Talk Business September 2013 by Talk Business

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

FOR THE ENTREPRENEUR

BY THE ENTREPRENEUR

September 2013 £4.50

‘SMEs are the lifeblood of our economy ’ James Caan on start-ups, fame and how his business was built on love

The future is flexible Three decades of office evolution

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Campaign catastrophes Remember these promotional fails?

Enter the dragon

Meet the Den’s newest hotshot

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SMEs require specialist expertise from a dedicated account manager who understands your company’s unique travel patterns, needs and budget If you’ve never been properly walked through the benefits of professionally managed travel, your business is at a major disadvantage. Expert business travel management can open up a world of savings and efficiencies for your organisation. There is a common misperception that SMEs can secure the cheapest business travel by booking directly with suppliers. The Internet revolution, combined with low-cost carriers and budget hotels, has certainly changed the way in which SMEs view their travel. But as time-strapped CEOs and Personal Assistants spend countless hours trawling the Internet for fares and managing their own travel arrangements, are the benefits really what they seem? While there are many cost reduction strategies which can be applied to an organisation’s travel programme, for businesses with a small-to-medium sized travel spend, the secret to success is knowing what the best strategies are and how they can be applied to your individual business. Corporate Traveller will work with you to design a set of cost reduction strategies specific to your business needs, which may include: 1. Working with a dedicated account manager, offering a personal and flexible service 2. Access to the widest range of best priced product 3. Improving how your company travels as a whole 4. Working with you on cost saving strategies 5. Traveller safety strategies 1. Dedicated account manager, offering personal and flexible service When it comes to business travel nothing beats having a travel expert on board. Our dedicated Account Managers are highly experienced, commercially driven and have exceptional product knowledge

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to deliver airfare and land product options which will have an immediate impact on your bottom line. Partner with an expert and your business can expect travel management, advice and strategies tailored specifically for your business. Your business will benefit from high-touch travel assistance delivered by a dedicated account manager or small team which develop an in-depth understanding of your business, to look after your every travel need. 2. Access to the widest range of best priced product As the 3rd largest travel retailer in the world, the Flight Centre group has the global negotiating strength to give you access to the widest range of product at the best rates. In addition, by utilising multiproduct platforms to source air, hotel and car hire, your dedicated travel expert can deliver a rapid turnaround on these globally competitive prices. Multi-channel product sourcing is very handy during times of high traveller demand, crisis situations or travel disruptions – as it means your travellers will always have options no matter what is happening in the travel industry. 3. Improving how your company travels as a whole Corporate Traveller will work with you to create efficiencies at every phase of the travel process. Are all of your booking, buying, account management and expense management procedures operating as efficiently as possible? The first step in creating efficiencies on your travel is to work with the one accountant manager. From here your business can look at options to simplify and streamline your processes with offline and where appropriate, online solutions. The less time you spend on organising travel, the more time you’ll have to focus on your core business.

4. Working with you on cost saving strategies Significant savings can be achieved for your business, as a result of simple changes to the way you manage your travel bookings. Our expert account managers will work with your business and offer advice on the best ways to save you and your company time and money. Industry studies prove there are a number of strategies companies can use to drive savings on their air, hotel and car hire spend. By implementing ‘best practice’ booking, buying and operating processes, your business is in an excellent position to leverage savings through smarter travel management. 5. Traveller safety strategies Risk management planning is a vital part of protecting your business travellers. We can assist you in your duty of care to employees who are on the move or planning to travel. We offer 24/7 emergency assistance – it is vital that your travelling employees have access to personal and experienced travel managers whenever they need it! Safety and security has always been an important aspect of business travel. Major disruptions to the global travel industry in the past few years have made traveller safety and security one of the most talked about topics in corporate travel. When it comes to traveller safety the involvement of an experienced travel manager is a crucial part of managing the risks of a mobile workforce. In the event of an emergency, you need to be able to track the location of your travellers quickly and efficiently. This visibility is only possible when flights and accommodation are booked through one central source. Bring a Corporate Traveller expert on board and improve how your company travels as a whole.

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CUTTING TRAVEL COSTS FOR SMALL BUSINESS TRAVEL BUDGETS Save time and money with an expert on board

Call 082 5675 Call0800 0800 082 5675 corptraveller.co.uk corptraveller.co.uk CT September Proof 1.indd 3

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iNSIDE 11 Editor’s letter 13 Letters 15 News & events

TALK strategy

Talk image

49 The branding column Rich With

93 Build a personal brand Business image

51 An hour in business Time management

94 Look the business: toneon-tone Fashion

54 The future is flexible The changing workplace 57 Success overseas Trading abroad 59 The sales doctor Solving your sales problems 60 Working from home Adam Caplan

talk MARKETING 63 The marketing column Kimberly Davis 66 Optimise your website SEO

TALK Success

70 Where to share? Social media

18 Being stubborn works CEO of Hamilton Bradshaw and former Dragon, James Caan

74 Campaign catastrophes Promotions 77 The MD microscope Q&A with Gavin Cockerill, MD of Flyerzone

26 Take one company Bulldog Skincare 29 Introducing… TB grills a young up-and-comer

talk people

31 Business tips from an unlikely place Book preview

79 The zero hours contract Contracts 80 Secret diary of an entrepreneur A week in the life of the rigthchoicefunerals.co.uk founder

32 Enter the dragon Piers Linney Q&A 35 Book reviews 138 He said/she said What are our entrepreneurs saying this month?

talk MONEY 37 The Funding Expert Introduction to Julian Smith

96 Hot spots Locations for SMEs 99 We love… Best bits

talk technology 101 Our man in the valley David Richards’ tech column 103 Join cloud 9 Cloud computing 106 Protect your business Data backup 110 Working from phone Mobile phones 113 I’ve got an app for that… Our fave business apps 114 Belkin Vs. Logitech This month’s best iPad keyboards

TALK FRANCHISE 119 Franchise news 121 Spotlight WPA 123 Why franchise? Introduction to Tony Mundella 125 Take one franchisee Luigi Forgione, Papa John’s

85 The dynamic workplace HR Insight

talk aDVICE

87 Get flexible working right Flexible working

131 Freeagent

89 Snow patrol Pendo Deals Event

128 Working Capital Partners 134 Host Europe Group 136 Talk Business Directory

39 Need cash? The EFG Loan 41 Nip claims in the bud Tribunal changes 43 A day in the life Diary of a Start-Up Loan recipient 45 Before you sign on the dotted line… Legal agreements

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editor’s letter

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EDITOR

Dawn Murden dawn.murden@astongreenlake.com

DESIGN

Paul Christopher Daniels paul.daniels@astongreenlake.com Heather Rugeley heather.rugeley@astongreenlake.com

WEB DEVELOPMENT MANAGER Mitchell Finlay mitchell.finlay@astongreenlake.com

SALES AND MARKETING MANAGER

Scott Hartley scott.hartley@astongreenlake.com

SENIOR ACCOUNT MANAGER Damien Ward damien.ward@astongreenlake.com

ACCOUNT MANAGER

Trystan Hurley trystan.hurley@astongreenlake.com

MANAGING DIRECTOR Jay Boisvert jay@astongreenlake.com

Circulation/subscriptions: UK £40, EUROPE £60, REST OF WORLD £95 Circulation enquiries: Aston Greenlake Publishing Ltd T: 0203 617 4680 Talk Business is published 12 times a year by Aston Greenlake Publishing Limited Floor 8, 6 Mitre Passage Peninsula Central Greenwich, London SE10 0ER T:02036174681 ©Copyright 2013. 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.

