W W W . T A L K B U S I N E S S M A G A Z I N E . C O . U K
January 2015 £4.50
THE ONLY WAY IS ETHICS
Is there a place for ethics in management?
DRAGON BY DESIGN Interior designer and Dragon’s Den star Kelly Hoppen reveals her secrets of success
NEW BEGINNINGS Meet the entrepreneurs who used New Year’s resolutions to kick-start their businesses
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inside 11 Editor’s letter 12 Contributors 15 News & events 18 Question of the month: Is it ever OK to be friends
STRATEGY 55 Invest to impress
Rich With
outsourcing partner
57 Outgoing messages How to successfully choose your 60 Biggest challenges facing SMEs in 2015 63 Call on me Powwownow 65 Baby steps Antenatal appointments - do you know your employees’ rights?
with employees?
101 TECHNOLOGY 101 I’m kind of a big deal Mike Foreman, AVG, looks at
the importance of the Internet of Things
103 Analyse this! Understand how to increase
your web traffic with analytics
MARKETING 67 Avoiding the Flash, the Fluff and the Fakers Kimberly Davis exposes the marketing scammers’ tricks
20
71 Tumblr: the next social media revolution 74 The best job in the world? Lamborghini salesman 79 Change the channel Andy Grant looks at what the
future is for channel marketing
SUCCESS 20 Dragon by design
Business woman of the year Kelly Hoppen talks success and Dragon’s Den
28 Saving for success Mark Pearson, of
myvouchercodes.co.uk fame, explains how he went from poverty to Britain’s Rich List
33 Investing in youth Chris Phillips is this month’s up
and coming entrepreneur
35 New beginnings Meet the entrepreneurs who
kick-started their businesses with New Year’s resolutions
PEOPLE
41 Boom or bust
Funding expert, Julian Smith on the financial landscape in 2015
43 Five ways of drawing money from your business 45 Don’t pay the price Raj Sond examines the new card
payment regulations
48 Five funding steps after rejection 51 Bitcoin or bitcon?
Adam Aiken
53 A day in the life The Pigeon Hole Cafe
Deborah Benton
your HR is a big headache
plethora of new GTLDs
109 I’ve got an app for that
FRANCHISE 111 Franchise news 113 That’s a relief! Tax Assist explore the tax breaks
available to franchises
for your franchise opportunity?
118 Make sure it adds up How much should you charge
81 The only way is ethics 83 Better in than out? HR Insight asks if outsourcing 85 Five unusual team building activities 88 Secret diary of an entrepreneur Purplebricks 91 Forward thinking Lee McQueen’s wishes for the
125 ADVICE
New Year
39 Book reviews FINANCE
104 Tech review The Gadget Show’s Ortis Deley 107 Domains, domains everywhere How to choose from the
LIFESTYLE 93 We love... top tech 94 Hotspots: Edinburgh Locations for business stays, meets, and eats
97 98
Wrap it up!
Keep warm in chic scarves
Leave the office behind
Five places to see on business with Holiday Hypermarket
35
121 Sales doctor Your questions answered 123 Breaking barriers How to break through the
glass ceiling
champions the benefits of the Investment Escalator
your staff
legal questions
125 Moving on up London South Bank Uni
128 Magic moments The value of incentivising
131 Legally speaking Wright Hassell answers your 132 Directory OPINION 134 He said/she said
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EDITOR’S LETTER
Scan this QR code to subscribe to Talk Business
EDITOR
Luke Garner luke.garner@talkbusinessmagazine.co.uk
DESIGN
Louise Salisbury artwork@astongreenlake.com
WEB DEVELOPMENT MANAGER Mitchell Finlay mitchell.finlay@astongreenlake.com
SALES & MARKETING MANAGER
Scott Hartley scott.hartley@talkbusinessmagazine.co.uk
MANAGING DIRECTOR Stuart McCreery
Circulation/subscriptions: UK £40, EUROPE £60, REST OF WORLD £95 Circulation enquiries: Aston Greenlake Publishing Ltd T: 0203 617 4681 Talk Business is published 12 times a year by Aston Greenlake Publishing Limited William Robinson Buildings, 3 Woodfield Terrace, Stansted Mountfitchet, Essex, CM24 8AJ © Copyright 2015. All rights reserved. No part of Talk Business may be reproduced, stored in a retrieval system or transmitted in any form or by any means, without the prior written consent of the editor. Talk Business will make every effort to return picture material, but it is sent at owner’s risk. Due to the nature of the printing process, images can be subject to a variation of up to 15 per cent, therefore Aston Greenlake Publishing Limited cannot be held responsible for such variation. The opinions expressed by guests in this magazine are not necessarily the views held by Talk Business magazine, its publishers and its owners.
Printed by
For last year’s words belong to last year’s language and next year’s words await another voice. And to make an end is to make a beginning. Little Gidding (1942) T.S. Eliot
T
he New Year, perhaps more than any other time, is about change, making resolutions, and giving birth to new ideas and opportunities. Whether you’ve had an idea for a while but never had the courage to take the leap, or you’ve had a tough year and need to turn it around, the New Year can be the perfect time for a fresh start. It is with this in mind that Zoe Efstathiou catches up with three entrepreneurs who used New Year’s resolutions to kick start their journey towards becoming successful business men and women, and venturing out on their own. Check out their inspirational stories, along with their tips to help you take the first (or second, or third) step towards a new start, and success. You can find it on page 33. Whatever issues you may have faced in 2014, no matter how difficult it may have been, there is always a light at the end of the tunnel, and a way to escape from the dark. Challenges are meant to be faced, and our cover star this month, Dragon’s Den star, Kelly Hoppen, shows that even at a young age, and as a woman in a male dominated world,
obstacles can be overcome if you have the sheer strength of character, will, and desire to succeed. Her story, from a fledgling 16-year-old designer to TV personality, starts on page 20. Another inspirational tale is that of Mark Pearson, of myvouchercodes.co.uk fame. Not only did hardship give him the steely determination to better his life, after watching his mother - a single parent - struggle through poverty to raise him, but it also led to the bright idea that saw him become a multi-millionaire. Discover what that light bulb moment was on page 28. Elsewhere this month, we tackle one of the biggest dilemmas that any business owner will face at some point on their journey - whether the chance to make money (or gain some kind of advantage), should ever take precedence over your own values and belief systems. Our management expert, Deborah Benson takes a look at whether ethics are really important on page 79. Luke Garner Contact: luke.garner@ talkbusinessmagazine.co.uk Tweet us @talkbusinessmag
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the experts
JO NOCKELS FCCA FMAAT
Training and communications manager for TaxAssist Accountants, Jo is an experienced accountant and member of ACCA and AAT. TaxAssist Accountants is a national network of accountants who are expert in helping small business owners and self employed individuals with all of their tax and accountancy needs. They service 50,000 clients, and have a wealth of experience in the small business market. Jo explains the tax breaks that franchises don’t know about on page
113
ANDY GRANT Andy Grant is an international marketing leader with 16 years’ experience working with a number of blue-chip technology vendors. In 2009, Andy cofounded Bowan Arrow with Louise Grant, launching an independent channel marketing consultancy to build stronger vendor-partner relationships that inspire and educate. Whether defining go-tomarket strategies. or providing partner marketing training, partner programs, incentives, and roundtables, Andy ensures the right marketing initiatives are used to create business opportunities and measured return. Andy is also an active member and vice chair of the IDM B2B Marketing Council.
MACIEJ ZAWADZINSKI Maciej is CEO of Piwik PRO, a leading professional web analytics services provider. At Piwik PRO, Maciej helps more than 300 clients deploy and maintain Piwik analytics on their own infrastructure, as well as on Piwik Cloud. He also advises on creating customised analytics solutions and provides consulting services on Piwik analytics. He is currently based in Wroclaw, Poland. Maciej tweets @zawadzinski. Maciej discusses how web analytics can help SMEs increase visitors to their site on page
103
Andy looks at the future of channel marketing on page
79 12 January 2015
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news
Britain benefits as on-the-job training grows
N
ew research from the Centre for Economics and Business Research (Cebr) reveals that apprenticeships contributed £34 billion to the UK economy in 2014. This figure includes gains to the economy from higher wages, business profits, and taxes of £31 billion per year, an estimated reduction in unemployment benefit payments of £370 million per year, and benefits to organisations while training apprentices of £1.9 billion per year (in 2014 prices). The ratio of benefits to costs of apprenticeships is £21 for the national economy for each £1 of public money spent. The number of people starting an apprenticeship has grown in recent years from around 100,000 a year in 1950 to more than 450,000 in 2013-14, and the Government is on course to deliver two million apprenticeships in the lifetime of this Parliament. If this upward trend continues, the national economy stands to gain £50 billion by 2025.
Apprenticeships contribute £34 billion per year to the UK economy
The Cebr report reveals the economic benefit of apprenticeships for all parties involved: • Apprentices are more likely to be in employment for longer, and will receive higher earnings, with wage premiums of 11% for intermediatelevel apprentices, and 18% for advanced-level. • Unemployment is reduced with £370 million gained from saved benefits per year, thanks to around 99,000 extra employed people, as a
result of apprenticeships. • The most popular sectors for apprenticeships are: health and social care (13%), customer service (10%), business administration (8%) retail, and engineering (both at 7%). This is out of a total of 950,313 people participating in an apprenticeship in 2012-13.
The Prime Minister beats Richard Branson and Vince Cable to take top spot
place. Business Secretary, Vince Cable was also recognised for his power and influence over Government policy, finishing in third place. The top 20 includes BBC TV’s The Apprentice duo, Karren Brady and Lord Sugar, Dragon’s Den star, Peter Jones CBE, and his former co-star, James Caan, StartUp Britain co-founders, Oli Barrett and Michael Hayman, and politicians from Government and the opposition. The Power 100 represents the people who most impact on the lives of entrepreneurs; those who shape policy, create working environments, champion, mentor, and promote entrepreneurs and entrepreneurship in the UK.
F
David Cameron tops business power 100 list
resh Business Thinking, the platform for entrepreneurs and business owners, has named Prime Minister, David Cameron at the top of its Power 100 list. Mr Cameron was recognised by Fresh Business Thinking for his power and influence over key policy in driving business owners and entrepreneurs in the UK. Jonathan Davies, editor at Fresh Business Thinking, said: “Regardless of whether or not you support David Cameron, the Prime Minister is the ultimate champion of British business and British entrepreneurship.” Sir Richard Branson’s dedication to inspiring a new generation of entrepreneurs led him to second
Contact: www.greatbusiness.gov.uk/ apprenticeships
Contact: www.freshbusinessthinking.com
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news Keys to SME worker happiness revealed Flexible working and having a say in policy attracts employees to SMEs
A
friendly atmosphere, having a close relationship with colleagues and bosses, and having a say in the future of the company, are key benefits of working in a SME ,according to new research from Nescafe Alegria and YouGov. The study, which questioned more than 1,200 SME employees, focused on the advantages of working for a SME, and quizzed respondents on what makes them most happy at work. Friendly colleagues came out on top for most employees (82%), in terms of providing a positive working environment, whilst 54%
also stated that this was a key advantage of working in a SME, as opposed to a larger company. Being able to have more say in what happens in the company was also highlighted as an advantage, with 41% of employees indicating that SME bosses should make their employees feel relevant to their organisation. Flexible working hours was identified as a positive attribute, and a good management structure came out on top, with 72% stating it is important for a positive work environment. Katrina Webb, category manager for Nescafe Alegria,
which commissioned the study, commented: “Many SMEs can’t afford provisions, such as pensions and gym memberships ,so we wanted to find out exactly what is attracting so many employees to work for these organisations. “Our research findings show that a choice of workplace doesn’t just come down to monetary and materialistic benefits these days - we are seeing more people opting for motivational perks, and thinking beyond the payslip.” Contact: www.uk.nescafe-alegria.com
DATES FOR THE DIARY Business Junction Networking Events 12.30pm, 8 January The Phoenix Artist Club 1 Phoenix Street London, WC2H 8BU 08.00am, 14 January The Bleeding Heart Tavern Bleeding Heart Yard, Hatton Garden, London, EC1N 8SJ 12.30pm, 22 January Kenthouse Knightsbridge Rutland Gardens London, SW7 1BX www.businessjunction.co.uk
Sterling Integrity Networking Shows 6 February Crown Plaza, Birmingham 26 February Cheltenham Racecourse www.sterlingintegrity.co.uk SHINE 2015 - Women in business 16th January DoubleTree by Hilton, Chester www.networkshe.co.uk/event/ shine-2015 The Hospitality Show 19th - 21st January NEC, Birmingham www.hospitalityshow.co.uk
In House Recruitment Expo 20th & 21st January Olympia Conference Centre, London www.inhouserecruitmentexpo.com The Franchise Show 20-21 February ExCeL, London www.thefranchiseshow.co.uk Internet Retailing Expo 25-26 March NEC, Birmingham www.internetretailingexpo.com Sales Innovation Expo 13-14 May ExCeL, London www.salesinnovationexpo.co.uk
16 January 2015
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HOT TOPICS Q
Is it ever okay for a business owner to be friends/have relationships with their employees?
THE NUMBERS GAME
HERE’S WHAT THE REST OF YOU THOUGHT: YES = 33% SOMETIMES, BUT YOU HAVE TO BE VERY CAREFUL = 42% NEVER, IT ALWAYS LEADS TO COMPLICATIONS = 25%
NEVER
25%
YES
33%
SOMETIMES
42%
Each month we ask a selection of business leaders their views on an aspect of business. This month, we’re asking if you can ever be friends with your staff without complications.
Working with friends isn’t something that business owners need to avoid, but getting the ground rules in place at the beginning of the working relationship is really important. Just like any long and meaningful friendship outside of the office, honesty is key. Each person needs to know where they stand, and what the expectations are during work hours. This will mean that discussions around potentially awkward areas of business, such as financial remuneration and KPI targets, simply become part of the standard processes that everyone has signed up to. If a colleague doesn’t respect you, then you must deal with the situation professionally, whether they are your friend, or not. ANNA SIMPKINS, DIRECTOR, DOVESTONE COMMUNICATION
In a small business, it’s very difficult not to become friends with staff. At Cerub PR I want everyone to enjoy work, and part of that does involve developing good relationships with one another. There’s room for friendships to build, and to maintain professionalism at the same time. We have a laugh in the office and we socialise together, but at the end of the day, everyone knows their role in the company. I’m pleased to say that I am in touch with most of the people who have worked here, and it’s been great to see their careers progress over the years. CERI-JANE HACKLING, MANAGING DIRECTOR, CERUB PR I’ve found that becoming friends with employees is often a disaster. There is a very thin line when it comes to professionalism, relationships, and respect, and this quickly becomes blurred when higher management become too close with their employees. DARREN FELL, MD AND FOUNDER, CRUNCH ACCOUNTING
Simply, I would say yes. The hard-nosed might argue that once you become friendly with an employee, the working relationship will be compromised, and they might take advantage; rubbish! They may, but if that’s the way they are, they would have taken advantage anyway. You can’t help who you gel with, and actively trying to avoid a natural friendship will only cause stress for all involved. BEN COPPER, MD AND FOUNDER, NUTSHELL CONSTRUCTION WHAT DO YOU THINK? TELL US YOUR THOUGHTS ON TWITTER @TALKBUSINESSMAG
18 January 2015
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DRAGON BY DESIGN After starting her own business at just 16 years old, she has risen to fame and was recently voted “Businesswoman of the Year”. Interior designer, and the latest Dragon to enter the den, Kelly Hoppen MBE, speaks to editor, Luke Garner about what it takes to become a success
A
lthough she had designs to be her own boss from a young age, it was almost by chance that Kelly Hoppen fell into the interior design world. At just 16, a friend of her family gave her the chance to decorate one of the rooms in their house. She took the task by the reins, and never looked back, kicking off a career that has allowed Kelly to achieve the success she always believed she would. She has since designed for a number of celebrities including David and Victoria Beckham, and Martin Shaw, who was one of her first clients. “I never doubted I would be successful. I am determined and passionate about my work, nothing frightens me, everything excites me, and I want to win at everything so I suppose that is a great attitude to have when trying to make it out there in the business world,” explained the Dragon’s Den star.
“I started off with a few jobs, and quickly realised I couldn’t work for anyone else; I needed to be my own boss.” However, as with most things in life, everything doesn’t always run smoothly, and it wasn’t always the easiest path to the top for Kelly. There were challenges along the way, not least trying to be taken seriously at such a young age, and navigating her way as a woman in the world of business. “Of course, being a woman has caused me issues at times. Throughout my career there have been a few occasions where I have felt uncomfortable, but I have never let it get in the way, or stop me from achieving success, or change who and what I am,” she smiled. “Should the Government be doing more to help women break through in business, or is it a case of those who apply themselves fully, will succeed regardless? Well, I think that it is both to be honest. The Government could do more
20 January 2015
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I never doubted I would be successful. I am very determined, and passionate about my work, nothing frightens me, everything excites me, and I want to win at everything
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SUCCESS
and help make it easier for women, but in the end it is down to the individual to shine and work hard to achieve the highest positions, and to make themselves heard.” As if to prove a point, she was recently voted “Woman of the Year” at the Women of The Future event, held by JP Morgan. Additionally, in December 2013, she was given a Natwest everywoman Ambassador award for inspiring more young women to excel. And Kelly is always pleased to be seen as an inspiration to young women. “It is a great honour to have been recognised for such an award. I have received many awards, and every time it is a great pat on the back. Let’s face it, I am a Leo, I like to win!” Despite having such confidence and drive, to achieve such phenomenal accomplishments she has had to have a little help along the way. Whether it be advice, or simply realising that you can’t do everything yourself, Kelly is keen to stress that you can’t always be expected to walk the path alone. She says she sees it time and time again, where start-up owners will set out on a path towards growth, but find they become overstretched and the growth begins to stutter and stagnate. This is because they don’t learn how to let go. “Delegation is such an important thing in business. You have to accept that you can’t be the best at everything, and sometimes you have to let others, with the right expertise, manage parts of your business for you. It’s tough when it is your baby, but necessary if you want to succeed,” explained the South African-born entrepreneur. “I work with a lot of young people who have started their own businesses, and the earlier they learn this, the more chance they will have of success.” She continued; “Perhaps the best piece of advice I’ve ever been given is to listen first, think, and then speak (a skill
that is obviously very useful in the Den).” Indeed, she is perhaps best known for her work on the popular BBC television show Dragon’s Den, in which entrepreneurs pitch their business and product ideas to the five ‘Dragons’ for varying amounts of investment. Kelly explains that, despite her calm demeanour on the box, there is actually a lot of competition going on between the Dragons. “At first, I thought there wasn’t much there in the way of rivalry, but of course we are all alpha, and we all want a good deal, but that’s what makes the show so great. Obviously, when the cameras stop rolling though, we are great friends, and any arguments in the Den are forgotten.” While the audience obviously has their own opinions on whether the pitching entrepreneurs deserve investment or not, Kelly has a more philosophical view on things. “I’ve made some great deals in the Den, and of course there are a few I wish I had made, that I didn’t. When we’ve stopped filming, sometimes the crew or someone has said, “Wow, I really thought that was a good one!” and when you look back at it, you go “perhaps they’re right. Did I miss a trick there?”. But then everyone makes mistakes, and I have made some, but you learn through them, you just have to. You can’t waste time on mistakes; you have to move on and build from them and be stronger.” “I think it balances out in the end too, as I’ve made some great deals. In particular, Revive-a-phone and Skinny Tan have had phenomenal success.” Does she feel that what we see on TV is a fair reflection of her in business and in life, or is her relaxed nature a product of contrast when sitting so close to Duncan
I am very balanced (on TV) and like to be positive; however if someone rubs me up the wrong way, I can snap
22 January 2015
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Many people have this impression that they can come into the Den, get investment, and a Dragon will run their business for them. It’s not like that at all Bannatyne and Peter Jones, the two Dragon’s known for having more ‘fiery’ temperaments? “Haha - that’s funny! No, that is really me. I am very balanced and like to be positive; however if someone rubs me up the wrong way, I can snap. As I said, you need to listen, watch, and learn, then attack and win.” Perhaps in part due to her experiences in the Den, Kelly believes that everyone who achieves their goals tends to share similar attributes – and she looks for those in the people she meets who are pitching to her for investment. “You need to be determined, and have a real passion for what they do, and believe in. Being able to work as a team is very important too. Anyone I work with needs
to be able to take instruction. However, at the same time, many people have this impression that they can come into the Den and get investment, and a Dragon will run their business for them until it achieves success. It’s not like that at all. We’re here to provide investment and advice, not run your business. That’s why it is vital that the person, or people, we invest in have the strong attributes to push that business forward and succeed themselves,” explained the entrepreneur who has succeeded despite being dyslexic. As we look forward towards 2015, has Kelly made any resolutions, and what does the future hold for the interior designer? “There are loads on the horizon, we’re planning so much for 2015 already, and I’m very excited! The
ones I can discuss are commercial, such as deals with Apaiser and Ceramic Tiles. I’m also taking part in a retrospective book, which will look back at my 40 years in the business. I have many projects in Asia too, with companies like Topwin and Da Ann Towers.” So what advice would she give to anybody out there – male or female – who is looking to follow in her footsteps and become the next Kelly Hoppen? “Just go ahead and do it! Visualise your future and make it happen. Never give up, as there is room for everyone in today’s economy - competition is always healthy.” Kelly’s design palette may be heavy with neutrals, but you can be certain that her life – and her future – will be anything but beige!
