The Hertfordshire Business Independent Issue 70

COMPLIMENTARY

LEAD INTERVIEW We interview bestselling Author and Entrepreneur Mike Southon

EXECUTIVE PROFILE We catch up with newly elected Mayor of Watford Peter Taylor

COMPANY SPOTLIGHT We shine the spotlight on DCS Voice & Vision

SPECIAL FEATURE ON ENTREPRENEURSHIP AND THE HERTS EXPO

ISSUE

70 July/August 2018

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We work with aspirational businesses all over Herts, Beds and Bucks, helping them to flourish and grow with our innovative marketing methods.

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CONTENTS 04 NEWS A round-up of the latest business news and stories from our region

10 LEGAL We’ve put together some advice from our legal experts

1 4 EDUCATION We look at what’s been happening in Education

18 EXECUTIVE PROFILE We feature newly elected Mayor of Watford, Peter Taylor

19 COMPANY SPOTLIGHT This month we shine the spotlight on DCS Voice & Vision

21 LEAD INTERVIEW We interview Author and Entrepreneur Mike Southon

23 SPECIAL - ENTREPRENEURSHIP Special feature on Entrepreneurship

27 SPECIAL - HERTS EXPO Special feature on the Hertfordshire Business Expo

33 DRIVE We review the new Jaguar F-Pace SVR

Check out all the interactiveness of the magazine. Be sure to watch out for the HBI Layar logo as there will be videos, photo galleries, Web pages and more to check out.

Scan this page!

4500 copies of The HBI are distributed to business centres, meeting and conference facilities, hotels, golf clubs, Barclays Bank branches, railway stations and Luton and Stansted Airport across the county, with a further 34,000 being delivered directly to the inbox of our subscribers, including the CEOs of the top 200 companies in Hertfordshire.

A selection of distribution points are listed below.

DISTRIBUTION POINTS Cole Green : Panshanger Flying Club I Baldock : Jester Hotel, Baldock Station, Ashwell Station I Hatfield : Ramada Jarvis, Hatfield Oak Hotel, Porsche Centre, Fielder Centre I Hertford : Hertford North Railway Station I Hertingfordbury : Whitehorse Hotel I Hitchin : Hitchin Railway Station I Knebworth : Knebworth Station I Letchworth : Letchworth Hall Hotel, Goldsmith Centre, Bizspace Letchworth, Business Centre West I Potters Bar : Wenta Potters Bar, Regus Potters Bar I Radwell : Days Inn Baldock I Redbourn : Ramada Jarvis Royston : Royston Station, Banyers Hotel, Jester Hotel I St Albans : Quality Hotel I Stevenage : Roebuck Hotel, Specialist Cars, Merc Stevenage, Premeir Inn Stevenage, BTC Centre, Cromwell Hotel, Gordon Craig Theatre, Stevenage Station I Turnford : Cheshunt Mariott The Hertfordshire Business Club I Ware : Hanbury Manor I Watford : Ramada Jarvis I Welwyn : Welwyn North Station I Welwyn Garden City : Weltech Centre The HBI is also distributed monthly at Business BUZZ venues in Aylesbury, Banbury, Bedford, Bicester, Bishop’s Stortford, Flitwick, Harpenden, Hemel Hempstead, Hertford, Hitchin, Luton, Milton Keynes, Southend, St Albans, Stevenage & Watford. For more information please visit: www.business-buzz.org The HBI is also available to view online at www.businessindependent.co.uk If you would like to receive copies of The HBI for your business please call 0844 358 5800.

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This magazine now incorporates the use of augmented reality technology with the use of a free app called Layar. You can download the app here: http://get.layar.com or scan the QR code.

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NEWS

Editor’s Welcome

CONTRIBUTORS & CONTACTS 0844 358 5800

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PUBLISHER Simon George

Welcome to the July/August issue of the Hertfordshire Business Independent. With summer in full swing, I hope you enjoy the great features we have put together for you in this issue.

We interview author and entrepreneur Mike Southon. Mike discusses his approach to business leadership and the ventures he looks to pursue in the future.

Our Executive Profile for this issue is the newly elected Mayor of Watford; Peter Taylor. Our Special feature concentrates on entrepreneurship and the Hertfordshire Business Expo.

Jenna Owen editor@businessindependent.co.uk

Our popular Drive section reviews the new Jaguar F-Pace SVR which is the brands first high performance SUV and the fastest vehicle in their catalogue whilst we focus on the new Delta 1.6 App for our technology section. We also hear wise words from our regular contributors Chantal Cooke and Andy Lopata.

DEPUTY EDITOR

Happy reading!

EDITOR

Emma Powles

Jenna

CONTRIBUTORS John Auckland Helena Calle Hannah Goldsmith Royston Guest Luna Guthrie Jasminka Hansson April Koury Rohit Talwar Yuliana Topazly Steve Wells Alexandra Whittington Chantal Cooke Andy Lopata

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04

Sona Shah sona@businessindependent.co.uk

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The Buzzing Media Group 61 Maxted Road Hemel Hempstead Hertfordshire HP2 7DZ

NEWS LONSDALE SERVICES RETIREMENT PLANNER AWARDS FINALIST - BEST INDIVIDUAL PENSION ADVICE FIRM The finalists for the 2018 Retirement Planner Awards (RPA) have been announced. Lonsdale Services is a finalist in the Best Individual Pension Advice Firm category for the South East and Anglia Region.

Allan Ross, Lonsdale Wealth Management independent financial adviser Ware, Hertfordshire is also a finalist in the new category - Best Estate Planning Adviser award.

Richard Porter, St Albans independent financial adviser submitted a Lonsdale Wealth Management pension case study which has also made the final of the Best Pensions Freedom Service award.

The winners will be announced at an awards lunch on the 15th June at the Waldorf Hilton Hotel, London.

The Retirement Planner Awards are in their fifth year and according to The Professional Adviser website their aim is to: ‘highlight the importance of retirement planning in the UK. This year’s Retirement Planner Awards will celebrate how providers and intermediaries are rising to the challenge of pension provision, particularly in the light of recent pension freedoms.’

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COPYRIGHT

Copyright: 2018 The Buzzing Media Group. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means without the prior consentof the publishers. The views expressed in any of the Business Independent series of regional magazines are not necessarily the views of the publishers The Buzzing Media Group. Whilst The Buzzing Media Group has made every effort to ensure the accuracy of the information contained in this publication, neither they nor any contributing author can accept any legal responsibility for any consequences that may arise from errors or omissions contained in this publication or from actingon any opinions or advice given. In particular, this publication is general and not a substitute for professional advice and you should consult y. ur own professional advisors where appropriate.

In 2017 Lonsdale Services entered the RPA Awards for the first time and Deb Nolan independent financial adviser in our Leeds / Bradford office won the Outstanding Customer Care RPA Award. The client case study we submitted was for a member of a money purchase occupational pension scheme who was due a financial entitlement in the form of scheme-specific tax-free cash protection.

Simon Hawker, Managing Director Lonsdale Services and independent financial adviser in the St Albans financial planning team said:

‘It is really exciting for Lonsdale Services to be recognised for our individual pension advice work, and be nominated as a finalist in the Best Individual Pension Advice firm for the South East and Anglia region.

Following on from our success at the RPA awards last year we also submitted two client case studies, to show how we work with our inheritance tax planning and pension freedom clients. We are delighted that we have made the final in both these award categories too.

At Lonsdale Services we operate a client charter. This details how all our financial planning consultants are committed to offering the best possible independent financial advice and client service at all times.’

Richard Porter, independent financial adviser, St Albans said: ‘Offering individual clients pension advice is a large part of the financial planning work we do at Lonsdale Services. The case study we submitted for the RPA Awards is typical of the pension transfer work we are currently involved with. The client wanted to transfer both their defined benefit pension schemes into a defined contribution pension scheme. However, by providing pension advice and a “Cash Flow Analysis” report we advised the client that this was not the best course of action, we only advised and approved one pension transfer. This case study shows that despite the new pension freedoms clients are often better off keeping their final salary pensions to provide certainty of a guaranteed income, to cover essential living costs in retirement.

Please note: The Financial Conduct Authority does not regulate Tax or Estate planning and Cash flow modelling.

Dacorum Borough Council has won the Geoplace Data Quality and Improvement Award 2018.

Geoplace is a partnership between the Local Government Association (LGA) and Ordnance Survey that maintains a national address and street information– the National Address Gazetteer Database.

The Legal Governance Department at Dacorum Borough Council have now successfully mapped over 85,000 properties in the Borough. It has created a database of address information that includes a geographic location for each property in Dacorum. This will provide one definitive source of accurate publicly-owned spatial address data that can be used to improve service delivery across the private and public sector.

The team have taken Dacorum from Geoplace’s ‘Below National Standard’ rating in April 2017 to achieving the Gold Standard in January 2018 – surpassing the Council’s target to achieve the Bronze level by April 2018.

Mark Brookes, Solicitor to the Council at Dacorum Borough Council, said, “This award has been achieved thanks to the extremely hard work carried out by the team over the past year and in particular our Geographic Information System Officer, Jayne Smith. It reflects the dedication our organisation has to data quality, innovation and improvement.”

Nick Chapallaz, Managing Director of GeoPlace said: “A key focus of the 2018 Exemplar Awards is on those Custodians who have invested time in creating and continually improving their processes and who have made and achieved a real commitment to improving both the accuracy and quality of the data submitted to GeoPlace. I am pleased to be able to recognise the achievements of these authorities are recognised through the presentations of the Data Quality and Improvement Awards.”

Dacorum Borough Council will now be working towards identifying 100% of properties and mapping them with a Unique Property Reference Number.

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Allan Ross, independent financial adviser Ware said: ‘Estate planning represents 30% of the Ware team’s financial planning work so it is great for myself and Ware administrators Natalie Rispin and Jo Ross to be recognised for our work. When we discuss financial planning with our retired clients their aim is to plan tax efficiently so their beneficiaries inherit as much of their estate as possible. We often work closely with our clients’ solicitors and accountants to make sure their legal, tax and financial planning is all joined up. We have many inheritance tax planning case studies we could have submitted but the case we chose highlights how we work with our clients over the long-term. We encourage them to involve their families in their financial planning decisions so everyone understands the inheritance tax planning advice we offer. We find that the clients who do this are often relieved that everyone knows and understands their financial priorities.’

GOING FOR GOLD

NEWS

NEWS

05

NEWS

NEWS GLOBAL AWARDS RECOGNISE BRITAIN’S NEWEST CHALLENGER BANK

FROM SOHO TO ST ALBANS EYEWEAR STYLIST TO THE STARS OPENS DESIGNER EYEWEAR STORE IN ST ALBANS An expert in eyewear with 35 years in the business, who has supplied and styled celebrities such as Chris Eubank, the Pet Shop Boys and Martin Freeman, is opening a store in St Albans this summer.

The UK’s first challenger bank to be completely ‘born in the cloud’ has been named as the Banking Launch of the Year at a prestigious awards ceremony.

