Volume 5 Issue 2 201 9
CULTIVATING THE ATTITUDE THAT MATTERS
5 DIRECT
MARKETING MISTAKES TO AVOID
THE KEY TO GREATNESS
EXCLUSIVE:
BILLIONAIRE PHILANTHROPIST JOHN CAUDWELL ON ENTREPRENEURSHIP AND
WHY BRITAIN IS BETTER OFF OUT OF EUROPE
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
CONTENTS
Cover story: Billionaire Philanthropist John Caudwell. Page 18
Women in Business: Susie Ma. Page 30
INSIDE
“We are better off out of Europe” Master the art of 'speaking' without actually talking. Page 38
5 Direct Marketing Mistakes To Avoid. Page 28
Humility, the Key to Greatness. Page 14 Award-winning Producer, James Smith, on British Filmmaking. Page 36
Don Hales on Customer Service: Why Mistreat Customers? Page 8 Emmanuel Gobillot and Katherine Thomas on Cultivating the Attitude that Matters. Page 12 Genistar: Steps to financial freedom. Page 33 David McCammon on the Ultimate ‘Best Buy’. Page 42 Portia Vincent-Kirby on Global Regulation of Cryptocurrency. Page 44
The London Business Journal is produced by THE LONDON BUSINESS JOURNAL, 1 Alfred Place, London WC1E 7EB. Telephone: 07043 020 287. © 2014 all rights reserved. Reproduction in any manner or any language, in whole or in part, without prior written permission is prohibited. All material in this journal is provided for your information only and may not be construed as business advice or instruction. No action or inaction should be taken based solely on the contents of this information; instead, readers should consult appropriate business related professionals on any matter relating to their profession/trade/business. The information and opinions expressed here are believed to be accurate, based on the best judgement available to the authors, and readers who fail to consult with appropriate authorities assume the risk of any financial setbacks or otherwise. In addition, the information and opinions expressed here do not necessarily reflect the views of every contributor to The London Business Journal. The London Business Journal acknowledges occasional differences in opinion and welcomes the exchange of different viewpoints. The publisher is not responsible for errors or omissions. Subscribe to The London Business Journal by visiting www.LondonBusinessJournal.co.uk or send an email to: subscriptions@LondonBusinessJournal.co.uk. For all other enquiries email: info@LondonBusinessJournal.co.uk
Networking/Events
www.londonbusinessjournal.co.uk
#ScaleUp2Success: Victoria Gosling & Arian Kalantari The evening started with the chair, Russell Dalgleish (serial Scottish entrepreneur and investor, strategist, innovator and business coach), welcoming both E2E Founder, Shalini Khemka and Richard Morris, CEO of IWG to the stage. Shalini, while giving her welcome address, acknowledged the presence of Duncan Bannatyne and Lara Morgan, both of whom were in attendance. She also said that E2E would be launching a portal for businesses in the near future and touched on the £50 million investment that is available for E2E members. The key speakers on the day were Victoria Gosling OBE, CEO of GB Snowsport and Arian Kalantari, Cofounder of The LADbible Group. During Victoria Gosling's talk on 'What does it take to succeed?' she touched on her career and how HRH Prince Harry saw what she was doing and wanted to get involved, which culminated in the first Invictus Games held in London in 2014. She pointed out that creating a brand people can support is important, and has helped the “I am” campaign, created 4 years ago, to become a success. Her additional advice was to encourage partnerships and diversity. Volume 5 Issue 2, 201 9 4
Victoria also helped set up the Rugby Centurions and a fintech company, which is to be fully functional in Manchester next year. The main thing learnt from all her projects is to “get people to buy into the vision,” she told the audience. Next to hit the stage was Arian Kalantari, Co founder of LADbible Group who told of how he started the business with his best friend. He pointed out that traditional publishing has changed and said his core audience is aged between 1638 and focused around social media platforms. LaDbible's aim is to make people laugh as well as highlight serious causes. He said that they try to give younger people information that they want constructive news and allow their audience to make their decisions. Although they have been profitable from the beginning, LADbible has not taken any investment and currently has over 270 members of staff. Additional points covered by him were business planning and empowering people. E2E's recent #ScaleUp2Success event was held at Spaces, 25 Wilton Road, Pimlico, London on June 12. For further information visit: www.e2exchange.com
www.londonbusinessjournal.co.uk
Competition/Awards
www.londonbusinessjournal.co.uk
JCISeekOutstandingYoungTalent JCI UK has officially opened up the “Ten Outstanding Young Persons” Programme (TOYP), an annual national and international award to recognise outstanding young people who excel and create positive change in their chosen fields. The list is comprised of categories in line with the UN Sustainable Development Goals: 1.) Business, economic and/or entrepreneurial accomplishment; 2.) Political, legal and/or governmental affairs; 3.) Academic leadership and/or accomplishment; 4.) Cultural achievement; 5.) Moral and/or environmental leadership; 6.) Contribution to children, world peace and/or human rights; 7.) Humanitarian and/or voluntary leadership; 8.) Scientific and/or technological development; 9.) Personal improvement and/or accomplishment; 10.) Medical innovation. This way, JCI is able to celebrate
6
Volume 5 Issue 2, 201 9
exemplary work regardless of sector and industry. As an organisation committed to building up young people to make a real impact in their local communities, JCI believe in acknowledging their drive not only to develop themselves, but potentially serve as role models of excellence to be admired and respected as an inspiration to others. Candidates must be between the ages of 18 40 and will be judged and the final ten will go on to represent London at the National Convention in Belfast this November. These honourees are then put forward to represent the UK in the worldwide programme, where past honourees have included activists, entrepreneurs, and many more from around the globe. All completed forms must be submitted to JCI London Community Action Director, Chantelle Nylander – Quartey at: chantelle.nylander@jcilondon.co.uk
www.londonbusinessjournal.co.uk
Customer Service
www.londonbusinessjournal.co.uk
CUSTOMERS – OUR ONLY SOURCE THEM WITH DISDAIN?