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The flexible future his editor’s letter is being written while I’m on a train, travellling down to Brighton for the weekend. Not because my boss is making me do overtime (lucky me) but because I can, and I wanted to. Drafting this on my iPad as the Shard and London Bridge fade into the distance is a perfect example of how we can work from anywhere, whenever we want. This issue, we wanted to study how the working environment has changed. Our Face on the cover James Caan, former Dragon and founder of private equity firm Hamilton Bradshaw, recalls how he started his first company in a windowless office with a copy of the Yellow Pages in 1985. By contrast, on page 32 I interviewed new Dragon in the BBC den, Piers Linney, who is founder of Outsourcery, a company that offers cloud computing services – arguably one of the biggest breakthrough technologies in the last five years. Portable laptops, tablets and smartphones have also changed the way we work and on page 110, Xenious Thrasyvoulou, founder of PeoplePerHour, explains how easy it is to work from phone. Technology is undoubtedly one of the biggest changes to the workplace, but can we sometimes put too much faith in it? If your system crashes, are you protected? Turn to page 106 to find out how to choose the right data backup provider.

Today’s modern workplace is full of flexible options, and there has been a rise in zero hour contracts. With more than a million UK workers on this sometimes-controversial practice, turn to page 79 to read about its pros and cons. Finally, turn to page 54 to read The future is flexible, my investigation of how the workplace has changed over the last 30 years. Take care of business for now.

Dawn Murden, Editor

@TalkBusinessMag

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Contributors & LETTERS

September’s scholars

Katie King is managing director of Zoodikers Consulting, a public relations and social media agency based in Tunbridge Wells, Kent. During her career, which has spanned more than 23 years, she has advised NHS Trusts, BT, Orange and hundreds of start-ups and SMEs. She is a respected industry commentator, who is regularly featured on BBC TV and radio, and at industry conferences.

Julian Smith is founder of The Funding Expert, offering workshops, consultations and public speaking on finance. He has been advising companies for more than 18 years on how to position themselves for investors, raising business finance, mergers and acquisitions. Julian has worked with many of the leading companies in the UK, including those in the FTSE 100 and FTSE 250 indices.

Tony Mundella is founder of Franchise Management, a business development consultancy, and has 25 years’ experience in the world of franchising. He has been a franchisor in a variety of different industry sectors, and since 2006 he has operated his own consultancy business advising both franchisors and franchisees. Tony has worked with franchises offering fast food outlets, property services, childcare and many others.

Xenios Thrasyvoulou is founder and CEO of online freelancer marketplace, PeoplePerHour. Xenios started his career as an engineer in a FTSE 100 company. Within six months he realised he was allergic to the bureaucracy of large corporations. After, Xenios began creating a service that allowed time-starved individuals to outsource work to multi-skilled individuals on a “per hour” basis. In 2007, PeoplePerHour was born. Today it has more than 450,000 registered users.

Turn to page 70 to read Katie’s definition of the seven main social media sites so you can judge which is best for your business.

Read Julian’s first article of a series in the Talk Money section on page 37.

On page 123, Tony discusses why franchising is a great way to own and run a business.

Xenios discusses how you can work from anywhere using a smartphone on page 110.

SEPTEMBER 2013

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MAILBOX

If you’d like to send us your thoughts about Talk Business, or anything else that’s happening on the SME scene, just get in touch: email: dawn.murden@astongreenlake.com snail mail: Aston Greenlake, 6 Mitre Passage, 8th floor, Greenwich Peninsula, London SE10 0ER

This month, our readers have praised our new Talk Image section and Twitter competitions, plus given some sound business advice on the economy

Not out of the woods yet

Dear Editor, News that The National Institute for Economic and Social Research (NIESR) has raised its predictions for UK growth – estimating that the economy will grow by 1.2 per cent this year and 1.8 per cent in 2014 – up from 0.9 per cent and 1.5 per cent – will certainly come as welcome news, but business owners should remain prudent. In my own experience, SME business owners have remained optimistic about their own businesses relative to the overall economic picture and have adapted and evolved to succeed. And while optimism in your own business and about the economy is of course a good thing, so is caution – we are not out of the woods yet. Getting the balance right and navigating the pitfalls of recovery are critical. We don’t want an unsustainable debt-fuelled recovery and neither can we afford to simply pull away the life support machine. The economy is in early stages of recovery, and what we need is a carefully managed transition back to normality underpinned by solid and prudent business practices. Yours faithfully, Bob Bradley Chairman, MD2MD

OF R E T T LE MONTH THE

Practice what you preach

Dear Dawn, I’m pleased to see more activity on your Twitter and I love the competitions so far. You’ve run a lot of articles on social media and it’s good to see you taking your own advice. Plus it’s even better for us to take a few minutes out of our busy days to win some prizes! Keep the prizes coming, Harriet

The right image

Hi Talk Business, When I turned to your new Talk Image section at first I was sceptical about a fashion section, but I have to say it looked great. The design was really eye-catching, the colours worked well and there was a good selection of clothes of different prices, for both males and females. Looking forward to seeing what you do next. Best wishes, John Price

Tweets 0F the month... @118alison It’s arrived! Great way to spend a Monday morning with a coffee @TalkBusinessMag love this #magazine @KronosUK Great to see @DawnMurden from @TalkBusinessMag modelling her brand new @Forever21 sunglasses #KronosForever21 @PendoDeals Get a 25% discount on a years subscription to @TalkBusinessMag 80,000 subscribers can’t be wrong @Boost4Biz #BiziTalk @MailToMobile Just been having a look – very interesting series of articles! 1 of directors, Simon, contributed to the piece on high sts. @TheBusinessShow We’re delighted to have @TalkBusinessMag on board as partners @pca_plus @GuyMucklow talks to @TalkBusinessMag about bootstrapping a business @TalkBusinessMag Congratulations to @littlelaurensbl The winner of our Friday iPad case #competition @TalkBusinessMag #Compeition time. RT and follow us for a chance to win #McAfee All Access – online protection for your small business worth £75.99 @sezzan done and fingers crossed x

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NEWS & EVENTS

Dates for the diary Business Junction networking events 18 September Asia House, Marylebone 25 September The Hippodrome, Leicester Square businessjunction.co.uk/events ad:tech 11-12 September Olympia, London ad-techlondon.co.uk The Sterling Integrity Show 13 September The Future Inn Hotel, Bristol 27 September Sixways Stadium, Worcester sterlingintegrity.co.uk eCommerce Awards 2 October Marriot Hotel, Grosvenor Square, London ecommerceexpo.co.uk/page. cfm/link=250

eCommerce Expo 2-3 October Olympia, London ecommerceexpo.co.uk

National Sales Awards 7 November Troxy, London nationalsalesawards.com

Successful Selling Expo 17 October RICOH, Coventry sales-expo.co.uk

Southampton Business Show 7 November Ageas Bowl, Southampton southamptonbusinessshow.co.uk

Apps World 22-23 October Earls Court, London apps-world.net/Europe

National Business Awards 12 November Grosvenor Park, London nationalbusinessawards.co.uk

The Spain Start-up and Investor Summit October 2013 Date & venue TBC spain-startup.com Kent 2020 Vision StartUp Live 23 October Kent Event Centre, Maidstone kent2020startup.co.uk

32% of UK SMEs do not have social media strategy 32% OF BUSINESSES in the UK don’t have a social media strategy in place, according to a report by design, marketing and print specialist, Catalogues 4 Business (C4B). Its report, Channel Vision (Version 2.0), questioned more than 100 organisations in the UK. The report was drawn from a diverse mix of businesses, both B2B and B2C, and a combination of industry sectors. It found social media has risen in the past year with more than two thirds implementing it into their organisations, but alarmingly, one third still don’t have a plan in place. Ian Simpson, managing director at C4B comments: ‘Nowadays, social media and digital marketing has become such a wide trend and it’s so

shocking that some businesses still haven’t deployed it. ‘You would currently expect all

companies to have social media within their mix, and more importantly have a purpose and end goal in mind.’