Redwood Bank, based in Letchworth, was declared winner of the Banking Launch of the Year award at the Retail Banking International (RBI) Awards at London’s Waldorf Hilton on May 10.

The annual awards celebrate the best in global banking, showcasing pioneering initiatives that have gained ground in the last year and reflect shifting international trends.

Since its inception, Redwood Bank has focused heavily on technology, people and service, ensuring every customer’s experience is secure, fast and easy.

The Chief Executive Officer (CEO) and co-founder of Redwood Bank, Gary Wilkinson, said: “Since we launched just over six months ago we have seen significant growth. This award is recognition for the hard work the whole team has put in to make the launch of this Bank so successful.

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“This award is testimony to the passion and dedication we possess in making fast and informed decisions to help our business customers seize opportunities quickly, becoming the business bank that Britain needs.”

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Douglas Blakey, the Editor of Retail Banker International, who hosted the awards, said: “As one of the fastest licence-to-launch phases of any new bank to date, Redwood Bank’s advanced systems, service based on traditional banking values and its strong relationships with its customers, means it has already established itself as a competitive player.”

The RBI Awards were established 30 years ago and set a benchmark for recognising world class consumer finance institutions. Winners were selected by an independent judging panel, and by RBI editorial team members.

Redwood Bank was launched in August 2017, becoming Britain’s newest challenger bank for small to medium sized businesses.

The bank’s products include individually-assessed mortgages for business owners and professional landlords, as well as a chart-topping range of Best Buy notice savings accounts, which are offered to charities, clubs and associations as well as to businesses.

EYES on St Albans is opening in June in the Quadrant, St Albans, offering the highest quality stylish eyewear and comprehensive eye care to consumers.

The new store will offer 8 - 10 cutting edge brands (both frames and sunglasses) - favoured by A list celebrities, such as the full collection by current must-have New York brand MOSCOT (worn by Johnny Depp, Lady GaGa, Leonardo Di Caprio and David Beckham). It will be the only store in the country to stock all these aspirational brands under one roof.

David Beckham wore a pair of MOSCOT sunglasses to the Royal Wedding of Harry and Meghan - he favoured THE YUKEL - and EYES on St Albans will be selling all the colours of the YUKEL in both eyewear and sunglasses.

Owner Jez Levy has worked in the business in Soho for the past 18 months, and before that had retail outlets in Glasgow and Newcastle. But Jez has very strong links with this area, having been brought up and educated in St Albans, and wanted to open a store in his home city.

“This will certainly be the only store of its kind in Hertfordshire, in fact in the country,” he says.

“We are offering the highest quality eyewear and eye care, so we will also have an on-site optician so that if you are looking for frames, you can get everything done in the same place.

“The sunglasses and the frames we sell are the latest styles from the highest quality designers, and the retail space will reflect that too. The store is designed to give you that full Soho or New York experience - complete with a cup of the best coffee, or a glass of Prosecco and so has a designer aesthetic that suits the product we are offering.

“We even have our own brand of eyewear cleaning fluid and cloths (Squeaky Clean) and a complimentary selfservice top-up facility in the shop.”

EYES on St Albans will be bringing out its own-brand range of eyewear. Called the Cathedral Collection, it will only be available in store.

EXCITING FUTURE FOR ST ALBANS BUSINESSES, SAYS ANNE MAIN MP

Anne Main joined local business owners and employees at the St Albans Chamber of Commerce Business Breakfast last week. Work and pensions secretary, Esther McVey also attended the event and gave the keynote speech.

Anne said, ‘It was a pleasure to attend another successful St Albans Chamber of Commerce business breakfast last week. There was a great turnout from local businesses and I am certain it was an excellent networking opportunity for many of the firms in St Albans.’

The St Albans MP invited Secretary of State for Work and Pensions, Ether McVey, to give a speech on what the government are doing to support businesses. Ms McVey spoke about the positive employment figures we have seen in the last few years and what support the government can give to help employees and businesses in the future. She also took questions from the audience.

Mrs Main praised the secretary of state, saying ‘I know how busy [Esther] will be at the moment as it is an incredibly busy time in parliament so I am immensely grateful for her accepting my invitation and for coming to engage with the local business community here. It was a very interesting speech and I was pleased she was happy to take questions on all manner of subjects from the audience.

‘It was great to speak to so many businesses from St Albans and to hear about some of the positive news coming from our business community. I have no doubt there is an exciting future ahead for St Albans businesses.’

Mrs Main added, ‘I also want to congratulate the Chamber of Commerce for organising a terrific event as part of their Business Festival. I know they had a number of different events planned and I am sure they will have been a great success too’.

Singers, financial advisers, accountants, publishers and North Herts FM, a new radio station, all created a very loud buzz with 50 other businesses at the relaunch of Business Buzz Hitchin.

The Chairmen of North Herts District Council John Bishop, Richard Thake (Hertfordshire County Council) were special guests on the day. Both gave a resounding thumbs up to the Business Buzz concept of relaxed informal meetings with the opportunity to make new business connections. Perfect ingredients for business growth and also being able to showcase the town of Hitchin.

Tom Hardy the Hitchin BID Manager with his enormous scissors cut the ribbon and formally opened Business Buzz right in the heart of Hitchin . Tom said “What a fantastic relaunch of Business Buzz Hitchin this morning, I met some inspirational people who are making a great success of businesses in Hitchin”.

Maree Atkinson, Business Buzz host, said “Our expectations were exceeded with so many businesses taking time out of their busy days. Their responses were overwhelmingly supportive and relished the new opportunity to chat to like minded business owners”.

All businesses are welcome to come along to Business Buzz at the Priory Hotel every 3rd Wednesday from 10 am to 12 noon and MP Bim Afalomi will be joining the meeting on 18 July. For more information call Maree on 077364 71568 or info@mareeatkinson.com Some good news has been received by Business Buzz; they are finalists in the UKs best business networking organisation and hoping to bring another trophy back to Hertfordshire later this year.

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Commenting after the event, Ms McVey said she was ‘delighted to have been there to hear about the successes and future concerns’ of businesses in St Albans. Ms McVey said she thought there was a ‘great business audience raising very relevant questions for business, the local area and government as a whole.’

WHAT A BUZZ AT RELAUNCH OF BUSINESS BUZZ NETWORKING HITCHIN

NEWS

NEWS

07

FINANCE

WHICH IS BEST FOR YOUR BUSINESS; EQUITY OR REWARDS CROWDFUNDING? Written by John Auckland, TribeFirst

Both rewards and equity crowdfunding were born out of the financial crash of ‘09. Banks were no longer lending money and Internet technologies were improving.

Crowdfunding was the re-sult.

Rewards crowdfunding is the practice of giving lower cost or exclusive items to early adopters, whereas equity crowdfunding is about selling shares in your business.

Rewards crowdfunding arguably started when Kickstarter launched. It allowed entrepreneurs, filmmakers, musicians and other artists to bring their ideas to life by connecting directly with their target market and getting funds from their tribe.

In the early days, it was enough that you created a pitch page.

Now, there are thousands of campaigns live at any given moment, which means you need to do a lot of marketing.

You now need a tribe before you run a rewards campaign, where you used to be able to build your tribe by running the campaign itself.

Equity crowdfunding kicked off when Crowdcube launched in the UK seven years ago. Unlike rewards crowdfunding, you are buying shares in a private company, rather than getting ‘stuff’ in return for your pledge.

The UK has quite a liberal approach to financial regulation, coupled with some very generous tax relief schemes for investments into early stage companies. These two things combined make the UK market the most exciting for equity crowdfunding globally.

Equity vs. Rewards

The exceptions I mentioned there are a few exceptions. If your campaign is cause-related or a project in the arts, or if you have a really passionate community and can create something unique or exclusive for them, then it’s rewards all the way.

The future I genuinely believe all good, new ideas will be incubated through crowdfunding or crowdsourcing of some kind. Whilst the industry has had its issues, I think we’ll reach a point where a VC won’t want to back a company until it’s proven it has the potential to scale. And crowdfunding provides that evidence without too much risk on the company because it is essentially the market voting with its wallet.

Both rewards and equity campaigns are an exercise in live market research, market validation, brand awareness and tribe engagement, all in one. I believe a time will come when new ideas are trusted less if they haven’t been through this process.

Until that time, it’s up to us as entrepreneurs and crowdfunding suppliers to be responsible crowdfunders to make sure we fulfil our promises. At the moment, equity crowdfunding has enhanced levels of due diligence versus rewards campaigns and generally the success rate of equity crowdfunding alumni is much higher. So, unless you’re one of the exceptions, you should seriously check your eligibility for equity crowdfunding.

ABOUT THE AUTHOR

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I have run about a dozen rewards campaigns and several dozen equity campaigns, and I would passionately argue that equity crowdfunding is almost always the better option, with a few exceptions.

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Equity crowdfunding puts money directly into the business – and it only needs to be paid back once there is an exit of some kind. With equity crowdfunding, you don’t just get a one-time customer; you get someone who wants to join your company’s journey for life (or at least the next five years until you exit).

In contrast, the cost of running a rewards campaign combined with the discounts or unique items you need to create can far outweigh the benefits of receiving money upfront. Too many companies, even the iconic Pebble Time, under-price their campaign or set too low a target, and the open and unregulated nature of a rewards campaign means no one is checking up on these companies to see if they can afford to fulfil their promises.

Rewards crowdfunding has a place - but only for companies that have properly done the maths and can definitely fulfil their promises. Whichever type you’re looking to undertake, the most important thing is that you prove your ideas and capability before you go asking for money.

John Auckland is a crowdfunding specialist and founder of TribeFirst, a global crowdfunding communications agency that has helped raise in excess of £5m for over 30 companies on platforms such as Crowdcube, Seedrs, Indiegogo and Kickstarter – with a greater than 85% success rate. TribeFirst is the world’s first dedicated marketing communications agency to support equity crowdfunding campaigns and the first in the UK to provide PR and Marketing campaigns on a mainly risk/reward basis. John is also Virgin StartUp’s crowdfunding trainer and consultant, helping them to run branded workshops, webinars and programmes on crowdfunding. John is passionate about working with start-ups and sees crowdfunding as more than just raising funds; it’s an opportunity to build a loyal tribe of lifelong customers.

See: www.tribefirst.co.uk Twitter: @Tribe1st

Written by Hannah Goldsmith DipPFS, Goldsmith Financial Solutions If you’d like to be more in control of when you retire your money needs to work harder. Here are five, possibly surprising, rules to follow that can help you achieve your retirement goals: 1. Let the markets do the work: With 98+ million trades each day, across global markets, there is only a tiny probability that a committee, in a meeting room, discussing where to invest your money, will spot a favourable discrepancy in a stock price. It’s not impossible, but it’s highly improbable.

