Volume 4 Issue 1 201 7
WHAT DOES BREXIT MEAN FOR THE UK PROPERTY MARKET? PLUS!! HOW TO BUY BACK YOUR BUSINESS HOW TO REDUCE THE COST OF MENTAL ILLNESS TO YOUR COMPANY
Exclusive
THE JOURNEY OF JEFF LESTZ
FROM HOMELESS ORPHAN TO MILLIONAIRE CEO OF GENISTAR
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CONTENTS
What does Brexit mean for How to buy back your UK property market? business: Page 10 Page 4
Cover Story: How Jeff Lestz went from
Are you smart in business? Page 42
homeless orphan to millionaire CEO: Page 12 The problem with micro managers: Page 28
Women in Business: From the corporate world to business owner. Page 36
INSIDE
International Trade: Swat Valley Page 7 The cost of ill mental health: Page 18 Interview: Renu Karnad, Managing Director, HDFC India: Page 20 Why Enterprise is here to stay: Page 24 Managing portfolio investment change: Page 30 Managing Diversity in organisations Page 32 :
The London Business Journal is produced by THE LONDON BUSINESS JOURNAL, 24-26 Arcadia Avenue, Finchley, London N3 2JU. Telephone: 0208 453 7185 / 07043 020 287. Š 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 All other enquiries, call 0208 453 718 / 07043 020 287
Business Acquisition
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HOWTOBUYBACKYOURCOMPANY Timeless…How INVNT parted company with Time Inc. By Scott Cullather It was recently announced that the founding partners of INVNT (the global experiential agency for challenger brands) - myself and Kristina McCoobery repurchased the agency back from its former parent, Time Inc. Some are experienced with the process involved in starting-up, building your agency and taking it through to sale. Not many however, can tell the story of how to take back their former companies. In business since 2008, INVNT was acquired by Time Inc. in 2015 for an undisclosed sum. We went through the normal process, taking a couple of years to look for a suitable partner, guided by expert advice from outside of our business as well as appointing experienced ex-WPP NonExec Chairman, John Wringe. Time Inc. seemed the perfect partner, with a global footprint, a stable of publications crying out for more experiential activity 4
and a willingness for challenger agency INVNT to continue to operate autonomously, push boundaries and provide strategic relevance to the Time Inc.’s transformation. Similarly, INVNT’s revenue, profitability, sustainable growth, unique proposition and longstanding “A-list” clientele made the agency an attractive proposition for a global publisher looking to diversify. “Live media is a great way to deliver targeted audiences to marketing partners. It provides passionate individuals an opportunity to share meaningful and memorable interactive brand experiences,” Time Inc. Chairman and CEO, Joe Ripp,
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said in 2015. “INVNT provides proven event expertise that will make our company a more attractive strategic partner for global advertisers. This acquisition complements our traditional and digital advertising assets, and I see enormous potential to grow this business.” However, this vision struggled to become a reality, as Time Inc. began to experience wider issues faced by the publishing industry as a whole. The key stakeholders behind INVNT’s acquisition moved on from Time Inc. and as my Co-Founder Kristina McCoobery said: “We struggled to gain traction internally, amongst the Time Inc. brands”. Priorities, it seemed, were diverging. In early 2017 we approached Time Inc.
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Business Acquisition
with a buy-back proposition, coinciding with Time Inc.’s decision to remove itself from sale, to divest non-core assets and take on a cost cutting programme. At this point we were well inside the earn-out period. Our negotiations were neither easy nor smooth, but six months later we were back in control. There was elation and sadness mixed when we sold the business, so it goes without saying that we are delighted to be truly independent once again. We feel the excitement and electricity from our tribe in offices worldwide. We’re now perfectly placed to service our long-term clients and make decisions for ourselves, looking at growing our client base both in number and in geography. We have great respect for the Time Inc. brands and stable of publications, as well as the management teams guiding them through this difficult period. So what advice can I, as a Co-Founder of INVNT, offer to those wanting to buy back their companies? KNOW WHAT YOU KNOW AND KNOW
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WHAT YOU DON’T KNOW Surround yourselves with the best advisors possible and let them do their job. You can’t make the deal your full-time focus. Never take your eye off the most important thing – ensuring the agency continues to grow during this period so that it’s worth it’s value when you get it back. STAY PROFESSIONAL It’s difficult to keep emotions tucked away, especially if you’re Founders and are still active leaders in the business. PICK YOUR NONSTARTERS EARLY Pick your non-negotiables and focus on these. Work towards getting these agreed and then work through the less essential items – our talks temporarily broke down because we kept putting the biggest deal point on the “back burner” and worked through all of the other pieces first. HAVE A NUMBER Don’t back away from the number, regardless of what the other side is saying. CONTROL THE MESSAGE Internally and externally –
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no matter how “confidential” the deal negotiations are they will leak. Be prepared to manage/control the message during the negotiations. “RIGHT THE SHIP” The challenging process of working to get the agency back can cause some pain points in the day-to-day operations of the business. Some team members will handle it better than others. Once the acquisition is complete, take a hard look at the staff and the value they bring. Don’t be afraid to make necessary changes. CELEBRATE This will be a very difficult period for you and your employees. Once complete, it will be one of the most rewarding experiences of your career. Share that excitement and enthusiasm with your team. Remember the phrase “if I could start over again knowing what I know now, I would….”? Get this right and you can! So the outlook seems rosy for our newly independent agency and who knows, the once acquired may soon become the acquirers themselves. For more information visit: www.invnt.com
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International Trade
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GLOBALISATIONCANBENEFITEVERYONE
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By Zufi Deo here is a presumption that globalisation means taking jobs from the developed world and sending them out to far off parts of the world. The popular view also suggests that this generates sweat shops and is based on costs savings alone. But, there is a trend emerging where globalisation is also supporting the concept of comparative advantage. This is where we all focus on what we specialise in and support each other to achieve more. At the Swat Valley Guild we took this approach Volume 4 Issue 1 , 201 7
from the inception. We felt we needed to organise a win/win based approach. This way we could use globalisation to generate good for all parties concerned. The Swat Valley Guild is a postconflict economic regeneration project. We, the founders of the Guild, felt now that terrorism is on its way out, we needed to reengage the Swat region with the rest of the world. Most of us are familiar with Malala's story and congratulate her on her achievements in life. Yet, the attention hides some underlying concerns fast changing the way of life in the region. Where the region was renowned for its natural beauty and handmade high-end wool-based clothing for centuries, mass industrialisation is fast taking shape. The traditional art of handmade wool, clothing makers and the entire ecosystem around them can not compete with machines. The machines are great at automation and this means that if the current trend persists, the handmade heritage will simply die away. It simply cannot compete on price and production time. Mass industrialisation also takes away their traditional way of life. This means the social networks that come with these ecosystem change as well. We firmly believe this change may not be for the better and is unnecessary.
