HMRC aren’t known for their Christmas spirit, but there is one area where some taxpayers can benefit from a little cashflow bonus if they act now.

Stefanie Tremain, from eading tax and advisory firm Blick Rothenberg, said: “Most people are aware that the normal filing deadline for a Self-Assessment tax return (and to make any payments due) is 31 January, which means 2022/23 tax returns and tax payments are due by 31 January 2024.

“What is less well known is that if your tax liability is less than £3,000 and you have a source of PAYE income (e.g., employment or private pension income), and your tax return is filed by 30 December, your tax can be collected through your PAYE code in the following tax year.”

She added: “For example, if you owed tax of £2,500 for 2022/23, you would either need to pay this in full by 31 January 2024, or HMRC could take a deduction from your pay in 12 instalments, starting in April 2024. This can be a huge boost to cashflow at what is already an expensive time of year.”

Stefanie said: “Taxpayers need to make sure that they have enough PAYE income in the relevant year to collect the additional tax, and make sure they would not end up paying more than half of their income in tax.”

She added: “For any taxpayers filing their own tax returns who would like to take advantage of this, HMRC should do this automatically when they process your return, provided you leave the relevant box unticked.”

She added: “It’s also important that taxpayers remember whether any tax was collected through their PAYE code when they file their tax return for the relevant year in the future (e.g., for 2024/25, in this example) as you they otherwise mistakenly think they are due a refund!”

Read more:
A Christmas tax bonus from HMRC for some UK taxpayers

After another year of increasing costs and continued supply chain issues, businesses have become accustomed to operating in an ever-changing economic landscape.

While many are looking ahead to the fresh opportunity that a new year brings, business growth may be harder to find in 2024. Instead, with elevated interest rates and higher energy prices on the horizon, the majority of businesses will be looking to create new ways to be efficient and extract maximum value from every pound spent.

Linked to this increasing drive for efficiency is the rise of Artificial Intelligence (AI). After hitting the mainstream in 2023, growing businesses are looking at how AI can help them automate, gain new strategic insights, and supercharge their operations.

Here, Nicky Tozer, SVP, EMEA, Oracle NetSuite details the top five ways businesses can drive efficiency and productivity in 2024:

By doing more with less

Economic circumstances continue to squeeze profit margins and create operating difficulties for businesses. In 2024, increasing efficiency and boosting productivity will be critical to success. Business leaders can only manage what they can measure, and success in the next year will undoubtedly require management to know their numbers – from performance metrics to supply chain data – which will be the key to finding ways to do more with less.

Achieving this will require robust data integration, and automation of manual processes, across internal teams like finance, sales, and operations. There is a strong case to be made for boosting productivity, regardless of the current business landscape. The International Monetary Fund highlights the link between improved productivity in Europe and overcoming short-term financial pressures, while research has shown maintaining just a 1% annual improvement in SME productivity over five years could grow advanced economies like the UK economy by £94 billion.

By cautiously tackling AI FOMO (fear of missing out)

As the potential gains afforded by AI mature in the year ahead, many will look to embedded and generative AI in their business management system to help increase user productivity, reduce costs, harness the power of their own data, and improve overall efficiency. AI should be used to advise and assist. By combining AI with finance and operational data, web analytics, lead-generation data and customer satisfaction metrics, businesses could uncover unique trends to unlock new insights or develop strategies to build their audience.

But SMEs must taper their enthusiasm to adopt AI at any cost. They must consider how connected their data is, ensuring that it draws on information from across lines of business. AI is only as good as the data it is trained on, highlighting the continued importance of having business information that is integrated and relevant across departments.

By solving the software hairball

Connected to doing more with less is solving the ‘software hairball’. We’re in a period of steady convergence, with manufacturers, retailers, and service companies more commonly becoming all-in-one platforms – leading to complicated ‘hairball’ scenarios whereby companies inherit five pieces of software for five different outcomes. However, this hairball adds complexity. Data may be siloed or require complex integration processes, while also eating into budgets and draining the internal resources required to manage multiple vendor technologies.

Businesses require simplicity, and the ability to create connections across processes and lines of business. In 2024, visibility of real-time, reliable data will be vital to enable proactive action. By adopting one integrated system, businesses can bring together data from across functions such as finance, inventory, and supply chain under a single view to help maximise return on investment, deepen customer relationships, and spark investment in future growth.

By putting ESG higher up the business agenda

Business leaders no longer look at environmental, social, and governance (ESG) metrics as something that only pertains to big companies. Small and mid-sized, fast-growing businesses also must chart a strategy for ESG success.

Investors, customers, and employees all increasingly favour businesses with clear goals and real progress around ESG, especially environmental sustainability. Regulation is also a driving force, with the Corporate Sustainability Reporting Directive (CSRD) requiring larger enterprises and listed SMEs to report across several areas of ESG in 2024.

More robust regulations increase the need for greater tools and measures to support compliance. Systems that go beyond basic financial and managerial reporting to include specific and non-financial metrics such as capturing carbon emissions and plastic usage, will be especially pertinent. In 2024, ESG success will be key to attracting conscious consumers, recruiting in-demand talent, as well as increasing revenue while mitigating risk – all of which will be intricately connected.

By harnessing Industry 4.0

After years of promise, Industry 4.0, smart manufacturing and smart warehousing are gaining traction and forecast to grow significantly, according to the Global Smart Manufacturing Market Report 2023. Having historically been dominated by larger international organisations, advancements in automation, robotics, and AI are making Industry 4.0 a more realistic goal for growing manufacturers and logistics companies.

Smart tools and connected systems can sense and interact with the real world and provide predictions that can allow organisations to benefit from improved productivity. It can also improve operational efficiency by minimising – or entirely preventing – sudden shutdowns of manufacturing facilities or limiting the disruptions when supply chains face bottlenecks. Recognising these advantages, businesses across industries will become more digital to create new, innovative, and competitive business models. Data is the glue for bringing together the processes that make Industry 4.0 a reality. In 2024, growing manufacturers should look to integrated business systems that enable flexible planning, enhanced control, and deep analysis of supply chain data.

Read more:
Five Ways UK Businesses Can Maximise Success in 2024

The Economic Crime and Corporate Transparency (ECCT) Act was passed in late October after years of public consultation on tackling economic crime, spurred on by Russia’s invasion of Ukraine.

The Act contains measures to stop criminals forming companies in the UK and using them for illegal purposes. It also gives new powers to Companies House in the fight against money laundering and fraud.

The ECCT Act represents a major shift in Companies House’s role. It changes it from a passive curator of the public Companies Register to an active watchman. It now has powers to police the Register to prevent inaccurate information from entering it and force those who control companies to formally identify themselves.

How effective the new laws will be in fighting economic crime will depend on how the government chooses to put them into action via secondary legislation. Much will also depend on how Companies House proceeds with the necessary systems development, process changes, recruitment and awareness-raising to allow it all to run smoothly.

John Korchak, Managing Director, Inform Direct a company secretarial and formation specialist explains parts of the Act that will most directly affect UK companies and how they are likely to work in practice.

Identity verification

When this is fully in force it will be built into the company formation process so as to make it impossible to incorporate (form a company) without formally identifying its company officers and PSCs (persons with significant control).

Identity verification will be carried out directly with Companies House or through a new type of intermediary called an Authorised Company Services Provider (ACSP). Both routes will carry an equal level of assurance because ACSPs will be agents such as company formations, tax, legal or accounting professionals who already conduct due diligence checks on clients as part of their duties. They will themselves be identity checked and registered with a supervisory body for anti-money laundering (AML).

Verification will take place through a third party provider of identity document validation technology such as the ones already in use in banks and other financial institutions.

As far as possible, the government aims to make identity verification a one-off event for each individual director or PSC. In theory at least, once a person gains verified status they can occupy positions in various companies without having to be ID checked separately for each appointment.

Existing companies’ officers and PSCs will have to go through this process too, or risk having an ‘unverified’ flag against their company on the public register. Identity verification is also likely to be extended to limited liability partnerships (LLPs).

Changes to Companies House accounts filing

Small and micro-entity companies will have to file fuller accounts. In the consultation phase leading up to the ECCT Act, it was argued that the minimal amount of financial information these companies are currently required to expose on the public register does not justify the benefits of limited liability. To earn that right, small companies including micro-entities will soon have to file a profit and loss account as well as a balance sheet. This makes it harder for money launderers to conceal the flow of funds through their companies. However, it will also cause concern among law-abiding companies because it means disclosing their turnover and profitability, commercially sensitive figures that many small businesses are not used to revealing.

Companies House is also committed to moving to software-only accounts filing. This means that many small and micro companies will have to source accounting software that meets certain requirements, such as full iXBRL tagging. Other existing routes for filing accounts, such as Companies House’s online service (WebFiling) and paper filing, will be phased out in favour of software packages. These accounts filing changes will take many months to come into force, which does leave time to find suitable software.

More information required about shareholders

The Act will require companies to record more information about their shareholders. The register of members, where shareholder information is recorded, will have to include full names (full first names rather than initials) and service addresses. It will also be required (eventually, likely via secondary legislation) to disclose whether any shareholders are acting as nominees for the real shareholders. This is intended to make it harder to remain anonymous by hiding behind nominees.

New ‘failure to prevent fraud’ offence

A new ‘failure to prevent fraud’ offence is designed to stop companies benefitting from fraud committed by their officers or employees. The company will be held to account where specified fraud offences are committed by anyone in the company and where adequate fraud prevention measures were not in place. It will not be necessary for prosecutors to prove that the directors knew about it. This is aimed at producing a shift in corporate culture whereby bosses stop turning a blind eye to fraudulent activity within their companies.

Registered email and office addresses

Companies will have to supply a registered office address where Companies House can reliably contact them and expect a reply. PO boxes are banned. Companies will have to supply a statement that their registered office address is ‘appropriate’ in that correspondence sent to it would be expected to come to the attention of company officers. The company also has a duty to ensure that the delivery of documents there is capable of being recorded by the obtaining of an acknowledgement of delivery.

A company email address will be required along similar lines to the office address: one where emails can be expected to be received and acknowledged by company representatives. Like much of the Act, how this will work in practice is in the process of being established.