Instead, of buying retail funds selected by a fund manager, buy a diversified basket of global index tracker funds and let the markets work for you. A wide basket of stocks from around the world linked directly to market returns can reduce the risk of trying to outguess the markets or worse, paying somebody else to outguess the markets.

2. Diversify, Diversify, Diversify: Investment returns are random; they cannot be predicted with any certainty, so don’t let your financial adviser visit you each year moving and changing your funds to justify their existence and their fees. They are wasting your money.

Avoid limiting your investments to a handful of stocks or one stock market. This is a concentrated strategy with high risk implications.

FINANCE

FIVE FINANCIAL RULES TO HELP YOU ENJOY THE FREEDOM OF RETIREMENT SOONER 4. Investments are a long-term strategy: Market timing cannot be predicted. Taking your money out in falling markets means you lose real cash. Most people don’t reinvest until they get their optimism back, which is often too late; by then the stocks have risen, you’ve missed out on the gains, and you still have your losses to make up.

Manage your emotions by investing in a risk portfolio that is correlated to your capacity for loss. Not one that is based purely on your search for the highest returns. Remember, investing is for the longer term. History shows that you will be rewarded for your bravery – and your patience.

5. Don’t lose money with the banks: Capital deposited in a Bank is being eaten by inflation at 2-3% every year. Over the last 10 years, whilst the stock markets have gone up, the buying power of your bank deposited savings has decreased dramatically and will continue to do so for the immediate future.

Rather than ‘saving’ with a bank - look at investing; diversify your portfolio; let the markets work for you; and ensure you keep your management fees to around 1%. With this approach you’ll increase your fund faster and your retirement date will be earlier.

Instead, buy the global market using a diversified basket of index tracker funds and leave the speculation to the gamblers.

3. Take control of your money: Conventional wealth management institutions are in business to maximise shareholder value – not your investment returns.

Why would they provide you with an opportunity to move your money to a competitor at their expense, even if it was in your best financial interest?

For example; if you invested £100,000 with a traditional financial services company paying a total fee of 2.3%, and you received a 7% return on your money for 25 years, you will have a projected future value of £329,332. As £100,000 was yours to start with you will have made a £229,332 profit.

The overall cost to you, to make that profit, will have been £109,912.

If you invested £100,000 in a low fee portfolio, paying a total fee of 1.11% and received a 7% return on your money for 25 years you will have a projected future value of £441,601.

As £100,000 was yours to start with you will have made a £341,601 profit. The overall cost to you would be £63,718.

This additional £112,269 can be used by you and your family, rather than just giving it away to an industry that feeds the ‘fat cats’. Remember it’s your money … don’t give it away.

ABOUT THE AUTHOR Hannah Goldsmith is founder of Goldsmiths Financial Solutions and author of ‘Retire Faster’. Hannah specialises in Low Fee Investing and is challenging the way financial services are delivered to consumers in the UK, by enabling each client to understand the nature of investment costs and the impact these costs have on their future lifestyle.

Goldsmiths complimentary ‘Second Opinion Service’ reviews investors’ existing portfolios and makes recommendations on Risk, Diversification, Performance, Cost and Tax efficiency, making investors’ money grow in a more transparent and financially efficient way.

Web: http://goldsmithfs.co.uk Twitter: https://twitter.com/hannahgfs LinkedIn: https://www.linkedin.com/in/hannahgoldsmith/ Facebook: https://www.facebook.com/ GoldsmithFinancialSolutions/

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It is therefore essential to take back control of your money and ensure that the ‘hidden’ ongoing portfolio costs are kept to the bare minimum. Aim to keep the costs of managing your portfolio at under 1%. The industry average is in the region of 2.3%, so if you save yourself even 1% a year you will have made a substantial amount of money using compounding interest over the life of your portfolio.

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LEGAL

LEGAL EXPERTS WARN THAT AI COULD MAKE CYBER ATTACKS MORE ADVANCED Highly advanced artificial intelligence technologies could present a threat to governmental and commercial systems, new reports have claimed.

Twenty-six experts from a range of professional institutions across industry, civil society and academia co-authored the report that seemed to confirm the worries that have been frequently expressed about AI’s potential over the years.

There has been a long running dialogue about the technical consequences of artificial intelligence, but the legal impact and surrounding complexities are only now beginning to be discussed. The experts warn that the constantly developing technologies could bring about new kinds of cyber crime that had not been anticipated, which is forcing legal professionals to feel their way through this new environment.

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According to the report, the next five years could bring about a wave of entirely new cyber crimes that haven’t been seen or dealt with before, and these could lead to the vital and complex systems being hacked, or fake broadcasts - known as ‘deep fakes - causing political disruption. Technology could be so advanced as to fake or manipulate the voices of prominent figures, such as politicians, to such a high standard that fakery could be difficult to prove. Such criminal activity would require new legal measures to contain it and deal with it adequately, and these can only be devised by groups of forward-thinking professionals, who would need to liaise closely with legal experts.

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Tesla and SpaceX founder and co-founder of OpenAI research group Elon Musk, has said that artificial intelligence poses “our biggest existential threat”, adding that “there should be some regulatory oversight, maybe at the national and international level, just to make sure that we don’t do something very foolish.”

In response to these warnings, the expert report implores technical professionals and policy makers to collaborate and support each other in the creation of new legal measures that can proactively prevent technologies from being able to overpower current defences. Legal experts who specialise in technology have already been giving thought to how the impending problems with artificial intelligence can be countered.

One such expert, Clive Halperin of GSC Solicitors, has began advising business on the upcoming challenges, and explains: “AI techniques may help in cracking passwords and

other types of cyber security in a way which might take humans many millions of man hours to actually do, and the risk is that artificial intelligence techniques will enable that to be achieved much more easily with much more dangerous consequences.”

His position in the field has seen Clive pondering such dilemmas as where liability falls in the event of driverless car accidents, and how artificial intelligence can be regulated in ways that will benefit the everyday lives of people.

Experts have given consideration to other cyber threats being posed by the ever-growing sophistication of modern technology. Such potential dangers include the mining of cryptocurrencies, cyber-physical attacks on such targets as power systems and public transport, and ransomware on cloud storage devices.

Other industry leaders have been lending their insight to the oncoming issues presented by the progress of artificial intelligence. Dr Stephen Hawking said: “The potential benefits are huge; everything that civilisation has to offer is a product of human intelligence; we cannot predict what we might achieve when this intelligence is magnified by the tools that AI may provide, but the eradication of war, disease and poverty would be high on anyone’s list. Success in creating AI would be the biggest event in human history.

Unfortunately, it might also be the last, unless we learn how to avoid the risks.”

GDPR has been a hot topic, and businesses everywhere were busy preparing to ensure they were compliant with new regulations. Large companies have received the most attention in this capacity, but just over a month into GDPR, small businesses are coming to realise exactly what the new regulations mean for them.

Here is a quick breakdown.

Technically speaking, businesses of fewer than 250 employees are not necessarily bound by GDPR, except in cases which may result in a risk to the rights of people whose data is being held. This means that any company dealing with the sensitive data of customers, clients or other parties are expected to comply with regulations. Even if a small business does not handle any such information, it can be very beneficial to the administrative side of the company to get on board anyhow.

For any business implementing the incoming regulations, data discovery is the undoubted crux. It has only been when companies have gone to collect and process all of their records that they have realised just how widespread all of this sensitive data is, and some of it they never even realised they had on file. For

unsuspecting companies, this can have devastating consequences if breaches arise in this grey-area data. If for nothing more than peace of mind and efficient record keeping, it is worthwhile that small businesses have a thorough clear out and reordering of all the data on their books.

LEGAL

THE IMPACT OF GDPR ON SMALL BUSINESSES

Of course, everybody hopes and takes the steps necessary to ensure that they are in keeping with the GDPR regulations, but it is important that businesses are aware of what is required of them in the event of a data breach, or if they receive a Subject Access Request from someone whose data they hold. GDPR requires swift and effective action in such cases, which does not allow any time for overnight training on what this would actually involve.

GDPR is a step in the right direction for the people’s rights over their own information, but the process is far from over. Bear in mind that when Britain officially splits from the EU, new regulations will come in to make up for the divorce from EU-based legislation. Businesses of all sizes should make sure now, if they have not already, that they are prepared for any situation that GDPR may throw their way.

DRESS CODES AND SEX DISCRIMINATION IN THE WORKPLACE - ARE YOU COMPLIANT? The Government and Equalities Office has published new guidance on the law surrounding workplace dress codes, with a particular focus on sex discrimination.

For example, requiring female employees to wear high heels, but not having any footwear requirement for men, would directly discriminate against women by treating them less favourably than men.

The guidance also warns of requiring male and female employees to dress in a provocative or revealing fashion, which may increase the risk of an employee being vulnerable to sexual harassment.

It is advised that employers proposing to introduce a dress code, or make changes to an existing one, should consult with employees and trade unions or staff organisations to ensure that the proposals are accepted by staff.

Do you need legal advice on your policies? Please contact Michael Delaney, at award-winning law firm VWV, at mdelaney@vwv.co.uk or on 01923 919 316.

Do You Need Legal Advice?

VWV is an award winning, national law firm in the heart of Hertfordshire.

300 years of expertise on your doorstep, providing legal services for businesses and individuals. vwv.co.uk | London, Watford, Bristol & Birmingham

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The guidance reminds employers that although a dress code can be a legitimate part of your terms and conditions, a policy which requires gender-specific items to be worn or imposes unequal standards between men and women is likely to be unlawful.

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Outstanding commercial business advice

Our Corporate and Commercial Team provide practical and pragmatic advice. To find out how our experience can help you, please visit taylorwalton.com

Because experience counts Offices at: Luton, Harpenden & St Albans Tel: 01582 731161

LEGAL

ROUTES TO BUSINESS GROWTH: 5 DANGERS IN YOUR TERMS AND CONDITIONS Most businesses seek to expand over time, yet the challenge of doing so can prove fatal to any business which does not carefully consider and implement protective measures at an early stage.

In particular, it is essential to ensure that terms and conditions of sale are aligned with growth objectives and to ensure that your business is compliant with the General Data Protection Regulation (which came into force on 25 May 2018).

Standard terms and conditions should be reviewed and updated on an annual basis in order to adapt to changing legislation and evolving business practices. However, it is just as important to ensure that these are correctly incorporated as part of your contracts.

To avoid any uncertainty, your standard terms should be referenced as early as possible in pre-contractual negotiations and be brought to the attention of the customer or supplier business in your documentation (for example on quotes, purchase order forms, delivery notes, invoices, and on your website etc.).

Crucially, the parties must have agreed that the standard terms form part of the contract when it is finalised i.e. when the terms are “set in stone”. No subsequent variation (for example, notifying a customer of your standard terms in a later invoice) will usually be enforceable.

Five common dangers found in your standard terms include: 1. Cash flow crisis:

2. Risk and ruin: As you store and supply a greater level of stock, the risk of goods being damaged or destroyed on site or in transit will generally increase accordingly – do your standard terms clarify who is responsible for insuring against this risk at every stage of the sales cycle? Have you checked whether your customer’s insurance policies are sufficient for your purposes, whether or not your business is itself named as a beneficiary under the policy?

