Talk Business Magazine November 2014 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

November 2014 ÂŁ4.50

, SHOP TIL THEY DROP

COOKIES FOR SANTA Get your website ready for Christmas

How 3 young entrepreneurs are changing the face of grocery shopping

BABES, BANKRUPTCY & BEING BEHIND BARS Nightclub legend Peter Stringfellow reveals how he bounced back from the brink to attain success

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CONTENTS

inside 11 Editor’s letter 12 Contributors 15 News & events 18 Question of the month Should you ever use sex appeal in business?

STRATEGY 55 Keeping it simple is not for the stupid

Rich With

57 Managing the sales maverick Boyd Mayover 60 All together now Teambuilding tips from Alton Towers 65 The importance of collaboration in teams Powwownow 67 Give me five The 5 essential legal documents every SME needs

MARKETING 69 Learn to let go Kimberly Davis encourages SME

TECHNOLOGY 105 Investing in teams Tech Star’s John Bradford 107 I’ve got an app for that Our favourite business apps 109 Making profits with print 112 Tech review The Gadget Show’s Ortis Deley 115 Cookies for Santa Get your website ready for Xmas 117 I want that domain name how do I get it?

112

owners to relinquish some control

SUCCESS

71 Managing your outgoing communications 73 Basepoint presents... Avoid costly payroll mistakes

with Payline

recruiting on social media

20 Babes, bankruptcy and being behind bars

77 The recruitment revolution The pros and cons of

28 Lose the battle, win the war Revelations from 3 entrepreneurs

Entrepreneur Peter Stringfellow tells us about the extreme ups and downs of his business life

that bounced back from failure

31 35

You shop, they drop Convibo - the shopping revolution

You’ve got a friend in me

Tips and secrets from real-life business duos

39 Book reviews

PEOPLE

FINANCE 43 The funding expert The interest rate time-bomb

44 Self-assessment tax tips

building her franchise empire

124 What to do when things turn sour Franchise advice from Dynamis’ Nicky Tatley

81 Are you a psychopathic leader?

FRANCHISE 119 Franchise news 120 It’s a woman’s world We speak to Dina Dwyer about

Adam Aiken

48 Why banks are the biggest barrier to SME growth 51 A day in the life Peter Chulu - Field Scope International

83 86 89 92

Deborah Benton

Foreign aid

How to recruit the best from abroad Are you a team player? Quiz

Taking feedback seriously Lee McQueen

Secret diary of an entrepreneur

Emma Elston - UK Container Maintenance

95 The building blocks of better business HR Insight - Richard Cummings

LIFESTYLE 97 We love... Beingon the road 98 Hotspots: Cheltenham Locations for business stays,

meets and eats

these fashion-conscious coats

100 Wrap it up Keep warm this winter in

102 Leave the office behind Discover Lapland with Holiday Hypermarket

ADVICE 127 Sales doctor Your questions answered 129 Perfect your customer service What do your customers expect? 130 The new face of recruitment Why an agency is your new

best friend

legal questions

134 Virtually perfect Cloud calling solutions from TTNC 137 Legally speaking Wright Hassell answers your 139 The importance of solid Ts & Cs 142 Should we call time on cash? 145 It’s a private affair Why you should use a financial broker

148 Directory OPINION 150 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

SENIOR ACCOUNT MANAGER

Trystan Hurley trystan.hurley@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 2014. 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

‘A single tree makes no forest’ Ancient Chinese proverb

here are a multitude of sayings that espouse the value in getting stuck in and doing something for yourself - “If you want something doing properly, do it yourself,” or “Too many cooks spoil the broth.” However, in the world of business as an SME owner, you’ll simply be restricting your growth and potential if you don’t look for outside help to tackle the problems that you face. Nobody can do everything themselves, and if they try to, they’re likely to find themselves tied up when opportunity comes knocking. This issue looks at the value of team work and not trying to do everything yourself. Sometimes, that might be outsourcing rather than trying to learn to do everything yourself and spreading yourself too thin. That’s what marketing guru, Kimberly Davis recommends. Find out how she coped with the unique challenges of working in a team on The Apprentice in her column on page 61. Alternatively, working in a team might be having a business partner to lean on, and complement your strengths and weaknesses for you. Zoe Efstathiou speaks to a number of business partners, from fathers and sons, to husband and wife teams, to find out what makes the relationship between

business partners so special. Check out their unique stories on page 34. Our cover star this month is the media-friendly, outspoken, and oft misunderstood entrepreneur, Peter Stringfellow. Whilst much of his story has been played out in the newspapers across the decades, and he is very much a “marmite” character to some (you either love him or hate him), his tale of the highs and lows in business is an inspiring one. From rubbing shoulders with stars such as The Beatles and Frank Sinatra, to declaring bankruptcy during the recession in the late 1980s, the lessons he has learnt along the way have enabled him to bounce back and find success and happiness once again. For anyone who has or is experiencing one of those peaks or troughs of life, it is well worth discovering the nuggets of wisdom he shares on page 20. Whatever your situation, even if you’re feeling at the bottom of the world, take comfort from knowing that tomorrow is another day. You can always pick yourself up, dust yourself off, and come back fighting, no matter how bad it gets. Luke Garner Contact: luke.garner@ talkbusinessmagazine.co.uk Tweet us @talkbusinessmag

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OPENER Contributors

the experts

Katrina Cooper

has built a prominent practice in immigration law, including significant knowledge in UK and Irish matters. Working from Faegre Baker Daniels’ London office, her experience in UK immigration stretches over the EMEA region, having previously led another firm’s centre for immigration advice to the corporate world in Europe, the Middle East and Africa. In Ireland, Katrina has provided immigration advice to corporate clients in a range of industries. In the legal industry since 1990, she also has counseled a plethora of local small and medium enterprises. Katrina earned her law degree from Sydney University in Australia. Katrina tackles the problems of hiring from abroad on page

Ben Bruce

As managing director of Commercial Consultancy Services, Ben Bruce has spent 12 years supporting businesses with contracts and legal agreements. He started his career in the construction industry, and performed various commercial and operational management roles within the sector, working as the national managing quantity surveyor for a well known UK construction company, and updating many of its national commercial processes and terms of business. In 2012, Ben realised his experience would benefit businesses across other sectors, and working with trusted associate solicitors and agents, he launched Commercial Consultancy Services. Ben outlines the importance of solid terms and conditions on page

139

John Bradford is managing director of Techstars in London, and our new tech columnist. Alongside this, he is also a co-founder of f6s, a global community of start-up founders, and also tech.eu, a tech blog dedicated to start-ups in Europe. Prior to this, Jon has helped to start 12 multi-company accelerators, from Montreal to Moscow, including founding Europe’s first bootcamp accelerator in 2009, The Difference Engine, and subsequently Springboard, based in Cambridge and London. In a previous life, John trained as an accountant with Arthur Andersen, and has worked in various start-ups and turn-arounds. He has worked in London, throughout Europe, Australia and also the United States. Read John’s column about surrounding yourself with the right people on page

105

12 November 2014

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NEWS Latest stories

news More than half of UK companies do not provide financial education for their staff

Demand for financial education not being met

ore than half (52 %) of companies do not provide any financial education for their employees, according to a new HR survey by Secondsight. Meanwhile, two-thirds of employees in the UK claim they don’t receive financial education

from their employer. However, half of HR professionals surveyed said their employees had requested access to financial education in the workplace. The research was carried out on behalf of employee benefits advisor, Secondsight, part of the national financial advisor, Foster Denovo.

The need for financial education would appear to be urgent, as the vast majority of employees have no plan to provide for their future. Less than 20% have a solid financial plan in place, and only 38% have a vague idea about how to manage their money. Most employees also have no idea how much their pension is worth, with only 11% knowing how much they will retire on. Less than a quarter of employees (22%) have a financial advisor, and 6% of people are relying on a friend for financial advice. The survey also highlighted that nearly three quarters of employees said financial education being offered made them feel more positive about their employer, with 23% stating it made them more loyal. This rose to 43% for the 16-24 age bracket. Contact: www.second-sight.com

British SMEs missing out on £250 bn in damages The high cost of litigation and bullying by bigger corporations is dissuading businesses from fighting their corner

ritish SMEs have missed out on an estimated £172,000 in damages, the equivalent of around £250 billion across the UK, in the last five years because of unpursued commercial litigation. That’s according to research released by Annecto Legal, a UK-wide service helping businesses realise their commercial litigation claims. The research revealed that almost 30% of the SMEs surveyed felt they have been bullied by a larger company or corporation, and close to a third of all SMEs surveyed haven’t pursued legal action because of fears about cost, time taken, and the consequences of losing. The survey found that only one in

five SMEs have been involved in litigation, with almost half saying they had to finance their case on an hourly rate basis, which for many small businesses can be crippling. Interestingly, 10% revealed they would be interested in third party litigation financing to cover costs and risks. Mark Beaumont, co-founder of Annecto Legal, commented: “This research confirms our belief that all too often SMEs are put off pursuing justice because they either feel bullied by big companies, are worried about the cost of court, or are unsure that they could win.” Contact: www.annectolegal.co.uk

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NEWS Latest stories

news

Sight-seeing time limited for business travellers Businessmen and women only get 36 minutes free time on average when visiting UK cities for work

study by Jurys Inn Hotel Group has revealed that business travellers get, on average, 36 minutes free time to explore a city they are visiting for work, despite more than 90% saying they wished they knew more about the cities. The research goes on to show that 22% feel it is ridiculous they

don’t get to see more while there, with many corporate travellers ending up whiling away the time alone in a coffee shop (16%). Suzanne Cannon, Jurys Inn Group marketing manager, said: “It’s a shame that business travellers get such a limited amount of time to really experience the cities they are

visiting for work. At Jurys Inn, our staff are always on hand to offer advice about great hotspots and hidden gems to visit, even if guests only have a few minutes to spare.” Contact: www.jurysinns.com

DATES FOR THE DIARY Business Junction Networking Events 5 November 2014 The Happenstance,1A Ludgate Hill London, EC4M 7AA 12 November 2014 The Marylebone Hotel 47 Welbeck Street, London, W1G 8DN 12 November 2014 Dutch Hall, 7 Austin Friars London, EC2N 2HA 27 November 2014 The Cholmondeley Room & Terrace, Houses of Lords London, SW1A 0PW www.businessjunction.co.uk MVNO Networking Congress 2014 3-5 November Thistle Marble Arch Hotel, London www.mvnoevent.com

The Spirit of Christmas Fair 4-9 November Olympia, london www.spiritofchristmasfair.co.uk Apps World 12-13 November Excel, London www.apps-world.net The Scottish Business Expo 13th - 14th November SECC, Glasgow www.thescottishbusiness exhibition.com Sterling Integrity 14th November The Village Hotel Cardiff www.sterlingintegrity.co.uk

EIBTM - The Global Meetings and Events Expo 18-20 November Barcelona, Spain www.eibtm.com The Business Show 2014 27-28 November 2014 Olympia, London www.greatbritishbusinessshow. co.uk The BBC Good Food Show 27-30 November Nec, birmingham www.bbcgoodfoodshowwinter.com Sales Innovation Expo 13-14 May 2015 Excel, london www.salesinnovationexpo.co.uk

16 November 2014

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QUESTION OF THE MONTH Hot topics

HOT TOPICS

Each month, we ask a selection of business leaders their views on an aspect of business. This month, we’re asking whether it is ever okay to flirt for personal gain.

I would say absolutely! My wife and I own and run a beauty and skincare business, and when I talk to customers, the vast majority of whom are female and often in their ‘middle’ years, I certainly use my male sexuality. Our business is dominated by females, and the few males need to find ways to stand out, so I definitely use any advantages I think appropriate in promoting and marketing my products. My feminist hat ANDREW MILLS, says it’s wrong to use OWNER OF NEPHRIA JADE your sexuality to your BEAUTY PRODUCTS, advantage in business but people do it all the time, particularly in the sales environment. It’s just human nature, and there’s an argument for using all your positive traits to your advantage. They say Margaret Thatcher did it. The risk is, if it goes too far. Certainly, with my HR hat on, the politically correct answer is ‘don’t do it’. To a certain extent, ALLISON it is inevitable, and not just PEASGOOD, because there is a part of DIRECTOR, human nature that responds strongly OM both to feelings of attraction, and the interest of another. It is probably unrealistic ever to expect someone for whom sexuality is a strong suit to suppress it altogether. It’s knowing when to draw the line, and understanding when it is abusing the situation.

Is it ever okay to use your sexuality to your advantage in business?

THE NUMBERS GAME Here's what the rest of you thought:

Yes

40% 60%

KEVIN MAY, FOUNDING No, you should PARTNER OF never have to use your STICKS sexuality to gain an advantage in business. If we conducted all business interactions behind screens, this would never be an issue, but because, as humans, we form immediate judgements based on how someone looks, it means that women - or men - are immediately assigned certain personality traits on first sight. However, it is up to us as women to not actively seek to use sexuality to gain an extra edge, and instead push to be respected and valued for our talents, such as our intelligence, confidence, or ingenuity.

NEXT MONTH:

MARTA DE SOUSA, OWNER OF LUX REALITY

We ask readers “Has having a degree on a CV lost its shine, with so many people now going to university?”

18 November 2014

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SUCCESS Peter Stringfellow

20 November 2014

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SUCCESS Peter Stringfellow

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SUCCESS Sub head

Having experienced the ups and downs of business life, from flying high in the 1970s and ‘80s, to facing bankruptcy in the ‘90s, entrepreneur and nightclub kingpin, Peter Stringfellow speaks to editor, Luke Garner about what it takes to be successful

eter Stringfellow was a failure. The first major milestone in his life, and he’d crashed out in style. But as is often the case with any great story, that was merely the beginning, not the end (we are interviewing a man that you’ve all heard of, and have seen grace the pages of newspapers for decades after all). Spiderman was bitten by a radioactive spider, Batman witnessed the death of both of his parents, and Peter Stringfellow failed his 11-Plus exam. Okay, so the event itself probably won’t inspire many children’s stories or tales of folklore, but nevertheless, it was a monumental moment in Peter’s life, and was the catalyst for the 60 years of fame, fortune, and sometimes famine that followed. “For me to fail the 11-Plus was a great disappointment. When I left school at age 15, I was a square peg in a round hole. Education is very important, but as long as you’re not naive to the world, and you understand business, then you’ll do just fine. If you have a passion for life and what you do, then it will show itself,” explained Peter. “I don’t know the qualifications of anyone who works for me, but I know them and I know what they can do and that is all that really matters.” Early on in life, Peter had a lot of different jobs before he finally got started in the nightclub business. And it was those experiences early on, that finally set a fire under him to succeed and understand that there was

more out there to achieve. But even before that there was a moment that really gave him the kick in the behind he needed, a moment he says provided him with the best piece of advice he’s ever received. “I enjoyed a number of jobs when I was young, including one as a projectionist. I eventually joined the Merchant Navy. They put me on a tanker as a kitchen slave, and I made it all the way to New York. The Navy changed my way of thinking. It was suddenly a big world, and before that my world was just Sheffield. When I went for jobs after that, it was my personality that got me the job, not my qualifications,” he explained. “But the age of 20 was when I really turned my life around. I had been accused of selling stolen carpets, and found myself in front of a judge. He said to me: “You need a harsh, sharp lesson, so I hope you learn from this experience.” He gave me three months in prison. Until then I was going towards the wrong side of honesty, and it really straightened me out. It’s probably the only piece of advice I’ve ever taken too!” Nowadays, Peter owns Stringfellows, and Angels nightclubs/gentleman’s clubs. He has also, at one time or another, been the owner of The Blue Moon and the King Mojo clubs in Sheffield, which featured stars such as The Beatles, The Kinks and Jimi Hendrix in their heyday, along with The Millionaires Club in Manchester and Cinderella Rockerfella’s in Leeds. With so many nightclubs, gentleman’s

The judge said to me: “You need a harsh, sharp lesson, so I hope you learn from this experience”. He gave me three months in prison. Until then, I was going towards the wrong side of honesty

You may think you know where you’re going in life, but you have no idea really. Life won’t let you go where you think you’re going to go

clubs, famous clientele and a young, beautiful wife, to outsiders it may look like the entrepreneur has a lifestyle of non-stop partying and leisure, but how much hard work really goes into making the business successful? “It is my life,” says Peter. “I know my business. I read my own financial reports. I know where my money is. Success isn’t something that just falls into your lap one day, you have to work at it. Sure, there are perks to my business, but it takes hard graft. I spend so much time in my clubs, and I know what goes on throughout the business. It helps that I enjoy what I do, but any business owner needs to be involved and invested in their work to make it succeed.” Although the story of Stringfellows has a happy outcome, and is an institution in the London scene, it wasn’t always that way. There was a time when it almost came crashing down around him, thanks to the recession in the late 1980s. It was a difficult time for the clubs and for Peter, but one that has made him understand the important things in life and is a lesson to any business owner about priorities. “It was a terrible time. When it started, I was caught well and truly with my pants down, and I was using my own money to expand into America. When it all collapsed, I had to go back to England and I was only just in time to save Stringfellows Covent Garden. “In the end I did go bankrupt,” he continued, “And it’s a big reminder now of where I was, and how bad it can get. The recession came, and took my balls off, but luckily I earned them back again. If it happens to you, you have to get up and start again. You can’t just give up. “At the time, through all the doom and gloom, I tried to look on the bright side. I thought to myself, you know something? If this is all gone, I can just start again as the best restaurant maitre d’ in London,” he chortled. The experience has made Peter rather philosophical about life, and the path you lead.

22 November 2014

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SUCCESS Peter Stringfellow

In fact, given that he tried so many jobs before becoming a nightclub owner, it is perhaps testament to the often random nature of the road you travel. “You may think you know where you’re going in life, but you have no idea really,” says the Yorkshireman with residences in London and Mallorca. “Life won’t let you go where you think you’re going to go. All you can do is get out there, live your life, and try to put your passion into what you do.” “So many people ask me what is the formula for success? There is no formula, you just have to go on living, and chasing what you want. If you don’t have a passion for something, you won’t be anything more than a journeyman. An entrepreneur is someone who enjoys what they do, a businessman is someone who just wants to make money. I’ve never been a businessman. I wasn’t when I started, and I’m not now either. But now especially, I’m in the business of being happy to be alive. I’ve been in such precarious positions in life, especially financially, that I can take stock now and just enjoy what I have. I have a great business, great friends, a lovely wife, and a child, with plans for another,” beamed the Sheffieldborn man. “So many people are so focussed on their business that sometimes they miss out on everything else around them. You need to stop once in a while and just enjoy being alive.” The place to be seen by celebrities throughout the ‘70s, ‘80s and beyond, Stringfellows has seen everyone who is anyone pass through its doors. So does

its owner have any particular favourites from that time? “I remember one time in particular, when Stephen Hawking came in. He was lying there on this couch watching the ‘entertainment’, and I thought to myself, “Wow, I have one of the smartest minds alive today here, right in front of me.” Most of the time, I have some great guests, but the conversation is never really that deep. So I wandered over to him thinking I’d speak to him about the universe, or the mysteries of life, or something. I said to him; “Hi Stephen, I’d love to pick your brain about the universe and things. Would you like to chat, or are you happy just watching the girls?” Almost without hesitation he gave me a clear, concise, two word answer - “The girls”, he said in the computerised voice we’ve come to recognise as synonymous with him. He didn’t even break his gaze!” As an institution on the London scene, and having run a business throughout the ups and downs of the last 40 years in the capital, Peter is well placed to comment on the economy and, unsurprisingly, he has his own views on the way London and the rest of the country is being run. Amongst his famous client list, he is proud to call one of the foremost decision makers London Mayor, Boris Johnson - an acquaintance also. “He is colourful and he is entertaining, but he is also incredibly intelligent, which sometimes doesn’t get portrayed in the media. He’s been a great Mayor of London. I can live without the bikes, but Boris would make a great Deputy Prime Minister,” he said.

High tax suppresses the economy, low tax gets money moving. To penalise wealthmakers with high taxes simply stops the money from circulating

“As for the Conservatives in general, my sadness with them is that they don’t stick to a Conservative tax policy. High tax suppresses the economy, low tax gets money moving. To penalise wealth-makers with high taxes simply stops the money from circulating around the economy. The big money that is taken offshore would come back to the UK if they followed the right tax policies.” Being the owner of a number of nightclubs filled with famous stars and a bevy of beauties each night, would be the ultimate dream for many young men today. But at the grand old age of 74, does Peter have any plans to retire? “I don’t like the idea of retiring, it sounds old,” he exclaimed. “When you do something you love - and I identify myself through my nightclubs - then you don’t need to retire. I’d have to retire from myself!” Looking back on the decades, through the good times, the bankruptcy, two marriages and a divorce, does he have any regrets about the way he handled things, or the path he’s lead? [Breaks into song to the tune of Frank Sinatra’s “My way”] “Regrets, I’ve had a few! But seriously, if you have regrets and would change anything, it means changing who you are today. I am who I am today. I’m very successful, I have a beautiful wife, gorgeous children, and two nightclubs. What regrets could I possibly have?” Contact: www.stringfellows.co.uk

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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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SUCCESS Successful mistakes

Lose the battle, win the war

HOW A FORMER DRAGON FOUND HAPPINESS

Sometimes, mistakes can bring everything crashing down, but it needn't be the end. Author of The Successful Mistake, Matthew Turner, speaks to three entrepreneurs who made major mistakes, about their experiences and the lessons they learned

Of course, this outlook didn’t last long. Once you live the entrepreneurial life for a few weeks, it’s impossible to ignore the valuable lessons that mistakes can provide.

WELCOME TO THE SUCCESSFUL MISTAKE

f you’re anything like me, the sight of red ink sends shivers down your spine. Throughout school, teachers littered my homework with it. “You spelt this wrong, Matthew.” “This equation doesn’t add up.” “How on earth did you come up with this answer?” After years of detentions, slapped wrists, and ‘don’t do that’s’, it’s little surprise I feared mistakes. After all, mistakes lead to confrontation, humiliation, and failure. When I started my own business, the thought of making one crippled me.

I have a whole new outlook on mistakes these days. I don’t glorify them, or suggest you make them on purpose. You don’t have to - they happen, no matter how prepared you are. After interviewing more than 150 successful entrepreneurs for my latest book, The Successful Mistake, the thing I hear the most is, “Choose just one mistake?”. You may assume one day that the mistakes just dry up, but this isn’t the case. Even the most seasoned entrepreneur fails from time to time. What sets them apart is how they react, and find ways to transform them into their greatest ideas yet.

