BUSINESS & LEGAL

BUILD A PROFITABLE SUBSCRIPTION BUSINESS – HOW THE NUMBERS ADD UP!

By Jim Rayner

Every month I pay Apple 79p. It goes out of my bank account automatically and has done for the last 8 years. Several friends I’ve talked to do the same and none of us are entirely sure what we are getting for our money. I could set aside some time to investigate, weigh up the value, and take an informed decision, but I have a dark suspicion that cancelling would involve a lot of hassle and maybe risk the loss of phone data backups, photos of my granddaughter and perhaps some Leonard Cohen songs. Much better to leave well alone: after all, 79p a month is insignificant. It’s not going to alter my holiday plans. By the way, did you happen to notice that in early January Apple became the first company to hit a stock market valuation of $3tn? Of course iCloud subscriptions only make up a small part of Apple’s income but if, say, 10 million of us in the UK are paying 66p plus VAT, and allowing for transaction fees we’re contributing at least £75M to Apple’s coffers each year. Apple is just one example of a company using a subscription business model. You probably have subscriptions for some of these: • Entertainment – Sky, Netflix • Mobile phone – calls and data

STAY ON TOP OF THE NUMBERS

PROTECT YOUR BUSINESS

SAVE LIVELIHOODS

BUSINESS NUMBER EXPERTS

WWW.JAMES-RAYNER.CO.UK

MAKING INFORMED CHOICES

By Mark Salter, Fort Financial Planning

In most endeavours, there are things you can control and things

you can't. That's true in life. That's true in business. That's true with investing. The good news about investing is that markets have rewarded investors over the long term. But over the short term markets go up and markets go down. Here are some observations about the investment business and what it takes to have a good experience. Things You Can’t Control: Few things have been studied as extensively as the performance of professionally managed funds. While the results indicate that some managers have good track records, there are far fewer of them than you would expect by chance. For investors, even after analysing all the data, you can’t separate skilled money managers from lucky ones. And if you can’t identify superior managers after the fact, how can you identify them in advance? Based on the overwhelming evidence, there is no magic to investing. Throughout their lives, people must continually deal with uncertainty and make choices — what school to attend, what career to pursue, where to live, and so forth. You look at all the possibilities, and then you decide.

Much of the financial services industry is geared toward making people think they can eliminate uncertainty in investing. However, the future is unknowable. The best approach to dealing with uncertainty is to make informed choices, adjust as needs and objectives change, and be comfortable with the range of possible outcomes. Things You Can Control: When you’ve got a compass, it doesn’t take drastic directional changes to find your way. Small adjustments are all you need to stay on course. • Maintenance contracts –

British Gas Homecare • Software – Office 365,

QuickBooks, Xero • Magazines – but not, of course,

The Conduit which is FREE! • Meal boxes – Gousto, Mindful

Chef, Hello Fresh • Consumables – printer ink, razor blades • Membership clubs – golf, gym, wine tasting We can even pay subscriptions to get regular deliveries of gin, chocolate, pornography (so I’ve heard) or socks. In fact almost any business you can think of has scope to create a subscription income stream. Get it right and it can be extremely profitable because it gives you guaranteed repeat customers and regular monthly income which makes planning so much easier. Instead of having to sell each month you can focus on the much easier task of keeping your existing customers delighted so they have no reason to cancel.

In 2009, the US stock market was down more than 50%, a lot of people were stressed out by the uncertainty, so they cashed out. That locked in their losses. The market, as it turned out, rebounded and people who got out of the market may have to wait decades to get back to where they were. It’s unfortunate they didn’t stick it out so that they could have better weathered the storm.

Trust involves many different parts. To trust markets, you must understand how they work, which means having a source of reliable knowledge. The best source is scientific research, not opinions and hunches. Most people lack the knowledge to manage their own investment portfolio. A trusted financial planner can help you figure out your goals, present different ways of forming portfolios, and ensure you understand the possible distribution of outcomes. Then you can make informed choices about how to invest. Your planner keeps watch over what’s happening, and together you revise your investment plan if needed.