A
bout twenty years ago, I was involved on the periphery of the formation of the Institute of Customer Service (ICS). There was a feeling that this aspect of business was as important as, say, sales and marketing but was subject to far less consideration and that an institute to address the subject matter could improve matters immeasurably. By Don Hales
M
y role was running events – conferences and award programmes on a supplier basis and I was able to watch the time and investment that went into this project. Since then the attention focused upon Customer Service has been considerably increased and the subject matter itself, widened to include all aspects of customer interactions under the title “Customer
8
Volume 5 Issue 2, 201 9
Experience”. With business leaders constantly pleading that looking after customers is the number one objective in various polls, there has been no lack of training, conferences, research, award programmes and organisations (both official and unofficial) all offering to help unlock the key to customer success. Today, despite all the increased customer focused activity, it is doubtful whether
www.londonbusinessjournal.co.uk
Customer Service
www.londonbusinessjournal.co.uk
customer service and customer satisfaction has improved at all. In fact, even the ICS’ on survey suggests that the overall trend in recent years is regressive. Certainly, customer expectations have heightened and now, more educated in consumer affairs, customers, more aware of their rights are far more likely to complain. Dissatisfaction The biggest reason for customer dissatisfaction, certainly when surveyed on switching customer to an alternative source and when complaining, is perceived lack of interest by the company and/or its employees. This leads to customers switching their business, often not due to price, but to obtain a more satisfactory relationship where their business is valued, and their needs recognised. As author of “Customer Experience: Heroes & Villains� for the last five years Volume 5 Issue 2, 201 9
or so, I invite my followers to send me stories of great and poor customer experience to be considered for wider publication. The sad fact is that increasingly, I am receiving far more Villain stories than I am Heroes. Currently Villains outnumber Heroes about three to one, which I suspect is a fair reflection on the overall public perception of customer satisfaction in the UK today. Today, we are witnessing one of the most dramatic changes in buying habits ever experienced with 20% of retail goods now being purchased online and that figure is likely to continue to rise. Yes, it is, in some cases, easier and cheaper to buy online but indifferent regard to customer needs has, undoubtedly, added to online growth. Premises Retail owners, from multinational to corner shops, complain about the unfair
www.londonbusinessjournal.co.uk
9
Customer Service
www.londonbusinessjournal.co.uk
competition arising from the business rates issue but it is not easy to see them putting as much effort into exploiting the advantage that they have over online marketeers. That advantage is of course the fact that they have premises in which they can meet customers, demonstrate products (especially new innovations), build relationships and understand customer needs and aspirations. A more imaginable use of premises could increase interest and trade. A recent extreme example was seen when a famous departmental store closed its doors to all but one “highspending” customer. Yes, extreme, but special days and events for loyal customers would certainly increase loyalty and purchases. Shopping centres, in particular have enormous scope to enrich the shopping experience on behalf of all their outlets and creative thinking could do the same for high streets and individual businesses. A good example is a north London accountant who invites his clients to visit his offices and provides an excellent car washing and valet services, in exchange. The cost to the accountant is minimal – he has no problem recruiting recently retired gentlemen to perform the car wash duties and the saving in travel costs and time more than compensates. Additionally, his clients bond further with the staff, whilst meeting them at the office and are more acceptable to deal with them, rather than the principal, on appropriate matters. Acquisition Vs Retention New business acquisition is a major but
essential cost for most commercial organisations. If the majority of the spend is merely to replace departing customers, growth will be slow and costly. By spending a little more on customer retention and a little less on acquisition, the result could well be strong growth with regular customers who, in turn, become advocates for the business. A commonly quoted maxim, is that it is seven times more expensive to acquire a new customer rather than to retain an existing one. Actually, it depends upon the sector and the individual business but, whatever the figure, it will always favour retention over acquisition several times over. When you factor in that existing customers, on average, spend more than new ones and are much more likely to take up new product offerings, the case to provide a great service and customer experience becomes overwhelming. In future articles, I hope to examine more concepts to help improve customer experience. In the meantime, if you have any interesting stories of Customer Experience, Heroes or Villains, please send them to me at don.hales@outlook.com The business climate is constantly changing but every commercial organisation needs customers to sustain the business and, whilst there is some profit to be gained by reducing costs, ultimately real growth can only be achieved by having more satisfied customers increasing their spending.
Don Hales is a veteran businessman who has built several successful companies that have been sold for considerable sums. Today he is cofounder and chairman of Awards International Ltd, a company specialising in producing award programmes on an international basis – primarily in the customer experience and related fields. He is also an author and professional speaker on customer experience and is currently involved in developing research and products relating to understanding customer emotions.
10
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Personal Development
www.londonbusinessjournal.co.uk
CULTIVATING THE ATTITUDE THAT MATTERS
T
alented people seeking to progress always ask us the same question: “What do I have to do to get to the top?”. That’s the wrong question. By Emmanuel Gobillot and Katherine Thomas.
W
hist there are many practical things that individuals can do to ensure they get spotted there is one attribute without which no amount of doing will help. That attribute is attitude. You cannot change your career path without changing your mindset. We climb the organisational pyramid by doing more of what we know. We get promoted because we have more knowledge. We sell more. We take faster decisions. We make better choices. In short, we personally achieve. In time, this drive to achieve becomes its own reward. When we achieve, we feel good. When we feel good, we do more of the same. When we do more of the same, we grow our achievement mindset further
12
Volume 5 Issue 2, 201 9
and on and on it goes. But there comes a point in your career when doing more achieves very little and can actually become counterproductive. In fact, overarousal of personal achievement drive is probably the biggest derailer on the trajectory to senior leadership roles. Senior leadership roles are about impact and influence not personal delivery. So how do you let go of what has made you successful to date, but will more likely hold you back from now on? Professor of Psychology at Stamford University, Carol Dweck, calls the answer to this the ‘growth mindset’ and this is clearly distinguished from its opposite
www.londonbusinessjournal.co.uk
Personal Development
www.londonbusinessjournal.co.uk
number, the ‘fixed mindset’. If you believe you are operating at the top of your game and spend your time seeking to prove this, you will never develop and move forward – that’s the fixed mindset. If, on the other hand, you believe that your potential is unlimited, then you will focus on developing new habits, acquiring new skills and these in turn will lead to you progressing further. That’s the growth mindset.
3. Seek feedback on effort and welcome obstacles The only thing we truly have control over is effort; anything else is down to circumstances and we certainly can’t control all of these. Seeking feedback on effort will help you focus your energy towards progressively more complex tasks – and obstacles will become the fuel to your effort. They are opportunities to learn rather than occasions to fail.
What are the practical things you can 4. Embrace criticisms do to develop this mindset which lies at When people give you positive feedback, the heart of rapid career progression? you should never overlook this – take what they have told you about what you Through the course of our research we have done well, integrate this into your have unearthed 5 mindset changing habits daily routines and do more of it. But the that must be deployed to ensure senior growth mindset is also about getting better leaders see you as promotionready. and getting better means seeing criticism as a learning opportunity. Make it easy for 1. Make a list of what you don’t people to offer you criticism. Seek it and know be grateful for it. There is always something we don’t know and should. Identify someone who has 5. Learn from others the type of position you aspire to. Make Too many leaders, even those who are the sure this is a person who you actually most seasoned, feel threatened when admire and like. Write down what they meeting other successful people. have which you don’t by way of skills, However, the success of others should be knowledge and behaviours. This list will a source of inspiration, not a source of serve as your proof that there is always fear. So, find the most successful people something you can learn. you can – those whose success you may even find intimidating. Observe and learn!
2. Set yourself a target you know you can’t meet Building a growth mindset may be Do you write todo lists? Most successful people do. Now be honest! Do you include at the top of your list tasks you’ve already done or are close to completing? People with an overaroused achievement orientation often do. By contrast, people with a strong growth mindset set challenges they are prepared to embrace for no other reason than that they will learn something in the process.
counterintuitive for talented people who have learned to use others’ approval as a source for their own energy. It lies at the heart of effective learning and progression. Practice can make you a perfect loser if you practise the wrong things. Start with changing your mindset and your practice won’t be in vain.
Emmanuel Gobillot and Katherine Thomas are Founders of Collaboration Partners, a consultancy specialising in helping leaders and organisations develop effective collaboration. They are also the co authors of 'Unleash Your Leader: How to Win in Business', out now and published by Urbane Publications.
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
13
Leadership
www.londonbusinessjournal.co.uk
HUMILITY, THE KEY TO GREATNESS
W
hat comes to mind when you hear the terms 'leader' and 'leadership'? Is it fair to say you probably think of a strong person, full of confidence that can solve all problems? It is good when the leader does, and is capable of doing, what you expect; however, it is unlikely that they know all the answers. By Hamid Safaei
T
he greatest leaders have been visionary, courageous, persuasive, decisive and humble. Humilityi does not mean one is insecure or incompetent. No one can know everything, and leaders are no exception. Humility is the ability to conduct a reality check and acknowledge you can’t be right all the time; that you are conscious of the current situation and you are willing to admit you could be wrong. Great leaders continuously seek support from people who can be of help in particular situations.
14
Volume 5 Issue 2, 201 9
ARE YOU BIGGER THAN YOUR EGO? Would you agree that it’s about achieving the ultimate success? If yes, what if you don’t know the way to that ultimate success? We all perform differently at times, and sometimes we just don’t know the answer. If we need to know the answer, we need to raise our hand and ask for support. The more a leader can contain their ego, the more realistic they are about their challenges. They listen and open the door to new ideas and they realise they can learn from anyone at any time. Their ego does not get in the way of collecting the best ideas they need to make the best
www.londonbusinessjournal.co.uk
Leadership
www.londonbusinessjournal.co.uk
Hamid Safaei: International Thought Leader and the bestselling author of FirstClass Leadership: How Highly Effective Teams Can Achieve Breakthrough Results.
decisions. This way they learn and grow to new heights.
the great, can fail and make mistakes.