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I would rather… “Cover myself in icing and wait for a grizzly bear, than talk about insurance.”
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Rachael Halsted Owner of Rachael’s Kitchen Simply Business customer since 2011
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SUCCESS
Saving for success Mark Pearson, who recently sold his online discount and coupon business myvouchercodes.co.uk for ÂŁ60 million, talks to Luke Garner about his tough upbringing, and how it made him determined to reach his goals
28 January 2015
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SUCCESS
W
hen the recession hit in 2008, much of the public suddenly became very costconscious as their budgets were squeezed, and saving money was the name of the game. However, one man was already blazing a trail long before this – back in 2006 in fact – to bring discounts to the public from businesses, large and small, right across the internet. Growing up on the poverty line in a downtrodden Liverpool that was ravaged with unemployment and strikes, he would often watch his mother cut out coupons from the local newspaper in order to afford the basic necessities, such as milk and bread, for her family. It was this, so many years before, which planted the seed of an idea into Mark’s head. Fast forward to 2006 and while looking for an idea, Mark spotted a gap in the market. With people looking to save money on everything, and people beginning to shop online with regularity, remembering his mother’s couponing and the craze for it in the US, he formulated his plan. “Shopping on the internet was still a relatively new thing back then. It was slowly being adopted, and retailers were beginning to tap into this by offering discounts to online shoppers, to persuade people to purchase online,” explained Mark. “When we started out, there was nobody doing discounted offers all in one place. There were forums and a few blogs, but nobody dedicated, so we saw
a gap there. We also saw its popularity in America, where many won’t shop without a coupon, so knew there was a large retail space for it.” “Before I had this idea, I’d worked in Claridges for Gordon Ramsay, and then opened my own restaurant, so the entrepreneurial spirit was always there. But it was a very tough business to scale upwards
wanted. Now that I’ve sold the business, I’m now rich beyond my wildest dreams, without wanting to sound like I’m bragging. I’m still looking for the next thing I can do, and the next thing I can achieve. That was something that was instilled in me from a young age due to the hardships I experienced.” When setting up a new business, many start-ups will
Growing up in poverty in Liverpool, Mark would often watch his mother cut out coupons from the local newspaper in order to afford the basic necessities. This triggered an idea in his head and there were growing pains so, despite having three different venues, I realised it wasn’t going to be able to meet my lofty ambitions. To be honest, I never really knew how big myvouchercodes.co.uk would grow though.” Those days in Liverpool were by no means easy, but Mark feels that it was the hardship that he faced during these times that helped shape who he is today, and ultimately gave him the determination to make a success of his life. “My upbringing wasn’t the easiest to be honest, and I try not to reflect on it, but I think it made me hungry for success,” he mused, adding; “I had a vision of wanting to achieve success, but I didn’t really have the options to get there, so it took me longer than I ever
empathise with the feeling that there is too much competition out there. Despite being the first real player in the market, imitators soon sprang up, looking to take advantage of its popularity. To stay on top, Mark had a number of tactics and tips. “Whenever you do anything well, there will always be someone looking to get in on the action,” explained Mark. “There aren’t many barriers to entry in this market either, at least not financially, as all you really need is a computer and a website. But the real barriers for anyone looking to get into the same space, are the huge database of followers and the on-going relationships with retailers that we’d already built up, along with a very strong social media presence.” He continued, “Ultimately, we
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SUCCESS
wanted to save people money, but things like keeping it free to use, and allowing people to have input into the deals on the website, to generate content, almost to crowdsource them, if you like, allowed us to stay ahead. As well as this, having such a large following (in the tens of thousands) solidified by an email newsletter, allowed us to use that people power as sales leverage to get the best, and sometimes exclusive deals from retailers.” He has achieved many milestones in his young career, but one that stands out to him as being perhaps the most special takes him back to those days on the bread line in Liverpool. “It has always been tough for me and my mum, so when I could afford to buy a house for her outright as a gift, that was a very special moment. We’d always lived in rented accommodation (and in fact my mum was one of my first employees), so it was a testament to where I’d managed to get to, where I’d come from, and knowing that she’d never have to worry about money again was important for me,” beamed the multi-millionaire. Contrast this with Christmas Day in 1992, when his mother took him to a women’s refuge shelter to escape an abusive relationship, and you can see just why he holds that moment above all others. He eventually sold the business for £60 million earlier this year, and is now one of Britain’s richest people. He hadn’t always planned to sell the business though, but did so in order to allow it to grow further. “Over the years, as the business was growing, there were two really big competitors that sprang up – vouchercodes. co.uk and voucher cloud. We’d
had negotiations with Vodafone about a buy out, but they eventually acquired Voucher cloud, and then Vouchercodes. co.uk got taken over by a very large American company called Retailmenot,” he explained. “We were the ones left on the shelf in a funny kind of way, which wasn’t a bad thing, but it meant we had to look at our future. All businesses are competitive, and need to keep their edge, so we had to think “how can we stay ahead in a world that is increasingly dominated by mobile?” We knew our leverage, being the number one in the market, and when talks started up around us being bought out again, we thought it would be right to help the business reach its potential and stay ahead of the competition.” Although everything has panned out very well for Mark, he doesn’t feel as though things would be any different had he not had the idea for myvouchercodes, all those years ago. “If I hadn’t done this, I think I’d still be doing something similar. At the stage when I’d decided to leave the catering industry, I wanted to be an entrepreneur. Would I have started another retail business? Yes. Would I have started an online business? Yes. Would it be as successful? Who knows, but I certainly would have put as much effort and time into it, so there’s a good chance,” stated the youthful entrepreneur. Finally, what advice would he give to anyone looking to succeed in his footsteps as an entrepreneur? “There are a lot of entrepreneurs out there who have a great product idea but they also have 101 excuses as to why they won’t do it. My advice is, if it feels right, to
There are lots of entrepreneurs out there who have an idea, but they also have 101 excuses as to why they won’t do i just go ahead and do it, don’t overthink things, and try it out. If you don’t go for it and take a risk, nothing will ever happen,” said Mark. “I’ve always been the kind of person to keep my head down, and work. You need to work hard and try to deliver better results than you did yesterday, or the day before that, in order to succeed,” he continued. “Also, it helps to stay positive. I have a great way of being able to forget what has happened before. In hindsight, it is easy to look back on mistakes and say, “I should or could have done that better”, but if you’ve never done that thing before, then you’re doing it to the best of your ability at the time.” He might have sold his business, myvouchercodes, and be more than comfortable, but with such entrepreneurial spirit and drive, it’d be foolish to discount seeing him crop up with another successful venture in the future.
30 January 2015
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22/12/2014 17:33
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Why our award-winning services should get your vote
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23/12/2014 10:18 11:33 01/08/2014
SUCCESS
Investing in youth This month we talk to Chris Phillips, founder and CEO of Just Develop It, about how he’s helping to give back to the younger generation of entrepreneurs
J
ust Develop It is an online solutions company, which has diversified to include an investment portfolio to help young entrepreneurs.
WHERE DID THE IDEA COME FROM? I started my first business when I was 16, and was paying a company £20 a month to host my website. I just thought, “wouldn’t it be better for companies to pay that £20 per month to me?”, so that’s where the idea was born. A year later, I was hosting the websites of 100,000 companies, and online solutions have remained a passion for me. The investment portfolio has come about because I’m in a position to help other entrepreneurs, so I think it’s only fair that I do.
WHAT’S YOUR ADVICE TO YOUNG ENTREPRENEURS TRYING TO GET AN IDEA OFF THE GROUND? Success isn’t built overnight. Half of what you do will fail or not go as expected, but if you’re adaptable, open to change, and able to keep focused on your end goal, you will get there in the end.
IF YOU WEREN’T AN ENTREPRENEUR, WHAT WOULD YOU BE DOING TODAY? I was rubbish at school and don’t have any qualifications, so I’d probably be jobless! Although I think that I would have found my way into this sort of business eventually, as helping people grow their businesses is really what I love.
WHAT HAVE BEEN THE BIGGEST CHALLENGES YOU’VE FACED AS A YOUNG ENTREPRENEUR? I guess I’m my own worst enemy - I’m just not a person who can sit around and do nothing. I had lots of harebrained schemes when I was starting out, and managed to rack up a lot of debt. My parents weren’t impressed. In fact, they didn’t really appreciate that things were working out for me until I set up Just Develop It and settled down a bit.
entrepreneurs, and helping them succeed. They have big ideas, aspirations for the future, and a great work ethic, which makes them fun to work with, and keeps things exciting.
WHAT HAS BEEN YOUR PROUDEST MOMENT? I’m always exceptionally proud when our investments succeed and show signs of growth. It often exceeds even their own
I had lots of hare-brained schemes when I was starting out, and managed to rack up a lot of debt. My parents weren’t impressed expectations, and illustrates what can be achieved with hard work and dedication.
WHAT IS YOUR VISION FOR THE FUTURE?
I’ve got big plans for the future, and I’m always looking for new projects. Some companies just HOW MUCH DOES MONEY MOTIVATE YOU? need a helping hand to get them I set up my first company because off the ground, and that’s where I didn’t want to get a paper round, we come in. so I admit it was a factor in the Contact: early days. Now, I’m motivated www.justdevelop.it by investing in other young
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22/12/2014 12:43
SUCCESS
New beginnings New Year, new you? That phrase is more relevant than ever for these entrepreneurs who used their New Year’s resolutions to change their business lives. Zoe Efstathiou discovers their stories of success
W
hat better time to start a new business than January? Armed with a fresh outlook, the optimism we feel at New Year provides the ideal launching pad for fresh and exciting ventures. Our New Year’s resolutions represent our desire to take control of our lives and push ourselves to reach new heights, mirroring the mindset of any successful entrepreneur. Yet unlike the majority of New Year’s resolutions, which have often gone out of the window by spring, starting a business is a long term commitment, and one that requires serious dedication. Zoe Efstathiou speaks to three entrepreneurs whose New Year’s resolutions were the catalyst that inspired them to make their mark in the world of business.
MATT HORAN ROLLASOLES
a roll-up ballet pump brand
NEW YEAR’S RESOLUTION To quit the day job
I
was bored and uninspired with my day job. Every week was a countdown to the weekend. It didn’t seem normal to be spending the majority of my life doing something that I didn’t look forward to. I had a few grand redundancy payment in the bank, and during a slightly drunken ‘eureka! moment’, I realised that I wanted to take the leap and start my own business. I had no experience in fashion, business, or marketing, and no clue about what it takes to run a company, but I knew that trying to figure it out would be a lot more interesting than spending the next 30 years staring at the clock, waiting for the day to end. I moved back in with my Mum to save on rent, read every business book I could lay my hands on, and went to every free business seminar. Once I was ready, I launched the company with a new, exciting product, and put the building blocks in place to build a brand. My life has changed immeasurably. It’s been almost five years since I launched Rollasole, and they have been the most challenging, stressful, hectic, and exciting years of my life. Now I feel like there aren’t enough hours in the day. I love being at work, I love being with my team, and I’m very thankful that I can dictate my working week. The effort I’ve put in and risks that I’ve taken can be clearly seen in the day-to-day successes of the business. I managed to move out from my Mum’s house pretty quickly too! Contact: www.rollasole.com
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SUCCESS
I had no experience, but I knew trying to figure it out would be a lot more interesting than spending the next 30 years staring at the clock, waiting for the day to end
GARY CATTERMORE SURVEY INITIATIVE
staff survey specialist
NEW YEAR’S RESOLUTION To spend more time with family
I
realised I needed to gain more control over my work-life balance. I had numerous discussions with my wife, in which we talked, debated, and reflected on starting our own business. Our discussions over the New Year period happened rapidly, and by the February everything was in place and the business was up and running. We even decided on the name of the company whilst driving from Devon to Exeter, when we were stuck in traffic on the M4. For us, it wasn’t complicated getting the business off the ground. When we started, we already had a number of organisations wanting to work with us. We couldn’t have asked for a better start. I haven’t looked back since. I think it’s safe to say that starting Survey Initiative is one of the best decisions I’ve ever made. We are incredibly fortunate to have a thriving business, and a fantastic work-life balance - well, most of the time at least. Setting up the business has enabled me to see my children grow up. I can take them to school, pick them up, attend school events, and be much more involved in their lives than I perhaps would have been if I hadn’t made that change. Contact: www.surveyinitiative.co.uk
Unemployment is quite isolating and it’s possibly one of the worst things that can happen to someone ROSE SGUEGLIA MISS SQUIGGLES
a PR marketing company NEW YEAR’S RESOLUTION To no longer be unemployed
I
was unemployed and sort of working on a freelance basis. I really wanted to do something, and take action. Unemployment is quite isolating, and it’s possibly one of the worst things that can happen to someone. I decided that starting a business was my way of taking action, and moving my life forward. I was already freelancing in communications, so I said to myself, ‘why not start my own communications company?’ The first thing I did was to focus on creating a website and blog for my new company. Having always been very interested in brands and blogs, I asked a very talented designer to draw my logo and character figure, and Miss Squiggles was born. I had to go out and do more networking, promote my business as much as I could, and start building a reputation. I had to put myself out there, and step outside of my comfort zone, which was unnerving, but as a consequence, I started to meet incredibly interesting people, and have made new friends with common interests. I now work with a range of brands, and help to promote their products. I get to develop great campaigns that make our clients happy, and allow the products to become more visible. It’s always nice when people start to recognise you at networking events, and your work becomes known. Contact: www.misssquiggles.com
36 January 2015
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LATEST releases
SUCCESS
BOOK reviews The Analytics Revolution by Bill Franks Our verdict: About the author: The chief analytics officer for Teradata, Bill Franks provides insights on trends in the analytics and big data space, and helps clients understand how to use them to improve their business. We say: As every business looks to gain an edge in today’s digital marketplace, analytics has become a vital tool in the arsenal of any retailer with an online offering. With this book from Franks,
Digital Inferno
101 ways to survive and thrive in a hyperconnected world by Paul Levy Our verdict: About the author: Paul Levy is a writer, facilitator, and founder of digital publication, FringeReview. He is a Senior Research Fellow at the Centre for Research in Innovation Management (CENTRIM) at the University of Brighton. He is also co-author of several other books on innovation and change, including E:Quality, and Technosophy. We say: If you can’t not answer the phone when it rings, or spend hours on social media each day, then this book is for you.
We’ve got one of each book to give away FREE. Be the first to follow and tweet us, quoting the book name @TalkBusinessMag and we’ll send you a free copy!
it has become easier for the layman to understand the meaning of all of the data they collect, and how to use it to improve the operations and – most importantly – profits, of their business. The publication itself is easy to understand and follow, and covers most of the areas you need to get started on your journey towards a better understanding of how your business is performing online. It also helps you to cut through the hype and myths surrounding technical terms such as ‘big data’, without alienating the nontechnically minded. The Analytics Revolution is published by Wiley, priced at £33.99, and is available as a hardback.
The digital world is spreading like an inferno, and it demands our attention and encourages us to be ‘always on’. Whilst this is exciting, it can be overwhelming. Digital Inferno helps us to make sense of such a fast-paced world, and to deal with its ever-changing forms. This publication is about holding your own in the digital realm, and teaches you exercises to enable you to overcome tiredness from digital contact, and develop skills to remain alert and aware in the marketplace. If you’ve ever struggled to keep pace with new developments in technology, and online, then this book is the perfect tool for staying a step ahead. Digital Inferno is published by Clairview Books, is priced at £12.99, and is available as a paperback.
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23/12/2014 09:46
REMARKABLE Asset Based Lending from ABN AMRO Commercial Finance is the smart way to raise greater funding for your business. Working with you, we can help unlock the hidden value of your assets and allow you to grow with confidence. To see how we can make a remarkable difference to accelerating your business plans, contact our dedicated team on: 0808 274 0710
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28/08/2014 07:58
FINANCE
Boom or bust? What can business owners expect on the financial landscape in 2015? Funding expert, Julian Smith investigates
A
t this time of year, it’s worth pausing with the metaphorical crystal ball to consider how the environment is likely to evolve during the next 12 months. Any attempt to forecast the future is fraught with problems, as the predictive track record
The pro-small business stance has already become a cross-party theme, and as the election approaches I would expect all parties to burnish their entrepreneurfriendly credentials of economists demonstrates. However, I’ll start with an anchor point: we know that there’ll be a general election in May, so whilst there will be much rhetoric, actual policy decisions are unlikely to have much impact until the second half of the year. Two other important reference points are that the economy is moving into 2015 in better shape than expected, with real GDP growth expectations being raised for 2014 to 3%; but that austerity in government spending is likely to remain a feature, as whichever administration wins will want to restore the annual budgetary
balance during the next term. Growing SMEs are undeniably helpful for the economy; they create employment, and drive faster growth than mature companies can achieve. Against that background, the pro-small business stance has already become a cross-party theme, and as the election approaches I would expect all parties to burnish their entrepreneur-friendly credentials. What will that bring in practice? And what will be the natural developments in the market for SMEs? Here are my big three predictions:
INSTITUTIONALISATION OF ALTERNATIVE FUNDING, ESPECIALLY PEER-TO-PEER
That sounds like a bad thing, but far from it. I would expect the market for peer-to-peer (P2P) funding to continue to mature. We’ve already started to see larger institutional funders, not least the Government, deploying capital via P2P lending platforms. I would expect that trend to develop, with a greater range of individuals and institutions putting their capital to work.
CORPORATES TO JOIN THE EARLY STAGE PARTY
Early stage equity investment has been stimulated by SEIS and EIS schemes, allowing individuals to invest, either directly or indirectly,
via managed trusts in early stage companies in a tax efficient manner. Large corporate balance sheets are generally in good health in the UK, although the prevalence of internal VC funds is years’ behind US peers. There are signs that larger corporates are starting to take notice of the strategy that companies like Telefonica (owner of O2) are pursuing, and we’re likely to see more of this. A fiscal incentive would accelerate this trend and help to drive larger amounts of capital early stage growth, and innovation.
GETTING TOUGH ON LATE PAYERS
Managing cashflow is one of the most challenging issues for smaller businesses. When cashflow is tight, it impairs a company’s ability to invest, and could even threaten its existence. It’s scandalous that often the worst offenders are the larger companies with the best covenants, but working capital practices that extend terms to suppliers to flatter their cash conversion rates. Raised as one of the key recommendations in the Federation of Small Businesses’ Manifesto for the 2015-20 Government, I believe this issue should see momentum towards a point where best practice is widely acknowledged as 30-day terms. Contact: www.thefundingexpert.co.uk twitter: @lefundingexpert
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23/12/2014 12:02
SPONSORED ARTICLE
BCRS Business Loans – a non-bank lenders perspective on accessing finance for your business
I
n times of market volatility when accessing finance for your business seems to be non-existent, there is hope, writes BCRS Chief Executive, Paul Kalinauckas.
I believe for a growing business one of the biggest milestones they will reach is the point when they are ready to take it to the next level - expand operations, recruitment, purchasing more equipment or securing new premises. Few small businesses can afford to finance this type of change through working capital alone, but once in place, they know the positive effect it will have on their cash flow and future prospects. This is the moment that business owners need to turn to financing as a way to move their business forward. Fortunately, obtaining finance for a small business does not have to be challenging. No matter the size of your business or its cash flow situation, there are plenty of options for financing your growth. BCRS Business Loans is one of those options! BCRS provides access to finance for businesses through its Business Loan Fund. Set up twelve years ago,
BCRS has helped many businesses grow and prosper. Loans of between £10,000 and £150,000 are available to viable businesses turned down by mainstream lenders. BCRS’s sole purpose is to provide access to finance to enable businesses to grow and prosper. Our loan fund has been especially designed to help businesses. We understand that getting business finance can sometimes be a problem. Lack of track record, unreasonable security arrangements, past financial problems or simply not meeting conventional credit scoring methods may be hindering the process. This is where I believe BCRS comes into its own. There is a lot that my team and I can do to help Midlands based businesses and we are looking to connect with them as their local business loan fund. The BCRS model is of an approachable lender and we assess each individual case on its own merits. We operate very much with a traditional lending ethos rather than impersonal computerised credit scoring. A BCRS loan can be used for a wide variety of projects including working capital, purchasing equipment, recruitment, startups and marketing. We lend into most market sectors including construction, engineering, IT services, manufacturing, service providers and wholesalers.
A quick response for your lending requirements is available through the enquiry form facility at www.bcrs.org.uk or call us on 0845 313 8410.
