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Welcome to the DPC round up of the latest business news for our clients for 14th October 2024.
Please contact us if you want to talk with out team of experienced Stoke-on-Trent accountants about how these updates affect your business. We are here to support you!
THIS WEEK…
Using Key Performance Indicators
As a small business owner, it’s easy to get caught up in the day-to-day operations and miss the bigger picture. You might rely on gut feelings or a quick glance at your bank account to determine how well your business is doing. However, without specific measures of success, it can be difficult to truly understand your business’s performance or identify areas for improvement. This is where Key Performance Indicators (KPIs) come into play.
KPIs are measurable values that show how effectively a business is achieving its objectives. Using KPIs can be a game-changer, offering insights and clarity that help you make better decisions, drive growth, and stay competitive. Here’s why you should consider implementing KPIs in your business.
Strengthening Employee Rights
The government has published the Employment Rights Bill, which is intended help deliver economic security and growth to businesses, workers and communities across the UK.
The bill will bring forward 28 individual employment reforms, from ending exploitative zero hours contracts and fire and rehire practices to establishing day one rights for paternity, parental and bereavement leave for millions of workers. Statutory sick pay will also be strengthened, removing the lower earnings limit for all workers and cutting out the waiting period before sick pay kicks in.
Major push on solar energy
Energy Secretary Ed Miliband, along with a newly reactivated Solar Taskforce, is spearheading a major push to get more solar panels on homes and businesses by 2030. This is all part of a wider strategy to build the UK’s energy independence, reduce reliance on fossil fuels, and protect consumer bills from volatile energy markets.
So, what does this all mean for your business?
Stay on the right side of the law!
The Competition and Markets Authority (CMA) has just published a new set of heat maps showing where businesses across the UK have received warning or advisory letters for potentially breaking competition law. It’s the first time the CMA has published this kind of information, and it’s a reminder for all businesses to ensure they’re on the right side of the law.
If you run a retail business, manufacture goods, or operate in any competitive market, the CMA’s report could be of interest to you.
Recent case highlights the importance of compliance
If you run a business with a website, you’ve likely seen those cookie consent banners asking visitors whether they’d like to accept or reject cookies. But what if your website is not giving visitors a fair and informed choice when it comes to how their personal data is used?
A recent case involving Sky Betting and Gaming shows just how serious the consequences can be when businesses fall short of these legal requirements.
End of an era
Tata Steel closed its last blast furnace at Port Talbot in Wales at the end of September after more than 100 years of steelmaking. It’s estimated that 2,800 jobs will be lost as a result.
The blast furnace is used to make what is called primary or virgin steelmaking because the molten iron is produced from its original source by splitting rocks containing iron ore. It requires intense heat and emits high levels of carbon into the atmosphere.
Port Talbot originally had two blast furnaces, but the first was taken out of service in July. Now that this second one has been closed, primary steelmaking in Wales has drawn to a close.
End of the line for UK coal
In another significant industrial move, the UK’s last coal power station at Ratcliffe-on-Soar in the Midlands finished its operations at the end of September.
This is the first time in 142 years that coal-fired power hasn’t contributed to the national grid.
The very first coal-fired power station was built in 1882 by Thomas Edison at Holburn Viaduct. From that point, and for many decades, coal-fired power became the main way of providing electricity to UK homes.
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