, winter World Cup break, so we thought we’d have a look at which clubs are doing the most for the environment. We looked into each stadium’s air pollution, energy efficiency, heat usage and more to discover the answer. Is your team a green table topper or environmental relegation fodder?
🗣 S H O U T O U T
#BionicBusinessStory - Screamworks 😱
Scares aren’t just for Halloween. That’s why we spoke to Gary Stocker, the CEO of Screamworks, the immersive experience company taking London by storm with their ultra-creepy event ‘Bloodbath’. We found out what his inspirations are and what makes Bloodbath unique.
Bionic: How did you start your business?
Gary Stocker: I remember going to a Punch Drunk show and loving it, but I was a little frustrated that some of the storytelling details didn’t come through to combine with the action. So, for Bloodbath, I had the idea to take that event format and base it around the storytelling element, making it into a hybrid, immersive event. My background is in scare attractions, but I also used to run a travelling circus, so I’ve always been interested in the production side of events.
B: What makes your business different from others in your niche?
GS: With Bloodbath, the experience starts as soon as you buy your ticket. The email confirmation and follow-up instructions are written by ‘Jack’ so the customer feels immersed from the start.
B: What other businesses inspire you?
GS: Anywhere I go where the customer service is focused on the customer is an inspiration to me. The level of detail and personalisation makes all the difference. It doesn’t matter what sector it is. I went to a restaurant In Covent Garden and the way the waiters behaved was like a well-executed ballet. I learnt so much from just watching their interactions with customers.
B: What is the best advice you could give someone wanting to start up their own business?
GS: The best advice I could give is to keep an open mind, and try not to assume too much. It’s the market and customers that will tell you what they want so don’t be too single-minded. Ultimately take the leap and do it, don’t put your blinkers on.
Open the door below to hear more from Screamworks, and head over to Bionic to check out more small business stories.
📩 J O I N
Get involved with our business community 🔊
Share your thoughts and tips to give other busy business owners a helping hand. Or ask a question to see if anyone can help you out.
As this is the last issue before Valentine’s Day, here are some tips to help you fall back in love with your small business and a word for you to conjure with 😳
📊 B U S I N E S S
Get your business costs sorted 💷
Bionic - the business price comparison experts - compare a range of business essentials to help you save time, money, and hassle.
Our tech-enabled team will answer all your questions in simple terms, and help you find the best deal on business energy, insurance, phone, broadband, or finance. No jargon. No-fuss. #BeABionicBusiness 🦾
Gary Kane found just how able our tech-enabled experts are at finding great energy deals 🔥
🎧 L I S T E N
Playlist
There’s a bit of a post-punk renaissance going on right now. It’s been more than forty years since bands like Joy Division, Gang of Four, and Public Image Limited fused the energy of punk with the angular guitar riffs of jazz, funk, and electronic synth sounds. And now bands like Idles, Yard Act, and Fontaines D.C. are giving the genre their own reworking. This Post Punk playlist is a good intro to this new wave of (not new wave) bands.
Podcast
It’s been a while since we shared a history podcast, so here’s another of our favourites. The Rest is History is presented by historians Tom Holland and Dominic Sandbrook, who interrogate the past and attempt to de-tangle the present, covering everything from Alexander the Great to Watergate.
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🚫 S T O P
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