TB40_bcrs_ADVERTORIAL.indd 2
17/12/2014 11:26
FINANCE
Five ways of drawing funds from your business Riz Wasti, from 2E Accountants, explores how to legally draw monies from your owner-managed limited company
I
f you’re the owner of a business, that’s not publicly listed, you’ll probably want to draw money from your company for your own use. If your business is registered as a limited company, it’s a separate entity from you, and there are a number of ways you can draw money from it. It all depends on the relationship you form with your business. You’ll typically have three main relationships with your business: as a lender, an employee, and an owner/ shareholder. Based on these, here are five ways to draw money from your business:
AS A LENDER TO YOUR BUSINESS 1 DIRECTOR’S LOAN
If you’ve lent money to the business for any reason, then this is considered a loan like any other and, as such, is payable back to you. The advantage: The cash you receive personally as a loan repayment, is not subject to personal tax.
AS AN EMPLOYEE OF YOUR BUSINESS 2 SALARY
As you work in your business, you can earn a salary. Keeping
the salary low helps to keep tax costs to a minimum. For example, you could pay yourself up to the National Insurance (NI) threshold (£153 p/w for 2014/15), or up to the director’s annual personal allowance (2014/15 personal basic allowance is £10,000 pa.). The advantage: Salary is a tax deductible cost to a business, thereby reducing your corporation tax. Also, under the threshold, you won’t incur personal tax.
3 REIMBURSABLE EXPENSES
You may incur expenses in your business, which you pay personally. As long as the expenses were exclusively for business, you can claim them back from the business. In addition, HMRC allows for using some personal assets for business; e.g. if travelling in your own car for business purposes, you can claim 45p per mile without incurring income tax. There are also allowances for the use of your home, if working from it. The advantage: As long as expenses are allowable, there’ll be no personal tax liability and you’ll get a reduction in corporation tax.
AS A SHAREOWNER 4 DIVIDENDS
A company pays 20% corporation tax on profits. The profit-after-tax is then available to distribute to shareholders. This is called a dividend. If you pay yourself a dividend, up to the basic rate income level (the 2014/15 basic rate at 20% is £31,865), you won’t have to pay additional personal taxes. Once your gross personal income goes over this threshold, the tax rates for dividends also go up. The advantage: Dividends give businesses the flexibility of keeping salary costs low, and paying shareholders after earning actual profits, allowing owners to earn tax efficiently.
5 CAPITAL GAINS
Capital gains occur when, as a shareholder, you sell your shares to someone at higher than cost value. The capital gains tax rate starts from 18%. However, there’s an annual exemption available for the first £11,000. Also, if you qualify for ‘Entrepreneur’s Relief’, you’ll only have to pay 10% capital gains tax. The advantage: Tax liability is lower than income tax.
If you’ve lent money to the business for any reason, then this is considered a loan like any other and, as such, is payable back to you
Contact: www.2eaccountants.co.uk
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23/12/2014 09:51
CoFACE FOR SAFER TRADE
C
oface UK helps businesses of all sizes protect their domestic and overseas trade through its credit management services: credit insurance, risk assessments and information, and collections. Its latest policy, SafeTrader, is available online to SMEs who want to protect their domestic and overseas sales. Present in the UK for 20 years, Coface UK is part of the Coface Group, a worldwide leader in credit insurance with a presence in 67 countries. The company prides itself on its product innovation and customer service. In 2014, it won the title Credit Insurer of the Year at the Institute of Credit Management’s British Credit Awards and in its latest customer satisfaction survey, 90% of its clients said they were satisfied with the service they had received from Coface in the UK. Coface UK’s portfolio of credit management products and services enables clients to evaluate their trading risks effectively, access new market opportunities with confidence and protects themselves from the damaging consequences of payment default. These include: Credit insurance policies: Coface has developed a range of credit insurance solutions to meet the needs of different businesses and trading challenges. For SMEs A new online policy for small businesses, Safe Trader allows companies with a turnover up to £3m to obtain a quotation and contract in a few clicks. For an annual, all-inclusive price, Safe Trader covers both domestic and overseas sales and includes information about the financial health of customers, credit insurance and collection of unpaid invoices. For more information, visit www.safetrader.uk.com For SMEs with a turnover up to £10m Premier Trader provides straightforward credit protection on domestic and
044_TB40_cofaceADVERTORIAL.indd 29
overseas sales at a fixed premium. It’s a policy that helps SMEs to continue to grow securely. For medium-sized enterprises Open Trader is a whole-turnover policy for companies with turnover between £10 and £100million. It offers protection from non-payment for domestic and overseas sales and debt collection. For multinationals Coface Global Solutions provides multicountry trade risk cover for multinational clients and includes Dashboard, a management tool which provides detailed analysis of credit risks. For strategically important customers Tailored credit insurance is available for companies seeking protection against insolvency or non-payment by key customers. With Coface’s Single Buyer Policy and Top Trader, policy-holders pay only for the cover they need. Meanwhile Top Liner enables companies with a standard Coface contract to obtain supplementary cover for specific short-term risks. For specific risks Coface has a dedicated team which focuses on political and commercial risks. They can arrange tailored single risk cover, including political risk, import, financing and investment guarantees. Credit management tools: All Coface clients have access to Cofanet, an online policy and credit management tool which allows them to apply for credit limits on new customers; monitor and adjust existing limits; view a real-time snapshot of the distribution of credit risk in their portfolio; and send messages directly to our underwriting department.
suppliers worldwide; credit reports; and customised credit opinions which evaluate the risk of default when extending a specific amount of credit. Country and sector risk assessments: Coface regularly produces reports by experienced economists about global trading risks and the trading situation in different countries which are published on its website. It also regularly a ssesses the risks and prospects for different industry sectors, from construction to retail. Uniquely within the industry, Coface UK holds an annual Country Risk Conference which brings together economists, policy experts, researchers and business leaders to review global economic trends and assess international trading opportunities and risks. Debt recovery: Coface has an in-house collections team who are multi-lingual and trained and experienced in debt collection in the UK and overseas. Coface’s international network means it can efficiently investigate debtor assets and secure payment more quickly. Finally, the acid test of any credit insurance provider is how efficiently it meets the needs of customers. Coface turns around over 80% of credit limit decisions within two days and over 70% of decisions are made within one day. By reducing claims documentation requirements and streamlining its internal processes Coface is able to pay successful claims of up to £5,000 within five days while all domestic and overseas claims are paid within 30 days.
For more information about Coface UK, call 01923 478111 or visit www.cofaceuk.com
Credit reports and opinions: Coface tracks the trading behaviour of over 66 million companies throughout the world. It provides detailed business reports so companies can assess potential new customers, partners and
23/12/2014 09:21
FINANCE
Don't pay the price “What do 2015 payments regulations changes have in store for you?” asks Raj Sond, general manager, First Data Merchant Solutions
R
unning a small shop isn’t just a case of selling goods. Independent retailers frequently find that they are expected to wear a number of hats, from shopkeeper to accountant, to HR consultant. Struggling to perfect all these skill sets is a complex challenge, before throwing ‘payment regulation expert’ into the mix. The payments landscape can be a particularly tough area to master. While taking payments is the very foundation of any business, few small business owners have the time to understand the detail of changing payments regulations. As such, it’s essential that small business owners seek advice on the key upcoming payments changes that will affect this fundamental part of their business.
UPCOMING CHANGES AND HOW THEY AFFECT YOU
New payments changes set to come into play in January 2015, are proving particularly confusing for retailers. An interchange fee is charged by a cardholder’s issuing
bank to the retailer’s payment processor, to recover the various costs of providing the card payment facility. It’s a significant part of the cost incurred by payment processors acting on behalf of retailers. From 1 January, the European Commission is introducing a programme with a cap on the interchange fees charged by Visa issuers, known as the ‘Cross Border Domestic Interchange Programme’ (CBDIP). The move will give European payments processors the ability to offer retailers in another European country, participation in a scheme where a capped interchange fee of 0.2% for Visa debit cards (currently between eight and ten pence in the UK), and 0.3% for Visa credit cards (currently between 0.77% and 0.87% in the UK), for secure domestic transactions. Given that the European Commission and Visa have been deliberating over the finer details of the changing regulations since 2012, it’s understandable that there’s an air of confusion amongst small businesses surrounding the legislation. In many cases, small business
From 1 January, the European Commission is introducing a programme with a cap on the interchange fees charged by Visa issuers owners are wondering how this will affect them, and whether they could benefit from lowered fees by using overseas acquirers. As ever, there is not a simple yes or no answer. There are a number of factors that will affect the impact of CBDIP on merchants, and it’s important that small business owners consider the following questions before becoming too caught up in the ‘headline statistic’ for potential savings:
WHAT TYPE OF TRANSACTIONS DOES YOUR BUSINESS TEND TO ACCEPT?
Firstly, the CBDIP programme is relevant to Visa transactions only. Whilst Visa debit is the predominant card payment type used in the UK, moving all of your card payments may result in
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FINANCE
increased charges for other types. Debit card interchange has always been at a ‘pence per transaction’ rate. Moving to an ad valorem rate (i.e. a percentage) brings into play the transaction value, which in many cases can result in an increase in interchange compared to the pence rate - not a reduction. Bear in mind that debit remains the most popular card of choice for most consumers. According to the British Retail Consortium (BRC), credit cards account for just 9% of transactions in the UK. The CBDIP programme will primarily benefit those who take secure Visa credit card transactions. If, for example, you run a small jewellers, and deal largely in high transaction values, then credit cards may be the most common purchase option for your customers.
ARE YOUR PAYMENTS SECURE?
Only merchants with secure transactions can qualify for CBDIP. This includes Visa secure technology, such as EMV(Chip&PIN), 3D, Verified by Visa, V.me by Visa, and any other equivalent secure Visa Europe technology, which may be developed in the future.
IS YOUR PRIMARY CUSTOMER BASE DOMESTIC, OR FROM OVERSEAS?
CBDIP will only affect domestic transactions. If your small business is based in a popular tourist spot, with a largely overseas customer base, you may not see the benefits you were hoping for.
DO THE COSTS OUTWEIGH THE BENEFITS?
There is a joining fee of €100 (approx. £80), followed by an annual maintenance fee of €50 (approx. £40). Overseas processors tend to have overseas operations. Having local support can be extremely valuable.
WHAT’S GOING ON IN MARCH?
Whilst there has been a lot of media attention surrounding the CBDIP programme, many are unaware of the changes due on 1 March 2015: the UK domestic Visa debit interchange rate will change to 0.2%+1p for secure transactions, and during 2015, it’s expected that the credit interchange rates (from both Visa and MasterCard) will have reduced to rates in line with
the CBDIP programme. Acknowledging these factors, and also that it takes 60 days to enrol in CBDIP, it’s worth evaluating how much savings you could actually make (if any), and considering whether there is more value in waiting for UK regulations to come into effect. Payment regulations change regularly, and is a complex issue for large retail corporations to track and evaluate - not to mention independent retailers who are battling to keep up with the day-to-day challenges that come with running a small business. Nonetheless, with BRC figures showing that cash payments have dropped 14% in the past five years, card payment processing is not a subject that merchants of any size can afford to ignore. There are a number of factors that smaller retailers need to consider when evaluating whether to pursue enrolment in the CBDIP programme - not least whether it’s worth waiting two months until similar measures are introduced in the UK. Contact: www.firstdatams.co.uk
With figures showing that cash payments have dropped 14% in the past five years, card payment processing is not a subject that merchants can afford to ignore
46 January 2015
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23/12/2014 09:58
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22/12/2014 12:33
FINANCE
If at first you don’t succeed
Funding rejection isn’t the end of the road, says Karl Gibbs, founder and general manager of Acticheck
48 January 2015
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FINANCE
R
ejection isn’t nice. Unfortunately, as an entrepreneur or owner of a small enterprise, it’s something that can be all too common, especially when trying to organise finance. There are hundreds of articles and adverts extolling the various funding options for young companies, yet few say what to do in the event that a preferred financial source rejects you. If this occurs, don’t panic, it may not be the end. Instead work through these four steps:
KEEP CALM AND DRINK TEA
It’s tough, building your hopes up only to be rejected. Faced with this, it’s normal to feel one of two things; a sense of defeat; or a desperate need to find another monetary source - fast. The important thing is to stay composed, and yes, make a cup of tea (or the equivalent). This will calm you down, slowing your thought processes, and giving you the chance to absorb the news before deciding on your next step.
LISTEN FULLY
If you can, request feedback on your application and, once you’ve received it, listen fully. Within that feedback there will be messages and lessons that you can use to improve future proposals. They may be obvious, they may be hidden, but they will be there. There may have been a
fundamental flaw in your plan, or it could be a simple case of too many spelling mistakes. Perhaps the backer knows something about the market that you don’t? Then again, it could be that they don’t see a fit between their expertise and your business.
private source. Think about who you know; you can use LinkedIn to discover how you’re connected to potential investors (even second or third degree connections) and negotiate introductions through existing contacts. You never know who might know someone
Investors are looking for three things: a compelling product; a good business case; and people they believe in. It’s your job to convince them of all three DON’T TAKE IT PERSONALLY
If you find that the problem was based around fit, don’t take it personally. The link may have been obvious to you, but it wasn’t to them. This is an opportunity to learn what this type of investor needs to hear. Do that, and next time you’ll be better placed to tell them. And remember, private investors can receive hundreds of funding proposals each year, so there’s little time for them to be anything but practical when deciding who to place their funds with.
IT’S NOT WHAT YOU KNOW BUT...
If public funding isn’t an option for you, you’ll need to find a
who knows someone with the funds to invest. When pitching for business finance, bear in mind that investors are looking for three things: a compelling product; a good business case; and people they believe in. It’s your job to convince them of all three. They need to believe you can get the product onto the shelves, and that customers will take it off. In other words, you need to prove you have a business, not just a product. Not every business will be successful in securing funding, but keeping the above in mind will give yours the best chance possible. Contact: www.convibo.co.uk
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23/12/2014 09:49
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23/12/2014 12:57
FINANCE
Is Bitcoin - the preferred payment system for many criminals - something to embrace, or steer clear of? Talk Money finance expert, Adam Aiken investigates
W
ith Christmas behind us and 2015 in full swing, last autumn might seem an age ago. But it’s only a few short weeks since the Black Friday and Cyber Monday excitement/nightmare (delete as appropriate) - an event that saw hundreds of millions of pounds spent in the high street and online. Amongst the vast sums, almost £200 million worth of Bitcoin was used worldwide. Supporters of this
Bitcoin or bitcon? all transactions worldwide. Few, if any, businesses missed out as a result of not accepting the currency. But bear in mind that Bitcoin users tend to be younger consumers, so its popularity might increase. Businesses that are early-ish adopters of Bitcoin might find they have an advantage later. The fact that retailers such as Amazon accept Bitcoin, might also be a factor to consider. The days of Amazon being simply a bookseller are long gone, and many small businesses now class it as a direct competitor. If you are
Bitcoin users tend to be younger consumers, so its popularity might increase. Businesses that are early-ish adopters of Bitcoin might find they have an advantage later “crypto-currency” claim it has finally broken through into the mainstream, and should be viewed as no less permanent a fixture than credit cards or Paypal. So should small businesses make plans to be able to accept Bitcoin, which arrived on the scene six years ago? The first thing to point out is that, despite the growth of its use, the value of global Bitcoin transactions during the Black Friday weekend was a drop in the ocean compared with the value of
one of these businesses, and you don’t accept Bitcoin as a form of payment, the likes of Amazon will only further increase their dominance in the online world. Bitcoin transactions have much lower fees than those made with credit cards. And the fact that it is a universal currency means there are no extra charges for using Bitcoin anywhere in the world, which could make it easier for you to do business globally. You
also won’t be hit by chargebacks customers reversing payments after they’ve been made. Bitcoin has its seedy side, though if only by association. Criminals use it thanks to the lack of regulation and the anonymity it provides. Many nefarious sites on the “dark web” deal solely with Bitcoin. Meanwhile, HSBC recently severed ties with the world’s first regulated Bitcoin investment fund, with the bank stating that it was worried about the risk of money laundering. Security concerns are worth bearing in mind, with stolen Bitcoin almost impossible to retrieve. But taking online security seriously is not a new issue, and it’s something all businesses should be doing anyway. Just because criminals commit fraud with credit cards, it doesn’t mean businesses shouldn’t accept plastic, and it’s the same with Bitcoin. Clearly, the nature of your business will play a part in determining whether you want (or need) to accept Bitcoin. But if you do go ahead and embrace this digital money, you could find yourself getting one step ahead of your competitors.
MONEY www.talk-money.co.uk
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23/12/2014 09:53
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22/12/2014 13:39
FINANCE
Start-up loan recipients, Holly Steidl and George Ellison, owners of The Pigeon Hole Cafe, let us delve into a day in their busy business lives
6:30AM: The day starts off with
whichever one of us is on the early shift, rising at around 6:30am to prepare The Pigeon Hole Cafe before opening our doors at 8am.
8AM: Today is Friday, and is a
market day so, as Holly makes the first of today’s many coffee orders, I head to Deptford High Street to dig amongst the eclectic mix of what’s on offer, hoping to pick up any gems of furniture to showcase in the cafe and eventually sell on. Amid the old high-chairs, VHS cassettes, and kitchen appliances, lies a drop-leaf table that catches my eye. The surface is slightly worn and it could do with a bit of work, but it has character. It’s the first buy of the day.
10:30AM: Back at the cafe, the early morning stream of commuters requiring caffeine has come and gone, and the breakfast service is under way. Parents on duty today patiently contain the spillages of little ones, slurping at their hot chocolates and devouring our freshly-baked muffins. The gentle murmur of naming
dinosaurs and reciting ‘We Are Going On A Bear Hunt’ flows in the background, amongst the tinkering of coffee cups, and the steaming of milk. This is our midmorning cafe ‘soundscape’.
1PM: By the time I’m back from the car boot sales, the lunch session is in full flow. We have our usual crowd in - the teachers from the local primary escaping school for an hour; office workers popping in for their takeaway; and the occasional Camberwell art student tucked in the corner, reading a novel off our bookshelf, huddled over a pot of tea. As lunch rolls into the afternoon, people turn to the cakes to fill that last little gap in their stomachs. Today, with it being Halloween, we have a special pumpkin and chai creation from our wonderful baker, Smash Bang Dollop which, without fail, delivers the most delicious cakes every time. Any down-time in the afternoon is used to catch up on accounts, put in orders and publicise upcoming events - the
The gentle murmur of naming dinosaurs and reciting ‘We Are Going On A Bear Hunt’ flows in the background, among the tinkering of coffee cups and the steaming of milk
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A day in the life dull but necessary bits you cannot escape from.
6PM: With the streets falling
into dusk, our candles are lit and the cafe emits a warm, honeyed glow. The evenings are where we become more anonymous; background figures to keep the show running, yet not obscure the view. It’s one of my favourite times, watching people enjoy the atmosphere, and relaxing in what we’ve created.
11PM: We close - and then we
clean. The coffee machine, the kitchen, the dishwasher, the floors. It’s the last push of a very long day, our bodies and minds on automatic until we finally lock the door for the night, ready for bed ready to do it all again tomorrow!