The essence of humility is being honest Ken Blanchard said: “People with with yourself and true to your core values. humility do not think less of themselves; When a leader is humble, they create an they just think about themselves less”. I ocean of space to develop themselves, can’t agree more. Great leaders are while less humble leaders never grow humble because they care about their beyond a certain level because their pride, WHY. Humility should not be confused ego, and perhaps their arrogance stand in with being unconfident, insecure, and the way of opening themselves to indecisive. Great leaders’ ability to admit development. When something is blocked their shortcomings is bigger than their ego on the inside, it doesn’t matter what and pride. happens outside. A great example of humility is Michael Jordan, who said: “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. Twentysix times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed”. Jordan demonstrates how the road to success includes failures along the way, and he admits all people, including Volume 5 Issue 2, 201 9
HOW HUMILITY AFFECTS TEAMS Several researchers examined how CEOs’ humility linked to the processes of top and middle managers. Survey data was gathered from 328 top managers and 645 middle managers in 63 companies in China. The research concluded that CEOs with humility resulted in better employee engagement, more commitment, and
www.londonbusinessjournal.co.uk
15
Leadership
www.londonbusinessjournal.co.uk
team’s atmosphere, loyalty, trust, and productivity. I have seen how junior employees have grown into senior Nowadays, when problems are management roles in a very short period increasingly complex, we are unable to learn without humility. Humility is one of of time. Humble leaders make it possible the traits great companies look for in new for their team members to dare to speak up, to take action, and to play wild cards hires because they know it boosts leading to fantastic results. productivity and innovation. Humble leaders create space for their team members to cooperate in problem solving, A MOMENT OF REFLECTION Here are a few questions to think about, and come up with creative new ideas. Employees feel appreciated when they are pause and reflect on: given the room to share their ideas. They What would you do if a team member asked you a question with regard to your feel they belong to an organisation that vision that you didn’t know the answer encourages creativity and appreciates to? active involvement. Great leaders teach What is the first thing you do when you their team members to learn from have no clue of what to do in a particular mistakes and to try again, which in turn helps teams break free from their comfort situation? When you emphasise on your ideas your zone and allows them to develop their team members disagree with, are you skills. driven by your ego or the importance of the idea for your organisation? I have seen how humility can boost a improved job performance.
Hamid Safaei is an International Thought Leader and the bestselling author of multiple books including FirstClass Leadership: How Highly Effective Teams Can Achieve Breakthrough Results. Hamid has led successful business transformations for a number of Fortune Global 500 companies. CLICK HERE for further information or visit: FCL1.com
16
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Cover Story: John Caudwell
www.londonbusinessjournal.co.uk
DESIRE, DETERMINATION & DRIVE:
THE JOHN CAUDWELL STORY
I
t has often been said that one requires unshakable belief and drive to achieve great heights of success in business. Here billionaire businessman and philanthropist, John Caudwell, tells Ronnie Ajoku why this is absolutely true, how he secured the biggest single cash out sale to become a billionaire and his involvement with charity work.
18
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Cover Story: John Caudwell
www.londonbusinessjournal.co.uk
I was the biggest phone repairer in the world at one stage and I was the biggest distributor of accessories in the world
A
s we sit across the table I listen intensely to what he has to say and can not deny that his focus, determination and drive are all clearly visible and catching on. I am as excited to hear his thoughts on business, entrepreneurship, Brexit and life as he is to enlighten me. Within a few minutes I can see why John Caudwell is a billionaire and one of the UK's most successful businessmen. That 'burning desire' to achieve success in whatever he puts his mind to is clearly visible. But then so is his ability to focus and analyse situations from different perspectives, along with the predictable outcome. He founded the Caudwell Group, which included the mobile phone retail giant, Phones 4U. When the company was sold in 2006 for £1.47 billion it made news for being – at the time – the largest single cash out sale. “At the time it was the biggest single cash out sale that there’d ever been in history, because usually people are still linked to the business, and Volume 5 Issue 2, 201 9
I managed to do it where I didn’t have to stay involved in the business. I managed to get out completely with the cash,” he said. Among his current interests is the Caudwell Collection — a property development company whose completed projects include Parc Du Cap, Les Oliviers, Villa St. George, and Villa Margaux in Cap d’Antibes, France. BEGINNING It is hard to believe that at one point the man that built one of the largest telecommunication businesses in the UK was once an engineer for a tyre company. “Engineering was my profession; I was trained as an engineer at Michelin tyre company. I never thought I was going to be an engineer, but I did have a natural aptitude for fixing things. As a kid, I could always fix things, and mend whatever was broken, but at 16, I was still a completely lost teenager wondering what I was going to do in the world, like so many kids of today do at age 16 – do they do A Levels and University, or do they follow another path?”
www.londonbusinessjournal.co.uk
19
Cover Story: John Caudwell Although at this point his career path wasn't certain, he was sure he would eventually be in business for himself. “I knew I wanted to be an entrepreneur, I knew I wanted to be a businessman, and I knew I wanted to be successful, but I didn’t know how to get there. I tried a few things, but ended up doing engineering at Michelin tyre company, which I think was a great grounding. I did that for 10 or 11 years – going through the whole engineering apprenticeship, and obtaining an HNC in Mechanical Engineering – so I was actually an engineer — but always with this entrepreneurial desire to do something enterprising that was going to make me successful.” All he really wanted was to be financially free. “In those days, it wasn’t about being wealthy, but about being financially secure. Although I was an engineer working for someone else, I was always going to become an entrepreneur; I did not always know it would be in the telecommunications realm.” THE PATH Like most successful entrepreneurs, Caudwell — driven as he was — went through an early period of trialand error, before discovering his true strengths. It was through learning from each experience that he was able to gain the knowledge and develop the skills required to eventually dominate the mobile telephone market. “I’d done a whole range of things from minor property development and share trading, to owning a grocery shop; which was the biggest fiasco of all but anyway I did it, and it taught be a lot of lessons. The grocery shop, although ridiculous, the ridiculous nature of what I did taught me a huge, huge set of lessons. Not just one, but a whole set of lessons that were to stand me in good stead for the rest of my life. 20
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
“In my early 20s, I eventually decided that I’d join my sales skills with my engineering skills and start trading cars. I did this up until I was about 30, managing to build up quite a big trade operation. I bought and sold to trade, but also sold to retail. From there, I was always looking for something different, www.londonbusinessjournal.co.uk
Cover Story: John Caudwell
www.londonbusinessjournal.co.uk
Les Oliviers (in France): Part of Caudwell Collection
because the car trade was impossible to scale. It was very difficult to scale this trade up to make anything with longterm value, so I was constantly looking for other opportunities.” DISCOVERY The drive for finding business opportunities that could conveniently scale was constant. “I was even looking for another opportunity on my honeymoon, and found the car rental business. I was always looking at everything that came around to see whether there was an opportunity there, and eventually I hit on the idea of mobile phones. I spotted mobile phones because, although they were phenomenally expensive at the time — a mobile phone cost £1,500 30 years ago — the cost of using it was exorbitant. In those days, it was £30 a month and 33p a minute, which, in today’s values is three or four times as much, so it was a fortune. “I came to the conclusion that one day, everybody would have a mobile phone, even though in those days, nobody did. If you saw a person with a mobile phone then, they were either extremely important, or extremely pretentious and showing off. But I bought a couple Volume 5 Issue 2, 201 9