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International Trade
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Swat Valley Guild helps to train local artisans
To add to this there is climate change as well. Swat as a region is high up the the Hindu Kush mountains. Here, flooding over the last few years has become a common experience and this further destabilises the region trying to recover from the terrorism it has experienced over the last couple of decades. Recently, the military evacuated the entire region of its 2.5 million population and placed them in camps. This helped to cleanse the region of terrorists. However, it had a severe impact on the implicit knowledge of the region. The social networks that maintain the local 8
knowledge have been disrupted. Then there are also psychological concerns. Displacement itself causes social concerns of family networks breaking down. SOLUTION Our solution to help deal with these issues is to organise a Guild. Traditionally, a guild supports its members develop their skills and expertise. It helps them influence the region's political decision making by providing a collective voice. In short, it organises support to maintain the skills and expertise of its members. The City of London is an example of a
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guild. We are looking to organise similar support in a forward-looking way for the Swat Region. Our approach of supporting local artisans, weavers and other small scale high-end producers is to help them access the global markets. Their current limitations range from cultural, linguistics, access to ICT technologies to the lack of economies of scale. Swat Valley Guild helps to remedy these limitations by identifying their needs and supporting them find remedies using trade. This emphasis on “trade and not aid� approach helps ensure the local expertise is nurtured in line with global
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International Trade
needs, while maintaining the local ways at the same time. We are working closely with global organisations like Build a Nest Foundation, who support artisans globally by matching them with established designers from different parts of the world. This ensures global expertise can be made available to meet global demand. For instance, in our case they have helped us ensure our pricing is in line with the global market rates and help ensure our supply chain meets international standards. They have been proactive in helping us engage with fashion designers who value bespoke handmade high end fabrics. Our own approach has been to take a progressive approach with the business. This means we help the people in other ways too, such as supporting their children gain an education. Swat Valley Guild helps them access professional learning and development support to help nurture their expertise. We also assist them in meeting ethical and eco-sensitive standards for their produce.
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FOCUS Swat Valley Guild's focus on being progressive is not limited to the locals in the Swat region. We also take the same approach in all the communities where we work. For instance, currently we use London as our base for the US and Europe. Here we have worked with two local startups, both female led. One is a local photography business - Hasmeet Kaur Productions. She has helped us organise the images for our look-book and other imaginary needed for PR purposes. The other is Princess Friday. They are a digital marketing agency providing us with ongoing support organising our branding and marketing, which includes our current look-book, our new logo and our event at the Alternative Fashion week in London organised at artFix London. We find this approach helps us to humanise the work experience. It ensures we are people and ecosensitive, while staying focused on making a profit at the same time. The UN body, Business Call to Action, has encouraged us to take this approach. They were instrumental in
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suggesting the business structures we have in place today. Once we have three years trading history they will be supporting us access large companies. Overall, we feel globalisation can generate good in the world provided, it is allowed to. The traditional view that globalisation destroys jobs, lowers wages and generates sweatshops may have some merit. However, it also has the capacity to do some good by helping small scale experts support each other using technology. This can change the way we engage with each other globally. The global village dream is within reach for those of us who choose to pursue it. So let's take a step back and look at what we desire from the globalisation we pursue - making a profit and supporting people from different parts of the world in a planet-sensitive way.
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Property
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WHAT DOES BREXIT MEAN FOR THE UK PROPERTY MARKET?
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he many uncertainties ofthe Brexit situation – will it be hard? Soft? Will we get a good deal, a bad deal, or even no deal at all? – suggests that the property market may find itselfon shifting sands for a period. But is the news all bad? By Gill Fielding
As property investors we know that the underlying issue driving property prices up and up is the demand we have in the UK versus inadequate supply. Whether we had stayed in the EU, or now we are leaving it, nothing much is going to change in this respect. We have a base or latent demand for property in the UK of somewhere between two and three million housing units (the figures vary as, for instance, we’re not sure how many people would leave rented accommodation or parents’ houses and go into their own property if they could). With demand that high and with housing in such insufficient supply, housing prices are always supported. Whether we’re part of the European
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Union or not, the overriding issue we have is still that people need to live somewhere and that the ‘somewhere’ is in short supply. However, the terms of our eventual Brexit will create a difference in how they live. When there is general uncertainty the population as a rule don’t tend to take the risk of buying houses, so they rent. For landlords this drives up demand and, sadly, for the UK public as a whole I suspect there will be an increase in rental prices overall as a result. So it could be good news for landlords, which I’m sure won’t add to their popularity! Interest rates still look unlikely to rise. What the Bank of England do when there is market uncertainty is drop rates
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Property
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rather than increase them, and we have seen a lowering of mortgage rates rather than increases. We are likely to be in a period of prolonged uncertainty. The knock-on effect of the election will add to that, so we need to get very focused on our investing strategy. I believe that UK property in the wake of Brexit is going to be a rental market and a buyer’s market, and we are all going to need a bit of gumption to take advantage of what is the biggest opportunity we’ve had to get into the property marketplace for some considerable time. Now is the time to go shopping for properties – stagnant prices, an uncertain economy and low interest rates – what could be better? Brexit could also be a huge opportunity for us to address the fundamental issues and challenges with UK housing, most of which are centred around the widely divergent national supply and demand. The country’s growing energy towards united movements for change could extend to a united approach to housing; one in which landlords, tenants and housing charities could come together to try to solve the housing market’s problems. There are failings on all sides – governmental, landlord and even charity failings. Why not work together? Let’s implement landlord registration, to remove amateur landlords (who invest without knowledge, licence, responsibility or regulation) from the marketplace. Let’s consider a pensions solution, whereby people can use property to fund their retirement while simultaneously making housing affordable for others at the start of their property lives. Let’s discuss and negotiate a joint and successful solution. We could ease the national crisis and house the homeless: and in fact the problem is so large that no one group can do this alone. United, we could make a difference. Volume 4 Issue 1 , 201 7
Solving the Property Puzzle: A guide to successful property investment by Gill Fielding is available on Amazon priced £12.99. For more information go to www.fieldingfinancial.com.