Investing is a dynamic process and a lifelong journey. It’s having a philosophy you can stick with, considering the range of possibilities, and adjusting along the way. These are the keys to a better investment experience. Stay disciplined, control what you can control, and keep a long-term view on your destination so you can focus on what really matters and enjoy your life.

Do that really well and you could achieve viral growth – where existing customers recommend and bring in new customers, creating a snowball effect.

If you’re thinking about creating a subscription business you will need to look at a completely different set of numbers to those you’re probably used to monitoring. The key ones are: • Churn – the rate at which subscribers cancel • Lifetime value – how much is a customer worth over the period they stay with you • Customer acquisition cost • Margin – how much profit do you make on each subscription If you would like to explore building subscriptions into your business and experiment with the numbers, you’ll find more information including an interactive illustration on my website www.james-rayner.co.uk.

ASK MORE QUESTIONS

By Patricia Marks

Business Support for Care Providers

My resolution for 2022 is to make it the year of asking more and better questions!

The only dumb question is the one not asked! It’s time to become childlike – ask more questions consistently – it’s fun and you might learn something! Do you ever think about how do you learn? For me it’s by asking questions alongside observation, research, and study. Be curious enough to ask a question and do it honestly – it shows interest in others and their thinking, supports the clarification of ideas or issues, demonstrates engagement and can set up further meaningful conversations and debate. Pace a question so that it feels okay to answer in either a negative or positive and create understanding, further debate, resolution and ultimately progress. We have all seen people in public forums, TV programmes, meetings, networking events and critical interventions with significant people go wrong because of poorly set out and then poorly conveyed questions, and as a result the ‘frustration barometer’ goes off the scale. The art of asking good questions in any situation should be in the spirit of honest information gathering to gain a positive progressive outcome. It is a skill to be honed and worked on. Going into a pressured situation, pre-planned and well worked out questions can be the difference between a good outcome and frustration. It is worth taking some time to think about the impact of a poorly asked or delivered question – instantly the receiver of the question may yet fail to understand the point being made, they may assume that if the question is muddled then the thought process behind it is also muddled and fails to give a full answer. Or it simply just annoys them. So, they don’t put any effort into the answer. What does a poor question look like? First and foremost, the one not asked at all. Then there are the questions that are more about ‘show boating’ what you know to the receiver rather than giving them the chance to give you knowledge, insights and maybe a fresh perspective.

Support will include:

Available now! - Fully funded, tailored one to one business advice, industry specific webinars and business skills development workshops for Somerset-based adult care providers.

Strategy

This programme will look at business and organisational strategy in line with key goals and objectives.

Management

Time will be made to look at management and staffing processes, procedures and structure.

For more information:

care@sbacic.org

01458 253 331

Finance

Each organisation will undertake a financial assessment to establish their current position.

Registered Address : Great Bow Wharf, Langport, Somerset TA10 9PN

Next come the questions that have multiple parts to them. They are actually more than one question and can easily lose/ confuse the receiver. Another is the ‘to catch out question’ – when asking questions, be honest and fair about your intention, if you’re not it shows up instantly and will immediately change the dynamic of the intervention. It’s worth remembering how a child learns – questions, questions, questions, and a child will often repeat them and may even ask them in different ways if they don’t understand. It’s a great and efficient way to learn. Fascinating that as adults we can often lose this style of gaining information!

What does asking questions say about you? It shows you as interested and keen to learn from others – both key traits of good leaders and team players. Learn the art of asking questions and see how it helps faster improved network connections and progress. So please make 2022 the year of asking questions with the intention of learning, progressing, and supporting each other.

WORDSEARCH competition

A PUZZLE TO MARK CHINESE NEW YEAR!