Contact: www.startuploans.co.uk
In profile Name: Holly Steidl and George Ellison Company: The Pigeon Hole Cafe Start Up Loan: £2,500 Website: www.thepigeonholecafe.com
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23/12/2014 09:56
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23/12/2014 09:38
STRATEGY
Invest to impress It’s 2015, and Rich With already has his wallet out…
B
limey, that went quick! Yes, yes, it’s a whole new year, fresh start, the world is our oyster etc., but the continuing financial situation means that the ever-expanding number of freelancers, micro businesses, and SMEs makes the business world even more competitive. To my mind, it isn’t even about surviving anymore. Who wants to just survive - don’t we want to thrive and prosper? To thrive, we need to take our business and brand seriously, and invest both time and money into making it something special. Remember anyone can copy your business, but trying to duplicate your brand is a lot more difficult. If you have something that resonates in the mind of your potential clients, on every level, then that’s something that is unique and intrinsic to your business. I recently wrote an article about the almighty farce that was Black Friday, and how many businesses were caught out. However, even though many people want to queue up all night for £100 off a slightly rubbish TV, I don’t, and I don’t want my customers to be that way either. Consequently we have to be above the bargain hunters. We have to believe that the service we provide isn’t cut price. We’ve chosen a corporate responsibility to not exploit our customers, and make them degrade and humiliate their business with
cheap looks and ineffective marketing for a quick fix. Speaking of bargain hunters, to make real progress with our businesses, we can’t go on in the same old cheap-skate fashion. We can easily get free business cards, and a logo designed for a fiver too. We can download free templates for our websites, and believe that by spending a few minutes on Twitter or Facebook, the orders will come flooding in. They won’t. Buy cheap, buy twice as they say. If you dig deep enough, there are financial grants available through local Government that will pay a chunk of your costs for many areas of your business. The caveat is that you still have to put in a percentage of your own money too. The fuss that this has caused is perhaps not surprising, but, if you truly believe your business is worth investing in, then surely you need to be able to put your money where your mouth is and cough up your share too? Don’t forget, it’s not just money that needs to be invested, but the right amount of time too. If you’re planning on marketing your business properly, then you need to devote your efforts to getting some sort of strategy in place. And don’t forget that things are also moving at an ever increasing pace, meaning we have to be one jump ahead of the competition. All those businesses that you want to emulate - they got
If you believe your business is worth investing in, then surely you need to be able to put your money where your mouth is? where they are by thinking through appropriate and effective ways to market their product or service. If you are serious about 2015, then the investment has to be there. Have a good one! Contact: www.justgrow.co
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23/12/2014 10:03
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23/12/2014 12:05
STRATEGY
Choosing your partner is about more than just selecting a provider of services. It’s about finding a brand that will sit alongside your organisation
Outgoing messages Patrick Nash, CEO at Connect Assist, explores how you can ensure that you outsource to the right company
W
hether you’re a firm that manufactures metals for the construction industry or a charity that provides helpline support to its users, every organisation has unique strengths within its niche sector. However, most organisations would admit that there’s always room for improvement. Whether it’s ‘working smarter’, freeing up valuable time and increasing efficiencies, or sourcing external expertise, many firms seek to engage outsourced suppliers for support outside the realms of their in-house expertise. If you’re considering making a commitment and investment in outsourced services, there are a number of factors to consider. Choosing the right provider should involve much more than just scanning price lists, or reading the website. Your choice should depend on a wide range of factors, such as quality, reliability and service, use of technology, and value for money. How you weigh up the importance of
these different factors will depend on your business priorities and strategy. As a company that provides outsourced contact centre services for the third sector - and specifically, charities such as The Royal British Legion and Barnardo’s - we understand more than most, the importance of choosing the right partner. And that’s exactly what outsourcing is all about, partnership and collaboration. Choosing your partner is about more than just selecting a provider of services. It’s about finding a brand that will sit alongside your organisation - both internally and externally. Its values and ethos should match yours. It should stand for the same things you do, as much as possible, especially when it comes to how it deals with customers. When choosing a partner, you should be comfortable talking about the collaboration with them, publicly or to your clients. And if you’re not, you should consider why, because it’s more likely the relationship won’t be a long term one. For outsourcing to be a success,
thinking long term is vitally important. Long term partnerships are more likely to bring increased efficiencies, reduced costs, and closer relationships that are mutually beneficial - all of which lead to growing levels of trust and an improved working relationship. So what should you look out for when you’re seeking an outsourced partner? Firstly, identify exactly what aspect of your work you’re seeking to outsource, and your objectives for doing so. Often, the objectives won’t be directly linked to the services you outsource. For example, by outsourcing HR, you could free up management time, leading to improved efficiencies across the board. Pinpointing the level of service you require is also important. Recruit outsourced help at too low a level, and you could end up spending just as much time managing them. Then, you must evaluate your prospective partner’s experience in your field. What clients do they currently work for? Are they competitors? Do their customers fit
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STRATEGY
Taking the time to ensure you have selected the right partner could be the most important investment you ever make with your ethos? Alongside this, does the supplier boast a proven track record at delivering services in your chosen sector? Even if they say so, don’t just take their word for it. Everyone thinks they’re the best at what they do, so make sure you request references from their current partners and clients to back up their claims, and speak to existing customers if you can. And don’t just stop there - do your own research as well. This is where your business network and social media contacts become important. Services like LinkedIn and Twitter are invaluable tools for gathering information from a wide network about potential business partners. There are few better ways to research the overall feeling towards a company than putting its name through the search bar on Twitter. Finally, for large outsourcing
relationships - whereby the use of IT and data security is integral to the work - checking IT infrastructure and quality certifications is critical. For example, if your relationship involves sharing of confidential client or customer data, then ensuring information security is robust and proven is imperative. Business Continuity Plans (BCPs) and Service Level Agreements (SLAs) can also safeguard uninterrupted support or services, and are typically used when working within large and complex outsourcing collaborations. Also, check if your provider has accreditations, like ISO and other competency certificates that evaluate processes to manage projects, maintain quality and deliver the work. To sum up, if you’re considering engaging an outsourced supplier, it should be regarded as part of your organisation’s long term strategy. Choosing a partner to work alongside should reduce your team’s workload and improve the service to your users.
Once you have chosen a supplier to work with, you should regularly monitor the partnership’s success. Check with staff on the front line regarding what works well, and what could be improved. After all, feedback from those that work with your suppliers on a daily basis will provide the most accurate reflection of their performance. With a matching ethos, regular evaluation, and specific commitments and responsibilities, you should be in a position to build a successful partnership. Working with experts in their respective fields can improve performance, and reduce costs, but making considered and informed choices is critical. Taking the time to ensure you have selected the right partner could be the most important investment you ever make. Contact: www.connectassist.co.uk
58 January 2015
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23/12/2014 10:00
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29/09/2014 12:25
STRATEGY
Are you up to the challenge? Editor, Luke Garner explores the four biggest challenges facing SMEs in 2015
A
s we slowly move out of recession into more prosperous times, and with a general election just around the corner, 2015 looks to be a year of change and promise for small and medium businesses in the UK. But as ever, there are always going to be battles to be fought, and obstacles to be faced. So what are the challenges SMEs can expect to face this year?
FUNDING
They don’t say money makes the world go around for nothing! An ever present difficulty for many businesses, access to funding could really be a sticking point. Whilst the banks are still reluctant to lend, no matter what incentives the Government seems to offer, many are turning to alternative sources of funding. Peer-to-peer (P2P) lending has rocketed by 250% since 2012, whilst crowdfunding is becoming an ever more popular avenue, with many seeing it as a no-lose situation, or even a sounding board for new ideas. The good news is that, with the general election on the horizon, and politicians likely to be promising the earth to secure votes, we should see a change in policies that help ease the flow of funds into the small business sector. It is worth mentioning that there are currently a number of schemes available to growing businesses, that provide mentoring as well as funding, which can be taken advantage of. An example would be the Growth Vouchers Scheme, which can provide up to £2,000 towards business advice (www.gov.uk/apply-growth-vouchers).
LETTING GO
When you’ve built your business up from the ground yourself, put in the long, hard hours, and poured every last penny into making it a success, it is natural to want to protect your business as if it were a child. However, this is often where entrepreneurs fall down. It can be difficult, but you need to learn to let aspects of your business be run by others – essentially, learn to let go. Whether it is because they have expert knowledge that you don’t have, or simply that time restraints mean you’re stretching yourself too thin,it is wise to hand over some responsibility to others before it starts to suffocate your businesses growth. As Dragon’s Den star and interior designer, Kelly Hoppen explains in our cover feature; “It is absolutely vital to recognise when you need help. You can’t be an expert at everything, and the ability to delegate isn’t a weakness - it’s a strength. If people can learn this early on, then they stand a fighting chance of making their business a success.”
60 January 2015
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23/12/2014 10:05
STRATEGY
It can be difficult, but you need to learn to let aspects of your business be run by others essentially, learn to let go
PROMOTION
For many SMEs, a marketing budget is simply a pipe dream. With TV adverts costing thousands of pounds per second, and radio advertising from hundreds of pounds too, it can seem like a very uneven playing field when trying to compete with the big boys. However, there are plenty of platforms through which you can not only fight back, but also gain a loyal following of customers. Social media is a free an invaluable tool for reaching a large audience, which most people are aware of, but many do not venture beyond Twitter or Facebook. Perhaps consider trying Instagram or Pinterest, especially if you’re a company whose products lend themselves visually to this medium. Additionally, it is easy these days to accumulate email addresses for marketing purposes (either paidfor or free) and as such, keeping your customers/followers/fans up to date with your latest business goings on through a newsletter is vital. Free-touse websites, such as MailChimp, are the best route for producing a quality product, which are easy to navigate and create on, no matter what level of technical expertise you possess (though do bear in mind that if you have a particularly large mailing list or post very frequently, you may have to pay a small fee).
INCREASING COMPETITION
The problem with having a great idea is that often it isn’t long before a bandwagon rolls up, and everyone jumps on board. What was once your niche market can rapidly see disruptors enter the marketplace and try to steal away your business by undercutting your prices or, in the case of bigger competition, throwing money at marketing until they become the face of the industry. This is a particular issue as more and more people become disillusioned with their 9-5 routines, and look to branch out on their own. Indeed, a record 526,000 new companies were registered with Companies House in 2014. Emma Jones, co-founder of StartUp Britain, says on the website: It’s clear the UK’s start-up community is growing year-on-year. “These figures reveal a power house in the South East and London, as well as impressive pockets of entrepreneurial activity in the North West, South Yorkshire, the Midlands, and Scotland.” One way to fight the deluge of new competition is to make sure you patent any ideas you have, and get the appropriate copyrights for images, product names, and logos. This can usually be done through the Patent Office (www.gov.uk). If you’re not sure if your idea is copyrightable or patentable, it is worth getting some advice from an expert.”
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STRATEGY
Call on me Jacqui Keep from Powwownow gives her top five tips to improve your conference calls this year
T
he beginning of January 2015 will not only signal the start of a new year, it also represents 30 years since the first mobile phone call was made in the UK. Communication has moved on a substantial amount in that period, with conference calling and video conferencing now the norm across many offices around the world. There are a number of ways new technologies can be embraced to improve meetings via conference calls and to keep global conversations as easy and productive as possible; so here are our top five tips for getting the most out of your calls:
to identify who is speaking. It only takes two similar voices for potential confusion to ensue. Addressing the wrong person can be embarrassing and cause offence; speaker identification makes this a thing of the past, simply mentioning your name before you speak can help clear up any confusion.
USE THE MUTE BUTTON
ENCOURAGE VIDEO CONFERENCING
There’s nothing worse than sitting on the other end of a conference call with the other party arguing over a mundane matter, and being able to hear every word. Mute buttons were installed on conference phones for a reason, yet not enough companies and individuals seem aware. Conferencing should be hassle-free, and allow clear and direct communication - individual conversations can take place behind the scenes or after the call.
SPEAKER IDENTIFICATION
When holding a conference call between two parties with multiple members present, it can be a struggle
global call with people with different dialects. Having the meeting recorded means you don’t have to spend ages making notes, you can simply listen afterwards, and either transcribe, or send the audio file around, so everyone is aware of their actions to complete.
When holding a conference call with multiple members present, it can be a struggle to identify who is speaking. Simply mentioning your name before you speak can help clear up any confusion Having the ability to see someone’s face can really help build a relationship. Being able to feed off reactions can certainly help with communications, which makes video conferencing a fantastic option to have at your disposal.
RECORD THE CALL
It’s a great idea to record the call you’re on, or if you’re not hosting the call, ask the person that is, if they can; this is a great way of keeping track of what was said afterwards. Sometimes, it can be difficult to hear everything on a conference call, especially if it is a
SET A CLEAR AGENDA
It’s always helpful to run through an agenda at the start of any conference call, to avoid confusion further down the line and so that everyone knows what to expect, and where they can feed in. This way, everyone can ensure they have a chance to speak and, if they feel something important is not included, can state this at the beginning of the call. The greater structure a call has, the more effective it tends to be. Circulating a contact report after calls also helps make sure that everyone has understood what was discussed on the call, and can keep everyone on track. Contact: www.powwownow.co.uk
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STRATEGY
Baby steps Kirsty Senior, co-founder and director of citrusHR, looks at the tricky subject of giving leave for antenatal appointments
A
s you may already know, October saw some new rules come in with regard to antenatal appointments, and the rights of partners to time off. But do you know what you really need to do, or how to make accommodations for partners of expectant mothers?
WHAT’S THIS ALL ABOUT?
In a nutshell, expectant fathers and partners of a pregnant mother, who’ve been working for you for at least 12 weeks, now have the right to accompany her to a maximum of two antenatal appointments, taking unpaid leave up to six and a half hours per appointment both to encourage partners to take an active role in antenatal care, and also limiting the burden on employers. Of course, if you want to give your employees more support, that’s up to you, but this is now the legal minimum.
HOW WILL IT WORK IN PRACTICE?
Employers will likely need to amend their maternity/ paternity policies with the new rules, and I would expect people to pick up on it.
It’s a great piece of legislation to encourage partners to get involved during pregnancy, however we’re yet to see how much of an impact it will have on smaller businesses No minimum notice period is required from employees and, as you don’t have the right to check any details about the pregnancy, there’s very little you can do to prove it if they haven’t got a valid claim. Strangely though, the way the law is drafted means partners have a right to accompany the mother to the appointment, but not attend the appointment itself. Therefore, the employee could be little else than chauffeur for the mother to her appointment - although it’s unlikely to often be the case. It’s a difficult one for small businesses to manage, especially if they have a small team of less than 10 staff where the impact will be felt more. Therefore, giving employees visibility of when their colleagues are off could help them to make a more sensible decision as to when they attend an appointment - if it’s reasonable for them to do so. Many employers may use spreadsheets for holiday, but there is an increasing range of
online solutions to help small businesses to quickly view staff attendance, all in one place. Just remember that the right is to unpaid leave for these appointments; therefore whilst the absence will be a disruption, at least you won’t have to pay them. This will also be a fairly large factor for an employee using this new right, so they may instead request holiday, or to make up the hours. It’s a great piece of legislation to encourage partners to get involved during pregnancy, however we’re yet to see how much of an impact it will have on smaller businesses. Most already allow fathers to attend things like scans, so there shouldn’t be a huge amount of issues. As always, people may take advantage of the new rules, but if you have the right employees and give them an opportunity to understand the impact of their time off, the issues are likely to be fairly minimal. Contact: www.piwik.pro
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MARKETING
Avoiding the flash, the fluff & the fakers TM
O
utsourcing your marketing can be a tricky business. There are a lot of unethical marketing cowboys out there, who are happy to take your money and give you nothing in return. I call them ‘The Flash, Fluff and Fakers’. ‘The Flash’ think marketing is all about making things look pretty, but don’t
Marketing guru, Kim Davis, founder of Sarsaparilla Marketing, teaches you how to spot a scammer when looking to outsource your brand promotions when, in reality, it hasn’t been written yet; “Spectacular, Spectacular, No words in the vernacular, Can describe this great event, You’ll be dumb with wonderment”. ‘The Fakers’ think that, just
Lord Sugar is worth nearly a billion pounds. It doesn’t make him a wise business man or someone who should be dishing out success
1
THEY WON’T, OR CAN’T, MEASURE RESULTS
Marketing can, and must be measured. It’s the only way to know for sure what is working, and what isn’t. Without it, you will have no idea what you should cut and what you should be investing more in. If anyone is not willing to measure their results, run the other way as fast as possible. We actually insist that our clients measure what we do. That way, they can actually see how good we really are.
2 know how to give it function. As a result, your marketing is just art for art’s sake. ‘The Fluff’ think marketing is all about using fancy adjectives. I often use the example of ‘Spectacular Spectacular’ from Moulin Rouge, where the producer, writer, actress and cast are trying to get the Duke to invest, by telling him how wonderful their show will be,
because they read a book, or have some level of creativity, they are somehow qualified to practice marketing. Nothing could be further from the truth. It breaks my heart to see people throwing their hard earned money away on these evil scammers. So, here’s my top tips on how to identify and protect yourself from ‘The Flash, Fluff, and The Fakers’.
THEY DON’T USE THE WORD ‘MARKETING’ CORRECTLY
Many people don’t know, or understand, what marketing really is. They know they need it, but aren’t sure exactly how to define it. I always tell my clients to imagine marketing is the umbrella, and all of the individual elements, such as PR, advertising, SEO, websites, social media, etc., are what come under it. So
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if you meet someone who says they are a “website and marketing” agency, or a “PR and marketing” agency etc., it means they either don’t know what marketing means, or they are willing to do absolutely anything if you pay them enough to do it. Either way, run for the hills, they are definitely one of the ‘three F’s’.
3
DO YOUR DUE DILIGENCE
Don’t just take people at their word. Find others that you know, like, and trust, who have used the person or agency before, and who can honestly say that they have seen results from the work. I’ve seen so many marketers say they have achieved results, but when you dig deeper, you realise that the testimonials are fake. In fact, when you find people who have used the person/company, you will usually find a trail of destruction, lawsuits, and tears. Find your own results or make sure you baby-step your way in so that you can never lose.
4
5
Lord Sugar is worth nearly a billion pounds. It doesn’t make him a wise business man. In fact, many objected to him becoming the Entrepreneur Czar because, if all he had to count on was Amstrad and Spurs, he would probably be broke. Lord
Check on Company’s House. How many businesses has this person/ company had over the years? If they have had one over 20 years, things are looking good. If they have had 10 over 10 years, things are looking pretty bad. In fact, it looks a lot like tax evasion. Don’t believe that old line about building up multiple businesses and then selling them
HAVING MILLIONS IN THE BANK DOESN’T MEAN THEY KNOW WHAT THEY ARE DOING
THEY HAVE HAD MULTIPLE BUSINESSES
It breaks my heart to see people throwing their hard earned money away on these evil scammers Sugar’s money is in real estate. When he made his money, he had wise investors, who made the smart property investment choices for him. Should he receive the credit? Probably not. Many marketers rely on their millions to validate themselves. The truth is, most of them made their money on pure luck, the smarts of others, or by scamming people. Don’t be fooled.
off. If they were that good, they would have kept it going. I’d love to give you the list of names of all ‘The Flash, Fluff, and Fakers’ I’ve come across in my life, but the list would be miles’ long. Do your research, ask questions and don’t be afraid to start small and demand results - it’s the only way to keep ‘The Flash, Fluff and Fakers’ away! Contact: www.sarsaparillamarketing.co.uk
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MARKETING
Tumblr:
The next social media revolution?
O
ne of the most intriguing platforms to emerge out of the social media boom of recent years, is Tumblr. The site has quickly become one of the most popular destinations on the net, yet many brands stay away out of ignorance. Indeed, while each of the top 100 global brands have Facebook and Twitter accounts, only 30% of them have embraced Tumblr. This is rather surprising, given the site’s impressive user statistics. In a survey from Global Web Index in December 2013, 34 million people said they contribute to, or use Tumblr, on a monthly basis. As of July 2014, the site had generated 83.1 billion posts from 196.8 million blogs.
Paul Bullock, content marketing expert for Fast Web Media, discusses how Tumblr, one of the most creative social networks on the internet, can help businesses go viral BUT ISN’T TUMBLR AN ‘AMERICAN THING’? Tumblr is most popular in the US, with 32% of visits coming from the States, which may explain why brands are staying away. However, just because you can’t speak directly to your target audience doesn’t mean you can’t create a healthy relationship with them indirectly, by building your brand reputation. Tumblr is the self-proclaimed home of the creators. It’s one of the most original and creative social networks on the internet, with users publishing memes, GIFs, images and videos, many
of which accrue a huge number of ‘notes’ (likes or reblogs) and subsequently go viral.
TUMBLR STRATEGY THE ART OF ‘CREATIVE RECYCLING’ There’s no magic formula for hitting the jackpot on Tumblr; rules and logic don’t seem to apply. A GIF from a TV show gained 150,000 notes, while a picture of a gold watch has gained 260,000 notes. These were both visual posts, but on a site like Tumblr, the fact that visuals do better than text goes without saying. So what guiding
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principle can be used to instruct a Tumblr strategy? The key to all social networks is to deliver something ‘new’, and that’s especially true of Tumblr. A Kim Kardashian GIF may not be unique in itself, but it can be applied cleverly by other users to make a point; this ‘creative recycling’ contributes to boosting its notes.
IT’S ABOUT PLAYING THE LONG GAME Success on Tumblr is not immediate. You need to consider a long-term strategy that puts imagery and creativity at the forefront, and makes use of the area that Tumblr excels at - tagging. All blogs make use of tags. They help the blog owner order their posts, and make searching easier for the reader. On Tumblr, however, they’re not just an effective means to organise posts, but a vital way to amplify them. Search for a word on Tumblr and you’ll be inundated with a seemingly endless list of results, no different than if you’d put the same search into Google. Your search can be very broad or very specific, either way it’s likely to bring up a vast number and variety of posts. The depth of content is limitless, as is the opportunity for brands.
IF IT’S GOOD ENOUGH FOR DISNEY… Tumblr is a tremendously powerful content discovery network where the most creative and unique content succeeds. For the release of its 2014 film Maleficent, Disney set up a Tumblr blog called ‘Evil is the New Black’, brimming with visual information. In terms of content, Disney provided clips from the film, but was not reliant on it. Instead, it leveraged the iconic status of its star, Angelina Jolie, to appeal to its core demographic by adding fashion content. This allowed Maleficent to be more than just a film; it was a statement. Coca-Cola is another global organisation to embrace Tumblr, positioning its blog as “where happiness lives online”. Its posts are split into distinct categories, while the blog emphasises creative and reactive content, and although the vast majority of posts include a Coke bottle, the blog still feels lightly branded. Rather than repeatedly forcing the product, Coke instead makes it secondary to the core brand value.