Successful entrepreneurs make more mistakes than most, but what sets them apart is how they turn them around

Take Rachel Elnaugh, for example. The founder of Red Letter Days, this former Dragons Den star built a multi-million pound business from nothing. She had customers, investors, and £3m in the bank, but none of this prevented her 12-yearold business from going under. “I over-expanded and lost it,” she said, with surprising calm. “We decided to change the business model, in a bid to sell.” Part of growing and scaling a brand involves decisions like these. They’re risky, and there’s always a chance of failure. “Our mindset seemed to change from how we could create great experiences and service, to how we could make more money,” Rachel said. “The business lost its heart and soul.” However, her mistake wasn’t the decision, but rather its execution. Rachel lost touch with the company she built from scratch, and from there, there was no turning back. Nobody wishes to lose a business, but there’s always a lesson to learn. For Rachel, she realised what makes her happy, and how working on projects she’s passionate about is what makes her tick. “My life today is much happier, more enjoyable, and far more fulfilling than my life back then,” she said.

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SUCCESS Successful mistakes

THIS 15-YEAROLD’S VALUABLE #GREATMISTAKE It’s not often a 14-year-old starts a business, but that’s what Fraser Doherty did when he transformed his grandmother’s secret recipe into the renowned SuperJam brand. For a whole year, he perfected his brand and packaging, excited to see his hard work on supermarket shelves. All was well, until a Waitrose buyer offered some devastating news. “When I first began, I thought I needed to make a package that would make people laugh,” he said, whilst lounging in a Belgium hotel. “But when I pitched it to the supermarkets, they said it wouldn’t work. The purpose of the packaging wasn’t to make people laugh.” A whole year of work ruined with one short meeting. Feeling down and questioning whether he should continue, Fraser plucked up the courage to give it one final go. After all, an experienced buyer offered valuable feedback. “Waitrose gave me advice, and said how I could fix my packaging. I had to listen, even if it was hard to hear,” he said. “I threw everything in the bin and started again.” Fraser’s mistake was to focus too much on his own ideas, rather than involve his customers. But the feedback, and near unbearable truth, lead to today’s popular brand. With a willingness to listen, and admirable perseverance, Fraser grew SuperJam into a thriving business that offers customers exactly what they desire.

SOMETIMES YOU NEED TO RUN AWAY Corbett Barr was an American entrepreneur living the dream; a start-up founder with seed money and a West Coast office. None of this prevented his world crumbling to pieces though. When I spoke to him about this, he didn’t grimace or shake his head, for his mistakes led him towards his true passion, and the life he lives today. “I took a step and reevaluated what I wanted from my life and career,” he said, describing the period after his failed business. “It felt like it might become my legacy project, but it collapsed during the recession in 2008.” Rather than panic and find a new job, Corbett took a Mexico sabbatical. This wasn’t his mistake, rather an unavoidable economic one that affected millions. He had much to consider and important questions to ask. “While down in Mexico, I met interesting people living lifestyles I didn’t know were possible,” he said, recalling his adventure. “People had figured out how to fit their careers around their lives, rather than the other way around.” Inspired, Corbett turned to blogging, and an online world that spawned a new business. Today, Fizzle continues to grow and Corbett inspires hoards of online entrepreneurs through his products, advice, and experience.

Our mindset changed from how we could create great experiences and service, to how we could make more money, and so the business lost its heart and soul

DON’T LET MISTAKES HOLD YOU BACK Before you become an entrepreneur, mistakes often hold you back. Once you leap into the business world, you learn how valuable they are. They aren’t mistakes, but valuable lessons that transform your good ideas into great ones. Or, as Corbett says: “I look at mistakes as losing a battle, not the war.” Successful entrepreneurs make more mistakes than most, but what sets them apart is how they turn them around. You too have the power to do this, so ensure your next one becomes your most successful mistake yet. Contact: www.turndogmillionaire.com

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SUCCESS Up-and-coming

, Shop til we drop This month we speak to a team of Greek, Austrian and German entrepreneurs about how they’re revolutionising the way we shop - right here in the UK

My choices were basically, take a good job paying £50,000 a year, or get paid nothing to work with these guys

icture this - you’re at work and your son or daughter calls; “Mum, we’re out of bread, and there’s no cereal left.” You haven’t got time to go shopping and an online delivery could take days to arrive from the big supermarket. So what do you do? Convibo of course! From a start-up incubator at the highly-regarded Warwick University, the team of Takis, Gregor and Christian - from Greece, Austria and

Germany respectively - are revolutionising the way we think about shopping and delivery. We caught up with them at their base at Warwick University to find out how they plan to change the way we think about grocery shopping.

WHAT IS THE CONCEPT BEHIND CONVIBO? Gregor: Basically, we’re changing the way shopping works. We’re all about convenience for the customer. We’re unique, as there’s also no

minimum order. That’s because we do one big pick and deliver it to our lockers, meaning it doesn’t matter to us what your order size is. Takis: We have a platform with many big supermarkets and local stores. You order from us, and you get delivery the same day. Instead of waiting at home you pick the closest locker and then you can collect your order from one of our conveniently located refrigerated pick-up lockers [Ed - think Amazon locker, but cold] in the time slot

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SUCCESS Up-and-coming

delivery. There wasn’t a solution to combine all of the little trips to the butcher’s, or grocer’s, or supermarket for the little items we’d need either, so we decided to come up with one. It’s all about creating convenience for the customer.

CURRENTLY YOU’RE ONLY AVAILABLE ON CAMPUS, BUT THERE ARE PLANS TO EXTEND BEYOND THAT. WHERE DO YOU SEE CONVIBO GROWING TO?

There wasn’t a solution to combine all of the little trips to the butcher’s, or grocer’s or supermarket for the little items we needed, so we decided to come up with one

that you’ve selected. The items are always available to you on the day you order, and you then have a five-hour window in which to collect your order, so there’s no rush, no spending hours traipsing around shops, and no having to wait in for hours for a delivery van - you get it when it is convenient to you.

WHERE DID THE IDEA COME FROM? Takis: We all did a Masters in Innovation and Entrepreneurship at Warwick University, so that’s where we met. Whilst doing the course, we had to come up with a business idea for our dissertation and we designed a model that we believed could serve the online grocery industry better than what was currently out there. Gregor: When we came to the UK, there weren’t any online home delivery services in our home countries at the time, and it seemed convenient to order online. However, in practice, it turns out that it really only makes sense if you order in big quantities, and you couldn’t get it the same day. We’d find we were having to put off other things in order to wait in for deliveries, so we stopped ordering regularly, preferring to buy food here and there from local stores. Takis: We had very busy schedules too. We’d never arrive home at the same time each day, so we couldn’t schedule a regular home

Gregor: In five years’ time, it’d be great to have 4,000 lockers out there, and be across the UK as a household name. That sounds a lot, but it really isn’t unrealistic. We don’t see the big supermarkets as competitors, as it’s a completely different model to their traditional home delivery service.

WITH SUCH LOFTY AMBITIONS, WHAT HAVE THE BIGGEST CHALLENGES BEEN THAT YOU’VE HAD TO OVERCOME? Takis: We deliver on the same day, which no other supermarket -or anyone in the UK - is doing. It’s one of the things that makes us unique, so figuring out how we do that consistently, and how it will scale is a challenge. There’s nobody else out there doing what we’re doing, so when we have a problem, it’s not like we can just Google the solution. Christian: For me, time is probably the biggest issue. There just aren’t enough hours in the day. To help fund the business, we all have part-time jobs at the University, and there’s always so much to be done. It’s a fun job and it is our passion, but it is very time-consuming. Gregor: Indeed, right now we’re problem solving from early in the morning to late at night. It has become our life. But that wouldn’t change even if we got a huge amount of investment, as we couldn’t really go out and spend it on someone who can help, because what we’re doing is so unique. It’s not like we can call someone and say, “Build us

this locker like this,” because everything is in development and needs to be figured out for the first time.

WHAT HAS BEEN THE PROUDEST MOMENT FOR YOU SO FAR? Gregor: Someone actually baked us cakes to say thank you for providing them with food. That was amazing! These girls were fasting for Ramadan, and our service allowed them to buy food at short notice, and they were so pleased they made cakes for us. Takis: For me, when we brought Christian into our team was a big moment. We started out with just myself and Gregor, but then met Christian. We knew it was a good working partnership from day one, and it has really made us stronger. We now know we have the right team to push forward with. Christian: Yes, when I was offered a chance to join the team, I was also offered a job at a company that I’d done a year in business at. My choice was, basically, take a good job paying £50,000 a year, or get paid nothing to work with these guys. Some may say I’m crazy, I don’t regret the decision for a second.

WOULD YOU RECOMMEND OTHER START-UPS TO GET INVOLVED WITH BUSINESS HUBS? Takis: Without a doubt. The University of Warwick and the team at WMG (Warwick Manufacturing Group) have been fantastic. We get free space with offices and meeting rooms and there’s advice and help from other people who have been there and done it in business. Contact: www.convibo.co.uk

32 November 2014

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29/10/2014 10:08

SUCCESS Business partners

You've got a friend in me

Choosing the right or wrong business partner can make or break your business. Zoe Efstathiou speaks to some great business teams to find out how they make their relationships work

our ability to choose the right business partner can dictate the success of your business. They need to share your vision, possess skills that complement your own, and assist you in navigating the business forward despite its inevitable ups and downs. You are likely to spend more time with your business partner than you do with your family or spouse, and just like a marriage, it is vital that

you do not enter into the partnership lightly. With so much at stake, it may seem like a safe bet to go into business with someone you already know and trust, but how well do personal relationships translate into a business context? Drawing upon the experiences of successful entrepreneurs, Zoe Efstathiou discovers the benefits and drawbacks of going into business with your nearest and dearest.

FATHER AND SON:

David and Joe Broadway

oining the family business seemed like an easy option for Joe Broadway, who had just graduated with a degree in Political Science when he took on an account manager role at his father, Dave Broadway’s, delivery firm, CFH Docmail. Four years on, Joe is responsible for running his own division within the company, which is currently the third largest end-to-end delivery service in the UK. Joe recounted: “I had just finished university and was planning on going travelling, but there was a position open at CFH that paid more than any other job I could get at that time. My plan was to work at CFH for a year, then take my savings and travel, but somehow I really

got into it and, four years later, I’m still here as a director of the company. “Working with my father is actually very rewarding. I had a huge amount of respect for him anyway, and this only grew as I worked with him. We both have very strong personalities and we are both stubborn, so if we do clash over a difference of opinion, it is quite easy for us both to get heated. “Keeping the relationship professional at work is tough, and you have to remember that you can’t have a row with the managing director - even if he is your dad! It’s also difficult being the bosses’ son. Everyone thinks I’ve been handed my position on a silver platter, so I have

to work twice as hard to prove myself. Despite this, it is a really rewarding experience, and having someone that you can trust completely in your business is invaluable. My father has been a pillar of support in my career so far, and without his trust and encouragement I would not have gotten as far as I have.” Contact: www.cfhdocmail.com

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SUCCESS Business partners

BEST FRIENDS:

Ky Wright and Owain Williams

est friends, Ky Wright and Owain Williams started making frozen yoghurt in their mums’ kitchens while they were still at school. Their childhood hobby has grown into a thriving business, with Lick Frozen Yogurt now stocked in Ocado, Sainsbury’s, YO! Sushi, Budgens and more. Ky commented: “The summer holidays were approaching, and Owain and I were discussing where we’d get summer jobs. The options were washing up, collecting glasses, or, if we were really lucky, collecting deck chairs on the beach, which paid mostly in tea. We had been making frozen yogurt for fun and thought we’d try selling that instead of getting jobs. We’ve been avoiding real jobs ever since.

“Working with friends means there’s never really an opportunity to be proud or boring, or especially stupid, because those things would be too good an opportunity for a joke. This is where Lick’s tone of voice and values come from. “In ten years of running a business together, there has not been a single difference of opinion that wasn’t resolved in a conversation. It’s important that your personalities and skills complement each other. In our case there is a balance of calm reasoning and emotional volatility, unlikely ideas and attention to detail. This is just my opinion, but if it’s not fun, then it’s probably a good idea to do something else.”

It may seem safe to go into business with someone you already know, but how well do personal relationships translate into a business context?”

Contact: www.lickyoghurt.com

HUSBAND AND WIFE:

Mark and Karen Owen

Whilst we love it, going into a business with your spouse isn’t for everyone

ired of working stressful 9-to-5 jobs, husband and wife, Mark and Karen Owen, gave up their careers in IT and telecoms and moved back to Karen’s home town in Wales to start their own chocolate business. Wickedly Welsh, based in Haverfordwest, Pembrokeshire, offers chocolate experience days, tasting sessions, and guided tours of its fullyfunctional factory. After launching in April, the company has just registered its 20,000th customer. Karen said: “I grew up in Pembrokeshire, and had always dreamt of moving back home. We were living in the Forest of Dean when Mark became ill with type-one diabetes, which really made us evaluate

our lives and consider our work/life balance. Starting the company has been great in the sense that the business is ours. We run it together, but it belongs to our family. It’s our future, and we love every second of it. “Of course we’ve had differences of opinion at times, but I’d say that was just natural. We seem to find a way of working past everything, for the good of our family and the business. It’s important that you are 110% sure that it is what you want to do. Whilst we love it, going into a business with your spouse isn’t for everyone. You’ve got to be well prepared and willing to work very hard.” Contact: www.wickedlywelsh.co.uk

36 November 2014

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SPONSORED ARTICLE

INTERNET BUSINESS SCHOOL

imon Coulson MBA climbed the corporate ladder with BT PLC for 14 years before quitting the city life. He started a series of internet businesses and has now successfully built five 7-figure online businesses. Simon has generated a fortune of over £12 million pounds since leaving BT. The first £2 million were from the spare room in his house! The self made and self taught multi-millionaire, known for adopting a number of internet business models including information products, membership sites, online retail, online training and online transaction services, will be sharing some of his secrets to success this november as a keynote speaker at the Olympia Business Show on 27th to the 28th November 2014 (Stand 316). Simon has also become an established public speaker on Internet Marketing and has spoken around the world to audiences of up to 7,000 including at Londons o2 arena. After mentoring some friends to start their own successful internet businesses, the first of which has now generated £3.5 million itself, Simon decided to roll out a coaching program to a wider audience and launched the Internet Business School in 2007. This organization has trained 1,000’s of entrepreneurs and created

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many successful online businesses. The Internet Business School has been accredited by NCFE as a diploma awarding body in Internet Marketing and has also been accredited by CPD. Simon has appeared at: • Entrepreneur Bootcamp (London O2 Arena) • The Business Show (Excel) • UK Internet Entrepreneurs Summit • BStartup show (Excel) • Unlimited Power Online(Dubai) • Power To Achieve (London, Ireland, Malaysia) • Wealth Workout • Money Masters • Ultimate Marketing Seminar • Internet Masters • Entrepreneur Weekend • Traffic Generation Summit • UK Internet Entrepreneurs Conference • Ultimate Business Seminar and many more! To book your 1 day introduction course for £27 please visit www.internetbusinessschool.com or come and and say hello, we’ll be on stand 316 on the 27th & 28th November 2014

Simon has shared the stage with world renowned experts including: • former USA President Bill Clinton • Sir Richard Branson • Lord Alan Sugar • James Caan • Caprice • Mike Harris • Tony Robbins • Brian Tracy • Dan Kennedy • Ted Nicholas • Bill Glazer • Bob Proctor

29/10/2014 13:31

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SUCCESS

LATEST releases

Book reviews

BOOK reviews The Little Book of Thinking Big: Aim higher and go further than you ever thought possible by Richard Newton Our verdict: About the author: Richard Newton is an entrepreneur. He co-authored the bestselling book, Stop Talking Start Doing, and is co-founder of several technology businesses, both in London and Austin, Texas. We say: “Go big or go home!” is the prevailing theme in this offering from Richard Newton. The idea that by asking some big life

SCRUM: A revolutionary approach to building teams, beating deadlines and boosting productivity by Dr Jeff Sutherland Our verdict: About the author: Dr Jeff Sutherland has served as VP of engineering and CTO at 11 software companies, using Scrum, and achieving results. He is currently CEO of Scrum, Inc., and chairman of the Scrum Foundation. We say: Scrum aims to provide a revolutionary approach to changing an organisation. This ‘how to’ guide helps every organisation manage everyday problems, such as delivering a product or service on time and on budget.

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!

questions, such as “who are you?, what do you want? and where are you going?” you can gain the incentive needed to kick-start your business, is pervasive throughout. Designed to inspire, the book certainly does not disappoint, and breaks complex ideas into manageable bite-size chunks for the reader to digest. Through the use of inspiring quotes and advice, the author allows the reader to find what works for them and use it to start their own train of thought, creativity and inspiration. The Little Book of Thinking Big is published by Capstone, priced at £9.99, and is available as a paperback and e-book.

The ideas presented are a radical change from the typical top-down hierarchy, and systems employed within most businesses. Instead, it looks to implement a system that is adaptive and self-correcting. Filled with practical examples to help the reader to grasp the more complex ideas and methods, such as the FBI attempt to digitise records, it claims that businesses that have adopted Scrum have reported a 400%-800% improvement in productivity. For anyone who is perhaps faced with a rigid structure within their business, Scrum offers a novel way to make the changes needed to take the business forward in a flexible manner. SCRUM is published by Random House Business Books, is priced at £20, and is available in hardback.

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A walkthrough of Auto-enrolment

Christine Hallett, CEO, Carey Pensions UK walks through the impact of Auto-enrolment for the SME marketplace and provides simple steps to ensure your company complies. About Christine Hallett

Carey Pensions UK

Christine Hallett, CEO, Carey Pensions UK - established the company in 2009, has been leading pension companies for more than 20 years and has been in financial services for over 30 years. She believes and is passionate about delivering customer focussed solutions.

Carey Pensions UK is delighted to be able to provide an auto-enrolment solution which is open to all employers, with no minimum payroll size and which will assist the employer to provide a scheme that will engage their employees.

Auto-enrolment System

Carey Pensions UK provides an automated system which aims to reduce employer administration costs and the need for additional resources and remove the burden from the employer. The Carey Auto-enrolment System is a web based portal that will enable the employer to process their responsibilities associated with Auto-enrolment electronically, making it simpler and more efficient. Auto-enrolment brings a large amount of responsibility for the employer. In order to reduce employer administration costs and resources Carey Pensions UK can provide an automated system to assist and minimise the impact of this additional responsibility for the employer. This can be linked with our Workplace Pension Scheme or can be provided as a standalone compliant solution for workforce assessment. Although auto-enrolment can be a daunting experience for many employers, Carey Pensions UK provide support throughout the process ensuring the employer is confident that the staging date or required establishment date will be met and all regulatory requirements are fulfilled.

The Carey Workplace Pension

Carey Pensions UK offer The Carey Workplace Pension Trust, which is a defined contribution (DC) workplace pension plan; it is a Master Trust arrangement. When Carey Pensions UK considered its pension scheme for auto-enrolment it wanted to ensure that: 1. The employer has control of the scheme, both now and in the future; and 2. The employees feel engaged in their retirement plans and have confidence that their pension schemes can adapt as their career progresses and circumstances change. By providing an unbundled solution and bringing industry specialists together Carey Pensions UK have achieved this. The Carey Workplace Pension Trust provides a full investment solution, which meets the government charge cap and ensures that the full needs of the employees are met, understanding that some may have different investment requirements which will change over time. The Carey Workplace Pension Trust provides the right investment for the right level of employee engagement at the right time without the need to transfer out of the scheme.

Summary

In choosing The Carey Workplace Pension solution, the employer is able to offer a bespoke, tailor made solution for their employees. Carey Pensions UK has a fully established system in place with a specialist project team to manage the implementation process; and Client Relationship Managers to manage the on-going scheme administration. With the Carey Auto-enrolment System and the Carey Pensions Workplace Pension Trust, Carey Pensions UK can offer a tried and tested end to end solution. Carey Pensions UK has a highly experienced team who would be delighted to provide and support the Auto-enrolment and workplace pension solution for all employers.

Note Because of the potential “capacity crunch” that is expected over the next two years, SMEs are being encouraged to secure their Auto-enrolment providers well in advance of their staging date, so that they know they are ready and prepared for when they are legally required to establish the scheme for their employees.

autoenrolment@careypensions.co.uk Carey Pensions UK LLP is authorised and regulated by the Financial Conduct Authority for its SIPP business FRN 501747. The Carey Workplace Pension Trust is a UK registered Master Trust Occupational Defined Contribution Scheme, HMRC reference no: PSTR 00787450RX . Carey Pensions UK LLP and Carey Pension Trustees UK Limited do not provide advice and always recommend that independent professional financial advice is sought prior to making any decision about pension arrangements.

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28/10/2014 14:08

FINANCE Funding expert

A ticking time bomb With the Bank of England interest rate set to rise any day now, finance expert, Julian Smith looks at the major problem that awaits UK businesses

he last six years have been kind to borrowers. The Bank of England’s monetary response to the global financial crisis was to slash base rates to well below historical averages, and to pump significant liquidity into the financial system. With the economy’s prospects in the UK improving, and the unemployment rate falling, more hawkish members of the Monetary Policy Committee of the Bank of England have begun arguing for an early rate rise. Current consensus views are that rates will start to move next spring, following the General Election. This matters, both for households and businesses that borrow to fund their assets or businesses; there is genuine concern about how households and indebted companies will cope with rising interest rates. The first thing for any business to do is to understand what exposure it has to rising interest rates by modeling different interest rate scenarios that consider their impact on profitability, including any relevant covenant tests that need to be met to remain in compliance with the terms of existing business loans. This homework will inform you how much tolerance a business has to interest rate movements

and may point to the need for other actions. Many business managers like to have certainty in their cost base. For that reason, it’s quite common for companies to choose to fix a proportion of any debt funding that they have, or at least to protect it from undue moves in interest rates. This can be done in a number of different ways: • Firstly, a swap can be entered into, whereby a company will swap its forecast variable cashflows for a fixed payout instead over an agreed term. It would probably involve paying a higher interest rate in the short term, but lets you know what needs to be paid over the life of the swap. • Secondly, a company could purchase a cap, above which the interest rate would not go even if the underlying interest rates went above this threshold. There’ll be a cost associated with this option, which may be paid up front or structured into the cost of the arrangement. • Thirdly, a collar structure would set a floor interest rate and a ceiling interest rate. When prevailing interest rates are above the ceiling, the company pays no more than the ceiling and no less than the floor, even if the interest rate falls below.