In days gone by trying to understand computers was a bit of a dark art, but now most people can work them. I think it will one day be the same when it comes to speaking a different language. To mark Chinese New Year on 1 February, the Year of the Tiger, and to prepare you for your next visit to China, just find the names of Chinese towns and cities in the grid below, ring each word until you have found all of them and when you have completed the puzzle send it to: The Conduit Magazine, Unit 4, Barton View Business Park, Sheeplands Lane, Sherborne, Dorset DT9 4FW. The lucky winner receives a £10 cheque. The closing date is: Monday 21 February. Good luck. ANSHUN

CHANGCHUN DATONG FOSHAN FUZHOU GUIYANG HAIKOU HANGZHOU HESHAN HSINCHU KUNMING LANZHOU LESHAN LIJIANG LUOYANG NANCHANG QUANZHOU SHANGHAI SUZHOU TAICHUNG TAIYUAN URUMQI

Name: __________________________________________________________

Tel : _________________________ Email: ______________________________

Address: _________________________________________________________

HOUSEKEEPING, LOOKING AFTER YOUR PC

By James Flynn, Milborne Port Computers

As experts in computer software and hardware, we know how important it is to keep your PC clean and secure – and how frustrating it can be when something goes wrong! That’s why I’ve put together this guide to regular PC maintenance. Of course, we can do this all for you if you’re not comfortable with it, but it’s useful to know just how to clean your PC occasionally.

Updates

It’s easy to ignore those popups reminding you to update your programs and security, but it’s far more effective, and much safer, to update as soon as possible. These updates are designed to optimise your PC so that it can keep up with changes to other software, and viruses usually target older versions of common programs like Java or your antivirus software. Update your programs and your drivers whenever prompted! However, don’t use any third-party programs like ‘Driver Update Pro’ … it’s just junk!

Security Scan

Allow your antivirus to do a regular scan of your computer as it is important, even if you find there is no direct threat to your system. Although the antivirus should have stopped anything in the first place, it can never be perfect. A regular scan can pick up dormant viruses before they become active.

Defragmenting (‘defragging’)

Defragmentation essentially rearranges the data on your hard drive so that it’s better organised. Much like rearranging your desk, this makes it easier for your PC to find the right information more quickly. I’m not a great fan of defragmentation as most users never have files big enough to be noticeably affected. But if you’re OCD about it then go ahead! DO NOT defrag an SSD as the technology is different! Defragmenting SSDs is therefore not only unnecessary but can reduce their life expectancy!

Disk Clean

Disk cleaning searches through your hard drive for useless files – things like temporary internet files or items in your bin – and deletes them all at once. This is a great way to clear out some space, but you should just have a quick look at the list before confirming, as you might accidentally delete files you want to keep.

Check Disk

This is a little more advanced, but very useful if you start to notice your PC ‘lagging’ or slowing down occasionally. It checks your whole hard drive for bad or damaged files, or any errors that might have occurred during previous system failures.

Unwanted Programs

If you want to remove a program from your computer, make sure you use the Uninstall option in Programs & Features rather than just deleting the files you can see. If you don’t use the proper procedure, you will leave debris littered all over your disk! The choice as always is yours, but if you think you need advice, you know where to come.

WILL YOU HAVE TO SELL UP TO GO INTO A CARE HOME?

By Charlotte Cole, Pardoes Solicitors

Do you require care at home or in a care home? Have you been told to sell your home to fund your care home fees?

