The Successful Founder Autumn 2021

The Successful Founder CREATING AND LIVING THE LIFE YOU DESIRE

Your Guide To Building A Successful Business & Creating The Life You Desire

YOUR TIME 2021 TO STEPSet UP & Ready SHINE Go!

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EDITOR’S LETTER DEAR READER,

EDITOR & FOUNDER Lisa Curtiss

Welcome to this Autumn 2021 edition of The Successful Founder Magazine.

This issue focuses on looking positively ahead and embracing the rest of the year, and planning for 2022. You’ll find a wealth of useful and inspirational features on everything from buiding your social media presence, to keeping a positive mindset, and embracing new ways of working.

In addition to reading our digital and print magazines, do also visit us online at www.thesuccessfulfounder.com for daily new articles, and join us on our socials – details below.

Finally if you’ve any suggestions or great stories to tell, we’d love to hear from you. Drop us a note on team@thesuccessfulfounder.com.

Do also keep an eye out for our sister titles, Female Founders Guide, and Luxury Lifestyler too. www.femalefoundersguide.com and www.luxurylifestyler.com.

EDITORIAL COORDINATOR Gemma Evans EDITORIAL TEAM Anna McKenzie Gayle Penny Hannah Riche Luke Penny Gemma Evans

My very best wishes, LISA EDITOR

ADVERTISING, SPONSORSHIP, SUBSCRIPTIONS & DISTRIBUTION team@thesuccessfulfounder.com

Visit our website www.thesuccessfulfounder.com www.femalefoundersguide.com www.luxurylifestyler.com Find us on Issuu - issuu.com/thesuccessfulfounder Follow us on our socials @thesuccessfulfounder @femalefoundersguide @luxelifestyler Find us on Readly https://gb.readly.com/products/magazine/the-successful-founder?q=The%20succes

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Are You A Boss Or A Leader?

Why Mindset Is Critical To Startup Success

By Russ Shaw, Founder of Tech London Advocates and Global Tech Advocates, and Nick Adams, Vice President of EMEA at Globalization Partners Leadership plays a crucial role in company performance, and arguably is even more fundamental for startups, where it can make the difference between success or failure.

According to a study published by Harvard Business School, bad management is the prime reason why startups fail, with 82% of startups failing because of bad management and leadership inexperience. With the odds stacked against startups, having the right leaders in place is critical if new businesses are to thrive.

Similarly, success doesn’t just rely on having a great idea or a solid business model. Dedication to building a great team - and one that has the potential to expand globally - is key when embarking on any entrepreneurial venture. But, the reality is that not everyone is instinctively cut out to lead and to run a successful startup. It requires a certain mindset which distinguishes the need to be a boss who precisely directs every aspect of the way the organisation works, from being a leader who clearly articulates its values and inspires colleagues to join them on the journey.

Clearly, most startups are guided by a vision focused around a product or service that the founders believe in, but how many go further to develop their leadership vision with anything like the same energy? Part of the problem can be that among the many priorities facing startup founders, the nuances of effective leadership might not initially be top of mind. To an extent this is understandable, given the focus that is required to build a product or service that is viable, maybe even capable of attracting funding or that can deliver sustained growth.

As a result, the true importance of leadership often only becomes apparent to startup founders as their organisation scales, when they have to manage more than their own time and demonstrate an ability to articulate the company vision so that it enables others to do their job. A boss, for example, can often be characterised by a tendency to micro-manage.

This can be especially apparent in relation to their areas of core competence and experience, where the ability to let go and allow others bring their unique capabilities to challenges can be hard to achieve.

Micro-management can also lead to flawed decision making that focuses on narrow criteria. This can often be seen in the leadership styles of people that transition from small to large organisations, where the approaches to leadership can be quite different and a management style that is too controlling can build stress and frustration within a team.

Learning To Lead Truly effective leadership, on the other hand, benefits hugely from self-awareness, empathy and a willingness to consider how style and process might affect others. For many people, these are intangible qualities that seem a million miles away from the skills which got their business off the ground in the first place. They are, however, no less important.

Ultimately, effective leadership is often a question of mindset. Think of it this way: many startups succeed because of a mindset where a willingness to experiment and iterate around their core product or service is valued in full knowledge that failure is a beneficial part of the process that leads to better outcomes.

Adopting a similar approach to leadership is key, and startup founders in particular should be prepared to modify, iterate and evolve their own leadership style until they find an approach that optimises the positive impact they can have on the business and the people it employs. In doing so, things are likely to go wrong, but leaders need learning experiences, a willingness to admit mistakes and the ability to turn challenges into positive progress.

Leadership vision is likely to evolve over time, and in some situations pivot entirely according to changing circumstances and new opportunities. The risk here is that organisational culture - the tone of which is set by leaders - can easily blur or be lost entirely if there are too many changes.

Startups that view leadership as part of their DNA on an equal footing with issues such as their IP, funding or customer experience will be more effectively placed to embrace and manage organisational growth. In doing so, there is more scope to create a stronger, more genuine culture that everyone in the organisation can support without compromise, and instead of being directed by a boss, be inspired by a leader.

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How to Overcome Imposter Syndrome Have you ever felt like you’re not good enough? Like you’re a fraud or you’re going to get found out? That you’re in a room full of people who are so much better than you?

Well, that is called imposter syndrome and you’re in good company as 70% of us feel like this at some point in our life, with women being much more susceptible to this than men.

And whilst women are more likely to suffer from imposter syndrome it can impact anyone. Imposter syndrome is not a diagnosed medical condition, nor are there any magic potions to make it go away, but it is essential to tackle head on and make sure that it does not have a debilitating effect on your work and success.

Those suffering from imposter syndrome will often start a task or new job with strong feelings of self-doubt, inadequacy and often anxiety. And even when they are successful or have achieved the desired outcome, they often attribute this to luck, a fluke or overworking. These cycle of thoughts often make you feel like a fraud waiting to be exposed which then perpetuates and aggravates these self doubting beliefs.

Needless to say, this is not the case and these individuals are competent and suitable for the task in hand. High achievers are generally more prone to this phenomenon because of their school or university career. Where they would have previously attributed their successes to a percentage or letter determining their intelligence, in the working world their abilities hold no solid ‘grade’ proof and in most cases the constant worry of being exposed or tagged as such can result in anxiety and depression. * So how do you overcome this? Or is this just the way things are always going to be?

I’ve had years of working on overcoming challenges all linked to imposter syndrome and I know I’m not alone! So, I want to share my process for recognising those imposter feelings, acknowledging them for what they are (not true!) and releasing them so you can start confidently and powerfully showing up and serving your audience - and boosting your business to the next level.

Tip one: Let’s get visual Whenever any feelings of doubt creep in, I visualise a dark little devil sitting on my right shoulder. He tells me the things that keep me safe, don’t stretch me or put me in the way of danger. He’s the voice that says “Don’t do that because something bad will happen” or “You can’t do that”.

By visualising him and giving him a persona, this really helps me recognise what is going on and helps me stop him in his tracks.

In contrast to the little devil (the imposter syndrome), I also have my angel sitting on my left shoulder. She is full of light and positivity, and whispers “You can do this, give it a go, what’s the worst that can happen”, “you’re going to be good at this, you’ve got all this experience, you’ve done all these things… use them!” I visualise her as having warmth and energy.

Both of these personas have very different voices and agendas, both make me feel and act very differently. But the process I use when I hear these voices is the same: Recognise: Firstly, I recognise whose voice it is. Is it the imposter devil or my positive angel?

Acknowledge: Then I acknowledge what they are saying to me. Is it useful, factually accurate, worth listening to?

Release: Finally it’s about releasing. I choose not to listen to the negative voice if he’s whispering unhelpful things, releasing his negativity, and only take on board what the angel says to me.

To release I use an NLP technique which taught me to visualise a huge stop sign as soon as I recognise the little devil’s words. I visualise putting it in front of him. He can’t get over it, under it or round it… and he’s definitely not getting through it!

This is something you need to keep working on as the imposter naturally can come back from time to time, (there’s a saying ‘new level, new devil, for a reason!) but when it does, I just use the same technique.

If you’re not a visual person, you can try writing the thoughts down then physically throwing them away, or using another powerful stop word which resonates with you. Just keep trying different techniques until you find one that works for you. I also encourage you to welcome your angel’s voice and all the positive thinking surrounding that - visualise all the things you can achieve and start believing in yourself. After all, what you believe is what you can achieve.

Tip two: The worry journal Another technique which worked wonders for helping me manage feelings of anxiety and worry was a ‘worry journal’.

You only need to spend 10-15 mins a day writing down and ‘brain-dumping’ all the things that worry you - it’s a purposeful, allocated time for worry, so don’t go over the time slot.

All worriers know that once you start worrying about one thing it can easily spiral. Allocating a set time is really powerful as you’re recognising those feelings, you’re acknowledging them but you’re not letting them control you, and you’re releasing them by getting them out of your head

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so they aren’t whirring around and getting jumbled with reality.

You are taking back the power of how you feel, act and think - and that is the key to stepping up and showing up powerfully to your audience.

Tip three: Flip reverse it…

This leads me nicely on how to flip the imposter and turn those negative thoughts into positive questions that you could use to your advantage. For example, if you hear him saying “You can’t do this” change this to “How can I do this?”

Reframing your language is one of the most powerful things you can do for your self-belief.

You owe it to yourself, your clients, and future clients to show up and share your expertise. Only by stepping out of your comfort zone will you create a new comfort zone and edge closer to your goals.

So, what are you waiting for?

Experiencing bouts of imposter syndrome is entirely normal and natural, some people are more susceptible than others, but know that you are not alone! We usually hear his little growling voice when we’re stretching ourselves out of our comfort zones, so it can be seen as a good sign. Remember, ‘new level, new devil’ - but you can stop him in his tracks and step fully into your power. *https://www.sciencedaily.com releases/2021/03/210316112323.htm

About the Author Rhiannon Bates is the driving force behind Garnet PR, a boutique agency specialising in mindset, business and PR coaching for female business owners, particularly servicebased business or those in the rural and luxury lifestyle sectors. She also provides Public Relations services for highlevel female coaches and entrepreneurs. www.garnetpr.com

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Five ways to keep employees engaged post-pandemic As employees venture back to the workplace post-pandemic, employers must reconsider how to re-engage staff to help prevent high staff turnover, reduced productivity and low morale.

New ways of working have challenged businesses, meaning it has become increasingly important to ensure employees don’t feel isolated and they remain connected to a larger purpose on their return.

Since the pandemic started, HR specialists Breedon Consulting have had a surge of questions from employers needing advice on how to keep employees motivated and productive once their period of furlough or working from home has come to an end - be that part-time or full-time.

We know that companies with engaged employees outperform those without by 202% (Gallup), therefore, the team have outlined five key areas that businesses can focus upon to ensure staff remain confident and thrive.

Managing director of Breedon Consulting, Nicki Robson, said: “Reintroducing either furloughed workers or those who have been used to working at home brings with it a new set of challenges.

“As workers have become accustomed to a different environment its extremely important to engage with them effectively on return to the workplace – the impact of this transition can be reduced by following our one-to-one advice.”

1.Communicate the overall business strategy It’s vital that on return to the workplace staff understand your business position and strategy clearly following the impact of Covid-19. It can be a worrying time for employees, with questions around how the business is performing and in turn how that may affect their position and flexibility.

Be transparent, communicate effectively any changes and share any future business plans or goals. This will directly correspond to how their role adds value within the wider commercial setting and allow the employee to feel respected and involved.

2.Relay role expectations and opportunities for progression Outline clear responsibilities to staff, monthly expectations, and if appropriate, re-communicate clear KPIs - allowing performance to be measured effectively by both the business and individual. Communicate any career opportunities and consider providing training. This should help to re- establish motivation, clarity and confidence within the workplace.

3.Have fun After such a long period, it can be a daunting prospect to acclimatise to a sociable office environment and work alongside colleagues again. Ensure to put together a calendar of activities and events to aid an employee’s adjustment. Think about activities that will unite your team – perhaps a common interest. It will help boost team morale and can also provide a level of healthy competition in the workplace.

If members of staff are working from home – put in place Zoom socials or set aside time where teams can talk about things other than work.

4.Create a safe space to share During the pandemic, employees faced many stresses including job security, health and safety. With so many employees becoming accustomed to the benefits from working from home – it was inevitable workers would start to require levels of flexibility and support. Create a safe space for employees to share any concerns or needs they may have on return to the workplace. Consider sending out anonymous surveys or creating a staff forum where workers feel able to share their worries.

5.Adapt and update the working environment Adapting to sitting at a desk daily when it’s become a norm to work from the comfort of your sofa could encourage a shift in how we perceive the office environment. Consider adding a ‘breakout’ area for individuals to work on laptops and ensure there is a space to eat lunch away from their desk. Factors such as increased interruptions and noise could be unsettling, so provide quiet areas for working. Also consider allowing employees to wear headphones if this wasn’t in your policy previously.

Breedon Consulting is offering free 15-minute consultations for employers to talk about how best to deal with reengaging employees back into the workplace. http://www.breedonconsulting.co.uk/

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What budget do you need for raising capital?

By Oliver Woolley, Envestors. A successful start-up may well reach the stage where the founders recognise that they need more funds to grow the business and achieve their vision. In this situation you may want to raise equity growth capital. However, it is important to recognise that fundraising is difficult, complicated and time consuming and involves significant cost. Often entrepreneurs do not understand this when they set out.

To help, Envestors, which has raised over £100m for 200+ businesses, has created an overview of the costs of raising capital. This will help you establish a budget for your raise.

As a rough guide it is recommended that, to cover upfront costs, you’ll need a chest of £7,000 to £29,000. Factoring in success and/or monitoring and due diligence fees for funds, your total spend will be in the range of £20k to £60k, depending on where the funds come from and the total raise amount.

As a percentage of the amount raised, this can be as little as 5% to 13% for raises above £500k or as much as 9% to 24% for raises at or below the £250k mark.

So, what are the costs making up this overall amount?

Legal fees Selling shares in your business requires a number of legal documents. This is an area worth spending budget on – so if you find some handy free templates on the internet resist the urge and navigate away. What doesn’t seem like a big deal today, could be a huge problem for you later. While we always recommend working with a lawyer specialised in early-stage investments, you have a choice between platform-based services, like Seedlegals, which may be less expensive starting at £1,000 or firms like CMS, which while more expensive starting at £5,000, are a safer choice for businesses beyond the seed stage.

•Term Sheet: The Term Sheet is a summary which outlines the material terms of the agreement. This is something you can create yourself which your lawyer will use as a basis for further documentation •Shareholders Agreement: This sets out the relationship between the management and the shareholders following the investment. It covers areas such as voting rights, rules around share transfer and processes for the resolution of any disputes •Subscription Agreement/Investment Agreement: Sometimes combined with the Shareholders Agreement, this sets out the terms of the Share Subscription, including pre-conditions of the investment, warranties about the existing business and details of any options or bonuses to be awarded

•Service Agreement: This includes employment contracts with the managers/directors, incorporating non-compete restrictions. Many investors will review employment contracts as part of their due diligence process, so while it’s not requisite to launch your fundraise, you will need it down the line •Disclosure Letter: This makes disclosures against the warranties in the Subscription Agreement •Articles: The Articles of Association deal with the company’s internal regulations (e.g. proceedings at shareholder and board meetings) as well as incorporating shareholder rights (e.g. voting and dividend rights). Articles are publicly available at Companies House •Deed of Adherence: This term is applied to a brief and simple document used when new investors are joining a preexisting group. The new investors are required to accept the terms of the existing Shareholders Agreement and Articles without amendment on the basis that these have previously been negotiated and accepted by similar investors on a previous round.

That is a lot of documentation to put together – especially if you’re just starting out. Sometimes smaller deals, under £100k will use a Letter of Agreement/Conditions of Investment Letter. These letters may be drawn up with little involvement from a lawyer. The advantage is that this process is quicker and cheaper; the disadvantage is that these documents may not incorporate proper legal protections for the investors.

You may also need advice on your company’s Articles and the shareholder’s agreement (if there is one).

Corporate finance advisory fees In addition to legal advice, many seek corporate finance help to ensure they are ‘investment ready’.

Investment readiness means you have a clear proposition, i.e. the answer to the question ‘why should I invest in you?’, and all requisite documentation to support your raise.

Some Local Enterprise Partnerships (LEPs) or Chambers of Commerce offer subsidized ‘investment readiness’ programmes. The level of fees can be anything from £1,000 to £10,000, or a monthly retainer.

Tax advisory fees Businesses which qualify for the Seed and/or Enterprise Investment Scheme (S/EIS) will want to take advantage of the scheme as it is a major incentive for investors. However, as with all government schemes, S/EIS requires a fair amount of paperwork. It’s complicated and unfortunately easy to make a mistake. If you do apply yourself and make a mistake it

ENTREPRENEUR might mean your application is rejected or it could mean that down the road your investors find out that they are not getting the tax breaks after all. Due to the complexity, we always advise working with a third-party on your application. Starting costs range from £1,500 – £3,000.

Marketing spend Marketing spend can vary greatly from one raise to another.

Many entrepreneurs choose to create all their materials inhouse, while others splash the cash on extravagant pitch decks, multi-channel awareness campaigns and videos with animation. What the right amount will be depends on a several factors, including your audience, the size of your business, your current level of awareness and what particular investors you’re targeting.

For many, working with an agency to produce a pitch deck is a sensible move. We’ve seen a lot of pitch decks where it is difficult to understand the business and to understand why anyone would want to invest in it. Common mistakes include spending too much time on the wrong topics and cramming to much onto a single slide. If an investor can’t understand what your business does, they are never going to invest.

Video has been shown to drive engagement. However, a good video can be expensive with £3k being a typical starting point.

Registration fees While many entrepreneurs believe they can find the investors they need using LinkedIn, the reality is that coldapproaching investors is not the best way to raise capital.

There are organisations that have networks of registered investors; these networks have a good idea of the type of deals which will interest their community, however they do typically charge fees for access.

Each network is unique; some charge for investment readiness and promotion while others charge a flat fee for access.

Fees can be anything from £200 to £6,000 and depending on the service it could mean you won’t need to spend on advisory fees.

Success fees Success fees are payable as a percentage of funds raised through an intermediary. Typically, between 5% and 7% of the funds raised, although some will charge much more than this. Some brokers may also ask for options.

Due diligence fees and abort costs These fees are often charged when working with funds and cover the cost of conducting legal, financial and technical due diligence on your company. This can be anything from £10,000 to £25,000 and is typically taken out of the funds they invest. If you pull out of the deal, you may also be liable for these costs as an abort fee.

Post-investment monitoring fees Most investment funds will require you to pay monitoring fees once the funds are in place. These are usually around £6,000 per annum. In some cases, you may be able to increase the amount of finance raised to cover some or all of the costs.

For your fundraise it is important is to gain an understanding of the scale of the costs from the start and then spend your money wisely. That way you’ll be best positioned to attract the equity growth capital you require.

About the Author Oliver Woolley is CEO and co-founder of Envestors. Envestors’ digital investment platform brings together entrepreneurs and investors across geographies, communities and sectors – creating the single marketplace for early stage investment in the UK. Envestors partners with accelerators, incubators and angel networks to provide a white-label platform empowering them to promote deals, engage investors and connect to other networks. Founded in 2004, Envestors has helped more than 200 high growth businesses raise more than £100m through its own private investment club. Envestors is authorised and regulated by the Financial Conduct Authority.

Web: https://www.envestors.co.uk/ LinkedIn: https://www.linkedin.com/company/envestors-llp/ Twitter: @EnvestorsLondon

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Advertising vs Organic Interaction - Infuencers Beware For many years now, social media influencers and online content creators have been somewhat forced to disclose whether the posts they are sharing are in fact a paid-for advertorial or not.

Just as we see on television and in magazines, it is clear what is an ad, and what is not – so why should things be different across social media?

In today’s world, many would say that social media influencers and the content they share is much more impactful than that of more traditional forms, and so the need to honestly disclose ads becomes even more important.

Which is where the Advertising Standards Authority, also known as the ASA, comes into play.

The ASA is the UK’s advertising regulator, ensuring that ads across UK media stick to the rules put in place. From influencer marketing, to print and broadcast, the ASA monitor it all and everything in between.

And Amelia Neate, senior manager of Midlands-based influencer marketing agency Influencer Matchmaker uncovers why the enforcement of such disclosure is now important as a new era of ‘genuinfluencer’ has arrived.

With the arrival and accessibility of platforms like TikTok and the expansion of content creation from the everyday social media user, there has been a collective shift for generation Z in particular, who have become bored with the celebrity show boater and are more focused on the authenticity and human behind the screen.

Cultural conversations via influencers have caused movements such a Black Lives Mater, MeToo and even more recently the #FreeBritney campaign that set out to understand and remove the conservatorship that Britney Spears was under post her mental health struggle in 2008. While other media platforms like LadBible and ArchBishopofBanterbury have prided themselves on redefining entertainment – often taking ordinary people with relatable circumstances and making them part of the conversation.

Like the above outlets, while they are able to monetise with paid for advertisement ahead of videos, it is imperative that the authenticity still comes across in their storytelling and therefore content from real people, addressing real life situations is imperative to the success of the viewership.

Whilst many popular influencers take pride in appropriately labelling their paid for content, the ASA recently threatened to name and shame influencers failing to stick to the guidelines.

These days, the GenZ demographic are more sustainable, more ethical and more educated. They want full transparency from

brands and from social media, with recent research stating that 82% of followers agreed the importance of influencers disclosing their personal use history with the product they are promoting. But with ASA guidelines being regularly updated, some influencers have struggled to keep up.

And, with it not just being a paid-for advertorial or post that needs to be disclosed influencers must consider how the rules can vary dependant on a typical sponsored post vs integrated videos on YouTube, affiliate links, PR products and press discounts.

Previously, when the industry was in its infancy, brands would send out products to their favourite influencers in the hopes that they would be authentically mentioned on their platforms.

Whilst this is still the case, such products must be disclosed as ‘PR product’.

To some, this may seem slightly overboard, however in this industry, influencers must be conscious to make their audiences aware of what might qualify as a means of payment in order for the consumer to make an educated decision about the purchase of a product based on that influencers testimonial of a brand. If this is backed by a true and genuine story that equally connects their recommendation, then it will clearly better connect with its audience.

For example, health and fitness influencer Carly Rowena made her mark on the industry because of her love for fitness and nutrition. And, after many years of being recognised for her easy-to-follow workout videos, Instagram posts and blog posts, Carly has teamed up with Halo Fitness to create her very own range of activewear. Because of her genuine love and passion for finding the perfect workout gear for many years, it seemed a natural and obvious choice for Carly to launch such a collection.

In the next year, 63% of marketers intend to increase their influencer marketing budget. Instagram is also extending its shopping features, testing its Shop tab, which will allow users to click and view extra product details quicker.

The introduction of these features will certainly be the becoming of new sponsored ad additions for the ASA guidelines and with more consumers demanding such transparency influencers must keep ahead of the curve when it comes to genuine and purposeful content in order to reach a profit.

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How to Work Successfully With Investors When working with investors for the first time, there are a number of business fundamentals to consider. Make sure you have all your ducks in a row before approaching. First and foremost, prove that your concept works and has merit, whether this is demonstrated by a pilot customer, data that indicates that your concept can work, or a product market fit.

Once you are satisfied the business is viable, you need to simplify the components of success to the bare bones; create a crisp one-liner that embodies your vision, highlight the problem you want to solve, and explain your solution.

For example, when we created Bookaway and its mission to digitise the ground transportation industry, we showed that the industry market value is over $157 billion, and yet only 5%10% percent of its transactions are made online. It was clear independent operators are missing out on huge opportunities for success and weren’t reaching potential customers.