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Financial Education
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From the streets to the boardroom... The Triumphant Story of Jeff Lestz and Genistar
Once a homeless orphan living on the streets ofChicago, JeffLestz has come such a long way that he has literally changed the financial destiny ofthousands ofpeople. Here he tells Ronnie Ajoku how this came to be and why he is so determined to see ordinary people obtain financial freedom and live debt-free
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eff Lestz's life story mirrors the extreme victory over adversity narrative Hollywood movies are made of. Today he is respected as the Founder and CEO of Genistar, a financial education company with a mission to help individuals and families become debt-
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free and financially independent. Having changed thousands of lives, and not one to let the good old lessons of life go untold, Lestz is also author of the recently published book — 'Your Journey to Financial Freedom'. Hardly the foreseeable outcome for a 12-year-old
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orphan forced to live on the streets of Chicago. “My passion for what we do comes from my childhood. My father was a business owner and his business failed. He fell into a deep depression after losing everything and committed suicide. My mother had
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Financial Education
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Financial advisors will give you advice whereas Genistar educates people
three small children under the age of 12; I was fiveyears-old . Not only was she emotionally distraught but we were left in poverty. Sadly she died a few years later and all three of us were in and out of foster homes and orphanages. At the age of 12 I ran away from a home and lived homeless on the streets of Chicago until I was 15 years old,” Lestz says of his unfortunately troubled childhood. In what can only be described as divine intervention, he was rescued from a life on the streets and given another chance, one he made sure to fully
utilise. “I was very fortunate that someone took me in at 15-years-old and I went back to high school and onto University.” Determined not to allow history repeat itself, Lestz set upon himself the task of learning more about financial education and along with that came his desire to help others with their financial plans. “I always wondered why my father never had a will or life insurance and had no plans in place for his family. It seemed so senseless and careless. So, when I went to a financial education seminar (in the USA) when
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At the age of12 I ran away from a home and lived homeless on the streets of Chicago until I was 15 years old I was 24 years old it blew my mind. I thought to myself; 'If only something like this would have been available to my parents'! “I had a good corporate job but was not great at handling my own money. After seeing what the
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Financial Education
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I always wondered why my father never had a will or life insurance and had no plans in place for his family company offered I became a client and went to work with them in their part-time associate programme. I fell in love with helping people with their finances and in nine months I was earning more money part-time than in my full-time job and I then went full-time. “In the USA I built a great team of leaders and over 5,000 sales people who became advocates for 14
financial literacy. I love what I do and it excites me to bring hope to people about their financial futures, and to build other leaders who have the same mission of helping families become debt free and financially independent.” Genistar was created to offer ordinary people what the company calls a 'Proper Honest Direction' (PHD) in finance. In line with this,
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Genistar offers a valuable, yet free, service called the 'Financial Game Plan' (FGP). An apt description of their FGP would be a 'money satnav'; put in your financial goals (destination), taking into consideration your current financial situation (location) and have the length of time it would take (distance) calculated for you. An added benefit of the Financial Game Plan is that it can also highlight some potential shortcuts towards achieving these goals in the shortest time realistically possible. “It is for anyone that wants to take control of their financial future. Most advisors would charge £500-£1,000 just for the report. We do it complimentary.” Business owners also invite Genistar to come
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Financial Education
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Because people love what we do we average 10 referrals from every client
into their businesses to educate their employees and offer financial education as an employee benefit. Relocating to the UK was a decision Lestz had to make after being asked to spearhead Primerica's foray into Britain. “I was with Primerica Financial services (part of Citi in the USA) from 1981 to 2003 and was asked to help head up expansion into the UK. My wife and I sold everything in the USA and moved to the UK in 2003. From 2003 to 2007 we built a company called Citisolutions and then Citi
closed the company down in 2007. Thats when we started Genistar,” he said of the company's origin. “We knew that the model worked and that people in the UK were hungry for knowledge about how to handle their money. The nice thing about money is it is a 'universal language'. In 1987 there were 300,000 full-time sales people in financial services in the UK, currently there are less than 20,000 financial advisors. There is such a huge need for what we do in the middle income market. That's why we need to recruit so many
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good people to help us on this mission.” In the early days Genistar started recruiting people that love what they do in life and had a yearning to help others. “We started recruiting teachers, social workers, nurses and people in social services who tend to love what we do because they like to help people. Teachers do well working with us because they like to empower and teach others. The original company in the states was founded by a group of school teachers who were fed up with the lack of financial education and decided to do
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Financial Education
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SPECIAL READER OFFER!! The London Business Journal has teamed up with Jeff Lestz to offer readers a complimentary copy of his book, 'Your Journey to Financial Freedom'. To receive your FREE copy please email fsc@genistar.net for further information.
something about it. Our former company, Primerica is a now $4 Billion company. “Our clients are from every walk of life but all have one thing in common — the desire to excel financially.” Genistar prides itself on offering a distinguishable service compared to others in the market. “Financial advisors will give you advice whereas Genistar educates people and then we refer them to our experts. Financial advisors are typically after the wealthy market and our market is average, everyday people who probably don't have their wealth made yet. We give something better than advice, we give education so the client can both understand and be educated on the right decisions in their finances. 16
Our core strength is the belief in our saying; 'always do what's right 100% of the time, even if you don't get the business'! Because people love what we do we average 10 referrals from every client. We teach our people to give such great service that their clients are excited to send them to see their friends.” Genistar also offer a number of other financial services that businesses can take advantage of. “We have an incredible package on all types of business insurance, health insurance, estate planning with wills and trusts, pensions and business life insurance. Probably where we can add the most value to a business is how we can serve their employees in a financial education seminar and offering each employee a complimentary
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financial plan. It's a proven fact that if your employees are less stressed about money they will perform better at work.” Part of the company's portfolio includes Genistar Mortgages, which was started to help educate people on how to spend less in interest, and understand how to pay off their mortgages sooner by applying a concept called 'Fortnightly Half Payments'. “This knowledge can help you cut 4-7 years off your mortgage. At Genistar Mortgages we are brokers and can do any type of mortgage for homes, buyto-lets and commercial or business loans too. “Our business model is not just about treating customers fairly but actually treating everyone like family,” he added.