However, a cautionary note should be made about any financial derivate that you consider. Between 2005 and 2008, banks mis-sold interest rate management products and are currently working through these past errors, leaving many borrowers paying far more than they would’ve had to, even as interest rates fell. With interest rates likely soon to be on the move, it may be appropriate to manage your exposure to interest rates - but make sure you understand all implications before entering a binding agreement.

The first thing for any business to do is to understand what exposure it has to rising interest rates by modeling different interest rate scenarios

Contact: www.thefundingexpert.co.uk Twitter: @lefundingexpert

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FINANCE It pays to be prepared

Preparation pays Self-assessment forms are a pain, but a little bit of preparation can make things easier, says Adam Aiken

f your business is up and running and you already have a friendly accountant helping you with your tax obligations, your end-of-year self-assessment form might not faze you. But if your circumstances have recently changed - perhaps you have always been on “Pay As You Earn” until now for example - a little bit of planning can make the process a lot easier.

KEEP YOUR RECORDS This is the most important thing you need to do throughout the year. For starters, it’s a legal requirement that you keep all relevant documentation, but even without this you would be foolish not to keep all your records in order. Put bluntly, a tax return lists all your income and expenses so, when it comes to completing your form, you’re going to be at a disadvantage if your invoices and receipts are stuffed in a shoebox. And bad record keeping isn’t an excuse for failure to disclose all your income - inadvertent or otherwise. Losing receipts for things you’ve bought, meanwhile, can result in overpaying tax. Staying on top

If your affairs are straightforward, an accountant can be very reasonably priced. If your tax return is more complex, that’s even more reason to pay for peace of mind

of your paperwork will also make it easier to finish your accounts and complete your tax return in time. That’ll have the knock-on effect of helping you calculate your tax bill early, giving you more time to find the money to meet your liabilities.

THINK ABOUT AN ACCOUNTANT If you’ve recently branched out on your own, consider hiring a professional to check your return. If your affairs are straightforward, a good accountant can be very reasonably priced. If your tax return is more complex, that’s even more reason to pay a premium for peace of mind. You can look online for basic guidance on what expenses you’re allowed to claim, but the specifics are likely to depend on the job you do. Furthermore, some expenses can be entered on your selfassessment form but

others might fall under capital allowance rules. This is exactly the sort of thing an accountant can help with. If you don’t already have an accountant, a good place to start looking for one is at www.unbiased.co.uk

BE PREPARED Make sure you know the basic “do’s and don’ts” before the start of the tax year. For example, if you’re working from home, you’re allowed to include a proportion of your home’s running costs (including utility bills, broadband subscriptions and council tax) on your selfassessment form. But there are strict rules on how to calculate this, and your tax position can vary depending on whether a particular room in the house is used exclusively for your work. When it comes to filling in this part of the form, it should be fairly easy to calculate. But by knowing what you can and can’t do at the start of the tax year, you’ll be lessening the chances of disappointment when it comes to completing your return six months later.

44 November 2014

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25/09/2014 10:36

FINANCE Banks are the biggest barrier to growth

he Government is clearly working hard to encourage entrepreneurship and help small businesses grow. According to the Federation of Small Business, SMEs employed 14.4 million people and had a combined turnover of £1.6bn in 2013 alone. And the results are there for all to see; the economy is growing strongly, with GDP rising by 0.9% between April and June, following a 0.7% rise in the previous quarter. And now is the time to really capitalise on this growth, but instead, the UK’s most innovative businesses are being stifled at every turn by the banks’ inability - or perhaps unwillingness - to lend. The Government has tried to address this issue and encourage banks to lend, but to no avail. The ‘Funding for Lending’ scheme provided banks with the funds they needed, but SMEs actually paid the banks more than they received during the scheme’s brief lifespan. Net lending was

Who’s afraid of the big bad bank? British banks are failing SMEs, but that isn’t stopping them from finding alternative ways to fund their growth, says Richard Prime, CEO of Sonovate flat - or worse - among 24 of the 36 banks participating in the scheme. Nationwide fared worst, with net lending to SMEs at -£501m in the second quarter of 2014, followed by Clydesdale, at -£439m, and RBS at -£360m. The way it operated just didn’t work - even Vince Cable has admitted as much. The Funding for Lending scheme, and the concept of matched funding is totally redundant in a market where solid, collateralised start-ups routinely cannot raise the funding they need to match. Under the latest scheme, the Government-backed ‘British Business Bank’ will guarantee one challenger bank’s loans to small businesses, thereby removing the risks associated with lending to SMEs. While it’s encouraging to see the Government adopting new measures in an attempt to

encourage the banks to part with their money, it’s unlikely to make much difference, especially when you consider it’s being piloted with just one smaller bank. The fact is that for far too long the banks have adopted an overly-cautious, risk-averse and conservative stance to lending to start-ups and SMEs - a view which is enormously at odds with the vibrant, fast-growing start-up scene. And when they do decide to lend, the banks consistently fail to understand the unique requirements of small businesses. They do not offer enough flexibility to accommodate for their fast-growing nature, and the information is just not available to help small businesses really understand what they are getting into. Their off-theshelf products might look good on the surface, but dig

48 November 2014

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27/10/2014 17:08

FINANCE Banks are the biggest barrier to growth

Angel investors, crowdfunding sites and new, smaller finance providers are the ones facilitating growth in the UK’s vibrant start-up scene, not the banks

a little deeper and they are often incredibly complex and notoriously difficult to understand, and not always the most sensible option for the business in question. Fintech start-ups, for example, are regularly unsuccessful in their attempts to secure finance because they are viewed as particularly high risk in the eyes of the banks. Despite my business passing due diligence repeatedly, Sonovate was turned down by three UK banks in our attempt to secure funding. The fact that we’ve since secured a £10m funding line from an American bank, as well as a £4m investment from a tech angel investor, proves that we more than satisfy the lenders requirements, but the banks just didn’t take the time to understand my business. And I’m not the only one to have faced such frustrations - it’s a

problem unanimous with fintech businesses, but considering that the London technology sector is set to contribute £12bn to the UK economy by 2024, this makes no sense. But entrepreneurs are nothing if not innovative. Where the banks try to pass off their inflexible, off-the-shelf products as the simplest loans businesses can get, others have seen an opportunity in the funding gap and have created solutions for other business people like themselves. During the last few years there’s been a huge increase in alternative sources for funding. Angel investors, crowdfunding sites and new, smaller finance providers operating within specific sectors have started to dominate the news agenda. Why? Because they provide the flexible, tailored funding models that UK SMEs are

crying out for, and they are the ones facilitating growth in the UK’s vibrant start-up scene, not the banks. Right now, the needs of small businesses are not being met by the banks and despite its best efforts, the Government has failed thus far to turn this around. This has paved the way for a new type of finance that I believe is the future. Start-ups need an injection of cash to be able to grow, but they also need funding that is suited to their needs, and is specific to their unique requirements. Only then can small businesses capitalise on economic growth. This upsurge in alternative sources of finance is certainly something that’s here to stay, and that’s a great thing for the growth of Britain’s SMEs.

For far too long, the banks have adopted an overlycautious, risk-averse stance to lending to SMEs - a view which is enormously at odds with the vibrant, fast-growing start-up scene

Contact: www.sonovate.com

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27/10/2014 17:09

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28/10/2014 26/08/2014 14:24 14:38

FINANCE It pays to be prepared

A day in the life 7.15AM: As soon as my alarm goes off, the Blackberry goes on. I check messages, emails and phone calls and then get up. I enjoy a strawberry protein shake as I head straight to the gym before work. A good work-out gets my brain functioning much better for the day ahead of me. 10.00AM: I’ve now been in the office for an hour. I enjoy having a quick chat with my team to get the daily gossip, as well as checking that they are all up to date with their work. This also applies to the clients; I check in with them and enjoy a chat over the phone. 1PM: Lunchtime. I drive back home and enjoy a carb-filled lunch. Then, before I know it, I’m heading back to the office - my second home! I get to work on client development. I love doing this, as it creates ideas and helps to gain an understanding of how my team and I are able to go that one step further to bring us closer towards developing business relationships

3PM: With the time difference, now is the ideal time to phone the US and catch up about external marketing and external

Peter Chulu, founder of independent market research company, Field Scope International takes us through a day in his working life accounting. Keeping in touch with the US is great, because we are both always kept in the loop, and are able to go over new strategies for growth in both the US and the UK, as well as check everything is in order on their side.

5PM: Home time for most, but not for me. I love being in the office, so usually get off a little

In Profile Name: Peter Chulu Company: Field Scope International Concept: Independent market research company Start-Up Loan: £6,500 later than everybody else. I like to go over everything that has happened throughout the day. Being on top of everything is key. I often think to myself that it’s strange to be living a dream, but most of all being able to achieve it. Hard work is my all, and if it weren’t for the team that I believe so strongly in,

then this business wouldn’t be where it is today.

7PM: I enjoy spending time with my nieces and nephews, so catching up with them means everything, but before I know it, I am driving to London for an evening event, which I am attending for the company a chilled out evening is rarely on my agenda.

9PM: Finally home and getting ready for bed. I check my Blackberry for work updates, as well as jot down some ideas I have on the laptop. Work is always on my mind, some people ask if I ever have down time, but the truth is, I love my job. Going from being a little boy in Africa to a grown man in the UK with his own successful company has been a dream, and I cannot remember the last time I have felt unsatisfied with life. Contact: www..fieldscopeint.com www.startuploans.co.uk

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27/10/2014 17:09

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STRATEGY Rich With

Keeping it simple is not for the stupid Everything is so very complicated isn’t it? Rich With doesn’t think it needs to be

’m working with a client at the moment who has recently opened a new restaurant. It’s nothing revolutionary, and you can get similar dishes in many places, but the difference is he’s taken the existing idea and given it a subtle twist. They’ve used fabulous quality ingredients, cooked them beautifully, and presented them in an authentic and pleasant manner (as opposed to everyone else who sees it as the epitome of “fast food”). They haven’t added loads of fancy twists or unnecessary extras - they’ve kept it simple and improved on the original massively. Primary indications suggest that it will be very successful. In design terms, simplicity has become a bit of a buzzword - well, certainly at my agency. We’ve stripped back the peripheral, got rid of the extras, and just concentrated on doing things in a clear, concise and elegant manner. Coincidentally, this has also given a level of authenticity to what we do. Doing things in a simple manner means you have to cut out the fluff, the bragging, and nonsense. If it’s truly simple, there’s no bamboozling people - it either works or it doesn’t. And often the fact that the thought process is given just as much credence as the design process means the product has a greater chance of success. Don’t make the mistake of thinking that simple means easy.

Doing things simply means you have to cut out the fluff and the nonsense. If it’s truly simple, there’s no bamboozling people - it either works or it doesn’t

Simple can be difficult to figure out, and there is all too often the temptation to go and tweak, add, and manipulate the original. Marketing to the right people is as simple as finding where they hang out and making them see your message, but in practice it’s far from that easy. How do you know you have the right demographic, and are you sure that this is the best place for them to see your message? And don’t forget all the idiosyncrasies that crop up due to personal circumstances, or the weather, time of year, and so on. Look at well designed websites now, and the good ones are solid information vessels that showcase your product or service in a beautiful manner. There should be a clear linear structure of how people interact with your website and, by extension, your brand. Gone, thankfully, are the days of superfluous flying animations and so on.

Simplicity often needs far more thought - just how many steps does it take for someone to buy something on your website? We can all add another level to the process, but refining it and taking away levels of redundant information so the customer can buy within two or three steps takes a lot more thought. In a world where things are often too complicated (pricing plans, food labelling systems, flat-pack furniture), take a step back and really look at the way in which clients will interact with your brand. You’ll be surprised at how much easier you can make it with a little thought. Contact: www.justgrow.co

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25/09/2014 17:55

STRATEGY Sales mavericks

Managing the sales maverick Boyd Mayover, co-founder of The Sales Doctor, looks at how you can keep your more extrovert salespeople on track and under control

he sales maverick, rogue elephant, troublesome superstar - they all mean the same. It’s a challenge that virtually every manager I have met, trained or been associated with, has had to deal with. I believe it’s a challenge that managers often find the most demanding of their time and ability too. In my training sessions, a question I get asked constantly is: “How do I handle him/her? Their figures are considerably better than everyone else in the team, but they are arrogant, they create a bad atmosphere, are negative, won’t share anything with their peers or colleagues, and their after-sales issues are causing a problem.”

Do you recognise any of those symptoms? If so, I bet you’re wondering “what’s the cure?”. My experience of successfully managing teams from three to 140 people is that the culture you build and promote within your company and team will largely determine the behaviour of it. Once the team members realise that you will accept this sort of bad behaviour, you are actually subconsciously encouraging it. There are two clear methods for stopping this

The culture you promote will determine the behaviour of staff within your company. Once they realise you’ll accept bad behaviour, you’re subconsciously encouraging it

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27/10/2014 17:12

STRATEGY Sales mavericks

Let them know they can only stay if they buy into your culture. They will either do as you ask or show that they have to go

behaviour, though it really boils down to this simple question: is the person a management challenge (that’s our job) or are they unmanageable (in which case they should not work for the company)? Let’s start with the first issue; it’s very easy to confuse the two and make the mistake of firing when we should be managing, and managing when we should be firing. Many managers say to me “how do I get them onside? I can’t afford to lose their business, but they cause so much aggravation within the team that I don’t know what to do?”. My answer and advice is that you must first of all find out what motivates this individual in a one-to-one meeting and, once you have done this, you should be able to explain that, whilst you are delighted with their sales figures, you look for much more in your team. You should explain clearly what acceptable behaviour looks like, and also clearly define what you expect from them. You might find that, after your one-to-one, you are able to use this person as a role model for others. Sometimes people do not realise the negative effect they are having until it is pointed out to them. I could give you many examples of how a rogue has been turned around, however, in my experience, it is usually the manager’s ability in either ensuring the culture is clear - in order to avoid this happening - or the oneto-one that makes the difference. Has anyone ever thought of using this person to coach or train (not manage!)? You will be surprised at the difference it can make. The reason I say ‘not manage’ is that this is the easy way out and very rarely works; all you are doing is making a maverick manager who won’t care about his people and will just carry on doing things the same way, demotivating the team even more. I have found that if you are crystal clear in your comments to the maverick, and let them know how valuable they are, but

that they can only stay part of the team if they buy into your culture and team ethic, they will either do as you ask or show you that they are damaging and have to go. Don’t panic about losing their figures. Many years ago a managing director I was working for who has built up three multi-million pound sales businesses, said to me, “Boyd, what would you do if your top seller unfortunately broke his legs on the way to work and couldn’t work for a year?” I replied by detailing a list of duties I would give to other people, how the work and leads would be spread within the team, and also the training and coaching I would do to ensure the rest of the team could more than cope with the loss of the top sales person. “Well then,” he said, “you’ve solved it. Don’t let that person dictate to you or the team for one more minute, they do it your way or go. As much as you want their business, you do not want the fallout from their behaviour, to say nothing of a potential HR issue with the rest of the team.” The problem in question left us soon after and the black cloud was lifted. Monday morning was astonishing; the team outperformed themselves and the departing maverick. It was a lesson for me that when a person becomes unmanageable, they have to go. However, bear in mind that the first option of keeping them and moulding them into what you want and expect is always the better option. It takes time, management skills, and listening to determine if this person can be brought back into the fold. Sometimes, they are craving recognition without telling you, so sometimes they just need telling. This tip helped me, and has continued to work for me throughout my career - I hope it helps you as well. Contact: www.wedosalestraining.com

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27/10/2014 17:13

SPONSORED ARTICLE

Is your business managing maternity leave effectively?

omen make up nearly 50 per cent of the workforce and a high proportion of these women will become mothers during their employment so it is important that businesses get it right when dealing with maternity leave to minimise the potential risk of costly discrimination claims. It can be a challenge for companies if they have key people away from the business for up to 12 months and often employers do not pay enough attention to maternity leave regulations.

Key legal rights

Health and safety requirements require all businesses to take steps to protect a pregnant woman from particular risks that could harm her or her baby. All pregnant women have the right to reasonable time off for ante natal care and eligible employees can take up to 52 weeks maternity leave regardless of length of service. In terms of pay eligible employees can be paid up to 39 weeks statutory maternity pay (which is 90 per cent of their average weekly earnings before tax) and the remaining 33 weeks at ÂŁ138.18 or 90 per cent of their average weekly earnings (whichever is the lower). There is a facility for companies to recover this statutory pay from the HMRC subject to eligibility. New legislation has also been introduced from 1 October 2014 giving the right for husbands or partners to take unpaid time off work for up to two ante natal appointments. There will be also a new system of parental rights introduced in 2015. Under this system parents will be allowed to share the statutory maternity leave and pay for up to 12 months which is only allowed

hartbrownadvertorialNOV.indd 29

to mothers at present. Mothers will need to take the initial two weeks after birth and after that the parents can choose to share the parental leave. This new system will come into force in April 2015 so businesses need to be aware of these rights and be prepared.

Preparation and planning

One of the elements to avoiding disputes in the workplace is the need to prepare and plan for situations which involve maternity leave. It is important to carry out a risk assessment to make sure the workplace is a safe place for pregnant women to work and protective measures are taken against risks such as extremes of heat and cold. Good communication is a vital part of this process which starts as soon as the business becomes aware of a pregnancy. It is good practice to agree a date to meet with your employee to ensure an effective handover of work. This meeting can be also used to identify the key dates such as the babyâ&#x20AC;&#x2122;s due date and the return to work date. It may sound obvious but written records should be kept of all communications such as emails, meetings and telephone conversations minimising the risk of misinterpretation between the parties. It is important that clear policies are in place so that pitfalls can be avoided such as failure to deal with the time limits for flexible working requests.

doing before her maternity leave. Recruiting temporary cover will involve additional cost and preparation but these employees/agency workers should be integrated into the workforce quickly to minimise the cost. Communication is also important with the employee who is on maternity leave to establish when and if, they want to return to work and if they have any flexible working requests such as part time hours which may necessitate the person who has provided temporary cover remaining in the business for longer than originally anticipated.

Return to work

One method of ensuring a smooth return to work for the employee is to allow a phased return to work as there may have been significant changes for the employee and the business while they have been away. This phased return will help to build relationships again both with customers and staff. Communicating with the employee during their maternity leave can make them feel more valued and ensure a better transition back to work. Employers need to be aware of all the statutory rights applicable to pregnant employees and how to handle these processes effectively to prevent problems arising which can be costly for any business. For more information about maternity leave, contact Jane Crosby on 01483 887766 or email employment@hartbrown.co.uk

Recruitment and communication

If a woman has requested to return to work during her ordinary maternity leave then she has an entitlement to return to the job she was

28/10/2014 14:30

STRATEGY Alton Towers team building

All together now Team building for staff isnâ&#x20AC;&#x2122;t just about creating memorable experiences, itâ&#x20AC;&#x2122;s about improving their working environment

Alton Towers' head of trade and corporate sales, Rachael Cotton, takes a look at what you should be aiming to achieve from team building exercises

60 November 2014

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STRATEGY Alton Towers team building

eam building - we all think we know what it is, but how people view team building, either from prior experience, or perhaps from things they have read or what they’ve heard, is often a million miles away from what it should be about. Team building essentially is a task-based activity that tackles key issues within a team and, like it or not, is important for all businesses. Team building focuses on enhancing relationships to aid the effectiveness of working together, which in turn increases the likelihood of reaching company goals and exceeding targets. Gone are the days of ‘circles of trust’ and falling back on one another, team building activities have changed dramatically with fun and inventive activities on offer, including GPS-led treasure hunts, polo lessons and circus skills, ensuring communication, strategy and tactics are put to good use. The setup of simultaneously mixing elements of fun with specific team building activities holds strong, it’s a tried and tested method that improves engagement whilst tackling the issue that needs to be overcome. What is often forgotten is that team building benefits both staff and the business. Not only can participants learn more about themselves and their colleagues, but employers can determine employee strengths, allowing them to utilise skills or tailor job roles to maximise productivity. Team building activities also tend to uncover individual attributes that haven’t previously been demonstrated in the workplace. Encouraging team members to use their talents to achieve a common goal whilst responding to fast changing situations is where team dynamic and strategy are as important as individual skills, reinforcing the importance of working as a team. So now you’re sold on the benefits of team building, how can you ensure it will work for your company’s needs? Establishing clear aims and objectives for your team

Gone are the days of ‘circles of trust’ and falling back on one another. Team building activities have changed dramatically, with fun and inventive activities on offer building session is essential. It is a good idea to conduct some research into the challenges that are being faced internally, speak to staff of all levels of seniority and find out what they’re struggling with, and what they feel would be beneficial to both them and the company. Once you’ve established the needs of your company, you need to research the types of team building events available. Different activities serve different purposes, so, whether you’re arranging something to improve communication skills, boost employee morale, manage change or resolve conflict, work out what responds to your needs and choose wisely. Measurement is the next thing to consider. If you’re planning a team build you need to consider how you will measure the success right from the word go. Measurement not only helps determine how effective the activities undertaken really were, but gives good grounds for deciding whether it would be worth doing something similar at a later date. Of course, along with measurement comes ROI and the provision of a budget. If budgets are tight, then consider tying in a team building activity with a team meeting or conference that is already taking place. This will reduce the cost of hiring a separate venue, additional transport and save the company time. Research also shows that

adding an element of fun into a work environment improves engagement, so you could be on to a win-win situation here. Finally, it is really important that everyone involved understands the benefits of a well motivated team. If people don’t view working as a team as important, then achieving the goals and objectives of the activity will be next to impossible. Working together, teams gain motivation by understanding the company’s ambitions and every individual’s role in achieving them. Team building for staff isn’t just about creating memorable experiences, it’s about improving their working environment, so make sure this is clear and don’t forget that it should also inspire ideas that increase sales, reduce costs, limit staff turnover and cut sickness rates so the business reaps reward too. Contact: www.altontowers.com

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28/10/2014 09:34

OUTSOURCED FEATURE

When 9 - 5 IT support Unprecedented is not enough Success For Thames Valley Expo

Foration’s Managing Director, Paul Weeden, discusses how IT outsourcing can provide a cost-effective and flexible solution for your business

ost people will agree with this statement: Business has changed. People no longer work (or have to work) in the office Monday to Friday 9-5. The Cloud has made it possible to work from any device, anywhere, at any time. Whilst this is great for flexible working and increasing productivity, ensuring you can get support outside ‘normal hours’ can be difficult. Many IT support providers (whether in-house or external) only provide ‘business hours’ support. Increasingly, this does not cover the times your business is actually operating. What happens when you are working late to get a proposal out and you need help? Or you are working abroad and the local time means it’s the middle of the night back home? How do you get help? This is where outsourcing and co-sourcing comes in. A recent survey showed that over 60% of managers regarded 24x7 support a crucial requirement when considering any form of outsourced / cosourced arrangement (ahead of flexibility and cost). The need for 24x7 support may be the key driver for considering an outsourcing arrangement, but there are other benefits to this approach.