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Micro-business owners work average of 52 hours a week

Government strengthens UK’s position in offshore wind industry THE GOVERNMENT PUBLISHED a long-term strategy that will strengthen the UK’s position in the offshore wind industry last month. The multi-million pound investment has the potential to unlock £7 billion in the economy by 2020. Investments by the Government will include £20 million from the Regional Growth Fund to improve the UK wind industry’s supply chain, and £46 million to join up innovation between industry, Government and academia and help companies to bring new products to market. Deputy Prime Minister, Nick Clegg and Energy Secretary, Ed Davey

launched the strategy during a visit to officially open the Lincs wind farm off the coast of Lincolnshire, developed by Centrica with its project partners, DONG Energy and Siemens. The UK currently has more offshore wind power than the rest of the world combined. The offshore wind industrial strategy aims to grow UK supply chain manufacturing so that more of the work and jobs can be done here. The industry has the potential to create 30,000 jobs here and contribute £7 billion to the economy by 2020. Exports have the potential to add even more to these economic benefits.

MICRO-BUSINESS OWNERS are working an average of 52 hours a week, according to research by Penelope, a call handling solution for small businesses. The company’s research found that entrepreneurs in London were found to be working the longest week at 61 hours, compared to those in Scotland who were working an average of 46. It also found business owners in construction managed to work a 62hour week on average. The trend of working long hours shows no sign of decreasing as evidenced by the recent employment statistics from the Office of National Statistics, which show a 0.3% increase in the hours worked in the last three months alone. Ed Reeves, co-founder of Penelope said: ‘Being the owner of a micro business means taking on multiple roles and being every thing to every customer. ‘Many micro-business owners are both time- and cash-strapped, they need to make the most of every day because the amount of time being squeezed into the working week is enormous.’

What employees wear can affect promotion MORE THAN THREE quarters (76%) of HR directors believe that an employees’ style of dress at work influences their chance of promotion, according to new research undertaken by recruitment specialist, OfficeTeam. This figure rises to 89% for medium-sized companies. 44% of HR directors think employees wear inappropriate or unusual clothing to work “very” or “somewhat” often. Rachel Stockell, senior manager at OfficeTeam said: ‘In an ideal world, employees would be judged primarily on the merit of their work. ‘However, as our research shows, what you wear can have an effect on your chances of promotion, and so it is important to dress the part.’

SEPTEMBER 2013

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INSPIRING BETTER BUSINESS

“Red tape inspired me.” “This is my story”

“I started programming when I was 10 years old. My dream was to work for the biggest technology companies in the world. Years later having successfully worked for many of them, I started to get fed up with the amount of internal politics and red tape I dealt with day after day. It’s a cliché, but I really felt like a small cog in a big machine. I craved to be part of a company where my ideas and passion meant something and above all made a difference in driving the business forward.

FISCAL Technologies gave me that opportunity to make it happen, and over the past four years I’m working harder than ever, but loving every minute of it. Building relationships with trusted suppliers is essential to business growth. Our long partnership with Fasthosts has always delivered reliability, security and ﬂexibility when we needed it the most. Howard Durdle CTO FISCAL Technologies ®

Find out more at fasthosts.co.uk/inspire or call 0808 1686 777 DEDICATED SERVERS • VIRTUAL PRIVATE SERVERS • WEB HOSTING • DOMAIN NAMES • EXCHANGE EMAIL • RESELLER HOSTING

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TALK SUCCESS FACE ON THE COVER

being Stubborn WORKS He’s a serial entrepreneur, CEO of private equity firm Hamilton Bradshaw, and is worth an approximate £70m. Former Dragon James Caan tells Dawn Murden about his determination for success and how his business was built on love

SEPTEMBER 2013

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FACE ON THE COVER

ver since he came onto our screens breathing fiery business advice and looking for lucrative investments in BBC’s Dragons’ Den in 2007, James Caan has been a household name. Everyone knows who the British-Pakistani entrepreneur is. But what do we know about the man himself? When I first spoke to James Caan, one thing was clear, he’s one determined individual. But this was the case from a very young age. His father owned a successful leather goods company and one day hoped James would take it over. However, James wanted to make it on his own, and even though he came from a liberal Muslim family, this was unheard of at the time. ‘I was a very stubborn individual,’ he told me. So at age 16, James left home before he began his O-levels. James was born Nazim Khan, but when he watched The Godfather and saw Caan on the credits it struck him that he could spell his name differently. His friends started calling him James Caan and a few years later he changed his name by deed poll, much to his father’s disapproval. The first company James started was with his now wife Aisha. She wanted to set up her own boutique, so James acquired £30,000 via credit cards and overdrafts and made her dream come true. At 21, they tied the knot and now have two children together. With the profits from the boutique he set up recruitment company, Alexander Mann in 1985, which he sold in 2002. Then in 2004 he set up Mayfairbased private equity firm, Hamilton Bradshaw, which has a reported revenue of around £400 million. James was born to be an entrepreneur, and he agrees;

TALK SUCCESS

‘I can’t honestly think of anything else I’d rather be doing!’ he said. When James left Dragons’ Den there were reports of spats with fellow dragon, Duncan Bannatyne, but James said he left to concentrate on his business and charity work. And so, Hamilton Bradshaw continues to grow, while his charity, the James Caan Foundation, promotes greater awareness of issues facing the developing world. He is a partner of a long list of companies as well as chairing the Government-funded Start Up Loans scheme, which helps young people across the UK start their own businesses. [See page 43 for our regular coverage of loan recipients.] He also continues to be a TV personality with his own series on CNBC, The Business Class where he discusses the key issues facing SMEs today. As you see he’s a busy man so I was lucky to grab him for a chat! I UNDERSTAND YOUR FATHER WAS AN ENTREPRENEUR. WHY DID YOU SET UP ON YOUR OWN RATHER THAN JOINING THE FAMILY BUSINESS? I’ve known from a young age that I wanted to stand on my own two feet, do my own

thing and make it myself. Naturally my father wasn’t very pleased, and from then on my determination grew even more. I had to prove that I could be a success without him, that I had made the right decision. Keep in mind I had moved out as well, which was unheard of in our culture at the time. I was a very stubborn individual.