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Health
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IS MENTAL HEALTH DESTROYING YOUR BOTTOM LINE?
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t is estimated that in the UK ill mental health is costing businesses £26 billion annually, which is a cost ofabout £1,035 per employee. Approximately £15 billion ofthis is from lost productivity, the rest is through loss ofemployees and sick days. Can you afford to sustain these loses in your business? By Maggie Georgopoulos
There is more talk about mental health in the workplace now than there was when I was the Executive Chairman of the board back in the early 2000’s. Yet the information with regards to the impact of ill mental health in the workplace is on the rise. The real spending on mental health in general by the government is getting less and less each year and people still don’t feel that they can actually tell people about it. It was found that 28% of people will wait a year or more to tell their family members (this is not even the people they work with), whilst 8.5% of sufferers never tell their family. Personally I was not in that category 18
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my family have known since I was 17. However, my work colleagues from many roles have never been told and I only told my closest friend 12 months ago - when I wrote a chapter about mental health, and the fact that I was bipolar, in my book, Up The Ladder In A Skirt. Unfortunately, I am the norm not the exception. One of the things I find amazingly ironic, is that if I told you a process you were undertaking in your business was losing you £1,035 per employee per year and growing, you would want to know how to change that. Yet, when it comes to mental health' we bury our heads in the preverbal sand. www.londonbusinessjournal.co.uk
Health
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What can we do to help ourselves, our
staff and our business at the same time? There are some really simple things you can do to make this happen: 1. Implement a mental health policy in the workplace. Regardless of the size of your organisation this is a must. Whether you are a one-man-band or have 100's or even 1000's of employees, it is critical that as a first step you don’t just bury mental health as a line or two in your diversity or equal opportunity policy and pat yourself on that back saying, “there’s a tick in that box”. This is also something that is not covered by having something like BUPA in place for your employees. In my experience businesses with standalone mental health (or wellbeing) policies in place have a much healthier and stronger support culture around mental health in the workplace. 2. Get your leadership team on board. If your leadership team is not truly on board then you can have a 100 mental health policies and it will make no difference to the culture around mental health or how open employees feel they can be. If your staff don’t know about the policy and the leadership team is not connected to it and actively supportive of it, you might as well have a roll of toilet paper as your mental health policy for all the good it will do your business. Actually I believe the toilet paper would be more effective!
3. Promote a culture ofopenness around mental health. One of the biggest issues about mental ‘ill’ health is the stigma associated with it. People are scared to open up, as they feel they will be seen as less or incapable in the eyes of others, so they keep it to themselves, thus making the condition worse not better. Whilst the majority of the time, you will be dealing with people who have depression or anxiety often related to stress, there are individuals who will have long term disorders, so you need to approach the development of the openness culture to encompass all mental health issues, not just the most obvious. This can be created by getting your senior management to maybe share their story, when placing up a notice on mental health in the workplace. Implementing mental health first aiders as part of your policy, and then ensuring that not only people know who they are but also that they are open about what they know. Approximately 85% of us are touched by ill mental health in some way, whether it is personally experiencing it or being close to someone who has. Sharing this helps to create a truly open culture. The bottom line for all businesses is that you can only make a difference if you take action. Just putting a few posters up about it, or sending out a couple of emails if the majority of your employees are remote, is not enough. You need to take action that can be seen and is congruent with a solid and open culture about being serious about supporting mental health in the workplace.
Maggie Georgopoulos is the author ofUp The Ladder In A Skirt and a leading authority in the retention offemale talent and building a sustainable mental health culture in organisations. She is currently working with organisations to help them implement their mental health policies. For further information visit: www.magsinspires.com Volume 4 Issue 1 , 201 7
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Property Investment Abroad
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ATTRACTING UK PROPERTY INVESTORS TO INDIA Now in its 10th year, the recently held India Homes Fair attracted a number ofhigh-profile attendees from the country, signalling the Indian government's increased efforts at attracting UK-based property buyers. Here Renu Sud Karnad, Managing Director ofIndia's Housing Development Finance Corporation (HDFC), speaks to Ronnie Ajoku about why now is the best time to invest in a property in India As a growing economy, India is stepping up its efforts at reaching out to Indians abroad to invest in property. Part of the attraction strategy involves certain rules and regulations now being put in place to make it easier than before. The global economy plays a big role. “A few years ago, when the price of Indian property was going up, we saw a lot of interest. It also depends on the Pound to Rupee parity; where the Pound can buy a lot more Rupees you see people wanting to invest in property. “Most of the investments we see are either for people buying homes for their parents or for themselves when they visit. A lot of the transit population, like people who work for banks and for the IT 20
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Renu Sud Karnad, Managing Director, Housing Development Finance Corporation (HDFC)
companies, who are buying it for eventual use. So it's a mixed bag and they are all types of people. “We normally see that when the economy is stronger over here and people feel secure, they then think of investing in a home; which is obviously understandable,” says Karnad. In the past the cost purchasing a property in India priced many out of the market, something HDFC recognises and aims to tackle. “I really think that we are coming to another high in India. Some of the homes we expect to come up in the next two years are of a more affordable type than what we had in the past. When you live in London, and you're not going to be living there, you don't want to spend www.londonbusinessjournal.co.uk
Property Investment Abroad