Restrictions on corporate directors

Finally (there is more in the Act but we are talking about things that will most directly affect the day-to-day running of companies), existing restrictions on corporate directors will be brought into force. These are aimed at curbing the use of obscure chains of company ownership for economic crime. Under the new rules, only entities with ‘legal personality’ (registered incorporated limited companies) can be directors of other companies. Trusts and other non-incorporated entities cannot. This tightens up traceability of ownership and influence.

Furthermore, chains of faceless corporate directors will be curbed by a new rule. Company A can be a director of Company B, but only if all of Company A’s directors are natural persons and have had their identities verified. Company A must also be UK-registered.

This long-awaited partial ban on corporate directors and the other measures described in this article are intended to usher in a new era of corporate accountability. This legislation is a balancing act between imposing additional administrative burdens on companies and helping them to operate in a more transparent and crime-free corporate environment.

Read more:
A New Chapter in Transparency? Companies House’s New Powers to Tackle Economic Crime

With Shakin’ Stevens back on our radios for the first time in 12 months, and a shipment of mince pies large enough to feed a small army having arrived at your local supermarket, it’s certainly beginning to look a lot like Christmas wherever you go.

The festive period’s arrival portends many things – the absolute hammering your credit card will soon be subjected to for one, not to mention familial squabbles at the dinner table that even Jerry Springer would struggle to resolve. Besides this and much else, it also signifies that the office Christmas party is just around the corner.

Eagerly awaited and dreaded in equal measure, this annual event serves as a chance to let your hair down with colleagues and reflect on what you’ve collectively achieved over the course of the year. However, the thought of spending an evening of music, dancing and small talk with your co-workers may strike terror into your heart – particularly if your festive energy is more akin to that of the Grinch than Buddy the elf. In reality though, provided you take note of the “do’s and don’ts”, the Christmas party can actually be a lot of fun.

With that in mind, Michael Doolin, the Group Managing Director of Clover HR discusses the three most important things to do when celebrating with colleagues. to help even the biggest workplace Scrooge survive the office Christmas party, and get swept away in the spirit of the season.

Enjoy responsibly

We’ve all heard the alcohol-related horror stories surrounding the office Christmas party. Those unfortunate individuals who’ve gone a little too heavy on the complimentary drinks and ended up making a drunken pass at a colleague, or even gone so far as to challenge their manager to a fistfight (did somebody ask Santa for a P45?).

While such tales may have gone down in legend among office workers up and down the country, they’re hardly shining examples of how to conduct yourself at the Christmas party. I don’t want to sound like a party pooper – on the contrary, those who enjoy a drink should feel free to do so – but you need to remember where you are. While people are generally more relaxed at the Christmas party than they are in the office, bear in mind that you’re not on a night out with the lads, or a prosecco and cocktail-fuelled binge with the girls. Your bosses are present, and probably keeping a close eye on you – even if they don’t appear to be.

So, by all means, raise a glass in celebration, but just make sure not to have as many as you might on a typical Saturday night. Eat plenty beforehand, avoid mixing your drinks, take your time, and have a glass of water if you feel like you’re reaching your limit. Stick to these principles, and you should manage to get through the night without doing or saying anything you might live to regret!

Don’t sit it out

If you’re the kind who’d happily strike the entire festive period off your calendar, you might be considering sacking off the office Christmas party altogether. You certainly wouldn’t be alone if this is the case, with a survey commissioned by Reward Gateway revealing that a massive 54% of employees dread the occasion.

While you may be tempted to pull a sickie or claim that you’ve already got a prior engagement to attend – we both know you’d just spend the evening curled up on the sofa watching Love Actually and eating all your advent calendar chocolate early – you should really make an effort to join in. Attendance may be optional, but showing your willingness to spend time with colleagues outside the confines of the office can help to demonstrate that you’re a team player; someone who doesn’t work purely to pick up a paycheque. On top of this, it can be a great opportunity to get to know your co-workers better, helping to bring you closer together as team.

By conquering your fears and throwing yourself into the festivities, who knows, you just might end up actually having a good time!

Avoid controversial talking points

After a year jam packed with more deadlines and boring team meetings than you care to remember, it’s totally understandable that you won’t want to spend your evening talking to colleagues about work, and all the stuff you need to pick back up when you return in the New Year.

In this sense, steering clear of work-related conversations is a shrewd move, but that’s not to suggest that this isn’t the only topic that should be left alone. Offices tend to bring together people with a broad range of ages, ethnicities, sexual orientations, etc., so it’s likely that co-workers will have different ways of viewing the world due to their diverging experiences. As such, some areas of debate – such as politics and religion – are likely to be controversial with colleagues, especially if their opinion is diametrically opposed to your own.

You might find some certain subjects particularly interesting, but if you know they’re likely to stir up some controversy, you should try to keep your opinions yourself and stick to the tried and test topics – what you’ve been watching on Netflix, your plans for Christmas, etc. They might not be quite as riveting, but they’re much less likely to spark yet another argument over the festive period.

Don’t forget to have fun

Hopefully, you’re now feeling a bit more prepared to face your office Christmas party. With various do’s and don’ts, it can be easy to get bogged down in etiquette, but you shouldn’t obsess over getting things right to the point where you actually forget to enjoy yourself, which is the most important thing of all. After all, you and your colleagues have worked hard throughout the year, and have earned the right to kick back a little and have some fun.

So, be sure to have a great time at your office Christmas party, and make it a night to remember – but for all the right reasons!

Read more:
Your survival guide to the office Christmas party

As 2023 draws to a close and we stand on the threshold of 2024, it’s a natural time for reflection on both our achievements and unfulfilled aspirations.

The transformative impact of the post-COVID work landscape is evident as a substantial portion of the workforce continues to navigate a hybrid work model.

The shift towards this new normal underscores the evolving dynamics of professional life, where adaptability is key.

In this evolving professional landscape, there is a growing recognition among managers of the significance of Emotional Intelligence (EQ) in tandem with traditional Intelligence Quotient (IQ) skills. The acknowledgment of this dual importance suggests a positive shift towards a more empathetic and holistic approach to leadership. If this perspective gains wider acceptance and employees are genuinely appreciated for their contributions, it could mark a significant departure from mere glimpses of progress to a sustained positive change.

An encouraging trend to note is the diminishing stigma around acknowledging and addressing stress in the workplace. Progress is evident when efforts to cultivate a healthy workplace culture become commonplace, signifying a collective step in the right direction.

A Commitment to Wellbeing

I find it heartening to observe that Health and Safety (H&S) professionals are now taking a comprehensive approach by considering the well-being of the entire individual across both personal and professional spheres. Having had the privilege of addressing various H&S audiences over the past year, I see a commitment to promoting a holistic understanding of employee health.

Personal Responsibility

Acknowledging stress as an inherent aspect of our lives, it’s imperative for individuals to assume personal responsibility for their well-being and develop effective stress management strategies. Recognising that there is no one-size-fits-all solution, each person must identify what works best for them and actively incorporate those practices into their lives.

Continuous Growth

While the concept of self-improvement may sound straightforward, the reality often involves ongoing efforts and a commitment to continuous growth. As we approach the close of 2023, it prompts introspection – how many of us reading this can honestly say, “I did that, but I can do better”?

Let’s embrace honesty in our self-assessment. We all have the capacity to improve. As we eagerly anticipate the advent of 2024, it becomes an opportunity to envision and strive for a version of ourselves that embodies continuous improvement.

Here’s to the promise of “doing better” and the exciting journey that lies ahead in the coming year.

Read more:
Can Do Better!

What do the terms ‘malware’ and ‘ransomware’ mean to you? Probably not very much given that they sound more like plot lines from an Ian Flemming novel rather than very real threats to the stability and viability of our businesses.

However, they are likely to become as familiar to small business owners as ‘profit’ and ‘invoice’ are to us now.

Why? Well according to recent government figures, some 53 per cent of SMEs were the targets of cyber crime in 2023. And ransomware (which is a type of malware) is the preferred method of attack used by cyber criminals. These figures are likely to be an underestimate as many SMEs prefer to ‘pay-up’ and say nothing rather than draw unwelcome attention to themselves.

Ransomware is a particularly vicious kind of cyber-attack where a piece of malicious software infiltrates a company’s IT network and renders it inaccessible until a ransom demand is paid.

So why should SMEs in particular be concerned about cyber-attacks? Many SMEs believe that they are too small or too niche to be attractive to ransomware criminals. That attitude is exactly why SMEs can find themselves in the crosshairs.

Steve McCormack, Head of Privacy Care at cyber security specialists Incognito highlights the cyber perils that lie in wait for SMEs as they are easy picking for cyber criminals as they frequently have the weakest anti-virus software installed. Off-the-shelf antivirus protection packages are no match against sophisticated cyber criminals who will simply brush aside virus protection software. It’s like throwing a cup of water on a house-fire. Also, cyber criminals could well be targeting larger companies along your supply chain.

Small businesses find themselves victims of ransomware, not because they have been individually targeted by a criminal, but because of simple human error.

Believing that they are unlikely to fall victims to a cyber-attack, the majority of SMEs fail to adequately inform and educate staff about cybercrime and what to look out for, particularly with regard to ‘phishing’ assaults. This is where a perfectly normal looking email – perhaps from a supplier or government agency – is opened and instead of being legitimate, it is laced with ransomware and once unleashed onto an SMEs computer network it wreaks havoc.

Without comprehensive protection, and staff training too many SMEs will panic and simply give-in to a ransomware demand, hoping that cyber criminals will be honest enough to release the crucial data they have ring-fenced and encrypted – like bank account details or customer account information.

Why would a cyber criminal kill the goose that has just started to lay golden eggs?

One small business we know fell victim to a devastating ransomware assault. A member of staff at a dental practice in the Midlands received what looked like an invoice from a supplier. It wasn’t. Once opened, ransomware was released  and the practice was unable to access patient records, appointment details and billing information. Then the demands for payment appeared.  If they refused to pay, the data could be destroyed, or sold to the highest bidder on the dark web.

Another SME client of ours (well, they are now) watched helpless as, at exactly 08.00am, some 3000 emails left their servers and went to clients and suppliers. There was nothing they could do. A colleague had worked on a home computer at the weekend and saved the work onto a memory stick. Once plugged into the company’s network on Monday morning, the network was flooded with ransomware.

A client was attending a trade exhibition and was on an exhibitor’s chat room. Up popped an advertisement for exhibition furniture. It looked interesting, so they clicked on it to find out more. It was riddled with ransomware, and we were called in to clean up the mess and create the strongest malware identification, isolation and removal package.