MAKING TUMBLR WORK FOR YOUR BRAND There are a few key points for
businesses to bear in mind, which will ultimately enable you to use the platform to its full potential as a marketing tool for your brand. Tumblr isn’t just about putting your posts out there and expecting them to be well received. It’s about being an active part in the wider community. Your posts should take up around 80-90% of your output, but you should also reblog; it makes you look generous, respectful and, most importantly, a part of the group. Find your niche and work out a creative way into it. Give people something new to share, and keep an eye out for the creativity of others, to position you not only as someone imaginative, but as a curator of creativity. Furthermore, make sure that visuals are a core element of everything you post to the site. Written content is vital to any successful digital strategy, but on Tumblr, it’s pictorial content that makes the biggest impression. Finally, be patient. Tumblr blogs can be built in a day, but successful ones can’t. Take your time to devise a smart, long-term strategy and, bit by bit, bloggers will find you, engage with you, and ultimately buy your product. Contact: www.fastwebmedia.com
34 million people said they use Tumblr on a monthly basis
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MARKETING
BASEPOINT PRESENTS
The best job W in the world? Lamborghini salesman Gordon Hay at Redbourne Wealth Management, takes a look at how pension changes can affect your business retirement plans
hat’s the best job in the world? Congratulations if you said Lamborghini salesman. Well, it should be anyway; after all our current Pensions Minister, Steve Webb, whilst trying to explain the new flexible pension rules announced in the 2013 Budget, agreed with a journalist, obviously looking for a good headline, that newly-retiring pensioners could do as they liked with their pension funds, and yes, even buy a Lamborghini. So why aren’t newly-retired pensioners beating down the doors of their local Lamborghini showroom to part with their hard earned retirement pot? Well, a quick look on WhatCar gives a starting price for a Lamborghini north of £200,000, whereas a quick look into the Association of British Insurers 2012 report into annuity sales, shows an average fund value of £34,256 - so we are more in family car land here than sports car world.
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However, the good news is that the raft of newly-proposed pension rules (remember, most of these will not come into force until April 2015, and are still to be reviewed) and good headlines has suddenly made pensions, or more accurately retirement planning - as it’s not just about pensions - top of the agenda for many business owners. For many, who have had poor experiences in the past with bad advice, high charges, and complex structures, the new environment of flexibility, tax benefits, and cost transparency is causing people to take a fresh approach with their retirement planning. Rather than cover all of the old ground of what was wrong with pensions, let’s have a look at what is now right about pensions:
CONTRIBUTION LEVELS
You, or evenyour business, can contribute a tax relievable amount of up to £40,000 per annum into a pension. For existing pensions, you can also play catch up and use up to three years’ previous unused allowance, meaning significant contributions can be made this year.
TAX RELIEF
Tax relief is now allowable on qualifying pension contributions. This is a significant benefit for both companies and higher earning individuals, and has already been targeted as being under review by a number of the political parties’ spokesmen, most notably Ed Balls.
INVESTING FUNDS
From self-selecting, to managed funds or commercial property purchase, there are numerous way to invest your pension fund. The key is to have some understanding of where your money is going, to know if it is an appropriate risk for you, and to understand how much it will
cost. Given previously high fund costs, there is also a growing use of lower cost tracker funds in portfolios these days.
ACCESSING YOUR PENSION FUND
Generally, access is available to personal pensions from 55 years old. However, it has been highlighted that the trade off with the new flexible rules is that this age may rise to 57. At present, you would still be able to access 25% of your fund as a tax-free lump sum, and then have total control over how much you draw down from the rest of your pension fund. This can be as a regular income, or as a single, or series of, lump sums. One thing that has skipped the attention of many, including those in the press, is that this income is taxable, and therefore careful planning is required to ensure you’re aware of the tax consequences before accessing your pension fund.
WHERE TO GET PENSIONS ADVICE
Many of the traditional sources of pensions advice, such as the banks and insurance companies, have significantly scaled back their advice operations and set higher limits to enter many of their services. This,
combined with the new higher qualifications required to advise clients, means there are lots of local fee-based independent financial advisers (commissions on pensions was stopped in January 2013), who specialise in this area and are keen to work with ownermanaged businesses. You can often find these by personal recommendation from friends, family, and colleagues, or you can search for them using sites such as www.unbiased.co.uk, www.findanadviser.org, and www.vouchedfor.co.uk. So, with many of the previous concerns and barriers around pensions now gone, isn’t it time you reviewed your retirement planning? Redbourne Wealth Management are awardwinning financial planner and wealth managers based in the Midlands, who specialise in advising owner-managed businesses and professionals. Contact: www.redbournewm.com
The raft of newly proposed pension rules has suddenly made pensions top of the agenda for many business owners
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NEED A BETTER PLACE TO MEET?
A SPACE FOR PRODUCTIVE CONVERSATION Conversations can spark ideas, develop plans and drive sales, which is why meetings have such a vital role to play. Whether it’s a confidential one-to-one or a lively group debate, a secure, professional environment is often conducive to a successful meeting. Meeting in a neutral environment away from the hum of computers and the ring-ring of the telephone, you can focus fully on the task at hand. Take control of your meeting atmosphere by renting a meeting space, you can take advantage of the professional, relaxing environment it affords. Renting a professional meeting room will allow businesses to make better use of meeting times making them productive, efficient and rewarding. Select a seating style that suits the number of attendees and creates exactly the atmosphere you want, choose from these options: Theatre
U-Shape
Classroom
Boardroom
Classroom V
As a further bonus, you can enjoy a coffee and an assortment of catering options that allow the business to have the coffee shop atmosphere too. While not every business has the luxury of their own meeting room, there are plenty of alternatives to explore in your friendly local Business Centre. … read more in our recent blog post at
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MARKETING
Change the channel What does the future hold for channel marketing? Andy Grant, managing director, Bowan Arrow, finds out
T
he way in which channel marketers communicate and influence end users has changed dramatically during the past seven years. Partner marketers understand the importance of a brand and its online reputation. They have adapted their marketing strategies to incorporate modern marketing tactics, ensuring the right messages are reaching the right audiences, using the most appropriate channels. It’s the vendors who need to adapt and change the way they market themselves through, and with, their partners in order to succeed. Long gone are the days of ‘build it and they will come’. Partners don’t want to use vendor events or campaignsin-a-box anymore, let alone GRID campaigns or marketing portals with pre-populated, generalised marketing assets. Some vendors even try to sign up partners to pre-packaged tweets and blog platforms, but they’re just not interested because it’s too generalised. The issue for the vendors is that they’re all offering the same type of assistance. Partners have had enough of pre-packaged marketing programs, and simply won’t use the assets created anymore. Vendors need to rethink
Vendors need to adapt how they market themselves. Long gone are the days of ‘build it and they will come’ , their marketing offering for partner communities, and try to understand the changes they need to make to provide actual assets partners will use in today’s market. The changes can be simple, yet effective. Using a more tailored and personalised approach to marketing will create more targeted campaigns that increase revenues over time for both the partner and vendor. Partners today need bespoke marketing materials and content from their vendors, for use in modern and digital marketing activities, such as tailored EDMs and social media advertising to target specific groups of prospects. Likewise, partners need to push vendors to create new assets, and try to re-use the content that already exists in some way. Vendors are known to produce huge amounts of content from newsletters, blogs and product specs, to sponsored market research, market statistics and even new industry legislation. Partners should always try to take advantage of this content, as it would be expensive to produce in house, and can be re-purposed across many channels.
Another area becoming more popular in channel marketing to help support sales using modern marketing techniques is ‘thought leadership’. It is often seen as an overused term in some industries, but the partners who embrace it, and start to own a particular subject in the market, whether through online advertorial or editorial coverage, social media content, or blogs, will start to build an online reputation associated with that chosen topic, demonstrating how they have the solution to solve a common problem. So where does the future of channel marketing lie? It’s ultimately about the individual partner and how they can differentiate their brand from that of a similar partner with the backing of a global vendor. However, the really smart vendors are the ones working with their partners, collectively defining go-to-market strategies, based on sharing their own market knowledge and expertise to achieve success together. After all, that is the definition of a partnership. Contact: www.bowanarrow.com
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PEOPLE
The only way is ethics Dr. Deborah Benson, leadership development consultant at Leader for Leadership, examines how much of a role ethics plays in your management style
I
n a recent discussion, someone posed the challenging question, “Can a worthy outcome ever arise from unworthy behaviours?” Put simply - does the end justify the means? Like it or not, business leaders make ethical decisions all the time. For example, do you pay the statutory minimum wage or the Living Wage; do you enhance local employment, or relocate manufacturing to a low-wage country where the workforce may include children? We all have our own set of moral values, defining what we believe is intrinsically right or wrong - our ‘ethical code’. Values serve as behavioural guides, which subconsciously impact on both the interpretation of a problem or business opportunity, and perceived solutions or strategies. The more ambiguous the problem and more complex the situation, the more we instinctively rely on personal principles. Organisations also have an explicit or implicit ethical stance that affects decision making. Is it all about this year’s shareholder returns; do we have a responsibility to our community, too, and where does the balance lie; must we deal honestly with our business partners and customers? A leader has to recognise the impact of ethical or non-ethical decisions on their organisation’s bottom line and make tough decisions, normally in
a fast moving and ever changing business environment. Leaders set the ethical climate of their organisation, particularly in an SME, where the boss and founder regularly interacts with staff. So, it is good practice to establish, and visibly follow, a clear ethical standard, providing clarity regarding the sort of behaviours that are encouraged and rewarded. Research has shown that leaders who pursue short-term goals driven by selfinterest, do so at the detriment of corporate ethics and long-term organisational performance. We have all experienced the result of the banking community’s focus on large personal bonuses, and the resultant ethical drift. However, beyond your organisation, the business community you operate in and your marketplace and customers will also have ethical values, and they vote with their feet. Ethical behaviours and corporate social responsibility can attract customers - think of the value of a trusted brand name, like Boots or Waitrose. Quality staff become easier to recruit and retain, enhancing performance and productivity, which in turn attracts investors. Conversely, unethical behaviour can be reputational and financial suicide, driving away customers, destroying business relationships, and even invoking fiscal sanctions, as certain pay-day loan companies
Beyond your organisation, your customers will also have ethical values, and they vote with their feet have recently discovered. If leadership effectiveness depends solely on short-term performance results, then, (assuming you hold no personal moral stance) you could argue that the end always justifies the means. However, in the age of globalisation and the internet, where information on companies is widely available, and consumers recognise their purchasing power, companies dismiss corporate ethics at their peril. Contact: www.leadersforleadership.co.uk
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PEOPLE
?
Better in than out
HR Insight’s Richard Cummings asks if outsourcing HR is simply creating a bigger headache?
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s HR manager, I never really considered outsourcing my activity or responsibilities, and looking back, I probably did fumble my way around some tricky issues. Now that I advise both HR and non-HR professionals, I do wonder how much fumbling managers do before concluding someone else could do it better, or that outsourcing would cause a bigger headache. When speaking with a client recently, I was intrigued to find out at what stage they decided to stop and just call us for help. In this particular company, there are often low-level issues relating to timekeeping and sporadic sickness, but also some occasional, more serious issues. In the more serious situations, the client was quickly on the telephone. This meant that they were able to get advice about their options at these early stages. Once disciplinary action was brought, the employee’s conduct improved immediately, and was more likely to be sustained. In other, seemingly less serious instances, the client had decided they had sufficient experience to conduct the investigation themselves, without
taking advice. Of course, they felt that they had sufficient skill and experience to do so, which they did, until the employee brought up issues, which were completely unexpected. The client then had to go back and re-do part of the investigation, as they’d missed out information which was critical when deciding the level of warning, if any, to be issued. This cost time and caused aggravation for the client. In contrast though, I do believe a great number of my clients have learned the HR way, and can competently undertake issues, which are more or less repeated, and have developed a good understanding of what to do, much like I did in my early days in HR. However, when the bigger issues come up, they know when to pick up the phone. Seasoned HR consultants are highly experienced in dealing with all manner of issues, and there is very little they’ve not seen before. Knowing the right questions to ask, and predicating possible issues, can be learned, but HR consultants encounter it daily, ensuring practical advice. The biggest problems I encounter are with those that don’t want to admit to a process error, more often than not, unknowingly made. Good HR
I do wonder how much fumbling managers do before concluding someone else could do it better consultants will never pull employers over the coals for an error, so it’s really important to tell your HR support everything you have done. Managers should view their HR consultants as part of the team, and not someone to be fearful of. When you first outsource your HR, you may feel like you’re on the phone constantly, but this does reduce over time. Managers should be able to tackle people issues with some confidence, but the best way to learn is to be guided by good HR people. This results in future phone calls being about building good employer/employee relationships, and less about fire-fighting trivial matters. Contact: hrinsight.co.uk
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22/12/2014 11:26
PEOPLE
5 unusual team building ideas Team building can become rather mundane and unimaginative, so indoor snowsports activity provider Chill Factore, bring you 5 unusual experiences to bring your staff together
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eam building is one of those things that sends some members of staff into a frenzied panic. It has now become office culture, but has taken a huge leap away from the traditional - and somewhat boring - activities of catching falling team members in your loving arms and building bridges using matchsticks. Today, the world of team building has expanded, offering something a bit more unusual and exciting. Like Marmite, teaming building exercises have one very distinctive trait: you either love them or hate them. They remove you from a previously comfortable office swivel chair, which can be an extremely daunting experience, forcing bonding and fun on you in the company of other team members - some of whom you may have never met. However, team building is an excellent way of addressing a company’s core objectives as well as individual capabilities. So, if you’re looking for something a little different, that will keep the office talking for days or even weeks later, here are five unusual teaming building activities that will make your staff think outside of the box and work together effectively.
SHEEP HERDING
BLINDFOLDED DRIVING
If you’re fed up of being cooped up in an air-conditioned office day in day out, Holmescales (www. holmescales.com) sheep herding may be the ideal company for you. The Lancashire-based company offers a host of outdoor activities - digger driving, zip wiring, tree climbing and raft building to name a few – the majority of which take place over 300 acres of beautiful countryside. But it’s sheep herding that gives city slickers the opportunity to try something completely different and release their inner country bumpkin. And the fresh country air does everyone the world of good – even if it does have a hint of manure to it. This activity is all about teamwork and communication, moving the sheep slowly around the course and carefully between the gates without any wandering strays. Sheer determination is required with this activity, but don’t fret, Fly the sheepdog is on hand to assist with any mishaps!
How much do you really trust your colleagues? You might depend on Roy from accounts to make you a decent cup of coffee every morning, but throw him in a Land Rover and make him drive blindfolded and you take things to a whole new level. This is just one of the bizarre team-building activities offered from Londonbased company Chillisauce (www.chillisauce.co.uk). Bungee running, chariot racing and egg launching came extremely close but they were pipped to the post. If your team needs to improve on communication and confidence issues, blindfold driving is definitely one idea you’ve probably not thought of. This adrenalinefuelled task requires team members to work together, helping the driver dodge obstacles while remaining calm and collected.
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You might depend on Roy from accounts to make a decent cup of coffee every morning, but make him drive a Land Rover blindfolded and you take things to a whole new level
SLEDGE BUILDING
ZOMBIE CHASE
CALENDAR CREATION
Let’s admit it - British winter time is always slightly disappointing. The pathetic dusting of snow on the ground is rarely enough to consider going sledging, let alone attempting to build a snowman. But do not fear, Manchester’s Chill Factore (www.chillfactore.com) offers snow-filled activities all year round. Whether you have an office full of snowsport fanatics, complete newbies, or a mix of both, Chill Factore’s unique setting offers team building with a twist. With tubing, snow-zipping, skiing and snowboarding, there’s a great selection of adrenaline pumping activities on offer. However, it was the sledge building challenge that caught our eye. Go head-to-head against your workmates constructing a sledge in record time before racing it down our slopes to the finish line. This fast paced activity will put your team’s concentration, communication, trust and accuracy to the test.
Following the current Walking Dead craze, and the hype behind the start of season five, we can safely assume that flesh-eating zombies are definitely still an ‘in’ thing. We personally couldn’t think of anything worse than being hunted by zombies around an unknown location for three terrifying hours, so bosses with a sadistic streak are signing their staff up to do just that. At 2.8 Hours Later (www.2.8hourslater. com) your zombie apocalypse nightmares come true and it’s up to you to escape their ravenous intentions. Should you stick together or do a runner? It might be better to stick with your colleagues and organise yourself into a defensive unit, but could you carry the petrified account manager with you? It’s up to you!
CCC Events (www.cccevents. co.uk) offer a variety of unique indoor and outdoor corporate activities, some that are bound to make you feel uncomfortable and cringe more than others, including back to school, superhero adventure and creative grooves. One activity that really stood out was calendar creation. Think calendar girls, but with more clothes and definitely more props! This highly imaginative task will have even the quietest member of the office coming out of their shell, hopefully in tears of laughter. Your brief is to design and shoot your very own work calendar, and employers are given dedicated studio time where they will showcase their masterpieces in front of a green screen before presenting them to a panel of judges who make Simon Cowell look like a pussycat.
Bosses with a sadistic streak are signing their staff up to be hunted by zombies around an unknown location for three terrifying hours
Contact: www.chillfactore.com
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PEOPLE
Secret diary of an entrepreneur Since setting up in April this year, with his brother Kenny, Michael Bruce, CEO of Purplebricks, has been striving to disrupt the traditional estate agency model. Here, he takes us through a week in his business life
DAY ONE FEET ON THE GROUND Today I caught up with a number of our local property experts (LPEs). I have been travelling around a number of regions during the last few days, seeing all of our LPEs. They are all key to our customers’ experience, and therefore spending time with them is crucial to advancing and perfecting our business. Purplebricks is a hybrid estate agency, which means that we combine an online platform with local property experts on the ground, to provide the world’s first 24-hour a day estate agency business. The 24/7 service is really important because most people look on Rightmove and Zoopla in the evening and at weekends, and cannot engage with the market because estate agents are closed. Nearly 70% of our activity happens when estate agents’ are shut.
DAY TWO INVESTING IN OUR FUTURE We have a number of high profile investors, such as fund manager Neil Woodford who invested £7 million in Purplebricks, and ex-Capita boss, Paul Pindar, who recently joined the board as a non-executive director. It’s vital that our investors are kept up-to-date on our plans and success. Today we had one of our regular meetings with our investors to discuss opportunities for the business. I believe that securing investment from people who can provide more than just money is crucial. Investors can help to get things done much quicker, and can introduce you to people who can add value to your proposition. I didn’t have time to stop for lunch so I picked up half a sandwich, a cup of tea, and some biscuits on the move - glamorous!
DAY THREE KEEPING IT SIMPLE Another meeting! This morning I caught up with our team of developers who work on our revolutionary eZie system, to add new features and develop existing areas of our website and the software. We’re constantly developing our proposition for our clients, to make the whole process of buying, selling or renting a property much simpler. Our online platform means that anything can happen, at any time, 24-hours a day, from any device, wherever you are in the world. Activity happens around the clock, booking valuations, arranging viewings, making offers, agreeing sales, and within seconds, having all of the paperwork on the lawyer’s desk. And all whilst an estate agency
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I didn’t have time to stop for lunch, so I picked up half a sandwich, a cup of tea and some biscuits on the move - glamorous!
Nearly 70% of our activity happens when estate agents’ are shut is closed. Our customers can also get up-to-the-minute information on all aspects of their sale or let, as they happen, and immediate feedback. We have a phase two programme and, as a result, we are discussing features, progress and implementation. Property news is dominating the media at the moment. 2014 has been a record year for the industry, so throughout the day I’ve been checking in on the market - there are a number of outlets, notably City AM and The Telegraph that are great for keeping up to date. I made a point of setting aside some time to speak with friends and former colleagues at different companies, to find out what they’re seeing in terms of trends and general activity. I also wrote one of my regular blogs and sent some tweets.
DAY FOUR PLANNING AHEAD Like clockwork, I left the house at 6.30am and made the 25 minute journey to our head office, just outside Birmingham. Having initially launched in the Meridian region, and recently expanded into central England in September, we are very excited about our continuous growth across the rest of the UK, plans for which are ongoing. Today I met with marketing director, James Kydd, to go through our advertising and marketing plans. We are launching new regions, shooting new television commercials, making changes to our website, and reviewing the brand messaging across the business for 2015.
DAY FIVE LONDON’S CALLING In London today. We are currently looking to make some acquisitions,
and I have been meeting different business leaders to establish their appetite to sell their business. Apart from the benefits of acquiring the businesses, it also gives me an opportunity to talk to others in the industry about what they are doing, and how things are progressing. We have acquired two businesses this week, and are in negotiations with several others. I met with two today, and made some excellent progress. I met with our chairman, Nick Discombe, and non-executive director, Paul Pindar, to further our plans for 2015, and also had a presentation from our creative agency, BMB, on our above-theline marketing activity and some creative changes we are making for next year. Very good work before a two-hour trip back. Contact: www.purplebricks.com
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Outstanding Sales and Marketing Opportunities
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The Sterling Integrity Business Show is a fantastic opportunity at various locations throughout The Midlands, The South West, and South Wales.