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millions on it. But if there is something the others that would divert money and nice and it is just what you need for your the projects would be unduly delayed annual visit to India, it will most likely and the poor customer could do very be in the affordable segment. little about it. A new act is coming that “In the next three to five years we are would make sure that developers actually going to be looking at homes that are get regulated. It speaks to the fact that towards the lower end of the pice scale, there would be penalties placed on them compared to what we had earlier. if they do not stick to schedules and do Another area being looked into is that of what they are supposed to do. It will smoother trade and tariff laws operating ensure that the money goes into the within India itself. “A lot of things are project and not to something else. happening in India that would really help “Customers would also need to be more our sector. One of the first things that disciplined. You can't just book a home happened was the 'one tax'; a goods and and then decide to cancel a few months service tax. In the past, because India is a later and say you want all your money very big country, when goods moved back. These are recent developments so between states there were state tariffs it should take a few months to settle, but that had to be after that all paid. There was a should be on lot of waiting at track.” the boundaries, HDFC's 10th but now if you India Homes Fair want to move took place from something from the 16th-17th of south to north it September at the is a smooth Landmark Hotel, process because London. The there is just one Exhibitors at HDFC's 10th India Homes Fair held at Landmark inauguration was tax. Within the launched by the next six months it should all be set.” CEO of London Stock Exchange Plc, Mr Adding to the changes being made is Nikhil Rathi, in a short ceremony that The Real Estate Regulation and involved the lighting of the ceremonial Development Act (RERA) by the lamp. government, which aims at creating The event was an introduction to the 30 greater transparency and accountability. most coveted developers and their “The other thing that has happened is a projects across India. This year the event regulation act (RERA) that regulates was supported by the High Commission developers. Until now, in India, real of India and attended by Mr Rahul estate developers were in some way self- Nangare, First Secretary Trade, High regulated. You had some good ones that Commission of India and Mr Saikat Sen made sure that they delivered and were Sharma, Counsellor of Economics, High answerable to the customers and you had Commission of India. Volume 4 Issue 1 , 201 7
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Entrepreneurship
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Steve Pailthorpe Named IBA's “Innovator of the year”
British entrepreneur and philanthropist, Steve Pailthorpe was awarded the top Gold Award for “Innovator of the Year” at the 14th Annual Stevie® International Business Awards in Barcelona, Spain. Mr. Pailthorpe is the Founder and CEO of Iconic Digital, the multi-award winning London-based digital marketing agency and won in this category for the development of his social media and digital marketing platforms. The judges said: “We have been impressed by Steve’s vision and mission. Innovation and philanthropy runs to the core of what he does and we believe this should be celebrated with a Gold Stevie®.”
The IBA is the world's only international, allencompassing business awards program. Nicknamed the “Stevies” from the Greek word "crowned," the awards were presented at a gala event on Saturday, 21 October at the W Hotel in Barcelona, Spain. On receiving the award, Mr. Pailthorpe stunned the audience by dedicating the award to his family, colleagues and God. He said: “I am honoured and delighted to be given this Gold Award in the International Business Awards this evening. I am thankful to my family, my esteemed colleagues at Iconic Digital for their support but above all to Almighty God... When I started this business in my second bedroom, I had no idea that five years later I would be standing here with you today. The business is now able to fund our charity, giving a significant proportion of profits to good causes throughout the world.”
Kreativ House is open, offering a new workplace solution for East Londoners. A new entrant in this competitive part of the city, it focuses on grounding individuals, teams and businesses where it matters most, a space customised for its members. Its Founder, Simon Koblas, said: “Everything we do at the house is for our community, the ecosystem that
defines who we are. From our members, our partners and our followers, we tailor experiences that serve the needs of people first.” Kreativ House now hosts a gallery space, office suites and photography studio that brings together its core members, as well its subscribers to be involved in upcoming events and exhibitions.
Kreativ House Now Open
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Entrepreneurship
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ENTREPRENEURSHIP IS HERE TO STAY
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By Zufi Deo here is a growing acceptance reading software. Accountants are that the job market is facing a threatened by software which automates fundamental shift. The notion most of what they do. The trend seems to ofthe future ofwork is fast taking impact anything to do with compliance shape in the mainstream. Artificial and any job functions that can be Intelligence is entering the automated. mainstream and this means mass automation ofthe jobs we have taken This isn’t to say they will be completely for granted since the Second World eliminated. Just that only the top 20% of War. these professions and job functions may Take self-driving vehicles for example. still be around 20 years from now. This This technological advancement changes 20% segment uses their judgement or offer a custom designed service that is how transportation is organised. Traditional low-skill labour jobs are now difficult to be automated. being threatened. White collar The concern for us then is how to plan professions are at risk as well. Lawyers are threatened from intelligent contract our lives and organise ourselves in this
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Entrepreneurship
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Entrepreneurship seems to be the best answer...it allows us to take ownership ofour own lives coming age. Entrepreneurship, so far, seems to be the best answer. It allows us to take ownership of our own lives and ensures we develop our own skill-set to meet the changing needs of our businesses. It allows us to be asset owners in the businesses where we invest most of our working week. But it is also full of uncertainty, risk and complexity. For some of us this is good as it helps us to nurture those skills required to manage risks and complexity. There was a time when Colleges in London were geared towards generating civil servants. King’s College, London, for example, was set up to ensure the civil service could have a steady flow of educated personnel. In the 1850’s this was seen as a viable contribution to society. Now times are changing even in these 'feeders of the state' sector. Most Colleges now encourage their students to expose themselves or experience entrepreneurship before they graduate. King’s College, London, now has an institute dedicated to entrepreneurship. It has an in-house accelerator program. As a business mentor at the Lion’s Den Business Planning Competition for Staff
and post Grad students there for six years, I have witnessed the change from treating entrepreneurship as peripheral activity to it fast becoming a core one. This experience can be witnessed across all other sectors in London as well. Setting up your own business is now seen as a mainstream activity. Just a few years ago being an employee was seen as the most desirable aspiration. I remember when I first started to organise knowledge sharing for entrepreneurs via Stairs And Shares in London six years ago. Entrepreneurship was seen as something school dropouts did or those who failed at finding work. Now this experience has completely changed. It is fast becoming the first choice for the ambitious. There is an acceptance that the skills nurtured are useful life skills as well. Regardless of success or failure, as an individual you may be better off setting up and running your own business. This isn’t to say the minefield is any less arduous, just that the support available both moral and professional - helps to lower the pain along the journey to success.
Zufi Deo co-creates innovation with Entrepreneurs. He was a UK Top 50 Business Adviser for 2014. He has 25 years experience in the SME sector and his business strategy solutions for high-growth enterprises have been published in Academic and Industry Journals. Zufi offers his support via www.bizstuff.co Volume 4 Issue 1 , 201 7
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Business Management
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MICROMANAGERS–GETOVERYOURSELF!