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Lower costs: Outsourcing enables you to keep overheads down. The average salary of an in-house IT Manager is £3040k (plus recruitment costs, company benefits, training, holiday…). Outsourcing helps to reduce your costs to a fixed, clearly defined, monthly fee.

Co-sourcing: supplementing your internal IT team with external resources to provide additional capacity, coverage or specialist systems support

Breadth of expertise: The skills required to look after the IT systems of today’s businesses are diverse, ranging from helpdesk support to networking, backup, security and strategy. Finding this expertise in one individual can be difficult (or expensive). The economies of scale that an outsourcer enjoys ensures you have access to a team of experts who can support all facets of your IT system. Multiple resources, quicker resolution times: What happens when the MD and FD have an urgent problem at the same time? Who is more important? Outsourcing does away with this problem. The MD and FD can call one number to get the help they need. Increased resiliency: Relying on a single internal IT manager or designated employee can be risky. What would happen if there is a critical failure and they are on holiday, off sick or in a meeting? Outsourcing

guarantees the availability of resources, with defined service levels, 24 hours a day, 7 days a week, 365 days a year. Better reliability and performance: Outsourcers, on fixed price contracts, are heavily incentivised to ensure your systems are as reliable as they can be. Every failure, outage and problem costs them (as well as you!). What this really means is that the systems you rely on to run your business are well maintained and constantly updated to ensure maximum levels of reliability and security. This regular maintenance ensures fewer failures and better performance, resulting in greater productivity for your business. Regardless of whether you are considering outsourcing or co-sourcing, selecting the right partner is critical to ensuring a successful relationship. To help with the selection process, we have prepared a key list of questions to ask any potential provider:

What hours do you operate? Are they going to be available when you need them?

28/10/2014 14:32

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Does the same team provide out of hours support as in hours support? This helps to ensure a consistent service regardless of time of day and faster resolution times.

Do you outsource to a 3rd party? If so, what access do they have to our systems and how will this affect the service? Many MSPs practice what they preach and use third parties to keep costs down. This subcontracting however can be problematic for regulated businesses which must ensure the quality standards of their entire supply chain.

ICE - Will you have a copy of the administrator passwords? To help maintain accountability and ensure reliability, an outsourcer will typically recommend that administrator access be removed from all computers. This is good practice and something we recommend regardless of in-house IT / outsourced IT. Make sure you have a copy of the administrator password for your systems which can be used in case of emergency. In the past, customers have come to us after terminating the relationship with a previous provider, only for us to discover we can’t access their systems because no one knew the password.

What #TVExpo level of reporting How ‘unlimited’ is do you provide? unlimited support? Most businesses ask for regular Most providers include a fair reports from the key teams usage cap in their contracts so it such as sales, finance and is important that you understand HR. IT should be no different www.thamesvalleyexpo.co.uk how theirs is calculated and over and regular reports will help what period. monitor performance and identify any problems. Do you help support and fix problems of other Whilst the above list is by no services e.g. mobile phones, means exhaustive, it will help Internet connectivity etc? you to identify the right provider Check that your provider will and open a dialogue for more take ownership of all issues in-depth technical discussions. and help drive them through to Finding a trusted partner will resolution. You don’t want to not only improve the security, be stuck between a pillar and reliability and performance of a post when something goes your IT systems, it will reduce wrong and IT says it is Provider your costs and empower you to X’s problem and vice versa. work more efficiently.

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28/10/2014 15:44

STRATEGY Powwownow

There’s no “ ” in team Every successful business needs to be pulling in the same direction, says Powwownow’s Jacqui Keep

hy is it often so hard to communicate well across the same business? And does technology help or hinder collaboration? All good leaders know that great collaboration can result in a more profitable business. A constant flow of research demonstrates that the most productive teams are those that are the best connected. Humphrey Walters, a leading British expert, who has advised, among others, the England Rugby team (World Cup winners in 2003), and Chelsea Football Club on team work, stresses that high performance teams achieve more by unleashing the potential of team members and creating a culture of personal responsibility. Importantly though, this is done not just by recruiting the right talent, but also by building a foundation of open communication to grow trust and focus across the team. Walters points out those successful teams constantly focus on tasks and improving

Emphasise small steps over giant leaps; doing 100 thingsone per cent better, not one thing 100% better

their processes to help them adapt to challenges, be it on the pitch or in the office, with an emphasis on small steps over giant leaps. Great performance happens every day, ‘doing 100 things one per cent better, not one thing 100% better’, he says. As a leader, you set the example of how to communicate across the business. Making collaboration management a behaviour, and making it part of the performance review helps your business embrace the power of loose connections and informal communication. It is also important to promote a meeting culture that encourages questioning, focused discussion, and open debate - not just reporting, file and data sharing. The importance of quick, frequent, and fast communication in successful teams has been proven by other researchers too. Professor Alex Pentland of Stanford University and The Massachusetts Institute of Technology (MIT) explored team work and the impact of technology, and identified some simple ingredients for team and individual success.

He found that: • Great teams will connect and communicate frequently. • Good team members balance talking and listening to others. • There is plenty of informal chat and quick updates to help build cohesion from effective teams. • Effective teams explore new ideas together. The importance of informal conversations to team effectiveness often comes as a surprise. As Douglas Conant (exCEO of Campbell’s Soup) says in Strategy & Business, the informal connecting and chat does not get in the way of performance but rather, “that’s where the real work is done”. Other leading business commentators, such as Scott Berkun, Lynda Gratton, Morten T Hansen and Stefan Lindegaard note that, “Smart entrepreneurs, team leaders, and executives are recognising the need to move away from traditional structures and tools and find new ways to get their people better connected and achieving more.” Give people the processes and tools to allow them to collaborate. Being clear on what effective collaboration really looks like inside your business allows you and your team to network and collaborate effectively with others outside of your team and organisation. Contact: www.powwownow.co.uk

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27/10/2014 17:16

HR For Non-HR Managers Training Day HR Training Day Day HR For For Non-HR Non-HR Managers Training HR Insight invites managers of people to attend HRInsight Insight invites invites managers managers of people to HR to attend attend a one day training course. oneday day training training course. course. aaone Our HR Consultant will guide you through: OurHR HRConsultant Consultant will will guide guide you through: Our  Current employment law practices including discrimination issues  Currentemployment employmentlaw law practices practices including including discrimination discrimination issues  issues  Current Recruitment best practice  Recruitmentbest bestpractice practice   Recruitment Managing poor performance  Managingpoor poorperformance performance   Managing Managing absence  Managingabsence absence   Managing Dealing with workplace disputes and conflict  Dealingwith withworkplace workplace disputes disputes and and conflict conflict   Dealing Managing disciplinary and grievance processes  Managing disciplinary and grievance processes  Managing disciplinary and grievance processes There Therewill willalso alsobe betime timefor for discussion discussion of of There will also you be time for discussion of any HR issues may currently have. any HR issues you may currently have. any HR issues you may currently have. Course Coursedates datesand andlocations: locations: Course dates and locations: All courses take place All courses take placebetween between 10am 10am and and 4:30pm. 4:30pm. AllLunch courses take place between 10am and 4:30pm. Lunch and refreshments will be included. and refreshments will be included. Lunch and refreshments will be included. 24 September 2014 CM14 24 September 2014--Brentwood, Brentwood, CM14 5NF 5NF 24 September 2014 Brentwood, CM14 5NF 29 29October October2014 2014--London London Bridge, Bridge, SE1 SE1 1NX 1NX 29 October 2014 London Bridge, SE1 1NX 19 19November November2014 2014--Chelmsford, Chelmsford, CM1 CM1 2PZ 2PZ 19 November 2014 - Chelmsford, CM1 2PZ

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30/09/2014 12:56

STRATEGY Five essential business documents

Don't start without us

hen starting up your own business, one of your top priorities should be making sure that you have covered the legal basics. Spending a little time ensuring you get it exactly right at the beginning could save you a lot of time, hassle and money later on, should any potential problems arise. Here are my top five documents that you need to think about when starting up any new venture. ONE EMPLOYMENT CONTRACT Employment contracts are not only a legal necessity, they can also help to set the tone of your business. They are a great way to lay out clear expectations for the employer and employee, laying the foundations for a mutually rewarding relationship. An employment contract should cover key areas, such as pay, benefits, hours, holiday, sickness, and termination. TWO CONFIDENTIALITY AGREEMENT (non-disclosure agreement or NDA) An NDA is the first step towards protecting your ideas and intellectual property when sharing confidential information with other individuals or

businesses, such as during initial design meetings with manufacturers. It is the easiest and most common way of ensuring that this information is not made public or exploited in any way. It also means that in the eventuality of any breach of contract, you can take legal action to implement any solution needed to rectify or prevent further breaches, and recover damages from the offending party. THREE PARTNERSHIP AGREEMENT Avoid potential conflict when you enter into a partnership by having in place a detailed and complete partnership agreement of what is expected of the partners, and how the business will be run under the new partnership. This document should cover who the partners are, their rights and responsibilities, and what will happen, if and when they decide to leave the partnership. FOUR HEALTH AND SAFETY POLICY If you have five or more employees, you are required to have a written health and safety policy. Not only does having one demonstrate that you are a responsible employer, it also gives staff the confidence that they are

What are the five legal documents that are essential for every start-up? Mark Edwards, general manager at www. rocketlawer.co.uk, provides the answer

working in a safe environment, being protected from injury, and (arguably most importantly) you from liability.

Ensuring you get it right at the beginning could save a lot of time, hassle, and money later on should problems arise

FIVE LETTER BEFORE ACTION Good cash flow is essential for a successful and healthy business, but late payment from customers and other businesses is something that is becoming more prevalent. If they are late paying your invoice, send a formal late payment reminder letter, and a follow-up second late payment reminder letter for any stragglers. If this fails to have the desired effect, send a letter before action. This final demand letter will demonstrate to a court that you have offered all reasonable measures to settle the debt before you commence legal proceedings. All the aforementioned documents can be created free at www.rocketlawyer.co.uk through its one-week free trial. Contact: www.rocketlawer.co.uk talkbusinessmagazine.co.uk 67

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27/10/2014 17:17

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30/07/2014 12:41

MARKETING Kimberly Davis

Loosen your grip on the reins It’s time to let go of your baby, says Kimberly Davis, owner of Sarsaparilla Marketing

Letting go of my ‘baby’ was very difficult, but the reality was, I wasn’t doing anything well because I was spread too thin

eamwork is a funny thing. It can either work for you or against you. Everyone has a preference between working alone or in a group. As team leader on day one when I was on The Apprentice, I tried to be diplomatic and work with the team that was given to me - it backfired immensely. Their skills were so poor that I wouldn’t even trust them to bring the bins to the curb. By day two, I knew I needed to adapt to salvage my reputation. So I told Howard - the only team member I trusted - that his job was to keep everyone away from me while I created an advert. I knew I had to work alone. He did the job well, and I created “the best advert the show has ever seen” according to Lord Sugar and “a well crafted advert” according to the CCO at the world’s most successful advertising firm, McCann Erickson.

But this example is the exception, not the norm. In real life, you often get to choose the people you work with. Like many other entrepreneurs, I started off as a one-man band. I was doing everything myself and I liked it that way. But sooner or later, trying to be the accountant, salesperson, and everything else, becomes overwhelming. At one point, I spent six months learning accounting instead of selling, strategising, and moving the business forward. If I’d focused on selling during those six months, I could’ve paid an accountant for the next six years with the income. It was a rookie mistake. I knew that if I wanted to survive, I needed to start delegating and trusting others to do the work. Letting go of my “baby” was very difficult. I couldn’t imagine others doing the work like I could. What if they messed up? But

the reality was, I wasn’t doing anything well because I was spread too thin. I needed help. Many people are afraid of working in groups. They’re scared others will be competitive and make them look foolish, or that others will fail. A wise person always surrounds themselves with people who are smarter, and the best at the jobs they themselves aren’t good at. In marketing, I constantly see people trying to do everything themselves. They spend months learning skills they have no use for. Whether it’s DIY websites, useless advertising, or amateur branding, none of these are helping to build your business, and are only working against you. The sooner you can free yourself from being a one-man band, the better - even if your team is outsourced. It’s your job, as owner, to focus on the big picture. Don’t get stuck in the details. The stronger your team, the stronger your business. Contact: To learn more about Sarsaparilla Marketing, or to download Kimberly’s free e-book “7 Deadly Marketing Mistakes Destroying Your Business Right Now (and you don’t even know it)”, visit www.sarsaparillamarketing.com

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28/10/2014 09:53

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MARKETING Outgoing communications

Be more outgoing Phil Hutchison, operational marketing director at Neopost, explains why your outgoing communications shouldn't be overlooked, and how you can manage them effectively

s businesses grow, they are faced with managing large volumes of outgoing communications. Indeed, not only do they have to manage documents from different sources, but they also need to send them via numerous channels. This can be difficult to Effective oversee effectively, particularly for management businesses with limited manpower, of outgoing time, and money. It’s therefore no communications surprise that many end up making is key for errors, wasting time and losing growing track of what’s been sent. Often businesses overlooked for more obvious not least challenges, effective management because any of outgoing communications is key communication for growing businesses - not least is a reflection because any communication is a on the reflection on the company itself. company In other words, bad management itself could lead to unimpressed or alienated customers, and subsequently, lost sales. With this in mind, here are some tips to adhere to when dealing with outgoing communications:

DO: - Give your customers a choice. As the office becomes increasingly digitised, it’s likely that more documents will be sent electronically. However, this is not always a

DON’T:

one-size-fits-all approach to communications, with the most common applications being programs such as Outlook. However, whilst these are good for day-to-day correspondence, their lack of integration and traceability can make them unsuitable for more important documents, such as invoices. This could leave SMEs non-compliant with existing regulations. - Ignore the benefits of new technology. New technologies, such as the cloud, are changing the way SMEs communicate. Indeed, documents can now be sent, received and accessed from anywhere, meaning location is no longer a limitation. By failing to recognise these technologies, businesses will undoubtedly find themselves one step behind everyone else. In an uncertain economic climate, it’s more important than ever for businesses to address all aspects of their communication strategy and ensure they have the most efficient processes in place. This will save time and money, and ensure the company portrays itself as a capable, professional business from the offset.

- Always rely on basic email applications. Many businesses adopt a

Contact: www.neopost.co.uk

customer’s preferred method of contact. Indeed, businesses risk alienating customers if they disregard traditional post and solely implement digital communications - or vice versa. - Consider a paper-light approach. While SMEs are aware of the benefits of eliminating paper - reduced costs, accelerated business processes, and improved environmental footprint to name but a few - ‘going paperless’ is often viewed as a complex task. Instead, managing multi-channel communications that involve both physical and digital mail is much more realistic. - Automate communication processes. Because of the constantly evolving nature of technology, there is often a lack of know-how when it comes to managing a multichannel communication strategy. For example, manually creating and sending documents takes time, and is incredibly susceptible to human error. If companies automate these processes, they can spend more time on businesscritical activities.

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MARKETING Payroll problems

BASEPOINT PRESENTS

Don t pay the price Tax requirements can be a confusing world. Michael Steer from payroll expert, Payline explains how to avoid the most common payroll mistakes SMEs make

ack in 2007, BT ran a great television commercial that Employers featured celebrity can find chef, Gordon Ramsay themselves using a kitchen knife as a in the nasty screwdriver as he struggled to stuff if they install a computer system in his knowingly restaurant. His staff sat around employ anyone playing cards and the kitchen from abroad caught fire. What the advert who is not effectively portrayed was a entitled to business rapidly heading down work in the UK, the toilet for want of engaging with unlimited an expert. fines and If your business employs a two-year staff, no matter how few jail sentence or how many, you will possible or certainly should have a solution in place for processing

payroll, calculating its statutory payments and deductions, and reporting it all to Her Majesty’s Revenue and Customs (HMRC) each payday. If you followed BT’s advice and outsourced your payroll to your accountant or to a specialist payroll service, you can be reasonably confident that the sums add up and that you are compliant with HMRC’s numerous regulations. However, there are various traps, which can catch out the most

conscientious employer, and which you would do well to avoid.

EMPLOYED OR SELFEMPLOYED? Wouldn’t it be convenient if you could classify all your casual or part-time help as self-employed? For sure, you wouldn’t expect to put the window cleaner on your payroll, nor the guy who comes around once a week to wash your car. Unfortunately this arrangement won’t routinely apply to the folk you engage to work in your business. If your organisation has ever been the subject of an HMRC PAYE audit, you will know that your payroll reports aren’t necessarily the auditors’ primary port of call.

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MARKETING Payroll problems

BASEPOINT PRESENTS

It is more likely that they will dive straight into your petty cash tin, or begin a forensic examination of your cheque stubs. They want to know who you might be paying who is not on your payroll. So if your handyman or casual delivery driver claims to be self-employed, beware. The rules to govern the classification of these workers are complex. If it is deemed

Employers providing living accommodation to, and used by, employees can offset its value to a maximum of £5.08 a day (£35.56 per week) against workers’ pay

that a worker you have paid on invoice should have been on payroll, at the very least you will find yourself liable for the income tax and National Insurance contributions as though you have been paying these workers their net pay. HMRC’s website has pages of data at www.hmrc.gov. uk/employment-status/ and, having checked there, if you are in any doubt about your workers’status, you should speak to an employment lawyer.

A RIGHT TO WORK IN THE UK? Employers can find themselves very deep in the nasty stuff if they engage anyone from abroad who is not entitled to work in the UK. It is essential, when you take on a new recruit, that you carefully identify them and ascertain they have rights to work here. Documents to be checked can include a UK passport, Certificate of Naturalisation as a British Citizen, Immigration Status Document or a certificate of application issued by the Home Office. Again, resources are available online at www.gov.uk to help you avoid falling into the trap. Is it worth checking? I should say so; penalties can be severe, and if you have knowingly employed an illegal worker, the fine is unlimited and a two-year jail sentence beckons.

THINKING OF UNDERPAYING HMRC? Before April 2013 and the introduction of reporting payroll in ‘Real Time’ (RTI), employers’ annual returns were the only channel HMRC had at their disposal to reconcile the sums of tax and National Insurance due to them. Although strictly against regulations, some employers would occasionally underpay their monthly liabilities to temporarily fund their cash flow. Since RTI however, the Revenue’s systems are so on the ball, that underpayments are

discovered almost before they are made! If it crossed your mind to hang on to a few quid for a month or two (perish the thought), forget it.

MINIMUM WAGE VIOLATIONS You should take care not to pay below the lawful minimum. Employers providing living accommodation to, and used by, employees can offset its value to a maximum of £5.08 a day (£35.56 per week) against workers’ pay when checking compliance with minimum wage regulations. There are exceptions however, and employers can look into these on the gov.uk website. No other benefit (e.g. transport) can be considered in offsetting the minimum wage. There are formulae to check that piece-work rates are within the scope of the law. The popular press suggests that violations of the national minimum wage regulations tend to go unpunished, but it remains a criminal offence to underpay. If your organisation is paying the precise minimum, take care that you are paying for every minute worked.

SHOULD YOU OUTSOURCE? Naturally, we would always recommend businesses to engage a specialist agent to process their payroll. On various occasions over the years, we have been called in to rescue a business from a payroll disaster, usually brought about by an employer’s failure to fully understand their software, and an inability to benchmark its results against others. Owning a box of spanners doesn’t make an engineer, and while I wouldn’t claim that payroll is as complex as rocket science, if it goes wrong it usually goes horribly wrong! Contact: www.payline.co.uk

74 November 2014

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28/10/2014 09:56

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29/10/2014 09:21

Next Shows… Outstanding Sales and Marketing Opportunities

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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 June 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). 5 November 2014 12.20-2.30pm

Networking Lunch at The Happenstance Nearest tube: St. Pauls 1A Ludgate Hill, London EC4M 7AA networking lunch at the Grange Hotel at tower Hill More information and booking: http://www.businessjunction.co.uk/events/networking-lunch-at-st-pauls

12 November 2014 Thurs 8th Aug 8am-10.00am

Networking Breakfast at Bourne & Hollingsworth Buildings networking lunch at the roof Gardens &Nearest Babylon restaurant at High st. kensington 42 Northampton Road, EC1R 0HU tube: Farringdon / Angel 99 High Street Kensington, W8 5SA Nearest tube: High Street Kensington More information and booking: http://www.businessjunction.co.uk/events/networking-breakfast-in-clerkenwell

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20 November 2014 12.20-2.30pm

Networking at the Marylebone 60lunch Great Queen Street, WC2B Hotel 5AZ Nearest tube: Holborn 47 Welbeck Street, W1G 8DN Nearest tube: Bond Street networking lunch at the Happenstance at st. paul’s Booking: http://www.businessjunction.co.uk/events/networking-lunch-in-marylebone

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Networking lunch at the Williamson’s Tavern networking at dirty Neareststreet tube: Mansion House / Bank 1 Groveland Court, off Bowlunch Lane, EC4M 9EH dicks at Liverpool 202 Bishopsgate, EC2M 4NR Nearest tube: Liverpool Street More information and booking: http://www.businessjunction.co.uk/events/networking-lunch-in-mansion-house

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28/10/2014 14:59

MARKETING Social media staff search

The social media staff search Anthony Sherick, director of Technojobs, looks at the pros and cons of using social media in the recruitment process

owadays it is rare to find someone who doesn’t have at least one form of social media account, be it Facebook, Twitter or Instagram, particularly the younger generation who, fresh out of school or university, are desperately searching for a job. With competition high and companies searching for the best possible candidates to join their company, social media is starting to play a notable role in the recruitment process. Using social media as part of the screening process is bound to bring up questions as to the ethics behind judging a potential

employee and whether it’s in the interest of either party. A social media account can often show the less professional side of a candidate, one that they wouldn’t advertise in an interview or formal setting. Judging or perceiving a potential candidate based on, say, a Facebook profile may not paint an accurate picture of the individual and their potential, and may result in real misjudgement or even discrimination. There are, however, two ways of interpreting the use of social media: firstly as a tool for recruitment; and secondly as a screening process for candidates. In regards to using social media as a tool for

Using social media as part of the screening process is bound to bring up ethical questions and queries as to whether it’s in the interest of either party

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MARKETING Social media staff search

recruitment, it is certainly not an integral or common component of the process, although it can of course be used to promote an employer’s brand to candidates and reinforce its status and appeal. Social media can primarily be used simply as a way to warm a candidate to a company and ensure that they are creating an aspirational employer brand. Conversely, it is inevitable that employers will use social media to profile candidates, and for some industries, such as IT and technology, it is essential that a candidate has a professional presence on the internet, and this is something employers might be looking for. As a guide, using social media for recruitment purposes can be broken down into a series of pros and cons (although this list is not exhaustive).