6 February 2015 BIRMINGHAM SHOW Crowne Plaza 26 February 2015 CHELTENHAM SHOW Cheltenham Racecourse
Please contact Neil on 01452 222676 or go to www.sterlingintegrity.co.uk
Business Junction, London’s premier Business network, invites you to a Free networkinG event Business Junction is offering all Talk Business readers a complimentary invitation to one of Business Junction is offering all talk Business readers a complimentary invitation to one of our our 4 January networking events in London which are all listed below (and on our website). 5 august networking events in London which are all listed below (and on our website). 8 January 2015 12.30-2.30pm
Networking lunch in Cambridge Circus Nearest tube: Tottenham Court Road The Phoenix Artist Club, 1 Phoenix Street, London, WC2H 8BU networking lunch at the Grange Hotel at tower Hill More information and booking: http://www.businessjunction.co.uk/events/networking-lunch-in-cambridge-circus-1
14 January 2015 Thurs 8th Aug 8.00-10am
Networking breakfast at the Bleeding Heart Tavern, Hatton Garden networking lunch at the roof Gardens & Babylon restaurant at High st. kensington Bleeding Heart Yard, off Greville Street, Hatton Garden, London, EC1N 8SJ Nearest tube: Farringdon 99 High Street Kensington, W8 5SA Nearest tube: High Street Kensington More information and booking: http://www.businessjunction.co.uk/events/networking-breakfast-in-hatton-garden
Thurs 1st Aug
Wed 14th Aug
45 Prescot Street, E1 8GP
Nearest tube: Tower Hill
networking lunch at Freemasons Hall at covent Garden
22 January 2015 12.30-2.30pm
Networking in BankStreet, WC2B 5AZ 60lunch Great Queen Nearest tube: Holborn Forge, 24 Cornhill, London, EC3V 3ND Nearest tube: Bank networking lunch at the Happenstance at st. paul’s More information and booking: http://wwwbusinessjunction.co.uk/events/networking-lunch-in-bank-5
28 January 2015 Thurs 29th Aug 5.30-7.30pm
Networking evening in Knightsbridge lunch at dirtyLondon, dicks SW7 at Liverpool streetNearest tube: Knightsbridge Kenthousenetworking Knightsbridge, Rutland Gardens, 1BX 202 Bishopsgate, EC2M 4NR Nearest tube: Liverpool Street More information and booking: http://www.businessjunction.co.uk/events/networking-evening-in-knightsbridge
Thurs 22nd Aug
1A Ludgate Hill, EC4M 7AA
Nearest tube: St Paul’s
Please email Fiona@businessjunction.co.uk with the event you would like to attend and quoting the reference: talkbusiness2/13 now in its 12 year and with over 450 member companies, Business Junction is London’s leading independent business network. we run 80+ pan-London networking events each year including a weekly lunch, a monthly champagne taittinger breakfast and 6 evening events, all at different high quality central London venues.
www.businessjunction.co.uk 020 3667 6776 Business JunctionJanuary15.indd 1
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22/12/2014 14:02
PEOPLE
Forward thinking Lee McQueen, founder of the Raw Talent Academy and season-four winner of BBC’s The Apprentice, shares his wish-list for 2015
It’s all very well promising low-cost loans, or anything else during an election campaign, but too often these schemes later prove to be inaccessible
N
ew Year is the time when many of us set targets, and I’m no different. This year is likely to be a big one for my business, but family time is so important, too - and there’s also the small matter of a general election to look forward to.
MANAGING OUR GROWTH IS CRUCIAL
We’re going through a huge amount of growth at the moment, and we’re probably going to double our staff numbers during the next 12 months. Our first four years have been about finding our first clients, and then establishing ourselves, but this coming year will be about ramping up our business. But it’s how we grow that will be important. We’re taking on nine staff this month to add to our existing 18, so that’s an immediate growth in employees of 50%. My resolution is to manage that growth, and to make sure that the values of my managers are aligned, starting with the recruitment process. Last year, bad hires cost us more than £36,000, and that ate up about 10% of our net profit. The way we hire people this year is going to be integral to whether we hit our targets for 2015.
I WANT MY FAMILY TO BENEFIT FROM MY SUCCESS
I’ve got three girls, with the eldest going to ‘big school’ this year. I want her to have the education that I never had, and that’s something that keeps me focused at work. My business will always be my baby, and I’ll probably never stop worrying about it completely, but getting it to the point where I can, more or less, switch off while I’m with my family is my aim. It’s nice to be able to treat them to some of the finer things in life, and I want to get to the point where I know that, if we all go off on a big holiday, the business can tick over nicely without me while I’m away.
AND ONE WISH FOR 2015...
Many employers would find it very helpful to have a holiday from paying National Insurance on new staff. Jobs created by small- and medium-size businesses help drive the economy, and we need to have a framework in place that encourages sensible risk taking. I think giving employers a break from NI payments on new recruits for, say, six months might be the difference between hiring one more person or two. Contact: www.rawtalentacademy.com
I MUSTN’T GET WOUND UP BY POLITICIANS
It’s an election year, and we’re no doubt going to hear a lot of people make promises to businesses that will mean very little after the election. It’s all very well promising lowcost loans, or anything else during an election campaign, but too often these schemes later prove to be inaccessible. We want promises that can be fulfilled – not promises made just to win office.
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LIFESTYLE
LOGITECH K480 MULTI-DEVICE KEYBOARD
With so many companies setting their budgets in January, start the New Year the right way by loosening those purse strings, and buying one (or all) of these great products to help you push forward and grow your business in 2015
For the person who must have all of the latest gadgets, the K480 multi-device keyboard is an absolute godsend. Using Bluetooth, you can link any of your devices to the keyboard, allowing you to work on the go, or even at home in comfort. Whether you’re an Apple nut or an Android enthusiast, it has you covered, as it is compatible with the iPhone, iPad, Android phones, or tablets, and you can switch seamlessly between up to three devices. It uses windows 7 or later, iOS, Chrome OS, or Mac OS, and is available in black or white to match your devices perfectly. PRICE: £49.99 AVAILABLE FROM: WWW.LOGITECH.COM
JACKERY GIANT+ PORTABLE CHARGER LIVESCRIBE SMARTPEN 3 Give your receptionist a break during meetings, or simply make your note-taking easier with the Livescribe Smartpen 3. Using OneNote, you can record everything you write, say, and hear, and then send it straight to your favourite devices, doing away with endless hours of rewriting, typing up notes, and messy shorthand. Compatible with iPad 3 or later, and iPhone 4 and later, it also comes with a USB cable for easy recharging, and the free livescribe app to get you started straight out of the box. PRICE: £129.99 AVAILABLE FROM: WWW.AMAZON.CO.UK
There’s nothing worse than leaving the office and finding that your mobile phone’s battery is about to die. There are a number of cheap, imported battery chargers that will save you money, but charge slowly and often break within a few uses. But the Giant+ from Jackery solves all of that. This quality offering will quickly charge almost any smartphone, along with many other hand-held portable devices, and stands up to the test of time and the rigours of travel. Billed as the world’s most powerful external rechargeable battery, it can charge an iPhone 6 almost five times on just one full charge, and with two USB ports, it can even charge two devices at once. PRICE: £29.99 AVAILABLE FROM: WWW.JACKERY.COM
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LIFESTYLE
Hotspots This month we discover some of the best places to eat, greet, and lay your head in the Scottish capital - Edinburgh
AWAY ON BUSINESS THE BALMORAL HOTEL Where? Princes Street, Edinburgh Why? Set in the heart of Edinburgh, The Balmoral is steeped in history. The skirl of the bagpipes is always within earshot, and the five-star hotel merges contemporary styling with elegant tradition, like the colours of a fine tartan weave. With views across the cathedral and up towards the famous castle, there is an aesthetic delight in every direction. Just a few steps from Edinburgh Waverly station, and with a bus directly to the airport at the end of the road, the hotel is in a prime position to allow you to navigate the historic city at your leisure. Alternatively, brave the cold nights and snuggle up in the very room in which JK Rowling completed the final book in the hugely successful Harry Potter series. For culinary adventurers, there’s the Michelin-starred “Number One” restaurant, and for those looking for some relaxation, the spa, with swimming pool, sauna, and steam room, offers an escape from the hustle and bustle of city life that lies beyond the hotel’s doors. And finally, what trip to Edinburgh would be complete without trying some of the finest whisky that Scotland has to offer? The hotel’s very own whisky bar features more than 400 from across the country, plus some international offerings too – pure heaven for any lover of this tipple (just make sure you get your business done first as you may never want to leave!) Contact: www.roccofortehotels.com
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LIFESTYLE
MEET AND EAT L’ESCARGOT BLANC Where? Queensferry Street, Edinburgh Why? Nestled amongst the city’s grand streets is L’escargot Blanc – a little piece of Paris north of the Scottish border. An unassuming lobby masks the delights that await, giving way to a traditionally French-style restaurant, with Parisian art adorning the walls. The effect is so good, you may forget for a short while that you’re 500 miles from the French shore. It may be a cliché, but it certainly holds true here, that the French are masters of the culinary world. The food on offer at L’escargot Blanc is simply sublime – and that’s no exaggeration. From the ever-popular mussels to a sumptuous crème brulee, everything on the menu is mouthwateringly satisfying. A particular highlight is the sea bass fillet. With its soft, flaky skin and strong flavours, salted and seasoned to absolute perfection, you’d be hard pressed to find a better tasting dish, even if you gathered all of the finest chefs in Paris itself. Popular with the business crowd too, and extremely reasonably priced, why not impress your guests with lunch at this hidden gem? Contact: www.lescargotblanc.co.uk
EVENTS, GATHERINGS & HUBS THE SIGNET LIBRARY Where? The Royal Mile, Edinburgh Why? The wow factor is the primary concern for most business events, and the Signet Library will leave your guests saying “Wow!” long after the night is over. Completed in 1822, this magnificent Georgian masterpiece features a grand hall upper library with stone pillars, an ornate cupola showcasing leading figures such as Burns, Shakespeare, Newton, and Bacon, and seating for up to 350 delegates. Indeed, King George IV once described the upper library as “the finest drawing room in Europe”. The lower library simply oozes sophistication and class, with the delightful aroma of aged, leather-bound books filling the nostrils immediately on entry. This space is perfect for pre-dinner drinks, meet and greets, or perhaps a welcome toast or two. One of the great advantages of the library, which is home to the prestigious Society of Writers to her Majesty’s Signet, is the versatility that it provides. You can host weddings, drinks receptions, dinner events, awards nights, or even training presentations – the only barrier is your imagination and the creations you can perceive between the walls of this magical building. The Signet Library truly offers a degree of elegance and sophistication that you simply won’t find elsewhere. Contact: www.thesignetlibrary.co.uk
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LIFESTYLE
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LIFESTYLE
BARCELONA, SPAIN Barcelona has become a gateway for those looking for the ‘city break-meets-beach holiday’, as it offers the best of both worlds. La Rambla is a famous main street located in central Barcelona. Filled with restaurants, boutiques, artists, and pavement cafés, it’s easy to find yourself people watching. A great way to explore this huge city is on an open top tour bus. Take in sites such as Sagrada Familia, the famous unfinished church, and La Pedrera, one of Gaudi’s more famous unusual buildings - all from the comfort of your seat.
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TOP TIP: A bike tour is a cool way to discover the city. The guides are really knowledgeable, and there are often ‘stop-offs’ where you can grab a beverage or two.
MEXICO CITY, MEXICO One minute you’re visiting thousand-yearold ruins and next you’re amongst stylish boutiques, cafés, and restaurants. Mexico’s National Museum of Anthropology is spread across nearly 20 acres, housing one of the world’s largest collections of archaeological and anthropological artefacts, which tell the fascinating story of Mexico’s people. And when the sun goes down, this vibrant city comes alive with fashionable bars and clubs playing a mixture of Spanish and English music, so dancing is compulsory!
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TOP TIP: If you need to grab a taxi, it’s safer to use those from fixed terminals. These terminals are called SITIOS and are located near bus stations, tourist hotspots, and shopping centres.
MUMBAI, INDIA Mumbai, the gateway to India, is not only the heart of Bollywood’s film industry but it’s also home to the world’s most expensive property, worth a staggering $21.5 billion. Explore Mumbai’s life through its busy street markets and packed bazaars, where you’ll find hundreds of interesting souvenirs. And don’t forget to pick up some authentic Indian spices along the way. A visit to this vibrant capital isn’t complete without a trip to see the Siddhivinayak Temple. With an open door policy, everyone is welcome, so wander inside this working Hindu temple and prepare to be awestruck.
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TOP TIP: Take care while crossing the street, as all traffic goes in different directions at the same time, including rickshaws, cars, buses and various animals!
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LIFESTYLE
4
MARRAKECH, MOROCCO There’s nowhere quite like Marrakech; from its tastes and smells to its fascinating culture, you won’t find anywhere comparable. And as an evergrowing leisure travel destination, there’s plenty to see and do if you happen to be there on business. Wander through its enchanted city walls and enjoy the colours and smells of rare spices, watch snake charmers, or haggle a bargain at one of the many souks. Alternatively, why not head to the not-to-be-missed Jemaa el Fna? The famous main square and open-air theatre is one of Marrakech’s most popular tourist attractions, with musicians, entertainers ,and a whole lot more. TOP TIP: The best time to visit Jemaa el Fna Square is in the evening, when you can really soak up the city’s electric atmosphere.
5
ISTANBUL, TURKEY Istanbul, the magical meeting place of East and West, is the largest city in Turkey. Step into the 500-year-old Grand Bazaar, Turkey’s biggest covered market, and pick up anything from Turkish carpets to leather and pottery. With 3,000 shops you’ll be spoilt for choice, so make sure your wallet is full. If you’re a lover of architecture, then head to the Blue Mosque, Istanbul’s most photographed building, and take some snaps to brighten up your desktop background. TOP TIP: If you’re only in Istanbul for a few short days, we advise booking a knowledgeable tour guide, who will show you the must-see highlights of the city in the most efficient way.
Do you find yourself working away from home a lot? Do you get fed up looking at your hotel walls? Try mixing business with pleasure in some of the hottest destinations that may be right up your street in 2015.
Five places to see while on business in 2015
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22/12/2014 14:07
TECHNOLOGY
I
t’s unlikely to have escaped the notice of most business owners how much store the IT industry is setting on the Internet of Things (IoT) as the next big technology trend. Indeed, the IoT is already proving a gift for retailers this Christmas, as connected consumer goods and wearables like personal fitness monitors top the sales charts. But what does it all mean for the rest of business, and is it really such a big deal across the board?
READY TO INVEST From my perspective, it’s the potential for the IoT to change the business world beyond all recognition that makes it so exciting. Suddenly, companies of all sizes, from major manufacturers to SME-sized IT services providers, will have the ability to derive new revenue streams from managing, servicing, and securing their customers’ equipment remotely. It’s a situation that will be further transformed as next generation communications technologies, such as 5G, come on stream. It won’t be too long before access to high availability bandwidth on the move is the norm. When this happens, our ability to remotely monitor, manage, and secure data will be revolutionised. The good news is that British businesses lead the way in planning for the Internet of Things. Asked if they had substantial or moderate budgets for developing IoT solutions during the next 12 months, 65% of UK small businesses said they have, compared with the international average of 49%.
I’m kind of a big deal Mike Foreman, general manager of AVG Technologies, explains why the Internet of Things is a big deal for small businesses
Suddenly, companies of all sizes will have the ability to derive new revenue streams from managing, servicing, and securing their customers’ equipment remotely PRODUCTS AND SERVICES PLANS Having run my own business in the early 2000s, I understand completely the healthy scepticism that business owners have for any new technology or trend. We want to know how it will help our business grow, and whether it will make an immediate impact on the bottom line. From our survey, it seems that British small businesses are confident that the IoT will help them increase profits, and are already planning to introduce new products and services to capitalise. A healthy majority (69%) of UK firms think the Internet of Things will create new business opportunities for them. Nearly half are planning to expand their product or services portfolio because of the IoT, compared with the international average of 32%.
EXTRA SECURITY In 2014, hundreds of businesses of all sizes were victims of data breaches and stolen credentials. Sadly, the bad guys are certainly not going to stop trying to steal your data. There’s too much potential profit to be made for relatively little risk for them. Thankfully, British businesses are aware of the potential for the Internet of Things to be a threat vector. Indeed, almost 70% said they‘ll implement extra security measures to ensure user data is protected. In summary, the Internet of Things looks set to inflict seismic changes to many traditional business models we accept as normal today – much as when downloads disrupted the music industry. For those with the foresight and ingenuity to spot opportunities, and develop the right services the Internet of Things will prove to be a very big deal indeed.
66%
expect the IoT will help them make more money
69%
expect the Internet of Things to create new business opportunities
69%
believe they will have to take extra data security measures Accessibility is now as important as security. Lock down your data without locking it up.
Contact: www.avg.com
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Are you looking for a beautifully built mobile application? Well you’ve found the right agency. Lexel is an established digital agency based in Brighton and London specialising in Mobile App Development. Have you got a project? Why not give us a ring.
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24/11/2014 14:24 17:19 19/11/2014
TECHNOLOGY
Analyse this!
Maciej Zawadziński, co-founder of Piwik PRO, discusses how web analytics can help SMEs increase visitors to their site
A
strong online presence can make a small business, but for many SMEs, their websites are not being used to their full potential. A recent survey found that 91% of the UK’s small businesses have sites that are inaccessible via mobile devices, an alarming figure when you consider that mobile now makes up around 60% of online traffic. For businesses looking to boost the performance of their website without a large investment, diving deeper into web analytics may be the answer. With a bit of patience and a touch of business acumen, you’ll be able to use analytics data to pinpoint small site improvements, in a short space of time. The first step is knowing what to look for.
BOUNCE RATES The percentage of visitors entering your site and leaving immediately shouldn’t exceed 33%. A high bounce rate can indicate that your site is too cluttered for users to find the information that they are looking for, or that calls to action on the site aren’t clear enough.
Alternatively, it may be that your SEO is poorly calibrated, meaning visitors are clicking through to information that they’re not expecting, then leaving instantly. Making your site easier to navigate, and improving your SEO will bring down the bounce rate and increase conversions.
LOAD TIME There’s nothing more annoying than a slow load time when you’re looking to get information quickly. Studies show that 57% of online shoppers will only wait three seconds or less before abandoning a site. To fix a loading issue, you might need to look into your back end infrastructure. While this can be technical, it’s worth the potential investment to provide a frustration-free experience to your shoppers.
LAYOUT With so much choice online, visitors will not hesitate before abandoning a poorly-designed site. Make sure that there is a good ratio of succinct text and relevant images. Include a site map in the navigation tools at the bottom of the site. If a
If a visitor is struggling to find what they’re looking for, the site map will be the last port of call before they abandon visitor is struggling to find what they’re looking for, the site map will be the last port of call before they abandon.
KNOWING YOUR CUSTOMER A good analytics platform will let you filter your data by visitors, to help understand their behaviour and motivations. Evaluate their navigation trends to understand what they like most, and where they come from. They may all be coming from a certain referral source, in which case it’s worth focussing marketing efforts on this to improve retention and results. Segmenting your data into mobile traffic, for instance, might show you that your mobile bounce rate is particularly high. If this is the case, implement responsive web design, so that visitors can navigate your site easily on their phone, and you’ll see an improvement to retention rates. While your web analytics data may look complex at first, reviewing it regularly will help you to react your customers’ needs in real time - a huge advantage for SMEs hoping to make ground in competitive markets. Contact: www.piwik.pro
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TECHNOLOGY
ORTIS DELEY
Tech Review
Each month we give Ortis Deley, from Channel 5’s The Gadget Show, a gorgeous piece of tech to test drive. Whether it’s for business or pleasure, he’ll give you the lowdown on the best gadgets money can buy SENNHEISER SP20 ML SPEAKERPHONE PRICE: £179.99 BUY FROM: EN-UK.SENNHEISER.COM
A
rguably the simplest bit of tech I’ve reviewed this year, but no less impactful in its use. The SP20 ML is a portable solution for those wishing for a tad more clarity, and simple user interfacing when making hands-free personal or smallgroup conference calls. The compact, briefcasefriendly speaker from Sennheiser comes with both 3.5mm and USB connectivity, enabling conversations via smartphone, tablet, laptop or desktop Mac/PC (using unified communications or UC platforms, such as MicroSoft Lync, Cisco, Avaya, IBM and Skype). It allows you to conference across devices - merging softphone and mobile calls into one conference - simply plug in
and talk. This is a great feature for using the speakerphone in the office, if people are not so tech-savvy. But that’s not all; there are still more benefits of the product, including: • Both 3.5mm and USB cables being stored via a neat wraparound system; its small and light enough to fit neatly in a bag without causing too much of a bulge, and it comes with its own soft, protective carry pouch – great for anyone on the move. • Portability is further enhanced with a 20-hour talk time from a two and a half hour charge, so the USB connection is only required for charging or computerbased communication. This is an advantage if,
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TECHNOLOGY
VERDICT:
This is a great little business tool, as it’s an improvement on smartphone/laptop speakers for conferencing, and there are now a good few on the market from, among others, Jabra, Native Union, and Plantronics. Huddling around your computer or smartphone to get an ear into the group call should now be a fading memory thanks to this product, and I can see the mobile business professionals,
like me, you’re somewhat averse to wires, cables, and other physical connections getting in the way when you’re working. • Perhaps one of the key things is that all you need is a flat surface to enjoy 360° voice capture. The speaker unit itself is well built and has a premium feel that you’d expect for the price range that it is in (I do like black and silver, and feel the design trumps its competitors’ offerings). I found using the SP20 ML is easy: simple features include a mute button, charge indicator, volume lights (LEDs), call controls, and echo cancellation. It also has a dual talk feature that allows users to talk naturally and interrupt
who get a lot of travel miles, happily whipping this out of their briefcases or stylish manbags to get some grouptalking action done, so it gets a 3.5/5 from me. However, I think they’ve missed a trick, as a completely wireless solution using Bluetooth would be mildly preferable and help the usability.
conversations. Sennheiser says that the SP20 ML also acts as a handy mono speaker if you fancy some music in between business calls, but don’t expect it to reproduce your banging house tunes with any real oomph, as the bass is seriously lacking.