Look at current players in the market, and why and how you will become the top player. Being able to tell your story and make it almost obvious to why this is worth doing, is a craft you want to master. The larger the market and the less saturated it is, the more likely you are to jumpstart your mission.

The last and probably the most important element of your pitch deck, is your team members. You need to be able to demonstrate why the chosen few you have selected are the ones that will turn the vision into a measurable reality, within a reasonable number of years. Once you have these elements and you are able to explain, in the simplest way and within 2 minutes and 30 seconds, how you plan on building the company, you’re ready to approach investors for funding.

Aligning values Working with investors who share in our goals values was paramount for Bookaway, and we pride ourselves on our strong relationships with investors. Finding the right investors for your mission is a craft of its own, as it is all about the fit between your vision and the investor’s own strategy. Ultimately we want to use our business for good - improving the travel industry not just for customers but for independent businesses worldwide who rely on tourism.

Our leading investor, Aleph (one of the first investors in WeWork and House Party), has been a loyal supporter since 2019 and we’re lucky to have worked with a group of angels led by Elad Kushnir (investor in Karma and early-stage start-ups) as well as Corner Ventures (investors in Yelp, Grubhub and Wix.com), and Entrée Capital (investors in monday.com, Stripe and Snapchat).

I’ve learned that each investment we have successfully secured is a result of the thorough research we carried out before the approach. Find out the investor’s personal interests,

professional background, and the industries in which past investments were made. This helped me find investors who fully understood the goals behind our brand and could relate us to other successful businesses within the industries they excel in.

Sustain long-term relationships Investments are never one-off transactions and it is essential to create long-term partnerships that benefit both parties.

Investors can be utilised for more than financial support - start-ups can go to them for advice, based on their own experiences of running a business and witnessing other companies go through crises. We can learn so much from their success and how they handle challenges. It’s not just about proving yourself, it’s also about being open and willing to learn from and listen to them.

We manage our relationships by keeping investors informed and engaged – sharing updates with them on a regular basis and utilising their help, strengths and connections to keep growing. Transparency is key – always remain open and honest about your current status and what your future predictions are. Be rational, be transparent, and listen. When you go to your investor, remember that you’re in the same boat.

About the Author Noam Toister is CEO and founder of Bookaway, an online ground and sea transportation booking platform that connects travellers with local suppliers worldwide, creating a more positive experience for those exploring new corners of the world. www.bookaway.com

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How to Grow a Technology Business in Challenging Times Growing a business is no mean feat at the calmest and most ‘normal’ of times but throw a pandemic into the mix and the added unpredictability makes the challenge an even greater one.

is allocated to achieve, defend, and evaluate those targets, to pave the best way forward.

Since the first lockdown period in March 2020, business leaders and their teams have been tested beyond the realms of what anyone could have imagined – making businesscritical decisions that not only impact the way operations are run in the present time, but well into the future too.

So, when it comes to the how behind growing a tech enterprise in a pandemic, here are a few things senior leadership teams need to take into consideration, if they are going to do it successfully.

An organisation’s people are its greatest asset – they’re the ones who drive the business forward and understand it inside out. And to effectively evolve a company, workforcewide buy-in and collaborative team spirit is a vital piece of the ‘achieving together’ puzzle.

Embrace change and be agile It goes without saying that when looking to cultivate a business, leaders have to be open-minded and nimble in their thinking. And in the case of a global crisis, this matters more than ever.

When the market enters a state of flux, nothing can be predicted or presumed – and for decision-makers who are used to being in control of what happens next, this can be a tough pill to swallow.

However, within a state of constant change, an organisation must look to mirror this in some way, to ensure it remains relevant. That is why there is no time to stand still.

If both staff and customers are going to feel reassured and supported, this might see an organisation pivoting its offering to meet new demand or strengthening and improving its existing services. Essentially, nothing is off the table regarding what is possible.

Keep priorities visible and learn from experience While nobody could have ever predicted the events from the last 12+ months – and how they would impact businesses individually – what is vital for decision-makers is that they always have a plan in place and take any learnings and quickly apply them to their strategic forecasting.

Even outside of a pandemic backdrop, leaders never know everything before they make big decisions about the company’s future – that’s just life. And, while building a cohesive strategy – including clearly defined outcomes and objectives – is naturally a good place to start, the plans that outline how these goals will be achieved are even more important.

During a time of such uncertainty, it’s perhaps easy to overanalyse and hesitate to make decisions, for fear of the outcome not being what was planned, but it’s pivotal that time

Maintain staff morale and motivation

In unprecedented times, it’s more important than ever for leadership teams to have one-to-one check-ins with employees and make sure they all feel supported – especially when teams are working remotely – both in and out of the professional working environment.

Equally imperative is that these chats are simply that – a two-way conversation which asks, ‘how are you’ and ‘is there anything you need?’, to help uncover any issues which employers may be able to help with. It should never be a workplace performance discussion nor a surveillance tool to see how productive they are.

Leaders need to show genuine interest in and compassion for their teams, otherwise the business is simply a ship that’s sailing along with unseen holes that are slowly but surely sinking the vessel.

Foster dialogue and staff empowerment One key thing the pandemic has taught businesses and individuals the world over is to ‘keep talking’.

In order to help workforces to stay focused and motivated, communicating with personnel about their individual targets – and how they can get there – is crucial, as is demonstrating continued investment in staff wellbeing and development.

If teams are working remotely, holding virtual drop-in session talks from third-party experts can be particularly useful, and following through with upskilling opportunities also helps them to develop their strengths and their confidence.

Attitude really is everything, especially in times of adversity and crisis, and empowering employees helps to cultivate a culture that is built upon trust, autonomy, and collective values – all of which are vital for growing a business and helping it to weather a challenging storm.

-By Jon Pickering, CEO of workplace data analytics organisation Tiger. https://tiger.io/

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How to Achieve an Optimum Work/Life Balance A new survey found that business owners and entrepreneurs across Britain are happily choosing to prioritise their business over their personal lives. A shocking 52% of men and nearly half of women (48%) surveyed agreed that it is often necessary for them to put their work or business first, over their family or friends. Superscript asked entrepreneurs and business owners, with its unavoidable impact on home and family life, is starting up and running a business all it’s cracked up to be?

Surprisingly, a third of entrepreneurial respondents (33%) said1 that they would rather choose to work on their business over spending time with their friends or family most of the time! It is, therefore, no surprise that 40% of those surveyed said1 making their business a success is their number one priority right now, putting personal relationships firmly to one side.

“The fact that business owners are willing to put their personal lives to one side to start up and run their own businesses illustrates the intense dedication of the modern entrepreneur,” says Cameron Shearer, co-founder, and CEO of Superscript.

Entrepreneurial spirit continues to grow post-pandemic as 35% of respondents suggested1 that they were now choosing to centre their lives around their business. For 48% of respondents, this need to prioritise their business has had an initial negative impact on their work/life balance as they opt to park their personal lives for professional gains. Although it is a necessary sacrifice that many entrepreneurs have to make, 60% of respondents did feel that it is worth it, as they thrive from knowing they have delivered a good service for their customers and clients.

Half of British business owners agreed1 that they love what they do so much that they don’t see it as work at all, highlighting growing feelings of positivity amongst those who have taken the plunge as entrepreneurs. 43% of respondents said1 that they see their work as much a part of their daily lives as they see socialising, so much so, that they do not consider running their business to be an infringement on their work/ life balance at all showing it really is possible to new business owners to ‘have it all’. Cameron Shearer, co-founder, and CEO of Superscript has developed tips for achieving a harmonious work/life balance while being your own boss: Prioritise your time – as an entrepreneur, sticking to working hours can be tricky when the next milestone is within grasp. Superscript’s research found that the top motivation for becoming self-employed is greater control over your schedule - use it wisely. Being proactive about your schedule and carving out downtime within your day can help achieve a more harmonious work/life balance.

Take a break – as a business owner, your business is your baby, but it is important to look after number one too. Looking after your mental health and managing your screen time is

important to avoid burnout. Make sure to exercise, keep hydrated and take that lunch break - you’ll see the quality of your decisions rise as a result.

Switch off – it is all too easy to fret about work after-hours, and that is particularly the case for entrepreneurs. Being unable to switch off can often have a negative impact on relationships and cause unnecessary stress and anxiety. It is important to unplug, shut your laptop down and declutter your kitchen table of work documents and devices at the end of each day - this will not only work wonders for your own headspace but also for whoever you share your space with.

Re-evaluate success – we can’t all be the next Bill Gates or Jeff Bezos, but what success looks like for you can be difficult to pin down. Set long term goals and short term objectives.

There is only so much you can do in a day – so remember to celebrate even the smallest victories every day.

Get social – we all know how consuming running your own business can be, but it is important to keep your personal relationships healthy. Our research found that, along with exercise, leaning on friends and family helped entrepreneurs with their mental health the most during the pandemic.

Whether it is Friday drinks, a trip to the theatre or a mid-week gym class, plan out your personal life like you would your professional life to make sure you stick to your commitments.

While having a harmonious work/life balance is possible for some business owners, for others, putting their business first comes with a need to make more sacrifices than just social engagements. Other personal commitments at risk of getting parked because of work include; birthday parties (with 19% of respondents saying they have missed a friend’s birthday celebration and 18% said they missed a family birthday celebration more than twice), holidays, with 15% saying they have cancelled a holiday more than twice, ticketed events such as sporting events, concerts (17%) and even current relationships, with 22% saying they have cancelled plans with their partner more than twice because of the business.

It can be tricky to get a date with an entrepreneur too. 24% of male entrepreneurs have had to cancel on a date more than twice because of their business (compared to 10% of women). Almost 2 in 5 (37%) entrepreneurs surveyed said the feeling of launching their own business was the same or better feeling than sex!

While the pandemic has hit British business owners hard; with 37% of business owners having had to work longer hours over the course of the last year to see their business through - 34% of entrepreneurs said the feeling of getting their business through the pandemic and knowing it has a future, is the same or better feeling than sex! Visit: https:// gosuperscript.com/business-is-personal

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Personality vs Profit: You Can Have Both When You Recruit Right Businesses have never recruited as much as they do today.

They spend more time doing it and invest more money to get it done. But why do so many businesses get it wrong?

What is the true cost of their mistakes? And is the increased emphasis on personality conceding ground to competence?

David Bernard, CEO of the innovative recruitment technology firm AssessFirst, believes that businesses can improve both their profits and personality-led cultures by modernising the recruitment process.

The traditional hiring process follows a pattern that most of us are familiar with and have experienced. It goes something like this: HR determines what the tasks of the vacancy are with hiring managers and outline the attributes required to fill it. Job adverts are posted and applicants apply. An interview is arranged. The winning candidate is offered the job. That process has undergone some change over the years, but the essential structure has remained the same. The problem with this model is that we don’t know how successful it is. Most companies can tell you how much they spend in pursuit of the ideal candidate. But far too few of them can explain the true cost per hire.

What we do know is that the traditional recruitment process is broken. I often put my head in my hands when I read the myriad of HR reports that reveal the prevalence of bad hiring.

The 2020 Career Builder report offered little reassurance. It stated that 74% of employers hired the wrong person last year. This came at an average cost of £10,843. This is madness.

Profit Productivity ought to be a key consideration when seeking a new candidate. Ideally, the new hire should be more productive - either through skillset, efficiency or both - so that profit opportunities can be maximised. This makes a bad hire doubly costly. Not only are businesses paying for a wasted recruitment process with inefficient training and slowed productivity, but the cost of missing a chance to improve the quality and volume of output is equally detrimental in the medium-term. Profits that could have increased, instead suffer.

Research by McKinsey & Company suggests that the top 5% of talent is 8 times more productive than average talent. Of course, every employer should aim to be recruiting from as near to that top 5% as possible. Now you might, if you are an employer or recruiter, dismiss this as impossible – ‘that’s ok for the Google’s and Apple’s of this world, but how can I find that top 5%?’ This doesn’t have to be an impossible aspiration.

There are solutions that I will come to shortly, but first let’s breakdown just how a bad hire can damage profitability.

The $200,000/$50,000 formula demonstrated by HR Daily is a fantastic illustration of the problem. It outlines how an employee who brings in $200,000 in revenue would make their employer a profit margin of $80,000 on the hire. But an employee from the top 25% of the talent pool would give the business a profit margin of $130,000 because they will bring

in more revenue. A bad hire therefore results in a $50,000 loss of profit.

Personality “The first thing we look for when hiring new staff is personality. In my eyes, personality always wins over book smarts.” - Sir Richard Branson. It is a statement that divides recruiters, business owners and HR professionals. Whilst the declaration that personality wins over ‘book smarts’ is contentious, it is inarguable that character is a vital and too-often overlooked requirement for any given job role.

Finding candidates that match the core values and culture of a company is a profitable exercise, increasing the likelihood that good candidates can be retained. It also provides the opportunity to diversify your pool of talent, bringing in people who think differently to other staff to challenge norms and existing processes. Deciding between two or more candidates who appear to offer similar advantages is hard; the choice can be simplified with in-depth personality data.

Personality is in fact a predictor of future job performance that exceeds the quality of information that you can obtain from analysing a person’s CV or qualifications.Comprehensive personality assessments increase the chance of hiring the best people. And the best people drive healthy profitability.

Personality metrics At AssessFirst, our AI recruitment platform collects hundreds of data points about a candidate without the candidate having to complete long drawn-out questionnaires. This gives employers two crucial advantages in the hiring process; it provides a breakdown of a candidate’s personality type. And it helps to predict each candidate’s behaviour, revealing the tasks, projects and even teams where they will have the most impact. Gathering objective personality data provides insight that can help to eradicate unconscious biases. All employers are susceptible to, for example, confirmation or affinity bias during the recruitment process. This bias, perhaps more than any other factor, contributes to bad hires.

Those continuing to recruit without the benefits afforded

by Artificial Intelligence are prone to being in the 74% of employers that make the wrong hire. Data driven personality recruitment goes well beyond a simple tick-box personality test. It is a deep analytical tool that draws from behavioural science: assessing cognitive and non-cognitive patterns. This is how employers can tap into the top 5% of talent specific to their company and culture. The recruitment model of ‘advert, application, interview’ is as antiquated a process as there is in business. AI powered recruitment is more frequently associated with blue chip tech companies, but I think that a much larger cross section of the business community, many of whom are challenged by the uncertain post-pandemic market, cannot afford to get recruitment wrong. And it is personality metrics that will help to ensure they get it right. www.assessfirst.com

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Today’s Business Leaders Need Research Technology to Keep the Consumer Close The acceleration of digital adoption in the last year has been quite remarkable. Technology is now critical to sustaining business and life as we now know it. And, as we make our way through a second year of upheaval caused by COVID-19, it is clear that the future of business innovation and success will lean on tech as the cornerstone of global leadership.

Not only does that change the way in which we operate from the inside out, but it also changes the fundamentals of how we interact with customers. As we discussed in the previous article on the growing importance of ResTech, it is no longer good enough to make assumptions and hypotheses about consumers and their interests or intent. To properly and effectively engage customers, business leaders need to really understand them. Companies that keep a direct pulse on their customers are far more likely to succeed, and as such, measuring the changing sentiments and behaviours of your audiences has become increasingly important.

Today’s business owners and founders not only face these challenges associated with how best to reach and engage with customers in the most meaningful way, but keep a keen eye on what’s next. They need to be agile and flexible enough to turn on a dime. They must also ensure that the processes and strategic approach they adopt are future proof, which is where simply knowing your audience, creating and nurturing a bond with customers can pave the path to better customer engagements.

Prioritising personalisation The evolution of digital transformation and tech innovation has taught us that knowledge is power. As such, data has become a force at the heart of the organisation driving positive change. The time has never been better for research to support today’s business leaders - to empower them to be bold and disruptive by placing research and tech at its heart, to help provide real-time clarity into the thoughts, opinions, and feelings of customers across the globe.

Case in point: according to a recent piece in Marketing Week, personalisation and customer experience top the agenda when it comes to today’s consumer. It states that 43% of UK consumers believe personalisation is a basic requirement of online shopping, while 60% say they are more likely to commit to a brand again if they feel they’ve had a personalised shopping experience.

The power of ResTech to provide insights into the customer of today is second to none. And even more so, to help businesses understand what makes their customers tick, what they care about, and how to best appeal to them through personalised and targeted messaging.

Aligning on shared values Every business leader living and breathing today’s challenges knows that every dollar matters. And yet, success is no longer

just about financial numbers but equally a more wholesome definition of values at the core of business - from mental health, environmental impact, and diversity and inclusivity.

Consumers sit at a very different outlook today as compared to pre-pandemic, where price is no longer the top driving factor. Instead, people rate their overall experience higher, and care more about whether the brand or business shares similar values and passions. In fact, research conducted by ad tech firm Channel Factory found that 69% of consumers would prefer to buy from brands committed to socially conscious causes.

The same statistics published in Marketing Week also showed that more than a third of British consumers say they would shop with a brand again if the customer experience is good, even if it is cheaper or more convenient elsewhere, while 73% expect a personal and consistent customer experience across multiple channels.

Putting the customer first At the end of the day, it’s all about being customer-centric. The good news is that now businesses can easily arm themselves with the technology and tools needed to dive deep under the skin of their customer, even amongst the loud noise, vast clutter and brand overload on the market today. Combining market research with technology can help not only gauge audience opinions and consumer behaviours, but can also help businesses predict purchase intent, track feelings and sentiments over periods of time, and inform future product and services development.

This means that successful businesses who are actively, and continuously, listening to their customers with research will have insight into the needs of their target audiences and can lead with a customer first approach -- reaching and engaging with them in a way that really resonates. COVID has removed the traditional objections and barriers to entry for businesses looking to adopt a tech or software first approach.

Time, flexibility, and the bottom line have become ever more important as the traditional rate of adoption is replaced by a new kind of disruption with a shape that mirrors a cliff edge more than a bell curve.

Emerging technology has, and will continue to define us - from how we work to how we interact with family and friends. And, this will have a profound impact on how we measure business performance going forward, where we will undoubtedly see those business leaders who are brave and pro-risk enough to challenge the status quo, and to truly put their customers first in every aspect, will be the ones to succeed.

About the Author Author Ben Hogg is Managing Director, EMEA and APAC, for Lucid. https://www.linkedin.com/company/lucidhq/

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How to be an effective leader when you work remotely As millions of employees embarked on a mass move to working from home during the first UK lockdown, the past 12 months have shone a light on how workforces remain productive, motivated, safe, and happy when their teams are not all in the same room.

Back in March 2020, there would’ve been several managers not used to conducting operations from anywhere other than company headquarters. However, if the pandemic has taught business leaders anything, it’s how important it has been to remain agile and react positively to economic flux.

For many organisations, they’ve used the global crisis as a chance to diversify their propositions, evolve products and services, and focus on developing their company culture.

Those who have exceeded expectations, have witnessed an increase in staff productivity too with employees enjoying fewer distractions.

But how can leaders maintain momentum when they continue to operate from all corners of the UK? Here are some areas for managers to focus on, to remain effective and keep employees engaged.

1.Continue to hold virtual check-in sessions During the early parts of the lockdown, there wasn’t a day that went by where people weren’t posting screenshots of their latest Zoom call or snippets from the staff quiz and team building exercises. However, there is a lot to be said about the art of communicating well when everyone’s in a virtual setting.

In terms of providing one-to-one sessions, employees here have the chance to meet with their line managers, colleagues, CEOs, or company decision makers and discuss issues in confidence. On group chats, there should be a way in which everyone feels confident to have their voice heard.

Just because teams are working remotely doesn’t mean that their personal goals have to come to a halt – and every effective leader should understand that.

Providing opportunities for members of the team to upskill – whether via online courses, one-to-one mentor sessions or virtual masterclasses with third-party experts – will start to build a workforce’s expertise and pave the way for more employees to take on greater leadership roles throughout the organisation, not just the CEO or managing director.

Effective leaders are those able to embrace an agile mindset and that includes working on personalised frameworks and KPIs that are agreed on between colleagues and themselves. Virtual check-ins can then be held to further motivate employees to stay on track with their learning, especially when they don’t have colleagues physically by their side to spur them on.

3.Making decisions and communicating them Not every CEO, managing director or senior member of a business is going to get everything right, but they shouldn’t shirk away from big moments either.

Many individuals will have been faced with tough calls to make in isolation, such as furlough or restructuring – and that’s where effective communication comes to the fore.

Organising online meetings to speak confidentially to the HR or finance department about critical organisational developments or booking in colleagues’ time to discuss new recruits and ongoing internal changes can not only alleviate fears but also provide a ‘safe space’ for open and honest dialogue.

4.Let the team know it doesn’t matter if they make mistakes

Following so much uncertainty, leaders must be ‘present’ when online and provide an opportunity for personnel to safely open up about a worry or concern – even when they’re not in the same room.

Nobody is perfect – even the CEO! If a company promotes a culture where people are vilified for their errors, this can cause serious problems for both the employee and the business’s future.

Virtual check-ins can be informal or formal and vary in length, depending on the agenda. The main thing is to provide enough space and time to discuss pertinent topics, have team-building social events, or offer additional support.

And any feedback should always be taken on board and acted upon accordingly.

If employees feel that their mistake is being punished, they’ll not only be afraid to provide ideas in future but when it comes to logging-off, it’ll also impact on their quality time away from work.

2. Encourage learning and development

And when people aren’t in the same room, a ‘blame’ culture can manifest into something that many enterprises struggle to come back from. Therefore, any failures along the way should be accounted for, taken on the chin, and learnt from.

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5.Be positive The most effective leaders are authentic communicators and can provide empathic, ‘human’ responses to each staff situation. Listening to how colleagues are coping while working from home – and providing additional support where necessary – can make people feel more supported.

still part of a collaborative workforce even when they’re in different settings. And an effective leader knows how important it is for everyone’s voice to be heard if they’re to achieve employee buy-in and ultimately drive the business forward.

A positive leader helps motivate employees and keep them productive – whether that’s via a quick virtual check-in, an instant message or rewards in the post. Making staff members feel valued and trusted to do their jobs away from HQ is vital. This shouldn’t always land at the CEO’s desk either – with leaders throughout the team, every employee has an important role to play.

By Jon Pickering, CEO of workplace data analytics organisation Tiger

Staff members operating remotely should be provided with the tools to complete tasks autonomously and know they’re

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How can ecommerce startups grow internationally?

Money, dedication, sleepless nights - maybe even some failure along the way. Starting an ecommerce store can be a daunting task, but nothing matches the feeling once you start to reap the rewards of all that hard work. But in a world with everything at our fingertips, startups are limiting themselves from the outset if they’re only thinking about their local market. There’s a huge pool of potential customers in other geographies currently going untapped, with more than half of global consumers said they are ready to buy from the UK. So why just think local when you can go global?

Grow, grow, grow It’s only natural to think first about your closest customers first. Some of the most popular businesses started off small, catering to local consumers before becoming the ecommerce giants they are now. But once the home market starts to become saturated, it’s probably time to start thinking about expanding internationally. International consumer markets are growing at a rapid pace, with businesses of all sizes and in all locations reaping the rewards of the current ecommerce ‘boom’. Yet many startups are still being forced to focus on products in their home market with the aim of first gaining momentum to navigate the traditional obstacles of earlystage businesses.

The problem is, if a business focuses too much on just the local market without keeping one eye outside of the country, it likely won’t be able to support itself in the long-term. After all, there are over 7.6 billion people in the world, and only 66 million in the UK. Localisation and globalisation are closely linked In an era of globalisation, startups are having to compete with or use the services of the likes of Amazon or eBay. But offering localised services and products could offer a significant competitive differentiator. Businesses that offer localised products are able to utilise and promote deep market knowledge to attract new customers and increase brand awareness and loyalty. This also rings true in their communication and marketing, as the same taglines and headlines that proved popular within one market could be completely lost on another.

