CONNECTING BUSINESSES ACROSS THE UK
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www.paramountmedia.co.uk
MAY / JUN 2024 Issue 18
North West
How AI and automation is set to revolutionize HR departments
Navigating the pitfalls - The downsides of AI for businesses
How to future proof your career
A third of UK employees have experienced a 'toxic' manager
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Issue 18 Paramount Media
Page 20 Cost effective strategies for business owners in 2024 - maintaining efficiency without reducing staff Page 22 New study names the most employable degrees in the UK Page 25 Harnessing the power of AI : Transforming business operations in the digital age Page 28 How to automate affiliate marketing Page 32 The evolution of SEO in the age of AI : Adapting to a dynamic landscape Page 37 Creatives shun AI as cheating, says new research from Designit Page 38 No place like home - The dwindling prospects for British pensioners as future generation may never own their homes Page 42 Certain Curtain Theatre Company invites you to the premiere event
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Welcome
Contents
Page 5 Navigating the pitfalls - the downsides of AI for businesses Page 7 Urgent call for more accessible finance options with 34% of SMEs at risk of closure Page 10 News: Over 55s overlooked when it comes to workplace training Page 13 How AI and automation is set to revolutionise HR departments Page 15 94% of companies fell victim to phishing attacks in the last year Page 16 How to future-proof your career Page 18 A third of UK employees have experienced a 'toxic manager'
Business
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In recent years, Artificial Intelligence (AI) has emerged as a transformative force, promising to revolutionize industries, streamline operations, and drive innovation. However, amid the excitement surrounding AI's potential, it's essential for businesses to recognize that this powerful technology also comes with its share of challenges and drawbacks. From ethical concerns and data privacy issues to job displacement and algorithmic biases, the downsides of AI for businesses are varied and complex. In this article, we'll explore some of the key pitfalls of AI and discuss strategies for businesses to navigate them effectively. Ethical and Moral Dilemmas: As AI technologies become increasingly sophisticated, ethical considerations surrounding their use have come to the forefront. From autonomous vehicles and facial recognition systems to predictive policing algorithms, AI applications raise significant ethical questions related to privacy, fairness, and accountability. Businesses must grapple with ethical dilemmas such as the potential for algorithmic bias, the unintended consequences of AI-powered decisions, and the ethical implications of automation on human lives. Data Privacy and Security Concerns: AI relies heavily on data, and businesses often collect vast amounts of sensitive information from customers, employees, and stakeholders. However, the proliferation of AI introduces new challenges related to data privacy and security. From data breaches and cyber attacks to unauthorized access and misuse of personal information, businesses face heightened risks as they leverage AI technologies. Moreover, complying with data protection regulations such as GDPR and CCPA adds another layer of complexity to AI implementation, requiring businesses to prioritize data privacy and security measures. Job Displacement and Workforce Transformation: One of the most significant concerns surrounding AI is its potential to automate routine tasks and jobs, leading to job displacement and workforce transformation. While AI offers opportunities for increased efficiency and productivity, it also poses a threat to jobs traditionally performed by humans. Industries such as manufacturing, retail, and transportation are already experiencing the impact of automation, with AI-powered technologies replacing human workers in various roles. Businesses must navigate the delicate balance between embracing AI-driven automation and supporting their workforce through reskilling, upskilling, and job retraining initiatives. Algorithmic Biases and Discrimination: AI algorithms are trained on large datasets, which may contain inherent biases and prejudices present in the data. As a result, AI systems can inadvertently perpetuate and amplify existing biases, leading to discriminatory outcomes in decision-making processes. From hiring and lending decisions to predictive policing and healthcare diagnostics, algorithmic biases can have far-reaching consequences for individuals and communities. Businesses must be vigilant in identifying and mitigating biases in AI systems to ensure fairness, equity, and transparency in their operations. Overreliance on AI and Human Dependency: While AI technologies offer unparalleled capabilities in processing and analyzing data, they are not without limitations. Businesses risk over reliance on AI systems, potentially leading to complacency and a lack of critical thinking. Moreover, AI algorithms require human oversight and intervention to interpret results, validate findings, and make informed decisions. Businesses must strike a balance between leveraging AI's capabilities and maintaining human expertise and judgment to avoid the pitfalls of over-reliance on AI. Cost and Complexity of Implementation: Implementing AI technologies can be costly and complex, requiring significant investments in infrastructure, talent, and resources. From acquiring and cleaning data to developing and training AI models, businesses face numerous challenges in the implementation process. Moreover, the rapid pace of technological innovation means that businesses must continually adapt and upgrade their AI systems to remain competitive. Balancing the cost and complexity of AI implementation with the potential benefits requires careful planning, strategic decision-making, and a clear understanding of business objectives. Regulatory and Legal Challenges: As AI technologies become more prevalent, regulatory bodies are grappling with how to govern and regulate their use effectively. Businesses face regulatory and legal challenges related to AI, including compliance with data protection laws, liability for AI-driven decisions, and ethical guidelines for AI development and deployment. Navigating the regulatory landscape requires businesses to stay informed about evolving regulations, engage with policymakers and stakeholders, and proactively address compliance issues. Conclusion: In conclusion, while AI offers tremendous opportunities for businesses to innovate, optimize operations, and drive growth, it also presents significant challenges and pitfalls. From ethical dilemmas and data privacy concerns to job displacement and algorithmic biases, businesses must navigate the complexities of AI implementation with caution and foresight. By addressing these challenges head-on, adopting a responsible approach to AI deployment, and prioritizing ethical considerations, businesses can harness the power of AI while mitigating its potential downsides. Ultimately, successful AI adoption requires a balanced approach that considers both the benefits and risks, ensuring that businesses leverage AI technologies responsibly and ethically in the pursuit of their goals.
