Business Budgets & Planning Power
Businesspeople from Newark and the surrounding areas headed to the YMCA for Newark Business Club’s November meeting.
Chairman Simon Gabbitas kicked off the meeting with some fascinating facts about November. Did you know that November takes its name from ‘novem’ which means nine in Latin? This was because it was the ninth month in the ancient Roman calendar. Interestingly, Shakespeare never mentioned November in any of his plays or poems.
The roving mic travelled around the room, giving both first-time visitors and regular attendees the opportunity to introduce themselves and their businesses.
Take Stock For 2025
In the first presentation, Lucy Painter of Funding Round, a patron sponsor of Newark Business Club, highlighted the importance of planning. Formulating a plan and following it through are indispensable for every business owner who wants to take their business to the next level. November is the ideal time to step back, take stock, and write a plan for 2025 in each of the following areas: financial position, marketing, customer experience, products and services, and people.
Funding Round helps business owners to develop a financial plan, giving them clarity on what they wish to achieve in 2025 and all the steps that they will need to take to execute that plan, thus achieving their business’s objectives.
Do not underestimate the power of making small changes on a consistent basis – a series of small improvements in each area of your business will add up to much bigger improvements over time. However, a plan in itself won’t lead to results if it is gathering dust in a drawer. Keep the plan in front of you and use it to guide your actions on a day-to-day basis to achieve success.
Funding Round is an independent business finance broker that offers business owners a 30-minute consultation to kick-start their financial planning process. Funding Round’s service is tailored to each business’s exact requirements, taking their individual goals into account. Funding Round seeks to find the best financial solutions for each business in areas such as asset and property finance, business growth and grant support, commercial finance and finance for health professionals.
Next on the agenda was the business card draw. The winners of a write-up each were Lucy Pitfield of The Thrive Tribe a first-time visitor, and Jean Hall Chair of Newark & Sherwood District Council, a regular attendee.
Meet The Member – Jean Hall, Chair of Newark & Sherwood District Council
I am currently Chair of Newark and Sherwood District Council and Chair of the Licencing Committee, whilst acting as an independent Councillor in Balderton South. My biggest ambition as a Councillor is to aid and improve wellbeing for all residents. I am a passionate, community orientated person with an aim to create a more equally treated, stronger knitted and well represented District. As Chair this year, I will be fundraising for Notts Wildlife Trust , Nottinghamshire Mind and Newark Women’s Aid .
My role as Chair has involved me in many civic events, celebrating the Community and Sports Awards 2024, Remembrance and veteran events and also bringing the Tour of Britain to Newark and donating funds to worthy charities such as Newark Dementia Carers. My focus is getting involved in community initiatives which are the life of our District and support mentally, physically, and financially. One of which is the Billsthorpe Veterans Breakfast Club which I have had the pleasure of attending.
As a parish councillor I am around my District interacting with residents and helping with issues. I enjoy a good litter pick and delivering the parish newsletter keeping residents informed and included. Moving forward I aim to represent and help all in the district and in my personal role as a Councillor, I’ve push forward on motions such as 24hr urgent care for Newark Hospital and promoting more green spaces.
I wish to thank Newark Business Club for all the amazing work you do in the district. It is so impressive to see such enthusiasm for creating a diverse forward thinking business structure in our District.
Meet The Member – Leanne Woodward, The Renaissance at Kelham Hall
In this new section of the club’s meetings, all the attendees booking a ticket before 5pm on the Wednesday before the meeting are included in a ‘wheel of fortune’ style spin. The winner gives a short presentation on their business in next month’s meeting.
This month, the member spotlight shone on Leanne Woodward, Corporate Sales Manager at The Renaissance at Kelham Hall. Leanne spoke about the improvements that have been made at Kelham Hall since it has been under new management. These include investment in the restoration of the parterre in the grounds of this beautiful historic building, which has the second-largest dome in the UK (after St. Paul’s Cathedral). The Renaissance at Kelham Hall is a venue for a variety of private events throughout the year, from weddings to Christmas parties. In the near future, there are plans to offer accommodation on the site, transforming part of the building into 130 hotel bedrooms.