4. Unlimited liability: More sales means more potential claims – do your standard terms seek to limit or exclude liability both in respect of the type of loss which the customer can claim for and by establishing a financial cap to your liability? All cases where you wish to, and are legally able to, limited liability needs to be expressly mentioned in your standard terms in order to be effective, although this does not guarantee that they will be enforceable. Particular care should be taken in relation to any provisions which seek to limit a consumer’s rights to claim against the business as these may well be contrary to consumer rights legislation.

5. Falling foul of the GDPR: The General Data Protection Regulation has important implications both for data controllers and data processors.

It introduces potential fines of up to €20m or 4% of annual turnover for data protection breaches – do your terms limit the risk that your business will incur financial and reputational damage in connection with data protection issues? Do you have a lawful basis for processing the data? In preparation for the GDPR your business should have completed a data audit to establish what data your business holds and how long it holds the data for. This will give a good indication of business policy areas that will need refining under the GDPR. Also, consider key documents and information that need to be given to your customers, clients or those you have business dealings with. For example, is your Privacy Notice noted in your standard terms, readily available and GDPR compliant?

Refreshing your standard terms could take you a long way in complying with your GDPR obligations and to avoid the risk of financial penalty.

3. Boom then bust:

With the GDPR now in force, it is imperative to ensure your business is not in breach of the regulations, as well being the best time to have your terms of business spring cleaned.

Regular review of your standard terms can ensure your business stays on top of the five key dangers in commercial transactions as well as protecting and preparing your business in light of new legislation.

Your major customers can be your business’ most valuable asset. If one of your major customers becomes insolvent with unpaid invoices, have you successfully retained title to

Peter Kouwenberg is a Solicitor in Taylor Walton LLP’s Commercial team. He can be contacted on 01582 390411 or by email at Peter.Kouwenberg@taylorwalton.co.uk.

*The information given in this article was, at the time of publication, believed to be a correct statement of the law. However, readers should seek specific legal advice on matters arising, and no responsibility can be accepted for action taken solely in reliance upon such information.

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More than one in four businesses fail due to cash flow issues – so one key consideration is whether your standard terms adequately safeguard your position regarding payment and late payment. As your business grows, so will the value of your contracts, hence the importance of prompt payment. Do the terms provide an incentive for prompt payment or require security for payment? Is payment sufficiently interlinked with the delivery of the goods or performance of the services?

the goods which you supplied, giving you priority over other creditors? Having just one major customer unable to pay can have a crippling effect on your business. Do your standard terms protect your business against the consequences of this ripple effect?

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EDUCATION

BRIDGING THE GAP WITH DEGREE LEVEL APPRENTICES Recruitment is one of the most important issues an employer or business owner can face, and it is always preferable that the person they take on is not only well suited to the job, but can pretty much hit the ground running. There is a considerable gap in the market between school-leaver employees and university graduates, and the realities of the working world, and employers are increasingly turning to less traditional means of bridging this gap.

One of the main ways in which employers are trying to get over this niche is by introducing apprenticeships in industries that have not previously offered such opportunities to learn on the job.

Apprenticeship levy introduced standards to 43 industry areas.

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The recent introduction of the Apprenticeship Levy has seen new standards introduced to forty-three industry areas.

These include the media industry, where roles such as postproduction runners, web designers and camera assistants are available as apprenticeship arrangements. Elsewhere, higher level apprenticeships now on offer include the opportunity to train in online community management and junior interactive product design. Such positions, and the skills they instill, are essentials within the workplace, and from an employer’s perspective, it is both an efficient approach, in terms of cost and company talent pool. Keeping education in house gives employers, and those they train, optimal control over what is learned.

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The accounting sector is another industry that has traditionally neglected the prospect of apprenticeships, in spite of there being plenty of scope for entry-level positions in which apprentices could be educated. Junior roles within the accounting industry include the likes of accounts assistants, credit control clerks and financial assistants, while higher level positions could include accounting technicians and accounts managers. In such a highly-skilled trade that has several clear levels of professional hierarchy, training on the job can be a very effective way of nurturing new generations of competent accounting experts and giving trainees a wide range of experience across the board.

Degree apprenticeships are expected to increase to over 7600 in Britain alone by the end of 2018. Employers should give thought to how and where they may be able to create degree apprenticeship vacancies within their companies, and the central role that this could play to expanding the team’s skillsets and securing the future of the company. There are several steps that employers can take to make degree apprenticeship a fixture within their business.

Join a Scheme. Apprenticeship is not a very common approach for SMEs to take, so employers should explore the options out there for creating apprentice vacancies, the potential funding that might be awarded to them as a result of taking on an apprentice, and whether apprentice schemes for their industry are already in existence.

Areas That Need Help. Consider which areas of the company are lacking manpower, and could do with the extra assistance.

Make sure any prospective apprentice would have plenty to learn and get on with - do not recruit someone just for the sake of it, or for the funding benefits they might bring to the company. The company should have the time and resources to dedicate to training the new recruit.

Consider Skill Level. If your company works at a high skill level and an apprentice would require considerable training and other resource in order to reach the level the company needs, then a degree-level apprenticeship is probably the best suited to your needs and those of the apprentice. Remember that the apprentice will not be completely devoid of skills, and the more they have to learn, the more important it is that training resources are put to good use and not spent on revising things they already know.

Open Your Mind. As an employer, you should look beyond the boundaries of a person’s written qualifications. For example, if you are looking to hire a camera assistant, but the ideal candidate has a degree in fine art, this isn’t necessarily a bad thing. They may not have the technological knowhow to operate the camera, but they can pick that up - what matters is that they have an eye for aesthetics, framing and imagery, and this can be hugely important in the job.

Written by Rohit Talwar, Steve Wells, Alexandra Whittington, April Koury, and Helena Calle, Fast Future

In January 2010 we wrote a report for UK government on The Shape of Jobs to Come. The study highlighted new jobs that might emerge in the global economy by 2030 as a result of exponential developments and breakthroughs in science and technology. Many of those are now real jobs and the rest are still likely to materialise.

As an update on those ideas, our recent books The Future of Business, Beyond Genuine Stupidity – Ensuring AI Serves Humanity, and The Future Reinvented – Reimagining Life, Society, and Business we discuss a whole range of new industries and professions that might emerge as a result of these exponential advances. Presented below are a selection of seven new jobs that we think could rise to the fore in the coming decade.

Lifestyle Services 1. Urban Foraging Educators - In the coming decade and beyond, food scarcity may force more of the worlds’ people to forage for healthy food. In cities, where most of the population will be concentrated, urban foraging education may become a matter of survival. There may be a future demand for experts to train the public in identifying poisonous plants, edible weeds, and wild fruits or vegetables so that the population may survive future food shortages. Schools, governments, and private educational providers may seek to hire experts in urban foraging. Future foraging professionals could become as beloved (and marketable) as the celebrity chefs of today.

Enhancement Specialists 3. Memory Adaptation Specialists - A memory specialist may help us modify our memories and reduce mental health issues. People would be able to erase traumatic memories and replace them with positive ones. The process might be conducted by a specialist with training in psychotherapy and neuroscience. Modifying our memories could have a major impact on our personality. The memory specialist would help you choose the traumatic events you need to erase.

The replacement procedure would be done after a series of introspective consultations. A wide catalogue of pleasant memories would be available for your selection. People would choose what they want to remember.

4. Cryogenics Concierge - As more people opt for cryogenic preservation at - or close to - the end of their life, they will need specialist advice. The cryo concierge will provide guidance on different types of cryo procedures, costs, financial planning, the family’s rights and responsibilities, what happens

when you are regenerated, insurance, and how to manage the death.

New Societal Roles 5. Independent Fact Checker – This role already exists to some extent but becomes ever more essential as concerns grow over the proliferation of fake news, companies exaggerate their marketing claims, and politicians argue about the veracity of each other’s statements. These arbiters of truth will use a swathe of AI systems to check the truth and origin of every claim and fact. Clients will pay them for these services and for a regularly updated assessment of how truthful and accurate their own statements are. Public honesty tables provided by the fact checkers will influence the reputations and fortunes of businesses, politicians, and political parties.

New Industries – New Professions 6. Autonomous Vehicle Ethicist - we will need to establish the guiding principles for decisions made by autonomous vehicles. For example, who or what should the car hit if an accident is inevitable. Depending on where you are in the world the decision will be governed by different ethical and religious considerations, societal norms, and even economic factors.

7. Synthetic Sommelier – The rise in the use of synthetic food products could drive the emergence of experts on all aspects of edible synthetics, lab grown meat, and 3D printed foodstuffs. These professionals would be excellent at developing the perfect synth meal for any occasion. They can tell you all the differences in smell, taste, and texture between the synth food and its real, authentic counterpart.

ABOUT THE AUTHORS Rohit Talwar, Steve Wells, Alexandra Whittington, April Koury, and Helena Calle are from Fast Future, a professional foresight firm specializing in delivering keynote speeches, executive education, research, and consulting on the emerging future. Fast Future publishes books from future thinkers around the world exploring how developments such as AI, robotics, exponential technologies, and disruptive thinking could impact individuals, societies, businesses, and governments and create the trillion-dollar sectors of the future. Fast Future has a particular focus on ensuring these advances are harnessed to unleash individual potential and enable a very human future. The latest books from Fast Future are: ‘Beyond Genuine Stupidity - Ensuring AI Serves Humanity’, and ‘The Future - Reinvented: Reimagining Life, Society, and Business’. And their forthcoming book is ‘500 Futures’. See: www.fastfuture.com Web: www.fastfuture.com Twitter: www.twitter.com/fastfuture Blog: www.blog.fastfuturepublishing.com/ LinkedIn: www.linkedin.com/in/talwar

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2. Life Manager for the Techno-Bewildered - Those who struggle with technology and get left behind in the new world order might find themselves placed under the mentorship of new age social workers. These Life Managers would supervise our every decision, guide us on how to navigate the day to day, and help ensure we use our finances or guaranteed basic incomes in a sustainable manner.

EDUCATION

WHAT JOBS WILL OUR CHILDREN DO?

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BOOK REVIEW

THE BIGGEST IDEA IN THE WORLD BY DAVID JOLAND Purpose is a powerful performance-enhancing force, capable of both transforming a business internally and building external market success.

If you’re looking for the perfect book to jam in your holiday suitcase, this might be just the read for you. It’s guaranteed to keep you glued to the page throughout and have you laughing out loud on your sun lounger – apologies in advance if you get some weird looks around the pool! And it’s penned by David Joland, an author local to Hertfordshire.