As a startup looking to scale internationally, you can’t afford for messages to get lost in translation. But it’s not just a matter of swapping languages. Scaling globally takes an understanding of other cultures and new audiences - and ultimately how to cater to their needs.When entering new markets, think about the language, design and cultural elements of the website to provide a relevant experience for your new customers.

Consumers need a personal touch Just 14% of UK businesses currently sell internationally. So, if you’re one of the 86% of businesses that aren’t selling internationally yet, it’s time to start thinking about it as there’s

a lot of opportunity to be had. Because, there are still a lot of barriers for growing internationally, the typical ones of cost, delivery times and language barriers are being removed, allowing online businesses to thrive across borders. Language is an important barrier, and probably the most obvious place to start for businesses entering new geographies.

According to a survey commissioned by Weglot, 61% of UK consumers said shopping on a foreign language website was a significant put-off, while 49% said they wouldn’t buy a product online if the website wasn’t in English. The key to expanding is producing a business which is able to personalise and localise their products to cater to specific geographies, but there are certain aspects to think about first in order to boost success.

Firstly, it’s important to take it step by step. Rushing into opening several stores across the world takes time, resources and manpower, so you’ve got to be confident that you have these first if you’re to meet consumer expectations. Start small by translating your store into one language first, as it’s better to build up a solid base as you go along rather than trying to expand everywhere and anywhere at the same time.

This actually leads me onto the next tip, because the first one would typically be the most popular language based on where your current web visitors are coming from, as it’s clear there’s a demand for your products.

When selecting which new territory to open up in, make sure you check the location and amount of current website visitors. This will tell you where you already have a base of budding customers and give you a good platform to build further success. Last, but by no means least, ensure you are constantly monitoring web traffic to check on performance, sales and what can be improved. Your website is your best sales tool, so make sure it’s optimised, user friendly and a good representation of the brand.

And be patient. Building success in brand new areas can take time, but if you utilise the right tools and put the customer first, you’ll put yourself in the best possible place.

Unimaginable growth Scaling a startup internationally doesn’t have to be hard work.

The difference between failure and success usually comes down to diligent planning, a global frame of mind and keeping everything customer-centric. This doesn’t mean launching a business in multiple countries at once, but rather a focus on identifying what it is about the business that appeals to global audiences first and building on success one step at a time.

International expansion takes a lot of patience, but with the right plan and strategy behind you, each and every new market can make your business a global success.

By Augustin Prot, CEO and co-founder of Weglot. www.weglot.com

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Financial Digital Transformation: An Opportunity, Not a Threat There is a common misconception that technology will be the death of accountancy. However, this is not really the case, and the industry needs to recognise new forms of technology as an opportunity, not a threat. New accountancy technology makes accounts processes easier for businesses, minimising margin for error and allowing business owners to focus more time on other areas.

HMRC’s Making Tax Digital Reforms highlight how digital transformation is at the forefront of the UK financial sector.

The reforms aim is to make it easier for individuals and businesses to keep their taxes correct and accurate, and to stay on top of financial affairs. Using technology in business accounts reduces avoidable mistakes which were reported to have cost the Exchequer £8.5 billion from 2018 to 2019. The UK financial sector needs to take advantage of this development in financial technology and reap the benefits of being part of arguably one of the most technologically advanced sectors in the world.

Technology set to transform the accounting landscape Blockchain and automated accounting technology Blockchain in accountancy is an emerging technology. An openly available ledger allows companies to write their transactions into a joint register instead of having separate records. This allows for a quicker process and avoids any potential discrepancies between companies’ records. This automated system means companies can reduce the amount of time spent on time-consuming data entry, and instead spend more time on profit-making activity.

Cloud computing Storing all data online rather than on-premise is a wellestablished practice in modern business accounting. This allows data to be accessed anywhere and at any time and has been especially valuable during the Covid pandemic when those involved in company finances were forced to work from home and data needed to be accessible remotely. Companies using cloud storage were able to adapt quickly to remote working, ensuring service continued as usual.

Furthermore, cloud storage is a safer option for data storage.

Cloud storage has 24/7 monitoring of security threats and constant backup systems to prevent any loss of data. This is paramount to the storage of financial information which is often sensitive.

Using cloud software has already revolutionised many businesses, and in a world of remote working, it is ever prominent as the best solution for data storage.

Optical character recognition technology Optical

character

recognition

software

allows

printed

documents to be scanned and converted into digital copies.

This is another viable option for storage of data and documents online. When stored as digital copies, documents can be edited by multiple employees, once again promoting the exchange of information amongst remote workers. In addition, there is the advantage of being able to cut down on unnecessary paper clutter to create a simpler and more productive working environment.

OCR also allows for data to be added to systems, eliminating data entry, saving time and reducing margins for error.

Mobile accounting apps With the rise of accounting apps, accounting software is now available on smartphones, making information much more easily accessible. Going paperless reduces costs for a company as they no longer need to waste money on paper, stamps and postage.

The key benefit of apps for financial software is it allows for invoices and other costs to be approved even if the responsible person is away from their computer. Many business leaders are operating increasingly from their phones, and apps allow accounting processes to become mobile. In addition, apps make data and information readily available and easily accessed and displayed in meetings from a tablet, for example.

Artificial intelligence The growth of disruptive technologies has been dramatic across all sectors, and finance has been no different. Artificial intelligence (AI) allows machines to interpret information and make judgements that mirror that of human thought. AI allows machines to effectively perform jobs that are usually performed by humans.

In accounting, AI can be used to sift through large amounts of data quickly which would be a hugely time-consuming task for a person to undertake. Furthermore, it can be used to analyse data by identifying trends and acknowledging problems through data memory and storage. Once again, this is a timesaving method of data management. Reducing the time spent on data handling, accountants can spend more time on other, more pressing areas of work, which in turn can increase their profitability.

The importance of the right software Choosing between different software options can be a confusing process, but it is important to fully assess what is important to the individual company before deciding. Due to the growth of digital accounting in recent years, there are many different accounting software solutions available.

However, not all options are viable for all companies. To ensure an easy transition to digital, company leaders need to

ENTREPRENEUR take into consideration the different needs of all departments to ensure they are choosing the right software for them.

Consideration needs to be taken into whether the new software will be manageable for the company; a smaller group will not require the same software as a major firm.

Manageability also relates to budgeting for the new software.

Companies need to gather transparent quotes so that hidden, unbudgeted costs are not sprung upon them after adopting the software.

Is finance digital transformation beneficial?

The resounding answer is yes.

Businesses need to take advantage of the wealth of new and exciting technologies at their disposal, which can only help them with the management and development of their business. Through examining the options, there are some clear benefits to digital accountancy. The increased efficiency and productivity of data storage and analysis can reduce time and improve accuracy as it removes opportunities for human error. The easy access of information when stored digitally is undeniably important in 2021 and beyond, as more and more people are committing to remote working meaning information needs to be accessible off the premise.

Using technology makes the collaboration process between colleagues involved in accounts, customers and suppliers seamless for all. By improving these processes, businesses will not only improve their current business relationships but are more likely to develop new ones due to their high levels of customer satisfaction. This will lead to increased sales and profitability for the business.

The arrival of Making Tax Digital means business owners who do not embrace the process will find themselves left behind, as digital finances are evidently the future of accountancy.

Furthermore, they may accrue penalty fines if they do not begin working in this new and improved system of accountancy.

Relying on technology can be a difficult adjustment for many businesses. However, it should be recognised that technology does not always need to be considered a threat to a workforce.

In the case of accountancy, it can simply aid with work that is already being done in an often more efficient way, to allow firms to focus on other, more important things.

Author: Simon Kearsley, CEO of bluQube. www.bluqube.co.uk

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Business Skills: How to approach a Q&A session It’s a common scenario: you have just finished that presentation you’ve spent hours, days or even weeks preparing for, and you are really pleased with how it went.

But now you are faced with a question-and-answer session.

Although this may be daunting because it is harder to rehearse, it can be an incredibly useful experience and should be encouraged if time allows. It offers you the opportunity to further demonstrate your knowledge and expertise on a particular subject which could benefit your business, for example, by instilling confidence in potential investors and therefore encouraging their participation.

Q&As also offer a valuable chance for self-reflection. For instance, a section of the presentation you think is clear, may not be if you receive lots of questions about it. Perhaps it is time to look again at the content or your delivery of this topic, and either edit it if you are giving the same presentation again or be mindful of avoiding similar mistakes in your future presentations.

Here, Zoe Melhuish, Content Creator at creative marketing agency PMW, advises on how to approach a Q&A session.

Preparation Although it might not be possible to rehearse exactly what questions you might receive in the same way you can your presentation, it is still possible to prepare for your Q&A to an extent. Look through your presentation for any obvious gaps. Perhaps, for example, you have not included certain sales figures, or projections. Any gaps in your presentation are where your questions are most likely to come from and identifying them allows you to ensure you know the relevant information you may need. You could also try practising your presentation to a trusted colleague who might think of questions on topics you hadn’t considered, increasing your awareness on the types of questions you may receive and allowing you to prepare for them.

On the day A bottle of water is your best friend. Those first few seconds after being asked a question can be nerve-racking. You don’t want to start speaking before you’ve had chance to think about your response, nor do you want to be seen as hesitant and therefore nervous or uninformed on a subject. By having a drink of water at hand and taking a sip before you answer a more difficult question, it gives you valuable thinking time without looking like you are hesitating. However, it is best to avoid having a sip of water before every answer as this might then appear to be a nervous habit.

Be mindful of your body language No matter how many times you have presented, it is natural to feel nervous which can make us feel uncomfortable and more likely to fidget or use body language we would not normally. Try to avoid crossing your arms as this can appear defensive, and fidgeting, for example, with a button or hair tie can highlight your nerves. However, it is important to not look too stiff and rigid as this could also demonstrate discomfort.

A good way to stand is with your shoulders nice and relaxed (try to consciously push them down. When we feel nervous, we tend to raise them without realising) with a calm, open posture, a smile and a nod whilst talking can also indicate confidence.

To really connect with the audience, it might be useful to employ something called convergence, where your speech and your behaviour becomes more like that of the person asking you a question as a way of making yourself more relatable to them. For example, you could try adopting a similar speed of speaking and perhaps using some of the same gestures or phrases that they do. You don’t have to change your natural style of speaking too much, in fact it’s best not to, but using a few similar phrases will help you connect to your audience, making them more receptive to your answers.

The answers When delivering your answers, an awareness of a theory regarding four key components of effective conversation, known as Grice’s Maxims, could make your responses more effective and help you feel more confident. This consists of: Quantity Your answer should detail enough information that the question has been addressed fully but should not be too long.

Once you have given all the relevant information you need, stop. It is easy to think a long, in-depth answer is needed to show your expertise, but this is not the case, and you are more likely to ramble making you appear less confident or knowledgeable.

Quality (truth) Your answer should be true or if you are unsure, for example, if the question is about a future projection, it should be what you believe to be true. Whilst it can be tempting to exaggerate to try to impress, it can be easy for the audience to spot and embarrassing if you get caught out. Being honest, even under pressure will make you appear more trustworthy and ultimately benefit your business.

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Relation (relevance) Your answer should be as relevant to the question as possible.

This shows that you are actively listening to the question and have understood it. It is possible that in your presentation you might have missed out a piece of information that you wanted to include, and the temptation might be to try to include it in an answer that doesn’t really fit the question. However, this is more likely to make it appear as though you have misunderstood the question and undermines the audience’s confidence in you.

Manner (clarity) Deliver your answer in a clear way. Try to avoid ambiguity, obscurity or vague language. Remember if you need to take a second to think of the answer before you give it, that’s OK. A clear, well-articulated response will leave your audience with

a greater understanding on the topic and confidence in your expertise. Don’t forget to consciously slow down your speech as we often speed up when we are nervous, which can make our answers less clear.

With practice your Q&A can become as strong and confident as your main presentation. If you are still feeling daunted, try to remember that the questions are not being asked to trick you, but because of a genuine interest and to learn from you.

You are the expert, so have confidence in yourself and your answers. https://pmwcom.co.uk/

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What Should be in an Investment Pitch CAM Ventures has only been officially around for a few months but already a lot of pitches and enquiries for investment have been sent over, and what a variety of content I have seen. There have been very detailed business plans with spreadsheets of numbers and there have been emails saying “Can I have some money please?”. This makes me think, what are the non-negotiables for a business plan or investment pitch? Obviously what I think may not be what a large venture capital fund wants to see or what is necessarily “correct”, but I think these topics should be included in some form and the pitch should not be purely about numbers.

Values What does your company stand for and what do you believe in? Customers’ desire to buy from companies that reflect their own moral compass is continuing to grow and will only ever get stronger. Will you be eco-friendly? Will you invest in your team more than your competitors? Will you work to support your community?

The People

Whatever it is make sure you make it clear. However, if you say you are going to do something then you must do it! It is better to have limited values than have a long list and do nothing towards them.

We are a micro-investment company with the majority of transactions being under £50k with some rising up towards £100k. We are not investing in large companies with multimillion pound turnovers, we are investing in small start ups that may not have progressed very far beyond an idea.

Numbers are important and an investor will want to know what commitment they are making and how they will earn that (and then some) back, but the majority will also want to know what makes you and your company tick, so please don’t miss it out.

With this in mind, more often than not, we are investing in the people whether that be a single person or a small team of individuals. The pitch has got to include an introduction to the people involved, the skills and experience they have and some of the personality should be able to come through as well.

Author: Will Macpherson. Managing Director. CAM Ventures

The majority of start ups will succeed or fail on the strength of the people involved, so it is key to get over to the investor that their money is in safe hands because you are awesome.

I would never put a picture on a CV, but within a pitch deck then a picture can be very useful to try and get over your personality and personal brand.

Please don’t use a picture of you at a Christmas Function wearing a turkey hat…… that is not showing your fun side.

Brand Identity How your company and/or brand will be perceived by the general public is key. Will it reflect your individual personality or will it be completely different? Whatever is the right answer to that question, it needs to be clear in your pitch.

You may not have the budget to have had a professional work on your brand, but you should be able to describe what it will be and try to use imagery, colours and fonts to communicate how you visualise it.

If the pitch deck tone does not reflect the product or service then I really question whether there has been enough thought into who the customer is and who will buy the product or service.

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Why you should be an angel investor and ditch the NFTs We have seen a huge interest in Non Fungible Tokens (NFT) and for example, money has been poured into assets such as a digital house which sold for $500,000, a digital perfume, and the world’s first tweet which cost the purchaser the princely sum of two point nine million dollars.

Non-fungible tokens or NFTs are cryptographic assets, whose ownership is recorded on blockchain with unique identification codes and metadata that distinguish them from each other. A person can’t exchange one NFT for another as they would with dollars or other assets. Each NFT is unique and acts as a collector’s item that can’t be duplicated, making them rare by design.

which can help affect a broader social impact. b) Available tax schemes The UK government runs two lucrative and important tax schemes that a shocking number of people have never heard of – the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS). Both of these schemes are designed to encourage investment into early-stage businesses. So far, the scheme has helped raise £22bn for over thirty-thousand companies.

It’s that successful because the tax incentives are that good.

This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions. Clearly, there are a lot of new trendy things you could invest your money in.

But how long will this craze last, and will there be buyers on the other side? Who’s to say. What I can say is that if you’re looking to invest your money into something exciting (and slightly more predictable) you should consider angel investing.

The EIS scheme, which is for slightly more established, companies offers:

Angel investors not only provide much-needed capital, the lifeblood for early stage businesses, they provide invaluable advice, contacts and support. With angel investing you have the opportunity to identify and help grow the UK’s most promising businesses – and if you’re savvy there is the potential for making a good financial return.

Its earlier stage counterpart, the SEIS scheme offers:

If the idea of becoming an angel investor is new to you, let me share some excellent reasons for looking into it further. a) Making a difference When you invest in property or publicly traded stocks it’s only your cold hard cash that makes an impact, and so the only time you’ll feel pride is when you get a return. With start-ups, it’s a different story. Cash is important, but it is not the only thing these businesses need. They need advice, support and your black book. When you invest in a start-up you join them on a journey, one in which you can directly impact their growth trajectory – whether that’s by making a vital introduction to a marquee customer, helping them get their pricing model right or ensuring they avoid getting themselves into legal hot water.

You may also be the difference between a business growing into a future giant or not existing at all. By providing support early on, you have the ability to help shape which companies get off the ground. So, if there is a cause you feel passionate about, like sustainable fashion or social care for the aging population, you can support seed businesses in those areas

• Income tax relief of 30% of the amount invested • Exemption from Capital Gains Tax (CGT) on any gains from selling your EIS shares • Further income tax relief at top rate of income tax (40% or 45%) for any losses made on the disposal of EIS shares • Unlimited deferral of capital gains

• Income tax relief of 50% of the amount invested • Exemption from Capital Gains Tax (CGT) on any gains from selling your EIS shares • Further income tax relief at top rate of income tax (40% or 45%) for any losses made on the disposal of EIS shares • Unlimited deferral of capital gains All of this is designed to encourage investing into early-stage businesses, while off-setting the risk, because investing in early stage businesses is risky. c) Potential returns Yes, one day you might wake up and read the news, and drop your phone in excitement when you learn one of your businesses has just been sold for big money.

(Conversely, I do need to mention that one day you might wake up and read the news and drop your phone in utter disappointment when you learn one of your businesses has gone under.)

Joking aside, angel investing, while it carries risk, can be very lucrative. Data collected in the US in a 2017 Willamette University study on angel investment returns calculated an average return for angel investors of 2.5X. With an average investment period of 4.5 years, this indicates a gross internal rate of return of 22%.

ENTREPRENEUR Compare this to other investment vehicles: a) Mutual funds - Not even the best performing mutual funds of all time will break 20% average annual return, and most do not go over 15% b) Bonds – Over the last year, UK interest rates on bonds have been cut to 0.1% c) Stocks - The average return on a Stocks and Shares ISA in the UK is just 5.14% (April 1999 to April 2020) d) Index funds - The S&P 500 has provided an average annual return of 13.6% since its inception e) NFTS – No one knows A more recent study published in January 2021 by FounderCatalyst showed that angel investments yielded an average 2.77 X return. With the additional benefit the EIS scheme that grows to an average 3.19 X return. It is worth pointing out here that averages are averages. Any experienced angel will tell you that many companies take much longer than 4.5 years to mature and exit. Some companies fail quickly while others fail slowly, never growing and never exiting— locking up your assets indefinitely. d) Networking opportunities While investing in ISAs or stocks will leave you solitary, leafing through the financial section with ink-stained fingers or spending quality time with your investment app, angel investing is social. You will meet new people, clever people like you.

A huge part of angel investing is networking. As you start to investigate opportunities you will meet passionate founders and like-minded investors with whom you can discuss said passionate founders. You’ll be invited to pitching events where entrepreneurs will present their investment opportunity to you while you sip wine and contemplate the potential returns.

You can also join an investment club (which I recommend for all new investors). You can opt for a sector specific club that aligns to your interest and expertise or for a sector- agnostic one. There are plenty to choose from and research agency Beauhurst has helpfully listed out the most active ones here (including Envestors Private Investment Club – which is at the top of the list!)

e) The stories you’ll be sharing Whether you make a fortune or whether you don’t, your angel investing will provide some great stories. Perhaps you’ll have spotted a seed stage business that has become the new brand everyone wants…Whatever happens, and however much you make or don’t make you’ll have made a difference to the entrepreneurs and businesses you’ve invested in.

Author Chantelle Arneaud is from Envestors. Envestors’ digital investment platform brings together entrepreneurs and investors across geographies, communities and sectors – creating the single marketplace for early-stage investment in the UK. Website: https://www.envestors.co.uk/

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Mindset Matters: How to Embrace Change Life moves and evolves and sometimes change can be tough and sometimes it can be welcome. In the last few years many of us have been forced to change the way we work, the way we socialise, our holiday plans and the way we keep in touch with friends and family. Some of this change has been heartbreaking, some has been unsettling and disappointing and other changes have delivered unexpected silver linings.

like sycamore and horse chestnut are far easier to catch as they’re bigger, but there’s great kudos if you catch a smaller one like an oak leaf. You might even create a game with points awarded for the how many you catch and how hard they are based on their size. Being outside in or around nature has restorative powers that allow us to get back on an even keel, so we can more forward constructively with the change.

Here are five simple ways to cope with change and build resilience, in just a few minutes a day.

Instead of sitting inside to eat your lunch, why not go to a local park with some work friends and enjoy lunch al fresco.

If possible, add in a little walk too. Just breathe and listen to the sights and sounds of nature.

Take care of the basics If you want to emerge from change fighting fit and raring to go then you need to take care of the basics. That means eating healthy food, getting enough micro-nutrients, enough sleep and drinking plenty of water.

That doesn’t mean that you can’t have take-outs or go out for a few drinks – just take care of the basics most of the time.

Getting enough rest is also crucial. To help with sleep make sure you don’t have a TV in your bedroom and ideally don’t have your phone in your bedroom. Get an alarm clock and charge your phone in the kitchen. Trust me – the world will not tilt on its axis if you are not within touching distance of your phone for a few hours.

Make eating well easy for yourself. Take a few minutes to plan your meals for the week and make sure there is plenty fresh fruit and vegetables in the house. Also consider a social media detox for a day or so. You might be surprised at how much better you feel.

Natural Health Service We’ve all been in awe of the National Health Service through the pandemic but the Natural Health Service is also worth shouting about. Change, even positive change or change that we are excited about, can cause disruption and elevated stress.

Cortisol is the body’s main stress hormone and too much of it can cause havoc to our health and mental wellbeing. Cortisol also creates negative feedback loops which means that the more cortisol we create in the body the worse we feel which in turn creates even more cortisol in a downward spiral.

It’s so important to break that downward spiral as quickly as possible and one great way is to get near nature – a park will do. Pay attention to the sounds and smells and simply enjoy some quiet time and the fresh air. As autumn is with us, one thing I love doing, especially with my children, is trying (and succeeding) to catch a falling leaf. It’s also a great game and it looks very silly to anyone watching. The bigger leaves

Make a move Another great way to disperse cortisol in your system is to move and get physically active. You don’t need to go overboard – no need to pound the pavement at 5am. Just move your body. Put on a favourite song and dance around your living room—like no one is watching—for a few minutes.

The next time you need a hit of confidence during the change process, go to the bathroom and engage in two minutes of superhero pose. You may feel silly at first, but it will do wonders for your health and wellbeing.

Celebrate Failure Change requires us to do, think or be different in some way.

This often means mistakes, failures and slip ups along the way. It’s rare that we move seamlessly from one position to the other without some stumbles. Learning to ride a bike is a change—change from walking to a new form of transport— and learning to ride a bike doesn’t just happen miraculously, like the flick of a switch. It’s a journey of anxiety, questionable balance and a few scrapes. Everyone fails their way to riding a bike.

We all know this and yet when we become adults, we dread failure. It is seen as a weakness or something that must be hidden or fudged. And that is rubbish! Failure is the only way to succeed at anything, including successful change. This is known as having a growth mindset – the idea that everything is possible and we can get better at anything if we stick with it and persevere.

Take a minute to think about how many times you have embarked on change and created unrealistically high expectations for yourself. Stop expecting immediate perfection and instead settle for consistent effort.

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Positive Habits What do you love? What makes you happy? Is it meeting up with friends, listening to really loud music or singing at the top of your lungs in the car on the way to work? Do you love taking some time out and reading a good thriller? Or do you just enjoying some family time at the end of a challenging week? Whatever it is, do more of it.

of our situation and emotions in the moment, to reset and to bring more of our best to help ourselves and others. By taking just a few minutes a day and following the suggestions above you can put yourself in the best possible state of mind to manage change successfully.

Change can be disconcerting. It can feel like your whole life is being shaken, so deliberately hang on to the positive habits that already make you feel happy and safe. If you don’t have any of those, make them. Take a minute to think back to a time in your life when you felt especially peaceful or happy.