These attacks on SMEs inevitably lead to huge disruption, significant cost, loss of business focus, loss of revenue, reputational damage and ultimately bankruptcy. Not to mention the legal consequences and non-compliance issues.

The recent trends toward working remotely, often from home, or storing data in the cloud, accepting on-line payments and conducting business online, all conspire to create a cyber criminal’s playground.

There are several actions that SMEs can take to minimise their exposure to criminality including:

• Training employees to identify phishing attempts
• Backing up data and keeping it offline
• Keeping security patches up to date
• Having robust anti-spam processes
• Introducing multi-factor authentication
• Configuring your firewall to repel invaders…and so on.

If all that sounds a bit overwhelming, then outsource all of it to a cyber security specialist company which has a commercial interest in keeping your business safe.

All the indicators are that 2024 will be the year that SMEs are confronted by wave after wave of catastrophic cyber-attacks. All the signs are there and in the realm of cyber criminality, prevention is far better than cure.

Read more:
Cybercrime and SME’s – why your business could be next

With the festive season fast approaching, many employers have already finalised their plans for a staff party. Others may prefer a more spontaneous approach.

Either way, there are many legal issues for employers to consider. This is because work-related functions such as Christmas parties and similar events are effectively work activities covered by the same legislation that applies to the workplace.

Consequently, employers can be vicariously liable for their employees’ actions, such as

harassment, bullying and even personal injury. Of course, the individual engaging in inappropriate behaviour can be personally liable, too.

Harassment is defined in the Equality Act 2010 as unwanted conduct related to a relevant “protected characteristic” which has the purpose or effect of either:

• Violating an individual’s dignity or
• Creating an intimidating, hostile, degrading, humiliating or offensive environment for an individual

Protected characteristics include (but are not limited to) someone’s age, sexual orientation and race. Sexual harassment, which has been a high-profile issue throughout 2023, is unwanted conduct of a sexual nature. It is all too easy to see how offensive behaviour at an office party can constitute harassment.

Employers may have to manage grievances or disciplinary proceedings if the social event does not go to plan. In the worst-case scenario, they may be involved in Employment Tribunal proceedings.

So, what can employers do to ensure social events run smoothly?

• As office parties are an extension of work, remind everyone that the usual policies and procedures still apply. Bullying, harassment and disciplinary procedures could all be relevant.
• Consider whether you want a specific policy for work-related social events. This would provide clarity on acceptable standards of behaviour.
• Remind senior managers beforehand of the expected standards of behaviour and that they need to set an example.
• Depending on the location and guests, you may need a health and safety risk assessment of the venue.
• As well as vicarious liability, you have a duty of care to your employees, so discourage excessive alcohol consumption.
• If you provide free alcohol, limit this to either a couple of hours or to certain types of drinks.
• Make sure you provide plenty of non-alcoholic drinks for those who are driving or who do not drink for religious or other reasons.
• Remind everyone that it is illegal for employees under the age of 18 to consume alcohol and that disciplinary action could follow for the individual or anyone buying them alcohol.
• Make it clear that it is strictly forbidden for anyone to be under the influence of, or use or be in possession of illegal drugs.
• If the traditional evening party seems too risky, hold a lunchtime event to reduce the possibility of employees drinking too much alcohol and behaving inappropriately.

There is another option, of course, not to have a staff party at all. Bullying and harassment, inappropriate sexual comments, upsetting photographs on social media and drunken fights occur all too frequently at staff parties. For these reasons, many employers no longer organise any staff social events. However, if you choose not to have a party, you should consider how this may impact staff morale and engagement.

Read more:
How can employers avoid problems at staff parties?

Henry James, a renowned author, once profoundly stated, “Three things in human life are important. The first is to be kind. The second is to be kind. And the third is to be kind.”

These poignant words underscore the immense significance of kindness in our existence, emphasising its profound impact on our overall well-being and the broader fabric of society.

Why Are Some People Unkind?

There can be various reasons why people act unkindly towards others and here are some possible explanations for unkind behaviour:

1. Lack of empathy: Some individuals may struggle to understand or share the feelings of others, which can result in a lack of compassion and kindness.
2. Insecurity and low self-esteem: People who feel insecure about themselves or have low self-esteem might engage in unkind behaviour as a way to feel better about themselves or to assert power over others.
3. Socialisation and environment: People’s behaviour is shaped by their upbringing, cultural norms, and social environment.
4. Lack of awareness or understanding: Some people may not be aware of the impact of their actions or words on others.
5. Frustration and stress: When people are overwhelmed by stress, frustration, or other negative emotions, they may lash out at others as a way to cope or release their pent-up feelings.

Why We Should be Kind?

Kindness serves as a cornerstone for establishing and nurturing robust relationships. When we embrace kindness and extend it towards others, we foster an atmosphere of trust and security that facilitates the development of deeper connections. By genuinely caring about individuals, we create a space where they feel comfortable opening up, sharing their thoughts, and expressing their emotions.

Kindness is rooted in empathy, the ability to understand and share the feelings of others. When we are kind, we show compassion and concern for the well-being of others. This fosters positive connections and relationships, and it helps create a more harmonious and supportive society.

Ripple Effect

You will find that kindness has a ripple effect. When we act kindly towards someone, it often inspires them to be kind to others as well. It sets off a chain reaction of goodwill and can make a significant difference in someone’s day or even their life. Small acts of kindness can have a huge impact.

Healthy Relationships

Kindness is the foundation of strong and healthy relationships. When we are kind to others, we foster trust, respect, and understanding. It helps create a positive and supportive environment in which people feel valued and appreciated. Kindness strengthens social bonds and promotes cooperation and collaboration.

The Emotive Power of Kindness

Beyond the interpersonal realm, kindness wields a transformative power that influences our own emotional landscape. It engenders a host of positive emotions, such as happiness, gratitude, and compassion. These uplifting sentiments, in turn, contribute to an enhanced sense of well-being and a more optimistic perspective on life. Through acts of kindness, we not only uplift the lives of those around us but also nurture our own inner growth and contentment.

Fostering Understanding and Harmony

The influence of kindness extends far beyond individual interactions; it holds the potential to reshape societies plagued by negativity and division. When we choose kindness as a guiding principle, we dismantle barriers, foster understanding, and pave the way for a more harmonious and peaceful coexistence. Each act of kindness can become a catalyst for positive change, inspiring others to follow suit and perpetuate a ripple effect of compassion and benevolence.

Choosing Kindness

Kindness, therefore, transcends being merely a pleasant gesture; it assumes a central role in cultivating a rich and purposeful life. By consciously practicing kindness in our day-to-day existence, we forge stronger bonds, experience heightened happiness and well-being, and actively contribute to the creation of a more positive and harmonious world for all.

On 23 November, it was World Kindness Day but every day should be WORLD KINDNESS DAY.

Read more:
The Magic of Kindness:  the ripple effect

The Government’s Terrorism (Protection of Premises) Bill featured in the King’s Speech 2023 on Tuesday (November 7), indicating the Government’s intention to pass the new law in the coming months. Security expert Marcus Gerrard, of Safetyflex Barriers, discusses what this means for businesses…

Business owners will join national efforts to tackle the rising threat of terrorist attacks in the UK under new legislation which has taken a significant step forward this week.

The Terrorism (Protection of Premises) Bill was one of 21 Bills mentioned in the King’s Speech on Tuesday, signalling the Government’s intention to pass it into law in the coming year.

The Bill will place a statutory duty on qualifying premises and events to take proportionate and reasonable measures to improve public safety and protect against the threat of terrorism.

Under the current draft, that could mean business owners creating anti-terrorism plans and staff undertaking terrorism protection training so they are briefed on how to react to a situation and evacuate customers, or installing hostile vehicle mitigation such as bollards and barriers.

The changes are something businesses must start preparing for now, but what exactly does this law mean in practical terms? And how can businesses ensure compliance?

The Bill is known as Martyn’s Law, named after Martyn Hett, who was one of 22 people killed by a terrorist attack as they left an Ariana Grande concert at the Manchester Arena in 2017.

According to the Home Office, the legislation could affect some 650,000 businesses in the UK, but the scope will look different dependent on the size of your business or event.

The new duty will apply to qualifying public premises – that is essentially those which are accessible to the public, hold 100 people or more, and is used for one of the qualifying activities such as retail, food and drink, entertainment, recreation and leisure, places of worship, healthcare, and more.

Public events such as a food market or festival must also abide by the rules if they have a capacity of 800 or more where there is express permission to enter with or without payment.

The scope of the law is currently going through pre-legislative scrutiny and the Government has stressed “proportionality is a fundamental consideration” when setting out requirements, which is fundamental to making sure this is right for business owners as well as the public.

At the moment it is set out in a two-tier system: standard duty, and enhanced duty.

Those in the standard tier will have a maximum capacity for 100 people or more – like a library or restaurant – and must undertake a terrorism evaluation assessing the types of attack likely to occur, what measures have been put in place to mitigate against this, and the response to an attack.

They must also devise a six-step terrorism plan which outlines how they will inform people on the premises of an attack that is taking place, how they will lock down the premises, evacuate members of the public and staff, notify emergency services, consider first aid and fire safety, and inform people nearby.

Terrorism protection training must also be given to staff at each premises or event.

Those in the enhanced tier will have a maximum capacity of 800 people or more – such as a large-scale hotel – and have additional responsibilities such as setting out a robust security plan and appointing a designated senior officer responsible.

All qualifying premises and events must also register with a regulator set by the Secretary of State, likely to be a local council.

The sheer variety in activities the law will apply to means it will impact everything from museums, gyms to shops, and will form part of initial staff training alongside health and safety procedures, as well as annual company system reviews.

Proposed enforcement includes a maximum fine of £10,000 for standard duty premises or £18 million for enhanced duty premises – or five per cent of the person qualifying’s worldwide revenue, whichever is greatest.

Whilst there is a monetary incentive to comply on top of a financial cost to ensure businesses are compliant, the potential real-life human impact of not following these rules is far more serious.

The stats tell us there have been 15 terror attacks in the UK since 2017 and the national threat level is currently set at ‘substantial’, which the Government classes as meaning ‘an attack is likely’.

Predicting targets is tough, and methods of attack are diverse and continuously evolving, which makes them hard to prevent too.