PROS • Social media can be used by the employer to give an edge against other companies and help to create a strong employer brand. • It can be used to gauge whether the candidate is engaging in the relevant industry online. • Any social media profile is essentially an extension of an

individual’s personality, and putting this online means that it can be a positive extension of their CV. • It can attract incremental new applicants.

CONS • Old photos or content may circulate for years, that aren’t reflective of the candidate today. • Online candidate information is not always reliable as there is no infallible way to monitor if something is true. Equally, a candidate can choose what they wish to share online, so as to not give a true reflection of him or herself. • For companies not engaging or promoting their brand on social media, this may be a turn off to potential new employees. • Suitable candidates have the potential of being filtered out too early, based on subjective factors, such as the university they attended. Nowadays, employing someone is about much more than the university they graduated from. • It can be difficult to measure your reach and assess exactly how many potential candidates you are influencing. As previously stated, it is

Social media should be used as an add-on to the selection of a candidate, and not as being more important than the applicant’s CV

inevitable that employers will use social media to scout out the profiles of their prospective employees, given nearly every individual has some sort of online footprint. Both the employer and the employee can use this to their advantage if they remain vigilant and aware, as the employer can see whether the candidate engages in the relevant industry online, and the employer can see and find out a lot more about the personality of a candidate than their CV would normally allow. Both parties must be aware of potential pitfalls and make sure that personal social media profiles are not used as a substantial part of the application process though. Social media is no longer just for personal use and play, but is fast becoming a method of work, and it must be stressed that social media should be used as an add-on to the selection of a candidate, and should definitely not be contemplated as being more important that the applicant’s CV, communication skills, work experience and qualifications. LinkedIn, however, is a rather different form of social media, as it was created for professional means where individuals can post work-specific content and online CVs. Again if you decide to have a Linkedin profile it is important that your picture and content is reflective of the image you would like a potential employer to have of you that would enhance your application. We all know that we lead separate professional and private lives, and this should be respected when we are looking at potential new employees. Candidates must also remember, of course, to manage their online profile and reputation. In today’s technologyobsessed world, social media has the ability to make or break a first impression - be it right or wrong! Contact: www.technojobs.co.uk

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28/10/2014 15:06

PEOPLE Psychopaths as leaders

This charming man Dr. Deborah Benson, leadership development consultant at Leaders For Leadership, ponders whether charismatic leaders in your business are hiding something a little more sinister?

ave you ever worked for one of those bosses who came across so well in your interview - charming, articulate and clearly intelligent, with such energy and keen business sense that you couldn’t wait to start your new job? Their powerful charisma ensured you followed this captain of industry into battle, and whilst the occasional comment made you wince, you blamed yourself, thinking you should toughen up a bit. Yet, gradually, their suit of shining armour tarnished. A different side emerged; insincere, manipulative, and sometimes volatile. Two hundred redundancies is simply ‘cutting out the dead wood’ to them. Exhibiting no empathy, they didn’t care about employee’s lives, livelihoods or mortgages - all just balance sheet figures. Publicly demolishing their peers was good sport, and no employee dared put their head above the parapet to raise concerns. In fact, it was all pretty stressful. Dusting down your CV, you longed to escape to a new job. Well, you probably came

across a ‘corporate psychopath’. Evidently, psychopaths represent almost one per cent of the population, so inevitably some are in the workplace. Only the most violent are likely to be securely locked away. However, Professor Clive Boddy argues that: “More than a few are attracted to big business, especially positions that offer power, money, and prestige rather than the opportunity to serve others - so don’t look for them in the charity sector”. Leadership expert, Kets de Vries, adds that: “They like to be in the limelight, the centre of attention, and are completely unable to recognise that others have needs and rights”. It’s pretty easy to look at the global financial crisis and point the finger at some visibly ruthless, self-serving, yet charismatic, operators. It seems their arrogance, ambition, competitiveness and low morals, underpinned by coolness and charisma, make these corporate psychopaths well suited for clawing their way to the top. Charisma’s ‘dark side’ is apparently very dark indeed. The bigger question, however, is why are they promoted?

Psychopaths represent almost one per cent of the population, so inevitably some are in the workplace

Why, when leadership is about relationships, ability, credibility, and trust, do business owners let these aggressive, heartless bullies prevail? Can they not see beyond the charisma, or is the psychopathic leader’s apparent intellect intimidating? Worse still, do some business owners knowingly recruit them to do dirty work they themselves have no appetite for? Whatever the reason, although these corporate psychopaths often start successfully, they frequently leave a trail of devastation, with high staff turnover, bad business decisions, and unethical - if not illegal - business on a grand scale. The empires they represent often come crashing down. And who typically escapes the resulting hardship? The psychopathic leaders - they are busy spending their huge ‘golden goodbyes’. So, when recruiting leaders and managers for your business, look beyond that tough talk, easy charm and bright intellect. Search deeper, to check for a touch of empathy and ethics behind that cool exterior. Contact: www.leadersforleadership.co.uk

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PEOPLE Recruiting from abroad

Foreign aid

n the run up to the 2015 General Election, and amid various news reports indicating job vacancies are increasing at the highest rate since 1998, immigration, and the ability to find, attract, and retain skilled labour in the UK, will remain high on the political agenda. So how challenging is the current immigration system, and why are businesses asking for a reformed visa process? There are three key visa categories, which new businesses or SMEs may be able to utilise to hire top talent from abroad, depending on the circumstances of each case.

SOLE REPRESENTATIVE The Sole Representative category existed prior to the 2008 introduction of the Points Based

Katrina Cooper, counsel at Faegre Baker Daniels, delves into the immigration visa red tape to help you hire the best talent from abroad

There are three key visa categories, which new businesses or SMEs may be able to utilise to hire top talent from abroad

System (PBS) referenced below, and falls outside of this system. It is a good way for multi-national organisations with a headquarters and principal place of business outside the UK, to transfer one key existing employee to the UK and establish a UK-registered branch or wholly owned subsidiary. A Sole Representative must have extensive related industry experience and knowledge, hold a senior position within the company (whilst not being a major shareholder), and have full authority to make decisions on its behalf. If, however, the company is already

operating or employing staff in the UK, it cannot use the sole representative route.

POINTS BASED SYSTEM In 2008, the UK introduced the Points Based System (PBS). The system was designed to be transparent, allow for selfassessment, and empower employers to assess which key staff should come to the UK. However, since its implementation, there have been many alterations to the PBS, which have made it more complex and challenging for most businesses.

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PEOPLE Recruiting from abroad

TIER 1 ENTREPRENEUR The main Tier 1 Entrepreneur category is available for individuals who can demonstrate access to £200,000 of their own funds, or access to at least £50,000 from regulated venture capital firms, specific UK entrepreneurial seed funding competitions, or UK Government departments. The individuals must also commit to create at least two full-time positions within the UK business within a set period of time. The financial threshold is a significant block to many new and young entrepreneurs within these fields, and so 2,000 specific visa opportunities are also available under the Graduate Entrepreneur category. This route is open to MBA and other UK graduates looking to extend their stay in the UK after graduation to establish a UK business. These individuals will have been identified as having developed genuine and credible business ideas and entrepreneurial skills. Of the 2,000 endorsements on offer to entrepreneurs graduating from within the UK, 100 of these visa endorsements (known as global endorsements) are available through UK Trade and Investment, and are awarded through robust competitions. This is a savvy approach by UK Trade and Investment in finding elite global graduate entrepreneurs who wish to establish businesses in the UK.

TIER 2 SPONSOR LICENCE If they don’t qualify for the Sole Representative route, an employer must first apply to the Home Office for a Sponsor Licence. The application is document driven, and some documents, particularly for startups, can take several months to obtain. VAT registration or evidence of a UK bank account can take between six weeks and three months, for example. Companies wishing to bring over senior employees or skilled migrants to help set up or establish the business must factor this into their timing.

The challenge will always be for the system to encourage genuine businesses and entrepreneurs, whilst discouraging those who would exploit the system for benefits

A Sponsor Licence will have a validity of four years, and the employer must be able to demonstrate that it has robust processes in place to meet the compliance obligations and ensure that all of its staff are legally entitled to work.

TIER 2 GENERAL Once the company has a Sponsor Licence, to employ a non-EEA national the position on offer must meet a minimum skill and salary level. The role must be at graduate level or above, which is referred to as National Qualification Framework (NQF) Level 6. In July 2010, the Home Office introduced a cap on the number of non-EEA nationals who could come to the UK under this category. That annual quota is 20,700, split equally into a monthly allocation of 1,725. Since the introduction of the cap, the monthly quota has not been reached, meaning that in most cases (providing you meet the skill level and salary), the request for a Restricted Certificate of Sponsorship (RCoS) from the Home Office was more of a formality than a true deterrent. However, with the demand for skilled labour increasing, it is anticipated that the RCoS process could indeed mean that employers may not be granted a RCoS upon first application. Critically, the employer must complete a resident labour market test prior to applying for an RCoS,

advertising the position for at least 28 days to demonstrate that there are no suitably skilled EEA nationals available for the role. Employers are exempt from this requirement if the job is on an annually reviewed shortage occupation list, or if the skilled worker will receive a salary of at least £153,500. Each employee who makes an application in this category must also be able demonstrate that they can speak, read and write English to a minimum level, and provide documentary evidence that they have access to sufficient funds to maintain themselves in the UK. The major political parties are currently focused on satisfying the remit that the “UK is open for business”. Surely though, to achieve this goal it would be better to develop a short-term single, fast track visa that is suitable for SMEs, start-ups and entrepreneurs. This would give the individual the opportunity to enter the UK quickly, set up the business and then transfer to the appropriate visa category after a period of 12 months. The challenge will always be for the system to maintain an element of subjectivity, to encourage genuine businesses and entrepreneurs, whilst discouraging those who would exploit the system to come to the UK for other reasons and benefits. Contact: faegrebd.com

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28/10/2014 15:43

PEOPLE Are you a team player?

ssembling the right staff to make your business work is vital to success and harmony, but the hard work doesn’t stop there. The team needs to flow, co-operate, and

get along, and, as a manager and business owner, it is your job to not only facilitate this, but also to set an example. So take our “Are you a team player?” quiz to find out whether you’re up to the job (and be honest!).

1 Your employees are heading out for a drink at the local pub after work on payday, and invite you along. Do you: a Agree to go for a few and excuse yourself after an hour? b Politely decline. After all, you’re their boss, not their friend? c Go along, pay for the first round, and then keep everyone there until late telling funny stories about clients?

a Give the person who carried out the presentation a warning, but offer to personally train them how to do better next time? b Find out who gave the presentation and let them know what a bad job they did, all in front of the other staff so they get the message to buck up their ideas too? c Apologise profusely to the client, and arrange to present to them again, but this time you’ll do it personally?

2 A delivery has just come in, and nobody is available to stock it as they’re working on other projects. Do you: a Place it in the warehouse so someone can put it away when they’re free? b Demand someone stops what they are doing and gets it done immediately? c Take the time to put it away yourself? 3 One of your managers reports that a presentation to an important client has gone horribly wrong. Do you:

4 An urgent task requires some of your staff to come in on a Saturday - a day that your company doesn’t usually operate. Do you: a Pop in half-way through the day to check how they’re getting on. b Delegate the task and drop them a phone call at midday to check they’re on track. c Be the first person to arrive, with fresh coffee and cake for everyone, and help them get it done as quickly as possible.

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PEOPLE Are you a team player?

One of us? SO HOW DID YOU DO? MOSTLY

Finely balanced. You walk the line between friend and boss perfectly, and you’ll lend a helping hand if necessary. You did all the hard graft when you started the business though, so why shouldn’t you be able to delegate the dirty tasks to others now that you’ve earned it? Whilst this approach is fine, it can be beneficial to be seen to be ‘one of the team’ at times, so try helping out with occasional projects and tasks - even if they’re the less appealing ones. It won’t make staff complacent, and they’ll still respect your authority as boss. Joining staff outings and get-togethers will also not only make you more approachable but you may even make some valuable personal relationships too.

MOSTLY

Watch out! Leniency is a dirty word in your company. You rule with an iron fist, and believe that your job is to tell people what to do, and for them to do as you say - or else! Your attitude can be summed up as, “Why should I get my hands dirty when I pay others to do it?”. However, this approach lowers morale and alienates employees, who say they hate working for you and as such, you’re probably experiencing high staff turnover. Why not try taking an interest in your staff once in a while, and pitch in with small jobs? Sometimes the carrot is far more effective than the stick!

MOSTLY

In this together. You’re like one of the family! Not afraid to help out when it is needed, and never looking down on your subordinates, you’re a real team player. Whilst it is a great attitude, and means that your employees generally enjoy working for you, be careful not to get too friendly, as it may lead to a lack of respect. Make sure that every now and then, your staff they know exactly who calls the shots, so that they stay in line.

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PEOPLE Lee McQueen

Listen and learn Lee McQueen, founder of the Raw Talent Academy and season-four winner of BBC’s The Apprentice, says taking staff feedback seriously is an important part of a boss’s role

our people are your business, and it’s important that they know that. If you don’t have good people, who are well-trained, and who feel they are part of your organisation, you don’t really have an organisation to speak of at all. That’s why they should feel valued and a big part of that comes down to good communication, and taking on board their feedback. It’s not about every small decision, and I’m certainly not advocating a scenario in which everything is put to a vote. After all, it’s your business, and it’s down to you to make the decisions and show leadership. But communicating with your staff is so important. My business, Raw Talent Academy, carries out a lot of ‘health checks’ for other businesses - it’s like giving a business an MoT. So often, the feedback we get from staff in those businesses concerns the feedback - or lack of it - that they receive from their employer. Don’t be scared of including your staff in your decisionmaking - it’s something you should embrace. Just because you are discussing things with them, doesn’t mean you are giving up control. There needs to be a balance. It’s not about encouraging people to have a

big moaning session, and your people need to be accountable and take responsibility for their own work. But they have the right to a voice, and you will find that they’ll do a better job if they feel included and valued. At Raw Talent Academy, staff complete an internal survey every couple of months or so, with the questions covering all sorts of topics. Our planned office move, incentives, and the company’s culture are all things we’ve asked them about, and the surveys are anonymous, so they don’t feel any pressure not be honest. I also hold a senior management team meeting every month. We share ideas and information, and discuss where we are with the business, and that is then filtered back to the rest of the team. It’s all about treating people like human beings and showing them that they are valued. That’s what we do with our customers, and it’s important I do it with my staff, too. I am always thinking about how I would like to be managed, and how I would want help in driving my career forward. I want talented, creative people working with me - people who are accountable but

It’s not about encouraging a big moaning session, but they’ve the right to a voice, and you’ll find they’ll do a better job if they feel included

also have good ideas on how to improve things. Within our structure, everyone has a job to do, but they also have the ability to put forward their views on how things could be improved. Without those people, I don’t have a business. And if you have talented people working for you (or you hope to attract them in the future), let them express themselves and encourage constructive feedback from them.

Contact: www.rawtalentacademy .com

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PEOPLE Secret diary of an entrepreneur

Since setting up UK Container Maintenance (UKCM) from a spare room in 1998, a plethora of awards have found their way on to Emma Elston's mantelpiece. She takes us through a week in her business life working with bins

mma Elston and her husband risked everything to establish their £5.1m container repair and refurbishment company. In 16 years it has helped save customers more than £200m with the recycling of 1.2 million wheeled containers. In 2010, Emma was named NatWest everywoman Demeter Award winner and honoured with the title ‘Modern Muse’ by everywoman. Then in October 2013, she was honoured with the prestigious title of Aspire Businesswoman of the Year 2012. Emma’s commitment and determination has seen her become a UK leading voice in the waste and manufacturing industry, trailblazing a path for women in a male-dominated industry. Emma lets us take a peek at a week in her diary:

DAY ONE A NEW WEEK Every day starts with my main job, which is being a mum to

Secret diary of an

entrepreneur my two lovely boys. I spend the mornings frantically getting them dressed, preparing breakfast and getting them on the school bus in the nick of time. Luckily, my husband Julian is just as handson and we share the morning routine, unless one of us is away on business or has an early morning meeting to get to. Once I reach the office, I go through my emails, making sure I reply to any urgent ones that have come through. Next, I hold a management meeting with the team, which consists of updates on all areas of the business. Holding it weekly ensures that everyone is up to speed on the goings on at UKCM and, as it’s the beginning of a new week, we keep it positive, fun, interactive and of course, on target. Communication between the team

really is everything for us.

DAY TWO TESTING. TESTING. 1, 2, 3. This morning our bank manager came to our Cheshire head office for a catch up. We had hit our monthly revenue targets, and so updates were sent out to the production, sales, and accounting teams. It is important for everyone to know where we are on a month-by-month basis as it creates a buzz and inspires entrepreneurship within our business, which then instils confidence within the team. The afternoon is then spent commissioning our new container testing facility in the factory, which checks the full integrity, safety, and quality of the containers we refurbish and deliver back to our customers.

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PEOPLE Secret diary of an entrepreneur

It is important not to lose sight of what your customers want, and I am a firm believer in the customer is always right

We have been very excited about getting this off the ground and it will really help us stand out amongst our competitors.

DAY THREE THE CUSTOMER IS ALWAYS RIGHT Today I visited a prospective customer in Cardiff. It’s a lengthy journey from my Cheshire home so I opted to travel by train; I prefer this method of transport as I can cram in some work en route and avoid getting stuck in traffic. Julian and I enjoy getting away from the office and meeting new and existing customers. It is important not to lose sight of what your customers want, and I am a firm believer in the customer is always right. In our business ,we always listen to our customers’ needs.

educational vehicle for trade shows and school visits. We restored Bertha to her former glory by reusing materials that would have usually been disposed of; for example the leather seats have been reupholstered using offcuts, and the 50-inch flatscreen TV and iPads are refurbished. The bus even boasts a bar and the top deck includes an open top garden area! Having taken the bus up and down the country to trade shows she needed a quick clean so she’s ready to hit the road again. In the evening, one of our long-time suppliers took us out for a delicious meal at an Italian restaurant in nearby Knutsford. We kept conversation light hearted but work, as always, crops up.

DAY FOUR ALL ABOARD!

DAY FIVE TAKING TO THE STAGE

This morning I checked up on the UKCM double-decker bus, which we have affectionately named Bertha. We saved the bus from scrap and transformed it into a mobile project and

I travelled to Birmingham to take part in a corporate social responsibility workshop for one of our national customers. Having attended a workshop previously, I presented how corporate social

responsibility has been embedded into our business model since then. The presentation went really well and the positive feedback that I received at the end of it was extremely heart warming. I am very comfortable standing in front of a room full of people; speaking about my experiences and how we got UKCM off the ground is second nature now. I regularly take part in various industry and women in business events, and I was recently cherry-picked to take part in the Government Women’s Business Council discussion. It was an incredible honour to be included and it’s a great way of learning more from other business owners in various sectors. Every evening we spend time with the kids, help them with their homework, get them ready for bed, and then it’s back to work. Family and friends think I should get a hobby, but my hobby is bins!

Family and friends think I should get a hobby, but my hobby is bins!”

Contact: www.ukcontainers.co.uk

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28/10/2014 15:31

PEOPLE Building great teams

Nobody wants the stress of having employed a team of procrastinators who get the job done, but always at the last minute

The building blocks of better busines This month, HR Insight's Richard Cummings looks at how to build a great team for your business

e’ve all either worked in, or with, dysfunctional teams spending time avoiding the unapproachable employees or listening to the one who spends all day telling others how busy they are, but never actually achieving anything. So, how do you ensure you don’t hire these people for your business?

WHAT’S FIRST? Once you have made the decision to recruit, spend some time really analysing what it is that you need. What you think you want, and the skills the perfect candidate has, may be different, but getting it right at this stage will really help you when you get to the selection process. Create a job description for the role detailing the duties and responsibilities and, using that, create a person specification detailing the other skills and experience that you are looking

for. These documents will form the basis of your advertising and selection process, so it’s worth spending the time on getting them right first time.

SEEK INPUT FROM OTHERS Seek feedback from others - including any existing employees, industry contacts and professional advisors - to ensure that your expectations are realistic, and that the incoming employees are fulfilling roles which will add significant, tangible value to your business - they do need to justify their salaries after all.

HIRING THE BEST When selecting candidates, make sure that you recruit the best level of skills you can afford. Don’t be afraid of hiring people who know more about their specialism than you do, just ensure you get an expert involved in the recruitment process to make sure the applicants are telling the truth about their skills.

SQUARE PEGS, ROUND HOLES? Consider team fit before you make an offer. Everyone has a slightly different working style – the way that they like

to structure their day, organise tasks, plan for deadlines etc., and so it’s important to try to build a team which has complementary styles. Nobody wants the stress of having employed a team of procrastinators who get the job done, but always at the last possible minute.

EMPOWER THEM You’ve hired the best, so now empower them to do their best for you. Delegating responsibility can be intimidating as you start to lose some direct control, but it’s essential to keep motivated and engaged employees who are working their hardest for your business. Once you have the employee on board, assuming you have taken the steps above, you should have an employee who is keen to learn about your business and to help it develop. Make sure you meet with them regularly to give them feedback, both positive and constructive. Increasingly, employees wish to have more input into their development, in terms of skills and within the organisation, so engaging with this proactively should ensure that they remain engaged and committed. Contact: www.hrinsight.co.uk talkbusinessmagazine.co.uk 95

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23/09/2014 16:47

LIFESTYLE We love...