“A leader’s role is not to control people or stay on top ofthings, but rather to guide, energise and excite.” By Mark Douglas Poultney
W
e've all heard the quotes, we all know the mantra - a business' biggest asset is its people - and you know what, it's true. In fact it's even more true today than it ever was as through recruiting the right talent, a business is able to keep pace with today's ever changing market place. It's the only sure fire way to compete and stay at the forefront of your industry. So why is it then that after employing professional, talented people do business owners proceed to then micromanage them right out of the door? The number one reason for staff leaving an organisation is poor leadership. No matter how good the product, service or even benefit package, if a company's management is dysfunctional it will have
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major problems. People don't leave bad companies they leave bad bosses. Learning to let go of the reins and delegation of responsibility are all very tough lessons to learn for the entrepreneur as their business expands. A lack of emotional intelligence, selfawareness and insecurity abounds in the business community. An understandable statement as industry is often a challenging and competitive environment. Micromanaging staff involves spending time directing, dealing in detail and facts. More emphasis placed on IQ and knowledge rather than leadership. It's a very dangerous form of management that focuses on the short term and leads inevitably to a business without strategy or vision as well as
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Business Management
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People don't leave bad companies they leave bad bosses an unfulfilled and frustrated workforce. There is no longer a solid foundation to grow from.
The leader has made a choice to nurture their followers, to nurture their business. When this happens, when the people within an organisation feel safe, when As a business expands, it grows through they are looked after and encouraged, change and change is driven by the they in turn look after the business and motivation and creativity of its growing give their loyalty to the leader. This isn’t workforce. No one likes to have their magic but human behaviour, born out of autonomy totally taken away from them, a tribal instinct of survival and a desire to yes there should be rules and procedures thrive. The people within the organisation but there should also be questions asked start to look after its results and success and challenges made. People would themselves, the leader’s role is merely to really like to enjoy to go to work, good look after them, to make sure they have employees are often not just there for the the resources and motivation to fulfil pay cheque. their own roles. This is the kind of organisation we would all work for given The entrepreneur has been brave in the choice. beginning the business venture, having the initial vision and taking the responsibility of ownership. This is where the first sacrifice is made. The next challenge for their courage is to learn to become not merely entrepreneurs but leaders. To sacrifice for the business that has been created and has become a living, breathing animal. The entrepreneur may own it but also has the responsibility to nurture it, look after it and keep it safe. Don't be a 'Frankenstein Entrepreneur' you never set out to create a monster! Mark Douglas Poultney is a Managing Director, Leadership Development Coach and Business Consultant who inspires business executives to develop as great leaders, taking control of their businesses and their own lives. For further information visit: www.markdouglaspoultney.co.uk Volume 4 Issue 1 , 201 7
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Portfolio Investment
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ARE YOU OUT OF CONTROL? THE TRUE VALUE OF CHANGE
K
By Peter Taylor nowing the true value of your Assuming that you do have that number investment in change, and the to hand now all you need to know is the consequential cost of failure to ratio of compliance projects to growth deliver this change is critical. projects. If you struggle to identify that On that basis, now is the time for you to percentage mix does this again indicate do a bit of maths and work your change some fundamental organisational difficultie portfolio s? But investment out. remember, it is just a Before you rough start the actual estimate calculation, that is how big do you needed for think your this portfolio is exercise. right now and how big do you Next think it really select or might be? It identify will be the interesting to cost/impa compare later on. ct ratio and the growth/value add ratio. These really should be part of your OK, now take your Portfolio value. The business case approval process, by the figure doesn’t have to be 100% accurate way. – you are looking for a rough order of magnitude (ROM) really – but if it is Finally, you will need estimates of really difficult to even gauge a ROM disruption ratio percentage (use the 20% valuation you might consider why that is. provided if you don’t have a true idea of How can your organisation manage your own organisation’s percentage) and change if it doesn’t know the basics? failure factor ratio percentage, but only
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Portfolio Investment
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for the growth projects (again, use the 10% provided if you don’t have a true idea). For the compliance projects failure is usually something more like some
serious fine or restriction on trading. If you can quantify this that’s great – it may well be significant – but don’t stress too much over this figure.
P: Portfolio value (starting value)
£
C/G: Compliance (@ 40%)
£: (40% x ‘P’)
C/G: Growth (@60%)
£: (60% x ‘P’)
CI: Cost impact – compliance (2:1)
£: (2 x ’C ’)
VA: Value add – growth (4:1)
£: (4 x ’G’)
TSF: Total so far
£: (‘C ’+ ’G’+ ’C I’+ VA’)
D: Disruption (@20% ofinitial portfolio value)
£: (20% x ‘TSF’)
F: Failure factor (10% ofgrowth – planned value add)
£: (10% x ‘VA’)
TP: True portfolio value
£: (‘TSF’+ ’D’+ ’F’)
Take the test Now run the numbers and then step back and take in the figure at the end. There you have it – the truth, the whole truth, and most likely, scarily nothing but the truth. Extract from How to get fired at C-level: Why mismanaging change is the biggest risk of all, out now, priced £14.99 by Peter Taylor. For more information go to www.thelazyprojectmanager.com and http://tailwindps.com/how-to-get-fired-at-the-c-level/ . Peter Taylor is known as The Lazy Project Manager and is a project management office (PMO) expert. Volume 4 Issue 1 , 201 7
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Management: Diversity at work
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HOW TO SHIFT THE CONVERSATION FOR A LEVEL PLAYING FIELD AT WORK…STARTING TODAY!