Navigating the pitfalls -
The downsides of AI for businesses
More flexible finance options needed in the UK as 28% of SMEs are being turned down for funding A survey of 500 SMEs by invoice finance company Novuna Business Cash Flow, highlights the critical need for more accessible and flexible financing options for small and medium-sized enterprises if they are to survive. 34% OF SMEs COULD CEASE TRADING IF UNABLE TO SECURE FUNDING The survey revealed a concerning statistic: 34% of SMEs are at risk of closing their doors permanently if they are unable to secure necessary funding. This alarming figure contrasts sharply with the surprising revelation that 50% of SMEs have not sought any form of financial assistance since November 2023, despite the precarious position many find themselves in. 28% OF SMEs HAVE BEEN REJECTED FOR ESSENTIAL FUNDING The reluctance to seek financing during these difficult times can be attributed to a variety of factors. A significant portion of respondents (43%) believe that the current economic conditions have exacerbated the difficulty of accessing funding. Additionally, a concerning 28% of the businesses surveyed reported being turned down for funding since November 2023, further discouraging attempts to secure much needed financial support. 29% HAVE HAD TO APPLY FOR FUNDING FOR THE FIRST TIME EVER Highlighting the urgency of the situation, nearly a third (29%) of SMEs surveyed have found themselves applying for business funding for the first time ever since November 2023. This statistic not only reflects the growing financial strain on businesses but also the changing landscape of SME financing. These findings highlight the urgent necessity for enhanced and adaptable financing solutions for SMEs to ensure their survival. By providing a broader range of financial assistance and support, we can safeguard the future of these essential pillars of our economy. John Atkinson, Head of Commercial and Strategy at Novuna Business Cash Flow commented, “In light of our recent survey findings, it's clear that SMEs are facing unprecedented financial challenges, with 34% on the brink of closure due to funding shortages. Surprisingly, half of these businesses haven't even applied for financial help since November 2023, a decision influenced by tougher access to funds and previous rejections. As we navigate these turbulent times, our focus must be on creating a more supportive financial environment that acknowledges the evolving needs of small and medium-sized enterprises."
Urgent call for more accessible finance options with 34% of SMEs at risk of closure
Credit to source : Novuna
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Issue 14 Paramount Media
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One in three UK employees in the UK are over the age of 50, but a large proportion of this generation are being overlooked for workplace skills training opportunities and are being locked out of opportunities to upskill and re-skill in today’s rapidly evolving workplaces. Over half of over 55s haven’t received any management or leadership training in their current role. Employees in the 23 - 38 age bracket were most likely to have participated in management and leadership training in their current role, with two thirds (67%) having received training to support the development of their management or leadership skills in their current job. Over half of over 55s (55%) haven’t received any technical skills training on how to use digital tools and technologies, such as ChatGPT, from their employer in the past twelve months. This is over twice the number of younger adults aged 18 - 25 (27%) who haven’t received training in these critical areas in the past year. The findings are from Corndel’s Workplace Training Report 2024, based on research conducted with 1,000 UK employees and 250 HR decision makers at large organisations. Furthermore, employees aged over 55 are also least likely to have received workplace training around ‘human’ management skills, such as empathy, mental health awareness and emotional intelligence, with only 25% who have received training in these areas in comparison to an average 39% across all age groups. Over 55s value professional development and aren’t confident in their current skills set Over half of over 55s (54%) say professional development is an important factor in their decision to stay with an organisation, suggesting employers need to shift their thinking around offering training and development for employees who are in their fifties and over. Worryingly, one in five over 55s (19%) don’t feel confident enough in their current skill set to find new employment or pivot their career if they were to lose their current job. In contrast, less than one in ten (8%) under 55s didn’t feel confident in their ability to find a new job or pivot their career with their current skill set. James Kelly, co-founder and CEO of Corndel, said: “Skills power people and power organisations. Without providing access to adequate training opportunities, we are not allowing this group of the workforce to thrive. And businesses are potentially losing out on the huge value that this experienced group of the workforce can add if they have equal access to ongoing technical and management skills training.” “Continuous learning and upskilling needs to be embedded into the UK’s workplace culture. In an era of the great ‘unretirement’, with thousands more over 55s working longer than ever before, alongside a time where both technology and working practices are evolving at lightning speed, people in all roles, at all levels of seniority and across all age groups should have the opportunity to enhance their skills and learn new skills to prosper in today’s workplace.” Over 55s case study: Robin Razzell, Data Analyst at Mitie Energy Robin Razzell is a highly experienced commercial project manager with a 24-year career spanning engineering, retail, and IT systems development and is currently a Data Analyst at Mitie Energy. Robin is currently enrolled on the Corndel and Imperial College London Data Analyst programme. Robin says: “I'm a believer in lifelong learning. Twenty or thirty years ago, career progression by the time I got to my level often plateaued. However, now, unless you are staying ahead of the curve, you essentially become redundant, because the environment in which we work is moving forward so quickly. If you want to remain relevant to the workplace, you must upskill, it doesn't matter what age you are. Without that upskilling, you will shortly find yourself sidelined and of no more use if you're not educated about the current trends in the workplace environment.” AI Fundamentals training a core part of all Corndel workplace training programmes To help employees at all stages of their career upskill in the latest technology tools in the workplace, Corndel, the strategic workplace training provider, has recently introduced its ‘AI Fundamentals’ learning modules across all of its leadership, data and tech programmes at all levels of learning. The course is designed to be accessible to all employees, no matter where they are in their career, and is designed to empower and elevate professionals in an evolving and complex AI landscape. The course modules provide foundational knowledge of AI, its mechanisms and its potential, as well as ethical considerations and practical applications of AI tailored to each professional sector, ensuring learners can navigate the AI-powered future with confidence and responsibility.