We love...

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being on the road

Being away from the office might be your main role or just an occasional occurrence, but it poses unique challenges for every business man and woman. Here are a few of our favourite items we've discovered this month that'll make the experience more enjoyable when out and about

SCHOLL ELITE INTELLIGENT MASSAGER All those miles on the road can really be stressful for your back and spine. Relieve those aches and pains with the heavenly - for that is the only way to describe it - massaging action of the Scholl ELITE intelligent massager. With 18 different settings designed to ease your tired muscles and three types of action to choose from (shiatsu, rolling, and swinging), it’s the perfect gadget to sink wearily into after a long day at work. An added bonus is the heat function, which soothes as the massager performs its magic. Price: £200 Available from: www.amazon.co.uk

Want to get your hands on the Scholl Elite intelligent massager and the next base 402g in-car camera? Then simply write to us at talk business magazine about anything business related. Our favourite will win these great prizes worth almost £350! Email your entries to editor@talkbusinessmagazine. co.uk with the subject line “we love...”. Entries must be received by 20 November 2014. For full terms & conditions, visit our website www.talkbusinessmagazine.co.uk.

15” BE-EZ LE REPORTER BAG

NEXT BASE 402G IN-CAR CAMERA

When you’re constantly away from home it can be tough to remember everything you need. But now you’ll never have to worry about leaving behind important items, as the canvas-coated LE Reporter bag not only looks great but also boasts ample storage. The main compartment is cleverly elevated from the bottom of the bag to protect your precious laptop from bumps and knocks, whilst there are plenty of nooks and crannies, in which to hide all the necessary cables and wires that keep you topped up. There’s something to suit everyone’s style with a range of colours to choose from too. Price: £59.99 Available from: www.be-ez.com

For those of you who regularly drive abroad, it can be a constant worry that, in the event of an accident, you’ll be unfairly found to be the offender as the easy-to-blame “foreign party”. That’s where the Next Base 402G in-car camera can help. With high quality 1080p HD video, a 140-degree viewing angle, and having recently been voted as Which? Best Buy 2014 for Dash Cams, it is the perfect choice for any motorist wishing to prove fact from fiction during road traffic accidents. It is big enough for comfortable viewing, with a 2.7-inch screen, but small and light enough to fit into a suitcase without compromising space. Back here in sunny Blighty, it still pays to have some evidence of other people’s indiscretions. In fact, car insurance provider, Swift Cover has recently announced a 10% discount on premiums to drivers using in-car cameras, and many others may follow suit. Price: £149.99 Available from: www.nextbase.co.uk talkbusinessmagazine.co.uk 97

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28/10/2014 10:20

LIFESTYLE Hotspots - Cheltenham

Hotspots AWAY ON BUSINESS GREENWAY HOTEL & SPA

This month we make our way to the picturesque Cotswolds to explore the best places to eat, greet, and lay your head in Cheltenham

Where? Cheltenham Why? Hidden behind the hedgerows of the long driveway emerges the grandiose manor house of the Greenway Hotel and Spa. Built in the 16th Century, the picturesque building has retained all of its charm, from the wood-burning open fireplaces that provide a welcoming glow when stepping in from the cold on a winter’s eve, to the stonework window frames in the bedrooms. The rooms are decorated to a high standard, with plush linens and extremely comfortable four-poster beds that you literally melt into. Best of all, when the weather outside takes a turn for the worst and you’ve had a long day of meetings (perhaps in one of the flexible meeting rooms, which provide free Wi-Fi, and can accommodate everything from board meetings to evening dinner events?), you can relax and unwind in the top-class spa facilities, which are free to use for all hotel residents. There’s a range of choice, from saunas to steam rooms, or maybe just a dip in the pool, but perhaps the most interesting feature is the outdoor hot tub, which graces the garden courtyard and sits in close proximity to yet another sumptuously cosy, wood-burning fireplace. Best of all, even with such a great location on the edge of the picturesque Cotswolds, the hotel is mere minutes from the M5, providing excellent transport links. Contact: www.thegreenwayhotelandspa.com

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LIFESTYLE Hotspots - Cheltenham

EVENTS, GATHERINGS & HUBS CHELTENHAM RACECOURSE Where? Cheltenham Why? What better place to hold an awards ceremony or conference than in the esteemed halls of Cheltenham racecourse. Evoking imagery of the greats, you’ll be the ‘Best Mate’ of any employees who attend your soirée in The Centaur ballroom. With its versatile staging system, removable seating, HGV cargo doors, dressing rooms and adjoining Istabraq bar and foyer, it can accommodate up to 1,100 guests. Your imagination is the only limit to its potential. Celebrate the ‘Kauto Stars’ of your company with an awards evening in style. Alternatively, The Gold Cup room, which holds up to 240 people and hosts both the Gloucestershire Media Women in Business Awards, and Gloucestershire Sport Awards each year, will get your event off to a ‘Moscow Flyer’. It also has the benefit of being located just off the ‘Hall of Fame’, perfect if you really want to impress your guests with a tour of the history of this spectacular racecourse. Steeped in history, it really is a treat for any racing fan or novice alike! Contact: www.cheltenham.co.uk

MEET AND EAT L’ARTISAN Where? Cheltenham Why? One of the top-rated restaurants in Cheltenham, according to Trip Advisor, L’Artisan specialises in French cuisine of the highest standard. Using the freshest French ingredients, they craft a fine blend of traditional dishes, such as the mouth-watering medallions of foie gras and veal roulade with asparagus. Created by Yves and Elizabeth Ogrodzki after they left Provence to set up the award-winning La Table d’Yves in Leicestershire, L’Artisan is their second project in the UK, and has so far received a warm welcome in the traditional Gloucestershire countryside. The atmosphere in L’Artisan is relaxed and friendly in an intimate, cosy setting. While the pair believe in providing great food that not only looks but also tastes great, they also believe that it shouldn’t have to cost the earth to experience fine dining. This is great news for those on a budget who might be looking to impress a business client with exquisite tastes that screams culture in every mouthful. Contact: www.lartisan-restaurant.com

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28/10/2014 10:18

LIFESTYLE Coats and jackets

Wrap it up With a noticeable chill in the air, we're getting ourselves all layered up ready for the frosty onslaught of Jack. Here, we run through some of the hottest trends in women's coats and jackets from the catwalk and the high street this winter

GOING OVER THE TOP The trench coat first rose to fame during the First World War as a rain-resistant garment for the British Army to take shelter in the trenches. Since, it has blossomed as a staple of the fashion wardrobe. As always, black is a faultless choice, providing a dark, smouldering, business-like look for the wearer, but why not invoke the British wartime spirit with this gorgeous khaki delight? Synonymous with the Burberry brand, its classic styling still looks timeless yet modern, and this mid-length cotton gabardine trench coat fits the bill at £1,295.

Available from: www.net-a-porter.com

Budget won’t stretch that far? Why not try This chic trench coat from Ted Baker comes in at just a fraction of the cost of its catwalk sister at £249, but still provides a stunningly elegant shape, with pretty flower-detailed inner lining and collar. Coupled with a flared skirt, it evokes the charms of innocence, giving you an ultra-feminine look, whilst ensuring you’ll take a hint of springtime with you during the dreary grey months.

Available from: www.tedbaker.com/uk

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LIFESTYLE Coats and jackets

SHEAR BEAUTY You’d be forgiven for associating lambs with springtime, but this winter shearling is taking the catwalk by storm. Shearling, for the uninitiated, is the skin from a recently sheared sheep or lamb that has been tanned and dressed, with the wool left on. It has a suede surface on one side and a clipped fur surface on the other, creating a soft and warm feeling for the wearer. This offering from Harrods is crafted from pure lamb shearling, is super warm and cosy, and features an oversized hood and a buckle fastening at the waist. High fashion comes at a price though, with this example costing an eye-watering £1,850 from Harrods.

Available from: www.harrods.com

Budget won’t stretch that far? Why not try Quality shearling doesn’t come cheap, but for those on a budget you can achieve looks just as fabulous as the catwalk with faux materials. With an oversized collar and cosy knitted outer, this faux shearling drape from Oasis will keep you warm as temperatures drop, whilst adding a stylish accompaniment to skinny jeans and lightweight knits. Even better, it will only set you back £80, giving you a warm, fuzzy feeling inside and out this festive season.

Available from: www.houseoffraser.co.uk

ES-CAPE THE COLD From Little Red Riding Hood to Sherlock Holmes, the cape is trending strongly as the weather turns bitter. Cute, chic and lightweight, they’re the perfect complement to any ensemble and office friendly. Though reds and khaki are the most in vogue pigmentations, this camel coloured piece from Ralph Lauren, featuring leather trim, will set you back £1,895, but will ensure you turn heads on the high street. Budget won’t stretch that far? Why not try Game of Thrones’ Jon Snow would be proud of this feathery fashion item from Topshop. Perfect for throwing over a little black dress when heading out for corporate drinks, at just £110 you’ll be able to defend your purse as well as the wall.

Available from: www.ralphlauren.co.uk

WWW.HOLIDAYHYPERMARKET.CO.UK

Available from: www.topshop.co.uk

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28/10/2014 10:22

LIFESTYLE Office escapes

THE SECRET IS OUT

Christmas is not just I for kids! Treat yourself to an early Christmas bonus with these hot travel tips from Holiday Hypermarket

t seems like no time at all since that barbigerous chap in a red suit finished his duties and hung up his reigns for another year. Yet as the days become shorter and the icy hands of winter grip the horizon, here we are again, ready to start the annual ritual of wandering aimlessly around shopping centres looking for useless gifts, or shovelling our hard-earned cash into Amazonâ&#x20AC;&#x2122;s coffers. For world-weary souls looking for a radical change of scenery this year, the extraordinarily picturesque destination of Lapland is fast becoming a top winter destination and itâ&#x20AC;&#x2122;s not just for kids.

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LIFESTYLE Office escapes

THIS MONTH’S SPOTLIGHT DESTINATION:

LAPLAND WHY IS LAPLAND FOR YOU? Step inside the Arctic Circle and leave the sun hat behind, because a trip to Lapland’s capital Rovaniemi is all about wrapping up warm, sipping mulled wine, husky sleigh rides and fairytale-like forests. It also has a short flight time of just three hours and 30 minutes. WHERE TO STAY? Although you can get a taste of what Lapland has to offer with a day trip, extending your stay with a three-, four-, or even five-night break gives you more time to truly experience this remarkable destination. Picture yourself waking up in a snow-covered log cabin and eating breakfast beside a roaring fire - it’s that kind of thing. Hotel Rantasipi Pohjanhovi (try saying that three times quickly!) is located in a prime spot adjacent to the Kemijoki River, and is just a Wellington-booted stride from Rovaniemi’s bars and restaurants. After a non-stop day of wintery activities, unwind with a warming sauna and a splash in the hotel’s indoor pool. Alternatively, Forest Heights is located in a stunning countryside location, offering amazing views of Rovaniemi. Here, you can choose from a traditional log cabin or the main hotel, which has a roof-top viewing area with spectacular views of the winter wonderland and is the perfect place to enjoy the incredible night sky.

THINGS TO DO Rovaniemi is a lively town, ideal for shopaholics. You’ll find everything from upmarket boutiques to local arts and crafts stalls. Plus, for those with an Imelda Marcos complex, you can literally fill your boots here, with a plethora of shoe stores

selling everything from hardy winter footwear to cloud-endangering high heels. There’s a surprising amount for adults to see and do in Rovaniemi too, so you won’t necessarily have time to build a snowman - unless you desperately want to of course! This festively Finnish resort has plenty of hands-on snow activities to choose from, including snowmobiling, sledging and even skiing. No trip to Lapland would be complete without that all-important search for the Northern Lights. If you’re lucky, you’re likely to catch a glimpse of the famously incredible green, purple and red displays dancing in the misty air - one for everyone’s bucket list.

JUST FOR FUN Did you know that Lapland is one of the only places in Europe where you can effectively pan for gold? Will you find your fortune? It’s unlikely, but there’s no harm in trying. So what are you waiting for? Ready, steady, snow! Look out for last minute bargains to this once-in-a-lifetime destination at www.holidayhypermarket.co.uk or call 0800 916 510, where one of its experienced travel advisors can tailor-make your holiday to suit your every requirement.

WWW.HOLIDAYHYPERMARKET.CO.UK

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28/10/2014 15:39

TECHNOLOGY Tech Stars

Sound surround Tech Stars’ Jon Bradford explains how the people around you are the biggest indicator of future success

aving recently emerged from beneath more than a thousand applications for Techstars London, I am often asked how do I select the companies that participate in the programme. I explain that I have five criteria that I use to select the companies - these are team, team, team, opportunity, and team. It’s often dismissed as a throw-away comment and a cliché, but it holds true time and time again that the team is key. I find myself regularly referring to the Techstars companies who participate in the programme as teams - my teams, the teams which I invest in, the successful teams etc.,

latter. At the earliest stages, the chance that an average team will execute on a great idea is relatively small; whilst a great team will quickly identify that their idea is average and pivot in to a better one. At a later stage, when there is more corporate infrastructure and resource, there will be an opportunity to swap out the founders for a better management team. As an organisation, Techstars has a policy that we ordinarily don’t accept single person/ founder businesses. However, an alternative approach is where a single founder surrounds themselves with a smart and intelligent management team.

is normally the visionary, the product guy, the creative genius. The hacker is the developer, who quietly codes and makes the magic happen. Finally, the hustler is the guy who gets out there and sells the product, and makes the partnerships happen. However it’s important that there’s a balance of personalities throughout the team. Where someone needs to be worrying about the big picture, someone else needs to worry about the detail and operational excellence. But probably the most important element of a successful company or team is that each of the founders has total

and, whilst I am technically incorrect about my references to teams, the reality is that, at the earliest stages of a business, you have nothing but the team to invest in. Venture capitalists and angel investors often make reference to the idea of investing in two potential companies; either a great idea with an average team, or an average idea with a great team. Smart investors will always be attracted to the

For example, for Apple’s second dawning, Steve Jobs would’ve been nothing without the operational excellence of Tim Cook. So what makes a good team? Quite simply - diversity. This isn’t a political statement but the need for the team to be a blend of different functional types and different personality types. For tech businesses, this blend is normally referred to as “the hipster, the hacker and the hustler”. The hipster

trust between themselves in an uncertain environment. The speed at which a start-up evolves means there is little room for overlap and review. That’s because, ultimately, the success of a business is dependent on five key elements - team, team, team, opportunity and team.

It’s often dismissed as a throw-away comment and a cliché, but it holds true time and time again that the team is key

Contact: www.techstars.com

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29/10/2014 13:24

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06/10/2014 12:20

TECHNOLOGY Apps

I’ve got an APP for that This month, we’re looking at apps that help you to perfect your grammar for correspondence, and how you can protect your phone from malicious threats THE WRITER

ONAVO PROTECT

Price: FREE Compatibility: iOS and Android The gist: What makes a business work well is having a varied team where everyone brings differing strengths to the table. However, not everybody’s strength is English (In fact, 1 in 10 people in the UK are estimated to have some form of dyslexia or difficulty with writing). Indeed there is nothing more embarrassing than sending an email to an important client only to find it contains egregious grammatical errors. Enter “The Writer”, an app that allows you to check your spelling and grammar, enabling you to perfect those press releases and emails. Even if your grammar is almost perfect you’ll still get enjoyment from this app as there is a fun and challenging language quiz to take. Test your skills on questions ranging from grammatical propositions to famous authors, and see if you can get a perfect score. Downloadable from: www.thewriter.com

Price: FREE Compatibility: iOS The gist: Almost everyone knows the dangers of surfing the web and protecting their sensitive information when using a laptop or computer and they’ve taken measures, such as installing anti-virus software, to defend against disaster. However, many don’t stop to think about the potential of falling victim to malicious threats when using their phones to browse mobile sites. Onavo Protect works like anti-virus software for your phone, keeping you safe on the net. This powerful app helps keep you safe from malicious, phishing and unsecure mobile websites, and also helps to secure your details when you log in to websites or enter personal information, such as bank accounts and credit card numbers - a vital tool for doing business and making payments on the go! Downloadable from: www.onavo.com

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28/10/2014 10:35

SPONSORED ARTICLE

Mobile Apps for Business:

Beyond the AppStore

By James Lavery, Microsec Ltd.

ne of the most common Google search terms around business mobile applications that we’ve identified here at Microsec is “best business apps”. There are certainly lots to choose from, and each self-contained app does a very specific task: mileage calculator, receipt tracker, business card scanner, credit checker, etc.. In fact, TalkBusiness ran a feature on their own Top 10 off-the-shelf business apps in the October edition. These types of apps have a big part to play in removing admin overhead and nuisance value from the everyday life of the SME, but they aren’t aimed at changing the way businesses work. That’s what the rest of this article is about – going beyond the pre-built, AppStore applications to re-think how you work with your customers and prospects. Identify your own apps – Free of Charge If, like most small companies, you have a desktop software package that underpins your key business activities - likely built out from a central accounting module – it can be difficult to see the benefit of developing your own unique business mobile apps, and how and where they would “fit” alongside established systems The key is to find out where

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and how mobile working could make a difference. This is especially important as building apps unique to your business isn’t cheap, so you have to be sure that there’s a real Return on Investment. Microsec runs an initial noobligation Mobile Opportunity Workshop for small businesses in which we look first for the potential business improvement that will follow from the technology. Since we also build entire custom software systems from end-to-end, it’s always been our approach that any proposed mobile element is treated as a potential core business process, and if we can’t find the ROI in the development, we’re the first to say. What do unique apps cost? This is perhaps the wrong question – rather we should ask “Where is their value?” The value for Microsec client ArbPro, offering a management system for tree contractors, emerged when a critical driver of business, i.e., face-toface customer contact, was transformed by a unique mobile app. Surveyors can now spend all day in the field, visualising and estimating new work, and crucially, closing more business and immediately scheduling teams, all without having to come into the office any more. A similar order of return was enabled at AutoForms, a business services company, when we built a Cloud-

based tablet application that dramatically improved efficiencies and throughput in commercial property inspection. The Best App might not be on Your Own Device From a slightly counter-intuitive viewpoint, it’s possible that the app that makes a difference might not actually be for you, but for your customer. This alternative thinking, pioneered by pharmaceuticals companies, can now be found at local level where, e.g., accountants could distribute an app to their clients to allow them to submit their book-keeping, and so transform annual accounting procedures. These customeroriented apps can do wonders for relationships, but come with a caution on compatibility with customers’ different mobile platforms. Finally, it is worth reminding ourselves that smart devices - smartly used – really are a “game-changer”, and a shrewdly-assembled portfolio of mobile apps should be among the strategic priorities of the small business.

James Lavery, Microsec Ltd.

To discuss the no-obligation Mobile Opportunity Workshop for Talk Business readers, get in touch via www.microsec.co.uk quoting “Talk Business Nov”.

28/10/2014 15:47

TECHNOLOGY Making profits with print

Something to ink about

Oki Systems UK's Andrew Hall examines how new developments can help you save money on printing costs

here’s been so much discussion recently about the merits of different smartphones, tablets and laptops, and around how they can help transform a growing business. Yet, there is one piece of kit that often sits in the corner and gets forgotten - the printer. Ignored, that is, until something goes wrong. This means that many companies continue to use old and inefficient models, which are expensive and wasteful to

run, until the business grows at such a rate that it’s time to buy new devices. At this stage, many are taken aback to see how far printers and the printing industry has progressed over the past few years, and how new models on the market can be a sensible investment for an expanding company. For example, new multifunction devices combine printing with fax and scanner within a small footprint and are far more energy efficient than older models, so promise a fast return on the initial investment. These can help to create a more streamlined document workflow using less paper, by providing functions such as scan or fax to email. There are now also ways to ensure tighter document security by using printers with embedded software. For example, a user can now print to any device on the network. This can then be stored until a card is swiped or

There is one piece of kit that often sits in the corner and gets forgotten - the printer. Ignored, that is, until something goes wrong

password given to confirm their identity, and only then will it be printed, adding an extra layer of security.

PRINT ON THE GO Many growing businesses have adopted a ‘bring your own device’ (BYOD) policy and, although they have got used to working remotely and digitally, there are still occasions where only a printed document will do. This can cause some problems when working remotely however. Fortunately, there are now a range of multifunction devices, which are Google Cloud print-ready. This means that users can wirelessly print documents to cloud-connected printers from any mobile phone,

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TECHNOLOGY Making profits with print

A user can now print to a device, which can then be stored until a password is given, and only then will it be printed, adding an extra layer of security

laptop, tablet, PC or other web-connected device. They can also connect to traditional printers that are plugged in to a Windows, Mac or Linux computer with internet access, using the Google Cloud Print connector in Google Chrome. iPhone, iPad or iPod users can also take advantage of Appleâ&#x20AC;&#x2122;s AirPrint feature as it is embedded natively in these devices. This means that instead of having to transfer a document to the application itself, users can print directly from wherever the document or image is stored. Icons within the device will inform them whether there are any AirPrintenabled printers in the vicinity.