I can see the mobile business professionals, who get a lot of travel miles, happily whipping this out of their briefcases or stylish manbags
Do you have a product that you would like Ortis to review? Get in touch at editor@talkbusinessmagazine.co.uk
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PUT YOUR PASSION ONLINE The right start to your business ends with .com Let us guide you with expert advice on how to build a successful online presence.
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TECHNOLOGY
Domains, domains everywhere Nick Leech, digital marketing director at 123-reg.co.uk, looks at how to choose the right domain name amongst the plethora of new gTLDs
I
n the first quarter of 2014 alone, the total number of registered domains hit 267 million globally. With this number of domain names being snapped up, you may be concerned that your preferred name might be taken and ‘panic buy’ to avoid missing out. However, if you can only afford one domain, you need to make an educated choice to ensure your domain is suited to your business. Entrepreneurs and small business owners need to assess the new wave of gTLDs to choose a domain that reaches the right audience. When choosing a domain for your business, there are a few key things to remember. Firstly, shorter is better, especially in a world driven by social media. Every character counts, and longer domain names will eat into character allowances. Secondly, choose a name that accurately reflects the nature of your business. By matching your domain name to the content of your homepage, consumers are more likely to come across your business when searching for a specific service. Thirdly, if you have a local business, consider a local domain. If your business is only relevant to customers in London, choose a .london domain to increase search engine visibility.
Even with these initial rules, there is still the debate of whether to choose a specialist domain name, or one of the more generic new TLDs. To make the choice easier, let’s break down the benefits of each:
Shorter is better, especially in a world driven by social media. Every character counts, and longer domain names will eat into character allowances GENERIC
A generic domain, such as .xyz, could be considered to be the perfect domain for any entrepreneur or startup. .xyz offers the same global reach as .com, and still has a large selection of names available. With .xyz, you can be sure that your domain is not tied to a specific sector or location, giving your business the opportunity to grow and reach new markets.
the online marketplace. By selecting an extension in your specific area, such as .photography, you can convey a sense of expertise in your field. If you choose to use a specialist domain name, it’s important to decide which domain best describes your business. For example, if you’re a pub owner, would you pick .pub or .food? .food would have a broader reach, but .pub would be more specific to your business and send a clearer message to consumers. Your ideal reach and clientele is a huge consideration when choosing a domain, so make sure you consider all implications. Selecting a domain is about more than just your online portfolio. It’s about building your brand and extending your appeal to new customers. If you want to stand out and enjoy an expert level status, choose a specialist domain. To grow and expand to different markets, choose a more generic domain. Remember, a domain is an investment in your business and, if you can only afford one, it’s a choice that should be carefully thought through.
SPECIALIST
Specialist domain names offer you the opportunity to carve a niche in
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TECHNOLOGY
I’ve got an app for that Each month we bring you a selection of our favourite apps for business or pleasure. This month we’re looking at apps to help you get around abroad and to let you share your documents in the cloud whilst on the move BOX
DUOLINGO
Price: Free Compatability: iOS, Android The gist: Wherever you are, no matter how big or small the team you’re working with, or how remote they happen to be, Box allows you to upload and share documents on the go through the cloud. With image and video capability, as well as audio file compatibility, Box provides everything you need from cloud-based storage and sharing, all through your mobile phone handset. It’s fast, secure and simple to use, so you can be productive from anywhere. With 10GB of free storage too, you can get all your Box files and documents on your iPhone or Android handset. There’s also high-fidelity PDF and PowerPoint viewers for reviewing and presenting as well as offline access to your files and folders. Downloadable from: app.box.com
Price: Free Compatability: iOS, Android, Windows phone The gist: Bonjour, Bienvenue, Hola! Whether you’re a busy business traveller needing to converse in many languages or simply a UK-based company that would like to expand across the sea to foreign shores, Duolingo is a fun, easy app that will help you learn the basics of most languages, right up to expert level. With rewards for each consecutive day that you practice, along with easy steps and an aesthetically pleasing layout, you’ll be conversing like a native in no time. It’s also a great way to pass the time on long flights or train journeys. And best of all, unlike many other PC-based software, it’s totally gratis! (That’s ‘free’ in Spanish in case you were wondering). Downloadable from: www.duolingo.com
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Buy a coffee franchise with
Why buy a coffee franchise? Coffee is big business: 800,000 people in Britain buy coffee at least 4 times a week It makes lots of money: Total turnover for this sector reached £5.8bn in 2012 And it’s growing: Analysts predict that the chain market will grow at least 6% by 2017, hitting 7,000 outlets and £3.7bn in sales revenue.
Visit FranchiseSales.com to find out more about buying a coffee franchise – and more!
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24/11/2014 17:20 12/11/2013 16:59:27
FRANCHISE
Franchise
NEWS
No stopping for One Stop
The convenience store franchise announces plans for big expansion into Scotland in 2015
O
ne Stop Stores has announced expansion plans for Scotland in 2015, in a move, which it says will create employment and increase choice within the convenience market. One Stop will be opening both companyowned and franchise stores from early this year, growing from the central belt outwards. It will service the sites from its depot in Wakefield, which has been operating since April 2013. The company said it has undertaken extensive research in advance of the move, and is to tailor its range accordingly to suit the Scottish market. In addition, a new business development manager has been recruited by the franchise team, to work with interested retailers from early 2015. Tony Reed, CEO of One Stop, stated: “We’re delighted to expand our proposition north of the border, and bring our renowned value, range, and service to many new communities. Our team is working hard to ensure that we match the expectations of our new customers, and that our new colleagues and franchisees appreciate what the One Stop brand is all about. This is an exciting development for One Stop, and we’re proud to be able to serve the Scottish market.” Contact: www.openaonestop.co.uk
SECTION SPONSOR
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Franchises urged to be prepared for pensions Employers with fewer than 30 workers are being urged to start preparing now for automatic enrolment
T
he Pensions Regulator has issued a statement to small businesses across the UK, urging them to prepare for next summer’s pension regulations changes now. Under changes to pensions laws, all employers across the UK have a duty to automatically enrol certain staff into a workbased pension scheme. Already, thousands of large and medium sized businesses have enrolled more than four and a half million workers. Next summer, tens of thousands of small businesses will need to be ready to meet their automatic enrolment duties. For those with limited pensions experience, or a lack of in-house knowledge, it makes sense to start planning early. Firstly, all employers should check they know when they must start to comply with their duties by. To do this, they need
to check their ‘staging date’. To find out your staging date, visit the staging date tool on the regulator’s website. Once employers have determined their staging date, they should then consider if they need outside help. If they do decide to seek assistance, they’ll need to leave plenty of time to get this in place. With potentially thousands of employers seeking help, it is sensible to avoid a rush and make approaches in good time. The Regulator recommends employers should have their automatic enrolment plans in place at least six months in advance. The Pensions Regulator has issued an in-depth FAQ guide for small businesses employing less than 30 staff. Visit The Pension Regulator’s website for a step-bystep guide for employers. Contact: www.thepensionsregulator. gov.uk
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FRANCHISE
That’s a relief! Jo Nockels from TaxAssist Accountants, looks at the tax breaks and relief, franchisees can take advantage of in 2015
I
f you’re considering joining a franchise, or have done so already, one of the critical things you need to consider carefully is your tax position. Getting things wrong could lead to under or over claims for expenses or allowances, an unsuitable trading entity being used, and ultimately, an additional and unnecessary tax bill to pay. Here, Jo Nockels FCCA, training and communications manager for TaxAssist Accountants, highlights some key factors that new or wouldbe franchisees need to consider to ensure they operate in the most tax efficient way possible.
TRADING ENTITY
Franchisees do not tend to generate profits in the early years, due to the significant outlay for training, support, staff and premises costs. So don’t immediately plump for the limited company route, as it may make more sense to stay unincorporated until the business is profitable. There’s a lot less compliance and reporting requirements for unincorporated entities. But the biggest win is that any losses generated by the business may be available to offset against your personal income prior to joining the franchise. If you generate losses, and operate within a limited company, they effectively belong to the company because it is a separate legal entity. In real terms, this means you have to wait until the company turns to profit to be able to use them.
VAT
Franchise agreements often oblige franchisees to be registered for VAT throughout the duration of the agreement, so make sure you’re aware of your responsibilities, or you could be in breach of your agreement. It’s also important to make sure you’ve reviewed your options, as there may be some VAT schemes you are eligible for, which could be beneficial from a cashflow point of view. It’s also good to seek advice on what items you can recover VAT on, as it’s not always obvious. Any under-payments of VAT could result in fines and interest, so get it right from the outset.
PRE-TRADING EXPENDITURE AND VAT
If you’ve incurred pre-trading expenditure, you may be able to claim for these, and potentially the VAT on them if you’re VAT registered. With regard to offsetting the expense, it needs to be incurred within seven years of the commencement of the trade, and pass the ‘wholly and exclusively’ test. There are separate rules with regard to VAT, and you may recover the VAT, provided that: in the case of goods (either stock for resale or fixed assets), the purchase was made not more than four years prior to the VAT registration of the business, and that the goods remain on hand at the date of registration. In the case of services, the
The biggest win is that any losses generated by the business may be available to offset against your personal income prior to joining the franchise
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If you’ve incurred pre-trading expenditure, you may be able to claim for these and potentially the VAT on them if you’re VAT registered supply was made not more than six months before the date of VAT registration. For VAT recovery, the goods must also have been purchased with a view to be used in the business, and subsequently be used in the business. So, if for instance, a computer was purchased three years prior to the trade, and it was to be used solely for private purposes, you could not recover the VAT if you subsequently brought it into the business.
the most suitable trading entity set up for you, reviewing your VAT registration, and making sure you’re getting as much tax relief as possible for your outgoings. They can deal with all of your registrations and reporting requirements for you, and can advise you of the due dates of your tax bills,
so that you know how much you need to put aside each month. Engaging a professional gives you peace of mind that everything will be taken care of, leaving you to concentrate on running your new business. Contact: www.taxassist.co.uk
FRANCHISE FEE
The franchise fee can often be made up of a lot of elements, and also represent these elements over more than a year. One of the particularly ‘grey’ areas with regard to the tax treatment, is training costs for the sole trader or partners. If the training is for a ‘new skill’, it could be completely disallowed as it is deemed to be capital in nature. Therefore, you need to carefully consider what to allocate the franchise fee to, and also how to spread it across the periods it relates to.
BOOKKEEPING
Bookkeeping is always high on our list of advice to any business owner, and franchisees are no different. It is essential to keep good quality and timely records. Not only is this stipulated by HMRC and other regulatory bodies, but it helps you to manage your business. Up-to-date management information about your business allows you to make informed decisions about where to steer the business. Starting a new business can be a daunting time, but don’t put your accountancy and tax affairs to the bottom of the pile, as there can be penalties and interest at stake if you delay, or get things wrong. Using the services of a professional can pay dividends by way of getting
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SECTION SPONSOR
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STEAK YOUR CLAIM IN THE BURGER REVOLUTION
Steak ’n Shake is a classic American brand serving steak burgers, hand-cut fries & hand-dipped milk shakes. With hundreds of locations in the US we are actively looking for franchise partners to be part of our successful UK expansion programme.
We are seeking individuals, partners & businesses with a minimum of circa £200,000 in liquid capital, to own and operate their first Steak ’n Shake outlet in the UK and Eire with a view to opening at least 4 more.
JOIN THE REVOLUTION E-mail us now to reserve your place at one of our face-to-face meetings across the UK in 2015 at
UKFranchise@steaknshake.mc or apply directly on our website
www.steaknshakefranchise.eu
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SPONSORED ARTICLE SPONSORED ARTICLE
Unprecedented Success For Thames Valley Expo
From ShipYard to ZipYards
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here is a latent desire in British people, particularly in unsettled times, to create jobs rather than tackle the employment market from the outside. Franchising gives people the opportunity to work for themselves, reducing the risk but at the same time it brings all the benefits of running your own business. It also acts as a springboard into markets and alleviates the laborious aspects of disrupting them; probably one of the most daunting prospects of going at it alone. Nigel Toplis, Managing Director of The Bardon Group, says: “Where you have a good franchise system, you really
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have a marriage, whereby you have a proven business system, collateral, support and training from the franchisor, and you have the dynamism, the ambition, the drive and the skillset of the franchisee. “Put them together and you really have a husband and wife; two people with two distinct set of skills, but one distinct objective.” ZipYard is one such success story. After a botched tailoring job, two entrepreneurs saw a gap in the market and used an empty shop opposite Belfast ship yard to set up their own business, which duly inspired the name. “From there they decided to franchise the concept in
Northern Ireland, then master licence in Southern Ireland and then we took the Master Licence from them to run Great Britain and we started trading in 2011,” Toplis says. ‘ZipYard has an ‘open kitchen’ approach, in that the store is open plan and workers are very much out in the open, rather than confined in a back room. There is also fitting rooms on site and an automated processing service, where the garment are tracked by barcode throughout the process and a text message is delivered to the customer upon completion’. Toplis believes it has “professionalised the industry”, adding an extra element of
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Experienced in Sales and marketing, Graeme Mulheron took the decision to buy the ZipYard franchise for Bedford in summer 2014 and hasn’t looked back since. By the time local Mayor Dave Hodgson unzipped a six foot giant zip to declare the specialist garment alterations and repair centre officially open, the business was trading at almost full capacity and recruitment was underway to add a third seamstress to the team. Graeme is no stranger to the franchising business model. authority to an already He was previously an award talented workforce. winning Cash Generator owner “We’ve very much made it running multiple branches. a professional, open, high “The time was right to move street operation,” Toplis adds, on and give my career a new which explains growth of 15 direction. I was proud of the new centres in the last two #TVExpo Cash Generator businesses that years and an expectation of I had built up. but as a marketer, getting 50 Centres open I am always on the look out for within three years. innovative ideas and the ZipYard model ticked all of the boxes.” Richard McConnell opened www.thamesvalleyexpo.co.uk The Bedford ZipYard is ideally The ZipYard in Altrincham located in the town centre and in September 2011 and in 2013 was a finalist in the bfa Franchise of the Year awards At the time of writing there – having won numerous local are 16 ZipYard Centres in the business accolades. UK and a plan to have 50 within From a turnover of £174,000 three years. ZipYard Centres in his first year to £270,000 carry distinctive yellow and plus in his second, growth has black branding and offer a top been exceptional and such quality garment alterations has been the progress of the and repairs to members of the business that this one-time public as well as local retailers, driving instructor has opened businesses with uniformed staff, a second Centre (Wilmslow) – hire and bridal shops and even which is also doing very well. schools in a clean and purpose
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within days of opening its doors, customers began flocking in. He said: “ I had read about the ZipYard’s arrival in the UK and was vaguely interested, but it wasn’t until I had to get a suit altered to go to a business awards dinner that I realised just how much the local area needed a top quality alterations and repair service “I searched high and low for someone to carry out the repair and eventually ended up in the middle of an indoor market at a stall having the alterations pinned in full view of other shoppers’’ It dawned on me that there must be lots of other people out there just like me with clothes needing altered and nowhere to take them so I decided bring the ZipYard to Bedford. “I have been extremely pleased by the success of our ZipYard store so far. As with any business if you can combine excellence in service with excellence of products you @thamesvalleyexp have a winning formula and we certainly have that here at the ZipYard Bedford.” designed retail environment with on-site seamstresses and private changing rooms. Territories are being snapped up fast but there are still opportunities available for the right candidates. Contact: Emma Downes T: 01530 513307 E: info@thezipyard.co.uk W: www.thezipyard.co.uk
28/10/2014 16:09
FRANCHISE
Make sure it adds up
How do you value your franchise opportunities? Too high and you’ll scare people off, too low and you’ll devalue your brand. Nicky Tatley, franchise expert at Dynamis, walks us through it with a little help from industry experts
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FRANCHISE
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aving decided that your business would make a viable franchise, the next step is deciding how to price your franchise package. Your specific business context and detailed cost analysis will inform the process. We talk to some franchise industry experts, who reveal some primary considerations.
BE TRANSPARENT A potential franchisee will always ask how you arrived at your initial franchise fee, so make sure you are prepared by formulating a comprehensive breakdown of your franchise set-up costs. Green Frog Consultancy’s Sandra Venables stresses that these figures should be transparent. “A franchisor should be able to say, ‘£5,000 of that is us recouping advertising costs, there is £5,000 attached to the training of you for your two-week course to get you up and running, this is for the launch marketing, this is for stock, materials, equipment, uniforms - that sort of stuff.’ ”, explains Sandra. Pip Wilkins, operational head for the bfa (British Franchise Association), believes this approach promotes an essential atmosphere of honesty, and emphasises: “An ethical franchisor shouldn’t make money out of the initial franchise fee - it very much is there to cover the set up costs.” Norman Grossman, a PR consultant, with 37 years in the franchise industry, agrees: “Remember to cost all of the elements in the package. This might include the initial and ongoing training and support, business reviews, tools and manuals, as well as the software systems, a personal website, marketing, a brochure pack, and more.”
FOSTER A MUTUALLYBENEFICIAL RELATIONSHIP For a franchise to launch successfully and meet the aspirations of franchisor and franchisee, both parties must be able to anticipate that their relationship will be fruitful. Therefore, as The Franchising Centre’s Bill Pegram acknowledges, a delicate balance must be struck regarding the level of ongoing fees: “If the fees aren’t high enough, and the franchisee makes all the profit, then the franchisor isn’t going to have the resources to train and support
them properly,” says Bill. “If it is too skewed the other way, and the franchisor makes all the profit, then the franchisees are going to fail.” And Alex Waite, franchise recruitment director at Dream Doors kitchen refurbishment franchise, agrees that this aspect of costing a franchise can have a few grey areas: “The deliverables are quite simple to assess, as they don’t really change in price. But recruitment costs can differ throughout a year, and certainly the level of support franchisees need varies considerably. Some new franchisees grasp our business very quickly, and don’t need as much training. Others can need more support than we’d anticipated, and that cost is met by us.”
CONSULT THE PROFESSIONALS Aiming at a realistic valuation of their opportunity is vital for franchisors, and Wilkins advocates taking proper accredited advice from industry professionals. Franchise consultants will not only appraise, and advise on costings, but also candidly assess whether a business is indeed ripe for franchising. “If the financial model simply doesn’t work, then it is best for everybody to know beforehand!” says Grossman. Such experienced advisors must never be ignored.
SELECT A SUITABLE PROFITASSESSMENT MODEL Subject to the business context, franchisors usually adopt one of three methods for determining the level of annual profit a franchisee must deliver from the business proceeds: product mark-up; levy of a fixed fee; or a percentage of turnover. Product mark-up, as Wilkins notes, is the method most often favoured by manufacturing industries. “If you manufacture tools, and you then sell the tools to a franchisee for a mark-up, you make your money there.” Though fixed-fee franchises are generally frowned upon - by virtue of the fact that fees are levied regardless of profits - this method is employed where circumstances demand a preemptive arrangement. Citing a common scenario, Wilkins comments that the bfa is ‘wary’ of fixed-fee franchises; “Cash-based businesses will sometimes be fixed-fee, because otherwise the
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franchisee can pocket lots of money, as opposed to declaring it through the business.” The ‘percentage of turnover’ model is the one most frequently encountered in the franchise world, and provides what most participants will consider a fair arrangement. For a new business, the pay outs will be small, whilst established profitable businesses will surrender an agreed percentage of their returns.
An ethical franchisor shouldn’t make money out of the initial franchise fee ADAPT AND SURVIVE Regardless of the profit-assessment model deployed, problems franchisor and franchisee may encounter later on can frequently be traced back to initially suitable profit-assessment agreements, which subsequently become unstable. As Pegram explains, what typically happens is that, “Mature companies get franchisees that really start to make serious bucks. The franchisee starts to say, ‘In the early days when I was paying 10%, my turnover was £100,000, but now I am turning over £1m and I am paying you £100,000. I can’t quite really see where the value is.’ This is a dilemma for both sides.” Adjusting terms in the later stages of a franchise agreement may be the only way to sustain the arrangement on a long-term basis. Grossman is philosophical after years’ in the industry, and reveals that experience and awareness are key to successful valuations: “Determining the franchise fee is an art, and a science. In Japan, they say that the sales price of an item is decided first. Only then does one looks backwards to see what it costs, and make any adjustments. In franchising, you need to check similar types of franchises to ensure your fee is competitive in the marketplace, and fine-tune where necessary.” If you follow this advice, then you’ll be well placed to make your venture into franchising a success. Contact: www.dynamis.co.uk
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ADVICE
The sales DOCTOR Sales Doctor, Tony Morris, gives advice on how to stop squabbles when dishing out new leads
Dear Sales Doctor, Our sales department has just been given a new territory after an acquisition. It’s an important territory so I’d like to give it to my best sales person, but this may seem unfair to my other sales people. How do I appease the rest of the staff while making sure that we maximise this opportunity with our best sellers?