What exactly were you doing? Have you stopped doing that?

If so, why?

ABOUT THE AUTHOR

Another great habit to get into is appreciation. In the shower in the morning or on your daily commute, take a few minutes to think about the three things that you are most grateful for in your life. Relish those things in the midst of change.

I’m a great believer in instant change, little ‘micro-moments’ of learning or adaptation that allow us to actively take charge

Sid Madge is the founder of Meee which draws on the best creativity and thinking from the worlds of psychology, neuroscience, branding, education and sociology, to help people achieve extraordinary lives. To date, Meee has transformed the lives of over 20,000 people, from leaders of SMEs to PLCs, to parents, teachers, students, carers, the unemployed and prison inmates.

Sid Madge is also author of the ‘Meee in a Minute’ series of books, which each offer 60 ways to change your life, work or family life in 60 seconds.

Web: www.meee.global

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How Can Online Businesses Maintain Momentum Post Covid-19?

Over the past year, the coronavirus pandemic has led to significant changes for businesses in the UK. While national restrictions have been enforced by the Government - often with little warning - the majority of the population have experienced pressure, both personally and financially as a result. However, not all change has had a negative impact, and the pandemic has also brought about new and exciting opportunities for businesses. With more than 750,000 stores being closed to the public, consumers were left with no choice but to move online for their shopping needs. In response to this new demand, many brick-and-mortar businesses have taken the leap and moved online too, leading to a boom in e-commerce.

Research from Datafeed Watch shows 51% of consumers in the UK now prefer to shop online. Having an ecommerce presence opens retailers up to a whole range of business opportunities that simply didn’t exist before. However, it has also meant there is more competition online now than ever before. To stay competitive, marketing is key.

To help companies stand out in this new competitive e-commerce world, James Bosley, Marketing Manager at TextAnywhere has outlined five tips to future-proof the success of an online business.

Check-in on the business’ offerings Businesses noticed a significant shift in consumer needs during the coronavirus outbreak as people’s priorities and knowledge changed in line with lockdown measures.

According to the Swiss Re Institute, there were five significant behavioural changes that arose as a direct result of the pandemic: 1) Increased digital adoption (consumers shifted to digital platforms for their needs) 2) Changes in mobility patterns (a reduction in use of public transport) 3) Change in purchasing behaviour (move to value based purchasing and ecommerce) 4) Increased awareness of health (focus on skincare, increased hygiene) 5) Changes in interpersonal behaviour (increase in divorce, pet adoption, etc.)

As a result, brands were forced to adapt their business offerings to continue to meet customer needs. Now, as the final lockdown restrictions are eased, firms must ensure the products that are being sold online are still relevant to the consumer. As restrictions ease, businesses should be ready and willing to adapt to these changes to match shifting customer demand.

Provide excellent customer service The customer journey should be at the heart of everything a retailer does, and this process must be seamless and transparent. If customers can no longer shop in-store, being

readily available as a point of contact is more important than ever. Providing excellent customer service allows businesses to cultivate loyalty from their audience, which is vital to secure in a crowded market. It’s worth extending the customer service hours and using a range of different channels to increase support online, for example on social media and live chat, as well as by phone and email.

Personal business communication with customers Smaller businesses have an advantage over e-commerce giants such as Amazon as they can build a more personal relationship with their customer base. Millennials, in particular, are seeking an ever personal connection with brands, and businesses should focus their attention on speaking directly to customers using SMS or social media to help close any distance. Although building personal relationships with customers may seem time-consuming, it reaps rewards, with strong customer relationships leading to loyal clients, positive word of mouth reviews, and increased sales. Research by 4 A’s claims that 43% of consumers have found it reassuring to hear from businesses that they know during this time, with this style of communication expected to become the new norm.

Have a crisis plan in place As demonstrated by the delay in lifting final lockdown restrictions, the future is still uncertain. Management should take time to identify any weaknesses or potential threats in the business or wider industry and implement measures to help prepare for the challenges ahead. The most vital part of a crisis plan is to ensure the business communicates effectively with its employees in a timely and transparent manner. Before any messaging is reflected to customers or the media, employees should be informed of the businesses’ plan since communication should always start from within.

Optimise your site for consumers To stand out against competitors on search engines, companies should ensure their Google my Business account is updated, to help direct any customers to the online store.

The site should also contain high-quality content that is relevant and adds value to the target audience, since this will help improve the visibility of the business on Google and provide a better user experience for customers. Once on the site, businesses should ensure the page and site load has been optimised, since a slow load time or laggy site will cause customers to move elsewhere for their shopping needs.

As the highstreet begins to wake up again, there is no reason for online retailers to start panicking. By keeping up with consumer demands, communicating with customers, planning ahead and implementing the basics of marketing, online businesses will maintain their momentum during and after the pandemic.

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How to Create an Online Course With years of experience, friends and business partners Gina Brocker and Angie Bonin combined their expertise to create an online photography course. Creating any new business has been a difficult feat due to the COVID-19 pandemic, but Brocker and Bonin saw it as no better time. Taking the opportunity to understand each other’s strengths, the photography duo went to work creating a 9 module course to help others invest in themselves, and their future. Now, they’re taking the next step and sharing how they built this course so that others may one day be inspired to do it too.

you made it for! If they don’t know about it, they can’t buy it, and they’ll spend years struggling with the thing that your course could help walk them through in weeks. Create a plan that implements email marketing, partnerships, a strong social media presence that offers information and support, and a PR campaign to consistently get your expertise and the course itself out there in front of prospective students so that they are able to learn about it and sign up to take it.

Creating a course from scratch is not easy, and takes a fair amount of time and effort, but if you have the expertise and have years of experience building a business in a specific field, you can absolutely teach other people how to build a successful business in it too. Here are some of the main steps Gina and Angie took to create their online course, Revealing The Narrative for wedding photographers.

Have fun with it! Think about the experiences you have learned the most from-- usually they are enjoyable and even fun to a certain extent, even if you’re learning about something technical or professional.

Determine the most useful information. Gina and Angie spent a lot of time thinking about the most helpful aspects when it comes to photography and also business, and came up with the ultimate list of topics to focus on that will lead students through building their photography business step by step. The information modules are the foundation of a strong course, because if you overlook one piece, people may struggle and not get the results you want for them. Being really thoughtful about what to include was key for this duo, and they also were strategic in determining which one of them was the ideal instructor to prepare the information on each section, based on their personal strengths and who loved talking about that specific topic most.

Once you’ve outlined the topics and information you need to include, you have to actually create the material. Draft what you want to say for each section, and film videos talking through it.

You’ll also want to develop downloadable or printable material to go along with certain topics, if not all, that people can use to document or work through the specifics of the information for their own business. It can be helpful to have someone you trust go through the information at this stage, to make sure it all makes sense to an outsider and that you haven’t overlooked anything that is key to understanding the material at any step of the course.

Next, you have to find a place to host the course online, and upload all the information to your teaching platform. There are many choices out there and you can use whichever seems to work best for you. You likely also want to create a website to go along with the course, or to build out a page on your existing website to provide information on the course and direct people to sign up!

Don’t forget about creating a plan for marketing the course. You want to make sure to get the course in front of the people who

A few other tips to keep in mind:

Think about what you’d want to get out of this type of course.

Approach it as a student, not the expert that you are. It can be easy to overlook seemingly small details or bits of info that may seem obvious to you as the expert, but would actually create a huge block in learning for a student who doesn’t yet have the knowledge.

Start telling people about it before it launches! You don’t want to finish the course and then launch to crickets. Start talking about it before it’s ready and get people excited in advance. Have a way to keep track of email addresses for people who may be interested, and email them as soon as it’s ready.

With these tools and info, you can get started building a business course of your own. Find your passion and share it with the world. Not only can you benefit from starting an online course, but you can inspire so many people in your field. So, take the next step, gather your expertise, and build the online course you wish you had when you were first starting in your career.

About the Authors Gina Brocker and Angie Bonin are Boston-based wedding photographers and the Co-Founders of Revealing The Narrative, a comprehensive wedding photography course that walks students through creating and building a profitable photography business. They are also the founders of Gina Brocker Photography and Angelina Rose Photography, respectively. www.instagram.com/revealingthenarrative

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How to Set a Marketing Budget If you are looking to carry out a marketing campaign it is important to have a clear budget, which is realistic and affordable. Often budgets assigned to marketing are either a complete guess with no thought behind the amount allocated or are optimistically low, where someone believes or hopes they can achieve great things for very little investment. Here, Suzie Farrell, Account Director at marketing agency PMW, answers some common marketing budget questions.

1) How much should I spend on marketing?

When a client comes to us looking for assistance with their marketing, one of the first things we ask is what their budget is. Occasionally, the response is, “We don’t know”.

Cutting marketing in times of austerity is the worst thing you should do. When times are tough, competition is rife. Why would you want to become less visible in tough times and risk losing out to competitors? It may seem counter-intuitive, but marketing budgets as a percentage of income should for this reason actually increase, not decrease, in times of economic difficulty.

3) How will I know where to spend my marketing budget?

Choosing how to spend your marketing budget depends on: Your audience – who are they, where are they and how can you best reach them?

This is never a good place to start. Marketing is never-ending.

When done well, the more you put in, the more you get out.

That doesn’t mean you need an endless pot of money in order to achieve anything worthwhile – that’s where experience, knowing your audience and creativity come in – but what it does mean is you need a clear idea of how much you are prepared to spend before commencing marketing. Being aware of what you can afford is critical.

Your objectives – what do you want to achieve, e.g. sell tickets, raise awareness?

Marketing textbooks may tell you that earmarking 10% of your profit for marketing is the norm, but there is no definitive right or wrong. What’s most important is assigning a budget that you can realistically afford, because no form of marketing comes with a guarantee. Be prepared for a period of trial and error before you find what works best for your company.

Consider this example:

Switch your mindset from thinking results are guaranteed to accepting that some things will work better than others.

While you are unlikely to see a positive return from every part of your investment, you may well see a very healthy return from some. The knack is to do more of what gets you good results. Of course, you won’t know before you start what that is – prepare yourself for some successes and some failures – great marketing doesn’t happen overnight.

2) Why should I bother with marketing if my company’s doing okay?

Marketing for some can be somewhat of an afterthought, especially if a company is performing respectably already. It can also be one of the first things to be cut when times get tough.

If your company is doing well without marketing and you’re content with that, then great. But don’t you want it to perform even better? If it’s doing well without marketing, just think how well it could do with it! Plus, if you allow things to coast for too long, it’s inevitable that a competitor who is investing in marketing will come along and gobble up all the business, just by being on people’s radars.

Your investment levels – how can you achieve the above affordably and over what period?

Only when you have the answers to the above points, are you then ready to make your choices.

You have identified your audience as consisting mainly of women in the UK aged 25-45.

You want this audience to sign up for a paid subscription of your online book club.

You have £5,000 to spend over two months to achieve this.

First, consider the potential platforms through which you can reach your identified audience. This may include TV, radio, social media, print magazines, blogs and live events.

Next, think about what you’re prepared to invest. £5,000 isn’t going to be enough for a decent radio or TV ad campaign, so they’re not the best bets here. It might enable you to produce a radio ad, but you could then only afford to play it once or twice – effective marketing relies on repetition and reiteration. You may consider national magazine advertising, but then find that’s also cost prohibitive.

Our motto is Do it well or not at all– a useful rule to remember when choosing how to spend your marketing budget.

4) Should I do my own marketing or pay someone?

To answer this question, you need to consider where your expertise lies. If, for example, you are brilliant at social media, have the time to do it on top of your job, can reach your target audience this way and achieve your objectives, then go for it!

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Beware though, of making the wrong choice. You shouldn’t be deciding how to spend your money based on your expertise alone. If you believe a PR campaign is the best and most costeffective way for you to reach your audience and achieve your objectives, but don’t have the faintest clue where to start with a PR campaign, your money would be better spent hiring a PR expert than choosing the wrong platform, just because you can manage the other platform yourself – many companies have made this mistake and paid handsomely for the consequences.

5) How do I monitor my spend and the results?

At the outset of any marketing campaign, it is important to have metrics outlined to enable you to measure the success of your marketing campaign. Here are a few examples: Enquiries Sales Traffic to website Link clicks Subscribers Newsletter sign ups Regularly look at the data you’re achieving from your marketing efforts to check if you’re hitting your targets. These could include:

Social media data (likes, follows, shares, clicks) Media coverage achieved (which publications, how many cuttings, positive or negative) Google Analytics (clicks, traffic, dwell time, bounce rate) Newsletter subscribers (new subscribers, unsubscribes, read rate, click throughs) Purchases (units sold, average spend, lifetime value of customer) Do more of what works and less of what doesn’t. Remember though that things can change – buying habits, trends, platform popularity – so what works one year might not work so well the next.

The Roundup 1) Allocate a comfortable budget 2) Choose channels based on audience, objectives and affordability 3) Monitor often 4) Tweak where necessary If you remember these four rules, you should be reaping the rewards of an effective marketing campaign in no time! https://pmwcom.co.uk/

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Managing Your Online Reputation An Entrepreneurs Guide

By Simon Wadsworth. Online reputation management is vital to your success in today’s ultra-connected world. When I launched online reputation management agency Igniyte back in 2009, the writing was on the wall. And over the years, the importance of maintaining a curated and careful professional and personal online presence has grown in importance.

From online reviews to social media profiles, and from comments you left on an article 10 years ago to news stories about your company… our online footprints are extensive, wide ranging and significant.

You need be sure, that as an entrepreneur, that nothing negative is lurking online that could impact your future success and that you have a consistent, detailed strategy on how to grow a positive online reputation.

Our interconnected world makes online reputation your number one concern. Google makes it the work of milliseconds for anyone to search your name or your company name. A few more minutes and people will probably be able to find where you live, your political persuasion and which football team you support.

While people are generally more aware of the need for privacy when it comes to private social media channels, ensuring your online presence is completely clear takes time, effort and careful management. But it really matters.

Executives say that almost half of the reputation of the company they work rests on that of the CEO. And on the other side, social recruiting is growing fast. Pretty much every company will search potential candidates online before inviting to interview. Google and other search engines do not care how your reputation comes across. Results are simply filtered by what’s popular and relevant.

Do you need to make changes to boost your online reputation?

So, what can you do? First, Google your own name, job, past roles and anything else remotely connected with you. Have a look at the first page and see what comes up. Depending on your position and personal use of social media, results will be mixed. Even if you don’t immediately see anything that concerns you, the breadth of information you can see about yourself shows just how risky an un-curated internet presence can be.

Whether you’re fronting a company, leading a brand or considering a career move, there are plenty of reasons people might search your name. And it’s possible that negativity online could impact your chances of success.

Assuming there is no outright negativity linked with your name, what else do you see when you Google it? Do the search results portray you and your ideas? Would it instil confidence in potential clients, or in your peers, customers or the media? It’s a good way to see what kind of first impression people might get about you, and to help you figure out what needs to change. After all, having a strong, believable personal brand can really impact the amount of custom your business experiences. If you feel you need to have a more concentrated strategy, there are steps you can take.

Steps to take to improve your online reputation: 1. Actively suppress negative content Most of us never look beyond page one of any Google search. And that’s why the front page of Google is all important when it comes to people finding out anything about you, whether professionally or on a personal level.

Even if there are positive links to be found a few pages down, these become essentially useless as most people simply won’t scroll that far.

This is where content strategies should come in. By creating high-quality, relevant and requested content that people want to read, negative links will be pushed further down the page. Content creation is a deceptively difficult path to take, and it should only be undertaken through extremely high-quality blogs, articles and thought leadership content. The idea is to create the persona that best reflects you in an honest and accessible way. When this is achieved, the front page of Google searches of your name will naturally be full of positive links.

2. Challenge Google to remove content.

This should be the first step (if there is negative content out there about you) if you want to alter the online impression people have of you. If there is something that comes up on Google searches that could feasibly damage either your personal or professional relationships, then you can request that it is removed.

3. Initiate your right to be forgotten.

The legal right to be forgotten was introduced as part of the EU’s General Data Protection Regulation (GDPR). It means that it’s possible to formally request that unwanted, dated, irrelevant or incorrect online information about you be removed. This includes image, videos or text.

When you make an application to remove any content,

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Google will make a judgement. Your right to privacy is measured against the interests of the public in having access to this information. This means to successfully remove Google content, you need to know exactly what to do, how to proceed, and to ensure that total accuracy is maintained throughout the process. You will need to speak to expert on this one.

4. Implement a coherent and strong social media plan.

Managing social media is a 24/7 job. The Internet never sleeps and nor do the channels that now effectively control the conversation. People never stop posting and, if you are an entrepreneur with a start-up, or a business leader, then at any time someone could be posting about you.

How you come across on every relevant platform matters.

That includes Facebook, Twitter, LinkedIn, Instagram, Medium, Snapchat, Reddit… And most people by middle age have posted on various channels through the years.

It’s always a plan to check back through your profiles and shut down any that are no longer relevant.

This might sound like a lot of work, particularly if you’re not hugely active in the social media space. But these days it’s essential, particularly for start-up owners, entrepreneurs and innovators. Developing a strong social media presence will do a lot to boost other companies and individual’s opinions of you and your business.

About the Author Simon Wadsworth is a reputation management expert and the Managing Director of Igniyte, a leading expert online reputation management and digital PR company.

Igniyte are experts in online reputation management and they help companies, brands and individuals in building a strong online presence through SEO, PR, content, social media and best practice online reputation management tools and techniques. Based in the UK, in Leeds and London, Igniyte has global reach with clients in the UK, Europe, US, Africa, UAE and Hong Kong. www.igniyte.co.uk

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Raising Brand Awareness Through PR If you’re an entrepreneur or business founder looking to boost your brand, one of the first ports of call should be a PR agency.After all, while you may be an expert in what you do, a carefully-crafted PR campaign can work wonders for spreading the word and exposing you to a wider audience.

Before we get into the nitty gritty, let’s first go back to some branding basics…

What is a brand?

The term ‘brand’ is Germanic in origin and originally meant burning wood. In Middle English, the meaning shifted to mean permanently marking with hot metal.

In the 17th century, the phrase brand became a mark of ownership in any form and in the industrial revolution it really took off with the meaning as we understand it today.But what is it? Some people may say a brand is a name, logo or symbol – but at Harvey & Hugo we strongly believe that a brand is a feeling. That’s why it is important to tell your brand story and use the correct PR services to spark emotion in your audience.

For as social psychologist and professor Jonathan Haidt says: “The human mind is a story processor, not a logic processor.”

So, what can you do to make your brand stand out in today’s fierce battle for attention?

Getting to know you

If this is done well, in time you and your brand will become recognised as leaders in your field – which brings us to our next point.

A person of influence If you like the idea of becoming an influencer in your industry, then it’s time for some profile building.

At the end of the day, people buy from people, which is why it’s so important to boost your own personal brand as well as your company’s.

Therefore, positioning you as a key person of influence is a win-win situation, building trust and respect for not only you personally, but also your brand.

There’s plenty you can do to raise your personal profile, starting with improving your personal social media accounts, and you may also want to look for interview and speaking opportunities.

Using a combination of the above can, in time, make you famous for the products and services you offer.

A winning plan

Firstly, you need to make sure you really know your brand – after all, if you don’t, how can you expect anyone else to?

Awards can be an often be overlooked when it comes to brand-building, but really, is there any better way to show off your expertise than have other people do it for you?

Hone in on your ‘why’, know your purpose, develop clear values, brand statements and key messaging and find your USP - don’t be afraid to be different!

Simply being nominated for an award can improve your brand awareness and put your business in front of new customers – and think of all that amazing PR if you win.

Once you’re clear on your message, you need a strategy to target the right people at the right time.

However, it’s important to be strategic when it comes to awards; don’t just enter any and all. Think carefully about which you have a realistic chance of winning, and which will be of most relevance to your target audience.

Planning ahead can help you to structure your ideas for how you’ll tell and share your story, and will keep you consistent and on track.

Forging links

Your strategy is also where you can set out your key performance indicators, develop campaign ideas and themes and establish your target market.

The online realm has opened up a whole new world of possibilities for building your brand – but it’s not all as straightforward as it seems.

Read all about it

Yes, we’re talking link-building, a way of boosting your credibility by getting someone equally (or, ideally, even more) credible to share your content.

An oldie but goodie, press releases are a simple but effective way of raising awareness and creating brand perceptions.

They are also seen as more credible and trustworthy than adverts and, being free, are much more cost-effective.

However, sometimes you need more than a press release to get your thoughts and opinions across, and that’s where article-writing comes into play. Strong written work that is shared across different publications is a great way to get your brand recognised.

You can do this by sending stories out to websites to increase backlinks (an incoming hyperlink from one webpage to another website) to your website.

To further boost your online game, it’s worth making sure any online content you put in your website is full of relevant keywords for your industry, to further push you up the Google rankings.

ENTREPRENEUR Staying social Social media is another great (and largely free) way to promote your brand, but, as always, you need to have a plan in place first.

You’ll need to start with deciding what platforms work best for your business before choosing what type of content to share and how often to post.

Remember, it’s not all about selling; social media is perfect for a more informal look at your business and why you do what you do. Behind-the-scenes, staff profiles and how-to guides are all ideally suited to this medium.

Thanks to the digital revolution, it’s never been easier to spread the word about your brand – but that also means the landscape has become more crowded.

Taking the time to create a rounded PR strategy means you can hit the ground running, keeping your eye on the prize and ensuring your hard work pays off.

About the Author Charlotte Nichols has over 15 years of experience in the PR and marketing sector and established her company Harvey & Hugo during that time. Charlotte’s mission is to use PR, social media and marketing techniques to make brands lovable and memorable. The flexible offering of Harvey & Hugo makes PR and marketing accessible to all. www.harveyandhugo.com

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How to Allocate Your Ad Apend Across Social Media Platforms

By Tim Hyde. It has never been more critical for your business to understand how to get the most out of your advertising budget. But advertising on social media platforms can feel like a minefield and getting your strategy wrong can be very damaging to your business. Getting expert agency advice will show you where you should be spending your money and how that will convert to sales.

How does ad spend work and where do you start?

This really depends on what you have done before. Some businesses will have a really clear idea in mind, typically when you have previously worked with an agency as you will have more insight into how things work and the best way to do things. Others are starting from scratch and have no idea and no experience, either with an agency or attempting it for yourself. Either way, phase one is key – this is setting objectives or the ‘digital plumbing’, making sure everything is tracking and set up correctly.

From an advertising perspective, an agency will usually look at the low hanging fruit and make small improvements that have a big impact, largely based on whatever you have been doing previously. A balanced and effective retargeting funnel can get them going with a couple of easy wins. From here, and once you’ve got a bit of a platform, an agency will be able to start to compare and contrast.

Diversification of spend Diversification of spend is going to be one of the dominating topics throughout the decade. Facebook + Instagram and Google’s ad network have dominated and, in the future, will be challenged as there will be spend going to other platforms such as TikTok, SnapChat and Pinterest. It is highly likely that we will also see Apple ads, and this could be one of the reasons why they made the iOS 14 changes, in preparation for launching their own ad platform. This means they will be able to target the iPhone or iOS users and it’s going to be incredibly valuable. Watch this space.

Spread your budget across a number of channels A competent agency will understand how to do this effectively, but it can be risky if you don’t have an innate understanding of each channel. Done well, it can be highly successful. One aspect of your diversification of spend is about mitigating risk; you don’t want to be solely reliant on one channel, even if it is your best performer. It is also really important to understand where and how those channels work together.

For example, Google is very much an intent based platform.

It is phenomenal for remarketing and really effective if you have already generated brand awareness and someone searches a specific term or your brand name. For this aspect, it is arguably the best marketing tool available. But it is very limited when it comes to scaling. One of the ways you can scale that channel is to increase your budget elsewhere, to make that pool of people or potential customers much bigger.

