Good morning, Broxtown! 

It’s Thursday, October 24th, and the weather’s been kind to us so far, but who knows what’s in store today? Be sure to check the forecast before heading out.

As it’s Thursday, we’re diving into another editorial, and today’s focus is on the challenges small businesses face in our community. While there have been positive steps from the council and community leaders, much more needs to be done to truly uplift these vital local businesses.

Looking ahead, we’ll be publishing all the Half Term and Halloween events tomorrow. If you’d like your event featured, please send us the details (including copy and images) as soon as possible!

Here’s what we’ve lined up for you today:

• Editorial: Tackling the Challenges Facing Broxbourne’s Small Businesses

• Announcement: Broxtown Newsletter Survey Results: Thank You for Your Feedback!

Let’s go!

Editorial

Tackling the Challenges Facing Broxbourne’s Small Businesses

In our conversations with local small businesses, several key challenges consistently emerged. Rising costs, especially in rent and utilities, have created uncertainty. Despite some relief, 86% of small businesses in the UK still face operational cost struggles, as highlighted by the FSB's 2023 survey.

Staffing challenges also persist, with 40% of businesses in Hertfordshire reporting difficulty finding qualified employees. Broxbourne faces challenges related to workforce skills, with lower skill levels compared to other parts of Hertfordshire. This skills gap can make it difficult for small businesses to find appropriately qualified staff, potentially hindering growth and competitiveness. This skills gap means Broxbourne businesses often have to wear multiple hats, leading to burnout.

Additionally, the impending Employment Rights Bill is causing concern, with many businesses worried it could deter growth due to the increased financial and regulatory burdens. The MP of Broxbourne voiced similar concerns in Parliament, underscoring the tension this bill creates for employers trying to expand.

Broxbourne’s small businesses also struggle with competition. The 65,000 businesses in Hertfordshire present fierce market saturation, especially for restaurants, retailers, and service providers. Hertfordshire saw a record number of new businesses in 2022, indicating increased competition. One business owner remarked on the challenge of differentiating themselves in a crowded market.

Lastly, financial hurdles continue to stunt growth. A 2021 British Business Bank survey showed that 60% of small businesses in the county have difficulty securing financing, stifling their ability to invest in innovation and expansion. Limited cash flow makes it tough to fund even basic improvements, with 45% of business owners citing it as a major concern. Another remarked on their lack of funding to decorate the business premises to appeal to customers when they visit. The stress associated with requesting for funding stops them from making those bold moves.

Solutions for Uplifting Broxbourne’s Business Community

To support Broxbourne's local businesses, we must tackle these challenges head-on. Here are a few suggestions:

1. Enhanced Business Support Services: Broxbourne Borough Council could expand training opportunities and distribute innovation vouchers to help businesses access specialist advice and services. 'Ambition Conferences' showcasing local talent would also help connect businesses with valuable resources. The partnership with Hertford Regional College, Steps2Skills and Enterprise Nation and Google seems to be great steps in the direction. The next steps will be persuading local businesses to engage.

2. Workforce Development: Bridging the skills gap is essential. The council should partner with local educational institutions to develop targeted training programs and apprenticeships that align with business needs, helping fill critical roles. Similarly partnerships like the one with HRC will enable locals to get the qualifications needed to secure available roles in the community.

3. Financial Support and Advice: Increasing awareness of small business rate relief, along with creating a local fund or grant program, could provide much-needed financial assistance. Business owners would benefit from access to budgeting and financial literacy support through services like Citizens Advice Broxbourne.

4. Fostering Local Networks and Community Engagement: Encouraging collaboration between local businesses and public sector organisations could boost procurement opportunities, while community hubs and networking events could strengthen connections and mutual support. The Theobalds Business Centre in Chestnut is shaping up to be a centre for networking and collaboration and with Google next door, opportunity looms. Wormley Community Centre continuous to be a fabulous community hub for residents and businesses alike. They need our support to support the entrepreneurs among us.

5. Infrastructure Development: Continued investment in business parks and centres like the Broxbourne Enterprise Centres, along with improvements to transportation and digital connectivity, would create a more conducive environment for growth.

By addressing these issues, we can foster a thriving, resilient business community that not only survives but prospers, driving Broxbourne’s economic development for years to come.

Broxtown Newsletter Survey Results: Thank You for Your Feedback!

A big thank you to everyone who took the time to complete the recent Broxtown newsletter survey! Your feedback has been invaluable in helping us understand what you enjoy and where we can improve to make this newsletter even more relevant to our local community. We wanted to share some high-level insights with you:

What We Learned:

• High Satisfaction Levels: Many of you are enjoying the newsletter, with most readers feeling either satisfied or very satisfied with the content. That’s great to hear, and it motivates us to keep delivering the news and stories you love!

• Your Favorite Sections: Local News, Editorials, Events, and Business Updates stood out as the sections you enjoy the most. We’ll continue to focus on bringing you the latest updates in these areas.

• What You Want More Of: A number of you expressed interest in seeing more interviews with local personalities and regional news, particularly around Hertfordshire. We’re excited to explore how we can bring more of these stories to the newsletter. Watch this space, you may be our next local personality to give us an interview. Or you may be asked to give us names of people who are doing wonderful things in the community.

• Lifestyle and Sports: We heard your suggestions for more restaurant recommendations and local sports coverage, and we’ll be looking to add more content in these areas moving forward. If you are a sports commentator and want to share your skills with the community, come on - let’s do this.

• Engagement Opportunities: Many of you would love more opportunities to interact with the newsletter, such as through polls or reader submissions. We’ll be introducing more ways for you to get involved and have your say! If however, you’d love to contribute - you can do that now. Send us your stories in our email - [email protected] and your stories may be on the next feature.

What’s Next:

We’re thrilled to be taking your feedback on board and are working diligently behind the scenes to bring your suggestions to life. Expect to see new sections and features that reflect your ideas and interests in upcoming editions!

To keep this newsletter thriving, we rely on the support of sponsors. If you know of any businesses looking for sponsorship opportunities or affordable advertising space to reach the local community, please do send them our way.

Thank you once again for being an integral part of the Broxtown community! We’re always striving to improve, and your input plays a vital role in making this newsletter even better.

Stay tuned for exciting updates, and don’t hesitate to share any further thoughts or ideas!

Thursday Weather

16°C 🌡️ 10°C | ☀️ Sunny and a gentle breeze | ☀️ Sunrise 07:41 Sunset 17:47

Refer us to win FREE Breakfast with 3 Friends

Join the Broxtown Big Breakfast Challenge this October. Click here for details of the challenge.

Refer with the link below for it to count.

Broxtown referral program

While sharing Broxtown with your friends is a huge favour to us, we want to make sure your efforts don’t go unnoticed. To show our appreciation, we have some special rewards lined up for those who go above and beyond in helping us grow! 🏆🌟

• Get 5 folks to join and I’ll buy you a Sunday roast at your favourite spot in the Borough.

• Get 15 and I’ll buy you a Sunday roast at your favourite spot in the Borough with a friend.

• Get 100 and I’ll give you a free Broxtown branded hoodie (£65 value).

• And if you somehow get 1,000 I will buy you a Spa Weekend for you and your best friend anywhere in Hertfordshire.