However, from our experience of working with businesses and protecting publicly accessible locations – whether it’s stadiums such as Twickenham, Wimbledon and the home of Saracens Rugby Club, to visitor attractions such as the London Eye – hostile vehicle mitigation is one of the most important measures to protect from the threat of potential attacks.

Since 2014, vehicles have been used as weapons in more than 140 attacks worldwide and an overwhelming majority (nine out of 10) did not have significant security barriers or bollards in place. That’s a worrying figure which demonstrates the need for a tougher stance on terrorism.

Campaigners have fought for the Bill to be passed as soon as possible and its inclusion in the King’s Speech this week is the signal many have been waiting for which tells us it is now coming, to help the country better prepare for possible attacks and ensure public safety.

That challenge must begin now – and it is owed to victims like Martyn Hett and others.

Read more:
Martyn’s Law: What does it mean for businesses following the King’s Speech announcement

With “National Stress Awareness Day” around the corner (2nd November), employee health and wellbeing should be at the top of organisations’ agendas. In the era of remote working and high employee turnover, mental wellbeing is not just seasonal but a year-round concern.

A 2023 report by the Chartered Institute of Personnel and Development (CIPD) and Simplyhealth on health and wellbeing at work found that mental ill health is the top cause of long-term absences, and 76% of organisations report some stress-related absence. Heavy workloads and management style were the most common reasons for stress.

Employers’ legal duties concerning employee wellbeing

Employers have a duty of care towards their employees, which means they must do all they reasonably can to support employees’ health, safety and wellbeing. Employers must treat mental and physical health as equally important.

Employers should be aware that an employee suffering from mental health issues could be defined as disabled under the Equality Act 2010. This will be the case if their mental health has a “substantial adverse effect” that lasts (or is expected to last) at least 12 months and which affects their ability to do their normal day-to-day activities. In legal terms, “substantial” means more than minor or trivial, which could mean the employee is hindered in activities like concentrating, interacting with others, or making decisions.

If an employee is disabled, employers will have a duty not to discriminate against them because of their disability and will also be obliged to make reasonable adjustments if necessary. Examples of reasonable adjustments might include flexible working hours, re-allocation of duties or providing special equipment.

Even if an employee is suffering from mental health issues that may not be a disability under the Equality Act 2010, it is a good idea to work with the employee to make adjustments. Often, making simple changes, for example, working with them each day to help them prioritise their workload, can be enough.

Support organisations can offer

A happy, healthy workforce is undoubtedly more productive than a stressed-out one.

Organisations should proactively prioritise mental wellbeing and support for employees to comply with legal duties while improving staff morale and productivity.

Some examples of steps organisations can take are:

• Find out what employees want and need. You can collect this information via employee surveys and polls or open forums and conversations. Questions in the survey could range from “Do you feel supported by your immediate supervisor?” to “What resources do you wish were available?”.
• Signpost the resources available. This could be with posters in the office, via the intranet or internal emails, and ensuring that the induction process covers wellbeing initiatives.
• Ensure any Employee Assistance Programme details are readily available and confirm the nature of that assistance. For example, this might be support or counselling because of financial worries. With the festive season approaching and the ongoing cost of living crisis, many employees’ mental health may be affected by financial concerns.
• Have trained mental health first aiders. Their purpose is to ensure staff know who to go to if they need or want to talk, to signpost people to resources and to be the first port of call for someone who doesn’t know where to start if they are feeling overwhelmed.
• Develop clear policies – such as a Stress at Work or Employee Wellbeing policy – and publicise these. Make sure they are easily accessible and provide training on them.
• Look out for signs of poor mental health at work, such as increased sickness absence, being late to work or poor working relationships with colleagues. These signs can be more challenging to spot when employees are working from home, so it is important to encourage frequent conversations between employees and their managers. With remote working becoming more prevalent, offering virtual mental health resources or online community spaces can be beneficial.
• Finally, organisations should also think about how they can measure the effectiveness of their policies and initiatives. KPIs could include reduced absenteeism, higher employee engagement scores, or positive feedback on internal surveys. If the level of take-up of services offered is low, consider how to improve this.

By following these tips, businesses can prioritise mental wellbeing and help foster a more productive and harmonious work environment.

Read more:
How can employers support employees’ mental wellbeing?

Claire Johnson, a partner in Clarke Willmott’s private capital team, looks at the implications associated with the so-called ‘Bank of Mum and Dad’ and how parents can make informed choices about contributing to their child’s property purchase.

Making an outright gift

Parental loans

Investing in your child’s property purchase

Trust planning – a best of both world’s solution?

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The implications of the bank of Mum & Dad

A strong leader who demonstrates caring for their team is more likely to have a team who in turn care about their own personal goals and successes. A team that cares can mean the difference between moderate and maximum productivity and performance.

Not everyone is born with the skillset to lead a team. However, like many skills, it can be taught. The more you practice a skill, the better at it you become. The steps below can form part of the building blocks to developing this skillset.

Have Their Back

A good leader is one that takes the brunt of the force in order to alleviate the challenges of the team. They look out for their team members who can rest assured their leader has their back. This will increase their faith in you and establish a relationship of trust and cooperation.

Be Adaptable

Many team leaders can find it hard to change their direction considering new information or circumstances, or when plans fail. Most people don’t admit when they are wrong, mistakenly assuming that this may highlight weaknesses when in actual fact it can reveal their strength. Team members need to trust the judgment of their leader and support their decisions because they appreciate honesty and transparency.

Unite Your Team

The best team leaders try to get to know and understand their team members on a personal level. Creating and sharing positive social experiences with your team helps to establish a connection and build a trusting relationship. Spending quality time with your team, rather than hiding away in the office, is known to build trust as it leads to the release of oxytocin, a hormone that helps us empathise and relate to others.

Put Yourself in Their Shoes

It is said that the higher up in the company you go, the lower your emotional intelligence may become, including the ability to empathise. However, it is important to relate to, and engage with your team members, being able to put yourself in their shoes. Why they might do something, or how they might be feeling. Imagine the fears, challenges, and problems that they may be experiencing.

Set Goals

Think about the way a sports coach trains an athlete to perform. The athlete delivers the result and while the coach feels pride and happiness for them, they don’t stop there. They show them what can go wrong or how they can do better. They set their sights on the next goal and strive to achieve more. Teams appreciate leaders who challenge them and push them to reach and exceed their goals.

Don’t Get Too Invested

While it is good to genuinely care and engage in authentic, trusting relationships with your employees, too much emotion can lead to an unproductive team. Leaders are trusted to do what is right, not what is easy. It can be tempting to find an easier way out; however, this may not work in the long-term.

Communicate

You can probably tell when something is bothering a friend. That same skill set is drawn upon when things aren’t quite right with members of your team. We hear that people would rather deal with risk, as opposed to ambiguity. So, it is important to clearly communicate and listen. Provide as much information as you can for your team, otherwise they can come to lose trust in you.

Value Your Team

Feeling valued is one of the most important emotional, human needs to be met. Failing to provide recognition or advance people’s progression is the leading cause of employee dissatisfaction.

When you are at work, you want to know that you’re an integral part of the company. You want to know when you have done a good job. It is the same for the rest of your team. Teams feel happier and driven to improve when they receive recognition and incentives.

Do you want to lead your teams successfully?

If the answer is ‘yes’, then there are some simple easy-to-implement tools to help you to lead your teams more effectively.

Leading isn’t a skill that people are necessarily born with, and even those that are good at it may face difficulties at some point in time. You might like some help and in which case, our coaching service might be helpful to you if you would like to learn how to improve your leadership skills.

Good luck with these tips which will help you to get a better grasp on leadership and create more productive teams.

Read more:
Leading Your Teams Successfully

As the digital world undergoes constant transformation, the importance of effective web design cannot be overstated. A meticulously crafted, engaging, user-friendly website serves as the digital face of a business, where first impressions count and can be costly.

In this article, we are going to explore the fundamentals of effective web design, drawing upon our extensive industry experience as a leading web design agency in London. Our insights aim to highlight some key elements that create an effective online presence and how these can be used to create a powerful and successful website.

Understanding Your Audience: The Cornerstone of Web Design

Understanding your audience is the key fundamental of effective web design. This involves a thorough examination of your customer persona, demographics, preferences, behaviours, and online activities. Gaining a robust understanding of your potential site visitors, their needs, and what motivates them allows you to create a website tailored to their specific requirements.

This will not only increase the likelihood of attracting your target audience, but it will also encourage them to complete core objectives (sales, member signup, social sharing, etc.), ultimately improving conversion rates. A website must always put your audience at the centre of your web design strategy.

The Role Of Aesthetics In Web Design: More Than Looks

Aesthetics in web design are often just associated with visuals. However, the role extends far beyond just the looks. The aesthetic design of a website can significantly impact the user experience, user journey and overall satisfaction.

A visually pleasing design helps to capture the attention of users, but it is the seamless integration of design elements that keeps them engaged. This includes areas such as the use of colours that align with your brand image, intuitive and logical navigational structure, and consistent typography, all of which help contribute to a website that is visually pleasing and simple to use.

Good aesthetics also include the effective use of white space, ensuring that content is legible and easily readable and images are optimised so that they load quickly. Thus, the role of aesthetics in web design is not just to make a site look visually attractive but to help improve its overall usability and user journey. Have a look at the web design portfolio of London-based web design agency ID Studio to see some great examples of design, form and function working together.

The Impact Of User Experience (UX) On Website Effectiveness

The importance of User Experience (UX) in determining the success of a website and its overall effectiveness is paramount. A well-designed and intuitive UX ensures that visitors can easily and instinctively interact with your website, elevating user satisfaction and their ability to complete the site’s core objectives. UX involves carefully planned consideration of critical website elements such as information architecture, interactive design, and usability.

Well-structured information architecture has numerous benefits, including the ability for visitors to easily find the information they need, while an effective interactive design helps create a seamless journey to complete site objectives (like making a purchase or signing up for a newsletter).

Furthermore, website usability will greatly influence your user satisfaction. A design that is easy to navigate, with clear and obvious call-to-actions, readable content and a responsive design that adapts to different devices will significantly improve the user experience.

Accessibility: Ensuring Your Website Is User-Friendly For All

Accessibility is, unfortunately, an often overlooked aspect of the web design process. It is important to ensure your website is accessible and user-friendly for all. This includes making sure the site is easily accessible for those with disabilities or impairments such as vision loss, hearing issues, or physical challenges.