I came to the conclusion that one day, everybody would have a mobile phone, even though in those days, nobody did
because of my trading business, as I needed them to keep in touch with my customers. I then realised that there was a real desperate need for mobile communications, especially for businessmen. It initially started off with mobile plumbers, mobile TV repair people – people who did not have offices, infrastructure, or overheads – people who are out on the job, and can take the next job over the phone. It just made complete sense, and so I couldn’t see how these people wouldn’t all have a mobile phone eventually, and then from that why wouldn’t it spread into the public arena? Why wouldn’t it become a retail device?” In the early days, although driven, caution was also exercised and not all eggs were put in one basket in order to avoid taking on too much risk. “I was running things concurrently all the time. I never put all my eggs in one basket. For example, when I had the job at Michelin, I was trading cars to my bosses there as well. I did this until I came to the point where the car trading was so successful that I was better off going full time car trading than remaining at Michelin. And then I did the same thing with the mobile phones – I carried on the car trading business while I
www.londonbusinessjournal.co.uk
21
Cover Story: John Caudwell
www.londonbusinessjournal.co.uk
Parc du Cap: Part of Caudwell Collection
Hard work is absolutely vital to being successful
set up the mobile phone business, and the table. But what it did grew the market then eventually went into mobile phones and produced a volume market. Then pre completely and gave up the car business.” pay did the same thing by making it even more difficult to sell the contracts, which is where all the money was. OPPORTUNITIES OR THREATS? “These two big changes were clearly Ironically, what could have been a threat threats to profitability but they were to his business in the early days ended up clearly opportunities to volume.” being a catalyst for growth. Mobile phones were becoming more popular and NATURE OR NURTURE? with the growing popularity came the When asked whether he feels true lowering of tariffs and the rise of prepay. entrepreneurs are born and not made “It was a threat at the time – it was almost Caudwell says: . “I think everybody is as much of a threat as it was an born and not made, but it depends on opportunity; Vodafone introduced local, what level. So, if you want to be the which was dropping the tariff from £25 to world’s best, you’re born to be the world’s £12.77. That was one big threat, and pre best, but then you have to work pay was another. But those big threats absolutely, ferociously flat out to be the were also opportunities because they world’s best. opened the market up. In business “By the world’s best I don’t necessarily development, most of the time, everything mean number one, but to be amongst that that’s a threat is also an opportunity, but ranking of world’s best you have to be you’ve got to grasp that opportunity, and born to that you have to have that grasping that opportunity is sometimes genetic ability. This doesn’t mean that very difficult because it potentially means someone who is not born to that level of restructuring your whole thinking, sales excellence can’t do phenomenally well, forms, and everything else that you need especially by working hard. Hard work is to succeed. absolutely vital to being successful. But, “The huge drop in tariff to £12.77 was a if you want to be the world’s best, it’s not threat because it took a lot of money off just the hard work, you have to be born 22
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Cover Story: John Caudwell
www.londonbusinessjournal.co.uk
with that innate talent. Whether it’s to be a 100 meter sprinter, or a professional cyclist like Modesta was, it doesn’t matter what – if you want to be amongst the world’s best, you’ve just got to be born to it. But then you’ve got to work and completely, utterly dedicate your whole life to achieving those objectives. “There are hundreds of millions of people that are not going to be the world’s best, but it doesn’t mean that they can’t be the best that they can be, do phenomenally well and be very successful in their own way. They don’t have to be the world’s best. For these people, they don’t have to be born genetically different – it’s about learning and coaching, and really developing themselves as quickly as they can.” SCALING UP The dream of any business owner is to see their business grow successfully, but with the majority of people going out of business within the first five years of starting, anyone hoping to grow phenomenally will have to learn how to scale up. Last year he spoke to entrepreneurs at E2E's #ScaleUp2Success event on the very same subject. The art of scaling up is something Caudwell perfected so well that at its height Phones 4U was selling 26 mobile phones per minute. “I had 20 companies trading all round the world – Phones 4u was just the visible aspect of it. I was the biggest phone repairer in the world at one stage and I was the biggest distributor of accessories in the world. I was the second biggest distributor of mobile phones. We had a security company as part of this, we also had an insurance company. There was a whole range of 20 companies. How did I scale up? It was by living on the edge of my seat like this,” he says as he motions forward to demonstrate. “Ready and fighting ferociously. I was completely absorbed with success and part of that absorption Volume 5 Issue 2, 201 9
John with Shalini Khemka (Founder, CEO, E2Exchange) after #ScaleUp2Success event at which he spoke to entrepreneurs on the issue of scaling businesses
was to get the very best people I could on the planet to work for me. I knew that without the best people, there was no chance. “There is no way I could have done it without having a huge number of really great people, but great people require really concentrated management effort, because they can go anywhere else. So you have to put in infrastructure to encourage them to stay; things like share options and wealth packages. My goal was always to be the best in the world at everything that we did, and if you’re the best in the world, or you aspire to be the best in the world, your people really want to be part of that journey, because that journey is exciting and dynamic. It couldn’t be more dynamic. The journey was ferociously dynamic, and not many people could keep up with that pace. But the ones that could loved it because it developed them, made them, and they earned a lot of money.”
www.londonbusinessjournal.co.uk
23
Cover Story: John Caudwell
www.londonbusinessjournal.co.uk
BREXIT I can't help but ask him about his views on Brexit. “I think Brexit has been handled very, very badly; and I do blame the politicians for that. But it really fundamentally comes down to the whole structure of politics. I told Bill Cash probably 12 years ago — he was my local MP but he’s also one of the key Brexiteers — that I didn’t believe politics was anymore about left or right, but about remain or Brexit. We didn’t have Brexit in those days because Brexit wasn’t thought of. It was out of Europe, not called Brexit, as that’s a fairly modern day term. “I said that we should have been structuring a party that wants to remain and a party that wants to exit. And of course then you’d have a mix of all the social values, you’d have the farleft and the farright within one party, but that’s far less difficult to blend, than trying to blend a bunch of remainers and a bunch of Brexiteers in one party I think. So that was the first thing I said a long, long time ago, and of course that is what’s 24
Volume 5 Issue 2, 201 9
beginning to happen now with the Brexit party. “The second thing is, I think Theresa May, in going to a general election, weakened her position dramatically – well I don’t think that, that’s a matter of fact she weakened it. I was out of the country at the time, but from everything I understand, they didn’t put up a very good election fight. And I remember The Times saying that if there was one reason to vote Conservatives, it was to give the Conservatives the biggest, most powerful mandate possible to negotiate the most important event in Britain’s history (in recent times). We needed the British people to get behind the Tories to negotiate that – Brexit. But of course it was very difficult for them anyway. MPs are split — I think more MPs don’t want Brexit than do want it. How on earth do you have a really strong negotiation when you have rebellion in your own party? “I think the whole thing has been a mess. I wanted Brexit because I know, I have zero doubt, that Britain is far more powerful and successful out of Europe, than being hamstrung in Europe. That’s my longterm point. I always knew there’d be some pain, I didn’t think it would be as painful as it is. I didn’t think there’d be so much infighting. I always had a fear that Brussels would be bully boys for one simple reason, and that is the politics of it; because they know that if Britain got out easily then a lot of other countries in Europe would follow, and it’d be a domino effect. “I’m crystal clear on my beliefs on this – where we are now is a horrible model, I think Britain’s been made to look a bit foolish in the way we’ve handled it. I find it embarrassing – the whole affair – and I just want a clean exit and I would have handled it totally differently. I mean I don’t know if I would have succeeded because you need the power of your MPs behind you, but I would have handled it