H
ow many different reasons have you heard about why gender parity at work has not yet been achieved? Old chestnuts range from ‘the old boys club’ to the beliefthat women are not naturally as ambitious as men. By Ishreen Bradley
Some reasons are more believable than others. The good news is that most organisations and leaders now acknowledge that performance is not determined by whether you are a man or a woman - irrespective of your level of seniority. Smart leaders already acknowledge that equal opportunity at work is nice to have.
complex problems with velocity. 2. Develops global strategies that also incorporate region-specific tactics. 3. Navigates culturally complex, often nuanced business situations. 4. Fosters an inclusive work environment. 5. Understands individual employees’ values and needs. Leading in a complex world is clearly not just a ‘man/woman’ The evidence issue. These skills are required of Harvard Business Publishing all of us - irrespective of gender, in their white paper “Leading race, age, sexual orientation, Now: Critical Capabilities for a mental and physical Complex World” identify agility. eight leadership capabilities Being brutally honest, that must be mastered for each of us will have to organisations to survive. overcome our own bias They elaborate with 24 examples of what these capabilities look if we are to lead diverse teams with any like in an effective leader, summarised in degree of success and benefit from the infographic on the next page. At least increased creativity, loyalty and 15 of the 24 require an ability to engage performance. effectively with people who are not like Here are some ideas for what you can do the leader. to start moving the business case for Here are some of the capabilities they equal opportunity from being a PR tool identify: for the organisation to being of value to 1. Builds diverse teams that solve you and your colleagues: 32
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Management: Diversity at work
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Management: Diversity at work
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1. Start new conversations with
them. people who care about diversity at 5. Acknowledge your organisation: work: Ask them what they will do to value and support colleagues of different Celebrate how your employer has supported people ‘outside the gender, race, age, sexual orientation, mainstream’ to succeed at work. Start physical and mental agility so that sharing what the organisation already everyone can be more fulfilled and does well. People will take notice and successful at work. start to adopt those actions and 2. Reflect on your own contribution: behaviours. How have you supported colleagues in conversations increase our developing their careers? What difference These knowledge and experience of have you made? What will you do more collective to maximise the value and strength of…and what will you do less of? Create how people who are different from us, a strategy for you to grow as a leader who of positively impacting everyone’s will stand out in this new volatile, performance and satisfaction at work. uncertain, complex and ambiguous world.
3. Make a pledge: Make a public
pledge about how you are going to support people at work who are not like you to be more successful. Share it with everyone - including like minded members of our community @paritypioneers. 4. Acknowledge colleagues who have supported you: Who has gone out of their way to be your mentor? What did they do to draw out the uniqueness in you? Make their day by popping into their office or giving them a call to thank Ishreen Bradley is the Founder ofThe Equality Pioneers Movement and author of“Authentic You – Women Win @Work”. To explore how The Equality Pioneers Movement can make a difference to your organisation visit: www.equalitypioneers.com 34
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Women in Business
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VICKY'S COCONUT CONNECTION coconut within the health and wellness sector. Aware of how mainstream health and wellness foods were becoming in the UK, Vicky saw the opportunity for an exciting new startup that would enable her to use her business knowledge within a sector that she was passionate about, and allow her flexible hours to work around her family. After spending a year researching and planning, in January 2015, the fter spending 15 years within asset management and faced with a company’s first products were young family, Vicky Henley launched and so The Coconut decided that it was time to spend more time Company was born. with her children. However, she knew that her job wouldn't make it easy and decided Vicky knewExperience her degree in on a new path – a business of her own. economics coupled with her experience from the finance With a passion for food and fitness, she was excited when a friend based in the Philippines, industry could be put to good use. “I spent 15 years in the asset Mike Pilgrim, told her about a potential opportunity involving coconuts. He had set up management and so my general understanding of the economy, a venture that was trading in coconut husks (used to extract coconut fibre from for use in using statistics and manipulating spreadsheets has come in handy. mattresses, car seats, door mats and for antisoil erosion and horticultural applications), but It's given me a good basis to work through our financing options and felt there was a big opportunity in working with a UK partner to utilise other parts of the costings for example.
A
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Women in Business
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Coming from a big corporate environment was a huge change, but if I'd started this business at 21, I would have struggled. A bit of life experience has been invaluable,” she says. These days it has become fashionable to use the term 'healthy option', but Vicky sees it as more than a short-term trend. “I feel that there is a general move towards wanting to know what's in your food, where it's come from and how it might affect your body. There is growing awareness that what we eat not only effects our physical health, but also our mental wellbeing. As part of this change, people want to diversify the type of food they eat and try to pick healthier options. I don't believe these changes are just a fad.” Legacy The Coconut Company want to ensure their legacy is about more than just business and Vicky recognises the importance of forging community links with the Philippines. As part of its corporate social responsibility activity, The Coconut Company recently teamed up with residents of East Dulwich to collect and send out a shipment of clothes and toys to a local village in the Philippines where villagers lost everything due to a typhoon - a common occurrence in the country. “We are still a small company, but we help suppliers out where we can. Last year, one of our suppliers was adversely effected by a typhoon in The Philippines, which battered many of the farmers homes. We collected children's clothes and sent out donations to help the effected families. This particular supplier has undertaken some fantastic work in Volume 4 Issue 1 , 201 7
building a local kindergarten and providing a medical facility for the local village. We hope to support her great efforts, as we grow.” While she hasn't found any striking differences between operating in the finance and food industries, Vicky admits that making the shift from the corporate world to running her own business came with its own challenges, particularly at the early stage. “My biggest eyeopener was the general stress caused from having your own business. I took for granted having a salary and underestimated the strain it would put upon the family in the first two years. I have found it hard to switch off and I often refer to my business as my third child, as it takes just as much energy!” Family
So how does she manage to balance running a business and having a family? “It's not very easy and the last two years have been draining, but action-packed and exciting at the same time! Luckily, I'm able to share childcare duties with my husband, who's been very supportive in starting up this new venture. I also have family close by who help out. I am in the office during school hours, then I start work again once the kids are in bed. I always try to turn off phones and email when I am with my children.” Two years on and The Coconut Company, based in East Dulwich, is booming - picking up awards along the way including a Great Taste award and winner in The Healthy Food Guide’s Food & Drink Awards. The East Dulwich operation also manages a processing facility in Wales.