A fully accessible website guarantees that all users have easy access to all information and functionality, regardless of their abilities. Techniques used to enable this include features such as text alternatives for non-text content, inclusion of captions for audio or video, expandable text, colour contrasts, etc.

By making your website accessible, it will increase your audience base and improve overall usability and SEO effectiveness. Accessibility must be considered from the beginning of a web project, not an afterthought, as its integration will not be as effective. In addition, there are legal requirements for some industries to make their website accessible, so it may not even be a choice.

The Significance Of Mobile Responsiveness In Today’s Digital Age

In today’s digital era, a responsive build holds significant importance in effective web design. With the explosion in usage of smartphones and tablets, there is an ever-increasing number of users accessing websites via their smart devices. A responsive website is one that adjusts and displays optimally across a multitude of screen sizes and devices.

Responsive websites require grid-based layouts and images that are scalable so that they automatically adjust depending on the device being used to view them. Google favours mobile-friendly websites higher in their search results, adding another important aspect to getting this process right. Non-responsive websites risk alienating a large portion of their audience and can greatly affect their online visibility. Any website that is not responsive starts with a significant disadvantage that is quite likely impossible to overcome.

Content Is King

“Content is King” is not an overstatement, and there is a good reason for its prominence. Content can include text, images, videos, and any other form of communication with the user. It delivers your business message, demonstrates the value of your offerings, and helps to attract and keep your visitors engaged.

Quality, meaningful content helps differentiate your website from the competition. It is also well known that Google considers quality content as a key ranking factor.

Creating SEO-optimised content with targeted keywords increases your chances of appearing higher in search engine results for those terms, driving more traffic and, more importantly, relevant traffic to your site.

SEO And Web Design: An Inseparable Partnership

Last but definitely not least, Search Engine Optimisation (SEO) and web design are a partnership that must work in tandem. SEO isn’t just filling your website content with relevant keywords. It is about incoming and internal links, quality content, clean well-coded and constructed pages, responsive designs, loading speed and relevancy.

SEO needs to be planned from the early stages of the design process, ensuring that the site is built to and targets keywords for your business. A great way to learn some ideas is to look into your competitors, what keywords they are targeting, URL structures, incoming links, etc. There are some great tools to help with this, such as Ahrefs, Semrush, and GA4. Even with the greatest design quality and build, without effective SEO, your site will not be found.

Conclusion

In conclusion, effective web design is a multifaceted discipline that requires a deep understanding of various elements, all working in harmony for the end goal of an intuitive, engaging, and accessible user experience. From the fundamentals of UX, through the importance of accessibility and mobile responsiveness, to the significance of content and the integral role of SEO, each aspect carries its unique weight in the equation of successful web design. The journey of crafting an effective website is a blend of technical prowess and creative insight, a balancing act between functionality and aesthetics. At the heart of this endeavour lies a user-centric philosophy, a commitment to deliver a digital experience that transcends barriers, adapts to devices, communicates value, and ensures visibility. As digital landscapes continue to evolve, so too should our web design strategies, always striving for excellence, relevance, and meaningful connection with our audience.

Read more:
Fundamentals Of Effective Web Design And Development: Insights From A London Agency

Contrary to the TV stereotype in Absolutely Fabulous and other cultural spoofs, a PR is far more than the character Edina guzzling bottles of champagne or an obsequious person in a marketing meeting who is thin on good advice and ideas.

The reality is quite different and hopefully you’ve met the right ones.  Done well, PR is an art, a science and a vital component for your new business drive and company growth.

Sam Pepper, Founder of PR on a Tin provides her insights on making the most of a PR budget to support the growth of the business.

Ensure your PR budget is agile

It’s a fallacy that start-ups and scale-ups need to pay external PR agencies all of the time.  Having advised hundreds of small and growing businesses for more than 25 years, I understand how critical it is to keep the marketing budget lean and also there are natural ebbs and flows with PR.

There are times when your business can put the pause button on PR activity and there are times when you should gear up.  This may be a product launch, it may be a time to update your target audiences about the business, perhaps you need to raise the brand’s profile ahead of a fund-raising timetable or you need to give your new business development a boost.   Traditionally, a business pays a PR agency or a consultant an ongoing monthly retainer.  A different approach focused on a project basis (provided you do the planning) will free up a lot of £££ in the marketing budget and gives the brand flexibility to look at different initiatives, rather than feel locked into an ongoing PR commitment.

Enjoy the creative process but make sure it supports the commercial vision

The vital ingredient for an effective PR campaign is creativity.  But to make this happen, the business needs to embrace the process – and not expect a PR to work in a silo.

The creative starting point is to ensure you get the brand, PR positioning and strategy right – do spend time working with your PR to create a distinct brand and external messages which will support the commercial vision and the business priorities.  A big misunderstanding amongst businesses (and even some PRs) is to see the PR tactics as the creative part, but it all begins here.

For PR tactics, do be open to all creative ideas for the campaign.  Creativity isn’t purely for consumer-facing brands, but also those working with other businesses and operating in the professional services industry.  One management consultancy I worked with, did just that. To bring their brand to life and showcase their expertise they held a half-day event with some of their clients and invited an FT journalist to take part in a war-games activity, complete with travelling on speed-boats “James Bond style” down the River Thames!  The ££ investment wasn’t that much (the hire of the speedboat and the cost of the venue) and because of the event and media coverage, the company benefited from direct new business leads and an immediate client win.  Of course, you don’t need to go so bold and there are other ways to achieve the quality of coverage, but it all arises from allowing the creative process.

Quality of coverage to support new business

Too many marketers fall into the trap of ticking boxes when evaluating PR.  And one of those boxes is focusing on quantity of press coverage hits as opposed to quality.  Two-liner quotes in national media outlet can be great brand- boosters but the re-use of the article for new business can often be limited.  And even if your PR team reaches the monthly KPI of, say five such media hits, one has to question to what degree these results are actually helping drive new business.  In contrast, a news exclusive in one top tier media outlet or a 500-word expert by-line in a respected industry publication will be far more beneficial.  It will also be valuable marketing collateral for your sales and marketing teams to use in the new business drive and to build momentum about your brand.  It could accompany an email the team are sending to prospects, handed out at exhibition stands or posted on social media platforms.

Be pro-active not reactive

There are media tools, which allow journalists to post to PR subscribers about a current article they are writing and serve as an invitation for quotes on the topic.  What tends to happen is 100 different PRs jump on the bandwagon to try and get quoted.  It’s a reactive bunfight and rarely does a  journalist have time to sift through all the emails.  If you’re quick off the mark, there’s a chance that your spokesperson’s soundbites make the cut of one or two lines in the article, alongside other competitors.  The reality is too many PRs and companies spend time drafting and getting sign off with little or no yield.

Instead, be proactive and drive the news or features agenda in different media outlets.  Remember your brand is seeing the changes at the coalface; your business will be in a strong position to provide new and valuable insights gained from your day-to-day dealings with customers and clients, case studies, data or commissioning additional research to support your assertions.

Focus on the bigger picture

If you want to grow big, think big with PR and be prepared to invest time and allocate some or even all of the annual budget to a thought leadership campaign.

To be clear of exactly what a thought leader is, I always refer to Joel Kurtzman, who in 1994, as editor-in-chief of Strategy and Business magazine said “A thought leader is recognised by peers, customers and industry experts as someone who understands the business they are in, the needs of the customer and the broader marketplace in which they operate.  They have distinctively original ideas, unique points of view and new insights.”  Finding this point of difference requires creativity and collaboration between some of the senior management and your PR.  Yet the return on investment (both time and money) can be huge and yield great results for your brand’s profile, new business pipeline and growth.

Read more:
Better PR for your business’s growth

Changes to regulations regarding Capital Gains Tax (CGT) and separating couples could alert people to the fact that they may have failed to pay sufficient tax in the past.

New measures to ease difficulties over the transfer of assets experienced by spouses or civil partners who are separating and enable them to split in a tax-efficient manner have been widely welcomed.

Announced by the Government in the last Budget and applying with effect from April 6 2023 the regulations extend the time allowed for ‘no gain/no loss’ asset transfers to up to three years, or unlimited time if it is the family home that is transferred under an agreement or a court order.

Under the previous regime, couples had only until the end of the tax year of permanent separation to benefit from the no gain/no loss relief, often creating great stress at an already difficult time. If they happened to separate in March, this would create only a very small window of time to transfer assets without triggering a potential CGT charge.

Experienced Private Client tax specialist Tracy Underwood, Azets Partner, based at the firm’s Guildford office, has welcomed the changes as a major step forward.

However, she said: “For many couples separating, it appears the previous rule that applied up until 5 April 2023 was not well known or understood. Separating couples may assume the transfer of assets between themselves continued on a no gain no loss basis up until the point the separation was finalised by divorce or dissolution, Unfortunately, this was not the case

“Although many lawyers will recommend that tax advice is acquired in these situations, this is not always followed up. However, the tax implications of divorce is an important part of understanding the full ramifications of a financial settlement.

“Individuals who have previously gone through this process and are now concerned that they may have underpaid tax should get specialist advice on how to quantify and report this to HMRC.

“And if you are going through this process at the moment, then please do make sure you get appropriate tax advice so that you fully understand your position.”

Underwood added that the situation often becomes more complicated if a business is involved.

She said: “This extension may be of particular interest where one of the parties is a business owner and where shares may form part of that settlement.

“The valuation of private business shares can take a long while to agree and may well have previously extended beyond the period where a no gain no loss transfer was possible.

“It could also be relevant where properties are involved and formal valuations may be required, particularly where the financial settlement is dependent on a sale. The new rules include special provisions which apply in circumstances where an individual retains a financial interest in their former family home after a separation and the home is then sold.

“Publicity surrounding these CGT changes will hopefully alert people both to the fact they may need to take action to avoid certain pitfalls to ensure that their financial settlement on separation takes into account the effect of any tax liability – not just capital gains tax – and the correct tax is paid.”

Latest figures from the Office for National Statistics show that in 2021 there were 113,505 divorces granted in England and Wales, a 9.6% increase compared with 2020 when there were 103,592 divorces.

CGT is the tax on the gain arising which applies when certain assets are sold. If the asset has increased in value from when it was acquired, then a tax on this gain may be payable – although a number of reliefs and allowances are available.