SAVE, SAVE, SAVE! Because of the efficiencies they help achieve, many of these new-generation printers give

fast ROI (return on investment). However, if a business is growing rapidly, there are often many demands on capital expenditure, especially if moving to larger premises. In this case, printing and document management can, these days, be bought as a service and as operational expenditure. When Oki asked more than two thousand office workers if their organisation had a print policy in place that was being actively enforced, only 27% said they did. Nearly half (47%) admitted that they had no such policy whatsoever. This is despite the fact that taking control can save considerable costs. The best news is that many businesses save up to 30% of their print costs by doing this through a managed print service. Managed print services will help save costs by putting

in place one all-inclusive and ongoing contract, which covers printers, supplies, maintenance, and support. Perhaps even more valuable will be the consultancy the service provider can also offer, taking away the hassle and worry, while you concentrate on growing your day-to-day business. A good provider will first audit existing printer stock and contracts, volumes printed, and paper size. They will then work with you to devise a suitable print strategy for your business. Tactics will range from small tweaks - such as printing double-sided as default, and ensuring printers are configured and set up correctly - to larger changes, such as consolidating printers, and implementing new multifunction models. If appropriate, they will then work with you to create a more streamlined document workflow. So donâ&#x20AC;&#x2122;t leave your printer in the corner of the office, unloved and ignored, until something goes wrong. Think about your print strategy today, and keep your business online as it grows. Contact: www.oki.co.uk

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29/10/2014 12:53

TECHNOLOGY Ortis Deley

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 NUTRIBULLET PRICE: £99.99 BUY FROM: WWW.BUYNUTRIBULLET.CO.UK

ow kitchen tech isn’t normally fodder for a business gadget review, but so in love am I with my bit of kit, that I just had to share. And I’ve wanted to do so for a while now. Also, it’s very important to stay healthy at work as well as at home, and this here gadget is ideal. The NutriBullet is not a juicer, like so many folk are getting excited about currently. Nor is it a blender. It’s described as a superfood nutrition extractor. I’m not a complete fan of said description, but the important points they’re trying to make are; 1) you’re not throwing out pulp every time you prepare a juice, thus losing out on a lot of fibre, which is required for good bowel health, and 2) you’re not blitzing all the goodness out of your smoothie due to a typical blender’s powerful motorgenerating heat. Instead, it helps

to break down the seeds, stems and skins of the whole food to help you get at as much of the nutrients as possible. The NutriBullet: • pulverises fruit and vegetables, • comes with 600-watt motor capable of high-torque power, • has a patented blade design for milling as well as extracting, • uses cyclonic action, • is very easy to keep clean and is dishwasher safe, • comes in 12/14 pieces (including 2 lip rings, 2/3 cups and re-sealable, stay-fresh lids). It’s light enough to make it reasonably portable, meaning you can shove it into a rucksack and take it into work. It’s a bit noisy, but a decent smoothie can be yours in less than a minute. Now, despite its strong sell on maintaining high nutrient levels within your concoctions, one of the biggest selling points for me is how easy maintenance is.

It’s good for healthy drinks for kids, keepfit fanatics, and, most importantly, anyone who says they’re ‘too busy to stop and cook a meal’

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TECHNOLOGY Ortis Deley

You can get your hands on a NutriBullet and all of the accessories at www.buynutribullet.co.uk

With my juicer, chucking the pulp and cleaning out all the various components led to me being ‘over’ juicing reasonably quickly. The NutriBullet has one speed and requires a simple push-and-twist action to get it going, and when you’re done you can get away with a quick rinse of the cup and base. That’s all. It’s a revelation! It has made preparing healthy drinks a whole lot less mess (dare I say, almost fun?), and I now run the risk of attempting to live on just a liquid diet. This, however, is not recommended - even though I’d be getting all my nutrients - as it’s good to chew if you can. The NutriBullet is more than capable of replacing your current mixer and blender, as it does a better job than these two appliances combined. I find it perfect for mixing up protein shakes as well. It’s good for

healthy drinks for kids, keep-fit fanatics, and, most importantly, anyone who says they’re ‘too busy to stop and cook a meal’. Shoving a large handful of raw fruit and veg into one of the supplied cups and then taking it to work with me has made my life easier, and I spend less time ‘Hank Marvin’. There’s no combination of fruit and/or veg, milk, water or juice, nuts, or seeds, you can’t throw in. Your only limit is your tastebuds.

VERDICT: Its portability, power, and price make it a worthy adversary for some of the more well known and expensive blenders and mixers out there - and it looks the business too.

Do you have a product that you would like Ortis to review? Get in touch at editor@talkbusinessmagazine.co.uk

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28/10/2014 10:41

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28/10/2014 16:02

TECHNOLOGY Online festive season

Have the best festive season ever online with these five top tips from toinfinity's Lyndsey Mahew

hristmas starts in July for retailers, and if you haven’t put your plan in place yet, you are seriously lagging behind. E-commerce expert, toinfinity predicts that online sales over the Christmas period are likely to increase by around 14% to £13bn in 2014 - so it is important to start planning now. Get ahead of your competitors with these tips to help your website and online marketing strategy take off this festive season.

YOUR WEBSITE 1GET IN ORDER

Mobile e-commerce (m-commerce) has been growing significantly yearon-year. With this in mind, make sure your customers have a good mobile shopping experience and your emails are mobile responsive. Make sure your checkout process is as efficient as possible too. Become the customer and try buying something from your website. Look at what barriers there are to completing the purchase; does the basket remember what you added when you drop out? Does your checkout scream ‘secure’? Are you upfront about delivery costs? Are you converting as many of your visitors into purchases as possible?

GET ALL YOUR 2 PPC CAMPAIGNS READY NOW Planning ahead for Pay-Per-Click campaigns means you can react quickly during the busy period. Create dedicated Christmas campaigns, and make sure you have a back up form of payment so your ads never go offline.

c Have a racking Christmas DO YOU HAVE AN 5 AFFILIATE PROGRAM? IF SO, MAKE SURE

YOUR 3 CONSIDER SEO STRATEGY

Competition for websites at Christmas is relentless, and one of the most common problems is that work on SEO does not start early enough. It’s time to start identifying what your key products/ categories are going to be for Christmas, and ensuring there is a clear and defined path in the navigation to them. Put special offers into your meta descriptions to improve click-through rate, and add any new Christmas URLs into your sitemap to ensure the search engines know you have fresh, new, seasonal pages.

HAVE A STRESS4 FREE EMAIL MARKETING PLAN With email marketing over Christmas, you want to be ready well ahead of the rush. You’re going to be competing for subscribers’ inboxes by late autumn, so start putting together a plan of ideas, including send times, content, and subject lines. Try re-engaging with customers that have been inactive by offering them incentives, and review any trigger emails, such as ‘abandoned basket’ or ‘welcome’ emails to give them the festive touch. Also, analyse your customer buying behaviour, and don’t disregard customers that haven’t bought from you for six months - they may well just buy from you at Christmas, so target them with a different message.

Analyse your customer buying behaviour, and don’t disregard customers that haven’t bought from you for six months - they may just buy from you at Christmas

EVERY INCENTIVE AND PLACEMENT IS LOCKED DOWN EARLY

Premium ad placements on newsletters and key affiliate sites get booked up early, so try not to leave it late to book. Also, giving affiliates a significant amount of lead time ahead of promotions will help them match up your promotions with their onsite messaging, increasing the relevance for the consumer and thus improving conversion rates. With these tips in place, you’re well on your way to some festive cheer! Contact: www.toinfinity.co.uk

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28/10/2014 11:32

Hello@shuffleitsolutions.co.uk

Technology Services You Can Trust. As a managed service provider, you can rest assured that we have the solutions to your problems. We offer a large and diverse portfolio of services for all your needs at competitive prices. We are focused on customer satisfaction, so if our standard packages do not meet your requirements, then we will tailor a solution to meet your needs and your budget. So at a glance, here is a list of our services portfolio: • Office Moves • Network Installations • Print Management • Fix & Replace • Warranty Renewals • All-Inclusive Cloud Infrastructures • Unified Communications • Email & Backup Solutions • Free Hardware Disposal Collection & Recycling (WEEE) • Hardware Sales (including custom server builds & Peripherals) • Software Sales • Printer Consumables • Business Finance Options Available

Need Advice? Can’t find what you’re looking for? Call today and speak to us in person on 0843 289 6620 or visit our website @ www.shuffleitsolutions.co.uk

TECHNOLOGY Business domain names

I want that domain... It can be extremely frustrating when looking for a domain name for your businesses website, only to find that the one you want is taken. Nick Leech, marketing director at 123-reg, explains how you can get what you crave

egistering a new domain marks the beginning of your online presence, and creates an entirely new platform on which to do business. However in all the excitement, it’s easy to run into some domain registration challenges. The most common is to find that it’s already owned by someone else. This can be very frustrating, but knowing how to tackle this problem can still make your dream website a reality. If you’re buying a domain for an established business or brand that you own, you may have a legal right to the domain name, and can acquire it through a Domain Name Dispute Resolution. But if not, the best way to get the domain you want, without risking infringement, is to discover more about the holder of your desired domain name. If you find out what they’re using the domain for, you may decide to try to convince the owner to sell, or wait for the domain to expire. A great tool is the “Whois” database, which holds information

so how do I get it? on domain owners and their contact details. Remember, it’s important to check the status of the domain before you contact the owner, so you’re in a better position to understand how much it is worth. Here are five great tips to help you look closer at a website’s history: • Search for the domain name and see what people have written about it. • If it is owned by a business or a brand, check reviews sites to see if it has a poor customer reputation. • Ask the owner to see a screen grab from Google Webmaster Tools and look for messages and stats there. • Ask the owner to see a screen grab from Google Analytics to get some insights on traffic. • Check out whether the site is going up or down on Google using searchmetrics.com. If you do have the luxury of time, you could choose to back order the domain - a service provided by web hosting

companies. This means that the second the owner chooses not to renew the domain, the company will snap it up for you. Do ensure that you’re diligent with your own domain though, as failure to renew before expiration may result in you losing your domain to somebody else. Expanding your online presence is an exciting step for your business, so don’t be disheartened if your desired domain isn’t available at first glance. You may have a right to the domain in the first place - for instance, if you have a trademark that it refers to and the current owner is cybersquatting. If not, by evaluating the site and contacting the domain owner, you may be able to secure the domain you want. Securing a domain is just the first step in expanding and unlocking the full potential of your business; enjoy the experience!

Don’t be disheartened if your desired domain isn’t available; you may have a right to the domain if you’ve a trademark that it refers to and the current owner is cybersquatting.

Contact:

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06/10/2014 12:30

FRANCHISE Franchise news

Franchise

25% stake in Razzamatazz Theatre Schools sold by successful Scottish entrepreneur for 40% ROI

NEWS

‘Dragon’ Duncan Bannatyne dancing all the way to the bank

SUBWAY franchisee wins prestigious award

ow in its 25th year, the British Franchise Association Awards celebrates stories of business excellence across the length and breadth of the UK. The Female Franchisee of the Year award was presented to Rachel Shaw in recognition of her commitment and drive, acknowledging her passion and skills that enabled her to stand out. Rachel commented: “I am thrilled to have been awarded the British Franchise Association’s Female Franchisee of the Year. I love my job and have a great team of people working with me across both stores. It is an honour to have been recognised for our hard work and success in this way.” Mike Charest, assistant regional director for the Subway brand in Europe, said: “We are delighted that Rachel has received this esteemed award. She is a very enthusiastic and knowledgeable franchisee and has demonstrated that she is a tremendous advocate for the Subway brand.” Contact: www.subway.co.uk/business/ franchise

ragon’s Den star, Duncan Bannatyne has announced that he will be selling his stake in one of the businesses he invested in on the show - Razzamatazz Theatre Schools back to its founding shareholder. Duncan invested in the venture, which provides exceptional and affordable singing, drama, and dance lessons to children and young people, in 2007. Bannatyne commented on the sale, saying: “I have thoroughly enjoyed working with Denise and Razzamataz. The company has a synergy with my own health clubs, and we formed a

Contact: www.razzamataz.co.uk

Ovenclean celebrates 100th franchisee Macclesfield-based James Arthur helps the professional oven cleaning specialist reach landmark

successful few years for Ovenclean has seen its number of franchisees surge, to the point where it recently celebrated inducting James Arthur into the business as the 100th franchisee to join the nationwide network. As a reward, James received £100 worth of Ovenclean products, with Champagne and balloons also laid on for his first day of work after completing his comprehensive training course.

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great partnership. The investment and subsequent success of the business is exactly what Dragons’ Den is all about. After seven years, and with the business doing very well, it is time for me to sell my shareholding, and I am convinced that Denise and Razzamataz will continue to flourish.” The Scotsman has reportedly achieved a 40% return on investment over the life of the deal in the company, in which he purchased a 25% stake for £50,000.

James’ previous employment involved working for a charity, managing a team of 12 to raise an astonishing £3m. Tim Harris, Ovenclean CEO, said, “We are delighted to welcome James on board. We have been working really hard over the last few years to build the brand and the network by a substantial 144%, and reaching 100 franchisees is a real achievement!” Contact: www.ovenclean.com

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28/10/2014 10:29

FRANCHISE Secrets of success

A confident, successful woman in a traditionally male industry, American Dina Dwyer lets us in on her secrets of success, along with how and why she built her franchise empire

It’s a woman’s world

s we sit down at the National Franchise Exhibition at the NEC in Birmingham, an hour before Dina is due to give a talk to the gathering crowds, she looks the epitome of tranquillity. It is clear that nothing fazes her, and a bullish attitude has helped her rise to the heights that she has today. However, although it appears as if she was born to lead, it wasn’t always destined for the dominos to fall the way they have. Despite starting to grow her empire from a very young age her father founded the company

with Rainbow International back in 1981 and put her to work - it wasn’t until a few years later that the bug really bit for Dina. “I was working full time for my father, and trying to get through university at the same time, and I was thinking, ugh! I don’t know if I like this,’” explained Dina. “However, one day I was at a convention with my father, when we were still very small, with only 36 franchisees, and one of those 36 came up to us and thanked us, and said that we’d totally turned his life around and given him a purpose. I was stunned. I just thought, ‘wow, this is why my dad

gets up and does what he does every day.’” To see the effect it had on someone got me hooked. That’s why the mission of the Dwyer Group is very clear - to teach our principles of personal and business success, so that all people we touch live happier and more successful lives.” As you may expect from a successful American businesswoman, there is a lot of confidence eschewed that belies her small stature. However, it’s not all rhetoric, it truly does aim to please. “The Dwyer Group is in the business of helping people to have a better quality of life, we just happen to use franchising as our vehicle to do that. The reason I wake up and do what I do each day is that we’re making a positive impact on people’s lives. We help our franchisees to live their dreams. That might seem a bit ‘out there’ here in the UK, but it truly is about finding out what people want from their lives and then helping them to attain that,” she explained. “Ultimately the bottom line is that, without successful and happy franchisees, then the Dwyer Group has nothing. That’s why it is important to do everything you can for them.” There are a lot of franchises out there, perhaps more than

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28/10/2014 10:30

FRANCHISE Secrets of success

The community (in franchising) astounds me. If you were an independent plumber for example, you’re not going to find other plumbers who are happy to share their best practises with you

the general public realise when interacting with businesses in their day-to-day endeavours, and as such, there are a lot of different attitudes towards how to run a franchise. Dina has very passionate views about the correct way to do so, and says that the Dwyer Group has evolved to where it is now - a leading example for the way in which to select quality franchisees. “We’re very selective about who we award a franchise to. In the old days, we’d check for a pulse and then sell you a franchise, but we’re a lot more sophisticated now than we were in 1981. These days, we’re looking for certain qualities in a franchisee. Number one, we look for people who are aligned with our values, which we call ‘living RICH’. That means respect, integrity, customer focus and having fun. You won’t hear a lot of businesses talking about having fun, but we believe that if you treat people with respect, and they enjoy what they do, then great things can happen,” smiled the American, before continuing; “Secondly we tend to find that the common theme amongst successful business owners is good leadership qualities and ambition. They’re hungry to achieve, which is vital because it takes hard work. After all, a

It takes hard work. A franchise is not magic. There’s not a wand you wave over it and all of a sudden you have success

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franchise is not magic. There’s not a wand you wave over it and all of a sudden you have success. Just because you have the foundations of a successful business, it doesn’t mean success comes easy.” Although Dina and the Dwyer Group have experienced great success in the US, that doesn’t mean that it is plain sailing for them across the Atlantic. Setting up a business, and trying to repeat a model still poses challenges, but they are ones that the franchising model is uniquely positioned to face, according to Dina. “Looking at one aspect of business today, such as social media, shows the complexity of industry. Business owners might be saying to themselves, ‘What do I do? What’s Twitter? Do I do Yellow Pages any more?’ We help to simplify that. Having other people to network with, and get support from, is huge. The community that gets created astounds me. If you were an independent plumber for example, you’re not going to find a bunch of other plumbers who are happy to share their challenges and best practises with you. In our case, we want to share, so that we all succeed and get better together,” smiled the franchise mogul. Finally, we asked how she feels about the opportunities that are

available for women in business. She believes that, again, franchising offers a unique chance for women to overcome any prejudice. “If a woman wants to own a franchise, then she can, there are no roadblocks. It’s not like business where you have to climb up a corporate ladder. You can be your own boss from day one if you have the drive to succeed,” she explained. “I think franchising is a beautiful opportunity. The problem is many women don’t know what is out there for them. “If anyone is interested in a franchise, they should do everything they can to find out if it is for them, before jumping into anything. It is a bit like a marriag,e so you should find out if you have the right partner first, and you need to know you can work together. We’re not for everybody, but that is okay because we’d like to know we’re off to a good start.” Contact: The Dwyer Group consists of eight franchise businesses, including Aire Serv, Glass Doctor, the Grounds Guys, Mr Appliance, and Mr Electric. If you’re interested in franchise opportunities, visit www. leadingtheserviceindustry.com

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SPONSORED ARTICLE

IN-HOUSE SOLICITORS

Crowdfunding – The pre-requisites to crowdfunding

he number of crowdfunding platforms and companies seeking crowding funding has increased significantly over the past few years. As a firm, we act for a growing number of crowdfunding platforms and a number of crowd backed businesses and we’ve found that generally the initial requirements of all the platforms are quite similar. The Shares The shares the crowd receive in exchange for investing will likely have to (at the least) rank equally to the company’s other shares in issue. The crowdfunding platform will also look carefully to ensure that all rights are compliant with income tax reliefs the crowd might be expecting as a result of making their investments. Pre-emption There will need to be comprehensive rights of preemption on the issue of any new shares, which in brief means that any new shares issued must first be offered to the existing shareholders of the company, before they are offered to a third party. There will also need to be rights of pre-emption on transfers of shares, so that any shares proposed to be transferred

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must first be offered to the existing shareholders before they are sold to a third party. Compulsory transfer The crowdfunding platform will often look for compulsory transfer provisions that relate to founders and employees – generally this will mean that certain events will result in a shareholder being forced to transfer their shares, such as a founder or employee ceasing to be employed by the business. Tag and drag Tag along rights allow minority shareholders to ‘piggy back’ on the sale of shares by shareholders holding over a certain percentage of shares – this ensures that minority shareholders don’t lose out on that ever elusive exit opportunity. Drag along rights allow a majority of the shareholders who wish to sell their shares to force the remaining shareholders to also sell on the same terms – this is key to ensuring a full exit is actually possible. Venture capital Although the above may appear cumbersome, in contrast, our venture capitalist clients require significantly more protections. Should you decide to accept investment from a VC, in addition to the above, you can expect the

following as a minimum: • an investment agreement that will contain restrictions on the activities of the company and the authority of the board. In addition, founders would be expected to give warranties (contractual promises) about the business of the company, including its finances, contracts, business plan etc; • the VC will often subscribe for a different class of share with preferential rights; and • the VC will want some influence over the composition of the board and generally the right to appoint a director. If you are considering seeking funding to grow your business, our firm acts for venture capitalists, crowd funding platforms and businesses backed by the same and we would pleased to work with you and ensure you achieve a fair and balanced deal. Please contact Toby Harper on toby@inhousesolicitors.co.uk or 0800 689 1700 with any questions or queries.

28/10/2014 16:10

ADVICE The sales doctor

The sales DOCTOR Sales Doctor, Tony Morris, gives advice on how to re-motivate a top performer who is having a slump Dear Sales Doctor, I have a member of the sales team who is an institution in our company, and all of her clients love her. However, her sales have dipped sharply recently, and letting her slide is setting a poor example. What can I do to fix this?

s it sounds like this dip is uncommon for her, you need to sit down in private and have a frank conversation. You need to gain an understanding of whether her work activity has dipped and, if so, what are the reasons for this? Many of my clients find out what motivates their sales team and try to help them achieve that. However, what they fail to find out is what demotivates them. Everyone is demotivated by certain things, and if these occur often in the individual’s daily work life, it can have a negative impact on their performance. Every salesperson has highs and lows - known as peaks and troughs in sales circles. However, when an inconsistent dip occurs, it needs to be investigated. I am sure the lady in question will be equally concerned and that’s why a conversation with her is imperative. It’s possible she has become complacent and taken her foot off the pedal. If that’s the case, you would see a decrease in her work activity i.e.

sales calls, meetings etc. Before I delivered sales training, many of my clients did not measure their sales teams’ work activity. This is one of the first things I implement, because it’s never a coincidence that the salesperson with the highest work activity generates the most sales. So, if you do measure your sales teams activity, it would be interesting to see how it looks recently for this lady. It doesn’t shock me to hear your top sales person has had a dip; this is extremely common with all my clients in sales. What’s strange is most clients ask me to just focus on the newest or worst performing salespeople, as they feel the top sellers don’t require any help or attention. In most cases, I’d say quite the opposite is, in fact, true. Very often, the top sellers have the best attitudes and most pride for the company they work for, and this has a major impact on their sales performance, whereas some poor performers have a terribly negative attitude and speak badly of the company

they work for, and are sometimes untrainable. It sounds like this lady requires some attention, and could do with some help and guidance from the Sales Doctor as well. One of the things I love about sales is you never stop learning, and there is always room to improve, even if you’re the top performer; otherwise Roger Federer and Tiger Woods would stop practicing and sack their trainers!

Tony Morris is the director of Sales Doctor, a sales training company based in Covent Garden, London. His new book, based on the Sales Doctor series, called “Dear Sales Doctor - the 66 top answers to the sales questions you’re afraid to ask”, is available now from www. wedosalestraining. com

To develop your sales ability further, check out Coffee’s for closers and Dear Sales Doctor, written by Tony Morris; director of the Sales Doctor. Find them on his website www.wedosalestraining.com under the ‘shop’ page. 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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28/10/2014 10:45

FREE TO ATTEND ENTERPRISE APPS WORKSHOPS

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29/10/2014 13:03

ADVICE Customer service tips

Providing the right service What kind of service do your customers expect from your company’s customer service team? Nick Peart, marketing director, EMEA at Zendesk, gives his tips

Zendesk’s latest report on customer service revealed that the more a customer service agent has to apologise in a conversation, the more customer satisfaction drops

ith the cost of customer acquisition far greater than customer retention, what do consumers really expect from customer service today, and how can businesses deliver it? Here, Nick Peart, marketing director, EMEA at Zendesk, reveals how to keep consumers on side in the new customer-focused economy. Customer relationships matter more than ever and any future revenue depends on those relationships lasting beyond a single transaction. Businesses now have to understand how to maximise these relationships and how to build them through customer service to ensure success.