News: Over 55s overlooked when it comes to workplace training
Credit to source: Corndel
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How AI and Automation Is Set to Revolutionise HR Departments
Issue 17 Paramount Media
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The uses of AI are still being discovered across every industry and department. One department that can find plenty of use for AI and Automation is Human Resources. In fact, 81% of HR leaders have already explored or implemented AI into their processes. Caroline Gleeson, CEO at hiring software specialist: Occupop, says: “AI and automation technologies are becoming a part of everyday functioning in the workplace. While HR is deeply rooted in the people of your business, having these systems can actually help your HR department find more time to work with the staff and provide better support, with the right systems lightening the workload of administration tasks and paperwork.” In such a human-centric role, what can AI and automation technology do for your HR department? Applicant screening AI and automation technology can be useful in recruitment and talent acquisition processes. Using hiring software, your HR department can sort through high volumes of resumes in a shorter time, helping you fill crucial skill gaps quicker and assisting in finding the right people for your company. This automated software can be used to find the right applicants for your job role by screening resumes to filter out candidates who don’t have the experience or essential skills you’re looking for. This can help ensure you’re not spending excess time interviewing people with the wrong abilities or inexperience for the role – especially in higher-skill or crucial company roles. Onboarding Onboarding can involve a lot of paperwork, filling, and administration. By implementing AI and automated systems into this portion of your HR tasks, you’ll be able to spend more time integrating your new hires into the company culture and their roles rather than filling in the information. This can help streamline this process. An automated AI approach can also ensure your new starter gets everything needed for their new role, like training resources, videos, and guides, which AI can distribute to your new learner, depending on their job role and department head. Performance analysis Another way AI and automation can start revolutionising the workplace is by ensuring you’re getting the right metrics for performance analysis. AI and automated processes can use your company data to find the best performers within the company and those who might need additional support. This can also aid your finance team and heads of department when it comes to handing out bonuses. Automated processes can also aid in continuous feedback, analysing your company’s performance without bias, and understanding which areas need the most improvement. This real-time feedback means you can spend time working closely with the teams needing the most support. Self-service for employees Finally, AI can be useful for employees who need to ask questions, contact HR, and more. Implementing a self-service system can ensure that HR isn’t spending too much time answering the same questions, as you can set up a chatbot to assist with that. If your staff need answers to a more complex situation or question, then this system can also flag the need for human intervention from the HR team. It might also make your staff feel more comfortable alerting HR to personal and professional problems as they input the information without the need for human interaction, only prompting one-to-ones when you deem it necessary. In this way, staff can easily provide medical information, update personal information, or leave requests which can be picked up at the appropriate times. While HR is a human-centric role, focusing on giving the employees the protection they need, having the resources of AI and automated processes can be a large benefit. It can help you improve onboarding, recruitment, and performance analysis and ensure you’ve got more time to do the work that truly matters – attending to your staff.
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The latest Egress Email Threat Landscape 2024 report has uncovered a concerning surge in phishing attacks, with 94% of companies falling victim to these malicious tactics in the past year. The report, which sheds light on organisations' evolving cybersecurity challenges, has sparked widespread concern among industry experts and cybersecurity leaders. AJ Thompson, Chief Commercial Officer at Northdoor plc, commented on the findings, stating, "We have all learned over the past couple of years that phishing is one of the most effective ways for cybercriminals to gain access to a company's data and infrastructure. The extent of the attacks is perhaps less well-recognised, which makes Egress' report all the more shocking." The report showcases the pervasive nature of phishing attacks, revealing that 96% of the affected companies experienced negative repercussions. The main phishing attacks identified in the report include malicious URLs, malware or ransomware attachments, and compromised account infiltrations. The escalating sophistication of cybercriminal tactics poses a significant challenge for organisations and their employees in identifying and combatting these attacks, leading to an increase in successful breaches and their associated damages. Furthermore, the report highlights the substantial long-term impact of successful phishing attacks, with 96% of companies facing negative consequences, up from 86% in the previous year. The repercussions extend beyond financial losses, significantly impacting individuals within organisations. Shockingly, 74% of employees involved in attacks faced disciplinary actions, dismissals, or voluntary departures, underscoring the severity of the issue and the heightened vigilance among companies in addressing the phishing threat. The organisational costs stemming from successful phishing attacks are substantial, with financial loss from customer churn accounting for 47% of the overall impact. Additionally, reputational damage, fines, regulatory penalties, lengthy remediation processes, and legal repercussions further compound the aftermath of these attacks, amplifying the burden on affected companies. Cybersecurity leaders are particularly concerned about the rise in supply chain-related phishing attacks, which bypass traditional perimeter defences and undermine investments in frontline cybersecurity measures. The report revealed that 51% of respondents fell victim to successful phishing attacks from compromised third-party accounts, emphasising the critical need for organisations to understand their partners' systems and cybersecurity policies comprehensively. Responding to these alarming findings, cybersecurity leaders are urged to adopt new and robust monitoring measures to mitigate potential threats and identify vulnerabilities. This will ultimately safeguard critical data and reduce the impact on individuals and organisations. The Egress Email Threat Landscape 2024 report starkly reminds us of the escalating threat of phishing attacks. It underscores the need for organisations to enhance their cybersecurity strategies to counter these evolving risks effectively.
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94% of companies fell victim to phishing attacks in the last year
Credit to source : AJ Thompson, CCO Northdoor
future-proof
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Having a stable career and path can help alleviate stress, improve happiness, and give you a goal to drive towards. With 74% of UK workers worried about their financial situation, having a career plan you can trust can help improve confidence in your future. Future-proofing your career doesn’t have to be a difficult task. In fact, there are simple steps you can take at any stage in your career to ensure that you’re getting the best out of your working life. Gary Clark, Academy Director at ski instructor course business: SIA Austria, says: “Whether you’re new to the working world or fully versed in your career, there’s still time to improve and develop. Having confidence in your career plan includes ensuring you’re happy and healthy in your role, not just good at it. “Self-development is often underappreciated in the workplace, but even spending some time away from your work and trying something completely different, like ski instructor courses, can actually improve your skills inside your industry.” Create a career plan Creating and maintaining a career plan, both at the beginning and throughout your career, can be a great way to keep you motivated and moving forward. Sometimes, a career plan can also include a career jump, finding the correlations between your current job and your desired role. This way, you can map what skills you have and what you need to develop to ensure you’re in a position that you enjoy. Career plans don’t only have to include work-related matters. They can also include self-development outside of the office to ensure that you’re building the skills you want, which can help you in every setting. Remain flexible While a career plan is useful, you’ll want to ensure it isn’t rigid. Staying flexible is an essential part of enjoying your career. From pandemics and redundancies to industry changes, there’s plenty that can change the way your role looks in the future. Being able to adapt is an essential skill that can help you not only progress further in your career but also give you an added level of security. Not everything goes to plan, so ensuring that you can take everything in your stride is an essential part of business. Adaptability can also lead to great leadership qualities, including focus and quick decision making – ensuring you’re highly valued in whatever role you have. Stay informed about your industry Another way to cement yourself into your career is by staying informed about your industry. Not only will this mean you’re not taken by surprise if things change, but you will also be able to get a quick start on new industry trends. It is also a great way to demonstrate your knowledge and capability in your role. Whether you’re looking to stay with the same company or applying for new roles, demonstrating your in-depth understanding of your industry will ensure that you’re respected as an expert in your field. Develop transferable skills Developing transferable skills is another important way to start future-proofing your career. No matter what direction your career takes, including changing job roles completely, you’ll be able to adapt and work in all environments. This is a great way to develop confidence in yourself. And you don’t just have to develop skills that benefit your specific industry. It might be good for your personal and professional development to step outside of your comfort zone and experience new environments. This can include ski training or traveling across new continents. This gives you time and space to work on your self-development while learning vital skills that can aid you in your future work. Spending time outside of the corporate environment can allow you to meet new people, experience new cultures and opportunities, and work on your transferable skills. Some skills can include communication (including learning a new language), time management, and multi-tasking – all that can be learnt through taking up new hobbies and sports or spending time doing something you enjoy outside of work. Future-proofing your career means gaining confidence and security in your role. Unlike popular belief, venturing outside of your work and chosen industry can actually benefit you in many ways. From learning to adapt to new environments to gaining skills you wouldn’t in your normal day-to-day, future-proofing your career should focus on what you enjoy, not what you think you should do.