In a bid to impress [his wife], I offered to help her start a clothing boutique business. I didn’t actually have the money, so I took out three separate credit cards

WHEN YOU LAUNCHED YOUR BUSINESS HOW DID YOU GET YOUR START-UP CASH? There are now many ways in which start-ups can secure finance. But when I started out things were different so I had to be creative. The first business I started was actually with Aisha, who is now my wife. In a bid to impress her, I offered to help her start a clothing boutique business. I didn’t actually have the money, so I took out three separate credit cards with banks that had overdraft facilities. I didn’t tell her, and before I knew it, I had £30,000 to help her start her business. Once the business I had with Aisha was going well, I started up Alexander Mann from some of the profits. However, I always followed the principle of not taking more out of the business then it could afford. At that time all I needed

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FACE ON THE COVER

to start a recruitment agency was an office, a telephone and a copy of the Yellow Pages. I rented a tiny, windowless office the size of a broom cupboard in Pall Mall and got calling.

I had been in the position of starting up. Even now, when we are established as a leading private equity firm, I am regularly in the office late at nights and on weekends.

WAS YOUR SUCCESS INSTANT OR HARD WON? It’s definitely hard work; you rarely get instant success in business. In particular, the early days of my first business were extremely difficult – I didn’t have a brand or track record, so I experienced countless rejections. I went for a walk one day and then realised how I should alter my pitch. From there things started to kick on. It still took many years of hard work to get to the point where Alexander Mann became a global brand with a multi-million pound turnover. When I started my current business, Hamilton Bradshaw, in some ways it was even more difficult because it had been quite a few years since

WHAT WOULD YOUR ADVICE BE TO FIRST-TIME BUSINESSES THAT ARE EXPERIENCING DIFFICULTIES IN THE ECONOMIC CLIMATE? Having good cash flow is essential at any time, but particularly in the current climate. The success of a business will come down to the liquidity, and I would advise business owners to look carefully at the money going in and out of the company. Tighten up things like payment terms and look at how you can make your business more efficient. However, self-belief is just as important. Rather than listening to all the doom and gloom, have faith in your business and look at what you can do to help yourself through any difficulties.

The success of a business will come down to the liquidity, and I would advise business owners to look carefully at the money going in and out

TALK SUCCESS

WHAT’S THE BEST AND WORST THINGS ABOUT BEING AN ENTREPRENEUR? I love the adrenalin of doing deals and the ability to be my own boss. I think every entrepreneur feels the same. You have the opportunity to control what you do – you can turn your passion into a business and what you earn. The worst thing would probably be the fact that, particularly at the start, things can be lonely. You are often having to manage everything yourself; and this is why I wish I had a mentor in my early days. It’s something I passionately encourage all entrepreneurs to do. Having somebody experienced who can offer you advice is invaluable. DID YOU ENJOY YOUR TIME ON BBC’S DRAGONS’ DEN? HAVE YOU WATCHED THE NEW SERIES? WHAT DO YOU MAKE OF THE NEW DRAGONS? Shows such as Dragons’ Den and The Apprentice are a great way to approach the problems

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27/08/2013 16:23

TALK SUCCESS FACE ON THE COVER

Vital statistics I’m watching: White Collar and The Godfather I’m reading: Steve Jobs’ biography I’m listening to: Will.I.Am I’m surfing: Interactive Investor Portfolio on my iPad mini

that SMEs and entrepreneurs face today. I thoroughly enjoyed being on Dragons’ Den and found it exhilarating to meet such diverse entrepreneurs with incredible ideas. Kelly and Piers have a great reputation in their industries, and I can’t wait to see what businesses they invest in. YOU ALSO HAD YOUR SERIES ON CNBC, THE BUSINESS CLASS. DO YOU ENJOY BEING ON TELEVISION? I do enjoy it, although my main focus will always be the day job. A lot of the time it can be good for business, and not just from a profile point of view. I am an

investor and am always on the lookout for opportunities, so what Dragons’ Den did was allow me to be in an environment where I had access to these opportunities. To get hundreds of people pitching ideas to me was a great experience. I hope to do more TV in the very near future. [Watch this space!] EVERY MONTH WE FEATURE A START UP LOAN RECIPIENT, THE SCHEME CHAIRED BY YOU. HOW IMPORTANT DO YOU THINK INVESTING IN UK SMES IS? As far as I am concerned, small businesses are the lifeblood

As far as I am concerned, small businesses are the lifeblood of our economy

of our economy. I have always been a keen supporter of them, and the fact that we now have more than 4.8 million SMEs in the country shows that Britain is one of the most entrepreneurial countries in the world. We should be doing everything we can to encourage them to grow, and I think the Government schemes in place now, such as Start Up Loans, are a big help towards this. The more SMEs we can encourage, the more jobs they will create so I can only see positive outcomes from backing them. Contact: james-caan.com

SEPTEMBER 2013

018_019 SUCCESS FOTC.ga.indd 22

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30/07/2013 12:08

TALK SUCCESS TAKE ONE COMPANY

Man’s best friend

Co-founder Simon Duffy tells Dawn Murden how he came up with Bulldog – the UK’s fastest growing skincare brand for men

any of us complain about the products and services we use and claim we could make them better. The difference between mere mortals and the great entrepreneurs is that an entrepreneur doesn’t just complain – they put their money where their mouth is. And that’s exactly what Simon Duffy of Bulldog Skincare did. He was living abroad at the time with his girlfriend Annabel and working at an innovation consultancy, when something struck him. ‘Annabel liked a particular skincare brand, which she

could only get from one shop. ‘As she picked out her organic products, I browsed the shop,’ Simon says. ‘There was a huge range of organic products for women but none for men. ‘In fact, there were no straightforward products for men with natural ingredients.’ The more he thought about it, the more frustrated he felt. ‘There were no products I loved,’ he says. ‘I tried various products over the years but had no loyalty to any of them. ‘All the big players in skincare looked and felt the same; it seemed impossible to pick a product out of an endless sea of blues, black and greys.’

All the big players in skincare looked and felt the same; it seemed impossible to pick a product out of an endless sea of blues, black and greys

Simon made it his mission to solve this problem, not just for him but also for the many men out there who felt the same way as he did about skincare. He met his friend Rhodri Ferrier, who became co-founder, in a pub a few days later to discuss his business idea. First they had to come up with a name – something that would tear them apart from the other brands. A long list of names were suggested but Bulldog fit the bill. ‘The British bulldog is no David Beckham lookalike, he’s a little overweight and lazy but he’s a loyal, dear companion – he’s man’s best friend, which is what

SEPTEMBER 2013

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23/08/2013 15:04

TAKE ONE COMPANY

Vital statistics Company founded: February 2005, launched with Sainsbury’s in June 2007. Start up capital: £1.2m Turnover: £6m Profit: N/A Growth rate: Last year £3m turnover, which has doubled this year. Biggest achievement: There are four; overcoming the challenge of creating a skincare brand, which was purposebuilt for men, with all natural ingredients, at great value, with wide distribution. we wanted the products to be,’ says Simon. ‘Other brands boast impossibly ripped abs, but the bulldog is real and masculine.’ Getting Bulldog off the ground wasn’t easy, and Simon says he has empathy for other entrepreneurs trying to secure funding. ‘We met 80 to 100 prospective investors and we were not backed so many times,’ he says. ‘Eventually, 18 investors bought into our ambition.’ The products took two painstaking years to research, design and develop. Not only did Bulldog want to be man’s best friend, but a friend to animals as well. (I can almost hear Simon’s Brussels Griffon, Bruno bark in agreement in the background.) ‘Not only did we want to be natural and organic, we also wanted to be vegan and cruelty-free,’ Simon says. ‘Our