www.londonbusinessjournal.co.uk
Cover Story: John Caudwell
www.londonbusinessjournal.co.uk
Parc du Cap comprises two, five storey buildings: The development consists of 78 apartments, ranging from one to three bedrooms and ten stylish penthouses. Location: France
I wanted Brexit because I know, I have zero doubt, that Britain is far more powerful and successful out of Europe completely differently. “I would have given Europe six months to reach an agreement. Meanwhile I would have been looking at all sorts of incentives to get rich people into the UK, and looking at trade deals. Making Britain prosperous and attractive to outside people, to wealthy people, to come to the UK and bring their businesses. And I just think we’ve lost the most monstrous opportunity because what we’ve not done is any of that. What we’ve done is heads down beavering and worrying about getting out of Europe with some sort of a deal. “I wouldn’t have done that, I would’ve gone out with no deal – I would just have gone out. I would have tried to get a deal, and I’d have been telling them that there’d be 25% import duty on German cars. I’d have been using all the threats Volume 5 Issue 2, 201 9
that we’ve got to try and make certain that we’ve got an amicable solution. But the only thing that Brussels would ever understand is strength, and we’ve had no strength. So I find it very sad that we’ve not had the strength to exercise and not had the initiative to exercise that strength. I just think the Brussels politicians acted as pure politicians. They’ve not acted commercially because it’s in everybody’s interest (other than the politicians') for there to be a cooperative Brexit; where we try and make sure that there are free trade deals between us all the time and that we keep that status quo that we had, that we enjoyed for the last few years in Europe. “It’s really important to keep that, not just for Britain, but even more importantly for the Germans. The Germans have got a trade surplus with Europe of about 100
www.londonbusinessjournal.co.uk
25
Cover Story: John Caudwell
www.londonbusinessjournal.co.uk
billion, we the Brits have got a It’s still that way, it’s getting trade deficit with Europe of 100 better, but it’s still exactly like Theresa billion, roughly. Our 100 billion that. It needs fixing, because May, in flows into Europe and these people are written off and eventually into the German left with no proper diagnosis going to a pockets. So there’s this 100 and no treatment and it’s general billion of trade deficit that is devastating for the families. It’s election, going all the way to the situations like that which really Germans and of course it’s all capture and touch my heart and weakened cars like Mercedes and all those make me want to help. I’ve got her position German products. If we’d been a new one now which is threatening a 25% import duty, dramatically PANS/PANDAS – that’s an there’d have been hell from the infectious disease that ends up German manufacturers through causing an attack on the basal to the politicians to say you’ve ganglia part of the brain that got to do a deal. I think we just went causes various mental illnesses like weak, I think we’ve been very, very anxiety and depression and various other weak.” symptoms as well. “It really needs bringing to the fore. And CHARITY then of course my huge passion that arose Since selling the Caudwell Group he has out of Caudwell Children is autism. I’m dedicated himself to giving back, mainly trying to improve the lives of autistic through his charities — Caudwell children, so over the last two to three Children and Caudwell LymeCo. years, I was the major sponsor for the “I knew I wanted to do more in terms of building that we’ve just built in Stokeon giving money away to charitable causes Trent. We put clinicians in it and the than I wanted to make money, so the objective there is to demonstrate to the making money I’d already done, I’d NHS that children with autism can be already proved to myself and proved to diagnosed quickly. Then intervention that the world or whatever. can be put into place that helps those “I founded Caudwell Children in the year children and their condition improve in 2000. We were helping kids with 650 such a way that it enables them to have a different illnesses, and it just became a better life.” real passion of mine to try and make children’s lives much better. To try and preferably cure kids, but at least make their lives a lot, lot better. And that passion grew and grew and grew, and then I got involved in other charitable situations as well. “Charity [Caudwell Children, Caudwell LymeCo] became a real passion of mine. For instance Lyme disease – that touched my heart – partly because I had Lyme disease, but partly because I then became aware of how devastatingly neglected lyme disease sufferers are by the NHS. 26
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Marketing
www.londonbusinessjournal.co.uk
5 DIRECT MAIL MARKETING MISTAKES TO AVOID
J
ess Shailes identifies some of the common mistakes that people make when creating a direct mail campaign
D
espite the importance of digital OBJECTIVES marketing, direct mail remains We advise clients that the starting point one of the key ways of reaching for any direct mail campaign should be and converting potential clients – if it’s determining its key objectives i.e. what exactly are they trying to achieve? Clients done right. often reply in generic terms; that they Direct mail does incur a cost in addition want to sell more products or services, but for a campaign to really succeed, you to the time that it takes to create a successful campaign, so it’s important to need to drill down to the detail. For example, is the key objective to raise make the most of the opportunity that brand awareness, or to instigate a direct direct mail affords. response such as requesting a product However, after 15 years working in sample or a meeting? This will influence marketing, I’ve seen the same mistakes repeated time and time again. So, before everything from tone of voice to layout and length. embarking on your next direct mail campaign, use this list of common errors Ultimately, all marketing activities should as a checklist to ensure a better chance of have SMART objectives and a direct mail campaign is no different. SMART success. objectives can vary but as a general rule 1. FAILING TO DEFINE CLEAR CAMPAIGN they should be:
28
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Marketing
www.londonbusinessjournal.co.uk
S – specific M measurable A achievable R relevant T timebound
selling. 4. FAILING TO INCLUDE A COMPELLING OFFER AND CALL TO ACTION
Adding an offer like a discount or free trial is a great incentive to get customers 2. FAILING TO CLARIFY THE BENEFITS FOR to carry out a followon action after THE CUSTOMER receiving a mailing, although any offer One of the most needs to be of value to common mistakes we the customer – see is that companies targeting and sending out direct mail segmenting data can focus on their product help you do this. This or service rather than also acts as a strong Jess Shailes, making the customer call to action; another Managing the focal point of the area that can be Director, The campaign. Direct mail neglected. No matter Ideal Marketing should put the how good your design, Company customers’ needs at the copy and offer may be, core of any message. if you don’t make it What are your easy for a potential customer to contact customers’ problems and how can you you the response rate will almost certainly help solve these? It’s all about be much lower. People are used to demonstrating the potential benefits to the clicking a button so you could include a customer. QR code or at the very least a website address, social media account alongside 3. FAILING TO IDENTIFY YOUR TARGET the contact details for the relevant person MARKET or department. Including directive phrases You can only get the messaging right if such ‘call now’ or ‘find out more today’ you carefully target customers and can be persuasive. segment data. A campaign will be much more successful if it is tailored to and 5. FAILING TO MEASURE RESULTS adapted for different audiences. A catch Without measuring responses, how will all approach is lazy – and usually you know what has worked? We advise ineffective. clients to build in some form of How data is used is a crucial part of this. measurement; this could involve creating Data should be clean and segmented so a unique code to quote, a dedicated you can adapt your message for different landing page, setting up a dedicated phone markets. Remove duplicated or invalid number or a numbered coupon. Just addresses, as well as the details of anyone sending out the campaign and then seeing who has moved home or passed away. what happens is missing an opportunity to This may result in a smaller database, but find out what works – and incorporate it it should be populated by people who are into the next campaign for even higher genuinely interested in what you are response rates. Jess Shailes is MD of The Ideal Marketing Company (www.idealmarketingcompany.com), a full service marketing agency which offers digital marketing services as well as PR, direct mail, copywriting and design.