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A third of UK employees have experienced a 'toxic manager'
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A third of employees (33%) in the UK have experienced a ‘toxic manager’ at work in the past five years, and over four in ten (41%) have left a job due to their dissatisfaction with management*. The worrying findings are from Corndel’sWorkplace Training Report 2024, based on research conducted with 250 HR decision makers at large organisations and 1,000 UK employees*. Toxic manager traits including micromanagement, inflexibility, intimidation, gaslighting colleagues and a deflecting accountability. This is having a significant impact on employees’ experiences at work. Nearly half of the employees (47%) state that mental health support and empathy from their workplace are crucial for their job satisfaction, and 46% feel that a positive workplace culture boosts their job performance, increasing to 55% among younger employees aged 18-34. Meanwhile, nearly seven in ten (69%) HR leaders admit that ‘bad managers’ are a prevalent issue within their organisations and only 54% of HR professionals believe their organisation’s leaders possess the necessary skills to cultivate effective high performing teams. But in contrast, 81% of HR decision makers are confident that their managers uphold the organisation's values. James Kelly, co-founder and CEO of Corndel, said: “In an era where company culture is actively promoted and workplace mental health is marketed as an employee benefit, ensuring that employees’ lived experiences meets their expectations for management culture is key. The evolving expectations of employees are moving beyond free breakfasts and ping-pong tables to influencing organisational structures built on empathy and inclusion, with mental health and wellbeing support baked into the culture”. “HR decision-makers must prioritise finding solutions for toxic workplaces, recognising that empathy, emotional intelligence and mental health support are critical factors in enhancing employee retention, performance, and job satisfaction.” ‘Accidental’ managers lack key skills This significant number of toxic and ineffective managers could be in part due to the number of ‘accidental’ managers being promoted into more senior roles when there’s been a lack of qualified candidates over the past few years, particularly as a result of the UK’s skills shortage. Recent research by the Chartered Institute of Managers** found 82% of workers who enter management positions have not had any formal management and leadership training, and half of people who don’t have an effective manager plan to leave their organisation in the next 12 months. Cultivating leadership and management skills to grow high-performing teams HR leaders nearly unanimously agree (99% of those surveyed) that leadership training is an effective approach to combating a toxic workplace culture – and more than half (54%) are convinced that workplace training can completely eliminate toxicity. Over six in ten (62%) organisations will increase their training budgets in 2024, up from 48% in 2023. Furthermore, 90% of HR decision-makers recognise that mental health significantly impacts business performance, highlighting that we’ll likely see a shift towards improved mental health and wellbeing policies being woven into workplace culture in the near future. James Kelly added: “Our report emphasises that urgent action is required to prevent the domino effect of toxic managers on employee wellbeing, engagement, and retention. By prioritising leadership development that focuses on ‘human’ management skills, emotional intelligence and mental health support, HR teams can combat toxic management cultures and build motivated, psychologically secure teams.”
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In the fast-evolving business landscape of 2024, maintaining a lean operation without sacrificing employee headcount is a crucial challenge. Business owners are continually looking for ways to minimize spending and boost efficiency. Here are several strategies that can help achieve these goals while retaining all employees. Embrace Technology and Automation The adoption of technology and automation is one of the most effective ways to reduce operational costs. Implementing tools such as customer relationship management (CRM) systems, project management software, and automated accounting platforms can streamline workflows and reduce the need for manual labor in repetitive tasks. This not only cuts costs but also frees up employees to focus on more strategic activities that can drive business growth. Negotiate with Suppliers In 2024, the economic climate demands that businesses get the best possible terms from their suppliers. Business owners should not hesitate to renegotiate contracts to secure better pricing or more favorable payment terms. Buying in bulk, choosing local suppliers to save on shipping, or even bartering services with other businesses can significantly cut down costs. Optimize Office Space The rise of remote work has shifted the paradigms of necessary office space. Business owners can reassess their current space needs and consider downsizing or renegotiating their lease terms. If remote work isn’t fully feasible, implementing a hybrid model can still reduce the required office space, thus lowering rent and utility expenses. Implement Green Initiatives Adopting sustainable practices is not just good for the planet—it can also be economically beneficial. Reducing energy consumption through LED lighting, energy-efficient appliances, and smart thermostats can significantly decrease utility bills. Moreover, going paperless not only cuts down on the cost of supplies but also streamlines operations, making the business more efficient. Focus on Employee Retention The cost of hiring and training new staff can be substantial. By focusing on employee retention, businesses can avoid these costs while maintaining a motivated and experienced workforce. This involves creating a positive work environment, offering competitive compensation, engaging in team-building activities, and providing opportunities for professional development. Review and Reduce Travel Expenses With the availability of advanced video conferencing tools, the necessity for travel has drastically reduced. Business owners should evaluate the necessity of each trip and consider if a virtual meeting could suffice. For essential travel, planning in advance and using budget-friendly booking options can lead to significant savings. Optimize Inventory Management Effective inventory management can help reduce costs associated with overstocking and understocking. By using inventory management software, businesses can maintain optimal inventory levels based on predictive analytics and sales patterns. This not only reduces holding costs but also improves cash flow by freeing up capital tied up in excess inventory. Regularly Review Expenses It’s essential for business owners to regularly review their financial statements and identify areas where costs can be trimmed. This could involve cutting unnecessary subscriptions, switching to more cost-effective service providers, or eliminating wasteful spending practices. Regular audits can help keep spending in check and ensure that every pound spent contributes to the business's objectives. Engage Your Team in Cost Reduction Involving employees in the cost-saving process can lead to innovative ideas and greater buy-in. Initiatives like cost-saving contests or suggestion boxes encourage employees to contribute actively to the company’s financial health. This not only fosters a culture of thrift but also enhances employee engagement and loyalty. Barter Services In a tight-knit business community, bartering can be an effective way to obtain necessary services without direct expenditure. For instance, a marketing firm might offer its services to an IT company in exchange for tech support. This mutual exchange helps conserve cash and builds valuable business relationships. In 2024, being frugal with business expenses doesn’t mean cutting corners that could hurt the company in the long run. It’s about being smarter with resources, leveraging technology, and engaging the team to collectively drive down costs while still promoting a healthy, sustainable business environment. By implementing these strategies, business owners can protect their workforce, bolster their bottom line, and position their business for success in a competitive market.