brand loves animals; it’s the way we see the world. ‘There are lots of non-viable options available, the beauty industry needs to catch up – it’s disgraceful when you look into it, like animal protein from slaughter houses being used in shampoos.’ Bulldog has received recognition for its natural and cruelty-free credentials after being rated as the top brand across the male and female skincare categories in the Ethical Company Organisation’s 2012 Good Shopping Guide. And it’s also the first male-only brand to be certified as cruelty-free. Once the products were formulated, packaged and ready for market they had to find a distributor. ‘We had to jump plenty of hurdles,’ he says. ‘I had stuff to juggle in my personal life too, I’d moved back to England and married Annabel.’ But in June 2007, Bulldog had its big break when Sainsbury’s agreed to stock the products. ‘We met with the beauty manager and took the products into the warehouse,’ Simon says. ‘Then eight weeks later we got a call to say they were landing in 350 stores nationwide, it was fantastic news.’ After that, things really took off for Bulldog. In June 2008, Waitrose, Ocado and Tesco came on board, and in 2009 so did Boots. This year, when Morrison’s started stocking the products, they were already being exported to more than 13 countries. But Simon says there’s still so much more to do. ‘Bulldog is the fastest growing skincare brand in the UK for men, but we’ve only just begun,’ he says. ‘We want to be the biggest men’s skincare brand in the world.’

The British bulldog is no David Beckham lookalike he’s man’s best friend, which is what we wanted the products to be

TALK SUCCESS

Simon loves the products and uses them himself, but he wanted to provide a product for all men. With more than 10,000 stores stocking Bulldog nationwide, and a very healthy £6 million turnover it’s obvious that many men feel Bulldog is their best friend. And it’s also true that some of the best products are born out of dissatisfaction. Contact: meetthebulldog.com

My life I’m watching: Top of the Lake on BBC Two. I’m reading: 1914-1918: The History of the First World War by David Stevenson and the Game of Thrones book set. I’m listening to: I love Radio Four in the morning and 5Live for sport. I’m surfing: BBC Sport and I read Seth Godin’s update.

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026_027 SUCCESS Bulldog Skincare.ga.indd 41

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29/08/2013 15:17

UP-AND-COMING

TALK SUCCESS

Introducing

ome of the most interesting cities around the world, full of culture and history, are unfortunately also full of pickpockets. According to TripAdvisor, the top cities worldwide to be vigilant in include Barcelona, Rome and Athens. Josh Okungbaiye and his brother John are very optimistic about the world, and enthusiastic about exploring it. But they noticed the average rucksack was easy for thieves to get into and so launched High Spirit, a company that produces pickpocket-proof bags.

WHERE DID THE IDEA COME FROM? The idea came as an epiphany to us in a New York taxi. We had noticed that the standard backpack made it very easy for pickpockets to gain access to victims’ possessions, so we decided to revolutionise the backpack to prevent this from happening. WHAT’S YOUR ADVICE TO YOUNG ENTREPRENEURS TRYING TO GET AN IDEA OFF THE GROUND? Just do it. Do your research, contact potential suppliers and ask questions. Test your idea to see if it gains traction on a smaller scale. We also think it’s very important to have mentors. Our mentors have played a

Josh Okungbaiye

Shell LiveWIRE winner, Josh Okungbaiye is co-founder of High Spirit, the company that makes pickpocket-proof bags huge role in our personal and professional development. WHAT WAS YOUR WORST JOB? We think every job is valuable, no matter how small or big. They all play a role in creating the big picture. WHAT’S TOP OF YOUR BUCKET LIST? To have lunch with Malcolm Gladwell, Stephen Fry, Jay Z, Barack Obama and Kanye West. WHAT HAS BEEN THE BIGGEST CHALLENGE YOU’VE FACED AS A YOUNG ENTREPRENEUR? Remaining nimble, and constantly being creative in order to maintain momentum and increase brand exposure. WHAT GETS YOU OUT OF BED IN THE MORNING? The work and the need to please our customers; they come first.

Winning investment from Richard Branson and winning the Grand Ideas Shell Live Wire Award. It’s confirmed to us that we are on the right track

HOW MUCH DOES MONEY MOTIVATE YOU? Solving a problem and making people’s lives a little better motivates us much more than money. Money comes and goes, but solving problems with sustainable solutions lasts a lot longer. WHAT’S BEEN YOUR PROUDEST MOMENT? We would say winning investment from Richard Branson and winning the Grand Ideas Shell LiveWIRE Award. It’s confirmed to us that we are on the right track, and has inspired us to stay driven in order to enhance people’s lives. TELL US ABOUT YOUR VISION FOR THE FUTURE. We aim to become global and be a leading brand in the travel accessories market. Contact: highspiritbags.com

talkbusinessmagazine.co.uk

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23/08/2013 15:14

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BOOK PREVIEW

TALK SUCCESS

Business tips from an unlikely place T

August Turak, founder of two successful US software companies, Raliegh Group International and Elsinore Technologies, reveals the business secrets he learnt from Trappist monks he first time I drove through the gates of Mepkin Abbey in South Carolina in 1996, the monastery’s beauty, tranquility, and poignant silence instantly settled over me like a magical mist. I have been returning to Mepkin ever since, sometimes for months at a time. As a monastic guest, I temporarily live the life of a Trappist monk, and while I go primarily for spiritual reasons, as an entrepreneur, I am fascinated by monastic life. Mepkin and other monasteries throughout the world, run highly successful businesses, and over the years I have found myself coming to answer many questions I have. How do a couple of dozen aged monks, working only part time and largely in silence, achieve such amazing business success? Why have monastic businesses thrived for more than 1,500 years when modern corporate success is so fleeting? How do monasteries produce and sell commodities like fruitcakes, beer, eggs, mushrooms and cheese with the kind of pricing power usually associated with dominant brands? How do monks compete so successfully in the open market while maintaining only the highest ethical standards and commitment to quality? And, most importantly, how can we

apply these Trappist techniques to our secular corporations, non-profits, families and even our personal lives with equally explosive results? The short answer is that the monks have discovered an amazing secret: it is in our own self-interest to forget our self-interest. Paradoxically, the reason for Mepkin’s business success is that the monks are not actually in business at all. Instead they are utterly committed to a high, overarching mission and a management philosophy I refer to as “service and selflessness”. Business success for the monks is merely the byproduct of a life well lived. The monks are not profit driven people who happen to think about higher purpose once in a while. They are people passionately committed to their mission of selfless service to God and others, who happen to have a business. Business success for the monks is merely the by-product of living a life of service and selflessness. Service and selflessness lies at the heart of the monastic tradition and every Trappist business success. This 1,500 yearold monastic tradition represents an ancient, yet emergent socioeconomic model that can teach us how to keep what is positive and productive about capitalism, while transcending its ethical limitations and internal contradictions.

Why have monastic businesses thrived for more than 1,500 years when modern corporate success is so fleeting?