It tells the hilarious story of Barry Goodman. To the world, Barry is a sweaty, middle-aged, idiotic loser. But this is about to become his greatest weapon…

Barry is failing at life – at love, at his career, at paying off his

and one woman on his side – the famous film producer,

London as an Uber driver. His cheating wife is divorcing him.

to everything. But can even his very best friends, the people

mounting pile of debts. He hates his job driving people around His son isn’t talking to him. His credit card bills are sky high. It doesn’t seem like things could get any worse.

But Barry’s life is about to change forever. It all starts with a

Micky Roughton and a mystery woman who holds the key supposedly on his side, be trusted to help him?

And, even with their help, can Barry pull off the greatest heist of all – taking on Silicon Valley and winning?

brain wave. Well, in fact, it starts with lots of brainwaves…

The Biggest Idea in the World will keep you on the edge of

Instagram. But, somehow, somebody somewhere always

hope to despair to side-clenching laughter – and back again.

first he thinks of the idea for Facebook, then Trip Advisor, then manages to pip Barry to the post. So he’s left to watch as a

nobody as the giants of the tech world profit from his ideas.

And, to make matters worse, nobody even believes he ever thought of them.

But now he has had a new idea – his best yet. One he 100%

believes is the greatest idea anyone in the world has ever had.

your seat as it takes you on a dizzying rollercoaster ride from Barry will restore your faith in the little guy – in taking on the

corporate giants of the world and – just maybe – beating them at their own game…

Funny, light-hearted and immensely satisfying – this is the ultimate holiday page-turner.

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And this time he’s determined to be the one to bring it to life.

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So, with the very last credit available on his maxed-out cards, he kisses his almost-ex-wife goodbye and sets off to the one place in the world where his dream could come true: Silicon Valley.

It’s the centre of the universe for new ideas and Barry’s

determined this bright, fast-paced city will turn him into a billionaire. Except his first hurdle is finding a flight there,

before he realises Silicon Valley doesn’t actually exist and really he needs a ticket to San Jose…

He lands with an old suitcase stuffed with non-disclosure agreements. This time he’s prepared. He knows exactly

what he’s got to do. He’s in no doubt he’s going to make his billions… If only he can pull it off.

Barry is about to engage in the craziest game of his life.

To succeed, he’ll have to outwit and outsmart the world’s

cleverest geeks and richest players. He only has one man

David Joland is a novelist and businessman. His debut novel, The Biggest Idea in the World, is available from Amazon, priced at £8.99 in paperback and £3.99 as an e-book. For more information see thebiggestideaintheworld.com

New research has found that the majority of working people in Britain are not primarily motivated in their work by the wage they receive. Latest figures from leading recruitment website Indeed reveals the priorities that the UK’s employees have in mind when considering their level of satisfaction with their work life, and the wage they take home at the end of the month is not the be all and end all.

A mere 12% of surveyed employees said that their rate of pay was the most important factor of their working life. The response came tailing behind other aspects of work: 24% of workers said that enjoying their work was their main concern, while 21% of respondents said that enjoying strong working relationships with their colleagues was their priority in the workplace.

The importance placed on a positive and healthy working environment was underpinned by the result that revealed a considerable 55% of people insisted that they would turn down a pay rise if taking the job meant that they would be working in an environment, or alongside colleagues, that they did not like.

This is not to suggest, however, that the vast majority of British employees are actually happy with the wage they receive. A huge 53% of respondents said that they did not believe they were paid ‘appropriately’ for the work that they did, which served to back up the assertion that many people would happily trade in a low wage for a working environment that they felt happy and productive in. This theory was further cemented when 52% of people responded that they had a colleague at work that they considered a best friend.

34% of people reported that they would decline an offer of employment, even if they had had a positive firsthand experience with the recruitment and interview process, if they were informed by peers that the company was not a good employer.

The UK Managing Director of Indeed, Bill Richards, had the following to say on the results of the company’s research: “Job satisfaction or fulfillment is a complex idea to pin down, and for each person it’s invariably driven by a mix of factors. Yet it’s striking to learn that the vast majority of Britons are not motivated primarily by how much a job pays. Jobseekers are looking for the all round package of what a company can offer and employers should note the continuing power of word of mouth in influencing how people feel about where they work.

“Many of us spend more time at work than we do with our friends and families, so it is vital that our environment and colleagues help create a positive and stimulating atmosphere; and this is as true of how companies treat applicants as they do their existing staff. Employers who are more attentive from the start of the application process, both in terms of speed of response and in the detail of their communication, are far more likely to leave a positive and lasting impression on jobseekers that will in turn translate into a happier workplace.”

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Other deductions can be taken from Indeed’s research results. They reflect the importance of a company’s hiring process, as it is the crux of how their team is perceived by others. More than two thirds of people (67%) insisted that if they had a pleasant interview experience at a company but were unsuccessful in

their application, they would reapply later because of their positive interactions. It was found that applicants appreciate fast and efficient communication, with 65% of people saying that the speed with which prospective employers responded to them following an interview was a pertinent element to establishing trusting relationships. The importance of this element was further emphasised when 43% of respondents said that they felt undermined by a prospective employer if they took more than a week to get back to them following an interview.

FEATURE

WAGE SATISFACTION: SEVEN OUT OF EIGHT SAYS IT’S NOT ABOUT THE MONEY

17

EXECUTIVE PROFILE

EXECUTIVE PROFILE: Mayor Peter Taylor Watford Borough Council This month we speak to Peter Taylor, the newly elected Mayor of Watford. We discuss how he became Mayor, what challenges he expects to face and what improvements he looks to bring to the area.

What were your career goals growing up?

I was one of those people who always struggled to think of an answer to the question 'what do you want to be when you grow up?' I was very interested in current affairs and studied economics and politics at university. I knew that I wanted a job that made a positive difference to society and it was this that led me to teaching and becoming a local councillor.

When did you first become interested in becoming Mayor?

I was elected as a Watford Borough councillor in 2012.

I really enjoyed being able to solve local problems and also playing my part in the Liberal Democrat team leading the council. By 2015 I had joined Dorothy Thornhill's cabinet and it was after that that I first started to consider standing for the position in the future.

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What are your day-to-day duties as a Mayor?

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I spend time meeting council officers, local businesses, residents and many organisations looking to make progress on the issues that matter to people in Watford.

That includes making sure that we find a solution to the stalled Metropolitan Line Extension, get more affordable homes for our young people and keep our town moving by getting better public transport.

You were elected as Mayor on 3rd May. What initiatives are you looking to focus on first?

One of my key priorities during the campaign was to make Watford a Dementia Friendly Town. I’ve already started work on setting up a Dementia Forum for those interested in coming together to raise awareness and make the lives easier for those in our town affected by Dementia. It’s such a prevalent issue at the moment, not just in Watford but across the country.

What improvements do you want to bring to the area?

We all know that the town is growing and thriving, but that does come with challenges. A lot of residents are finding it takes longer and longer to get round Watford and I think it’s really important that we can get better buses and cycle routes to keep our town moving.

I’m looking at making Watford a more cycle friendly town. Im also reviewing options to bring a new ‘Hop On Hop Off’ bus to the town centre, which would help everyone in Watford move around more easily.

What challenges do you think you will face as Mayor?

The key challenge for me as Mayor is making sure that we get an alternative to Met Line Extension moving.

Lots of businesses and residents are keen to get an update on where we are with the scheme after TfL decided that the could not deliver the last proposal.

That’s why I am starting talks with TfL and the Department of Transport to see what is viable for the line to be used for if the tube link isn’t possible. That could include some form of light rail alternative or a bus link.

Do you have many ceremonial duties over the next couple of months?

I’m really looking forward to a few events that I have coming up. I’ve been invited to open an edible garden at a local primary school, judge competitions at the Watford Musuem and take part in Imagine Watford.

I’m looking forward to also helping open our new High Street Improvement works later in the year.

Although the job isn’t all about ribbon cutting, it’s always fantastic to see what a mixture of thriving community groups we’ve got in Watford.

What long term changes would you like to see?

I think everyone recognises what a well run council we have here, led for the last 16 years by Dorothy Thornhill.

She has made massive improvements and turned the town around.

I think for me the biggest change I’d like to see is our town having the right infrastructure for our growth. It’s fantastic to see so many people wanting to make Watford their home, but it does come with its challenges. This is compounded by the current government doubling our housing targets. I want to improve our transport infrastructure to cope with this.

DCS Voice & Vision are an award-winning telecoms company based in Luton and deliver telephone systems, CCTV and Access Control and as early adopters of IP technology, they are the right people to talk to. Kellie Jones (Head of Business Operations) has worked at DCS Voice & Vision for over 11 years and tells us more about the business.

Who are DCS Voice & Vision Limited?

So, who are your customers?

Well put simply, we are a telecoms company based in Luton, Bedfordshire, but we are so much more than that. Competing against the larger, well known organisations such as BT, TalkTalk etc, we are holding our own and going from strength to strength.

We love our customers and lots of them have some lovely things to say about us (have a sneaky peek at our testimonials page (www.dcsvav.com/testimonials/). We work with local authorities in Brent, Hertfordshire and Bedfordshire. We are especially strong in Schools, in addition to this we work with SME's, Doctors Surgeries, Serviced Offices, the Property sector and many more.

So where did it all begin?

It all started back in the 1980's when our Managing Director, at the time, decided to use all of the knowledge and experience he had gained as an engineer working for BT and start doing it for himself. Initially operating out of his garage, he started installing and maintaining telephone systems. This started to develop nicely for him and when he became the telecoms provider for a Borough in London he decided it was the right time to expand. Fast forward 30 years and here we are today.

(In fact, this year is our 30th anniversary of trading - exciting!)

Not only have we moved out of the garage into a great office in Luton, but we now have a team of experts who are truly passionate about anything telecoms!

Who works at DCS?

What products do you provide?

Our portfolio of products has developed too - so first and foremost we are a telecommunications company, so we provide our customers with anything under the telecoms umbrella. This can be the installation and technical support of a traditional telephone system, Cloud-based telephone systems, Calls and Lines, Broadband and SIP trunks.

Because of our extensive portfolio of telecoms products our customers only need to deal with one provider. This saves them so much time, leaving them to focus on running their business while we manage their telephony requirements.

As time went on we soon realised that our customers had security requirements. Because of our expertise in IP technology we added CCTV and Access Control to our list of products and this side of the business has grown. These additional product offerings further add to our "one-supplier" status for our customers.

We care passionately about the products and services that we provide to our customers and the positive feedback that we get from our valued customers proves this. We have completed work for our customers which demonstrates the trusted relationships that we have built with them our ability to identify and understand their requirements and the delivery of our solutions to them.

But don’t take our word for it, see what some of our customers say about us: have been very happy with the service provided by “DCSWeVoice & Vision and would be very willing to recommend

them to prospective future clients. The team have been superb in dealing with any queries we have had. Their service is 5 star.

“

”

Just wanted to drop a line to say thanks very much for the brilliant service we have received. We are loving the new system and yes, we have now caught up with everyone else in the 21st century! The engineer that came out to us was very helpful and put up with our simple mind sets to technology.

Thanks again!!!