BE TIMELY In today’s 24/7 society, customers can expect customer service to be instant. They want help with problems straight away, and don’t always have the time to wait. The longer they have to wait for a response, the more frustrated they’ll become, and there is a likelihood that they will share their frustration across social media.

BE TRANSPARENT Consumers want transparency and businesses to share the information they know we have. People relate to organisations that are open and honest, so you need to give your customer the same information as you have good or bad. For too long, people have felt that companies are trying to ‘get one over on them’, and the only way to establish trust and loyalty is to show your cards. This is also where social media is key; entering a discussion with your followers, and listening to what they are saying, is as important as producing content.

BE PERSONAL Personalise everything, because there is no template for people - everyone is different and we don’t want to be a number. Customers give companies their personal information so, in return, they want us to use it properly and tailor an approach to us.

CAN I HELP YOU (WHEREVER YOU ARE)? We want service wherever we are. More and more consumers

want to interact with companies via email, phone, in-store, or via online chat, so it’s essential to create seamless and consistent customer service across all these channels. Those businesses that consistently and usefully respond to consumers, no matter the channel, benefit the most. While business-customer relationships are not the same as with friends or family, all relationships are personal at some level. When a customer buys a product or service, they are buying it from you or people in your business, and need a human response. Zendesk’s latest benchmark report on customer service and support amongst 25,000 organisations revealed that the more a customer service agent has to apologise in a conversation, the more customer satisfaction drops. So be human when it comes to your customer engagement. People like people, and being customerfocused needs to be at the heart of your customer service today. Contact: www.zendesk.com

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28/10/2014 10:46

ADVICE Angel Human Resources

The new face of recruitment “

echnology has made us more connected than ever, and yet that same technology has disconnected oldschool recruiters from clients and candidates,” says Russell Crawford, MD of Angel HR. The traditional recruitment agency was once seen as a thirdparty broker, introducing clients and candidates to each other. But the internet, affordable new technologies, and social media

have enabled small and medium enterprises (SMEs) to connect directly with candidates, negating the need for internal HR or recruitment agency support. And with staff costs averaging between 30% and 80% of an organisation’s outgoings, and hiring, firing and training contributing significantly, many have considered the recruitment agency an unnecessary expense. But are they really saving money?

The internet has increasingly digitised our lives and changed the business landscape beyond recognition. Angel HR showcases recruitment’s new look and shares why agencies are poised to be everyone’s new best friend

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28/10/2014 10:48

ADVICE Angel Human Resources

FINDING THE PERFECT FIT Although Workforce Jobs (WFJ) announced there were a million more jobs in June 2014 than last year, skills shortage vacancies had nearly doubled from 63,100 to 124,800, accounting for 22% of all vacancies. Finding the ‘right fit’ for a team is more than the sum of a CV. With one in five people leaving a new job within six months, and the average cost of replacing a staff member estimated at £30,614, costly mistakes are evidently being made. “Put simply, internal recruiters are disadvantaged when it comes to long term recruitment plans because they have a severely restricted market view,” says Russell. “They know their company inside out, but not trends, comparable opportunities, salaries and benefits, and other vital market intelligence.” Increasing globalisation and continuously evolving employment-based skills means that the recruitment agency, with its broad market knowledge, indepth industry expertise, and cutting-edge assessment techniques is increasingly relevant.

COMPANY BRANDING The trend in job searching is becoming comparable to consumer buying behaviour. HR professionals need to be able to sell the brand effectively utilising a range of new skills. The international CEB has warned that, although 78% of its members had undertaken employer-branding initiatives,

they’d attracted more, but not the right kind of talent. A well targeted recruitment campaign has been shown to improve applicant talent pools by 54%, reducing staff turnover and improving profitability. This is where the recruitment agency, with its knowledge of recruitment methods and market behaviour, can assist. The new look agency also understands that success is all about relationships.

CANDIDATE RELATIONSHIP MANAGEMENT Where once having a name and contact details was valuable in itself, now nearly everyone can be found online. Internal HR departments fail here by simply stockpiling contacts who’ve approached them, whilst the recruitment agency keeps in constant contact with potential candidates - essentially creating live data that can be accessed easily. In fact, the new look agency uses CRM systems integrated with social media, often managed via individual consultant accounts, to provide an enhanced customer service centre, which can respond effectively to client requests. The new look agency is more socially interactive, comprising extensive HR expertise and specialist knowledge with sophisticated technology. With its unique blend of traditional values, 50 years of contemporary industry expertise, and forward-thinking flexibility Angel Human Resources perfectly embodies the new look recruitment agency.

With one in five leaving a new job within six months, and the average cost of replacing a staff member estimated at £30,614, costly mistakes are being made

Contact: www.angelhr.org/client

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28/10/2014 13:48

SPONSORED ARTICLE

KEEP YOUR HEAD Unprecedented Success IN THE CLOUDS For ThamesIsValley Expo your business stuck

with a clunky expensive legacy phone system?

Omar Shah, Director at Direct Numbers, highlights some of the benefits of moving your business numbers and phone systems into the cloud.

recently met an accountant at a business networking event, who when they found out I worked in the telecoms industry began to tell me how their firm was stuck with an old phone system in their office. They explained that it was expensive to maintain, difficult to configure and they were tied into a three year contract which they were not happy with. It’s a common problem that we come across and businesses should be made aware of the options available to them before they sign on the dotted line. In this example, they might want to consider looking to the cloud for an answer on finding a cost efficient office telephone system. So what is a cloud phone system and why should my business consider moving to one? A cloud-based phone system will be a hosted and managed service which sits with a network supplier. Your office phones will run off your business broadband so

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your calls are made over the internet – Voice over Internet Protocol (VoIP). Here are the main benefits for utilising a cloud-based phone system for your business. 1 Cost – there is no expensive hardware to buy and maintain. The customer would need to just pay for the handsets they need and the number of users they want to have. Gone are the days of having to pay for a costly IT contractor to reconfigure your system when it fails. 2 Scalability – depending on what your business is doing, having a hosted phone system will allow you to add and delete extensions within minutes. As the phone system is hosted in the cloud, this means it will keep updating and so will grow with your business. 3 Calls – as you are making calls over your internet

connection these calls will work out cheaper than calls made over a traditional telephone network. If you have multiple office locations using the same hosted system then you will also benefit from free calls between these locations. Again, an example of how you can save money. 4 Ease of use – use a web based online management portal to control your calls, manage extensions and monitor your call traffic to see what your customer calls are doing. 5 Call handling – hosted systems will come with a range of clever call handling features which are designed to streamline your customer calls. Set up an automated menu (IVR) options to route calls to different departments, place your customers into a call queue so you never miss a customer call again, receive faxes and voicemails direct to

28/10/2014 16:28

SPONSORED ARTICLE

BUSINESS SUPPORT THAT IS RIGHT ON THE MONEY

L to R: Isaac Howie Brewerton, Jordan Brent Morris, Kenny Singer and Aidan Wilson of Pixel Blimp

spiring entrepreneurs come in all shapes and sizes with often very different backgrounds, but the main hurdle to overcome, which unites them all, is start up finance. Imagine starting a shop or restaurant without capital to fund the right level supply of stock or fit a professional kitchen? New businesses, especially when they are being set up by inexperienced businesspeople, are seen as high risk and banks can be reluctant to invest in them. The mix of clients who have been supported by Transmit Start-Ups, which provides this all-important initial funding, stretches the length and breadth of the country. One of the most successful companies is Pixel Blimp, run by the loan business’s youngest entrepreneurs. Jordan Brent Morris, Isaac Howie Brewerton, Kenny Singer and Aidan Wilson only graduated from Abertay University, Dundee, this summer but have won support from Microsoft to develop their game Wee Paper Planes (WPP). It is based on flying small paper planes around an intricate paper-folded world of grand arches, buildings and floating islands.

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They also have a further string of successes under their belt, including winning the Microsoft UK Imagine Cup for best game. Transmit Start-Ups has supported Pixel Blimp with a loan to help fund the business premises and allow development time for the games’ creators. Richard Myers, director, Transmit Start-Ups said: “I don’t think I have ever awarded a loan to a company which has got off to such a flying start as Pixel Blimp. They are a really ambitious and massively talented team who deserve their success and have the world at their feet.” Two further entrepreneurs have been supported by Transmit Start -Ups, one of them was drinking coffee in her home town of Linlithgow when she got her business idea. Enterprising mother of three Emma Chalmers saw a business opportunity open up right before her eyes as bus loads of tourists piled out of Linlithgow Palace, Mary Queen of Scots birthplace, without seeing the town. Emma realised the visitors could boost the town’s fortunes if they just could be persuaded to explore it and visit other attractions, so she set up

Brinkburn, Northumberland which is being expanded. Mary’s Meanders’ tours to exploit its potential. She has been helped with a loan which has given her funding to help market her tour guide business far and wide. Tourism and hospitality has proved a successful formula for another Transmit StartUp client. One of North East England’s most unique and historic wedding venues Brinkburn, Northumberland, on the banks of the River Coquet, has now expanded its accommodation, with the support of a start up loan. Brinkburn, near Rothbury, has been in its owner Mark Fenwick’s family for over 200 years, but parts of it needed a new lease of life. The estate had three potentially beautiful, but dilapidated, buildings which had been abandoned in the 1950s. They are now refurbished and the centre of a thriving wedding events and holiday business. Advice on a start up loan and new entrepreneurs’ case studies are available on www.transmitstartups.co.uk.

Emma Chalmers who set up Mary’s Meanders

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ADVICE The importance of solid terms and conditions

Do business on your terms Ben Bruce, managing director of Commercial Consultancy Services, highlights the importance of having watertight terms and conditions in place

or some SMEs, drafting a set of terms and conditions may not be one of their top priorities, especially when other tasks, such as sales, marketing or recruitment are deemed more important. However, neglecting contractual agreements could actually have a greater impact on a firmâ&#x20AC;&#x2122;s profits than business owners might think, and can even result in litigation or ceasing trading. Drafting a robust set of terms and conditions is absolutely vital for businesses, and for those without them the impact may not be immediate or on every contract, but it wonâ&#x20AC;&#x2122;t be long before misunderstandings arise. Misunderstandings often lead to under-payments, and under-payments often lead to costly disputes. Therefore, in the same way companies may introduce disaster recovery and business continuity plans to ensure they can continue to operate, terms and conditions are essentially another way for a firm to protect itself against

a whole host of undesirable outcomes and disputes, which may not have even been considered at the start of the contract. So it goes without saying that all businesses need to have effective and up-to-date terms and conditions in place. However, perhaps somewhat surprisingly, a large number of businesses continue to work either without them, or take on projects without any understanding of the contractual grounds at play. This exposes them to an unnecessary level of risk that could easily be avoided. A well-drafted contractual agreement will ultimately safeguard against this, and cover you so that your customersand partners cannot go back on what they have committed to. A well-drafted set of terms and conditions should essentially act as a manual for undertaking business, providing absolute clarity on any given situation when dealing with clients and customers. For instance, one of our clients told us that in 15 years as a business owner, he had never once had a dispute with a client and operated with only a very basic set of terms and conditions in place. However, when he was asked whether he had ever had to work for free, or for less than originally quoted, he admitted this was a common occurrence.

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ADVICE The importance of solid terms and conditions

Terms and conditions are essentially another way for a firm to protect themselves against a whole host of undesirable outcomes and disputes

Keeping terms and conditions up to date is also critical but often overlooked

This was a direct result of misunderstandings of the agreement between him and his clients. To ensure terms and conditions are effective they need to be completely unambiguous and without any hints of contradiction. The reason for this is the principle of ‘contra proferentem’, which applies to the legal interpretation of any contract in the UK, and quite literally translates to ‘against the offerer’. Unfortunately for the business owner, it dictates that, in the event of any ambiguity, the interpretation must be that which least favours the drafter of the contract wording. A recent example of how terms and conditions can be misconstrued was a company that agreed to carry out work on the basis of charging for actual costs incurred, plus a fee to cover defined overheads and profit. At the time of invoicing and payment, the client questioned some of the costs for hiring various items of

plant equipment on a minimum seven day hire. However, the plant was only physically operational for three days, and so the client refused to pay for over half of the cost, on the basis that they didn’t consider that to be the ‘cost for doing the work’. Ambiguity was created as a result of poorly drafted terms and conditions and, based on the contra proferentem principle, the client would’ve been considered to be in the right and therefore wouldn’t have had to pay for the extra days of hire. Keeping terms and conditions up-to-date is also critical but often overlooked.The law is constantly changing and if the content of the terms is outdated then, unfortunately,they may not be applicable when the business needs them to apply. A good recent example of this is the new ‘Consumer Contracts Regulations’ which were introduced in June 2014. The basis of these is to allow consumers a statutory coolingoff period, amongst other

things, but many businesses still haven’t gotten round to updating their terms to reflect this change in the law. A robust set of terms and conditions can be used again and again, and essentially help an organisation to avert potentially significant losses. It is important to bear in mind that terms and conditions will differ between organisations, to reflect their varying practices and priorities, so it is beneficial to obtain the support of an external expert who can help you and your company to draw up the most suitable contractual terms for your business, and help to fully protect your interests in the event of the unexpected. Whatever your business and industry, it pays to have a solid set of terms and conditions on which to fall back on in a dispute. Without them you leave yourself open to all sorts of problems and issues. Contact: www.commercialconsultancy. co.uk

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ADVICE Bartercard

Tricks of the trade Is bartering an ancient exchange or a 21st Century business tool you shouldnâ&#x20AC;&#x2122;t be working without? Bartercard reveals its thoughts to Talk Business

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ADVICE Bartercard

n 2013, PayPal argued that in the next three years cash would become obsolete, owing to the rise of cashless systems, such as mobile phone payment and smart watches. As we near the end of 2014, this is starting to look more likely than ever, as Bitcoin continues to hit the headlines, and its competitors, such as Litecoin and Ripple, get set to tell a similar story. However, at the heart of all these technical advancements and alternative payment methods, cash is still King. Without cash, these trading methods simply wouldn’t work. In fact, a recent One Poll survey found that 94% of people believe that money, as we know it, will definitely still exist in the next 10 years. However, there is one totally cash-free trading method that has been steadily growing, with 85% of the world’s fortune 500 companies operating their own in-house departments - a method that predates currency all together. That method is bartering. Bartering is likely as old as civilisation itself. That is why, for some, it conjures up the image of the earliest business transactions taking place in a busy marketplace, when cattle were the best form of currency a businessman could hope for. However, there are limits to the traditional model of bartering - not least that people’s wants seldom match up exactly, and the value of goods is often found to be inconsistent and unreasonable. This is where a trade exchange comes in. Trade exchanges, like businessto-business bartering, provide members with an array of advantages, such as improved third party security and record keeping services that help facilitate the bartering process. More importantly, the trade exchange opens up a vast network of trading partners for members to barter with. There are many benefits to this, like the ability to use up spare capacity, to meet a group of like-minded business people to network and trade with, as well as the ability to protect cash flow. Bartering is also an alternative source of finance - something

especially attractive at a time when the financial sector remains reluctant to return to previous levels of lending. Not only does it provide an interest-free line of credit, it also contains many of the advantages, but less of the financial risk, of other techniques, such as invoice financing, or asset-based lending. It is also a great way to use spare capacity, be it goods left unsold, or work that staff members’ can do when they would otherwise be twiddling their thumbs. Bartering facilitates trading across languages, currencies and creeds, but was not considered an accessible resource for small- and mediumsized businesses that did not have the skills, resources, or time readily available to barter their services. That was until the ‘nineties came along. In 1991, a new concept was born to fill this void, and open the bartering market to businesses of all shapes and sizes. The company that created this new concept was Bartercard. Celebrating its 18th year of operation in the UK market, the company has so far facilitated more than half a billion pounds of goods traded.

Trade exchanges provide members with an array of advantages, such as improved third party security and record keeping services that help facilitate the bartering process

SO HOW DOES B2B BARTERING WORK? A good bartering example is a restaurant in need of £1,000 worth of printed leaflets or marketing materials. In an ordinary situation, the restaurant would have no choice but to write a cheque to the value of £1,000. However, should the restaurant be a member of a trade exchange, the owner could go to a printer that is a fellow member to receive the same product, price and service, but when the printing is ready, complete the payment with a voucher or electronic transfer of 1,000 trade pounds from the restaurant’s trade account to the printer’s trade account. This means that the restaurant still owes £1,000 worth of meals for his printing, but he now owes them to anyone in the bartering network, and not directly to the printer. The trade exchange can then work with the restaurant to promote its business and bring in new customers, and it is these new customers who effectively pay for the printing.

In the UK, bartering is in a healthy state, with the total amount traded each year firmly into eight figures

On the other side, the printer can now use his trade pounds to purchase many of his overhead items. The overall result is two winners; the restaurant has saved cash and boosted revenue and profits by gaining new customers, and bought printing for much less than the real value, whilst the printer has gained a new customer, been paid immediately, filled spare capacity, been able to save cash, and reduce day-to-day business spending. While virtual or crypto currencies may continue to make the headlines, in the real world, bartering is offering unique benefits for companies with spare stock or capacity, regardless of the wider economic situation. In the UK, bartering is in a healthy state, with the total amount traded each year firmly into eight figures. It’s possible to buy and sell almost anything on barter - trade networks have seen everything from bartering for a controlling interest in a music festival, to someone who bartered a large quantity of snakes. For every quirky transaction, however, there are scores of more straightforward business deals. In the cash world, excess inventory or capacity might be disposed of through discounting, or, in the worst instance, written off. Bartering allows the full retail value to be realised. Because of this, bartering will always make business sense for companies with spare stock or capacity, regardless of the wider economic situation. Whatever the state of the economy, it is always better to pay for things that your business needs with your own products or services, rather than using cash. Of course, difficult economic circumstances might push businesses into seeking innovative ways to preserve cash, but the business case for managing cash flow, reducing outgoings and boosting profitability remains a constant. Contact: www.bartercard.co.uk

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06/10/2014 11:19 12:09 01/10/2014

ADVICE SPF Private Clients

It's a private affair Overcome problems with obtaining finance by using a broker, says Alex King, executive director at SPF Private Clients

he difficulty that small firms face in raising finance is well publicised. The latest Bank of England data showed that net lending to smalland medium-sized enterprises (SMEs) continues to contract, with demand for credit now far outstripping availability. It is no surprise that businesses are increasingly turning to more innovate ways of raising finance, with borrowing by traditional sources - bank loans, overdrafts or credit cards - declining by up to 20%. Certainly, if your business owns assets, such as property, or plant and machinery, it can be possible to borrow money against these assets from specialist lenders. The size of the loan compared to the value of the asset, and its saleability, will determine the cost of borrowing. In time, the appetite of banks within these markets will

recover, yet we are convinced that the identity of lender participants will have changed forever, as businesses become more accustomed to non-bank methods of raising finance. Obtaining finance for your business is sadly only one of the problems that we see facing the owner-managers of small businesses. By definition, these businesses are entrepreneurial, with stakeholders working incredibly hard to build their businesses, and often foregoing personal income to achieve this. Business finance is incredibly difficult to come by in todayâ&#x20AC;&#x2122;s straightened climate, yet less publicised is the difficulty individuals experience in obtaining a mortgage, secured loan, or car finance. Those with traditional, full-time employed positions with decent remuneration packages can still find this process difficult. With banks only wanting to lend to the most creditworthy of borrowers,

entrepreneurs can find that it is not only income that is sacrificed for the growth of their businesses. It can be difficult, but not impossible, to find a willing lender prepared to take a more holistic view of where you are with your business, and your prospects for income growth. Ironically, entrepreneurial borrowers often need old fashioned relationship banking, and the good news is that some lenders are starting to wake up to this gap in the market. Whether your business is looking to raise capital, or if you want to borrow money personally, itâ&#x20AC;&#x2122;s important that you make your decisions based on as much market intelligence as you can gather. With the appetite and attitudes of lenders shifting continuously, we believe retaining a professional adviser to give you access to this intelligence, is critical.

Business finance is difficult to come by in todayâ&#x20AC;&#x2122;s climate, yet less publicised is the difficulty individuals experience in obtaining a mortgage or car finance

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ADVICE SPF Private Clients

FUNDING FOR RESIDENTIAL DEVELOPMENT The recovery in the availability of finance for developers has been nothing short of miraculous. It does not seem that long ago that potential projects were easy to source, and contractors were cutting each other’s throats just to secure some turnover. For those developers willing to take a risk in a (very) soft market, it was often a lack of finance that prevented them from embarking on the projects they wanted. Development loans continued to be available of course, but were often restricted to the most experienced of developers, with the most capital to commit. This left a huge gap, one which the development bridging lenders, with sensible risk pricing models, grabbed with both hands. Five years on, the market dynamics have changed markedly, but the lending participants remain firmly in two camps – the traditional development lenders, and the development bridging lenders. Neither party has shifted dramatically, in terms of where they want

to play but greater competition in both camps has increased risk appetite and has seen pricing squeezed. Good news if you are a developer. A good broker will have spent years developing strong relationships with lenders who have appetite in all areas of the development finance sector. They will value the importance of being able to help either a relatively highly geared, less experienced developer with a development bridge, or a property company with well seeded equity and experience, with a larger or lengthier finance requirement, with a senior or stretch-senior facility. Some of our developer clients however, cite a strangled supply of potential development projects as their biggest concern. This problem is most acute, as you would expect, in London and the South East, and is mostly affecting single unit development and refurbishment opportunities. Developers are competing

against wealthy end users with an appetite for a project - a developer’s profit margin seems to be no competition for the budget of a family looking to create their dream home. It can be tempting to try to compete, so as to keep your project list moving, yet we are seeing increasing evidence of anticipated profitability being squeezed to the limits of viability, and a risky reliance on asset appreciation through the project term to deliver a return a dangerous game to play. Recent surveys seem to indicate a slowdown in the pace of house price growth, especially within the areas mentioned. It remains to be seen whether this is just a pause, or whether it represents the market’s selfregulating resistance to further increases. We actually believe it to be the latter, which, coupled with a future upward movement by the Bank of England, should unearth much needed development opportunities for clients and lenders alike.

A good broker will have spent years developing strong relationships with lenders, who have appetite in all areas of the development finance sector

Contact: www.spf.co.uk www.spfloans.co.uk

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