Competition Want to read more about the Trappist monks of Mepkin Abbey? We’ve got six copies of August Turak’s book, Business Secrets of the Trappist Monks, published by Columbia Business School, to give away. Simply email your address to dawn.murden@astongreenlake. com stating ‘Trappist monks’ in the subject line. The first six entries will receive a free copy of the book, worth £19.95, by post.

talkbusinessmagazine.co.uk

031 SUCCESS Trappist Monks.ga.indd 31

23/08/2013 15:21

Enter the Dragon Dawn Murden grills Piers Linney, new Dragon in the Den and founder of cloud computing provider, Outsourcery

hether you love it or loathe it, you can’t deny that BBC Two’s Dragons’ Den has become increasingly influential in business culture since it first aired in 2005. Everyone knows Peter Jones, Duncan Bannatyne, Deborah Meaden, Theo Paphitis and James Caan. And we’ve all heard of the Dragons who stepped in for a season or two, like Richard Farleigh and Hilary Devey. Well, last month, the Dragons came back on our screens for the 11th series of the show. With Hilary Devey leaving after one series and Theo Paphitis stepping down after an unforgettable seven years (we’ll miss: “I’m not going to spend my children’s inheritance on this.”), there are two new faces sitting

032_033 SUCCESS Piers Linney.ga.indd 40

in those infamous chairs; interior designer Kelly Hoppen and founder of cloud computing provider Outsourcery, Piers Linney. Shortly after host Evan Davis introduced the Dragons on the fist episode, Piers joined forces with fellow newcomer, Kelly Hoppen. Each of them invested £30,000 for a 10% share of Australian beauty brand, Skinny Tan, beating the other longstanding Dragons to the deal. Kelly Hoppen Interiors is known worldwide and she’s often pictured in the newspapers with Victoria Beckham, but who is Piers Linney? We met him to find out… WAS OUTSOURCERY YOUR FIRST BUSINESS? I’ve been involved in many companies, as I’m a professional investor. I’ve

I asked Richard Branson for advice and he thought it was a great idea, so I said yes

always been interested in technology and media and I believe the cloud has been an evolution. I bought the cloud company as an investment. At first I wasn’t involved but then I saw it had a future. We built the whole platform from scratch on email, phone, and so on, and it became more sophisticated. WAS YOUR SUCCESS INSTANT OR WAS IT MORE HARD WON? We made mistakes along the way and learnt a lot. We had to make a bold decision and part with the past completely and focus on the future. It was difficult building from scratch, it means we have no legacy - all we do is cloud. WHAT WERE THE BIGGEST STRUGGLES YOU FACED? AND HOW DID YOU OVERCOME THESE? People. Trying to transform the team for the new business was difficult. A core team made it and were able to grasp the technical ability. We also had to spend a huge amount of time finding funding. WHAT COMPANIES USE YOUR SERVICES? At first we sold through our partners, and then we allowed small localised resellers in 2011 and 2012. We have real traction with bigger companies as they consume more. They also analyse the benefits more positively. The public sector is a huge opportunity, which we’re building on. We do provide our services to many SMEs too, usually to companies with between 20 and 100+ employees, and the smaller SMEs have been buying our apps. One of the biggest challenges for SMEs is their incumbent providers cannot facilitate the cloud.

23/08/2013 15:32

PIERS LINNEY Q&A

WHEN WERE YOU FIRST APPROACHED TO APPEAR ON DRAGONS’ DEN? AND WHAT WAS YOUR REACTION? At the end of last year. I’d been on Channel 4’s The Secret Millionaire before, where I’d worked in a young offenders institution. I asked Richard Branson for advice and he thought it was a great idea, so I said yes. But to be honest, could I really have said no? In my view you either grasp opportunities or you don’t – just like what happens in the Den. HAD YOU WATCHED THE SHOW BEFORE? DID YOU HAVE ANY FAVOURITE MOMENTS? I watched it at the beginning and will always remember Levi Roots. This season is really different. It’s an iconic programme that has very much become a part of business culture, but I think it needed an update. TELL US ABOUT THIS SEASON. All of the Dragons are so interesting and everyone brings something different to the table. The dynamic works well. There’s a big focus on human interest, family and business life. WOULD YOU SAY THE SHOW REPRESENTS REAL BUSINESS? Definitely, just in an “entertainment wrapper”. It’s funny when you watch the show back, as it’s edited down a lot. A session can last two hours and yet on TV it’s edited to only 12 minutes. And when the camera stops rolling, we get down to business, diligence, money, and the future. We’re making real investments and helping real businesses, it’s all very real. WHAT WERE YOU LOOKING FOR ON THE SHOW? I went into the Den open minded, simply looking for great people who I could

invest in. And I have made several investments. I have a background in venture capital investments, so I soon got into the swing of it. But I wasn’t just looking for a great product or service, I was looking for people I could invest in. As you’ll have seen, my investments were across the board.

TALK SUCCESS

It’s edited down a lot, a session can last two hours and yet on TV it’s only 12 minutes

HOW WOULD YOU DESCRIBE THE PERSONALITIES OF ALL THE DRAGONS, INCLUDING YOURSELF? Personas have been created for all the Dragons over the years. I would say I’m firm but fair and approachable. DID YOU FEEL ANY PRESSURE STEPPING INTO THE BOOTS OF THEO PAPHITIS AND HILARY DEVEY? A little bit. There was a lot to take in. But I’m me in the Den and I just got on with it. WHAT WOULD YOUR ADVICE BE TO ANYONE WANTING TO APPEAR ON DRAGONS’ DEN? You need to know your stuff. If you don’t, you’ll get taken apart, as you’ll see with a few of the contestants. You need to know your revenue and margin; you also need to know who you are, what you’re doing and where you’re going. But everyone is different; some start off nervous and warm into their pitch, others start confident, then lose it. It’s hard to know which way a pitch is going to go. WILL YOU BE RETURNING NEXT SEASON? I can’t say. (We’ll just have to wait and see.) Watch the new Dragons’ Den series on BBC Two, Sundays at 8pm or on BBC iPlayer. Contact: outsourcery.co.uk

talkbusinessmagazine.co.uk

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23/08/2013 15:32

Are you in need of HR and Health & Safety Support at an affordable price, with 24 hour online access and on call support? Look no further! Revera SOS offers a unique combination of HR and H&S support via our secure online portal that is specifically tailored to your business. Our product offers instant access to upto-date HR and H&S information, relevant workplace legislations, template policies & procedures, sample letters and training modules on key business issues, to support you and your management team. You can also have the extra assurances of telephone, email and onsite support from highly-skilled, fully qualified professionals.

Why do you need us? With people come complications…and Revera SOS gives you and your managers the tools to deal with issues quickly and effectively, whilst providing support and coaching to people who may not have been in such situations before. Revera SOS offers the answers to your HR and Health & Safety issues, and we provide a level of support tailored specifically to your business requirements. Whilst there are plenty of products that offer advice, Revera SOS offers a modern and dedicated service that is

specifically designed for SMEs. We can also undertake ad-hoc project work and assist with the complete implementation of HR and H&S – please contact our team for further information.

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Now is the right time to invest in HR and Health & Safety but we know that keeping costs low are of key importance, so as an exclusive offer to Talk Business readers if you sign up to one of our packages before 31st August 2013 you will receive a 50% discount on your SOS fee for the first 6 months*. To sign up, or to discuss further your requirements with one of our HR professionals please email us at enquiries@revera-sos.co.uk or visit the Revera SOS website at www.revera-sos.co.uk *Minimum contract term is 6 months

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29/07/2013 14:07

BOOK REVIEWS

TALK SUCCESS

How To Talk To Absolutely Anyone Confident Communication in Every Situation By Mark Rhodes The author, Mark Rhodes made his fortune setting up a successful software company, which he sold in 2011. Since then he has made it his mission to find out how he achieved this success and pass that wisdom on to others. He is now a business mentor and his clients include The Body Shop and DK. He has also been picked to be a mentor for the Entrepreneurs’ Business Academy, a joint venture between the EBA and James Caan. He says: This book is for those who want to improve their communications skills and achieve better outcomes from a host of business situations. From disputes to delegation, winning

Our verdict:

more business or creating more sales, dealing with appraisals to being more effective at networking events – this book will give users the confidence needed to manage communications skills in all situations. It will teach you how to be more relaxed in social situations, and how to build rapport with others, overcoming barriers that, in turn, can have a huge impact on the outcomes of every interaction.