A
If you’ve seen the great film, Glengarry Glenn Ross, which is based on salespeople selling real estate in America, you’ll know the whole premise of the film is centred around who should receive the Glengarry leads. Now I don’t wish to ruin the film, so I won’t tell you who does receive them, but I’d like you to ask yourself this question: ‘If you were a business owner, who would you give your best leads out to?’ As a business owner myself, my answer to that question is very simple - I would reward two types of people. Firstly it would be the top performing sales person, as I would be confident that the lead is in capable hands and has a higher chance of being converted. Secondly I’d look at the person who is grafting the hardest in the team, and not necessarily getting the results yet. I would be looking to develop that person, and identify what requires attention to help that person achieve the results
they deserve. Once that person has started to improve, I would reward them with the leads as well. In my experience of training 3,000 sales consultants, the ones who moan about wanting the better quality leads are often the lazy sales people who want to be spoon fed, and can’t be bothered to be proactive. To avoid rewarding this behaviour, it’s imperative that you are very selective when it comes to lead allocation. One option for distributing leads is to set targets; the first person to get the leads could be the person who has the highest call activity, and achieves a minimum of ‘X’ results. The other could be the person who sells the most in a week. Sales people should only be rewarded for success, not for just doing their job - that’s what their basic salary is for! I view commission and the best leads in the same way; they are both rewards, and should be treated as such.
Sales Doctor is offering a free audit of your sales team. This means one of the directors will invest their time, at no cost to you, listening to your sales team on the phone, and will compile a detailed feedback report on areas that could be improved. You then have a choice of what you’d like to do with that information. There is no obligation to use the Sales Doctor whatsoever. If you have any questions, or would like to know more, please call the Sales Doctor on 020 8906 6725 or email info@wedosalestraining.com with the subject line: “Free sales team audit”. Contact: www.wedosalestraining.com
NEED A DIAGNOSIS? Send your sales problems to the editor, marked ’FAO the sales doctor’: editor@talk businessmagazine.co.uk
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ADVICE
Breaking barriers “What stops firms from smashing glass ceilings?” asks Tony Rice, partner at Equiteq
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rowing to £10 million annual revenue, with around 20% net profits, is an important landmark in a firm’s growth. It’s at that point where strategic acquirers start to get interested. But only one in 20 firms reach this point, because owners aren’t equipped to handle the changes necessary. The most important ways to get on the radar of larger buyers are to recognise there are glass ceilings, plan ahead, and deliver consistent growth rates in revenue and profit. If a firm hits a ceiling, or even declines because of a wrong turn in the attempt to re-establish growth, then equity value is impaired because the buyer has less confidence in the future. The good news is that glass ceilings are predictable. Awareness of when these ceilings occur, and what to do, will help the firm plan ahead, and mitigate the risk of a plateau or stall. What then are the stages of growth? The first stage often starts with a couple of founders, heroically focused on creating service offerings, supported by a few critical, but ad hoc processes. Around 56% of consulting start-ups
Around 56% of consulting start-ups don’t make it past this point, settling for a lifestyle business rather than one with real equity value don’t make it past this point, settling, either by choice or failure to grow, for a lifestyle business rather than one with real equity value. As companies smash the first ceiling, generally around the £2.5 million revenue mark, the focus shifts to scaling the business. In the second stage, founders have to transition from ‘grinding’ out the engagements, to ‘finding’ and ‘minding’ them, a shift that not all are happy, or equipped, to make. Only 17% of consultancies reach the third stage (around £5 million and £10 million). At this stage, founders often find themselves working full time on management, struggling to sustain the currency of their own domain expertise through consulting with clients. By devoting more time to ‘minding’, they should see improved revenue per employee, because the quality of the projects increases with the size of the firm. In the fourth stage, the focus shifts to the efficient coordination of resources. By the fourth and fifth stages, the centre of interest for management teams is often highly concentrated on revenue and profit. The quest for harmony between meeting the needs of clients, the
needs of staff, and the economic ambitions of the firm, become a delicate balancing act. To reach the fifth stage, firms must break through £20 million. Of the 1% who can exceed £20 million in revenue, owners have to reconcile important strategic decisions and tensions. For example, they must resolve organic versus acquisitive growth, diversification of services versus niche focus, and entering new markets, all of which have trade-offs for equity value, and dilution of shareholding. The biggest question of all for owners considering their exit, is whether continued growth will add to, or decrease the equity value in the firm? There is a strong likelihood that one will present an obstacle to growth, if you are not prepared. The key to achieving higher equity values comes from sustained sales and profit growth. If your P&L looks like a map of the Rocky Mountains, you may have to settle for a valuation somewhat less than you expected! Contact: www.equiteq.com
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Swiss movement, English heart
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ADVICE
A
ll businesses have issues. From the smallest sole trader to the largest conglomerate, they all have areas that could be improved upon. If you’re reading this and thinking; “Not us, we’re fine”, then it may be that you just haven’t highlighted yours yet. Properly identifying and correcting a small issue now can prevent a huge disaster further down the line. The Investment Escalator is a collaboration between an academic institution, London South Bank University, and one of the UK’s leading enterprise agencies, the East London Small Business Centre (ELSBC). ELSBC is providing its powerful blend of diagnostic and ongoing support for the businesses, as they build their growth plan and seek out finance. It can also provide funding from its own sources, where applicable. London South Bank University is offering access to its academic knowledge and business expertise through learning events and custom projects, aimed at validating the growth plan, and giving the SMEs the skills and confidence to execute that plan. The Investment Escalator aims to support scores of SMEs in setting ambitious targets, and giving them the tools and, importantly, access to the funds, to achieve their goals.
The Investment Escalator programme provides participating businesses with all the support they could need in developing an effective online presence, from refining and optimising content to analysing traffic
The only way is up London South Bank University champions the benefits of the Investment Escalator for your small business
BUSINESS PLANNING
Sound business planning is fundamental to any company - knowing where your business is currently at, and where it wants to go, is very important. Fundamentally, a business plan takes inventory of a business, the assets it has, and where it is placed in the market, but much more than that, it can be used as tool to attract staff and finance to your company. A recent study carried out by Small Business Trends found that 36% of businesses with a completed business plan secured some form of
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investment, compared to only 24% of those without one. The same study showed that 64% of businesses with a plan, managed to grow their business during a two-year period, whereas only 43% of companies without a business plan grew. Business plans can also be used to attract partners, secure supplier accounts, and attract high-level employees. If you have identified somebody that could help improve the talent pool of your company, somebody who could be integral in driving the business forward, having a clear and structured plan to show where your company is situated, and where you want the business to go, could help them decide to join you
down 6% from two years ago. One of the reasons for this could be the reluctance of the traditional lenders to provide credit to SMEs. In these austere times, there has been a well-documented reticence of the banks to lend. Pair that with the credit rating agencies’ negative bias against companies without a long-proven track record, and it’s easy to see why small businesses and start-ups are being hit particularly hard. But just because the banks aren’t lending, doesn’t mean that business isn’t getting finance. In fact, alternative funding is fast becoming the funding of choice for SMEs. In 2013, alternative funding, such as Government grants, lending schemes, and crowdfunding, reached £939m, an increase of 91% on the year before.
compared to 34% of pre-recession businesses. The same report also showed that 48% of post-recession businesses actively use social media, 14% greater than their pre-recession counterparts. New businesses have quickly adapted to the changing marketing landscape, and others will have to follow, or potentially be left behind. Moreover, a recent Google/Nielson survey showed that 59% of consumers visit a business’ website via a mobile search. The same study showed consumers using mobile devices are doing so to make an immediate purchase, with more than half going on to make a purchase within an hour, and 83% within 24 hours.
Small Business Trends found that 36% of businesses with a completed business plan secured some form of investment, compared to only 24% of those without one - nobody wants to join a company without a clear idea of its ambitions. Through Investment Escalator’s combination of business advice and academic expertise from the University, we can help you create an effective and comprehensive business plan, or potentially update the plan you currently have. Remember, having an unrealistic business plan is just as bad as not having one at all!
FUNDING
In recent years, there has been a decline in the amount of credit that SMEs have obtained from traditional sources. A recent report from BRDC Continental observed that only 30% of businesses were using an overdraft, loan, or credit card as a form of credit - this number is
With the traditional lending options becoming increasingly sparse, it’s important to identify the alternative funding options that best suit you and your business, and to tailor your approach to them, to maximise the potential for investment. Investment Escalator participants are eligible for up to six hours of one-to-one finance coaching, which includes reviewing loan and equity options, as well as providing connections to alternative funding sources, such as peer lending and crowdfunding.
WEBSITE & SOCIAL MEDIA PRESENCE
The 2014 annual DNA of an Entrepreneur Report from Hiscox, states that 52% of businesses formed after the recession, launched their new products online,
More than ever, the public is accustomed to doing things on their terms, shopping online from their sofa, or sourcing services at their desk during their lunch break. They no longer want to trawl the high street, or even pick up a phone directory to find what they want, they want to be able to find and purchase products immediately. A website with mobile functionality and a strong online presence are now almost compulsory for all businesses. The Investment Escalator programme provides participating businesses with all the support they could need in developing an effective online presence, from refining and optimising content to analysing traffic.
For your free business diagnostic, help with any of the above issues, and more, contact Investment Escalator: Call: 0207 815 6904 Email: investment.Escalator@lsbu.Ac.Uk Visit: lsbu.Ac.Uk/escalator
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22/12/2014 12:42
ADVICE
Magic moments Claire Okrafo-Smart, global account director at Zibrant, looks at the value of incentivising your staff
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otivating and incentivising staff are key considerations for any company when focusing on workforce retention, and it is generally accepted that rewarding employees is essential to ensuring both satisfaction levels, and loyalty on the shop floor. The happier the business, the more productive it is, especially when there is an added-value goal or standard to aim towards. Recently, there has been a gradual rise in companies looking away from the traditional cash-based bonus structure, and towards an incentive scheme based around once-in-a-lifetime opportunities, tailored to fit the company message and objectives. Indeed, from a number of organisations we surveyed in the last year, it was found that the majority of staff preferred a company-relevant, experiential reward, as opposed to a remunerative option.
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There is, in part, a psychological element to this result. In many cases it was found that cash rewards are often treated synonymously with a salary, and therefore spent on day-to-day expenditure and bills – hardly inspiring! On the other hand, a travel incentive was seen to give staff the opportunity to experience something they otherwise might not have been able to do, and be recognised by colleagues and peers. Our experience of working with a number of highprofile companies (both large corporates and SMEs) has demonstrated that establishing an incentive programme gives employees the opportunity to strive for excellence, and be part of an exclusive group, which recognises the value they bring to the company’s business. One example of where this has been most effective is with global automotive company, BMW, where we helped to shape
its award-winning ‘Business Partnership Programme’ to drive corporate sales performance. Each incentive delivered is unique; it is a common misconception that these experiences are ‘off-theshelf’ and only need minor tweaking. This is not the case; each time we have to start from scratch, placing the specific needs of our client, developing the programme around a very specific set of criteria. In the case of BMW, the finished product had to deliver not only outstanding sales results, but provide delegates with an exceptional incentive experience. From the launch, promotion, and communication of the programme, every touch point was designed to engage the widest possible audience. Although this campaign was delivered on a global scale for a big corporate, there is no reason why similar
January 2015
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models couldn’t be applied to smaller companies. We have found that incentives are very popular within the financial sector, with a number of SMEs having successfully implemented internal nominations schemes, proving popular with staff. The essential components must be strong creative and content; again, it comes down to getting under the skin of an individual company, and making it relevant to the client audience. Ultimately, incentive programmes foster great memories, driving team dynamics, and giving great internal PR for a company. If complemented with effective and regular communication of the programme, its benefits, and how it can allow staff to reach their full potential, the return on investment will soon become clear.
Cash rewards are often treated synonymously with a salary and spent on day-to-day expenditure and bills
Contact: www.convibo.co.uk
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23/12/2014 11:19
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ADVICE
Legally speaking Each month, an expert from solicitor, Wright Hassall, takes a look at a different dilemma for small businesses from a legal perspective. This month, Susan Hopcraft examines how you can seek recompense due to negligence
Q A
I have recently purchased a business, but my accountant has over-valued it. Can I seek compensation? The first thing to be sure of, although it should be reasonably obvious, is whether the accountant knew that the valuation would be relied on to purchase the business. In order to show that the accountant was duty bound to do the valuation properly, they needed to know why the valuation was being done. Otherwise they could say they had no idea it would be relied on, and cannot be responsible. You then need to assess whether the over-valuation resulted from something that any reasonably competent accountant would not get wrong. If incorrect information was provided to the accountant, then they cannot be held responsible - unless the inaccuracy was so blatant that they should have questioned the data. If you have a new valuation, then the expert giving the re-valuation should be able to tell you whether the mistake was something that a competent professional ought not to have made. Then the trickier question: if you’d known the true value of the company, would you still have gone ahead, and at what price?
This is a difficult question because you must eradicate hindsight. The test is what would you have done at the time? If you were keen to buy because of the business’s strong brand, or because of the premises, etc., would you still have bought the company - even at a higher price? What if the vendor wasn’t prepared to sell for less? An accountant accused of negligence will swiftly argue that the valuation did not cause loss, because you would’ve gone ahead at any price anyway. In law, if the valuation was not relied on as an important part of the decision to buy the business, the claim is more likely to fail. Finally, you need to work out the loss. Only the losses that were foreseeable as the financial damage that would result from an overvaluation, can be claimed as compensation. For example, you can claim the amount by which you paid too much for the business, and you may also be able to claim for the loss of a chance to invest the overpayment elsewhere. You’re less likely to be able to claim for the losses suffered
“
Then the trickier question: if you’d known the true value of the company, would you still have gone ahead, and at what price?
”
since the acquisition, because they’re likely to be from general trading conditions rather than the accountant’s advice. If you can overcome all of these hurdles, then a claim for compensation for professional negligence is possible. A letter of complaint should be sent first, but, if compensation offers are not made swiftly, legal advice should be taken. Accountants carry professional indemnity insurance, and therefore ability to pay compensation is not usually a concern. Contact: www.wrighthassall.co.uk Got a question you want answered by the legal team? Email editor@ talkbusinessmagazine with the subject line “Legal lifeline”
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Direct Numbers are specialists in providing quality numbers and virtual call handling services to businesses of all sizes in the UK. Our numbers and services are all hosted in the cloud so this means no expensive in-house kit is needed. You can access all our cloud services by using our online management tool to give you full access to your numbers, services and call stats. T: 08000 755 755 M: 0330 333 8755 W: www.directnumbers.co.uk
Enghouse Interactive develops and supplies the widest range of customer contact solutions on the market. Through our extensive network of reseller partners, we are helping thousands of organisations of all sizes, industries and complexity across the world to improve their service, productivity and operational efficiency. T: 0118 943 9200 W: www.enghouseinteractive.co.uk
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Building Fabulous Business Relationships Workshop 13th June 10am-4pm Park Inn Palace Hotel in Southend Learn techniques to develop meaningful partnerships with your clients Book now at http://www.businesshelpforyou.co.uk/ fabulouslifeladder.php T: 020 7863 7977 E: support@businesshelpforyou.co.uk W: www.businesshelpforyou.co.uk
FranchiseSales.com is a directory of over 1,000 franchises, containing everything need to get into business through investing in a franchise. W: www.franchisesales.com
A leader in innovation, esl works with many of the best known UK companies, providing more than just a payroll service. Our expertise is in understanding our clients’ objectives and providing sustainable processes through our Payroll and HR solutions. T: 01628 526304 E: marketing@employerservices.co.uk W: www.employerservices.co.uk
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ADVICE
We offer the full spectrum of creative services from design and artwork, web design and build through to reproduction and photography to get your campaign live. Whether it’s a standalone project – initial concept through to finished media, overflow of current work » design or part of a bigger campaign, we are happy to jump » the creative in anywhere in processconcepts to help you get the most of your spend, on time and within budget. » artwork production T: 020 3328 5777 W: www.purewhitecreative.com
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Affordable HR Solutions Affordable HR Solutions can take care of your ad hoc people issues enabling you to focus on your core business. Visit our website to see our range of services. T: 01304 366340 W: www.affordable-hrsolutions.co.uk E: Info@affordable-hrsolutions.co.uk
With some 50 Centre Owners Kall Kwik is the UK’s leading business print and design franchise and has been delivering business services on the high street since 1979. Now through the introduction of a new high street concept with multiple income streams we are looking to double the estate over the next few years. T: 01530 513300 E: edownes@kallkwik.co.uk W: www.kallkwik.co.uk
» retouching
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If you are interested in investing and operating » digital media production the best premium burger and milk shake brand, Steak ’n Shake is the business for you! We are actively seeking single and multi-unit operators. We offer: • Brand strength and longevity • A range of investment options • Strong unit economics • Unmatched systems and support • Striking new designs and high-performing operations • Extraordinary customer value and quality W: www.steaknshakefranchise.com
Basepoint has 30 centres offering high quality workspaces with flexible terms, meeting rooms, virtual office space, free membership and more. T: 01753 853515 E: hq@basepoint.co.uk W: www.basepoint.co.uk f: facebook.com/basepointbusinesscentres t: twitter.com/@Basepoint_Cntrs
Through working in partnership with you, and by understanding your business and providing bespoke support, we add value and provide commercial HR solutions that contribute to your bottom-line. T: 07973 958149 or 01604 688757 W: www.hrbespokesolutions.co.uk E: phil@hrbespokesolutions.co.uk
connecting talented people Onyx Recruitment specializes in Executive, Finance and Office based Recruitment, providing bespoke Permanent and Temporary solutions to a wide range of SME clients and candidates in the UK and Internationally. W: www.onyxrecruitment.co.uk E: info@onyxrecruitment.co.uk T: London 0203 305 7181 T: Milton Keynes 01908 488694
In business since 1979 supplying branded merchandise to businesses. Our 50 franchisees provide everything from personalised badges to signage; Staff awards to business gifts and promotional products to a wide range of leisure clothing and work wear. T: 01530 513300 E: edownes@recognition-express.com W: www.recognition-express.com
Become a part of a company that has helped over 171,200 people succeed – while you earn profits for yourself and your children. We worked tirelessly to figure out a way to give business owners who were interested in making a difference in the lives of children and their families a means to do just that, without actually being a tutor themselves. Find out more: W: www.tutordoctoropportunity.com T: London 01978 716997
ComputerXplorers is the leading provider of quality technology education for children from the ages of 3 to 13.The clubs and classes we deliver are engaging, educational and fun, and are run in a variety of settings, such as after school clubs, pre-school and nurseries, summer camps and in-curriculum time classes. T: 01530 513300 E: edownes@recognition-express.com W: www. computerxplorers.co.uk
i2 Office provide serviced offices, virtual offices, meeting rooms and business lounges with the latest technology and the highest quality fit-out in Grade A buildings across the UK. T: 0203 440 5000 W: www.i2office.co.uk
The ZipYard is the UK’s most successful and fastest growing garment alteration franchise in the UK. Established in Ireland since 2005 ZipYard Centres are now springing up on High Streets across the UK. T: 01530 513300 E: edownes@recognition-express.com W: www.thezipyard.com
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He said / she said This month, the entrepreneurs are tweeting about beards, budgets and leading by example. Opinions (and spelling mistakes) are all their own Kelly Hoppen @IMKellyHoppen Looking for a metal craftsman from @ GREATBritain for a lighting job in my new home please get in touch if you can help! #BritishDesign
Peter Jones @Dragonjones Every day for 12 days I’m giving away amazing gifts & 3 of you each day have a chance of winning. #12DaysOfJones
Our cover star, Kelly Hoppen (page 20) offers Twitter followers the chance to work on her new house. We have some sticky tape and a broken stapler – not sure we’re right for this one…
In total contrast to his fierce on-screen persona, Peter must have been feeling very Christmassy last month to be doling out so many prizes. We wouldn’t bet this generosity will last into the next series in the Den though.
Richard Branson @Richardbranson
Ed Miliband @Ed_Miliband
Lead by example & embody your company’s character not just in your words but through your actions Wise words from the Virgin founder and business leader. Read more leadership ideas by our own guru, Deborah Benson, on page 79.
Lord Sugar @Lord_Sugar I’M HIRING! Do you have a business plan needing £250k investment? Apply for Apprentice 2015 at http:// apprentice.fremantlemedia. com/application Fancy your chances in the boardroom? Then enter now. Will it be fame, or the finger for you?
David Cameron’s plan for Britain’s future will take spending on public services back to the 1930s: a time before the NHS. The Leader of the Opposition pulls no punches following last month’s Autumn Statement. The 1930s? That’s also a time before Talk Business magazine. David Cameron, you monster!
Lee McQueen @LeeMcQueen Twitter Need your help! Should the beard stay or go? Favourite for beard to stay retweet for beard to go. #thebeard Winner of season four of The Apprentice tackles the important issues. His followers voted for it to stay, but find out Lee’s wishes for 2015 on page 91.
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