6 minute read
Inspirational Leader
Hotel Chocolat marketing
given the boost it needs
It is fair to say that Lysa Hardy’s career in marketing is as impressive as it is broad.
The first 10 years of her career she worked in the travel tech sector, the next 10 years was in the mobile phone industry before moving into the retail sector where she is currently
Executive Director and Chief Marketing Officer at Hotel Chocolat.
While all these companies
differ significantly, Hardy’s role at each was about sustainable growth.
Arriving at Hotel Chocolat four years ago, one of the key areas for growth was in e-commerce. Ironically, for a company that started as an online-only business model, the focus had shifted to physical stores and even hotels and restaurants. “To some degree we had forgotten our e-commerce roots, so when I took over the percentage of e-commerce business was relatively small,” Hardy explains. “We had (and still have) a great brand but we had been told the marketing was average. My remit was to professionalise and scale the marketing operation. This meant acting on higher levels of customer data and bringing together various aspects of brand marketing”. The hard work paid off, the marketing function is now much more joined up and more focussed on digital channels. E-commerce now accounts for about half of the overall business in key seasons, though Hardy is keen to stress that there is growth across all of Hotel Chocolat’s retail channels.
Women in senior roles
The low percentage of women in the UK holding board room positions – particularly within FTSE100 companies, has been well documented. Has Hardy experienced first-hand ‘glass ceilings’ or seen opportunities denied to talented female colleagues? “In most of my roles the companies I have worked for have been very forward looking and I wouldn’t say that glass ceilings existed. But when I worked for a mobile company, I had been on maternity leave and when I returned the attitude was “we just thought you’d be happy to still have any role!” As someone who has been on several boards, Hardy says a common problem is that the composition of those at the top are invariably older men. “They are not always positive in my experience, for instance on flexible working they are often a bit too traditional in their thinking”. Hotel Chocolat is not a retailer Hardy believes has any such prejudices but the retail sector in general has some way to go.
Sustainable growth plans
In terms of growth in product range, Hardy points to new introductions such as drinking chocolate, Velvetiser- an in-home hot chocolate system; iced drinking chocolate, vodka and gins. Growth into new markets, notably the US and Japan is still a work in progress as Hardy explains. “We launched into the US and Japan just before Covid - the timing couldn’t have been worse but there is good recognition and we believe that what we have learnt from the US and Japan is that the brand can travel.”
Lysa Hardy is the a guest speaker at the Hertfordshire Chamber of Commerce WOMEN IN LEADERSHIP LUNCH on 8th September at Pendley Manor, Tring.
UP TO 40% OF THE UK'S SME'S COULD BE UNDERINSURED* Find out if your business could be one of them…
The financial effects of a business being underinsured can be incredibly costly, and in some cases devastating when a major incident occurs which destroys important assets or causes long periods of business disruption. The dangers of underinsurance can also reach beyond business owners needing to pay out-of-pocket for repairs or stock replacement. If an insurer believes that the policyholder has intentionally or negligently underinsured the business or its assets, they may refuse to pay the claim or void the policy altogether without returning the premium. This article covers some issues relating to commercial property underinsurance.
PROPERTY UNDERINSURANCE
Underinsurance of commercial properties can lead to devastating consequences if fire, flooding, or other physical events cause major damage or destruction and there is a considerable shortfall in funds to rebuild the premises. In some cases, the high out-of-pocket rebuilding costs in addition to long periods of business disruption can lead to businesses having to scale back operations or even cease trading completely. Despite this, research by the Royal Institute of Chartered Surveyors and the Building Cost Information Service suggests that around 80% of commercial properties have an element of
underinsurance.
There are many factors that can cause building underinsurance, some of the most common are:
Tysers are an insurance brokers, established for more than 200 years headquartered in London and with an office in Hitchin. They are a member of the Hertfordshire Chamber of Commerce, and their team will be happy to provide a free, no obligation review of your current insurance arrangements and offer guidance and advice on underinsurance and any gaps in coverage.
Out-of-date valuations
Properties which have not been recently professionally valued for insurance purposes are often at risk of being underinsured. Any extensions, alterations or changes of use also need to be accounted for and you should inform your broker as soon as possible about any changes to ensure you are still adequately covered.
Changes of use
Covid-19 resulted in many businesses changing layouts or altering their premises to comply with social distancing guidelines, including utilising areas or buildings not normally occupied by employees. If your business has recently branched out into new areas of trading or activities, it’s important that your broker is aware of these changes to ensure that your business is not underinsured.
Market Value vs Rebuild Costs
A common mistake made by business owners is insuring for the market value of the property, rather than the full cost of a rebuild. Market value is often not an accurate reflection of the cost to rebuild a premises from scratch, and other features such as car parks, driveways, lighting, fencing and gates are often overlooked. When calculating rebuild costs, these should include not only materials and labour, but also professional fees such as architect and planning costs, legal fees, demolition or make-safe costs, site clearance and access costs.
CONTENTS & STOCK
Underinsurance of contents and stock is another oversight which could be very costly. When taking out a policy, it is important to determine the costs of replacing all stock and contents on a ‘new-for-old’ basis, even if a complete loss of stock or contents seems unlikely to happen. The total figure is required by your insurer (even if you wish to select a lower amount of cover), as they use this to establish the total level of risk they are taking on. Covid-19 and Brexit have both caused significant supply chain disruptions over the last few years, and as a result some businesses have chosen to increase their stock levels. It is crucial that your broker is made aware of these changes, as not only will your policy now provide inadequate cover for your new stock value, but the insurer may also deem your insurance inadequate and apply the ‘Average Clause’ to any claims which would result in a lower settlement amount.
CONTACT US...
Rebecca Sugden
D 01462 439 849 M 07971 501 757 E rebecca.sugden@tysers.com W www.tysers.com