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Women in Business
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Aon Host Challenging Diversity:
A BAME and International Women's
Perspective
With much discussion on the issue, the event was cohosted by Aon's Women's International Network and Multicultural Network, together with Zurich's Women and Cultural Awareness employee resource groups, working together as companies to further inclusion. The evening began with opening addresses from Aon's Pelumi Ojo and Zurich's Ramnik Kacha, while the keynote speech was delivered by Heather Melville (OBE), Director Strategic Partnerships and Global Chair and Founder, RBS Focused Women's Network. Following this was a question and answer session with panel members, moderated by Rose St Louis, Head of Partnership Development at Zurich. Issues discussed here ranged from factors that characterise BAME and international female leaders, underrepresentation and diversity initiatives to bias hindering progression. Panelists included Cecile Fresneau (Chief Underwriting Officer, Zurich UK), Karen Cargill (Coverage Counsel, Aon Risk Solutions UK), Jasvinder Ahluwalia (Senior Associate, PwC UK), Annika Symonds (ChiefAdministrative Officer, Global Retirement & Investment Practice, Aon Hewitt) and Seema Patel (Human Resources, Aon UK). Volume 4 Issue 1 , 201 7
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Motivation
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ARE YOU SMART?
T
By Carrie Brooks
here is so much talk around about working 'Smart'. What does that mean and how can I begin to use this in my life? Is it just a fad or just sensible common sense? start you off… Essentially, working 'Smart' is about maximising productivity and minimising stress. If we can understand that stress and overwhelm are caused by feeling out of control and not in charge of a situation, and we associate this with work related stress, it literally means that you are not in charge of your work but your work is in charge of you. So bearing this in mind, it is logical to suggest that being overwhelmed and not in control of our work, is being in a reactive state. What I mean by this is adopting a mindset where people and situations outside of you are pulling you all over the place. The direct opposite of being reactive is being proactive. This is working 'Smart'. So how can we become proactive? There are certain everyday practises which will change your work experience and have you stepping into being proactive and taking charge of your day. Here’s one to
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Most people start their day by opening their emails, it is a default action for many, happening on auto pilot. You’re in your inbox before you know it! Understand that emails are other people’s agendas and that by starting your day this way you will automatically be drawn into everyone else's needs and your day and needs will be put on the back shelf. Instead start your day with an 'Hour of Power'. This is to spend the first hour of your day organising your Agenda, scheduling in all that you wish to accomplish in your day. Prioritise intelligently and allocate the time needed to fulfil each priority. By starting your day with your 'Hour of Power' you are taking charge of your day, the intention is for your day to fit around your priorities and personal requirements. Once you have scheduled
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Motivation
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Essentially, working 'Smart' is about maximising productivity and minimising stress
your day, you then can turn your attention to your emails and other people’s agendas and only then. This way your focus will be on you and your day, as you will have clearly set your own agenda and this will be forefront in your mind. Another benefit of having scheduled your day, is that when you are approached to take on more work you can refer to your schedule and see where this extra work could fit in. If not,
something needs to move. This way you are in charge of how much you can successfully take on in a day, while making everyone you work with aware of where you stand. Your day, your way. This will avoid stress and overwhelm literally on a sliding scale, the more you take charge, the less stress you have to deal with… This is one of the many strategies that can revolutionise your work experience. It is simple but powerfully effective. I recommend introducing it daily and allow it to become a positive habit, this way we are working towards maximum change with minimum effort. A win-win situation, what’s not to like?
Carrie Brooks, known as the Results Coach, is an accredited ICF Life Coach who works with clients in the UK and Internationally. For further information visit: www.carriebrooks.co.uk Volume 4 Issue 1 , 201 7
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Health & Fitness
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Morning Gloryville Hits 4th Year
Iconic DJ Fatboy Slim entertained the crowd with his choice of music
Morning Gloryville, the unique exercise party, recently celebrated its fourth birthday with help from the iconic DJ, Fatboy Slim at the Brixton Beach Rooftop. Hundreds of early risers flocked to the event, which started at 07:00 in the morning and went on to 11:00. The aim of Morning Gloryville is to provide ravers with a drug and alcohol-free clubbing experience geared towards health and fitness. To this effect there was a yoga zone and wake-up massages provided to loosen the limbs and relax muscles. Additionally, healthy drinks such as smoothies and vegan snacks from the likes of
RAWsome were also made available. Since launching in 2014, Morning Gloryville now operates in over 20 countries around the world including the USA, Japan and Australia. A key focus of the team is spreading what they call the 'Gloryville Effect'; taking positive action in areas of need. They constantly raise funds to visit refugee camps and poverty-stricken areas to spread hope and joy. Some of the charities they have partnered with include Peace Direct and Love Support Unite. Previous big-name DJ's that have supported Morning Gloryville include Basement Jaxx and Rudimental.
BOUNCE teamed with MTV UP! Energy Drink to break the world record for the most people bouncing simultaneously on Mini Trampolines. The previous record for the most people bouncing on mini trampolines simultaneously was set in 2015 with 325 participants. However BOUNCE, together with the MTV UP! Energy Drink team set
a brand new world record for the most people bouncing simultaneously on mini trampolines, with 405 participants. The world record break took place as a part of the Fitness Fiesta weekend. BOUNCE Founder, Kimberlee Perry, said: “Exercise is seen as a chore by so many, but bounce is about having fun whilst staying active in a friendly environment.�
MTV UP! Bounce to New World Record
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Bars/Restaurant/Dining
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Number 90 Bar & Kitchen
Having recently celebrated its third year, the award-winning Number 90 offers great food made from locally sourced produce, and an expansive drinks menu. Located in Hackney Wick, Number 90 offers a stunning, spacious canal-side bar and restaurant experience. It is also available for bookings. Address: 90 Main Yard, Wallis Road, E9 5LN London. www.number90bar.co.uk
177 Bar & Kitchen
Located on Hoxton Street, 177 Bar & Kitchen is a spacious and great place to have lunch or dinner. They are proud to offer delicious food sourced from local produce, while celebrating diverse art and music. The place is available for bookings and their menu also caters for Vegetarians and Vegans. Address: 177 Hoxton Street, N1 6PJ, London. www.number177bar.co.uk
The Mint Gun Club If you're looking to try somewhere trendy and adventurous
with your friends, this might be the place for you. Ideal for daytime meet-ups or an evening out with friends, The Mint Gun Club is a lively local tea room, delicatessen and aperitivo bar that takes its inspiration from the exotic enchantment, elegance and convivial excitement of an adventurous, expatriate lifestyle. Address: The Mint Gun Club is located at 4a Brooke Rd, Stoke Newington, London N16 7JN Volume 4 Issue 1 , 201 7
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