Cost effective strategies for business owners in 2024
Maintaining efficiency without reducing staff
Credit to source: Andrew Lang
New research has revealed that Veterinary Sciences is the most employable degree in the UK. The team of professional essay writers at EssayPro have analysed data from the Higher Education Statistics Agency (HESA) to find out which degrees have the highest employability percentage. The data used is from the 2019/2020 graduate outcomes survey as this is the most recent data available. The UK national average is 57% of graduates in full-time employment after receiving their degree. Blog author Adam J at EssayPro commented on the findings: “Going to university is far more common now than it used to be. Students can choose to study many subjects but not all are considered useful in today’s job market. “Medicine and education-related degrees are well-known to improve a candidate’s chance at landing a job offer, but it is surprising to see agriculture and architecture ranking higher than law and mathematical sciences; indicating a shift towards more physical jobs and traditionally ‘blue collar’ work rather than office jobs. “Due to technological advancements in the world of work, it’s also not surprising to see engineering and computing among the top ten. It will be important to see the impact of A.I and robotics in the future and see if these rankings will change.” The top ten most employable degrees in the UK are: Veterinary sciences – 79% in full-time employment Graduates of veterinary sciences build skills such as data analysis, communication, and problem-solving in their day-to-day work. These skills are not only essential in veterinary practice but are helpful in other fields of work, such as customer service positions or an office setting. Medicine and dentistry – 71% in full-time employment These graduates are used to a high-pressure environment where they must make quick decisions and be able to make diagnoses using the knowledge they have gained. The NHS and private sector medical practice are some of the most in-demand jobs in the UK, so graduates can often gain placements easily after graduation. Education and teaching – 69% in full-time employment Graduates in education related degrees show skills such as organisation, teamwork, and time management. Although these are essential in school settings, these skills are also transferable to many other sectors, including mid-level office work. Graduates are also able to enter private tutoring services or set up their own tutoring businesses. Architecture, building, and planning – 67% in full-time employment With a keen eye for detail and accuracy, graduates in this field can use their skills to give them an edge in applying for roles in the public sector as well as private businesses. Graduates also build communication and critical thinking skills during their degree which are transferable to most other sectors. Subjects allied to medicine – 66% in full-time employment Similarly to a medical degree, this field can include skills such as analysing formulae and data, communicating scientific principles in a straightforward way, and general people skills. Engineering and technology – 63% in full-time employment With the rise of robotics in manufacturing, graduates in this field may become more employable as time goes on. With skills such as designing and building along with innovative and creative thinking, large manufacturing companies will be looking to make use of the specific industry skills and technical knowledge that these graduates hold. Computing – 61% in full-time employment The internet has become a key part of many companies’ overall business plans over the last decade. Graduates who can demonstrate programming and analytics skills will be in demand as businesses fine-tune their online presence. Rounding out the top ten are, Business and management, with 60% in full-time employment, followed by Geography, earth and environmental studies which have 57% of graduates in full-time employment, and finally Agriculture, food and related studies, with 56% in full-time employment. On the other end of the scale, the least employable degrees in the UK are in Historical, philosophical, and religious studies, with 43% of graduates in full-time employment. This is followed by Design, creative and performing arts, and Language studies, with 44% of graduates in full-time employment. EssayPro provides writing services for students across the globe, with over one million professional writers offering services from proofreading to editing.