Maximise your impact with the right approach Rather than you approach being different for each channel, it’s more about your approach being appropriate. You need to hone your style and your language to each platform as diversification of spend optimises the other ad platforms. If you use TikTok, your creative will need to be more tongue in cheek and have a ‘native’ editing style or it will stick out like a sore thumb. Facebook & Instagram can be considered more premium and even more so for YouTube as your creative has to be longer and of a certain calibre. Google is mainly copy based so allows you to hit people in lots of different, creative ways on different platforms. This is really one of the keys to diversification of spend Identifying or quantifying the value of your sales when using multiple channels Understanding how each platform attributes sales will play a big part in identifying or quantifying the value of your sales. The big change with iOS 14 is that Facebook has gone from, at its highest, a 28-day view down to only a one-day view and seven day click. This means that if someone clicks on an ad and then purchases within seven days, you’ll have an attributed sale. However on TikTok and even Pinterest, the attribution windows are much shorter, so if your return on ad spend on Facebook is 3.5 but on TikTok is 1.5, then within the same attribution window, TikTok might be outperforming Facebook because on that last click basis, that performance is quite strong. Understanding the parameters of what success is on different platforms is really important.

Influencer marketing Whilst this is a big topic, ad spend can be extremely effective on influencer marketing if it’s used as part of an upper funnel awareness strategy and its success isn’t measured solely by an uplift in sales. The use of ambassadors or other channels distributing your media can be hugely powerful and definitely needs to be considered as part of your online marketing mix and incorporated within your paid spend.

Getting ad spend right and utilising social media platforms to maximum effect is an art, and to ensure you maximise your success, finding an agency to steer you through could be your most effective use of budget.

About the Author Tim Hyde, Founder and Director of Social Media Marketing Agency, TWH Media Having commenced his career in leading the Facebook strategy for Lad Bible, Tim Hyde boasts an impressive track record of helping businesses and brands scale online through effective social media marketing strategies. One of the industry’s leading social media gurus, Tim founded TWH Media in September 2017 and now works with large brands globally ranging from Adidas to Apple Music. www.twhmedia.com

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Tax Considerations When Paying Yourself From Company Profits

By Sharon Bonfield, Propositions Manager, St James’s Place Wealth Management. As a busy, growing business, you may now be thinking about how to take a salary from the fruits of your labour; your company profits. But what are the tax implications of paying yourself in this way?

Firstly, there are three main options available to you: Take more salary Pay extra pension contributions Pay a dividend

The same is true of dividends, although you may also have access to the dividend allowance of £2,000 depending on other dividends received. In the example below, we have assumed that this payment is in addition to dividends already taken, which has used the allowance. The higher rate tax on dividends is less than on salary at only 32.5%.

Inheritance Tax (IHT)

Depending on the option you choose, there are several considerations to make which are summarised below in this article:

Although not an immediate tax, payments made to pensions should remain outside your estate for Inheritance Tax purposes. If your estate is already above the IHT nil rate band any further drawing, such as dividend or salary, that are not spent will just increase the estate and therefore the amount of IHT payable.

NI contributions

Annual allowance issues

National Insurance (NI) contributions are paid on an employee’s salary, at a rate of 13.8% employer NI and a further 2% employee NI, or 12% if their salary is below the upper earnings limit. This is the biggest hit that payments could receive.

For many, the tapered annual allowance won’t be an issue, but for those who it affects - including those that have already used their standard annual allowance - this will need to be considered.

For example, £20,000 would suffer £2,425 employer NI. The residual would then suffer a further £2,109, if below the upper earnings limit, and that is even without Income Tax. If above the upper earnings limit however, the employee NI would be only £351.50.

The benefit of tax relief will be lost on anything over the value of your available annual allowance and carry forward, which may mean that a pension contribution is less favourable. The annual allowance can’t be ignored, but it shouldn’t be the sole driver for dismissing pension contributions as an option.

Corporation Tax

Look at what you need right now

Salary and pension contributions would generally be classed as “allowable business expenses”, and therefore would reduce the amount of corporation tax payable. This means that the whole amount can be used as the starting point for the payment. On the other hand, dividends are not a business expense and will be subject to corporation tax. With corporation tax at 19%, this would reduce the payment made by £3,800.

We shouldn’t forget that pensions are a long-term investment that won’t help your day-to-day situation – you can’t buy groceries with a pension contribution. So, although it can be relatively easy to justify a pension contribution on the numbers alone, holistic planning requires you to have a good understanding of your own circumstances.

Income Tax Pension contributions are not taxed immediately but will eventually be subject to Income Tax at your marginal rate, although in most cases 25% will be paid tax-free. Growth is also generated tax-efficiently within the pension, which could increase the eventual tax paid or even subject the payment to a lifetime allowance charge.

The salary will be subject to your marginal rates of Income Tax. If you are earning at or near £100,000, you will need to be careful, as the loss of the personal allowance could make this option less attractive. In the example below, it is assumed that the whole amount will be within the higher rate band, so it is subject to 40% tax.

Maximise use of allowances There are many moving parts to extracting funds from a company. In reality, some if not all the three routes will be used each year to maximise the use of allowances and provide a useable income and protection for the future.

*The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

Website: www.sjp.co.uk

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How to Inspire Positivity & Profitability During Difficult Times “In the midst of every crisis lies opportunity.”

Albert Einstein Life puts us all through unplanned change. However, sometimes the unthinkable can occur. The COVID-19 pandemic is a sound example of this. Many of us thought a pandemic could happen, however, many of us never thought it would happen. Unfortunately, rapid unplanned change can also bring with it prolonged uncertainty. When this occurs it is normal to have difficulty seeing the upside of things and a way forward.

Successful business owners understand that in order to help your business thrive, make your company profitable, and keep your customers happy, you need to be mindful of what is happening now. Prosperous entrepreneurs understand if you were to sell your product or service the same way for weeks, months, or years that you would be behind, not ahead of the curve. In other words, successful business leaders embrace change and see the benefits and necessity of doing so. The question then becomes, how does an entrepreneur embrace change and make cents of it all when change can change its mind anytime?

Acceptance

Be Mindful A business can consume an entrepreneur’s time and energy at the best of times, and especially during uncertain times.

Consequently, just like we take care of our bodies, we need to take care of our minds too.

Mindfulness is another strategy business owners can use to achieve balance and successfully navigate change. This is because staying in the present helps us reduce anxiety about the future and depression about the past. Try taking time out each day to calm your mind, even for five minutes.

Calming your brain can help you focus and set your compass for the day, move you towards a more optimistic attitude, and improve your ability to handle the unexpected.

Practice Gratitude Begin each day with intention and gratitude. There is always something to be thankful for, even if it is as simple as the sun is shining, and you are healthy. Research has shown people with a more grateful disposition are more likely to bounce back after times of great adversity. While we cannot control what happens during times of prolonged uncertainty, we can control our response to events. Our intention creates our reality and gratitude illuminates the path by helping us stay positive.

Acceptance is the first step towards navigating change of any kind—especially rapid, unexpected change. Accepting change is occurring in your marketplace does not mean that you have to like what is happening. Rather, it is the willingness to accept change is happening, not resist or deny it, that helps shift your perspective towards more positive, opportunistic thinking. In turn, a more optimistic outlook can promote adaptability and help you switch gears when you need to.

While it is not realistic to expect you can be positive all the time, positive thinking does give us an extreme advantage during times of extreme stress. It helps us respond to the ups and downs of life, rather than react to them, and can support us to move ourselves and our businesses forward, not backward, while upheaval plays out.

Think Outside-In

Jane Enright is an ordinary person who has survived some extraordinary things. An inspiring and humorous positivity and change expert from Canada, Jane speaks to audiences seeking answers for their grief, stress, loss, depression, anxiety, stagnation, indecision, sadness, and more. From top executives to stay-at-home moms, she is helping people around the globe to land “butter side up” after unplanned change.

Outside-in thinking is looking at your business as an observer rather than as a participant. Looking outside-in helps us take the emotionality out of situations (fear, sadness, etc.), so we can look at the big picture, find clarity of thought, and uncover solutions when we need them.

An environmental scan or SWOT is a staple in the business world when developing a strategic plan. It is also a tool business owners can use to look at change more objectively. A SWOT is a review of the strengths, weaknesses, opportunities, and threats for a given scenario. Completing a SWOT can be a useful exercise to obtain fact-based analysis. It can also help you become more flexible of mind so you can look at your business in new ways and from new directions.

About the Author

Butter Side Up: How I Survived My Most Terrible Year & Created My Super Awesome Life is published by Friesen Press and is available in paperback (£13.99) and eBook (£7.99) at all good bookshops and online retailers.

Visit: www.janeenrightauthor.com

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The Opportunities Presented by Angel Investing

By Gavin Heys, Envestors Private Investment Club. Many of us have watched Dragons’ Den avidly over fifteen years but how many of us have seriously considered the questions ‘Could I be an angel investor?’ or ‘Is this type of investing just for these well-known businesspeople?’

Not enough of us have asked these questions.

Angel investing for many feels inaccessible, an option for industry bigwigs and multi-millionaires. And so, instead of exploring this exciting asset class, we put our investments into more traditional and safer options like stocks and mutual funds.

But the reality is that if you have capital to invest, angel investing is an option you should consider. Like all investments it does carry risks, but it also offers potentially exciting rewards.

So, to help you look at this let’s start by reviewing the basics and then examine how angel investing can offer potentially higher returns than many more familiar investment options.

What does an angel investor look like?

Angel investors invest their personal capital into unlisted businesses in exchange for shares in that business. More than just cash, angels typically offer wider benefits to investee companies in the way of mentorship, advice, acting as a non-executive director or making vital introductions to their network of contacts.

Most angel investors are classed as ‘High Net Worth Individuals’ (HNWI). It is this terminology that likely conjures up the images of three-piece suits, designer watches and luxury cars – making angel investing feel inaccessible. The reality is that to be considered a HNWI, you need an annual salary of at least £100,000 or net assets, excluding property and pensions, worth £250,000. That’s more people, than you’d think – at least half a million in the UK according to Statista.

The other common type of angel investors is termed ‘Sophisticated Investors.’ To be classed as sophisticated, you must either be a member of an angel network, have invested in another unlisted company in the last two years, have worked in a professional capacity in the private equity sector or be a director of a company with an annual turnover of £1M+.

Business angels will usually put in between £5,000 and £500,000 in a single venture and will aim to build a portfolio of investments over time.

Angel investors average returns While angel investing is riskier than other asset classes, and is

less liquid, it does have the potential to offer greater returns.

Data collected in the US in a 2017 Willamette University study on angel investment returns calculated that the average return for angel investors is 2.5X, which alongside an average investment time span of 4.5 years indicates a gross internal rate of return of 22%.

This compares very favourably with more traditional investment vehicles: 1. Mutual funds - Not even the best performing mutual funds of all time will break 20% average annual return, and most of them will not go over 15%; 2. Index funds - Industry favorite, the S&P 500 has provided an average annual return of 13.6% since its inception; 3. Bonds - During the pandemic, UK interest rates on bonds have been cut to 0.1%; 4. Stocks - The average return on a Stocks and Shares ISA in the UK is 5.14% (April 1999 to April 2020).

A more recent study by FounderCatalyst published in January 2021 showed that angel investments yielded an average 2.77 X return. Furthermore, with the additional benefit of EIS tax relief that grows to an average 3.19 X return.

Under the HMRC’s Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS), angel investors receive income tax relief of 30-50% on funds invested in startups and early-stage businesses. This fantastic scheme has helped to raise £1.929 Billion for 3,920 companies yet is still surprisingly unknown to many potential investors who could benefit.

It is worth pointing out here again that averages are averages.

Any experienced angel will tell you that many companies take much longer than 4.5 years to mature and exit, and more fail than have home runs. But, on average, angel investing appears to perform well in the long run versus other asset classes.

Why should you consider becoming an angel investor?

Yes, it makes financial sense to invest in early-stage companies, as they can provide an unparalleled rate of return on your investment, and you can take advantage of generous tax relief schemes.

But many do it for more altruistic reasons. As an angel investor you offer value to a young company not just in the form of hard cash, but also in the form of advice and a

ENTREPRENEUR strategic direction stemming from your experience. Typically, angels are evangelists for the businesses they support - be it the use of big data in medicine, the implementation of AI in charity/corporate matching, or the development of energy saving computers. And everybody loves to hear about the little business you invested in which is about to be merged into a billion-dollar Special Purpose Acquisition Company (SPAC).

About the Author

An angel portfolio

Envestors’ Private Investment Club and digital investment platform bring together entrepreneurs and investors across geographies, communities and sectors – creating the single marketplace for early-stage investment in the UK.

According to the Willamette University study, angel investors get positive returns less than half the time they invest in a company. In fact, they register losses on around 70% of investments, and just 10% of their exits generate 85% of all returns. Diversifying your portfolio is key when trying to improve your return rates.

Looking at the rate of return on original investment of 300 exits from 2018/19, the data shows that angels’ odds of significant returns increase with the number of investments. The FounderCatalyst report states that a portfolio of investments in three companies is likely to yield, on average, worse returns than a portfolio of investments in 10 companies.

However, unless you are Dragons Den’s Peter Jones, opportunities may not always come to you. In fact, having enough deal flow to increase and diversify your portfolio can be a challenge.

One solution is to join an angel network. Well-established and properly regulated networks have investment specialists pre-screening deals, ensuring information is clearly and fairly presented and curating opportunities based on your interests. A good network will be listed on the Financial Conduct Authority (FCA) register and will follow FCA guidance which is all intended to help minimise risk.

Investors that join a network: 1. Gain access to deal flow; 2. Lower their risk by receiving support in the due diligence phase; 3. Diversify their portfolio; 4. Join a community of like-minded investors; 5. Can make a more meaningful and more sizable investment through syndication.

According to research firm Beauhurst, the most active angel networks in the UK right now are: In most cases, there is no need for a recommendation in order to gain access to investment networks. Angel investing is available to you from the comfort of your own home, as the most active networks, like Envestors, will use digital platforms to share their opportunities.

I hope this has provided food for thought and you can see that angel investing is something to consider getting involved with. Along with the tax benefits and the potential rewards with this type of investing, you can also enjoy helping young businesses to grow from an entrepreneurial idea to exit.

Gavin Heys is director of Envestors Private Investment Club where he works closely with investors to help them find the right opportunities for their portfolio. He has raised over £15m for companies including Draper and Dash, Censornet and F45 among many others.

Founded in 2004, Envestors has helped more than 200 high growth businesses raise more than £100m through its own private investment club.

Envestors is authorised and regulated by the Financial Conduct Authority. www.envestors.co.uk

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How to Boost Your Sales Funnel with PR Lis Anderson, director, AMBITIOUS PR. In the traditional sense, a marketing approach is usually used to drive sales and a PR strategy is used to build and maintain a positive reputation for a company. The PRCA[1] states that PR is “all about the way organisations communicate with the public, promote themselves, and build positive reputation and public image”.

Whilst the two disciplines continue serve different functions, the components are far more intertwined today. But how can PR play a part in driving those all important sales for your business?

You could be leading the way in terms of innovating industryleading products and services but unless customers know who you are and where to find you it’s all for nothing. Without effective external communications, your sales funnel will suffer and competitors may use this to their advantage. Its time to look at how you’re currently seeking out sales and the ways that you’re communicating to current and prospective customers.

Enhance the organic presence of your brand You’ll probably have a website, perhaps a blog, you may be targeting potential customers directly through email marketing and perhaps you’ve set aside budget to place some ads. PR is a powerful communication tool which can align with these tactics to drive organic growth. For example, people may start to become more aware of your brand through your blog and paid ads on social and traditional media. PR tactics will then enhance the organic presence of your brand through proactive social media posts and earned media. Earned media is defined as any publicity not generated by a company but by customers, social media followers, bloggers or journalists. By definition this type of publicity enhances your credibility as it’s rooted through respected third parties, rather than through your own channels.

Three key drivers behind a purchase decision If you put yourself in the mind of your customer for a moment, ask yourself what is it that you would look for in a company before making a purchase?

Trust, reputation and a product or service that really delivers are three of the key drivers. PR is a really effective way of delivering these messages, but its power lies in the subtlety of the approach. The goal is to give customers the chance to discover your brand, arm them with all the relevant information needed – this is where some strong corporate messaging is needed - and then allow them to make a purchase in their own time. Some clever and timely marketing tactics are also needed to make sure that it’s as easy as possible to purchase once they do decide to.

Create a positive emotional response that links to your brand The most effective PR campaigns are those that offer quality insights or advice without asking for anything in return.

Providing something of real value to the customer will evoke a positive emotional response. The goal is that this positive response is then connected with the brand, building awareness along with trust and credibility. Better still, if a customer deems your advice of high enough quality to then share it amongst their contacts, the exposure for your brand then multiplies.

PR can help to increase sales in many different ways, but here is a snaphot of an effective PR strategy including the key tactics used and the process to take to get it right: 1. Get your targeting spot-on Whether you serve other businesses or consumers, having a targeted approach to your PR will ensure that your budget is spent most effectively. If you can, be really focused on who your key customers are. If that’s consumer, it can be helpful to think of your customers according to specific personas; this includes age, sex, job role, hobbies or areas of interest.

By building up a demographic picture, you can then tier the audiences and focus PR activities accordingly. For example, a high percentage of the budget can be focused on the audience that is most likely to purchase with bursts of activity on those audiences that are not yet engaged. Tiering your audience will also help when it comes to measuring the effectiveness of PR. If you’re a b2b organisation, you may already have a clear idea of the businesses that your products or services benefit.

But which job titles would make the purchase decision? What products are they currently using? What problems are they currently facing? Building up a picture of the industry you work in may take a degree of market research, but it will be time and money well-spent if you can then focus your PR and marketing budget in the right place.

2. Make your message clear The foundation of a PR and marketing strategy should be aligned around some clearly defined messages. If you are not clear on what these are, your strategy will lack focus and it will take longer for your customers to build a relationship with your brand. A messaging session can solidify these messages; starting with who you are, what your company does, and how it delivers it. All PR and marketing efforts should be based around these key messages.

ENTREPRENEUR 3. Build trust and reputation Once you’re clear on who you’re targeting and where you fit in to the overall solution, now it’s time for PR delivery; to communicate with your target audience. Having your company and its products and services communicated through trusted media titles can do wonders for your reputation. To increase opportunities for your audience to see your brand, the focus should be on the quality of your content and how engaging it is. Levels of engagement can be determined in different ways; it can improve their knowledge on a topic and create a positive relationship with your brand in the process, it can encourage someone to find out more about your company or even change the way it perceives your company.

A PR strategy will ideally align with a marketing strategy to maximise any paid ad spend, webinars, events, white papers or social media campaigns. It will do this through PR materials such as press releases, opinion articles, case studies, news hijacking, award submissions and speaker slots. Remember, the rule of seven states that it takes an average of seven interactions with your brand before a purchase is made.

4. Measure and set objectives It’s true that its incredibly difficult to put an individual sale down to a particular PR tactic. That being said, PR shouldn’t be done for the sake of it. The best way to measure PR is a

combination of credibility of media reached (i.e. website or print circulation), the domain authority of the website, audience targeted (tier one or tier two etc), number of marketing messages included in content and call to action (for example back link to your website or contact details). If you can measure this against an increase in website traffic or SEO over time it is a good indication of how PR is performing and how the audience is responding to your brand.

Whilst PR shouldn’t be viewed solely as a sales engine, as part of a wider marketing mix PR can be a powerful way to increase the sales funnel. It creates more opportunities to connect an audience through your business stories and thought leadership, creates a solid reputation and can even influence the way that people think about your business. Although it is not necessarily a direct sales route, the subtle persuasive power of PR can play a huge part in purchase decisions.

About the Author Lis Anderson is an experienced PR consultancy Director and MD with over 20 years in the B2B and B2C marketing communications industry. Agency side she has held Board level positions at JBP, also as a partner of Worldcom Public Relations Group, and Bray Leino (Speed Communications) before launching AMBITIOUS. www.ambitiouspr.co.uk

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How to Market Your Business – When You HATE Social Media Read any guide on the best way to market your business and you’re bound to find social media high up the list — and sometimes, the only thing on the list. But what if the thought of all this posting, sharing, liking, boosting, engaging, following and whatnot else leaves you cold? Should you suppress these feelings and slog over social media anyway?

It may be music to the ears of social media dodgers that, according to Gina Hollands, Commercial Director from creative marketing agency PMW that’s the worst thing you can do. “For marketing to be effective, it needs to be authentic,” says Gina. “If your heart isn’t in one type of marketing and you do it regardless, your audience will see right through it and the outcome won’t be desirable — it could even be detrimental for your business.”

So, in this age of social media seeming to be the only way to win the hearts and minds of consumers everywhere, what’s the alternative if it’s just not your bag? Here, Gina gives her top five tips.

1. Focus on your strengths Identify where your strengths lie and focus on these. So, if you’re a great networker, spend your marketing time networking; if you enjoy liaising with the media, then make PR your go-to marketing strategy; if you’re more of a personal relationships type, then make a few appointments to have coffee with people you already know in the industry and see where these conversations take you. When you concentrate on what you do well, your results will be better and you’ll enjoy the process a lot more.

2. Try it, you might like it If you just think you might not like social media, but haven’t ever really given it a go, then try it out — you might be surprised how you take to it. There is a lot of prejudice around social media that it’s just a bunch of teenagers dancing around or people sharing pictures of their dinner, but in fact, many a contact can be made and a deal done when you get it right. Consider taking a beginner’s course or asking a friend who knows their way around the platforms to teach you the basics, and go from there. If you still don’t like it after a few months, then at least you’ve tried. But if you don’t try, you’ll never know!

3. Invest in the experts Love it or loathe it, it is no secret that social media has propelled many a brand from zero to hero. That’s not to say of course that it’s the only way to market a business, but it is definitely a cost effective and accessible way. It may be that you have absolutely no motivation to go there, however, and if that is the case it’s worth paying someone else to take the pain away. Depending on how far you want to go with your social media, you could enlist the help of a local freelancer to create your pages and make a few posts or, if you want to really get serious with your social and use it as a platform for advertising your brand and providing insight and analysis, then hiring a social media specialist could be the answer.

4. It’s not the only way!

It may be hard to believe, but you can still market your business without the need to turn to social media immediately. Certainly, once finances allow, it is wise to invest in hiring a third party to undertake your social media if you don’t want to do it yourself, but in the meantime, consider other routes to market, such as trade fairs, traditional advertising, press releases, events and other marketing methods which suit you and your brand.

5. Pick one thing and do it well We always say at PMW to do something well or don’t do it at all. Diluting your marketing budget by spreading it too thinly across an array of marketing platforms won’t get you anywhere, other than destination disappointment. It’s better to choose one marketing method which appeals to you, which you can afford and which suits your brand and do it well. Once you’ve perfected that, consider investing the return from this activity into your second chosen platform, and repeating the process.

The key things to remember when marketing your brand are to remain within the realms of affordability and — if you’re doing your own marketing — likeability. When you’re authentic to yourself, your passion will shine through and marketing success should follow. pmwcom.co.uk

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How to Create a Marketing Strategy Marketing is like an iceberg. The bit you see above the water is the marketing tactics, whilst below the water is the marketing strategy and deeper still the insight and diagnosis. Quite often, businesses focus entirely on what you see above the water and almost no time on what lies beneath.

As Sun Tzu the great military strategist said: “tactics without strategy is the noise before defeat.” Without a strategy your activity and marketing spend is likely to be unfocused and inefficient. Before you start the ‘doing’ – designing packaging, advertising, or communicating – time to engage in some thinking. Here is our guide to the thinking required to nail your marketing strategy.