”

“

The switch over to the VoIP system was smooth and we were kept fully informed and updated at every stage of the process. Whenever we've needed any assistance with the system (or can't remember how anything works) the support team have always been friendly, patient, knowledgeable and resolved our issue straight away. We would have no hesitation in recommending DCS Voice & Vision to any prospective clients. We have been and continue to be pleased with the service provided.

”

“

DCS recently moved our telephone system and our order was dealt with efficiently and we were always kept informed of the progress of our order. The engineer was very knowledgeable, very helpful and calm even in sometimes difficult circumstances and fully understood that we needed to keep the business going. He always gave good notice if the phones were not going to be available and was a very tidy worker.

”

To find out more about DCS Voice & Vision please call 01582 488998 or visit www.dcsvav.co.uk

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There are just 9 of us in the team but each colleague brings expert knowledge and delivers great customer service to all of our valued customers.

COMPANY SPOTLIGHT

COMPANY SPOTLIGHT: DCS Voice & Vision

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This month we had the opportunity to chat to Mike Southon; a business keynote speaker, columnist, entrepreneur mentor and co-author of the best-selling Beermat Entrepreneur series of books. Mike discusses his approach to business leadership and ventures he looks to peruse in the future.

You are known for your eccentric and laid-back style of both business and presentation. Is this something you had to learn, or did you simply use your natural style to your advantage?

Among your topics of expertise is ‘intrapreneurship’. This is a relatively recent development in the business world. What does it mean and why is it so important?

It’s my natural style – I’m not that good an actor!

All major organisations envy the entrepreneurs, who can generate new ideas and implement them swiftly. The ones who fail with ’intrapreneurship’ go bust, sooner rather than later nowadays. I recently successfully took the Beermat intrapreneurial model into a local authority, which shows it can work anywhere!

You should be aware of your own strengths and weaknesses, and to find a ‘foil’ who has the opposite set of attributes, to form the perfect early team Your Beermat format of business is very well-known thanks to your several bestselling books, and you often say that business should be simple. Why is it that simplicity is such an effective way of doing business?

Some people (including some consultants!) are very good at making matters too complicated, but I feel strongly that business is indeed simple, and problems have simple solutions. I learned this from my foil, my co-author Chris West, a philosopher and novelist, who helped me generate the simple but effective Beermat models

We all go through the process of being mentored by our parents and teachers and then pass this on to younger people, when we have some experience.

Mentoring is key to entrepreneurship and should always be offered for free. It is a key part of the Beermat model and has huge rewards (though not necessarily directly financial) for both mentor and mentee. In the new version of our book we have expanded the section on how best to approach potential mentors You are also unique in offering a whole page of ‘Freebies’ on your website with free e-books and downloads to help those starting out in business.

Do you think the business world could benefit from a more open attitude towards sharing the wealth?

Of course – it’s all about karma, as The Beatles said on Abbey Road: “and in the end, the love you take is equal to the love you make”

You are considered one of the world’s best keynote speakers and turned to this field after selling your business in 1989. Do you feel that motivational speaking is more of a calling for you than entrepreneurship, or do you prefer to spread yourself evenly among your endeavours?

I love public speaking, as I have a history of being an actor and stand-up comedian, as well as having fronted bands for nearly forty years. But just doing public speaking and inspiring people is not enough; you also have to help them implement their ideas.

Your business expertise over the years has been eclectic. Are there any fields or ventures that you have not yet pursued that you would like to?

I’m always working in new areas, helping entrepreneurs with my face-to-face sales expertise, using material from our book ‘Sales on a Beermat’. I’m currently helping a school chum sell British School uniforms to international schools, which is a lot of fun. Who knows what tomorrow will bring?

Another of your passions is music, and you head a 60s and 70s rock band. Are there any hobbies you haven’t yet pursued, and what are your main passions outside of business?

My main passion outside of work is Freemasonry, which has now removed all of its secrecy and is now much more open. It’s a fascinating religion-non-specific moral code, which I find very useful when mentoring entrepreneurs. I’d be happy to explain more to anyone over a Beermat!

Mike Southon is releasing a new Third Edition of The Beermt Entrepreneur, which is being published in in September and can be purchased from https://tinyurl.com/BeermatThirdEdition

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You frequently invite people to approach you, to get in touch and see what they can learn from you, and even answer your own calls and emails, which is not as ubiquitous an approach to entrepreneurship as perhaps it should be. Why do you feel so strongly about helping others, and do you think other business experts should do the same?

LEAD INTERVIEW

LEAD INTERVIEW Mike Southon

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FEATURE

WHICH STAGE OF THE BUSINESS GROWTH JOURNEY ARE YOU AND YOUR BUSINESS CURRENTLY IN? Owning and managing your own business is a thrilling but sometimes treacherous path. At times, it can feel like your leading a pinball life, bouncing around at ridiculous speeds, feeling out of control reacting to the next challenge in front of you, whatever that may be, trying to grow and scale your business with all your best intentions.

Knowing which stage of the business growth journey you and your business are currently in can help you navigate a pathway to growth.

I refer to business growth as being split into 5 distinct stages – Start Up, Infancy, Adolescence, The Groove and Maturity - each stage having its own set of challenges or business behaviours.

Which stage are you and your business currently in? #1 Start Up Where all new businesses start out. It’s the set-up, the ‘getting everything’ in place. You’ll know you’re in start Up if the business challenges you face today include tasks like registering your business, developing your logo, creating a website. You may have experienced feelings of overwhelm, being scared and totally out of your comfort zone, whilst at the same time feeling excited beyond words.

You’ll know you’re in The Groove if the business challenges you face today include inefficient operations, the engine room is just not pumping at the pace it needs to. You need to scale your sales and business development activities to hit your goals and you’re hiring, firing and managing people without a defined people plan in place.

You are pulling on your inner steel as you know your hard work has got you here you can do this, but you do get moments of annoyance and frustration as you feel you’re just not grasping the opportunity.

The Groove is a great place to be if you’ve set yourself up for success. If you’ve put those hard yards in during Infancy and Adolescence you start reaping the rewards here. Don’t get me wrong, you’ll still need to focus and hanker down but you can crank those dials up knowing you are strong at the core. #5 Maturity Maturity, the holy grail in some people’s eyes but not without its own set of challenges.

#2 Infancy The stage all businesses move into after coming out of the initial new biz start-up phase.

You’ll know you’re in Maturity if the business challenges you face today include loss of momentum and flexibility, your losing talented people and you’re not sure why, your losing customers and you’re not sure why.

You may have experienced feelings of anxiousness as your ‘to do’ list gets bigger and you start second guessing what you should or shouldn’t be doing.

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#4 The Groove The Groove is all about harnessing the growth and scaling up, but it isn’t without it’s growing pains.

Start-Up is when you take your idea and turn it into something which says you are open for business.

You’ll know you’re in infancy if the business challenges you face today include figuring out how to find customers and in the early days an over dependency on 1 or 2 key customers, poor or no cash-flow and your days feel like a whirlwind of reactive tactical tasks.

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Adolescence is the double-edged sword. You’ve got the momentum of being a new business firmly behind you pushing your through the headwinds, but if one big storm comes it can easily throw you off course.

The key here is anchor your successes whilst keeping eyes open to new opportunities.

I’m truly passionate and believe that if you understand what stage you and your business are in, identify what you should be focusing on and as importantly, what you should be staying away from, you will set yourself up with a business which is truly built to grow.

In Infancy, you are operating in survival mode. You will need to shift from gut instinct mode to implementing practical business sense in order to move to the next phase. #3 Adolescence This is the stage where you start to ‘build out’ your business.

It’s the stage where your business can quickly grow, BUT it can easily and just as quickly take 3 steps back. Great if you can handle it and are prepared, terrible if you’re not ready.

You’ll know you’re in Adolescence if the business challenges you face today include continued customer concentration risk, the robustness (or lack of) your strategic plan (2yr+ time horizon) is in question and your operations are under pressure particularly when demand is high.

You may have experienced feelings of frustration and maybe even anger as you don’t know which challenge to solve first.

Your confidence takes a knock as you know you’re carrying the strategic direction for your business in addition to the dayto-day operations. But you bag those moments of happiness as you bring on new customers and realise it’s all worth it.

Royston Guest is a global authority on growing businesses and unlocking people potential. He is CEO of Pti-Worldwide, author of #1 best-selling business growth book, Built to Grow, now available on audible and founder of Built to Grow Mastermind programme, the place to be for ultra-focused entrepreneurs , business owners and leaders looking to kick their business into exponential overdrive. Follow him on Facebook or Instagram. Connect with him on LinkedIn or check out his weekly blog at www.roystonguest.com/blog

SPECIAL FEATURE ON ENTREPRENEURSHIP

Page 24 - Hertfordshire’s Heritage Of Innovation And The Industrial Strategy Page 25 - Apprenticeships Are Key To Driving The Future Productivity And Prosperity Of Hertfordshire, Says Bim Afolami, MP Page 26 - Why Entrepreneurs Need A Game Plan

SPECIAL

HERTFORDSHIRE’S HERITAGE OF INNOVATION AND THE INDUSTRIAL STRATEGY “The challenge we have set ourselves is to build something here that will have a big impact on the UK economy and for our future generations.”

- Mark Bretton, Chair, Hertfordshire Local Enterprise Partnership

Hertfordshire’s entrepreneurial spirit runs deep. We are a county of firsts and continue to build on our pioneering industrial heritage.

Mark Bretton, Chair, Hertfordshire Local Enterprise Partnership, outlines how the LEP is creating a Local Industrial Strategy that will play to our key sector strengths and grow our local economy.

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Hertfordshire’s engineering research and advanced manufacturing capability is built on a long history of innovation. The first production commercial jetliner, the de Havilland Comet, was developed and manufactured in Hatfield in 1947; Hertfordshire is home to the first digital radio manufacturer and Airbus in Stevenage is helping to lead the search for life on Mars.

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Life on Mars: Astronaut Tim Peake at the opening of the Airbus Foundation Discovery Space. This unique centre at Airbus in Stevenage leverages the inspirational power of the ExoMars Rover to encourage young people to pursue future STEM careers.

Photo credit: Max Alexander

Life scientific: The new £55m Cell and Gene Therapy Manufacturing Centre in Stevenage is the latest addition to the town’s thriving life sciences sector.

A vibrant economy: Welwyn Hatfield scores highly for dynamism and opportunity, Grant Thornton Vibrant Economy Index

Letchworth Garden City: do garden towns have a place in modern-day planning?

The county can lay claim to being the home of Harry Potter, while over at the other peak of film production, Elstree Studios is the birthplace of Star Wars.

Keith Thompson, CEO, Cell and Gene Therapy Catapult, said Hertfordshire was right at the heart of what he hoped would be the birth of one of the biggest industrial clusters of cell and gene therapy.

these measures Hertfordshire has its low and high performers with pockets of success, but also too many areas that are falling below the national average. The challenge the Local Industrial Strategy brings is to ensure that collectively we can improve the county’s overall performance.

and its Grand Challenges, with a focus on the built and green environments, and the digital enablers that drive technology innovation around both.