Two business books were recommended this month. Helen Andrews from Xposure Creative won a signed copy of The Very Best Business Handbook You’ll Ever Own, recently published by Mark Jarvis, who also attended the meeting. The winner of a copy of The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber was Ellen Rayworth of Reflect Recruitment Group.
Business Budgeting
Simon Gabbitas discussed the Autumn Budget with Simon Shaw of Duncan & Toplis. Major implications of the budget for business owners included a 1.2% increase in employers’ national insurance contributions, which will rise to 15% with effect from 6 April 2025, thus increasing limited companies’ costs. At the same time, the threshold for paying employers’ NI contributions will fall from £9,100 to £5,000 per employee, creating extra costs primarily for one-person limited companies. However, many companies will benefit from the increase in the employment allowance to £10,500 per annum.
Simon Shaw answered questions from around the room on budget-related topics, including the impact of the future rise in capital gains tax on people selling their businesses and the expected increase in the frequency of financial reporting to HMRC, which could also lead to higher costs for businesses.
Town Council Update
Neil Cuttell, Business Manager for Economic Growth and Visitor Economy at Newark and Sherwood District Council, gave an update on a wide range of projects designed to revitalize and improve Newark and the surrounding area.
In 2017, Newark was ranked 318th in the country for youth opportunities and employment. Thanks to new initiatives such as the opening of the Air & Space Training Institute, the YMCA and new courses at Newark College, aided by funding from the Newark Town Fund, the town has now moved up the rankings to 167th, giving local young people much better prospects for fulfilling their potential.
Other ongoing projects that have received funding include the development on Stodman Street of 29 residential units and two small retail units, a £4 million project to regenerate the marketplace, and several local projects being supported by the Shared Prosperity Fund and the Rural Prosperity Fund.
To ease the cost burden on businesses, the council is also providing discretionary business rate relief on some business premises, and some landlords have reduced the rents on commercial properties.
Moving forward, Newark and Sherwood District Council will renew its economic growth strategy for the 2025-2030 period. The recent establishment of the East Midlands Combined Authority is expected to lead to more opportunities for investment in the local area and the council is eager to take advantage of those opportunities.
Among the upcoming events was a High Flyers’ Celebration in aid of the Lincs & Notts Air Ambulance on 7th November starting at 5pm. Top Gun will be screened at the Everyman Cinema in Lincoln, following a drinks reception, the premiere of the charity’s new video and a Q&A with the air ambulance crew.
Newark Business Club’s Action Group will meet on 25th November at 6pm at the Organ Grinder pub. Come along if you’d like to get involved in campaigning for action on issues that affect the local community.
The Children’s Bereavement Centre is inviting local businesses, schools and community groups to get involved in its annual Christmas Jumper Challenge on 13th December. Have fun while raising funds for this charity that helps local children to come to terms with the loss of a loved one.
Tickets are now on sale for Newark Business Club’s Evening at Harlaxton Manor in association with Grantham Business Club on 16th December. Ricky Locke will be the keynote speaker and table sponsorship is also available for local businesses.
Newark Business Club’s videographer, Matthew Taylor, was thanked for his contributions and commitment to Newark Business Club over the past two years and awarded with a book and gift cards. At the same time, he has finished his course at Newark College and has gone on to start a degree course at Nottingham Trent University. Despite his new commitments, he is continuing to attend the club’s meetings and create videos, which are shared on social media.
The next meeting of Newark Business Club will be held at the YMCA on December 6th, doors open 6.45 am. Wear your Christmas jumper!
Write up by Roz Andrews, RA Book Editing
Thank you to Our Patrons & Sponsors
We are delighted to announce the following Patrons for 2024: Gusto Group|Funding Round|Reflect Recruitment|Barcode Warehouse|Motorfinity|PeachyEvents|Radio Newark
Next Meeting – YMCA Village Friday 6th December 2024 7am
The YMCA catering team offer a range of delicious breakfasts which are available to purchase.
Please Book your tickets online
YMCA Community and Activity Village
Lord Hawke Way
Newark
Nottinghamshire NG24 4FH
For sponsorship opportunities, contact chairman@newarkbusinessclub.co.uk