1.Marketing objectives Your commercial objectives articulate what you hope or expect to achieve in financial terms. Marketing objectives should describe how you will achieve them and how you want to change your consumer’s behaviour. Understanding where to focus your attention is one of the first decisions your marketing strategy makes explicit. To make these decisions, you need to have done your diagnosis – finding out your brand awareness and image scores, how well you convert at each stage of the customer funnel, what drives consideration, preference and purchase and how you perform relative to your competitors.

Diagnosis helps you identify what you need to achieve. For example, do you need to generate greater brand awareness (top of the funnel), do you need to focus on getting those who know about you to consider you the next time they purchase (middle of the funnel) or is it about focusing conversion at the point of purchase (bottom of the funnel)?

Your decisions and priorities impact where, when and how you communicate with your target audience. A good marketing objective is one sentence and demonstrates clear decisions have been made. For example, we will get [number] of [new/ existing] customers to switch from [brand x] into buying [product name] by [date].

2. Audience need In your diagnosis, you should have identified the need that your product or service meets. Summarise the need in 2-3 words and then describe why and when the need occurs – what triggers the need and what are the motivations your potential audience has for filling the need.

Next, identify how you meet those needs and what makes your brand different. Avoid category ‘hygiene factors’ i.e., those that all products are expected to fulfil. And check that

any differentiators matter to your target customers. Make sure you have spoken to actual customers – you don’t need to do big expensive research, just find 10-15 users of your products / services or those of your competitors.

The most common mistake we see brands making is using demographics (such as age or gender) to make assumptions about the needs and triggers potential customers have rather than starting with the need and building a picture of who may share this need, where and when.

3.Brand positioning Put simply, brand positioning is the intended brand image in the mind of your target customer. The positioning statement should be simple and sums up how you meet the needs of your target audience. For example, CocaCola’s positioning statement is: For individuals looking for high-quality beverages, Coca-Cola offers a wide range of the most refreshing options — each creates a positive experience for customers when they enjoy a Coca-Cola brand drink. Unlike other beverage options, Coca-Cola products inspire happiness and make a positive difference in customers’ lives.

Your positioning statement isn’t a strapline (as we can see from the Coca-Cola example), rather you are setting the ‘rule’ for what any advert or creative needs to communicate.

The positioning section of your strategy should also make clear the brand’s ‘distinctive assets’ – the main elements of your brand identity that help people recognise you.

Usually, assets are visual – logos, colours, shapes, colours – but for some they include a sound or a smell. Once identified, be obsessive about using them on everything you do to create recognition and association.

4. Your four ‘Ps’ strategy Most people associate marketing only with communications (the Promotions P of our 4 Ps). But marketing strategy also articulates the framework for Product, Price and Place (or distribution). Your strategy framework should include: Product: the rules for your products or services such as what they always are or aren’t, how they feel distinct and recognisable as your brand.

Promotion (Communication): the framework here has 3 elements: 1. Creative: how are you going to show your brand in a distinctive way (such as brand guidelines and tone of voice)

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2. Message hierarchy: 3-5 key consumer-facing messages to be communicated across all comms activity in order of importance.

3. Media channels: what types of media will best communicate your message and reach your audience in ‘trigger’ moments.

Pricing: your pricing relative to your competitors. Set upper and lower limits on price and agree how consistently the price should be maintained, for example, whether you will discount price and what you expect in return such as bulk or bundled spend.

Place (Distribution): how you will make your product or service available to your target audience. Identify the key channels which connect to your audience and their trigger points.

5. Tactical plan Your target audience will never see your strategy, but they do need to understand what you intend in everything you do.

You should start your annual planning process with a review of what happened previously – take the time to make your own assessment and seek input from elsewhere. Once you’ve done this, you can ensure your marketing objectives are stated in relation to where you start the year. There are lots of ways you can then develop new ideas for how you achieve your objectives, but however you do it (such as ideation sessions or briefing your agencies), evaluate and rank ideas against the following criteria:

· Is it aimed at the right audience? · Does it achieve my objectives? · Does it maintain the brand position / build it in the right way? · Is it coded according to brand guidelines and key brand assets?

Set clear timeframes and KPIs for your tactical activity and ensure that you are engaging in both brand building (top of funnel) activity as well as activation (bottom of funnel activity).

There’s plenty of research out there to substantiate the advice that 40% of your budget should be on brand building (with a 3 – 5 year horizon) and 60% should be on short term activation.

Your tactics may change and evolve over the year as you test and learn, but strategy should be longer term (3-5 years) and positioning should change very little over the brand’s lifetime.

Ultimately this is what creates powerful brands. Having strong and consistent strategy that guides and focuses tactics is what allows the world’s most powerful brands to occupy a strong and consistent meaning in consumers’ minds.

About the Authors Vicky Murray and Tamsin Daniel, Co-Founders & Brand Consultants at Atalante Strategic Marketing Consultants. www.atalantemarketing.com

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How to get Your Food or Beverage Brand off to the Best Possible Start

By Richard Horwell, Brand Relations. Every startup founder needs to keep in mind that branding is as important as the product itself. 90% of a first-time purchase is based on the branding; it’s why a consumer will pick your product over their regular choice or your competition. So how can startup founders communicate their message to their target audience so that they decide to buy and try?

3/ Will my consumer be able to read the messages I have on the packaging from a distance, without picking it up?

Educate

Getting the answers to these questions is the first step to creating brilliant branding.

When you start developing your product you’ll need to ask yourself a raft of questions. These are much the same as the ones your target audience will ask including: ‘what is unique about this product?’; ‘should I risk spending money on this untried brand?’; ’does this product offer value for money?’

Your branding needs to answer all such questions.

The MOST expensive word in the Food & Drink category is ‘education’. If you need to take time to educate the consumer, away from the packaging, then you’ll either spend millions or fail, or both.

The best place to educate your target audience is on your product’s packaging, so your branding needs to be clear and provide instant education.

Help make connections We all tend to pigeonhole everything in our lives and whether we are conscious of it or not, when we see a new brand, we put it in its place. So, if your startup is attempting to break new ground with an idea or base ingredient then you need to add something to the mix that the consumer knows.

For example, we have just developed a drink based on the Stinging Nettle called Emunity. To help consumers to reach out and try this we‘ve added ingredients and flavours they recognise, like cucumber, gooseberry and wild strawberry.

The key is to make sure the messaging is easy to understand and include elements that consumers can understand and connect to instantly.

A product has to sell easily and quickly. Trade Buyers won’t give you long to prove that your brand works, so, make it easy for the consumer to choose your product fast.

Get Answers to Key Questions In order to get your branding right, you need to ask yourself and others some questions: 1/ Where will this product sell and what brands will sit alongside it? How will my product stand out against them?

2/ What is my brand message? For example, is it based on health, functionality, spoiling yourself or great taste?

4/ Does my brand look premium enough for the selling price?

5/ Why should a consumer buy my brand instead of their regular choice?

Focus on Your Audience Today the big brands are no longer dominating the market and there are plenty of opportunities for entrepreneurs.

Many consumers like the idea of trying something different, but they need to be drawn to a brand that relates to them and says, ‘buy me, I am new and exciting’.

When I lived in Australia, I knew a very successful entrepreneur who could turn his hand to anything. When I asked him his secret to success, his response was ‘when you explain something to someone and they don’t understand, it’s not them that’s stupid, it’s you for not explaining it properly’.

Consumers don’t care about a ‘new’ brand name, they care about what’s in it for them. So, make sure your message conveys this. Always focus on them, not you.

For example, we worked on a soft drink now called Chillio.

The previous design agency had simply splashed the logo across the entire. In other words, the branding was all about the client, not the consumer. We rebranded it to sit alongside the craft beers so you could be out sipping Chillio without feeling embarrassed you weren’t drinking. The new name highlighted the chilli ingredient in the drink (its point of difference) and the visual design evoked fun, hot days in South America.

Identify Your Point of Difference In order to have any chance of success in today’s market you must have a point of difference. This needs to be very clear in your branding and messaging on the packaging. Just being vegan, for example, is not enough - there are masses of vegan brands now, and when it comes to drinks most of them are already vegan.

So, think about what makes your brand different, list these points and then pick the MOST important ones to highlight on the packaging. The less important ones still need to be on there, but they can go on areas the consumer will read once they pick the product up.

Don’t Get Too Minimalist Minimalism has become a trend in recent years with many

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designs jumping on the bandwagon. However, be careful not to make it too minimal. I have seen some laughable branding where a designer has tried to be cool but forgotten about selling the brand. This has led to the consumer ignoring it completely and reaching for the safer option, in other words, one of the established brands they already know. Find the right balance between doing too much or too little. You also don’t want to waffle; let your branding do the talking.

Find a Relevant Name With the growth in food and drinks products comes a rise in the amount of new brand names, which makes choosing the right name harder, and getting a trademark more challenging.

Start by researching your chosen brand name and make sure it is RELEVANT to your product and your audience. Be clever with your brand name, find something that is simple but conveys your product’s message, not just a name that sounds cool to you and your family. After all, some names just sound plain stupid – so just because your friends think it sounds great, does not mean it will resonate with your target audience.

For example, we worked with Can’O Water, which is a brand that has reducing plastic waste at its heart. They chose a simple, ‘does what it says on the tin’ name – after all it is water in a can, so why beat about the bush? They were ahead of their time and agile enough to adapt to the demands of their target consumer; they now make their cans reusable with close caps.

Communicate Your Values Consumers want brands to be transparent and they want to understand the brand’s heritage and values. Is the product certified to be Vegan, Fairtrade or Organic? Consumers are also looking for certifications like ‘B Corporation’, which commends businesses that give as much consideration to their social and environmental impact as they do to their financial returns.

This move towards wanting to buy from companies with matching values is an opportunity for new, indie brands as the established companies can’t adapt quickly.

Conclusion As a startup founder, focus on your branding so you attract consumers. The great taste the added benefits and an ethos they can buy will then keep them coming back for more. With right branding in place your fledgling business and product will be heading for success.

About the Author Richard Horwell is the owner of Brand Relations, a specialist food and drink marketing and branding company based in London. Over the last 13 years, Brand Relations has been behind the launch and development of over 100 brands in the UK. Richard has also built up and sold companies of his own in the Food and Beverage sector. He has over 30 years’ experience in marketing FMCG brands around the world, having lived and worked in the UK, USA, Australia and the Middle East. www.brandrelations.co.uk

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Business Goals vs Business Purpose Combine Them for Success Look at the following Business Purpose Statements – which brands do these belong to?

1. To bring inspiration and innovation to every athlete in the world (and everybody is an athlete).

2. To empower creative exploration and self-expression 3. Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.

The three brands chosen for this exercise are brands which successfully combine their business goal with their business purpose and make it look easy, (Nike, Apple and Patagonia respectively) but for many businesses, there isn’t a balance between the two.

What is the difference between a goal and purpose?

Business goals are what a business anticipates accomplishing in a set period of time, usually a three-year cycle, compared to your business purpose, which is the reason you have formed your company and can be, as demonstrated above, explained in a single sentence.

If you tell your staff or customers that you want to achieve double digit growth and dominate your industry, it’s not going to encourage them, but is a classic business goal. Purpose is more of a long-term investment; it doesn’t necessarily provide you with quick wins but helps to build brand loyalty and the emotional connection and trust with your customers.

The disparity comes when you have to balance playing a long game when you have two/three-year business objectives.

Inevitably therefore, some businesses find it very hard to understand purpose, fail to see the value in it and are sceptical, particularly Stakeholders who have it ingrained in them to make profit the priority. They might question that purpose doesn’t necessarily have an ROI against it and initially question why it is important.

But when you look at some of the world’s most powerful and successful brands, they have found that balance and as Steve Jobs once said, “If people have a greater sense of purpose, profit will follow.”

Brand purpose is not a fad Most of us can remember our school motto such as ‘honour and integrity’ - these gave us value and purpose, and this works in parallel with business purpose.

Whilst the pandemic has seen a spike in the popularity of brands with purpose, it’s not just a fad and the last few years has seen a significant rise in the success of brands with an innate brand purpose.

Unilever backs this up with examples from their own brands, explaining that “In 2018, our 28 Sustainable Living Brands – those taking action to support positive change for people and the planet – grew 69% faster than the rest of our business.

That’s up from 46% in 2017.”

The Cone/Porter Novelli survey found that 66% of consumers would switch from a product they typically buy, to a new product from a purpose-driven company while purpose-led brands saw their valuation surge by 175% over the past 12 years, versus a growth rate of just 70% for listless brands uncertain of their role. (Kantar 2018).

Purpose isn’t something you advertise; you don’t commercialise it, and that’s why it’s such a hard concept to understand but as the stats show, businesses need to find a way to entwine the two if the business hasn’t grown organically with a defined purpose.

The examples of companies that really demonstrate the power of purpose have been built from the ground up, where purpose is embedded in everything they do. It has been intrinsic from day one.

Ben and Jerry’s is one of the best examples of this. They are activists who sell ice cream; they never set out to be so successful but the reason for their popularity, why consumers buy into them and why there is such brand loyalty is that they are genuine activists for change and this has always been the case.

Every business needs a WHY? In the wake of the pandemic, many businesses are reassessing their strategies and as a result are thinking hard about their brand purpose. But how does this translate for the b2b sector, for businesses who don’t have a consumable product and who talk more prominently about business goals?

All businesses, no matter the sector/product/service, need to start with the WHY? And for this reason you need to implement the top-down business model.

The mistake a lot of people make is they want a website and a social media campaign and that’s fine but what are you going to say? These businesses know what they need to do but they don’t know how to do it. People who start from the bottom up haven’t identified their brand/strategy/purpose and there is a whole piece of work that needs to be done before they

ENTREPRENEUR can produce something that captures the hearts and minds of their staff and their audience. People won’t engage if there is no WHY? Starting with a single idea at the top and then making the right decisions to forge ahead and flow down through the business enables you to position yourself, to create the right tone of voice and to identify your audience and your deliverables.

Another classic mistake is just tacking on some kind of charity or ‘do good’ angle to make it look like brand purpose; consumers will see straight through it. Even global giants make mistakes as demonstrated by the 2017 Pepsi advert featuring Kendall Jenner. This was a prime example of a brand trying too hard. What was meant to be a message of unification had to be pulled and apologised for (‘We missed the mark and we apologise’ – Pepsi) due to public backlash.

Does it matter if we don’t have a brand purpose?

Well, yes! People are more likely to buy into you if you have a brand purpose and if you don’t, you will let other people occupy that space and this is where the challenger brands will come in and dominate.

Consumers will connect with other brands over yours and the result is that you won’t achieve your goals and you won’t grow your market share, which is proof again that brand purpose isn’t just about being nice and fluffy, it actually and actively works towards achieving your brand goals.

Apple still remains true and its purpose lives on. People have come and gone from the business, but the core remains the foundation of the entire business and its unparalleled success.

And let’s face it, we’d all like a slice of that pie!

Author: Gayle Carpenter, Director of creative agency, Sparkloop www.sparkloop.com

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4 Key Points for You to Follow to Be a Leader, Not a Manager Managing a team of people comes with a new level of responsibilities. But have you ever considered the vast difference between being a manager and a leader? Harvard Business Review reports that 30 is the average age of a firsttime manager while 40 is the age where people first embark on leadership training. This is a decade of lost years of building leadership skills – this can lead to ingraining bad habits and not practising to improve your style.

Being a manager doesn’t automatically make you a leader.

The main difference between a manager and a leader is that managers delegate tasks to those who work for them whereas leaders have people follow them and believe in what they’re setting out for the company. The best part of the last year has demonstrated that leaders need to be prepared and agile to respond to protect their business and employees.

Here, we will determine the four ways that managers can transform themselves into leaders.

Respect goes two ways Firstly, and most importantly, be respectable. Respect should be earned, not expected – no employee is going to consider a manager their leader if they don’t respect them. There are a number of things you should consider in order to gain your employees’ respect. After all, if they respect you, they’re likely to work harder for you, cooperate more with others, be more creative, resilient, and likely to take direction.

These include: 1. Leading by example. Be prepared to pick up tasks big and small, for example making your own cup of coffee or printing copies out to hand out to the workforce.

2. Listen to your team. Open the floor for others to speak and allow them to voice their opinions on how to improve things. Holding steady team meetings opens up a dialogue of feedback and ideas.

3. Follow through on deadlines and agreements.If you can’t meet your own deadlines, why should your team? If you offer to help someone on a particular project, honour that promise.

4. Accept responsibility if things don’t work out.

Communication is key Never underestimate the power of communication. Managers with poor communication skills often alienate their workers, leaving the team confused and with little faith that things are being run properly. Take time to communicate your ideas, expectations, strategies, and everything in between, making

everyone else feel involved in what’s going on. You can do this by thinking of any strategy the same as telling a story to someone who knows nothing about it. You can focus on things you don’t know or what you need to understand yourself in order to relay it others.

By involving your team and keeping them engaged, this will also allow successful executions and a happy, motivated team – you can’t expect a strategy to work if it isn’t understood and nobody is committed.

Shape company culture Leaders should contribute to an active company culture. If workers’ characteristics don’t fit into the culture, this could influence their decision to leave. By defining a culture early on and recruiting those who fit into the talent pool, employees will feel comfortable which will have a positive effect on their performance.

Harvard Business carried out research to find out which qualities are most important in leaders. 700 workers were asked which qualities they value the most – 70 per cent agreed that creating a culture of engagement is a very important attribute and results in lower turnover rates, more productivity, and more profitability.

This reiterates what was mentioned in the first section – leaders must lead by example. They can determine how valued traits are within the business, for example, communication, integrity, and commitment. Employees who work in an engaging culture with their leader will have positive opinions about the company and will be strong advocates.

Leadership training programs Go over and beyond for your team and consider enrolling on leadership training programs. which are designed to guide leaders through key issues and how to effectively adopt forward-thinking strategies. Organisations are constantly evolving in the modern world, therefore so does the nature of leading. Building on agile and reactive skills can help you become a capable and inspiring leader.

Leaders certainly have a big responsibility to inspire and encourage their workers – so it is important to do it properly.

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Knowing Where Your Startup Stands With HMRC Every limited company, and that includes start-ups, have a responsibility to keep up with their tax payments to HM Revenue and Customs (HMRC) in order to conduct a legal and viable business. However, sometimes these taxes can build into an unmanageable amount. Rick Smith, MD at Forbes Burton, takes a look at what you can do if this is the case.

Starting off in business can be tough, especially as there are a great number of overheads that many do not anticipate from the off. There are a few core types of tax that are essential for companies to pay. It may seem obvious, but all of these do bare repeating:

Corporation tax – a percentage of your startup’s profits.

PAYE (Pay as You Earn) – a percentage of your employees’ income.

National Insurance– deduction from employees’ income to fund state benefits such as the NHS. VAT (Value Added Tax)– this is the tax on consumption of goods, although Capital Allowances may apply on more expensive items, on which the VAT can be spread against company profits over a number of years.

If your startup is unable to pay these taxes, you build up the aforementioned HMRC tax arrears, these could result in financial penalties and possibly legal action if they continue to go unpaid.

However, there are several ways to deal with these arrears in order to avoid these penalties and ensure that you can continue to trade: Act as early as possible If only one VAT payment has been missed, it is advisable to act as quickly as possible to avoid various knock-on effects to your business. If the bill is cleared with HMRC within 12 months of its due date, no extra fine is accrued.

On the other hand, in cases where previous action has been taken, VAT surcharges are increased, and the company’s annual turnover will be affected.

Pay your arrears if at all possible If your business has enough cash to pay its HMRC arrears, you should deal with them as soon as possible to prevent accumulating fines.

For example, if your VAT or PAYE balances remain unpaid they

will accrue interest, particularly if payments have been late in the past.

A LOC (Line of Credit) can be used to pay HMRC arrears If your business simply doesn’t have enough cash to pay what is owed to HMRC, one option is to use a LOC. This is a loan from the bank which may only be used for a specific purpose, and is slightly different to a typical bank loan due to the fact that interest is only paid on the amount of money that is withdrawn.

A LOC is usually secured by a business asset to lower the interest rates on the money borrowed. Using a LOC is not often advised, but in some cases where HMRC is beginning to become aggressive in its attempts to recover money, this may be the most effective way of allowing you some breathing space.

In circumstances where the director of a business doesn’t want to affect the end of year balance sheet liabilities, invoice factoring or discounting may be a more viable option to raise funds quickly.

A CVA (Company Voluntary Arrangement) may be the best option In situations where HMRC arrears have been accumulated it is likely that you also owe money to other creditors.

At a point where it has been established that these debts cannot be paid and you are therefore insolvent, a CVA could be proposed.

CVAs create an agreement between you and your creditors, resulting in an environment in which none of the creditors are able to chase you for payment or propose a ‘winding up’ of the business.

This option relieves the pressure on a company, but is only possible if the firm has significant financial problems and is not solvent.

Personal finances could be used In cases where your business is trading well and simply suffering a temporary cash flow setback, providing you are still viable, one option available could be to inject your own personal funds (or additional funds from investors) into the company in order to pay the HMRC arrears.

Where this is possible, it can be a quick way of returning the business to a profitable position and ensure stable operations. However, this is obviously not always an option,

ENTREPRENEUR as a significant cash reserve is required.

Also, you should be very careful about using your own funds; should the company eventually fail you are likely to leave yourself personally liable for the company’s debt when using this method. This should only be an option used when it is certain the company is in good health.

A TTP (Time to Pay) arrangement could be negotiated It is important to remember that while HM Revenue and Customs can become aggressive when trying to recover debts, ultimately they want your company to succeed and would prefer your tax payments to be paid off rather than your company ceasing to trade.

If the business is struggling to pay the full amount as a bulk sum, you may be able to propose a Time To Pay Arrangement and are likely to be given 6-12 months to pay the arrears in instalments that are agreed with HMRC. This option reduces the pressure of the debt by spreading it along a viable timeline but won’t reduce the amount of money you need to pay.

Administration may be the best option When a business becomes insolvent (unable to pay the debts it owes) and has no access to emergency funds, entering the company into administration may be the best way forward while leaving the possibility of a turnaround.

This path prevents you from being liable to legal action, as a third party is appointed to manage the company in the interest of its creditors.

This process can be expensive and sometimes can feel like failure but often, when managed in the correct way, it can ultimately save the company a substantial amount of money.

Whatever you choose to do, keeping ahead of HMRC payments is the sensible option. It can seem tough at times, but there are always ways to bridge the gaps or find solutions that work for you. www.forbesburton.com/

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Brand Story: In the Welsh Wind Distillery In the Welsh Wind Distillery is a maverick distillery, crafting bespoke spirits on the western-most coast of the British Isles since 2018. Both the business, and the spirits they produce, are award-winning. The distillery is now producing fully ‘grain to glass’ Welsh whisky, and developing their premises as a year-round visitor attraction and research and education centre. We caught up with the company to discover more about their unique brand story.

community were left short. The distillery stepped up to fill the gap. Equally, their constant questioning of the way things ‘have always been done’ allows them to come up with different solutions and ways of working to achieve their objectives.

Who are the founders and what is their background?

Alongside Ellen and Alex, business manager Joe Lewis provides medium to long term strategy support as well has having overall responsibility for the day to day running of the distillery. Sally Sellwood manages the content and marketing side along with HR matters. Distillery Co-Ordinator Martha Baum keeps day to day production on track and Jasmine Jones works with the distillery’s brand portfolio to develop their offerings.

Ellen Wakelam and her partner Alex Jungmayr came to distilling after pursuing careers in teaching and in the food sector respectively.

Can you tell us why was it created? What is its mission?

The couple were determined to create a business they could work in together that would contribute to the economy of west Wales and provide training and jobs for young people in the area.

The distillery’s mission is to tell the stories of people and places through the spirits they craft.

What are its USPs? The distillery is respectful of the traditions of distillation, but does not feel constrained by them, and are constantly innovating to deliver solutions.

Can you share the story of the brand’s journey – from concept to where it is now?