It is payable on assets such as property that is not the main home, shares, business assets and certain personal possessions valued at more than £6,000.

Underwood also warned that CGT benefits that apply to separating couples, old or new, do not apply to unmarried couples or those not in civil partnerships.

Read more:
Capital Gains Tax changes may reveal underpaid tax

Venture debt may not appear that enticing to founders during periods when capital is abundant and equity investors are pouring money into startups at sky-high valuations. However, when the funding market regains rationality and becomes more discerning, as we’re seeing now, the venture debt route becomes an option worth considering.

Here Risto Rossar, CEO and founder of the insurtech, Insly, outlines what he learned from the process.

For many startups, the path to success has traditionally involved securing multiple rounds of VC funding, chasing high valuations, and prioritising rapid growth at all costs. However, this approach only works for very high growth business sectors, or during boom times, when money is free, and investors are throwing cash at anything that moves.

For us, as a B2B enterprise SaaS insurtech company with a relatively complex product and long sales cycle, we’ve never really fit that mold. Our focus has always been on building a sustainable and profitable venture, rather than pursuing astronomical growth by burning a lot of investors’ money. As a result, venture debt has always appealed.

And, despite the Silicon Valley Bank collapse last year and reports that venture debt is harder to come by, it is still very much an option for the right companies. One of our investors, Denis Shafranik, Co-founder and Partner at the venture capital firm, Concentric, agrees:

“There still seems to be quite a fair amount of activity. The market in the UK is competitive with a range of funds and bank lenders in the sector. Terms have indeed tightened up and become more expensive as you would expect in this cycle, but it’s marginal in the context of the businesses that can take advantage of venture debt. Its risk hasn’t changed fundamentally and while it’s not for every company, for those that can be profitable or continue to raise equity, it can be a useful tool.”

In our case, we’ve had numerous conversations with venture debt providers over the years but have always been told it was too early. Only this year did we finally reach the point where it made sense for us, and providers would lend to us, so we were able to move forward. In the process, I have learned a few valuable lessons about when an early-stage business should consider venture debt, potential obstacles along the way, and how to successfully close the deal.

 Three fundamentals

You really need three elements in place for venture debt to be the right instrument: predictable revenue, reasonable growth, and a path to profitability. For us, now we are generating a meaningful amount of annual recurring revenue and getting really close to profitability, venture debt has become a realistic option. If you don’t have stable revenues and your burn rate is high, then it’s probably too early and you’re unlikely to have enough time to generate the new business and growth you need to service the debt. There is also a minimum amount that providers will lend (usually around £1.5m in Europe) so you need to be of a certain size to absorb the loan, plus the transaction costs, such as legal fees for drafting the loan agreement. Taking less than that doesn’t make much sense.

Venture debt vs. venture capital

Why is venture debt sometimes a better option than venture capital? Again, it comes down to three considerations: timing, how much you want to raise, and what you’re planning to spend the money on. It’s a combination of the market situation, where the company is today and where the future growth will come from.

• Timing: VCs have pulled back significantly in the last 12 months, which means that raising equity financing is much harder than it was. So that was one reason why venture debt made more sense for us, in terms of accessing funds quickly and at a lower cost.
• How much you want to raise: Secondly, we were only looking to raise a relatively small amount of money, so it wasn’t worth the time and effort of an equity round. In most cases, venture debt is cheaper than venture capital because the combined return from interest and warrants is still considerably smaller than that of equity holders, who expect a 30% return at the very least, with the real aim of more than 100%. It doesn’t make sense to lose a large chunk of equity for a relatively small sum.

Finally, what is the risk profile of the investments you intend to make? We wanted funds to primarily scale up our existing products and markets through investment in sales and marketing and some mini acquisitions to enhance the product and bring in additional revenue, taking advantage of discounted valuations. We know that we have a great product, and we can now onboard customers fast enough, so we are confident that these investments will impact our revenues and valuation to a meaningful extent.

In contrast, if we were looking to make riskier, longer-term investments, such as exploring new territories, or launching a new product, then venture debt is unlikely to be the best option. The risk level is different, and it comes down to the predictability of the outcome.  When you’re at the level of taking venture debt then you already have something to lose. Get it wrong and you could lose everything. I would say you need to have 70% to 95% certainty of success, for the risk to be manageable.

Find a funding structure to match your business

From a founder’s perspective, your biggest focus should be finding a financing structure that suits your cash flow and business plan. Venture debt funds have a range of financing structures; with terms ranging from one or two years, up to three or five years in some cases. In addition, some require you to start repayments straight away, while some give you nine month ‘holiday’ before you start.

In my opinion, finding a structure that works is as important as the interest rate; it is better to pay a slightly higher rate for a loan that suits you better. In our case, as a B2B business, we have a long sales cycle, so we didn’t want to pay the money back too quickly and that drove a lot of our decision-making. Around 70% of the options I looked at weren’t fit for our business.

Ensure your base case stands up to scrutiny

Raising venture debt is 95% the same as raising equity funding. Venture debt providers need to buy into the story, trust the team, and validate the numbers. However, there are a couple of key differences.

Firstly, venture debt providers aren’t necessarily looking for the same level of growth as a pure VC. They will be satisfied to know that you will deliver 10% or 20% growth rather than 50% or 100% growth; just enough to ensure that you can pay the money back (although, of course, it’s totally fine to aim for much higher growth rates internally – and you probably should). And secondly, be prepared for tough due diligence to ensure that you will deliver on your forecasts. Our finance team spent several months under pressure creating financial models, which was surprising for what was a relatively small amount of funding.

Of course, just as with an equity raise, relationships and trust are also critical. You need to feel out whether you can work with their team for five plus years, and check references, particularly cases that haven’t gone well. How do they treat and support businesses when times aren’t great? Are they super aggressive? Venture debt is the highest security investor, so if they’re very inflexible, then it’s hard. Doing due diligence on them is as important as them doing due diligence on you.

 Venture debt > venture capital?

As a startup founder, there’s a perception that venture capital is the ‘be all and end all’ of funding, but venture debt is a really useful instrument for the right kind of company, at the right stage of growth. As the economy has shifted, we’re moving away from the ‘growth at all costs’ mentality, and if you have a solid company, growing organically, with reasonably predictable revenue growth, and the right risk management in place, there is no reason why debt couldn’t be one of your options – and even replace your need for equity funding altogether.

Read more:
Raising venture debt as an early-stage business – when is the right time?

Whether you’re considering selling a portion of your equity or your entire company, it’s essential to prepare your business effectively.

Much like selling a house, the process of selling a business involves highlighting its potential, fixing any weaknesses, and ensuring it’s presented in the best possible light.

Potential buyers will undoubtedly want to conduct their own due diligence before committing to a purchase. This is a crucial step in the transaction process, providing transparency and building trust.

“Due diligence is about demonstrating the value of your business transparently and honestly.” – Anonymous

The financial preparation for selling a business is multifaceted. From ensuring that your books are in order to demonstrating profitability, it’s about showing potential buyers that your business is a sound investment.

Your business’s profitability is the first thing that potential buyers will assess. They’ll want to see consistent revenue growth and a strong bottom line.

Maintaining clean and organised financial records is crucial. These should include your balance sheet, income statement, and cash flow statement.

Legal Preparation

Before selling your business, it’s important to have all your legal documents in order. This includes any contracts, leases, licenses, and insurance policies.

Operational preparation involves ensuring that your business can run without you. This means having a solid team in place, streamlined processes, and a clear business plan for the future.

Marketing Your Business

When you’re ready to sell, it’s time to market your business. This involves creating a compelling sales memorandum, listing your business on relevant platforms, and engaging with potential buyers.

The negotiation process is where the price and terms of sale are agreed upon. It’s crucial to approach this with a clear strategy and a firm understanding of your business’s worth.

Finalising the Deal

The final stage in selling your business is finalising the deal. This typically involves signing a sales agreement and transferring ownership to the new owner.

Post-Sale Considerations

After the sale, it’s important to consider any post-sale obligations. This may include a handover period, non-compete clauses, or consultancy agreements.

Preparing your business for sale can be a complex and time-consuming process. However, with the right preparation, it can also be an exciting and rewarding journey. It’s about understanding what potential buyers are looking for, presenting your business in the best possible light, and negotiating a deal that’s beneficial for all parties involved.

Whether you’re considering selling your business now or in the future, this guide should provide you with a comprehensive understanding of what’s involved. Happy selling!

Read more:
Preparing Your Business for Sale

How often do you find yourself pulled away from your tasks by distractions throughout the day? The answer for most of us is “many times.”

Picture this: you’re diligently working on a report, and suddenly, an email notification pops up on your screen. It takes a rare individual to resist the urge to peek and wonder about its content. You break away from your current task and dive into something entirely different. After handling the distraction, you return to your report, only to ask yourself, “Now, where was I?”

Multiply this scenario by countless interruptions each day, and then consider the cumulative effect over a week, a month, and an entire year. How much precious time do you estimate you’ve squandered over 12 months? And it’s not just about wasted time; it’s about the quality of your work. Constantly shifting your attention from one task to another disrupts your concentration and hinders your ability to excel in any one area.

So, what’s the solution? Here are some strategies to help you regain control:

1. Disable Email Alerts: Turn off those distracting email notifications. You don’t have to respond immediately to every message that lands in your inbox.
2. Screen Phone Calls: Don’t feel compelled to answer the phone simply because it’s ringing. Let it go to voicemail if you’re engaged in focused work.
3. Practice Saying No: Learn to decline distractions politely. Not every interruption deserves your immediate attention.
4. Discipline Yourself: Develop the self-control to resist impulsive responses to distractions. Train yourself to stay on track.
5. Set Internet Time Limits: Implement a 10-minute rule for internet browsing. Allocate specific times for web surfing to avoid mindless scrolling.
6. Communicate Your Focus: Inform colleagues and acquaintances when you’re engaged in deep, concentrated work. Set clear boundaries and expectations for interruption-free periods.

By adopting these strategies, you can regain control over your attention and productivity, ensuring that you perform at your best while minimising the impact of distractions on your life.

Good luck!

Read more:
Unplugging Distractions: Mastering Concentration in the Modern World

In an ever-evolving business landscape, the welfare of employees continues to be at the forefront of responsible leadership.