With strong R&D capabilities thanks to our established centres of research excellence, the University of Hertfordshire and Royal Veterinary College, we are also perfectly placed to capitalise on our proximity to four of the world’s top 10 universities: Cambridge, Oxford, UCL and Imperial College.

In the thriving life sciences sector, the Cell and Gene Therapy Catapult has chosen to build its first manufacturing centre in Stevenage. No wonder then that

Innovation in action: The world-renowned BRE Innovation Park in Watford provides spaces for companies to demonstrate the latest modern construction concepts. New projects on the Park recently include ZEDpod, a low-cost micro home that can sit on an elevated platform above existing outdoor car parks, and KODA, an energy efficient and movable concrete house designed for small brownfield developments.

The development of a Local Industrial Strategy provides the opportunity to shout about some of these larger success stories and nurture tomorrow’s truly innovative and entrepreneurial champions. It also enables us to scan future horizons so that we can plan for growth over the next 30 years.

SMEs are the backbone of our local economy so it is vital that we understand how best to accelerate their progress with effective business support models which reflect local needs. In the recent Grant Thornton Vibrant Economy Index, for dynamism and opportunity – having the skills and entrepreneurship to drive future growth - Cambridge ranks number one nationally.

Other key indicators of an area’s overall vibrancy are health, well-being and happiness, as well as community, trust and a sense of belonging. On both of

Hertfordshire has a long tradition in managing growth. Letchworth and Welwyn, the first garden cities planned in the 1910s and 1920s, remain hugely desirable thanks to their low-density planning and proximity to London. We need to ensure that the garden city movement’s planned, concentric approach to community living, commerce and employment land use is still relevant when development in this country is dominated by volume housebuilders.

Here in Hertfordshire we have an opportunity once again to influence the shape of future growth. In our new large settlements in both Gilston/Harlow and Hemel there is the potential to create sustainable communities to live, work and play in, that also meet the needs of our ageing population. And the Herts EnviroTech Enterprise Zone has the potential to drive forward several strands of the Industrial Strategy

The use of modern technologies will help to drive forward some of these solutions. By applying the valuable insight industry brings to the way goods and services move to our congested road networks or applying modern construction technologies to housing and employment development, there is a huge opportunity here to do something bold, innovative and different.

The challenge we have set ourselves is to build something here that will have a big impact on the UK economy and for our future generations.

We will be sharing our progress over the coming months. Keep in touch: #HertsforGrowth; #IndustrialStrategy. Visit our Industrial Strategy hub: www.hertfordshirelep.com/ towards-a-local-industrialstrategy/

SPECIAL

APPRENTICESHIPS ARE KEY TO DRIVING THE FUTURE PRODUCTIVITY AND PROSPERITY OF HERTFORDSHIRE, SAYS BIM AFOLAMI, MP

Apprenticeships are a vital way to build strong, skilled workforces and grow Hertfordshire’s economy, the MP for Hitchin and Harpenden told employers at an apprenticeship conference.

Around 65 employers and training providers attended Apprenticeships Work, run by Hertfordshire Local Enterprise Partnership, Hertfordshire Growth Hub and the University of Hertfordshire at the Fielder Centre.

Delegates heard how in Hertfordshire, FE Colleges, private training providers and the University of Hertfordshire are working together to provide apprenticeship ‘pathways’.

These provide a seamless transition from when an apprentice first joins a business through to degree level apprenticeships.

Bim Afolami, MP for Hitchin and Harpenden

"Investing in people and skills is the foundation of our Strategic Economic Plan for Hertfordshire and is one of the main productivity drivers for the Local Industrial Strategy.”

- Hertfordshire LEP Deputy Chair Adrian Hawkins

Mr Afolami said: "Hertfordshire is the county of opportunity and we must develop a regionalised economy outside of M25 with a highly skilled workforce. In order to increase the number of apprenticeships, businesses need to spread the word about the good quality skills apprentices can bring.

"I am MP for Hitchin and Harpenden, an affluent area, where I have found some cultural resistance to apprenticeships. Schools can also experience this when talking to parents, their customers, and we must help shift this view."

Hertfordshire LEP Deputy Chair Adrian Hawkins said: "Investing in people and skills is the foundation of our Strategic Economic Plan for Hertfordshire and is one of the main productivity drivers for the Local Industrial Strategy.

"The county can be justifiably proud of the apprenticeship programmes it has to offer. We are keen to encourage more employers to invest in new talent as well as helping its existing employees to progress and realise their full potential. This, in turn, will maximise the impact on their business."

Julie Newlan, Pro-Vice Chancellor at the University of Hertfordshire,

"The university is passionate about apprenticeships, both as an education provider and as one of Hertfordshire’s largest employers.

This has strengthened our understanding and enabled us to act as a critical friend to other employers.

"Our degree apprenticeship programme has undergone rapid expansion in the past year. We now run 13 different programmes and anticipate enrolling 200 apprentices this September. We do not work in isolation but work alongside other education providers to enable employees to progress and develop. It is this joined up approach in Hertfordshire that is paramount to its success."

Anna Morrison, Director, Amazing Apprenticeships, encouraged employers to put social mobility on their agenda, and Charlotte Hughes, Chair, East of England Young Apprentice Ambassadors Network spoke about its mission to encourage more young people to consider apprenticeships as a viable and valued career path.

If you would like to find out more about apprenticeships and how they can add value to your business please contact: info@hertfordshirelep.co.uk or call: 01707 358744.

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said its degree apprenticeship programme was a vital component of its offer to businesses.

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SPECIAL

WHY ENTREPRENEURS NEED A GAME PLAN The UK is seeing a continual increase in the numbers of entrepreneurs and startup businesses being established on an annual basis, and there is no sign of this trend slowing down. SMEs are integral to the economy and job market, accounting for more than half of the jobs in the country, but the majority of startups are not still going five years later. With society and the economy relying so heavily on healthy entrepreneurship, business researchers have identified the best ways to make a business plan that will see a company on to a long and prosperous life.

Devising a business plan in the first six months of a business’s lifetime is too late, and might even do more harm than good, research has found. A study carried out at the University of Edinburgh Business School has suggested that writing a business plan is too often an afterthought and is thrown together after the business has officially begun operations.

Entrepreneurs are being warned that this is not only an unwise introduction to the business world, but can even be counterproductive in the long run.

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The University of Edinburgh Business School’s Professor Francis Greene and his research partner explored the process of going into business, and determined that making a startup business successful relies heavily on a fluid and flexible approach to arising opportunities. They found that having too structured a plan in place - and refusing to adjust it in response to oncoming situations, can often work to the detriment of the fledgling business. Examining the activities of a sample of entrepreneurs, Greene and his associate found that the most successful are those who actually write their plans between six and twelve months into the life of their business.

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Professor Greene expanded on his findings and why he advises newcomer entrepreneurs to hold off for a while before putting their approach into official documentation.

“Our research shows that writing a plan first is a really bad idea. It is much better to wait, not to devote too much time to writing it, and, crucially, to synchronise the plan with other key start-up activities.” He goes on to suggest the ideal conditions and timescale for devising a business plan. “Writing a plan between six months to a year increased the probability of venture viability success by 8% - but writing one earlier or later than this proved to have no distinguishable impact on future success.”

It is only once an entrepreneur is out there doing it in practice, rather than planning it in theory, that they can gauge a realistic idea of their target market, and where they should be putting their resources. The study found that those who tried to plan their strategy too soon were not familiar enough with their industry, leading them to make poor judgements and ultimately lose time and resource with little to show for it.

In terms of the writing of a business plan, Greene found that the most effective business plans took around three months to put together, with entrepreneurs who did so seeing up to a 12% increase in their chances of founding a successful venture. Spending more time than this on a plan was also found to be counterproductive, owing to the age of the data used to devise a plan effectively expiring, and being of less use than it could have been sooner.

Greene and his partner drew these conclusions from observing more than 1000 prospective US entrepreneurs, which they did over a period of six years between 2005 and 2011.

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SPECIAL

How To Grow Your Business in 6 Simple Steps by Ian Luckett Ian Luckett (Business Growth Expert) from Innovate to Success, showed us the 6 Simple Steps to help you grow your business. Building a business is not easy and keeping it going is even harder. So when you are up and running and you get to that plateau and you just can’t seem to increase your profit, productivity or leads – What do you do?

Ian’s view is Simple. All we need to do is just think in a different way and refresh ourselves on what we are doing and why we are doing it.

Starting a business and running a business are two different things. Ian demonstrated the simple steps from his tried and tested systems all designed to shortcut your route to business growth.

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Website: www.innovatetosuccess.com Facebook: www.facebook.com/ ianluckettofficial Linkedin: www.linkedin.com/in/ianluckett

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SPECIAL

Getting the most from your Networking by Katrina Sargent and Maree Atkinson This fun interactive session helped us understand how networking can really make a difference to you and your business, and cover off the Why, When, Where and How to create the best impact.

There was a Q&A session at the end where Katrina & Maree shared their ‘top tips’ for success.

Katrina Sargent: Linkedin: www.linkedin.com/in/ katrinasargent Twitter: www.twitter.com/KatrinaSargent Maree Atkinson: Linkedin: www.linkedin.com/in/ mareeatkinson Twitter: www.twitter.com/fsbmaree

Speed Networking by Business Buzz With Business Buzz unique matrix this speed networking session was fast and full of lots of local businesses to connect with.

Twitter: www.twitter.com/bizbuzzherts Facebook: www.facebook.com/bizbuzzherts

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Website: www.business-buzz.org

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Thank you to all our Sponsors, Exhibitors and Visitors!

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Written by Chantal Cooke, Panpathic Communications

“Brands are built on what people are saying about you, not what you’re saying about yourself.

People say good things about you when (a) you have a great product and (b) you get people to spread the word about it.” Guy Kawasaki Very few businesses have ever managed to grow substantially without the use of PR. Seth Godin, Steve Jobs and Guy Kawasaki are just a few of the fans of this form of marketing. So, if you’re running a business you should definitely consider PR – but how do you know if it’s working? How do you measure the ROI? There are a variety of ‘traditional’ methods but it’s fair to say there isn’t an ‘accepted scientific method’ or even a method that suits every business – particularly if you are a small business with a limited PR budget.

Traditionally the ‘advertising value equivalent’ (AVE) was measured; you compare the size/reach of the PR coverage with the amount it would have cost you to reach those people through advertising in the particular publication. As long as the PR cost you less than simply buying the advertising – you are getting a return on your investment. Although this figure can sometimes be helpful, it certainly doesn’t tell the full story – and it ignores so much of what is great about PR. In 2010 the Barcelona Declaration of Measurement Principles was published. This suggests seven principles:

These are useful principles, but they still don’t really deal with understanding the ROI. They are predominantly designed for the big corporate companies using large blue-chip PR agencies spending thousands each month. For a small business, spending less than £1000 per month they can be overkill – and you may find that if you ask your agency to

So, where does that leave the small business and how do you measure the ROI of your PR? My advice is to start by asking yourself why you are doing the PR in the first place? What prompted you to invest the time and resource in this campaign? What is the business objective? The ‘why’ is the most important question as the answer to this will help you determine the ROI of your PR campaign.