New study names the most employable degrees in the UK
79% of Veterinary Sciences graduates enter full-time employment after their degree Medicine and Dentistry degrees see 71% of graduates in full-time employment The least employable degrees are in Historical, Philosophical, and Religious Studies, with only 43% of graduates entering full-time employment
Credit to source : essaypro
Rank
Subject area of degree
Full-time employment
Part-time employment
1
Veterinary sciences
79%
5%
2
Medicine and dentistry
71%
6%
3
Education and teaching
69%
10%
4
Architecture, building and planning
67%
8%
5
Subjects allied to medicine
66%
6
Engineering and technology
63%
7
Computing
61%
8
Business and management
60%
9%
9
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10
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In today's rapidly evolving business landscape, Artificial Intelligence (AI) has emerged as a transformative force, revolutionizing the way organizations operate, innovate, and compete. From streamlining processes and enhancing productivity to unlocking valuable insights and driving strategic decision-making, the applications of AI in business are vast and diverse. In this article, we'll explore how businesses across industries are harnessing the power of AI to drive growth, efficiency, and innovation. 1. Enhancing Customer Experience: AI-powered chatbots and virtual assistants have become indispensable tools for businesses looking to deliver exceptional customer experiences. These intelligent systems leverage natural language processing and machine learning algorithms to understand customer inquiries, provide personalized responses, and resolve issues in real-time. By automating routine tasks and inquiries, businesses can improve response times, reduce customer service costs, and enhance overall satisfaction levels. 2. Predictive Analytics and Forecasting: AI-driven predictive analytics algorithms analyze vast amounts of data to identify patterns, trends, and correlations, enabling businesses to anticipate market shifts, customer preferences, and demand fluctuations. From inventory management and supply chain optimization to sales forecasting and risk assessment, predictive analytics empowers organizations to make data-driven decisions and mitigate potential risks. 3. Process Automation and Efficiency: AI-powered automation tools streamline repetitive tasks and workflows, freeing up valuable time and resources for employees to focus on high-value activities. Robotic Process Automation (RPA) automates manual tasks such as data entry, invoice processing, and report generation, improving accuracy, efficiency, and scalability. By automating mundane tasks, businesses can optimize resource allocation, minimize errors, and accelerate time-to-market. 4. Personalized Marketing and Recommendations: AI algorithms analyze customer data, behavior, and preferences to deliver personalized marketing messages, product recommendations, and promotional offers. Through techniques such as machine learning and predictive modeling, businesses can segment their target audience, tailor content to individual preferences, and optimize marketing campaigns for maximum impact. Personalized marketing not only enhances customer engagement but also drives conversion rates and fosters brand loyalty. 5. Cybersecurity and Fraud Detection: In an era of increasing cyber threats and data breaches, AI-powered cybersecurity solutions play a vital role in safeguarding businesses against malicious attacks and fraudulent activities. Machine learning algorithms analyze network traffic, user behavior, and anomalous patterns to detect and mitigate security threats in real-time. By proactively identifying and responding to security incidents, businesses can protect sensitive data, preserve customer trust, and maintain regulatory compliance. 6. Product Innovation and Development: AI technologies fuel innovation by enabling businesses to leverage data-driven insights and predictive modeling to identify market opportunities and develop innovative products and services. From healthcare and finance to retail and manufacturing, AI-driven innovation is revolutionizing industries by unlocking new possibilities for efficiency, sustainability, and customer value. By embracing AI-powered innovation, businesses can stay ahead of the curve and drive competitive advantage in an increasingly digital world. Conclusion: In conclusion, the integration of AI into business operations represents a paradigm shift in how organizations leverage technology to drive growth, innovation, and competitive advantage. From enhancing customer experiences and streamlining processes to enabling data-driven decision-making and fostering innovation, the applications of AI in business are limitless. As AI technologies continue to evolve and mature, businesses must embrace a culture of innovation, experimentation, and continuous learning to unlock the full potential of AI and stay ahead in an increasingly competitive marketplace. By harnessing the power of AI, businesses can transform operations, drive strategic growth, and shape the future of their industries in the digital age.
Harnessing the Power of AI: Transforming Business Operations in the Digital Age
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Issue 10 Paramount Media
Lifestyle News
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Are you dreaming of a digital income stream that works for you while you sleep? Welcome to the world of affiliate marketing! Yet, many of us stumble upon the same roadblocks: time constraints, scalability issues, and the constant need for optimization. Thankfully, there's a solution: automation. In this guide, we'll navigate the world of affiliate marketing together, exploring how automation can revolutionize your approach and elevate your earnings to new heights. Understanding Affiliate Marketing: Let's start with the basics: affiliate marketing is like being a digital matchmaker, connecting people with products they love and earning a commission along the way. It's a win-win for everyone involved, with merchants getting sales, customers finding what they need, and affiliates pocketing a piece of the pie. The Power of Automation in Affiliate Marketing: Automation isn't just a buzzword; it's a game-changer in the world of affiliate marketing. By automating repetitive tasks and streamlining workflows, you can reclaim your time and focus on the aspects of your business that truly matter. Whether you're a seasoned pro or just starting out, automation is the key to unlocking your full potential in affiliate marketing. Let's explore some practical ways to harness the power of automation: Choose the Right Affiliate Management Platform: Think of your affiliate management platform as your trusty sidekick in the world of affiliate marketing. Platforms like ShareASale, CJ Affiliate, and Impact Radius offer a suite of tools to help you manage your affiliate program efficiently. From tracking conversions to analyzing performance, these platforms have everything you need to run a successful affiliate campaign. 2. Simplify Email Marketing with Automation: Email marketing is a tried-and-true method for nurturing leads and driving conversions in affiliate marketing. With automation tools like Mailchimp or ActiveCampaign, you can set up email sequences that engage your audience at every stage of their journey. Whether you're welcoming new subscribers or promoting affiliate products, automation makes it easy to deliver the right message to the right person at the right time. 3. Manage Social Media Effortlessly: Social media is a goldmine for affiliate marketers, but managing multiple accounts can be a headache without the right tools. Platforms like Hootsuite or Buffer allow you to schedule posts in advance, monitor engagement metrics, and analyze performance across various social channels. With automation, you can maintain a consistent presence online while freeing up time for other tasks. 4. Provide Instant Support with Chatbots: Customer support is crucial in affiliate marketing, but it can be time-consuming to handle inquiries manually. Chatbots offer a scalable solution, providing instant support to your website visitors and guiding them through the purchase process. Tools like Drift or Intercom allow you to design chatbots that engage visitors in real-time, increasing the likelihood of conversion. 5. Dominate Search Engines with SEO Automation: SEO is the key to driving organic traffic to your affiliate website, but it can be a complex and time-consuming process. Luckily, automation tools like SEMrush or Ahrefs simplify keyword research, content optimization, and performance tracking. By automating routine SEO tasks, you can stay ahead of the competition and ensure your content ranks prominently in search results. 6. Streamline Content Creation with Templates: Content is king in affiliate marketing, but creating it can be a daunting task. Thankfully, tools like Canva or Grammarly offer templates and writing aids that simplify the content creation process. Additionally, repurpose existing content across different channels to maximize its reach and impact. Conclusion: In the world of affiliate marketing, automation is the key to success. By harnessing the power of automation tools and strategies, you can streamline your workflows, optimize your campaigns, and unlock your earning potential with minimal effort. So, don't be afraid to embrace automation and watch as it transforms your affiliate marketing endeavors into a well-oiled machine poised for success.