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
29
Women in Business: Susie Ma
www.londonbusinessjournal.co.uk
ETHICAL BUSINESS INSPIRATION
A
n entrepreneur from the age of 15, Susie Ma rose quickly in the business world after coming third on the seventh season of BBC’s 'The Apprentice'. Just last year, she made Forbes’ 30 Under 30 list, further highlighting that her success and vision is being recognised worldwide. By Tofe Ayeni
S
usie Ma is originally from Australia, but moved to the UK when she was 13 years old. She began to sell skincare at the tender age of 15, in an attempt to aid her mum financially following the family’s big move. Skincare was the obvious entrepreneurial choice for the young girl as she had grown up surrounded by it. “We had moved from Tropical North Queensland in Australia, where we were surrounded by an abundance of nutritious tropical plants, from which our family made our own skincare. My grandma was a medicinal chemist and toxicologist, so she understood the effects certain
30
Volume 5 Issue 2, 201 9
chemicals had on our bodies, and encouraged us to live a life where ‘natural is always best’,” she tells us. “Back in Australia we would mix up a luscious body scrub made with mineral rich sea salts, nourishing oils such as macadamia and jojoba, and essential oils of lemon myrtle, citrus and eucalyptus,” she says. “I wondered if people in London would love the body scrub as much as I did, and saw a business opportunity.” THE ROLLERCOASTER OF ENTREPRENEURSHIP
Susie Ma considers her entrepreneurial journey to have been a rollercoaster,
www.londonbusinessjournal.co.uk
Women in Business: Susie Ma
www.londonbusinessjournal.co.uk
I’ve always seen skincare as food for the skin, so our products are freshly made to ensure the active ingredients are at their most potent
explaining that: “As with every entrepreneur’s journey, there will be great times and some more challenging times. The business has been growing rapidly since our official launch in 2011, which feels absolutely incredible, but it hasn’t been completely straightforward!”
“I think what makes Tropic truly different is our infinite purpose – to help create a healthier, greener, more empowered world. When a customer buys one of our products they know it’s not just about the product. They are supporting cooperative farmers around the world, from whom we source our ingredients. They are also Unlike most beauty companies, Tropic helping to give back to the planet, as Skincare produce all their products under Tropic is a certified Carbon Neutral the same roof, at their headquarters in company. In fact, we’ve offset our Surrey, and they are made fresh each day. emissions by double for the last two “I’ve always seen skincare as food for the years, funding conservation work in the skin, so our products are freshly made to Amazonian rainforest and protecting ensure the active ingredients are at their 65,000 hectares of forest from most potent when our customers use unsustainable palm oil cultivation in them. Each one comes with a best before Indonesia.” date, so you know how to get the most out of your products, and we list our NONCONFORMIST BUSINESS MODEL ingredients in plain English on our packaging so everything is completely Tropic Skincare is different from other transparent,” she explains. businesses of their kind, as they do not sell their products in shops, choosing Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
31
Women in Business: Susie Ma
www.londonbusinessjournal.co.uk
instead to follow a social selling business model. “In 2013, we launched Tropic’s social selling business model and have certainly never looked back. Tropic don’t sell in shops or via third party sites; instead, we have a family of over 12,000 Tropic Ambassadors that sell our products nationwide. I started selling Tropic on a market stall, and learnt the power of business with a personal touch; where I could tell the brand story, and talk the customer through the benefits of the ingredients we use, while also giving a product demo.”
through their annual Veuve Clicquot Business Award ceremony, in honour of their founder – Madame Clicquot. Ma was shortlisted for the Veuve Clicquot New Generation Award earlier this year. The Veuve Clicquot awards aspire to be as international as possible, and so the diverse workforce at Tropic Skincare makes it even clearer why Susie Ma made the shortlist.
“We have over 160 members of staff and a mixture of 23 nationalities who all work together so harmoniously. I wouldn’t be A GREAT PLACE TO BE anywhere without them, and think it’s so incredibly important to empower them Since 1972, Veuve Clicquot has been and ensure they’re happy at work,” she celebrating successful women in business says.
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Personal Finance
www.londonbusinessjournal.co.uk
THE ROAD TO FINANCIAL FREEDOM
By Ronnie Ajoku
T
here have been many reports on the falling living standards, rise of food banks and increase in the number of people living from hand to mouth. Let's face it, most people working in the UK don't have money to spare, and are far from being financially free. The reality of it is that most people would not be financially free, despite their wish to be so. In fact, it has been estimated that over 7 million people in the UK are saddled with debt and find it difficult to cope. A TUC report released earlier this year reveals that the average UK household owes more than £15,000 to banks, credit card companies and other lenders. The journey to financial freedom is an area that Genistar is familiar with — having helped many people get there — but as with anything else taking action is a necessity. "I joined Genistar in September 2010 to increase my income as I had a 37 year debt consolidation (totalling £115,000) Volume 5 Issue 2, 201 9
secured against my home. This had arisen from ongoing financial strain for various reasons, including selfemployment. I was in danger of losing my home for many years as a result. “Through the Financial Education, I started increasing my monthly mortgage payments by just £25/month and by the end of 2011 I was amazed to see how much the debt had reduced in just a year. I made a decision not to check the balance until my income was stable — which it has been for the past two years. At the end of October 2018 I checked my balance for the first time in several years and was astonished to find that I have reduced the term by a staggering 22yrs. “I only have 15 years left of the term now. I am working hard to become an EVP now, which means I will be able to pay off the remaining balance in LESS than two years! Genistar has saved my home and given me hope to fulfil my goal of financial independence and to help others facing the same financial challenges that I have,"
www.londonbusinessjournal.co.uk
33
Personal Finance
www.londonbusinessjournal.co.uk
SET A BUDGET Budgeting is the recommended second step. “I set a budget through Genistar's The most important thing for anyone in this situation to do is to have a plan, a sort financial game plan and managed to see my spending through the 10101070 of guide to the way out. In this twopart article we would be looking at some of the principle. I put 10% away for my church steps Genistar recommend people take, as or family, 10% for my emergency fund, 10% for my retirement plan and kept 70% well as the results some people have for my living expenses. experienced by doing so. "Before I used to spend a lot of money on food, but from £650 it has gone down to HAVE A PLAN £400. Before I The first step is to always used to buy have a plan. “My bags and clothing; I Financial freedom didn't think before I plan was kickstarted bought. Now I need by a personal desire to ask myself five to change my times if I really financial position in need something? 2006,” says Caroline Genistar makes me Marsh. “I had had realise the value of enough of just choosing your own getting by not retirement plan, not having enough the government money to make plan. I even personal choices. managed to pay my “My business debt off in 10 mentor shared with months Genistar me the power of showed me how to personal financial pay off my debt planning, which quicker through consisted of a vision debt stacking and by paying the highest of what I wanted and crafting a plan for interest first,” said Genistar SVP, Mel my personal desires to drive the new Berganio. business I was embarking upon . “My Vision consisted of what mattered START MAKING SHORTTERM SAVINGS the most to me. Things that would worry Making shortterm savings is another me or even keep me awake at night like my son's education, helping my family in vital step that is recommended. “Saving is usually the hardest thing that we Zambia, making a difference in my community through my church, personal accomplish in our financial lives,” says lifestyle (such as holidays), quality of life, Genistar EVP, Barbara Anderson. “I figured that if I did not have a shortterm as well as planning for key life events savings fund in case of an emergency then such as retirement. “Having a financial plan gave me clarity the consequences would be dire for my family. and focus on what to do, and how to set “Initially it was hard but discipline comes achievable realistic goals for financial by doing uncomfortable things until a freedom,” she added. habit is formed,” she added. says Vasantha Narayanswami.
34
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Filmmaking: James Smith
www.londonbusinessjournal.co.uk
DOING SOMETHING WORLDWIDE
J
ames Smith is the self-taught upcoming producer and independent (indie) filmmaker behind ‘Do Something, Jake’, which won ‘Best Feature’ at the 2019 Midlands Movies Awards. By Tofe Ayeni
T
ogether with screenwriter Caroline Spence, Smith owns Raya Films, and the partnership has been producing awardwinning documentary films since 2004. However, ‘Do Something, Jake’ is their first, and very successful, attempt at a feature film, so we can be sure to expect more of these in the future. James Smith was born in 1965 in England, but was brought up in the USA and South Africa before his family returned to the UK in the late 1970s.