‘In the Welsh Wind’ began as an adventure blog where the couple documented their adventures walking around Wales for 3 months. A couple of years later, the couple discovered the craft gin distilleries of Scotland and realised that this was what In the Welsh Wind was destined to become. Almost entirely self-taught, to date the brand has developed and helped launch upwards of 40 different gins for other businesses, 10 of which are award-winning. The brand launched its own award-winning gin in July 2020 and is now producing the first fully ‘grain to glass’ Welsh whisky for over 100 years, working with local farmers to grow barley, and developing an in-house malting process.

What’s the secret to the brand’s success?

The brand constantly innovates and adapts to move forward.

A key example is the business’ ability to flip quickly into hand sanitiser production at the beginning of the Covid-19 lockdown. With a national shortage of sanitiser, the local

Who are the key personnel and can you tell us a little about their contribution to the brand?

What are its most successful innovations?

The development of the first commercial malting process in Wales for over 100 years has to be the distillery’s most successful innovation to date, contributing significantly to the Welsh credentials of their whisky, and reducing the environmental impact of the whisky making process both in terms of reduced transportation and removal of the energy heavy kilning process from the production flow.

How has the brand been promoted over the years?

As a relatively young brand, promotion has been through a number of channels – from initially building a loyal following on social media, to engaging with PR and print advertising.

What are the biggest challenges and how have they been overcome?

Having launched the business in a renovated cowshed on the family farm, space has been one of the biggest challenges for the business. In February 2020, working alongside Development Bank of Wales, the business secured funding, matched with private loans from local and interested individuals, to purchase a local pub. The distillery set and achieved ambitious income and match funding targets to ensure the security of the business in its new home.

What are the brand’s biggest successes?

The production of so many award-winning gins has to be one of the key successes of the distillery, alongside the development of whisky production to the stage where the brand is now recognised as a Welsh whisky producer. The brand is also proud of the launch of its work experience

ENTREPRENEUR programme, giving young people at risk of long term unemployment in the area an insight into all aspects of the business.

What are the founders most proud of about the brand?

Wakelam and Jungmayr are proud to be growing a premium brand and gaining national recognition while remaining firmly rooted in the community where they live and work. They feel they are doing their bit to broaden horizons and put an oftenignored area of the country on the map.

Can you tell us about any eco/sustainability initiatives the brand has?

The brand tries to be as sustainable as possible, and to source locally where there is an option to do so. By its very nature, the Welsh origin whisky project heavily reduces food miles.

Malting on site avoids the need for the energy-heavy kilning aspect of whisky making.

The refurbishment of our premises and the construction of new buildings incorporate several features designed to reduce the business’s carbon footprint.

What’s next for the brand?

The brand’s vision is to complete a Celtic barley and whisky crescent stretching from the distilleries of Ireland through Wales and up into Scotland.

Can the founders or senior personnel share any advice for success?

- Don’t be afraid to challenge the status quo - Never forget that the people you work with are key to your success.

- Always use any resources and help that are offered – and if they aren’t offered, ask!

- Don’t be afraid to ring people already in the industry you are working in – many of your peers will be excited to talk about how they’ve got where they have or to talk through issues you’re experiencing - Work within your local community as much as possible - If you are inspired to do something, just get on with it - Don’t be afraid to make mistakes – just learn from them when they happen!

What are their favourite leadership type quotes?

inspirational/motivational/

The brand doesn’t go with many inspirational quotes but they do like to remind themselves of these words, attributed to Grace Hopper (American computer scientist and United States Navy rear admiral) “If it’s a good idea, go ahead and do it. It’s much easier to apologise than it is to get permission” What is the brand’s website? www.inthewelshwind.co.uk

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4 Simple Marketing Tips Guaranteed to Grow Your Business Now more than ever, marketing plays a critical role in any business’ growth, development and ultimately, success. As we begin to return to some sort of normality, many businesses need all of the help that they can get to claw back what they’ve lost as a direct result of the pandemic. They must also set themselves apart from their competitors, as customer favour has become more relied upon than ever before. Marketing is the key to achieving both of these goals.

According to recent data, 90% of businesses have said that targeted marketing efforts significantly increased exposure for their business, whilst 75% say website traffic has rapidly increased, resulting in direct sales. It’s clear that when implemented correctly, marketing can have a huge impact on any business, enhancing awareness and profits in turn.

However, many business owners don’t know where to start.

‘Businessperson of the year’, Sarah Kauter, is CEO of multiaward-winning marketing and PR agency VerriBerri; having worked in the industry for over a decade, she has noted the top marketing tips for business growth and how to implement them. Here, she shares her expertise, outlining the marketing techniques businesses should be utilising in 2021 to effectively stand out from their competition. With a little help, we can all reap the rewards of effective marketing.

Have a Plan In Place ‘As a business owner, your first priority should be to develop a marketing plan. Even if you’re not an expert, outlining your initial goals and what you’re looking to achieve is a good place to start. Business owners are often overwhelmed by the sheer amount of marketing that’s required to put their business on the map; although they may try their hardest, independently overseeing a marketing strategy whilst managing the everyday running of a company is, in most cases, an impossible task. As a result, the growth of the business is hindered.

Having a marketing overview can help prevent this outcome.

Break it down into sections, define your goals and identify where you’ll need support. Taking a look at your competitors and their successes can also give you an indication of what could work for you, providing you with a useful point of comparison.

If marketing isn’t your area of expertise, then stick to what you know and find a reputable marketing agency to help you specialist expertise is always an invaluable investment. Begin by booking some consultations to find the perfect marketing match for your company; discuss the agency’s values, how they could help you and make sure they understand your business.

Having a plan in place ensures that you never lose sight of the bigger picture and what you’re wanting to achieve;

only by accepting help and looking beyond your own understanding can your business truly grow. Think about your goals, consider what you need to do to achieve them and embrace the expertise of specialists.’

Develop a User-Friendly Website ‘A professional looking website can make a tremendous difference when it comes to sales and generating a reliable return on investment (ROI). However, this isn’t simply a case of setting up a domain and immediately being good to go… A website must be nurtured consistently to maximise its SEO value. This essential maintenance is often overlooked and as a result, businesses end up further and further down search engine results pages (SERPs).

If your website doesn’t look inviting, whilst being filled with content that isn’t relevant nor concise, then potential customers won’t stay on your page for very long. Google will pick up on this and your SEO will be negatively impacted. According to Google’s EAT guidelines, you must be viewed as an authoritative and trustworthy expert to climb the SERP ranks; therefore, it’s important that your website is filled with valuable, informative and reliable content, whilst looking professional. More specifically, your content must be updated frequently, relevant to the common searches, informative and, of course, easy to navigate. User friendly pages will encourage readers to engage with your website – people won’t always read between the lines so you need to be clear, concise and credible.’

Prioritise a Social Media Strategy ‘A social media presence is just as important as an optimised website. In today’s ever-changing digital society, social media is essential for business growth; if used correctly, it’s a steadfast way to gain quick, longlasting exposure to a wider demographic and, in turn, increase your business’ revenue.

The great thing about social media is that you don’t need to be an expert, you must simply decipher what you want from it. Firstly, consider the platforms most appropriate for your brand; with over a billion monthly users, Instagram is often a good place to start for many businesses, however this depends on your industry and the platforms your customers use most frequently. In any instance, keep in mind that the content you post should be effective and appealing, it’s a direct reflection your brand and shouldn’t be frivolous. Be strategic with your posting; if you want to gain maximum recognition, then post valuable content at times when social media traffic is high to increase the engagement you receive.

ENTREPRENEUR Similarly, sporadic posting does nothing for your credibility against most platforms’ algorithms, so update frequently; one post a day will garner results.

the box, listening to feedback and accepting help that comes your way, you’ll undoubtedly find marketing success in 2021.

Additionally, the use of hashtags is a brilliant way of getting your business noticed by the right people as users can follow and engage with specific hashtags to stay updated on trends and/or topics that they’re invested in. If you use hashtags that are relevant to your business then you’ll naturally reach potential customers who will be interested in your brand.

Remember, social media allows you to connect and converse with consumers – this is essential if you’re looking to grow.

About the Author

Finally, if people are talking about your brand be sure to acknowledge it! Engaging with current and potential customers alike will only play to your advantage.’

Remember, a Good Reputation Is Marketing 101 ‘Marketing 101: a good reputation will see your business grow from strength to strength as consumers will always go to a reputable source for what they need. Fortunately, there are a few simple ways by which you can improve your reputation and propel your company’s development.

Firstly, focus on your SEO. As humans, we want quick results and that’s why it pays to be higher up on SERPs; most of us will only ever click on the first few options that appear. The more people that click on your domain, the more credible you are in the eyes of Google. So, focusing on your SEO will steadily improve your ranking, giving you maximum visibility online whilst strengthening your reputation and recognisability.

Link building and backlinks are another brilliant way to gain positive recognition and stimulate business growth. A ‘backlink’ refers to a reputable source linking to your business as a point of reference. Essentially, they’re giving their approval of your business to Google and potential customers by recommending you. The more backlinks you get from authoritative websites, the more trustworthy you appear.

Meanwhile, really listen to your audience. Having a personable and sincere etiquette sets you apart from your competitors by demonstrating your commitment to customer satisfaction.

Anyone can be taught sales and merchandising techniques but amazing customer service is something that will consistently bring you business.

Lots of companies are so focused on reaching more people that they unknowingly fail to prioritise their current customers. New customers are of course important but you should never underestimate your existing customers; their loyalty and continued custom speaks volumes. Repeat customers have fewer barriers to overcome before using your services, because they’ve supported you previously, and their continued trust in your brand shows that you’re a reliable business. Really get to know your target demographic and listen to current customer feedback. Establish strong foundations to begin with because a misread of audience early on could cost you further down the line…

No two business are exactly the same, however it’s vital that every business takes the time to evaluate their marketing strategies; this will form the basis of continued growth.

Consider your goals and how you can more effectively engage with existing and potential customers; by thinking outside of

Sarah launched VerriBerri in 2009; it has since continued to grow, subsequently becoming one of the leading marketing and PR agencies in the South East. Sarah was recently awarded ‘Young Entrepreneur of the Year’ and ‘Businessperson of the Year’, whilst VerriBerri has been nominated for and won several titles including ‘Best PR & Marketing Agency 2021’ at the Global Business Awards. www.verriberri.co.uk

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How to Identify Your Business Niche Felipe Polo, a digital entrepreneur, non-executive director and investor, shares his top five ways to identify your niche and build your business for success.

Launching a business can be a daunting experience with developments often happening at 100mph, leaving little time to reflect, learn and grow. It’s key then, that you spend a good amount of time working to identify your niche – what you can offer, how it differs to what is already in the market, and how it will add value to your customers – before you launch, so that you can make sure your business decisions are driven by the right motivations. Especially in the early days when decisions need to be made at speed, your niche can help you focus your product or service, enabling you to ignore the inevitable distractions that have the potential to weaken your brand and your business.

I kick-started my professional life as a Software Developer in someone else’s company, but as my expertise grew and I climbed the career ladder, I quickly realised that under the broader industry umbrella of ‘technology’ I could carve out my specialism. Having co-founded and sold a software development company, I’m now in a position to support other business leaders and help them navigate their own niche.

Identify what you have to offer Deciding what you will build your business on usually evolves from pre-existing experience. I had a vast amount of experience in building different, software-based microservices for a broad range of clients. I could see how these different services helped to streamline operations, support culture and enhance productivity. Instead of continuing to build software for clients, I knew I had value to offer in advising business owners on how technology can act as a business lever in mentoring teams to enable them to reach their full potential. My experience gives me a unique perspective and I work at the intersection between tech, teams and business, providing sound advice to businesses on digital transformation to drive results.

Research your potential market Market research is crucial to honing a business niche as it helps you understand the level of need for your proposed service or product, and what customers may value most. By using market research to “niche down” you can often find an underrepresented and entirely unique specialism. For example, your skills may be in business consultancy – is there an underserved area of the market that you have the skills, passion and experience to support that can help you brand your business and niche down further?

Materialise your product(s) or service(s) Now you know what you can sell to provide benefit and what your niche is, the next step is to extrapolate it into a concise service or product offering. For me, the ability to distil your vision, service and its value into one sentence is crucial to take your offering to market. If you can’t explain what you offer in one sentence, your customers might struggle to understand the value.For example, I advise business boards on technological solutions that streamline operations and save on costs.

Segment your potential customers Once you have a customer base and have enough data, segmentation is invaluable for those operating in niches as it enables you to align your products or services to specific customer-types.

Segmentation also does not require industry specialists anymore either, as the right software will enable you to split and review your data set for product and profitability. This kind of software is an upfront cost, however, may increase your chances of success in the early days of launching your niche to market.

Be adaptable Throughout the life cycle of any business, a leader has to be ready to adapt as processes unfold. Launching any business is a challenge with a great number of potential variables waiting to trip you up. Of course, there are large scale events like global pandemics, but smaller things like pricing and outsourcing requirements may change quickly too. An open mind and a willingness to pivot will help you overcome challenges, reflecting an entrepreneurial culture of risk-taking that drives you forward. https://www.felipepolo.me/

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Why Organisational Resilience Is More Crucial Now Than Ever

By Stefano Maifreni, founder of Eggcelerate. The pandemic has changed the way most businesses operate: the global supply chain has broken down, economic activities have been massively disrupted, and inequalities and social tension have been exacerbated. Initially, during the lockdown, we all had the same thought: how will our business survive?

The financial year 2020 was a challenging year for many.

Most businesses faced challenges, incurred losses, and some unfortunate ones had to shut down.

Against this background, understanding the importance of organisational resilience becomes even more crucial.

An organisation’s capacity to absorb stress, recover critical functionalities, and thrive in altered circumstances is what resilience is.

Resilient businesses survived the storm, and some even thrived. These businesses did so by feeding off the power of good stakeholder relationships – inside and outside the organisation.

Each component of the business driven by human relationships needs to be resilient for the organisation to mitigate and overcome the continuity risks.

Business Continuity Risks and Mitigation Even before the pandemic, businesses faced multiple continuity risks, which led them to establish risk management processes and procedures to prevent interruptions.

From fire and flood to cybersecurity and data loss, companies face many continuity risks. According to a 2018 report by BCI, some of the significant continuity risks businesses face are: cyberattacks and threat to cybersecurity, unauthorised access to data and information; unplanned IT and telecom outages; interruption in utility supply (electricity, water, gas); adverse weather; acts of terrorism; security incidents and fire; supply chain and transport network disruptions (e.g. the recent case of Suez Canal Blockage).

According to PwC 24thAnnual Global CEO Survey, the most expected upcoming business risks are the pandemic and health crisis followed by the cyber threat.

There is a connection between the top two risks. The pandemic has forced companies to work digitally; this digital transformation then leads to increased cyber threats.

Furthermore, tax policy uncertainty and misinformation have risen drastically compared to last year’s threat expectations reaching 31% and 28%, respectively. These are some risks that a firm, big or small, must be prepared for in the upcoming years.

Preparedness is the key to mitigating risks and avoiding disasters, and what better way to prepare than planning?

For anything to work systematically, we need a blueprint.

Managers need to do Business Continuity Planning, the process of identifying all the possible risks a company might face and creating a prevention and recovery system from these risks.

Understandably, SMEs are often the most exposed to the effects of certain types of risks due to limited resources and structural issues outside their control.

However, any business can manage risks using three principles:

1. Identifying the nature of the risks The business needs to identify if the risk is related to compliance, security and operational fraud or is a financial risk. Once the nature has been determined, the firm can then take corrective actions.

2. Assessing the likelihood of the risks manifesting themselves Rank the risks once they have been identified, e.g. which risk has a high probability of occurrence, which will impact the business more, and then prioritise them, keeping one risk under more control than others 3. Taking preventive and corrective actions to reduce the enterprise’s level of exposure to the risk.

The importance of the human-to-human connection’s resilience Tired of looking at the dark side of the pandemic for a year, I thought hard about what opportunities a crisis may unlock to build a resilient ecosystem and relationships with all stakeholders.

The crucial point is that all these identified risks must align with the business’s day to day operations and practices.

Therefore, the kind of resilience that any business can find the most straightforward to develop would be based on strengthening human to human relationships: · How much trust do your suppliers repose in you? · How eager is your team to contribute unflinchingly?

ENTREPRENEUR · How significant is the brand equity among the clients?

About Stefano Maifreni

These could be the three most important questions that would form any risk mitigation strategy’s bedrock.

An engineer by education, product manager by role and expert at achieving growth by career, Stefano has an outstanding track record in business strategy, operations, product and marketing, with extensive P&L management and international expansion experience. His professional journey includes Senior Manager roles in global Bluechip companies, Growing Businesses and Start-ups in technology-intensive and innovative industries (IT, Telecom, Technology Manufacturing, Drones, IoT and FinTech). www.eggcelerate.com

Through my business’s direct experience and that of my Customers, I realised how important it is to focus on your current relationships and build a robust ecosystem with Clients, suppliers, and staff. In the simplest terms, it could be about talking to your clients about getting paid on time and paying your suppliers on time – it’s a chain that could grind to a halt if we stop paying each other. In turn, it would help reduce the need for redundancies and furlough, maintain morale and build loyalty.

As the proverb goes, “The best time to plant a tree was 20 years ago; the next best is now.” The firms should not focus on what could have been but what could be.

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How to Spot a Resilient Business

By Douglas Grant, Managing Director of Conister, part of AIM listed Manx Financial Group PLC (AIM: MFX). www.mfg.im/ The last year has shone a spotlight on the long-term future of the UK’s business sector, its reliance on people and the need for business resilience. It was crucial to protect the financial security of consumers so that they could continue to conduct business with each other, and that was understandably Chancellor of the Exchequer Rishi Sunak’s priority, with the unprecedented introduction of Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and furlough schemes. But while businesses across the country have shown extraordinary levels of adaptability and strength in the face of changing consumer behaviour, it must also be acknowledged that many are beyond the survival stage.

Going forward, we should be focusing our attention on identifying, prioritising, and protecting our most resilient businesses and sectors, avoiding exasperating the zombie status of many UK companies, living off an ever-increasing debt pile. Other strategic sectors will require specific longerterm government intervention to ensure their survival, such as those that rely on inward tourism.

So, what constitutes a resilient business and how can you spot and protect one? The pandemic has unquestionably focused our attention on resilient businesses as we have witnessed firms rapidly adapting and responding to all types of risks with sectors closing overnight, industries being mothballed, cashflows being decimated, working practices being altered, technological issues, production challenges and many more.

With this backdrop we believe there are five fundamental pillars that you should look for when assessing the robustness of a company, namely:

in the past? Is it a country that permits free and open trade for all? Looking at the UK, it does historically have that structural level of robustness which can be evidenced by how such a major challenge as Brexit is now forecast to be little more than a short-term blip to GDP. The pandemic has also demonstrated the UK’s ability to adapt, remain productive and has cemented the nation as a strong and fertile market for growth businesses.

The longevity of the market Look to see that the market in which the business operates has longevity and support from its government. In recent years, the UK government has focussed its efforts on and supported certain markets such as infrastructure, agriculture, bio sectors, real estate and the ‘green’ sectors. By using trade body content, relevant market associations’ publications, government generated statistics and relevant press cuttings, one can take a view on the future sustainability of any sector.

The sector’s competitiveness Evaluate whether the sector is overly congested or dominated by a small handful of brands. Where will or does the business fit amongst its peers? Is there a chance that the business simply cannot gain a foothold or a sustainable level of scale?

Ensure you carry out your own thorough research on the competitive landscape and check to see how viable expansion is for the business in its chosen sector.

Barriers to entry

The sector’s competitiveness

Look to see how the business can enter the market. Has it the competencies to enter alone and compete successfully, or can it bring a scarce resource to an existing market player via a joint venture, or should it acquire an existing player? All three do not necessarily disrupt an existing market but present a situation where competitors may respond or quench any potential growth or gap in the market – considering your competitor’s response to your entry should form part of your strategy. It is vital to see how the business plans to enter or has entered a market to gauge its potential long-term resilience.

Barriers to market entry, and

Your business’s USPs

Your business’s USPs

Finally, look comprehensively at your business and determine what core competencies it has that will allow it to be successful in the long term. What makes your business different to others and why will it be successful? What scarce resources does it offer and how are they allocated so that players in the market will ultimately not be able to do without? Most importantly, do not be afraid of trusting your intuition on a business as it will often hold true and, as Blaise Pascal once said, “The heart has reasons that reason does not understand.”

The company’s operating location The longevity of the market

The company’s operating location It is important to determine the stability of the market in which the business operates or plans to operate within. How much interference is there from government? Is the rule of law fair to all? How has the market performed economically

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How to Improve Your Content Strategy to Ensure Start-Up Success

By Timo Virtanen, CEO & Co-founder, React & Share.

Trustworthy content has never been more important for startup businesses, as only 1% of Brits believe everything they read online. Our recent research collected by the team at React & Share showcases the search habits of consumers online in 2020/21. Through the use of a YouGov survey, it was revealed that only 1% of Brits believe everything they read online despite 88% of us searching online at least once a day.

social proof enters the chat. Social proof is the idea that people mirror the actions of the masses and can come in many forms including word of mouth, reviews and other content efforts.

As online searches continue to grow, it has never been more important for consumers to trust the content they read online. Any website that holds trustworthy content can relate to sustainable business growth by ensuring repeat traffic and increasing your rankings. This is key for any startup business to conclude their success.

Don’t ignore the (qualitative) data

So how can you improve your content strategy and build trust within the online content that you provide your target audience?

Let your audience talk to you Asking your readers what they want is the number one way to build trust in your content. By reaching out to your audience to find out what they think, you are automatically displaying an interest in their needs - putting your head and shoulders above those who press post without a care in the world.

After all, when you publish content how do you know - without collecting feedback - that your audience has left the content feeling satisfied? To get effective feedback from readers, don’t ask too much of them. A couple of your readers will want to email you or complete a survey. A few more may leave a comment or chat with a bot but almost all would be willing to click a button.

At the end of the day, audiences want to feel like their opinion matters. Choose the feedback tool that’s right for your content and watch your trust and engagement soar.

Ask the experts We’re huge advocates for pulling in voices from respected industry members to foster trust between you, your content, and your community. In these turbulent times, reliable content from reliable sources has become central to the lives of millions, and who’s more trustworthy than the (other) experts in your field?

Featuring industry thought leaders, highlighting testimonials, platforming case studies, or even including your customer in your content is a great way to build credibility. This is where

A third-party perspective in your content will always contribute to attesting to your value and validating your work.

It’s important to pay attention to what the numbers are telling you about your content. Data can be deployed to influence decision making, inform content strategies, and demonstrate your teams’ efforts. There are plenty of free tools to gather some pretty interesting insights, however, we’re inclined to warn against focusing solely on gathering quantitative rather than qualitative data.

Quantitative data can give you great insights into how your content is performing on the surface but quantitative data gathered via feedback can let you know exactly how your reader feels about the content that you’re posting. Bounce rates, traffic, and likes are much less important than humancentric metrics such as customer satisfaction, shares, and engagement that get to the heart of your audience’s needs.

Spend some time unearthing qualitative data – you’ll be surprised at what it reveals about your content.

Be authentic Employing a consistent and authentic tone of voice across all channels that align with your brand is crucial. Imagine stumbling upon the socials of a website that you know and love and discovering that the messaging across the social channels doesn’t resonate at all with what you like about the web pages.

Beyond authenticity, injecting personality into your content can make it seem more genuine, reminding readers of the real people behind the screen. Personalising content won’t do any harm either. However, any inconsistencies in voice, messaging, imagery, quality and overall branding – no matter how small – are a massive red flag to anyone reading your content. If trust is central to your content strategy, make sure that all of your content plays by the same rules.

Conduct an audit of all of your content and ensure there are no discrepancies. We’re all human, typos happen.