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In the ever-evolving realm of digital marketing, the symbiotic relationship between Search Engine Optimization (SEO) and Artificial Intelligence (AI) is reshaping the way businesses approach online visibility and user engagement. As AI technologies continue to advance, there's a growing debate about whether AI is taking over from traditional SEO practices or simply augmenting them. In this article, we'll explore the intersection of AI and SEO, dissecting how AI is reshaping the SEO landscape and what it means for businesses striving to stay ahead in the digital race. Understanding AI in SEO: AI has revolutionized the way search engines operate, enabling them to deliver more relevant and personalized search results to users. Machine learning algorithms analyze vast amounts of data, user behavior patterns, and content relevance to refine search algorithms continually. This evolution has led to the emergence of AI-powered search engines like Google's RankBrain, which uses machine learning to interpret search queries and deliver more accurate results. The Rise of Voice Search: One of the most significant impacts of AI on SEO is the proliferation of voice search technology. With the rise of virtual assistants like Siri, Alexa, and Google Assistant, voice search has become increasingly popular, changing the way people interact with search engines. Voice search queries tend to be more conversational and long-tail, requiring businesses to optimize their content for natural language and contextually relevant keywords. Content Optimization and Personalization: AI-driven algorithms prioritize content that provides value to users, leading to a shift towards high-quality, relevant, and engaging content. Natural Language Processing (NLP) algorithms analyze content semantics, context, and user intent to deliver personalized search results. This means that businesses must focus on creating content that resonates with their target audience's needs and preferences while incorporating relevant keywords in a natural, organic manner. The Role of Data Analytics: AI-powered analytics tools provide invaluable insights into user behavior, preferences, and trends, enabling businesses to optimize their SEO strategies effectively. Predictive analytics algorithms forecast future trends and identify potential opportunities and threats, empowering businesses to stay ahead of the competition. By leveraging data-driven insights, businesses can refine their content strategies, target audience segments more accurately, and measure the effectiveness of their SEO efforts in real-time. Technical SEO and Site Performance: While AI emphasizes the importance of user-centric content, technical SEO remains a crucial aspect of optimizing website performance. AI algorithms prioritize websites that offer seamless user experiences, fast loading times, and mobile responsiveness. Businesses must ensure that their websites are technically optimized for search engine crawlers, including mobile optimization, site speed, structured data markup, and secure HTTPS protocols. The Future of AI and SEO: As AI technologies continue to evolve, the future of SEO is likely to become even more intertwined with AI-driven algorithms and predictive analytics. Voice search, natural language processing, and personalized search experiences will become increasingly prevalent, requiring businesses to adapt their SEO strategies accordingly. However, while AI may automate certain aspects of SEO, human creativity, strategic thinking, and expertise will remain indispensable in crafting compelling content and engaging user experiences. Conclusion: In conclusion, AI is not replacing SEO but rather transforming it into a more dynamic and data-driven discipline. By leveraging AI-powered algorithms, businesses can gain deeper insights into user behavior, optimize content for relevance and personalization, and enhance website performance for better search engine visibility. While AI technologies continue to reshape the SEO landscape, businesses must remain agile, adaptive, and proactive in embracing these changes to stay ahead in the digital marketplace. Ultimately, the synergy between AI and SEO presents exciting opportunities for businesses to enhance their online presence, engage with their target audience, and drive sustainable growth in the digital age.
The Evolution of SEO in the Age of AI: Adapting to a Dynamic Landscape
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The team at Walton Hall and Gardens are celebrating the estate being named as the Wedding Venue of the Year, following last month’s Marketing Cheshire Tourism Awards. The category featured competition from the likes of Chester Zoo, Grosvenor Pulford Hotel, Peckferton Castle, Rookery Hall Hotel and Spa and Wychwood Park Hotel and Golf Club. Judges noted how the Walton estate is a unique wedding venue which offers “something a little different, with a wealth of history and access to outdoor space”. They also highlighted how the estate “feels fresh and creative”, and in particular how the “ripple of benefits linked to local suppliers and produce is to be applauded”. David Boyer, Director of Environment and Transport at Warrington Borough Council, said: “I would like to offer my congratulations to the entire team at Walton Hall and Gardens, who have all contributed to the success of the Walton estate. “This award recognises the dedication and commitment of the team, and I’m so proud that Walton Hall and Gardens has now been officially recognised as a top wedding venue and tourism destination, not only in Warrington but across the region.” The awards, which recognise Cheshire’s exceptional individuals and accommodation providers, eateries and much-loved attractions, were held at Chester Cathedral yesterday evening, Thursday 21 March. A record 87 award nominations were received this year from across Warrington, Chester, Cheshire East and Cheshire West. Around 300 tourism and hospitality sector guests were present, as winners across 16 wide-ranging categories were unveiled. Trevor Brocklebank, Chair of Marketing Cheshire and Deputy Chair of Cheshire and Warrington Local Enterprise Partnership said: “The record number of entries is testament to the pride those behind the region’s world class attractions and pioneering businesses have and just why our visitor economy is worth billions and attracts 50 million visitors a year. Another truly special night.” For more information about weddings at Walton, visit waltonhallgardens.co.uk/weddings.
Walton Hall and Gardens crowned winners at Marketing Cheshire Tourism Awards
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Creatives are continuing to play it safe when it comes to using AI and avoiding it in the belief that it’s a ‘creative cheat’, according to new research from Designit, the Wipro-owned global experience innovation consultancy. Some 84% of creatives see AI as merely a helpful assistant, and a significant minority believe strongly that using AI as part of the creative process amounts to cheating. The findings come from a Designit poll that canvassed 1,200 creatives, including leading industrial, product and UX designers, on their feelings about using AI as part of their creative processes. Qualitative feedback included one respondent likening AI to ‘an enthusiastic junior prospect with exceptional math skills’. Another respondent commented that the use of AI was inevitable but likely to be abused in the creative sector in the same way ‘as steroids are to the fitness industry’. The poll findings from practising creatives chimes with those from a smaller student survey carried out as part of Designit’s recent AI residency at the School of Visual Arts which revealed that future designers see a reliance on AI as cheating. Miguel Sabel, global head of strategy and sustainability at Designit, said: ‘For many designers and creatives, the job is part and parcel of their wider identity, so the suspicion towards AI that our poll revealed is understandable. The current conversations around which elements of the creative profession are likely to be automated by AI exacerbate the tendency to keep AI at arm’s length from the creative and use it only for safer, admin tasks. ‘But playing it too safe means lagging behind. The notion that using a new technology to your advantage is disingenuous in some way misses the point that fundamentally, what people care about is the portrait you painted - in our world, the product or experience you created and the impact it has - rather than the brushes you used to paint it. It’s all about knowing where and when to apply new technology, which is especially true if it can inspire creativity - but it's the end result and its externalities what counts."