Our verdict: We say: This book is a bible for anyone who needs help with their communication skills and confidence. How To Talk To Absolutely Anyone is published by Wiley, priced at £10.99 in paperback and e-book

Introducing Entrepreneurship A Practical Guide By Alison Price and David Price Alison Price is a specialist in leadership development, a chartered occupational psychologist, university lecturer in business psychology and previously, a senior management development specialist at a FTSE50 financial company. David Price is a senior manager and has led awardwinning teams within prestigious financial organisations. He is qualified in coaching and management, and is a member of the Chartered Management Institute. They say: The book offers expert insights, case studies and advice to begin your entrepreneurial journey. It reveals stories of the world’s greatest

entrepreneurs, distilling the key points into down-toearth, realistic advice and technique that will help you turn your passions into a thriving business venture. We say: This pocketsized book is a practical bargain that will help every entrepreneur, and we love the tips at the end of every section. Introducing Entrepreneurship is published by Icon Books, priced at £6.99 in paperback and £4.99 in e-book We’ve got one of each book to give away FREE. Be the first to follow and tweet us, quoting the book name @TalkBusinessMag & we’ll send you a free copy!

talkbusinessmagazine.co.uk

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23/08/2013 15:44

Communications are evolving, are you?

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29/08/2013 15:36

money

The Funding Expert

Funding expert Julian Smith discusses business shares and what owners need to consider

TO RAISE EQUITY OR NOT, THAT IS THE QUESTION Imagine as a parent, you needed to sell a share in your child in order to help fund their education before they were able to turn profitable and cash generative in their own right. A scary thought, but if you had no choice, you’d think long and hard about who you would choose and how to go about it. Many entrepreneurs will have to cross this bridge at some point and open their capital base to achieve their strategic and financial objectives. While equity is cheap in cash terms (unlike debt), it will prove to be more expensive longer term because of the value upside you give away.

Once you have raised equity from external sources, things will never quite be the same again

at seed stage, most focus on growth capital opportunities. The crowd is another word for the general public – investing in young companies has been democratised through the development of crowdfunding platforms, enabling individuals to invest directly in showcased opportunities. Which route you choose will depend on a number of factors: what stage you are at, how much capital you need, your type of business, and what non-financial benefits you are looking for. Many companies combine two sources.

WHY? Maybe you need to fund a period of operating losses before your business turns profitable, or you want to expand in a particular market. A good encompassing reason is that it accelerates the business development in a way that would not otherwise be achieved.

BENEFITS POSSIBLE Certain angel investors have specific industry experience and may be able to provide mentoring support. VC firms may contribute industry expertise, a useful network or geographic access. The crowd, whilst individually small and without influence, may collectively provide a useful vanguard of advocates for B2C companies.

WHO? The three main sources are angel investors, VC and the crowd. Angel investors are wealthy individual investors putting their own money to work across a portfolio of early stage companies. They are often former entrepreneurs, and typically invest in early stage opportunities. VC firms are professional asset managers managing third party money. While some invest

RIGHTS RELINQUISHED Once you have raised equity from external sources, things will never quite be the same again. There will always be a degree of external accountability and influence. Generally speaking, VCs and angels will look for protections and rights built into their shareholder documents, commensurate with their ownership share. Professional assistance is advisable to help

you navigate this negotiation from a commercial and a legal perspective. IN SUMMARY Raising equity for a business for the first time can be both daunting and time consuming. However, it can also be hugely rewarding in forming long term relationships, which contribute to the success of the business, and capital that super-charges the development of the company. By raising equity you are inviting people to be part of your extended business family – its worth taking time to ensure that you positively consider the right investors for the right reasons. Julian Smith is The Funding Expert, offering workshops, consultations and public speaking on finance. He has been advising companies for more than 18 years on how to position themselves for investors, raising business finance, mergers and acquisitions.

Contact: thefundingexpert.co.uk

talkbusinessmagazine.co.uk

037 MONEY Julian.ga.indd 51

23/08/2013 15:46

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THE EFG LOAN

TALK MONEY

Need cash? WHAT IS IT? The Enterprise Finance Guarantee (EFG) is a Government loan guarantee scheme to enable lending to SMEs that can demonstrate they have sufficient cash flow to meet lenders loan affordability requirements, but are lacking adequate security to obtain a commercial bank loan. Since EFG was launched in January 2009, more than 20,000 SMEs have been offered loans, generating more than £2bn worth of additional lending, and there is currently £500m of funding available. All of the main high street banks, plus a number of other lending institutions, offer EFG loans, which are provided with the support of a Government guarantee. They provide businesses with funding that they might not otherwise have had access to, and can be used in a variety of ways – from employing and retaining staff to investing in new equipment or work space. It can also be used to help fund day-to-day running costs. Businesses from almost every sector can apply, and past recipients of EFG funding range from digital design agencies to

Turned down for a commercial bank loan? Dawn Murden has the facts about the EFG. Is it a viable option for you?

per annum premium, which is in addition to the fees and charges applied by the lender.

construction firms and furniture manufacturers. EFG is principally used to support loans of between £1,000 and £1 million, with repayment terms between three months and 10 years. EFG also supports overdrafts and invoice finance facilities, which have shorter repayment terms of two years and three years respectively. HOW IT WORKS AND WHO CAN APPLY All EFG loans are provided by the participating lenders using their own funds. The Government provides the lender with a 75% guarantee for each loan, but the borrower remains liable for repayment of 100% of the loan. EFG loans are available to a wide variety of businesses. However, the following criteria apply: • The business must have an annual turnover of less than £41m, but there is no limit on the number of employees. • The business activity being financed must take place in the UK, although the SME itself might be foreign owned or registered abroad. • The borrower contributes to the cost by paying a 2%

Since EFG was launched in January 2009, more than 20,000 SMEs have been offered loans

HOW TO APPLY A business will always apply for a commercial loan before EFG is considered. If a business meets the lenders’ loan affordability requirements, and would have been offered a traditional bank business loan if they had adequate security, then EFG is worth considering. Business owners should ask about EFG during their loan application. EFG loans have already helped more than 20,000 businesses gain access to essential funding – could yours be next? WHEN DOES IT NEED TO BE PAID BACK? EFG loans have repayment terms of between three months and 10 years. Lenders follow their standard commercial lending practice, meaning the majority of EFG loans will be repaid on a monthly basis. Lenders have the flexibility to offer capital repayment holidays and bullet repayments (where the business pays back the loan in a lump sum at the end of the term) if they so desire. Want hear about the EFG loan first hand? We asked Dave Armstrong, MD of Overtec what the loan did for him. Read it here: talkbusinessmagazine. co.uk/2013/08/the-efg-loan/

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Cloud Accounting Customer Case Study Surfaccounts is the fastest cloud based accounts package around. Surfaccounts is an easy-to-use, low-cost accounts package for SMEs, sole-traders and start-up companies. It allows secure access to your accounts anytime, anywhere and on any device. Surfaccounts covers more than just accounts; it also contains integrated CRM offering you more functionality with a better overall view of your business Recognising the need for both businesses and accountants to be more efficient and to maximise their profit Surfaccounts allows both sides to do this effortlessly. Getting your accounts ready has never been easier.