ENTREPRENEUR Prioritise clarity and accessibility

About the Author

Ensure that all information is clear, accurate, and above all accessible. Just one spelling mistake can chip away at the trust your audience has in you, and they’d become less and less likely to stand up for your content.

Timo Virtanen is CEO & Co-founder, React & Share. The team at React & Share polled 2,000 UK consumers via a YouGov survey for their research. The full extent of the research can be found here.

Beyond small errors, refusing to address crucial conversations around accessibility and publishing pieces that exclude a large portion of your readership could have disastrous consequences when it comes to trust in your content. Keeping content clear, concise, and compliant with Web Content Accessibility Guidelines is a good step towards creating content that readers can utilise. Also, ensure that any tools you are using are aligned with the same guidelines. You’d be surprised how many aren’t.

Timo launched React & Share with a bunch of ideas and a strong co-founding team who worked together to get the company to the doorstep of success. Before React & Share, Timo was involved with a range of different businesses in Finland, always with a finger on the pulse of emerging technologies.

His key skills are rooted in a passion for digging deep into the subjects that he cares about. www.reactandshare.com

By putting clarity and accessibility at the top of your list, rather than as an afterthought, you’re less likely to jeopardise trust.

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Key Steps to Managing The Back to Office Return As lockdown restrictions begin to lift, a wave of new concerns has got UK workers feeling worried when it comes to returning to the office. According to recent research, 60% of Brits say they would only feel comfortable returning to the office once everyone has been vaccinated.

way we usually would, we have to be more creative and have more intention in our connection with others during this lockdown scenario. In some ways, the enforcement of rules around movement has caused us to slow down. This actually gives us the chance to connect on a deeper level.”

With people starting to head back to the office, the team at Instant Offices gives an insight into why it more important than ever for businesses to retain talent, reduce presenteeism and maintain employee morale.

Lead By Example

According to a recent survey by HSE, the top concerns about returning to work in-office include: Social distancing: 60% Workplace safety: 56% Workplace cleanliness: 55% Spreading illness to family or friends: 45% Being away from family: 16% The most-requested workplace changes among UK employees can provide a guideline for businesses looking to provide better support and ease post-lockdown concerns: Flexible hours: 59% A 4-day working week: 45% Fewer people in the office: 37% Fewer meetings: 33% Mental health days: 32%

With many employees working remotely, managers need to be more conscious of the challenges different households face. Encouraging flexibility, self-care and regular check-ins is key to reducing presenteeism and stress, and ensuring employees facing any issues can be identified and supported.

Encourage transparent conversations and put action plans in place for team members who need help.

Introduce (or Keep Up) Team Activity and Training Sessions With employees using tools like Zoom to connect with the office remotely, now is a great time for businesses to encourage morning catch-ups, remote Friday drinks, yoga sessions or even company training sessions. Encourage team members to take a class they’ve always wanted to try or to attend industry-related Webinars. This is a great way to support employees looking to upskill themselves and stay busy.

Four Things Employees Can Do to Manage Stress

How Businesses Can Support Employee Mental Health Right Now

1. Get a Better Night’s Sleep: ‘Coronasomnia’ (corona insomnia) is causing a rise in sleepless nights across the UK. The number of Brits struggling with sleep problems has risen from one in six to one in four.

Break the Culture of Silence There is still a stigma around mental illness that makes employees more likely to suffer in silence than share information with their managers or bosses.

Some of the best ways to create a better sleep pattern include reducing caffeine intake, turning off screens, going to bed and getting up at the same time every day, and ensuring our bedrooms are as dark as possible.

Now is an ideal time for leaders within businesses to talk more openly about mental health and create a culture that encourages conversations around these issues. Taking a mental health day or asking for support should never impact an employee’s reputation or how they are perceived.

2. Take a Digital Detox: With little control over the situation and our social feeds jam-packed with COVID-19 related news and uncertainty, now is a good time to limit the amount of media we consume. The goal is to ensure you are informed enough to make decisions but not so overloaded with news headlines that it induces anxiety. A good idea is to choose a few authoritative resources and check in with them daily while muting channels that disrupt your sense of wellbeing or using a tool to manage screen time.

Keep Socialising With Your Teams Remote working has its perks, but a lot of people are feeling isolated right now. British workers are missing the days of office banter and face-to-face meetings.

Environmental Psychologist & Wellbeing Trainer Lee Chambers says dealing with a lack of social connections during the outbreak has been a massive challenge for many people.

“In these turbulent times, social connection is vital to our wellbeing. Without the ability to go out and socialise in the

3. Be Strict Around Work-Life Balance: Lee says it’s important to schedule the day into bite-size chunks and work in waves.

“Honour your ultradian rhythms, which run between 60 to 90 minutes, and then take 15 to disconnect and take a break. By working in waves, we become energised and find it easy to switch off from work when the end of the days comes.

ENTREPRENEUR If we can’t disconnect from work, we face the real possibility of burnout and making mistakes. I have my clients have a digital sunset, where they tidy their workspace ready for the following day and put everything work-related in that space.

They visualise shutting down from work, and then walk around the block again, this time leaving work, and returning home.

It’s crucial also to schedule enjoyable things in the evening. Do a Zoom call with family and friends, or partake in hobbies and interests that are not work-related.”

4. Create a Calm Workspace: It’s not always easy to find an ideal space to work from at home. When deciding which space to work from, look for an area with natural light and temperate, fresh air, and minimal distractions. The space must be free of clutter and have comfortable furniture.

With the whole world facing unprecedented challenges around COVID-19, now is an ideal time for businesses to place a sharper focus on talking about employee mental health, whether teams are working onsite or remotely.

The Instant Group: Flexible Workspace Specialists Founded in 1999, The Instant Group is a workspace innovation company that rethinks workspace on behalf of its clients injecting flexibility, reducing cost and driving enterprise performance. Instant places more than 7,000 companies a year in flexible workspace such as serviced, managed or coworking offices including Sky, Network Rail, Capita, Serco, Teleperformance, Worldpay making it the market leader in flexible workspace. Its listings’ platform Instant Offices hosts more than 12,000 flexible workspace centres across the world and is the only site of its kind to represent the global market, providing a service to FTSE 100, Fortune 500, and SME clients. visit www.theinstantgroup.com.

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7 Key Steps to Creating An Online Brand

By Soniamarie Palmer, Business Development & Leadership CEO of Soniamarie Consulting.

Soniamarie Consulting works with entrepreneurs to evaluate their business, pin down a strategy that suits their schedule as well as their goals and harness the invaluable help that surrounds them to drive business growth and personal fulfilment. Empowerment underpins every discovery call and consulting session, whether for high-flying company directors or ambitious solopreneurs.

Backed by over two decades of corporate experience and built on the foundations of her own entrepreneurial success, Soniamarie Consulting paves the way for bold business owners to carve their own path and elevate their business to even greater success.

1. Know who your target market - you need to be clear on who you are speaking to otherwise you will not resonate or capture the attention of anyone. It is about knowing where they are, what they need, what they like and their pain points.

When you have a deep knowledge of them, you can then ensure that you tailor your message to suit them and meet them at their place of need.

2. Know your message - the online business world is very different to the usual bricks and mortar type of business. When you put something out there it stays and has a far reach. so it is important for you to not only know your message, but to be clear and consistent in your communication and delivery of that message. People want to relate to you, need to be able to readily identify with you, know who you are, what you do and both hear and see your message and you consistently.

3. Have good branding - a brand is more than just a logo, it included you colours, icons, wording and you overall business voice. It is important to use this to carve out your place in the market and create your own identity. One which captures your personality, your unique style which your customers can relate to. It is always worth investing well in this side of things so that they is cohesion with all of your marketing and branding.

4. Be clear on how you can help people - potential customers should understand who you are , what you offer and the value that you can bring to them and their situation. You need to clearly define your offering, how it meets the needs of your audience, the value that you personally bring them over someone else and given them a reason to what to work with you. You need to make it easy for your customers to work with you so mapping out your customer journey is a must.

5. Prepare to be present - people need to see you many times in order for them to get to know you and before they will even

consider buying from you. Don’t just relay on one form of marketing to get your message out and reach your audience.

Research the platforms where your audience are and be present there, consistently. Use a number of different angles to reach them such as emails, blog pots, guest speaking in other peoples audiences. You pretty much want to be out there so that people get to know what you stand for and who you are.

6. Get your tech sorted - one of the differences in having a bricks and mortar business versus an online business, is the technology. It doesn’t have to be complicated but you need to have good systems in place to be able to manage key areas like your emails, client on boarding, sales funnels, social media. There are many free opt - ins out there but you need to work out what you need first and then seek out the best options for you. Do not let it hold you back, if you need help, then consider a tech VA to help set you up and explain things so that you can get moving!

7. Get savvy in online marketing - This can be a steep learning curve if you are new to online business. Understanding content marketing and sales funnels for example can feel a bit daunting. The key is to not get overwhelmed and only do what you need to do in the beginning stages. You will not be a overnight digital marketing guru. You will learn as you go along and there are some basic things that you can put in place to get you started. If in doubt, invest in a mentor or coach who can show you how or even a specialist in the area.

It will be worth it! https://www.soniamarieconsulting.com/

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When Funding Your Own Startup, What Should Come First?

By Omer Ukuser, Co-Founder of HairFare.

The idea of HairFare first came to me when a friend of mine had been made redundant from his job. He was searching for something to do when he decided to open up a barbershop.

He wanted to rent his chairs out as he did not want the hassle of managing people as well as wonder if there would be enough customers each day. After searching for several months, he managed to find barbers that could rent the chairs on a monthly basis. Within one year, he managed to make enough money to start looking at another barbershop and repeating the gruelling process of finding more barbers.

There had to be an easier way for shop owners to find professionals and professionals to find places that are willing to rent their spaces within the Hair & Beauty (H&B) industry.

I went to my good friend, now Co-Founder, Murat Feimoglu and told him about the issue and a potential solution and he was instantly all in.

We received a really positive reaction to the idea of HairFare from our own network of hosts and professionals and we already knew the renting of chairs and spaces is widely adopted in the industry, so we were super confident in the product / service and its potential.

What to do first?

Before we started anything related to HairFare, our first step was to create a plan of action. What did we need to do first?

How were we going to keep track of our activities? Did we need to patent or trademark our idea? The first decision that we had to make was where would we launch our platform from, through a website or through an app. An app would have required a larger initial investment which we did not have at that point in time so we decided to pursue the website route. This would allow us to still be accessible on phones and tablets without spending a significant amount on the creation of an app.

Additionally, this would give us time to sign up customers, gauge what the response would be like to our platform and then pursue creating the app once more funds were raised.

I’m delighted to say this is exactly what will be happening next on our HairFare journey.

Whilst the website development was in progress, we wanted to ensure that our brand was protected, so we made the decision to trademark HairFare To add further security to our brand and broaden our reach we created a number of social

media handles for HairFare across various platforms such as Instagram and Twitter.

How much of your own capital do you invest?

When you start to look at how you will initially finance these ideas, I believe it is very important to always put your own capital towards the business. This gives you the psychological advantage of making sure it works due to the fact that it is your own money that you are using and hence gaining the rewards associated with it, but at the same time you take on all the risk.

From previous jobs, I had managed to save some money and chose to use this as my initial investment, which would be for creating the platform. This would include the design and coding of the website. After this initial investment, we chose to allocate 30% of our salaries into further developing the platform. However, if one off fees would come up where we would need to invest more than this, we were open to putting more money into it.

Money management is an incredibly important factor for a startup. You need to be careful with how much you spend but even more careful with where the money is allocated. One thing which we used extensively was freelancer websites, it allowed us to pay very small amounts for high quality pieces of work from professionals we would use again. There is always the risk of not getting exactly what you asked for so I would always recommend paying a little extra and making sure you have the option to talk directly to the freelancer so they can understand your end goals and passion. We have had plenty of instances where we tried to save money by looking for a cheaper alternative but always ended up spending more than we would have liked.

Thanks to the launch of HairFare we have learnt so much in a very short period of time. One of the most important things that I have learnt is that it is extremely important to have someone by your side from the very beginning. Financially it is a massive help as all costs are split 50:50 but additionally, there is also the emotional aspect.

This journey is like being on a rollercoaster where you can go from feeling elated after signing up your first customer to having doubts about the whole venture - especially when launching during a global pandemic - and whether it was worthwhile. Having someone by your side to ground you, pick you back up when things do not work out as planned and having a close knit support system is a very precious thing to have.

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For anyone considering launching a brand new venture, using their own pockets - now or in the very near future - I wish you every bit of success. Here are a couple of questions I would recommend asking yourself before you make a decision to dig deeper into your pockets.

1. Is this the right time to be putting more money into it? Can it wait?

2. What will be the results if you invest now compared to doing it in a couple of months time?

3. How will your investment now impact you paying your household bills this month?

4. Could you use this capital in another area of the business that could give better results?

5. Have you made sure you’ve negotiated as much as you can, to get the best possible price?

About the author: Omer Ukuser is the co-founder of HairFare where he has a hands-on approach on the management, operation and innovation side of the company. He studied Aerospace Engineering at Queen Mary University and his previous experiences were at KPMG, BAE Systems, Broadridge and Newport Shipping where he is currently an analyst. www.hairfare.co.uk

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How to Kick Start PR for Your Start-Up

By Joanna Dodd of the Rochester PR Group. As a startup, you’ve got loads of goals, problems and opportunities to think about, but carve out some time for some PR that will help raise your profile and your business grow.

Understand what PR is Firstly, it’s worth understanding what PR is. Consider it as a strategic communication process which builds mutually beneficial relationships between your company and brand and your audiences. The best PR is carefully planned with time to formulate ideas, finesse messaging, create materials and ensure the right people are being targeted. Take a look at other startups, their media coverage, their websites and content, what messages do you think they are sharing. What might those be for your business.

Define what you want to get out of any PR activity Work out your business objectives and plan your PR activity to help you achieve these. For example, for the business objective of reaching a sales target, you might need more or new people to know about your brand. The PR objective would therefore be to generate more awareness. Other startup objectives might be to successfully launch a new product or service, to attract the right talent to your business or to secure financial investment to help you grow.

Capture your founder’s story One of my favourite pieces of advice, is to remember to capture your founding story. It’s a great piece of content that you can use for many years to come so capture it whilst it’s fresh and make sure you know it! You’d be surprised how often I have seen stories change or hear different versions of events from different founders.

If you’re a not-so-new startup, things may have changed since you first started and may have become more complex since your initial “ah-ha” moment. You have probably spent months fine-tuning your product or service and creating business plans, but your most powerful tool is why you did it in the first place. What prompted you to launch your business, what problem were you trying to solve? How does your product or service aim to enhance people’s lives? Re-connecting with that emotion can help with many a PR angle and story.

Back to basics Start by taking a long hard look at your website and social channels and other collateral. Do they reflect your mission, vision and values, are they up-to-date, relevant to the market

and with great content? Get rid of typos or out-of-date information. Give everything a spring clean, it’s your job to put your best face forward.

Understand your targets Think about who you need to reach with your messaging and content and, then find the media that reaches them.

Do you know what they are reading/watching/listening to?

Try to avoid basing this on your personal likes or dislikes as you’ll introduce bias to your targeting. Make sure you get to know these media outlets before you start pitching. You’ll need to target the right journalist with the right kind of story otherwise your investment will be wasted.

Make a start Being ‘a best kept secret’ is never a good plan for a startup.

So, pull together your media collateral, make it relevant, make sure it’s newsworthy. When crafting your news release, think Topical, Relevant, Unusual, Trouble, Human interest. Think of your end audience, how do you want them to react or what action do you want them to take when they see/hear/read about you?

Follow the news agenda Once your startup is launched, think of follow on stories.

Whether you are a food brand following consumer habits or a tech brand with the latest innovation, remain relevant, jump on the news agenda and react to ensure you stay part of the conversation.

Measure and analyse what works PR is much more measurable than you may think, with so much media visible online you will be able to track click throughs from online coverage to your site. And when it comes to social media, you can track analytics including engagement, follows, reach. After your first foray into PR, you will be better armed with information that will help you make even more impact with your next story. www.rochesterprgroup.com

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5 Interactive Skills to Use This Year to Improve Communications This year has been one like no other and is certainly one that the majority of us will be keen to say goodbye too. That said, it’s been an interesting one for businesses as we’ve adapted and completely transformed the way in which we communicate.

Here, Tony Hughes, CEO of global negotiation, sales and communication specialists, Huthwaite International, highlights the top five key communication lessons from 2021 that we should take on board as we enter the New Year.

Be mindful of your online behaviours One thing that many of us realised quite quickly is that there are a number of behaviours that can be instantly irritating to people during conversations that take place online. Virtual communications themselves provide multiple barriers such as poor connections and technology issues, this means without even having a conversation – the experience can be quite irritating. Therefore, with virtual communications not disappearing from the agenda anytime soon, it’s crucial that verbal behaviours do not further irritate those you are talking to.

Self-praising declarations are one of these irritators. Using the words ‘fair’ and ‘reasonable’ when talking to people can cause tension as they can undermine the person you’re speaking to and may cause lasting damage to your relationship. There are also other ways of communicating that can indicate a lack of sincerity. Verbal behaviours such as telling someone you’re ‘being honest with them’ or ‘that you’re trying to be frank’, can indicate that you may not have been completely honest in the past, or that you may be suggesting your counterpart is being intentionally dishonest. Leave this use of language where it belongs - back in 2020!

Active listening is essential Listening is what separates skilled communicators from unskilled and using active listening is key to ensuring the conversation goes well. We demonstrate active listening by acknowledging statements. Acknowledging is not the same as supporting, by acknowledging we show we are listening but do not necessarily show agreement. Using phrases such as ‘I understand’, or paraphrasing statements show that we are aware of their opinion and their thoughts without necessarily agreeing with them.

Taking care to allow people to fully express themselves, especially if they are agitated or excited, is key to defusing a highly emotional or tense conversation. If we must disagree, we should take care to make a positive statement before and after the disagreement. This means saying things like ‘I fully understand what you’re saying, and will do my best to help.

However, I will need some time to investigate the situation.

Let me come back to you in X time’. Implementing active listening into your communications during 2021 will lead to much more effective and less confrontational conversations.

Remember to show emotion Perhaps surprisingly, skilled communicators show their emotions and indicate how they are feeling towards a situation more than the average communicator. This skill is particularly important when dealing with a difficult online conversation. For example, phrases including ‘I am pleased we are making progress’ or ‘I’m worried that this won’t work out’, can be used as a substitute for an outright agreement or disagreement as it’s difficult to argue with someone else’s emotions. This verbal behaviour also reveals something personal, which is likely to encourage trust within a conversation. If someone expresses that they’re concerned a deadline won’t be achieved – it’s then difficult to retort with ‘no you’re not.’ When used in the right context, showing emotion is a highly effective way of deescalating confrontation.

It can also be difficult to observe someone’s body language over a virtual camera call so tone of voice is more easily interpreted and allows to show empathy. Listen carefully for clues to how the conversation is going from their tone and note that nerves tend to make the voice higher and this can be very noticeable – a warm drink may help to relax your vocal cords and deepen your voice. Smiling when you speak (if appropriate) will also help to relax you, and the other person. If you need to get it all right first time, practice makes perfect. Practicing with a friend of colleague can help to produce the relaxed tone of voice necessary to sound sympathetic or authentic.

Dealing with extreme levels of reaction People who have an unusually high or low reaction level present characteristic problems, and how you deal with these high or low reactors is a whole communication skill in itself. We’ve all experienced talking faster or drying up I’m sure, when dealing with a ‘low reactor’ or perhaps giving away too much information or exaggerating? It’s important to stay focused and factual if people appear unresponsive – don’t try and fill the communication gap! Similarly, you need to look out for feedback from high reactors who may be too quick to support and or disagree over issues. In a meeting scenario, ensure you check on the views and contributions of ALL participants.

Don’t allow discussions to lead to a breakdown in communication A strong indicator of an effective meeting is how well people respond to one another’s ideas and proposals.

ENTREPRENEUR When a meeting is working well, people react positively or at least constructively, to what others say. When a meeting is ineffective, the opposite can occur and tensions can rise leading to a potential communication breakdown. An extremely negative discussion can lead to what Huthwaite refer to as ‘Defend/Attack’ behaviours where opinions are expressed more strongly and more directly which can lead to people feeling exposed and becoming overly defensive.

Defend/Attack usually involves value judgements and contains emotional overtones.

Avoid these behaviours by responding positively and appropriately and most of all, try to actively listen to what is being said. Really take the time to understand a differing point of view and respect their position before jumping in with a response. Taking the time to listen will give you time and space to fully consider other opinions. If you decide you do disagree with what they’re saying, active listening will leave space around the discussion which offers the opportunity to react in a constructive, rather than an emotional manner. www.huthwaiteinternational.com

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About to launch an App? Here Are Five Things to Consider First

By Sarah Woodhouse, Director or Ambitious PR. When it comes to getting your app from the store onto the smart devices of potentially millions of people, where do you even start?

Similarly, reaching out to credible industry journalists, analysts and thought leaders with a description of your app and a free trial in return for an endorsement will allow you to capitalise on their authority.

Strong PR and communications is the springboard to getting in front of your target market. With 4.41 million apps available[1] for users to choose from, a well thought out campaign that starts even before the app has launched can make the difference between a marketing ‘buzz’ or a disastrous fizzle out. Here are five key things to consider when launching your app.

5. Compile an essential media pack

1. Research your target audience Children, teens, adults, parents, silver surfers – every demographic has different needs, desires and spending habits. Get to know the audience you are targeting through gathering demographic data on them to help you build up a better picture and plan your PR campaign.

This will help you to be crystal clear in your brand positioning and launch strategy.

2. Build a website Like any other product or service, a website is the base for your app launch. You can boost your web presence in numerous ways from blogs, competitions and free trials with links to purchase the app, of course. The website allows you to remain in control of your brand message and SEO – your owned media – and you can be much more targeted with designated landing pages for each audience if you’re targeting more than one.

3. Create a pre-launch buzz The best way to create hype around your brand before launch is through growing a social media community. Find your niche, invest time in getting to know them, post frequently and invite engagement through competitions and how-to videos. Interact with similar pages to grow your following.

Are you able to offer some free trials to selected followers in return for them being your brand advocate?

4. Use third party endorsement Influencer endorsement can propel your brand forward in your target markets. The right influencers can create a noise and a buzz about your brand which acts like a snowball effect; whether that’s via social media or traditional media. Many consumers are now influenced by reading a blog or a social media post by someone they can relate to. In fact, 89 per cent of marketers say that the ROI from influencer marketing is comparable to or better than other marketing channels[2].

Images (including screenshots and high quality lifestyle images), logos, videos and review guides are all essential items in your launch press pack, but what other PR assets could you make available to a journalist?

Paid research with your target market can help to boost print and digital brand mentions to raise awareness, both pre and post launch. It shows that you have your finger on the pulse of your target market and understand their current challenges. For example; you’re launching a wellbeing app for busy parents. Find out when was the last time they took 30 minutes for themselves to read a book or have a bath.

Research can be used to start drip feeding the press news content before you’ve even launched.

About the Author Sarah Woodhouse is Director or Ambitious PR. The company was crowned Best PR Agency at The Drum’s RAR Awards 2018, 2019 and 2020, the national award based on client ratings. Its focus is corporate and business-to-business communications. www.ambitiouspr.co.uk

Sources: [1] Statista: number of apps available in leading app stores, 4 May 2020 https://www.statista.com/statistics/276623/ number-of-apps-available-in-leading-app-stores/ [2] Mediakix.com Influencer marketing survey 2019 https://mediakix.com/influencer-marketing-resources/ influencer-marketing-industry-statistics-surveybenchmarks/#:~:text=89%25%20Say%20ROI%20From%20 Influencer%20Marketing%20Is%20Comparable%20To%20Or,are%20equal%20to%20other%20sources.

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