SWOT and PESTEL analyses- what are they and how can they be used?
[See SWOT and PESTEL analyses posts]
PESTEL analysis- what current factors are impacting businesses and ventures in the UK?
- Political factors: tax (e.g. raising/lowering corporation tax, which impacts profits), laws (e.g. changes in the National Minimum Wage, which impacts profits and employment rights), political stability (e.g. Brexit, which will impact trading)
- Economic factors: economic growth (more jobs created and more tax to be paid), interest rates (affects how much money businesses borrow/invest), unemployment (determines employee's wages), inflation (affects cost of goods), exchange rates (impacts how much can be sold to/bought from abroad)
- Social factors: demographics (changes in the population e.g. birth rate, life expectancy), lifestyles (e.g. people prioritising health, more vegetarians/vegans), tastes and trends
- Technological factors: ICT (need to keep software and hardware up to date), research and development (developments in technology e.g. 3D printing, smartphones, new apps), automation (replacing employees with machines e.g. self-scan checkouts), e-commerce (more firms going online, which increases customers and lowers the costs of production)
- Environmental factors: climate change (e.g. increasing heat, more extreme weather conditions, more awareness concerning carbon emissions), weather (e.g. seasonal impacts, natural disasters), recycling (customers want to buy from companies who are more environmentally aware), pollution (need to aware of their carbon emissions and environmental impact)
- Legal factors: health & safety laws, licenses and permits, equal opportunities. consumer rights and laws, product safety, trade regulation and restrictions
What does/might Brexit mean for the creative industries?
Brexit has already started to have an impact on the creative industries. For example, musicians and other cultural professionals have a loss of movement between other countries, which affects touring and important travel which is necessary for some creative sectors (e.g. filming on location for media productions). This also makes transporting goods such as musical instruments props more difficult with 27 different systems put in place. It also costs hundreds for a temporary visa to stay elsewhere in the EU, meaning it isn't financially viable for many creative workers to travel. Also, it is more difficult for EU workers to come to the UK, and they make up 6.7% of the UK's creative industries workforce. The lack of travel will mean a loss of diversity in these sectors, which is already a huge issue in the UK. This means that more 'home grown' talent will be needed, meaning there needs to be more encouragement for young people to pursue creative careers and support provided to help them.
Brexit will also impact the funding provided for many creative projects in the UK with a loss of access to many European funding organisations that greatly supported the arts and culture sectors. For example, between 2014-2020, the UK received €68 million in direct funding from Creative Europe. Now the UK will have a reduced relationship with this organisation, likely leading to less funding being available.
Cultural policy- what is currently happening in the UK?
Cultural policy is 'the government actions, laws and programs that regulate, protect, encourage and financially (or otherwise) support activities related to the arts and creative sectors'. They put in place processes, legal classifications, regulations, legislations and institutions that promote cultural diversity and creative expression in of art forms/activities.
The creative industries took a large hit due to the COVID-19 pandemic, especially during the lockdown periods. The government had to provide a lot of support to help the arts recover as many jobs and a lot of money was lost. An emergency furlough scheme was put in place to reduce the number of workers being made redundant but that has since ended, meaning the number of job losses increased again. Venues have been able to open but with social distancing measures put in place. This has reduced how many people are able to visit them, so it isn't financially viable for many of these places to stay open. Some smaller creative businesses even had to permanently close down due to financial issues.
SWOT- conduct a personal SWOT analysis
[See SWOT analyses post]
Websites used:
https://www.mindtools.com/pages/article/newTMC_05.htm
https://www.liveplan.com/blog/what-is-a-swot-analysis-and-how-to-do-it-right-with-examples/
https://www.bbc.co.uk/bitesize/guides/zgfrpbk/revision/1
https://ukandeu.ac.uk/brexit-impacts-on-the-arts-and-culture/
https://www.thisishome.co.uk/brexit-and-the-creative-industries/
https://en.wikipedia.org/wiki/Cultural_policy
https://www.culturalpolicies.net/covid-19/country-reports/uk/
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