A recent survey by Pregnant Then Screwed, encompassing the experiences of over 24,000 parents, has revealed the extent of  pregnancy and maternity discrimination. The implications for business owners are clear, and understanding the full scope of legal obligations and potential risks is paramount.

The findings included:

• 52% of mothers faced some form of discrimination when pregnant, on maternity leave or when returning to work.
• 20% of mothers left their job following a negative or discriminatory experience.
• 64% of pregnant women received hurtful comments about their appearance.
• 10% of women were bullied or harassed when pregnant or returning to work.
• 7% of women lost their jobs for various reasons.

The Business Risk

The figures above translate to significant business risk exposure. The UK has stringent protections for pregnant women and new mothers, but ignorance or neglect of the legislation can lead to costly Employment Tribunal claims, reputational damage that can affect your brand’s integrity and the loss of valuable talents and skills.

What You Need to Know – Key Rights and Protections

• The right to time off for ante-natal appointments.
• Up to 52 weeks’ statutory maternity leave regardless of length of service.
• The right to return to the same or comparable job.
• Depending on length of service and salary, the right to statutory maternity pay or maternity allowance.
• Extensive health and safety protection while pregnant or breastfeeding.
• Redundancy protection where there is priority for suitable, alternative employment for an employee who is on maternity, adoption, or shared parental leave over other individuals at risk of redundancy where a vacancy exists.
• Crucially, the Equality Act 2010 prohibits discrimination, harassment and victimisation in relation to nine “protected characteristics” one of which is pregnancy and maternity. The Act also protects job applicants and recruitment needs to avoid discrimination and conscious or unconscious bias. So, don’t ask about a woman’s plans to have children or about her childcare arrangements or decide not to appoint someone because they are pregnant. No length of service is needed for a discrimination claim and compensation is unlimited. There is also a separate award for injury to feelings.
• The Employment Rights Act 1996 protects women from detriment relating to pregnancy, childbirth or maternity and any dismissal for a reason connected with these is automatically unfair. No qualifying period of service is needed unlike an “ordinary” unfair dismissal claim where two years’ service is required.

Employers need to be aware that new rights will be introduced in due course.

• The Employment Relations (Flexible Working) Act 2023 is expected to be implemented in summer 2024. Employees will be able to make two requests in each 12-month period rather than one. Employers will have to consult with employees before rejecting a request and will need to deal with it in two months rather than three. Not included in the Act, but expected to be introduced at the same time, is making the right to request flexible working a day one right (26 weeks’ continuous employment is needed currently).
• The Protection from Redundancy (Pregnancy and Family Leave) Act 2023 will extend the current redundancy protection so that a mother returning from a year of maternity leave can receive six months’ additional redundancy protection. There is currently no date for this change.

Transforming Challenges into Opportunities

While these new findings are disconcerting, they also present an opportunity for forward-thinking leaders. Many employers want to support pregnant employees or those on – or returning from – maternity leave because they value and want to retain their talent and skills. This is increasingly important at a time of a skills shortage and a competitive job market. This proactive approach is not just ethical; it’s strategic and sends a powerful message about your organisation’s values and commitment to employee wellbeing.

Read more:
New Report Sheds Light on Pregnancy and Maternity Discrimination

Do you have an office buzz? Do you thrive in hustle and bustle? Or, does it drive you to distraction?

The office fizz may be a good indication of a flourishing culture, with business booming and teamwork in action, but it might also be causing some of your employees to feel stressed.

Misophonia is a condition where particular sounds can trigger extreme feelings, like panic, rage or anxiety, making it hard to think straight. Everyone is unique, and people can function differently depending on the level of noise they are exposed to.

So, how can we tweak our workspaces to support our staff’s needs and keep everyone working as productively as possible?

Look at the working environment

Start by looking at the workplace and ensure it is reflective of the type of business you want or need to run. Do you want it to be quiet, or would you prefer it to have an energy that will generate noise as a by-product?

You may not have much choice – as some industries will demand a certain ambience: think a funeral parlour vs a call centre. For many, though, you will have some flexibility to cater to different working styles.

Do you want open-plan areas where people can come together to collaborate, problem-solve and bond? Do you need quiet areas or private booths where people can talk freely without bothering others?

Assessing your workplace is an opportunity to make conscious decisions about its mood. Do you want background music playing, and if so, who chooses the tunes? Optimising seating plans, heating and ventilation, will add to staff comfort.

Talk to your employees

Explore with individual employees ways in which they can work comfortably; they know their needs best!

Most people will be able to acclimatise themselves to working in noisy conditions. In other words, acknowledging the hubbub and gently encouraging them to give it a go for a few weeks might be all they need. If they need more support, though, here are some ideas:

Headphones are one device that many office workers need no second invitation to reach for to shut out the outside world. Some may choose noise-cancelling ones, or just earplugs, while others opt for music.

While listening to music is generally proven not be as effective for concentration as silence would be, the very reason we are discussing this is that you do not have silence to begin with – so it could help. The genre of music and the type of task being performed will have a bearing on whether this is a successful tactic!

Noise levels may not be consistently high throughout the day. Could people who prefer the quiet have the opportunity to come in earlier so they can have focus time to concentrate before the office fires up?

It is not just noise that can be distracting – interruptions from emails, phone calls, and messaging apps can easily derail the most conscientious of workers. Consider some training around time management here.

What about noise when working from home?

If you have staff who work from home, the summer holidays may be a time when a once quiet home office becomes overrun with noisy children!

Make it clear when discussing work-from-home arrangements that, when on the clock for you, employees need to have space to concentrate.

To protect your productivity, it is important to make clear that a working-from-home arrangement is not childcaring time. If the work rate is dropping off, take time to explore the barriers to effective home working with them and see if you can help. You could consider asking staff to show they have a strategy for childcare and maintaining a productive and distraction free home environment.

Some outside help

We all need a bit of help. If you are struggling to create the right workplace culture or need help managing staff who are complaining about a noisy workplace, consider contacting Occupational Health providers or HR experts.

Discuss with your business network and friends to see how they approach keeping their staff focused, comfortable and productive.

Read more:
How can you fine-tune your working environment so everybody can be at their best?

There are so many reasons in this world to be miserable. War, famine, poverty, pandemics, mental health crises, the list goes on. As leaders, we have the opportunity – nay, responsibility – to prevent the workplace being such a reason.

Depending which article you read, the stats say we spend anywhere between 25% and 40% of our lives at work. When I ask people that question directly, they answer between 50% and 60%. Whichever you believe, it is a huge chunk of our lives.

As Andy Nisevic from One Degree Training & Coaching, explains: If we are miserable at work, that is an awful lot of time to spend being unhappy. We go home in low mood and wake up in low mood. Other factors, which we have no control over, then have a compound effect. According to Gallup’s 2022 state of the workplace study the UK ranked in the bottom third of European countries for employee engagement. It found that only 9% of the UK workforce feel fulfilled at work. With the amount of time we spend feeling like that, it’s no wonder so many people are experiencing depression in the modern world.

The good news is that, with the right training, and on-going support, leaders can implement some very simple measures to enable a more positive environment. This will help prevent their workforce being part of the alarmingly low Gallup statistic.

The first step is to recognise that leadership training, on its own, is not enough to produce effective leaders. People tend to be promoted because they are good at their job, which is great. If they’re lucky, they may well be sent off to a local college or leadership training provider to sit in a classroom to learn about the various leadership & communication models etc. They’ll sit exams, write essays, and at the end of the course be presented with a certificate and a national qualification that looks great on a CV.

“What’s the problem with that?”, I hear you ask. Firstly, as the training is aligned to national qualifications, it encourages a one-size-fits-all approach to leadership development, which simply doesn’t exist. Also, when we look at leadership from a neuroscientific perspective, we begin to recognise why so many managers, with very high leadership qualifications, are such toxic leaders.

Logic vs Emotion

Conversations in the classroom engage the logical centre of the brain – the pre-frontal cortex. This is where logic, learning, language, intelligence, and rational thought exist. When we’re in the workplace, and faced with a leadership challenge, the part of the brain we’re using is the emotional part – the limbic system. This part, depending on which book you read, is 5 – 15 times stronger than the pre-frontal cortex, it’s the part of the brain that’s always first to act, it has none of the benefits of the logical centre, and contains what Prof. Steve Peters refers to as the Chimp.

The Chimp is there to detect threats and keep you alive. Unfortunately, the lack of logic and learning means that it’s unable to differentiate between a mad man running towards you with a machete, or a situation that makes you just a little uneasy. So even a very minor leadership challenge can make the chimp want to get you out of that situation very quickly.

Why leadership training alone is not enough

Often, people will be promoted, and given no ongoing training or support. They are then expected to deliver from day one.

The emotional & logical parts of the brain don’t talk to each other. Success from the chimp’s perspective is just to get you out of the situation. You’re flooded with adrenaline and cortisol, and your fight or flight responses are activated. These chemicals and responses don’t result in calm, logical, thinking. All the learning gained from leadership training, doesn’t even feature in your thought process until at least 5 minutes after the situation first arose – often up to as long as 15 minutes. You know what they say about first impressions! If 60 seconds is all it takes to give someone an impression of your leadership skills, imagine the damage that can occur in 15-minutes! A further problem with this is, if the chimp’s measure of success is purely to get you out of the situation, but it was handled poorly, the chimp doesn’t know this. All it knows is that it did its job and got you out of there. This creates a neural pathway that tells the chimp this is the right thing to do in the future.

Unfortunately, not everyone is so lucky as to even be provided with the training in the first place. Often, people will be promoted, and given no ongoing training or support. They are then expected to deliver from day one.

Why talented individuals become toxic leaders

These two factors are why it’s so easy, and very common, for talented individuals, who are good, honest, decent people, to become toxic leaders. It’s not that they don’t want to be good leaders, it’s that they haven’t been developed properly and are under a lot of pressure – maybe even stress.

Step One

Now, leadership training is important. It’s just not effective on its own. It’s one step of leadership development, but not even the first. The first step to developing a great leader is taken on the first day an employee starts working for you. The culture, attitude, behaviours, and standards that you influence through your leadership will have a lasting impression.

Step Two

The next step is to identify the developmental needs of your staff; not just the hard skills essential for their operational output, but the soft skills too. Active listening, effective communication, personality profiles, etc.; anything that is going to increase their awareness of why people act the way they do.

