James Pinchbeck

By James Pinchbeck Partner, Streets Chartered Accountants

This article really is worth reading, pass it by at your peril

How often have you picked up a magazine, or other printed media, flicked through and not really read anything? Or put it down meaning to pick up later but never doing so? It is likely that the answer is yes and with a growing frequency.

Allegedly, as individuals we are now exposed to more information in one year than Albert Einstein had in his life time. Even Einstein, we would imagine, would find it a tall order to process such a bombardment of information. However, we seem to be in a world of instant news and information, with the digital age providing real time reporting and the sharing of stories.

Individuals are also able to create their own communication channels and news forums with the use of new technology. Perhaps one of the best illustrations of this was Donald Trump’s use of social media activity which created his powerful communication/news feed channel, bolstered by his distain and lack of engagement with the traditional media.

Politics aside, the information age creates a new set of challenges for businesses and organisations looking to communicate with their various stakeholders; customers, prospects and influencers alike. Grabbing the interest of the reader or person you a looking to engage with, let alone getting the information digested is increasingly tough. There is a growing frequency around communications being totally overlooked with none of the intended audience actually engaging with it.

What is the solution?

For most of us it must be to recognise the changing world – if we are still relying on the more traditional means of communication then perhaps it is time to change. Certainly there is a need to know and understand the channels of communication being used by those we are looking to communicate with.

It is also important to take on board that it is likely our audiences will be using more than one channel of communication. As such those channels used are likely to cut across our business and social life. Perhaps the other key aspect to look at is content, including the format and length of the communication.

Whilst content is now seen by marketers as key, keeping it short, relevant and attention grabbing is paramount. There is a need to not only publish such stories but also broadcast them with a mix of multi-channel marketing. Remarketing news and stories with message repetition can help to achieve engagement, as can encouraging followers to share information with their own networks.

Overall whilst the opportunity to share information has never been as great as it is now, the challenge of how to achieve effective communication and how to capitalise on the new information age still remains.

James Pinchbeck is Partner at Streets Chartered Accountants, a top 40 UK accountancy practice. James, as a specialist in marketing professional services, is responsible for the development and implementation of the firm's strategic marketing as well as its engagement in the community it which it works and serves. His role allows him to capitalise on his broad interest in the national and local economy as well as his passion for enterprise. As part of his wider interest in enterprise, marketing and education, James is a board member of NBV – the East Midlands Enterprise Agency, an FE College Governor and a board member of the University of Lincoln’s Business School. He is also an Institute of Director’s past Branch Chairman.

Streets Chartered Accountants’ verdict on Phillip Hammond’s Budget announcements on October 29

The Chancellor’s Budget was deemed by him and perhaps many in the Cabinet as marking the end of the era of austerity. This was characterised by severe, even extreme cuts, in public and personal spending, with the focus on re-balancing the books, paying off debt and looking at ways to create new and additional wealth.

Well, it seems at least in term of public finances, given the announcements in the Chancellor’s Budget, that there might be more than a glimmer, even hard evidence that we are approaching the end of austerity. This being down to our public finances being in better shape than for a long time, the result of increased tax revenues, reduction in overall borrowing and with the economy being in better shape.

With only 5 months to go, literally to the day for Brexit, with or without a deal, the Budget 2018 with all good intention might be scuppered in the event no deal is reached. The outcome of which is likely to lead to an emergency Budget next Spring, despite the significant financial provision announced in the case of a no deal outcome.

This aside Hammond’s Budget, one of the longest for some time at well over an hour, certainly seemed to give something for everyone. For most the key announcement was probably the plan to bring forward by one year to next April, the increase in personal allowance to £12,500 and the raising of the higher rate tax threshold to £50,000.

To support and help address the demise of the High Street, he outlined support in terms of business rates relief for retailers, pubs, cafes and restaurants and for those looking to spend a penny rates relief for our local authorities which provide public toilets. Bizarrely enough it seems our High Streets have seen a decline in and/or have not kept pace with the need for such facilities.

Our many road users, especially in rural areas, will no doubt welcome the provision of £420 million to fix the pot holes in our roads, as well the continued freeze on fuel duty. Funding was also earmarked for infrastructure projects, including new roads.
Education, Health and Defence all benefited from funding pledges. First time house buyers and new house builders all received news on initiatives, which included the extension to the Help to Buy Scheme till 2023, to further the provision of affordable and additional new homes.

In terms of announcements affecting businesses, the headline grabbing one was the proposed introduction of a UK Digital Service Tax, primarily aimed at the large search engine, web developers and online retailers with over £500m in global revenue. A move which it is felt will not jeopardise an investment in the UK by such enterprises, perhaps because of the UK’s and its consumers’ demand and appetite for the services they provide.

As part of encouraging investment in enterprise and business the Chancellor announced a major increase in the Annual Investment Allowance from £200,000 to £1m. To support and promote enterprise he confirmed the continuation of start-up loans and the New Enterprise Allowance. Whilst under pressure to abolish entrepreneur’s relief, the relief made to entrepreneurs on selling all or part of their business he chose to tweak it by extending the qualifying period of the tax break from 12 months to two years, with the aim of encouraging longer-term investment in British business.

With business and consumer confidence falling and with the possibility of a no deal Brexit, this Budget perhaps sought to boost confidence and optimism. With no real tax takes, certainly those announcements around the provision of funding have seemingly been covered by the ability to meet the cost from the public purse.

Whether though the Budget 2018 becomes one of good intention as opposed actual delivery ultimately depends on the outcome of Brexit negotiations. We will have to wait until March 29th 2019 to find out.