If this sounds familiar, unfortunately you are not alone. Many people are told to sell their home when it is not necessary. I am a solicitor at Pardoes Solicitors LLP and I specialise in advising clients on all aspects of care costs. This includes obtaining the correct financial support from the local authority and applications for NHS Continuing Healthcare Funding (CHC). CHC is a system that has been established to fund the costs of a person’s care in full if they meet the eligibility criteria. The eligibility criteria are based on a person’s health needs and should not consider a person’s financial circumstances. The assessment that is carried out looks at twelve different areas of a person’s care such as their mobility, behaviour, nutrition, and medication needs. If the outcome of the assessment shows you have what is called a ‘primary health care need’, you should be eligible for CHC. There is no legal definition of a primary health need. In practice, it can be said you have a primary health need, if after assessing all your needs, the main aspects or majority part of the care you receive is focused on addressing and/or preventing health needs. I have successfully obtained CHC for clients with a wide range of health needs, including dementia, diabetes, mental health needs and severe arthritis.

So, if you own a property, you may not have to sell it to fund your care costs. I can advise you as to whether you are entitled to CHC and represent you through the process. If you are found eligible, you may be able to keep your property and pass it to your chosen beneficiaries after your death. You would also be free to sell your property and keep the equity from the sale. The system of paying for care is complex. It is important to obtain independent legal advice to ensure you are receiving all the financial help you are entitled too. Please contact me on 01278 454419 or charlotte. cole@pardoes.co.uk to find out what financial support you could claim. Charlotte Cole is a solicitor at Pardoes Solicitors LLP and can act for clients who are based in Somerset and nationwide.

CAN WE HELP YOU WITH A

LEGAL QUESTION ?

We run a free legal helpline every Monday between 4-6pm so we can connect with, listen and support our local community. To book your slot for the next free legal helpline please enquire on our website pardoes.co.uk

THE PARDOES FREE LEGAL HELPLINE

LIVING WILLS AND HEALTH & WELFARE LPAS

Chris Keenan, Partner and Head of Court of Protection

A really interesting case has come out of the Court of Protection concerning Advance Decisions (often known as ‘Living Wills’) which shows us how important it is to continually review and consider legal documents.

The case of PW 2021 concerns an 80 year old Jehovah’s Witness (‘PW’) who, in 2001, had executed an Advance Decision stating that she did not wish to receive blood transfusions in the event of requiring life sustaining treatment.

The Advance Decision was a pro forma document and not a specifically drafted document for PW.

In 2020 PW suffered a gastric tumour and it was felt by the medical team that life could be prolonged with treatment, and crucially the use of clean blood products. PW did not have capacity to make a decision for herself and so the hospital submitted the case to the Court for a judgement.

It was found that, through her actions in the past, PW had acted in a way that was inconsistent with her Advance Decision. This was because; • PW had executed a Health and Welfare Lasting Power of

Attorney (LPA) in 2020 but not appointed her Attorneys to make decisions about life sustaining treatment. However she had not made any comment about her AD which suggested she did not think it was relevant or that it was not in the forefront of her mind

• PW had sought a removal of a ‘Do Not Resuscitate’ notice at the hospital • There was evidence to suggest that after the death of her husband, PW had ‘lapsed’ in her faith

The Judge in the case felt that this was sufficient to show that the Advance Decision could be disregarded and treatment could continue.

The case shows that it is crucial to review and document any decision made to refuse life sustaining treatment and consider how an LPA for Health and Welfare may be an alternative option.

We suggest reviewing documents every 3-5 years, or simply make an appointment and come and discuss your requirements with one of our team and we will help steer through the complex water of mental capacity issues and Advance Decisions.

Give Chris a call on 01305 252574 to arrange a chat or email us and we will call you back.

UNDERSTANDING LIVING WILLS YOUR WISHES CARRIED OUT

The above recent court case shows how important it is to continually review and consider legal documents.

Humphries Kirk solicitors are experts at advising on writing and reviewing Living Wills and LPAs. We like to keep it simple, and we like to keep it personal...

…that’s refreshing | www.hklaw.uk

Get in touch with our experts.

Bournemouth 01202 421111 Cranborne Chase 01258 840507 Crewkerne 01460 279100 Dorchester 01305 251007

Parkstone 01202 715815 Poole 01202 725400 Swanage 01929 423301 Wareham 01929 552141

www.hklaw.uk