36
Volume 5 Issue 2, 201 9
Taking advantage of the digital video revolution, Smith began making sports promos and documentary films in 2004, developing a mix of handheld techniques melded with evocative static compositions that now stand as a stamp of his style. When directing actors, he often employs improvisation to add realism and dynamism to his work. “I grew up with an interest in sketching and painting and, later, this developed in stills photography. The advent of the digital video revolution enabled me to start experimenting with moving image. I
www.londonbusinessjournal.co.uk
Filmmaking: James Smith used to go to the ‘drivein’ movies with my parents when I was growing up in South Africa, so that inspired my interest in movies,” says Smith.
www.londonbusinessjournal.co.uk
Caroline Spence: Partner in Raya Films
there is diversity and inclusivity in the British film industry.
“I have the impression that women are more dominant in the US ‘Do Something, Jake’ film business. I can is a nobudget film immediately cite that follows Jake, an powerful female introverted illiterate Americans such as who has difficult Kathryn Bigelow, keeping in Sofia Coppola, and employment. Barbara Broccoli as However, he is being prominent in the actually intelligent and US film business, but ingenious, and uses these secret it’s not so easy to name such people for competences to observe his neighbour and Britain. I feel that there should be more the object of his love, Alice. However, women in all areas of film work. In my Alice lives with her boyfriend, a small experience, women can do an equal or time criminal and drug pusher. Events better job than men, and this often escalate as James moves from silent includes physical strength and stamina voyeur, to implicit manipulator of Alice’s tasks. I come from a family of working boyfriend. The film climaxes in Alice’s career women and my first boss was a assault and abduction, which pushes Jake tough woman in project management, so if to try t to rescue Alice in his own women are calling the shots, fine by me. ingenious, yet dangerous, way. Although the film relied solely on goodwill and the “I think there should be more diverse resourcefulness of the cast and crew to roles for women, and avoiding stereotypes produce, it continues to receive growing of mums, housewives, secretaries, etc. international attention. Women taking the lead in actions and decisions in storytelling comes down to “It’s great news to win an award, but it’s the writing, and there is progress to be especially gratifying for all the cast and made. crew who put their time in to make this zerobudget film a reality,” Smith says. “Similarly, for ethnicity, progress is being “Apart from the established working made with, for example, Spike Lee’s work, relationship with Caroline, I’m looking to and other directors/writers, but more work with producers/companies in the thought and skill needs to be applied to USA. Nothing solid at present, but with writing so that people of varying social the release of my low/nobudget films, I’m backgrounds, cultures, and ethnicities are hopeful for interest in our larger scale integrated into stories naturally, without projects!” bias, and also without patronising or ‘box ticking’ simply to satisfy diversity With his closest working partner being a standards.” woman, James Smith is keen to ensure that Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
37
Communication
www.londonbusinessjournal.co.uk
The Silent Communicator: How to master the art of 'speaking' without using language
By Lindsay Maclean
I
remember watching my son Sam (who was 4 at the time) play with another boy the same age while on holiday in Poland. Sam spoke English and the other boy spoke Polish. They would speak a different language to each other with the absolute certainty that they were being understood.
How were they communicating? They relied on three ingredients body language, their energy and their tone of voice.
When I think of my work, in the professional world and in education, I have seen how powerful these three Even though neither of them understood elements are when it comes to speaking. I’ve seen how someone has delivered the other one’s language, they laughed difficult feedback but their light approach, together, they moved together, they animated energy and confident, relaxed directed each other and built a wonderfully positive relationship during a tone of voice has invited a positive response. I’ve also heard exciting words week at the resort. delivered but the audience show a distinct 38
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Communication
www.londonbusinessjournal.co.uk
Lindsay Maclean, author of 'Speak Up & Be Heard'
lack of interest. There are many popular studies that suggest that nonverbals – use of body language, eye contact, facial expressions – dominate conversations.
support team, and watched videos of her public speeches. One of her supports, David Axelrod, muted the volume so that she could look closely at her body language and facial expressions. She describes how she saw herself “with intensity and conviction and never letting up”. She says how she could see how a stranger could see this, and why she had been misperceived in the press. Getting help to change this, not only changed perceptions it also helped her feel more at ease.
Dr Albert Mehrabian is Emeritus Professor of Psychology at UCLA, and has become best known for his publications on the importance of verbal and nonverbal communications. In his studies, Mehrabian concludes that that these nonverbal elements are particularly important for communicating feelings and So how can we master the art of this attitudes. silent communication without using language? In Michelle Obama’s book, Becoming, Well of course language is important, but she talks about a key moment while your impact on others relies heavily on supporting her husband’s campaign and your silent communication. doing public speeches herself to large audiences. She describes how she goes to Top 3 tips… the office, with two members of her Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
39
Communication
www.londonbusinessjournal.co.uk
VIDEO
of string pulling you up from your head to the ceiling, shoulders back, chest out, feet Speak about a work project for 2 minutes firmly on the ground. Breathe. to your phone/video camera. Watch yourself back with the volume turned SMILE down. Ask yourself what messages are coming through from your body Smiling is infectious. When we see language? What are your facial someone yawn, it can prompt us to yawn. expressions telling people? Are you It’s the same with any facial expressions, physically fidgeting? Is this the impact what we see is often what we mirror. you want when you’re speaking? What type of energy are you conveying? Robots can use language but they don’t stir our emotions (or I certainly haven’t CONFIDENCE AND GROUNDING come across one). It’s a human being’s silent communication that moves us. It’s For others to feel confidence in what you the passion, enthusiasm, happiness, say they need to experience confidence sadness, delight and sorrow we feel from you. Before speaking in a meeting, through their body language and energy presentation or anywhere you feel like that inspires us, motivates us, influences you’re in the spot light, you need to get us and above all connects us. into the present moment. Imagine a piece You can find more tips on meetings, presentations and interviews in Lindsay Maclean’s book, 'Speak Up & Be Heard', which is out now, priced £10.99. 40
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Customer Service
www.londonbusinessjournal.co.uk
Customer Experience: The Ultimate ‘Best Buy’
By David McCammon
W
choice won everyone over. It remains lovingly referred to as Charlie Brown’s tree! Ultimately, people buy experience. They always have, and I imagine they always will. How do we create experience, thereby creating value, and charge accordingly? People have expectations when they contact us. They expect us to be agreeable while creating a quality We made the selection together. As the children got older, they learned how to cut product with good service. To be a tree down. We would enjoy warm apple successful in any business, we need to exceed those expectations. cider, perhaps with a doughnut. There were additional items we could purchase It is important we share with our clients what to expect in a variety of formats. inside where we paid for the tree. Timelines, deliverables, prices, and It was way more fun than going to a lot availability are, at the start, shared in price and picking out a bundled tree, not lists, on our websites, in person, and on knowing how it looked until we social media. unwrapped it at home. The lot purchase was less expensive, but it didn’t hold Deliver Service with the Client's Need nearly the valued experience of the tree in Mind farm. The “cutting our own tree” experience was well worth the price year Let me share an experience from my after year. We still talk about the year my industry. When I photograph weddings,
hen our children were younger, we went to a Christmas tree farm to find and cut our tree down. It was something we all did together; extending the idea of getting the tree throughout that Christmas. It became a memory for years to come.