Features include: • • •

Creating stylish invoices Tracking new sales opportunities Bank and Cash management

• •

Managing your diary and activities Live view of key figures and balances

Surf user Dr. Gabriela Mercik says: “I work with a number of prominent clinics in Harley Street, London and I am always on the road. As I had serious problems with accessibility it was for this reason I signed up to Surfaccounts. Using Surfaccounts allows me to access my accounts 24/7 and gives me the ability to raise invoices whilst with my clients from my iPad. I have been using Surfaccounts for a few months now and have already posted thousands of transactions.” “Accessibility has been key. I can see more of what is going on with the accounts as it allows me access anytime anywhere with a real time look at our figures which works great as I am always on the road”. “Surfaccounts has made invoicing clients very easy. Emailing orders and invoices via secure links works great. This allows me to work closely with our accountant and complete management accounts, Reconciliations and returns in record time. If I have any problems I can ask our accountant Donald Pottie.”

About Dermagenica Dermagenica is the distributor for many brands, one of which is PDO Threads face lift and Dermaheal products. Products range: • Non Surgical Beauty Lift by PDO Threads • Dr. Gabriela Magic Face Lift Serum • Dermaheal HL (Hair Restoration) • Dermaheal SB (Skin Brightening) • Dermaheal HSR (Skin Rejuvenation with Hyaluronic Acid) • Dermaheal SR (Skin Rejuvenation) • Dermaheal LL (Lypolisis) • Advanced Lipo Laser for fat reduction As well as distribution Dermagenica also work with Hebe Anti-Aging and Aesthetic clinic run by Dr. Mercik and Dermagenica provide courses throughout the UK and Ireland for Doctors and Nurses. Some of Dermagenica’s recent accomplishments include: • Nominated for ‘Best Anti-Aging Clinic Team’ • Nanopeptide Mesotherapy finalist for ‘Best Anti-Aging Product’ at the My Face My Body Awards 2013. • Hebe Clinic, run by Dr. Mercik nominated as the ‘Best Aesthetic Clinic’ • Dr. Gabriela Mercik finalist in the ‘Best Aesthetic Practitioner’ 2013 by Cosmetic News.

Accountant Donald Pottie says: “As a Surfaccounts partner I knew Surfaccounts would be ideal for Dermagenica and other clients. We have implemented Surfaccounts in over 30 different businesses so far and will continue to recommend this to our clients.” www.dermagenica.co.uk

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TRIBUNAL CHANGES

hile hardly cutting the swathes of red tape the Government promised, recent changes to the employment tribunal system bring good news for businesses, the most important being more opportunities to nip weak claims in the bud. Now, of course, most of these changes are taking place behind the scenes, involving administrative adjustments, but there are still important changes to make a note of. For starters, the introduction of fees means claimants will now have to pay a £250 or £160 issue fee, depending on the type of the claim, followed by a £950 or £230 hearing fee should the claim proceed to tribunal. Designed to reduce the number of misconceived claims, this has been trumpeted as the big win for business, however with many claimants eligible for reductions in costs, or funded by trade unions or insurance companies, the reality is that the real victims may be the ever-pinched middle, for whom the potential compensation might not outweigh the investment risk. More obvious changes however are the new “sift” stage and merging of case management discussions (CMDs) with prehearing reviews (PHRs). Taking the sifting stage first, this is where an employment judge will

TALK MONEY

Michael Salter, employment law specialist at myBarrister talks about the recent changes to the employment tribunal system Designed to reduce the number of misconceived claims, this has been trumpeted as the big win for business

review the claimant’s initial claim form and respondent’s response to that claim to decide whether a case is arguable. The judge will have the power to strike weak cases out on the basis of the paperwork alone. The benefit to industry is clear: if the employer’s defence is strong and clearly pleaded then the “sift” provides businesses with an immediate opportunity to deal a knockout blow to unmeritorious claims, and avoid unnecessary expense. By combining CMDs with PHRs, the Government has also put an end to the frustrating delays, which meant businesses would have to wait weeks – even months – between their purely administrative case management discussion and the later prehearing review, which carries the power to strike a claim. The delays and costs occasioned by such separate hearings would often put employers off seeking PHR’s, so this new amalgamation of the two processes is a great move to alleviate stress and reduce costs for businesses, both directly in terms of potential legal fees, as well as the indirect cost to businesses from time lost by diverting the attention of senior managers. Other recent changes in the law and tribunal practice include the increase in

minimum service from one to two years for an employee to claim unfair dismissal, except in cases of whistleblowing, harassment, discrimination and other specified exclusions; the intention being to improve flexibility and give SMEs confidence to hire new staff. Another is the ruling to make pre-termination settlement negotiations and agreements inadmissible in some forms of tribunal claim. It is hoped that this will encourage resolution by allowing those involved to consider, or make an offer without the fear of it being used against them, or later seen as an admission of a lack of confidence in their case. Combined, these changes, are positive steps for business, providing early-stage opportunities to oppose a weak or unmeritorious claims. But companies can’t afford to be complacent. In fact the more time you invest in due diligence, keeping a clear paper trail and following appropriate dismissal procedure, the more you stand to benefit from these changes. Contact: thisismybarrister.com Like this? Read this: talkbusinessmagazine.co.uk/ 2013/08/employment-tribunal-changes

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For businesses who owe money Types of Commercial Debt we may be able to help with: • Tax Related, HMRC • Unpaid Invoices • Hire Purchase Debts • Dishonoured Contracts/Agreements • Commercial Rates Bills • Insurance Cases • Business Premises Mortgage/Rent Arrears • Secured and Unsecured Loans • Credit reports for company’s and individuals

Debit Chain Resolution:

“I can’t pay you, I’ve not been paid yet myself!!!” How many times have you heard this or a similar phrase?

Monetary Solutions: • Typical PCS collection types • Invoice payments collection • Property rental income

• Charitable contributions • Private School and University fees

Legal Retainer: We want to be the first port of call when you have a legal question relating to your business. We understand that you don’t want to worry about the cost of unexpected legal advice. We have the perfect solution: our legal retainer. GAC Legal & Consulting provide a legal retainer package which gives clients the opportunity to keep the cost down without incurring any high legal fees. LUTON: 01582 344 516 LEICESTER: 0116 288 8550 M: 07917698323

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TALK MONEY START-UP LOANS

A day in the life

This month our Start-Up Loan recipient reveals a typical day at her recently opened fancy dress shop

ran has just opened Fancy Dress Fanatics, in Bristol. Working with her grandmother, Jo Lindsay, who has made costumes for Pinewood Studios, Glyndebourne Opera House, and the BBC over a career spanning 50 years - Fran and her fiancé Simon aim to continue a family legacy by keeping the costume business alive.

DEAR DIARY… I check my Twitter, emails and eat breakfast while watching the news. I also write my to-do list. Since I started my own business, I get so many ideas I’m updating the list morning, noon and night!