Creatives shun AI as cheating, says new research from Designit
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The UK's housing market's disproportionate growth compared to wages has made homeownership in Britain increasingly challenging. Data from the Office of National Statistics (ONS) shows that by the end of 2023, the average house price in England and Wales was 8.1 times the average income, with insufficient new home construction exacerbating the issue. Alongside this, analysis by the Pensions Policy Institute forecasts a significant rise in retirees renting or paying off mortgages, with home ownership predicted to decrease from 78% to 63% by 2041. This trend has profound implications for pensioners as housing costs limit pension savings. With the pensions industry facing monumental challenges as UK retirees with annuities need up to 40% more in their pension pots to cover housing costs, research from Senior Capital – the UK’s leading later-life asset platform – also highlights the devastating impact the cost-of-living crisis has had on Brits’ ability to contribute to their pensions, unveiling that 35% of Brits are currently unable to fund their future retirements. With disposable household income per head predicted to decline by 1.5% according to the Office for Budget Responsibility (OBR) in 2024, Britain’s recessionary climate has seen the cost-of-living crisis force 32% of the nation to halt personal contributions to their pension pot. Senior Capital’s research additionally found that this recent financial strain has forced 21% of individuals to postpone retirement and continue working, fearing they lack sufficient funds in their pensions. The ramifications extend beyond financial concerns, with 25% reporting that their greatest mental health burden stems from worrying about funding their retirement. Additionally, 37% express profound anxiety about their quality of life diminishing due to inadequate savings. These figures underscore the pressing need for comprehensive measures to address the escalating cost-of-living and its profound impact on retirement planning in the UK. The Rise of Equity Release: Amidst this new wave of pensioners who find themselves living on the poverty line, equity release loans have experienced a record 23% year-on-year increase as a vital lifeline amidst the cost-of-living crisis. According to the Equity Release Council, over 93,000 Brits took out this type of plan/loan in 2022. To create financial liquidity, stability and a better quality of life, Senior Capital was created to serve a growing number of homeowners looking to access capital from the £800bn currently tied up in property wealth. Managing Partner of Senior Capital, Rudy Khaitan, comments on the benefit of accessing capital for those approaching retirement age through equity release products: “In today's society, many over 55s find themselves in a paradoxical situation - they are 'asset-rich' due to the value of their homes, yet 'cash-poor' with limited disposable income. As the cost of living continues to rise, many find themselves struggling to make ends meet, despite owning valuable properties. “Equity release offers a solution to this dilemma by enabling homeowners to tap into the wealth tied up in their homes. It can provide a much-needed cash injection to enhance their quality of life, cover unexpected expenses, or even help their families. Equity release is more than just a financial transaction; it's a means of bridging the gap between asset wealth and living standards, ensuring that those who have worked their whole lives to build their assets can finally reap the benefits of their hard work.”
18% say their quality of life is going to deteriorate because they don’t have enough money in their pension funds 21% have paid off their mortgage but admit their pension payments still don’t allow them to live a fulfilling life 15% say their biggest mental health strain is worrying about funding their retirement
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The dwindling prospects for British pensioners as future generation may never own their own home
Credit to source: Rudy Khaitan, Managing Partner of Senior Capital
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Certain Curtain Theatre Company Celebrates 35 Years of Inspiring Change Through Theatre Preston May 15th 7pm – Certain Curtain Theatre Company is proud to announce its 35th-anniversary celebration, marking three and a half decades of impactful storytelling and advocacy through the art of theatre. To commemorate this remarkable milestone, the company invites the public to join them for an evening of reflection, celebration, and the world premiere screening of their poignant play, "Lady In Red." Since its inception in 1989, Certain Curtain Theatre Company has been dedicated to creating thought-provoking productions that tackle pressing social issues. Through powerful narratives and compelling performances, the company has championed causes ranging from mental health awareness to gender equality. However, one of their most significant contributions has been in the realm of domestic abuse awareness. "Lady In Red," a gripping exploration of domestic abuse, has been at the forefront of Certain Curtain's mission to change attitudes and support victim/survivors. The play delves deep into the complexities of abusive relationships, shedding light on the often-hidden realities faced by countless individuals. By bringing this crucial issue to the stage, Certain Curtain has sparked conversations, challenged perceptions, and provided a platform for healing and empowerment. The impact of Certain Curtain's work extends far beyond the stage. Through extensive touring across the UK and internationally, the company has reached diverse audiences, spreading awareness and fostering empathy on a global scale. Their innovative approach to theatre has earned them acclaim and recognition, solidifying their reputation as trailblazers in the field of social change through the arts. As Certain Curtain Theatre Company celebrates 35 years of transformative storytelling, they are honoured to receive warm wishes from Her Majesty Queen Camilla. This prestigious acknowledgment is a testament to the company's unwavering commitment to excellence and its profound impact on society. The anniversary celebration will commence with a drinks reception, providing an opportunity for supporters, collaborators, and theatre enthusiasts to mingle and reflect on the company's journey. Following the reception, attendees will have the exclusive opportunity to witness the world premiere screening of "Lady In Red," an event not to be missed. Certain Curtain Theatre Company extends a heartfelt invitation to all individuals passionate about the power of theatre to effect change. Join us as we celebrate this remarkable milestone and continue our mission to inspire, educate, and empower through the art of storytelling. Event Details: Date: Wed 15th May 2024 Time: 7pm Venue: Mitchell & Kenyon Cinema - Foster Building, Preston, PR1 2HE Tickets are FREE but do need to be booked - RSVP:claire@cctheatre.co.ukor book a ticket here -https://www.ticketsource.co.uk/certain- curtain-theatre-company/t-krmxkey
Raising the curtain on 35 years of impact : Certain Curtain Theatre Company invites you to the premiere event
"As Certain Curtain Theatre celebrates 35 years of transformative storytelling they are honoured to receive warm wishes from Her Majesty Queen Camilla"
Credit to source : Certain Curtain Theatre
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