42
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Customer Service
www.londonbusinessjournal.co.uk
there were 'weekend warriors' who would photograph a couple’s wedding, get paid, and hand the film over for the couple to do with whatever they wished. This made no sense to me as a business model or as a service model. It was never an issue for me as the people buying this service weren’t my clients. My clients wanted great service delivered with their needs in mind. Frankly, they often didn’t know what those needs were exactly and required my expertise. We built a busy wedding trade providing great friendly service often having to turn clients away. My wife and I were the brand, and we worked at making the couple’s day special while providing an exceptional result. Their experience extended beyond the wedding day when I had them participate in designing their album. Even simple things like having water for people on a hot summer day stood out. I watched my wife on many occasions take a bride from a moment of frustration with some family member, her eyes welling up, to a moment of laughter and joy. A caring moment like that becomes embedded into the whole experience. When the couple looks over their photos years down the road, the images remain charged with how they felt on their day. They are reminded of their love for each other and how we made them feel. If we hadn’t made it a great experience, the image, no matter how beautifully done, wouldn’t be significantly and meaningfully coloured to this day. Here are a few words and actions that help define “exceeding expectations”: trustworthy, likeable, valuable, dependable, a positive attitude, using people’s names, being helpful, being a good listener, caring about the relationship
Caring about Relationships Caring about relationships is cumulative. How do you define what that looks like? Make it your own. We all add our own subtleties, which help us define who our clients are, thus helping them find us. Write down the attributes you can bring to the relationship. Ask your clients what they’re looking for — both the ones you gain and those you lose. Ultimately, do what you say you’re going to do… and more. As Maya Angelou said: “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” They will never forget the feelings you created around your shared project. I worked with a shy man who came alive when he talked about his products. I made him and, more importantly, his feelings about his product special. It wasn’t calculated on my part. I was genuinely interested in his product. Perhaps it is a part of my inquisitive nature. I can become intrigued in a new line of industrial soap products, maybe not because of their simple bottles, but definitely about what they do and how they work. The shy man remained a client for years to come. Take time to sort out what your customer’s experience will look like. Don’t leave it to chance design it over time using a timeline. Create a chart so the experience is repeatable for every client you work with. Consider providing them with pieces of delight along the way. What this looks like will be defined by what type of service you offer and how you wish to represent your business. I find that creating a plan provides greater opportunity to adjust as I move forward and to constructively respond to situations as they arise. How will you create experience for your clients?
David McCammon is the Founder of David McCammon Photography, a business he runs with his wife Julia. He has been photographing professionally for over 30 years. Visit: www.davidmcphoto.com
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
43
Finance
www.londonbusinessjournal.co.uk
CRYPTOCURRENCY & LAW: IS GLOBAL REGULATION POSSIBLE?
I
t’s been nine years since the release of the world’s first ever ‘Cryptocurrency’, Bitcoin, so how will law adapt towards the new and ever-developing virtual financial system in times to come? By Portia Vincent-Kirby
A
t present, the ‘legal status’ of cryptocurrencies varies between countries, especially with the continual progression of the technology associated with it. However, In the opposite direction, some countries have even gone to the extent of banning the use of cryptocurrencies altogether, as is seen in UAE. Therefore, can cryptocurrency ever be a plausible means of financial transactions on a worldwide scale and if so, how will
44
Volume 5 Issue 2, 201 9
law fit into this, given its ‘unregulated’ nature? What exactly is ‘Cryptocurrency’? ‘Cryptocurrency’ was designed predominantly as a virtual means of financial exchange, in which ‘cryptography’ is used so to secure all financial transactions made via digital cryptocurrency. Cryptography is important for securing digital financial transactions, especially as a defence against ‘cryptanalysis’, in which is a method of analysing information systems
www.londonbusinessjournal.co.uk
Finance
www.londonbusinessjournal.co.uk
so to reveal what may be hidden within them. For example, a cryptanalysis’s main objective is to know as much about data before it is encrypted.
mass economic and financial chaos on a global scale – with one of the key threats being tax evasion and lack of financial transactional transparency.
However, one of the key aspects that makes cryptocurrency stand out from other forms of currencies, especially digital, is that it uses a ‘decentralised control’ via ‘blockchains’, in which acts as a public financial transaction database, rather than the more common ‘centralised’ digital currency or central banking systems.
Can global cryptocurrency ever work?
If cryptocurrency was to be regulated to a greater extent (beyond the blockchain) on a global scale, could it alternatively become a positive means to enhancing unity and global international relations to a greater degree; rather than an unregulated threat to national societies? For instance, law can positively prompt So, what are the legal concerns? the use of cryptocurrencies by ensuring the key role of the legal sector in the The possibility of a digitalised global regulation of financial transactions, economy with an unregulated bringing national law into a new decentralised financial system brings with cosmopolitan limelight. As nations it many concerns, especially for the legal compete to be new world leaders in the sector. ‘FinTech' market, perhaps the alternative For instance, Law on a national level means to global leadership is a unification faces challenges alone with the regulation of nations under a global regulated and compliance with other laws in other digitalised financial system such as countries – therefore, a globalised cryptocurrencies. However, it appears that unregulated economy can bring with it at present, the world is far from this many misnomers, in which could lead to idealist technological dream. Portia VincentKirby the Public Relations Coordinator at Hudson McKenzie. If you would like to discuss this article further or have any general legal enquiries, visit: www.hudsonmckenzie.com
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
45
Dining/Restaurants
www.londonbusinessjournal.co.uk
Chez Maiss Opens in Hammersmith
Chez Maiss, a new restaurant and wine bar has been launched in Hammersmith. Run by sibling duo Maiss and Rebal Zghaybe, Chez Maiss is situated on the Hammersmith Broadway side of the Broadway shopping centre. The restaurant is warm and welcoming, with an allday food offer, a rotating wine list with specifically selected suppliers, original and classic cocktails, and fresh, ethically sourced coffee. Daytime grab and go will run alongside seated lunches, an outdoor terrace area gives a choice of seating, and dinner is full service.
to open a restaurant, and create a welcoming space to bring people together, they’ve chosen Hammersmith due to its vibrancy and variety. Chez Maiss’ menu is modern European with a French influence, and includes breakfast, lunch and dinner. There are also healthy options, and a large choice for more indulgent days. Wine can be selfserved by the taste or the glass, giving you a great opportunity to broaden your horizons, while trained staff can recommend food matches.
Chez Maiss also plan to host wine and Newcomers to the London restaurant food events, such as guided tastings and scene, Maiss and Rebal moved to the city pairings to introduce new and/or unusual from Syria, where the war put an end to wines. Special occasion bookings are Maiss’ plans there. Having always wanted welcomed. Chez Maiss: Broadway Shopping Centre West Unit 21a – 22b, Hammersmith Broadway, London W6 9YD; www.chezmaiss.co.uk 46
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
Dining/Restaurants
www.londonbusinessjournal.co.uk
CHEEKY CHICOS FOR CLAPHAM
The second outpost of Mexican bar and restaurant Cheeky Chicos is now open. The Clapham Junction venue is the little sister to the Blackfriars original, serving contemporary, Mexican inspired dinner and weekend brunch menus, with premium British ingredients, a good hit of spice and equal amounts of fun, with Head Chef Ojas Naware at the helm.
Pulled Jackfruit with chipotle BBQ & mango lime salsa (vegan) If you’re a fan of weekend brunch, you can expect: Baked duck egg with spicy chorizo and smoky BBQ black bean, lime & coriander
The space is bright and beautiful, funky Nduja sausage hash with duck egg, and fun, and can accommodate big groups sriracha, bacon & shallot crumb for those special occasions, and everything else down to solos at the bar. Soft shell crab royal on bubble and squeak with poached egg & nori hollandaise The dinner menu includes freshly made tacos with fillings such as: …as well as rotating cocktail and drinks offers to wash it all down. Beef short rib with jalapeno nahm jim, spring onion, coriander, mint pickled Delicious desserts include a trio of cucumber, crispy rice & wild shallots chocolate mousse, and warm orange polenta cake, and if you’re a fan of happy Crispy pork belly al pastor, with hour, this is your lucky day! They run caramelised pineapple, serrano sweet theirs from Wednesday to Sunday from vinegar, crispy shallots, red miso & lime 47pm. slaw Cheeky Chicos Clapham Junction, 126 St John’s Hill, SW11 1SL: www.cheekychicos.co.uk
Volume 5 Issue 2, 201 9
www.londonbusinessjournal.co.uk
47