Having established the ‘why’ – you now know what it is you need to measure. Is it traffic to your site? Leads or enquiries? Your dominance in the Google search results?

Clients mentioning they’ve seen you in the media? Changing people’s perceptions or behaviours? Educating your target market about a problem they may not realise they even have?

Increasing the number of speaking opportunities you are offered? Jumping ahead of your competition and ensuring potential customers think of you first? Building your profile as a trusted expert? Driving investors to your crowdfunding campaign? Attracting top talent? Promoting your book? The potential list is huge – what’s the ‘why’ for you?

Once you have the ‘why’, you can take the next step; define your target market and therefore the target publications needed in order to achieve your ‘why’. Add this to the ROI assessment; Did you get any coverage? How much? Was it in the right sort of publications?

PR is a powerful business tool and can deliver on all the suggested ‘whys’ above – as long as the correct strategy is employed. So, define the ‘why’ at the outset, this will not only help you create the right campaign and it will also enable you to decide on the appropriate measurement of the ROI.

About Chantal Cooke: Chantal Cooke is an award-winning journalist, PR expert and author of ‘PR Demystified; how to get free publicity by giving journalists what they really need’, and ‘The Authority Guide to Marketing your Business Book’. She is also founder of boutique PR Agency Panpathic Communications specialising in working with small businesses, authors and those currently crowdfunding.

Website: www.panpathic.com Twitter: @ChantalCooke and @Panpathic Facebook: /Chantal.cooke and /Panpathic Linkedin: /in/chantalcooke

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1. Importance of goal setting and measurement 2. Measuring the effect on outcomes is preferred to measuring outputs 3. The effect on business results can and should be measured where possible 4. Media measurement requires quantity and quality 5. AVEs are not the value of public relations 6. Social media can and should be measured 7. Transparency and replicability are paramount to sound measurement

give you a report covering all the above in detail, you’ll be spending most of your retainer on creating the report rather than generating media coverage! That said, the principles are still worth adhering to as much as is practicable in a small business setting.

MARKETING

HOW CAN A SMALL BUSINESS MEASURE THE ROI OF ITS PR?

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TECH REVIEW

DELTA 1.6 APP

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Cryptocurrency has unquestionably been the talk of the town this year, earning fortunes for some, and otherwise forcing the financial sector to think on its feet to keep up with the latest developments.

A technology purpose-built for the likes of cryptocurrencies and investments was on the cards for both those who had been dabbling in crypto for some time, and for those newcomers who wanted to get in on the action. In prompt response to this market niche, the latest version of the app Delta was swiftly brought to market. Delta 1.6, is the simple and convenient way for people to keep track of their cryptocurrency portfolios, and the stock market.

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The Delta app provides a user-friendly hub where all cryptocurrency and altcoin related activity can be tracked and moderated. The app is free to use and available across iOS and Android devices, as well as Windows computers. A market newcomer, the first generation of the Delta app debuted in October of 2017, to glowing response; this latest version of the app has been developed in real time with the fluctuations of the cryptocurrency market, and so is well-equipped for all users, regardless of their experience in investment.

Since its inception, Delta has attracted the use of more than half a million cryptocurrency investors, and is adding to this figure all the time.

From the Delta app, users can keep an eye on the values of all cryptocurrencies - with more than 2000 different altcoins being recognised by the app - and obtain market charts in their own currency. They can also programme their app to notify them of upcoming investment opportunities, allowing users to take a more relaxed approach to their usage.

The home of the app offers a glance at the user’s crypto portfolio, the total balance of which can be viewed either in terms of the last 24 hours, or since the start of investment, offering short- and long-term outlooks on the success being achieved. This enables users to identify trends and make better informed investment decisions going forward.

A portfolio can hold as many different currencies as the user wishes, which can then be compared, along with all existing statistics on chart trends, profits and losses and holdings, while additional currencies can be added to a watch list for monitoring, without the need to make any investments in it. Among the 2000-odd cryptocurrencies and altcoins recognised and monitored by the Delta app are the likes of Bitcoin, Ethereum, Ripple, Tron, Nano, ICON, Tether and Dash, to name just a few. More currencies are being introduced all the time, as the Delta app strives to deliver the most up to date crypto service available.

One of the USPs of Delta is the function enabling users to add their own custom currency, which is well-suited to the many emerging ICOs that have yet to reach exchange, and allows users to do so without the need to add it in the form of an annotated fiat transaction.

Critically, the app also offers deep market analysis for every currency listed, tracking the highs, lows and total volume, and plotting them on graphs for easy but detailed use.

Transactions are quick, secure and easy to do.

Transactions in new currencies can be added with the touch of a button, as can additions and deductions from holdings, while users have the option of maintaining multiple portfolios from the same account and device, and monitor them side by side, with registered users being allowed to have five portfolios at once, and free users two. And should any mishaps occur, the Recovery setting can retrieve the latest portfolio state.

Delta is the only app of its kind on the market, and as the makers have already proven, is being constantly updated and improved as the cryptocurrency legacy continues.

For further information, please visit https://getdelta.io

DRIVE

Jaguar F-Pace SVR

Introducing the Jaguar F-Pace SVR: Jaguar’s first ever high performance SUV, and the fastest vehicle in Jaguar’s catalogue. Sailing onto the market at a time of peaked demand for fast high ride vehicles, the Jaguar F-Pace SVR is set to break records, and become a landmark vehicle of the time.

The latest model is the second chapter of Jaguar’s SVR legacy, following on from the F-Type, and is the result of the design and nurturing of Jaguar Land Rover’s Special Vehicle Operations Division, the masterminds behind the Range Rover SV Autobiography and Autobiography DYNAMIC. This model has enjoyed launch priority over its saloon counterparts, which is indicative of the way demand for SUV is overtaking that for saloon models.

The F-Pace SVR separates itself from the rest with its dynamic performance, powered by the read Electronic Active Differential, and is the first of Jaguar’s models to make use of this system. By maximising the torque to each individual wheel of the vehicle via its all-wheel drive system, the F-Pace SVR achieves agility and precision, while the vehicle’s adaptive suspension and electronic power assisted steering have been custom tuned to achieve this.

The vehicle offers a range of driving modes for a driving experience perfectly suited to your speed, terrain and style. The DYNAMIC is the most powerful of the F-Pace SVR driving modes, and takes advantage of swifter gear changes, better steering accuracy and more abrupt throttle response.

A significant reduction in body roll has also been achieved, thanks to front fitted springs that are 30%

Newly designed, more lightweight tyres are available in either 21 inch or 22 inch sizes, and are 25mm broader and considerably lighter in order to accommodate the new model’s handling. This redesign centres on optimised airflow to the brake discs, which enables a more agile and seamless driving experience. Further weight savings have been made across the design of the F-Pace SVR: newly designed exhaust knocks off 6.6kg which enables increased gas flow; lightweight front seats for enhanced lateral support.

Jaguar offers the option of custom building your very own dream F-Pace SVR, giving buyers free rein on every part of their vehicle, from engine type and luxury interiors, to headlight type and window options. Interiors are available in a range of four bespoke colours including sophisticated pale grey and adventurous red, while exteriors are available in eleven shades, spanning metallics, mattes and luxury.

Prices for the Jaguar F-Pace SVR begin at £74,835, with a number of preset packages available to suit more modest budgets. Orders are currently being taken and the first delivery is expected in July of 2018.

Jaguar’s Chief Engineer for Vehicle Integrity, Mike Cross, has this to say of the company’s latest offering: “It delivers the handling and agility to match its performance. Everything from steering to the bespoke suspension set-up has been tuned specifically. You don’t need to make a car uncomfortable for the sake of it. It can be really engaging when you want it to be.

You’ll be surprised on a B-road just how agile and responsive it is.”

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The acceleration level of the new Jaguar F-Pace SVR is a talking point: at 0-62mph in 4.3 seconds, this model is not only Jaguar’s fastest to date, but rivals the speed of the original F-Type V8 S, which was a considerably more lightweight design. This also sees it top the likes of Porsche’s Macan Turbo and the Audi R8 V10.

Reaching top speeds of 176mh, the F-Pace SVR is the ultimate vehicle for those wanting an exhilarating and sporty driving experience every time.

stiffer and rear springs that are 10% stiffer, finished off with a new anti-roll bar.

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NETWORKING

YOU CAN’T BUILD RELATIONSHIPS WHILE SAT AT YOUR DESK Written by Andy Lopata

A client recently briefed me ahead of a forthcoming event to a group of recent graduates. I was told that many graduate employees over recent years have spurned face-to-face networking events and conferences, seeing such events as a waste of time because they could build the necessary relationships online.

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There is no doubt that the proliferation of online networks and their rapid growth to become a central platform in our day-today lives has been as much of a benefit as a challenge. From a networking perspective, they have made it possible for us to grow our networks at a more rapid rate, expand our reach globally, access key influencers who might previously have been beyond our reach and, most importantly, manage and maintain relationships with our network in a more powerful and efficient way than we have ever been able to do before.

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What they have not done, however, is replace face to face contact. Whilst you can develop relatively strong relationships with complete strangers online, I do not believe that virtual interactions can ever develop as deep a connection as that provided by the personal touch. When we meet with people we have access to a much wider range of expression, gesture, body language and more, all of which provide nuance to our conversations and can act to take a relationship to another level. (Admittedly, in some cases, that new level might be a weaker one than before if you find you have less ‘chemistry’ than you thought!)

The best sales directors I’ve worked with have always encouraged their teams to get out and meet people, recognising that relationships can’t be developed from behind a desk. That hasn’t changed and the benefits aren’t limited to sales.

For younger people, fresh to the workforce, events and conferences provide a unique opportunity to get out and meet lots of people in a short space of time. Those relationships still need to be developed and online networks are one tool in that process, but face to face meetings remain key.

Recent news reports1 suggest that the latest generation of teenagers are turning their backs on Facebook and other social networks, so perhaps the pendulum will swing back the other way over the next decade or so. What we all need to do, irrespective of our age, is to recognise that we have a fantastic tool in social networks that boosts our traditional relationships and that these networks should complement, not replace, the hard work we put in to build relationships in person.

Reference: 1. www.theguardian.com/media/2017/oct/05/growing-socialmedia-backlash-among-young-people-survey-shows

Labelled ‘Mr Network’ by The Sun, Andy Lopata was called one of Europe’s leading business networking strategists by The Financial Times.

Andy is the author of three books on networking, as well as a blogger for The Huffington Post and NatWest Business Sense.

Find out more at www.lopata.co.uk @AndyLopata

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