Step Three

Respond calmly, logically, and confidently. They will be able to handle any situation effectively and keep the workforce fully engaged and productive.

Now, remember what was mentioned about training in isolation, the third step is ongoing coaching and mentoring, either in-house, or through third party support. This will take hypothetical, classroom-based learning, and put it into an individual’s reality. This coaching and/or mentoring will, over time, create the neural pathways that, when the individual is promoted to a position with leadership responsibility, can kickstart the pre-frontal cortex. This means the leader can use the leadership training, and respond calmly, logically, and confidently. They will be able to handle any situation effectively and keep the workforce fully engaged and productive.

Make the world a happier more successful place

Keep your workforce fulfilled, help the UK workforce to be more engaged

Leaders who can do this will keep your workforce in the 9% who feel fulfilled at work, helping to make the UK’s workforce a more engaged one, and bit-by-bit make the world a happier place.

Read more:
How a good person becomes a toxic leader

Employment law experts have warned business leaders of the challenging optics in the face of the predicted influx of redundancies during 2023, alongside shifting expectations in a changing workforce.

Research conducted earlier this year revealed that two-fifths of employers predict that they will be making redundancies during 2023. The research also found that 16% of those who identified themselves as C-suite, managing directors, or HR professionals, do not fully understand the redundancy process.

Experts at Womble Bond Dickinson, the international law firm that undertook the research, have warned of how this could be perceived negatively by a less mature workforce, and the tricky relationship between trust and making tough business decisions.

Gearalt Fahy, partner and employment law expert at the firm, said: “On the surface, we know that business leaders – especially those in the c-suite of large organisations – don’t need to understand the nuts and bolts behind the redundancy process and that this is the responsibility of a wider team and, often, requiring external support. However, the climate that organisations are operating in needs to be considered. We’re amid a huge workforce upheaval and the pace of change and speed at which these decisions must be made is unprecedented and presents an evolving challenge.”

Gearalt also warns that businesses are not only contending with swift decision making, but a multi-generational workforce that has been exposed to a different working experience during covid, with more flexibility, hybrid working and an employment safety net through the likes of the furlough scheme. This has created a set of challenging optics.

Gearalt explained: “The impact of these decisions reverberates across the organisation and can influence staff retention and recruitment.

“There’s a balancing act as businesses need to appeal to a workforce that might have different expectations of normal working life or how their employer should behave during tough times. A lot of Gen Z employees in particular will have the support that they received during the pandemic as their only or most recent point of reference. They might expect that during tough times, there’s always going to be a safety net. For younger generations communication is key, as they may not understand the process or have the built in trust that their employer is making tough decisions because it is absolutely essential for the survival of the business.”

What influence will the Gen Z workforce have?

Gen Z will account for 27% of the workforce by 2025. According to Edelman’s report The Power of Gen Z: Trust & the Future Consumer, Gen Z highly values safety and security, with 70% of them making it a top priority. The lasting impacts of the Global Recession and the 2020-21 Global Pandemic have ingrained a strong need for stability in all aspects of their lives. The research states that only 50% of Gen Z trust CEOs. Comparatively, they tend to trust experts such as doctors (77%), scientists (75%), and educators (74%).

Gen Z is ushering in an era of openness. They demand inclusivity, fairness, and equity, and are wary of mistreatment or inequality. A notable 60% of them believe most people are untrustworthy, valuing individual trust more than in organisations.

Gearalt says that this cultivation of trust will be essential during tough times in business. He advises: “Trust must be earned, and the Gen Z workforce will expect employers to uphold the values that they declare. This makes managing redundancies well critical for future appeal to the next generation of employees, starting with an understanding of the process you’re undertaking. Achieving this means fostering open dialogues, thoroughly adhering to proper procedures, and maintaining transparent communication channels. You might not be able to offer everyone in your organisation stability, but you can treat them with respect and offer transparency. There’s a way of getting things done quickly, but also getting it right, and that’s something business leaders and HR professionals are going to face more of.”

Read more:
Redundancies and Trust: Can the two coexist?

It was Benjamin Franklin who once said “…nothing can be said to be certain, except death and taxes.”

Business owners know only too well the importance of dealing with taxes, but rarely think about or plan for how they will deal with the death of a business partner or shareholder.

As a nation, we’re not good at talking about death. So, it is hardly surprising that recent research shows that half of UK adults don’t even have a will. Yet, as Here Jen Goodwin, a solicitor in the corporate and commercial team at solicitors Jackson Lees explains as a business owner, failing to plan for death is a serious risk, not just to your family but also to your business.

As unpleasant as it is to think about, a responsible business owner needs to have considered what will happen to ownership of their business if they or a co-owner dies or becomes seriously ill while still active in the business. Indeed, it is healthy to include these issues as part of your business continuity and risk planning particularly when you consider a Legal & General survey which found that 59% of businesses believed that they would have to stop trading in less than a year after the death or critical illness of a key individual.

Aside from not wanting to think about the worst, one of the reasons more businesses don’t plan better around death or critical illness is because they wrongly assume that their families will automatically benefit from the value built up in the business in the event of their death, but that is not necessarily the case.

The default position is usually that shares in a company will pass to the estate of the deceased, leaving family members with shares and not cash, and surviving co-owners with new shareholders who often have little or no working knowledge of or interest in the company. It can be a less than ideal situation for both sides.

Yet, there is a simple solution to avoid this by having a cross-option agreement.

What are they?

A cross-option agreement is a contract between the shareholders of a private limited company and is a private document that does not need to be filed at Companies House. It gives the other shareholders the option to purchase the shares of a shareholder who is incapacitated or has passed away. This option allows the surviving shareholders to retain control of the business without having to introduce new shareholders.

The agreement will also provide the beneficiaries of a deceased shareholder (very often the spouse, children or other close family members) a similar option to require the surviving shareholders to purchase the deceased’s shares, just in case those surviving shareholders don’t exercise their own option to buy.

For those left behind, whether personally or professionally, it provides real peace of mind. For family members, it provides certainty that the demands of the business will not fall on them and for those left in the business, it provides clarity as to the business’s future.

Importantly, as the name suggests, cross-option agreements provide just that, options. The parties do not have to exercise their rights under the options. If neither the surviving shareholders nor the estate of the deceased exercise their rights then the shares will be inherited in accordance with the relevant will or intestacy rules and any applicable shareholders agreement, which might be particularly welcome in a family-run enterprise where one individual has been identified to take over from the deceased.

What is included?

The main elements of a cross-option agreement include the details of the shares eligible to be bought or sold, the rules around how the shares are to be valued (or if there is to be a fixed price) and a timescale as to when the transaction should take place and payments be made.

Valuing and paying for shares on death

Depending on the terms of the cross-option agreement, the shares may need to be independently valued. Some agreements contain a formula which might take into account market value and a multiple of profits. There will of course be tax implications for both sides in any sale and it is absolutely essential that both sides seek independent financial advice prior to entering into a cross-option and on exercising their option.

The cross-options are very often backed by an insurance policy taken out by each shareholder known as a shareholder protection policy. This is so that when an option is exercised, the purchasers have the cash available to buy the shares, otherwise they may need to fund the purchase price themselves or find a way for the business to fund it, which many will be unable to afford. This can leave a surviving shareholder in the very difficult position of being legally bound to purchase shares following exercise of an option by the estate, but without the money to be able to pay the purchase price.

These insurance policies are different to ‘key man’ or ‘key person’ insurance, which simply insure the business itself against the losses stemming directly from the absence of a critical person. Shareholder protection insurance pays out to the owners of the business for the sole purpose of acquiring the shares of the deceased or critically ill shareholder.

What else to think about?

At the same time as completing a cross-option agreement, you should also update your will to reflect what is in the agreement.

Just as important is to review and renew the cross-option agreement and any shareholder protection insurance every few years to make sure it still reflects the current business and value.

While you may not consider making such provisions for your business when you’re still young, fit and healthy a priority, considering a cross-option agreement could be a fundamental part of securing your businesses legacy.

Read more:
How to plan for the death of a business partner.

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Rising Threat of ‘Hackers for Hire’: How End-to-End Encryption Software Safeguards Businesses

The arrival of summer brings with it an invaluable opportunity to rejuvenate our spirits and refocus our energies.

As the days stretch longer and the warmth envelops us, it’s a chance to step back, reassess, and propel ourselves towards a more balanced and fulfilling existence.

Creating a Balance Lifestyle for the Second Half

In these warmer months, consider easing off the accelerator of your daily life. Allow yourself the grace to reflect upon the past months, evaluating the strides you’ve made and the areas where improvement is sought. Your health and wellbeing deserve prime attention. Have you truly nurtured your physical and mental state? Should the next half of the year be dedicated to enhancing these aspects?

Redefining Your Fitness Routine

The second half of the year beckons with promise, and there’s no better time to fine-tune your routines. Take stock of your exercise regimen – is it robust enough, or can you usher in a more invigorating routine? The summer months, with their inherent serenity, offer an ideal backdrop to forge healthier habits. Whether it’s brisk morning walks, invigorating jogs, or serene yoga sessions, the choice is yours.

Beyond Vacation:  Embracing Local Tranquillity

While jetting off on a vacation is a delightful prospect, the essence of summer stretches far beyond travel. August unfurls an exquisite canvas, painting quiet roads and unhurried mornings when school bells no longer dictate your schedule. Whether you’re amid bustling city streets or nestled in a quiet suburb, this month extends an invitation to revel in the peacefulness, allowing your spirit to unwind.

Cultivating Productivity Through a Clear Desk

Consider dedicating a portion of your summer to clearing your workspace – a physical manifestation of decluttering your mind. Tidy up the cluttered desk, file away the loose papers, and create an environment conducive to productivity. Alternatively, delve into that book that’s been patiently waiting, its pages brimming with untold stories and insights.

Escaping the Frenzy:  Enjoying Simple Pleasures

Amidst the clamour of life, the tranquillity of summer beckons you to savour life’s simpler pleasures. Embrace leisurely strolls through sun-dappled parks, where the rhythm of nature’s heartbeat sets the pace. Gaze upon the intricacies of flora, soak in the warmth of sunlight, and find solace in these cherished moments.

Emerging From Summer with a Revitalised Spirit

Ultimately, the summer isn’t just a season on the calendar – it’s an opportunity for profound transformation. It’s a chance to realign with your aspirations, rekindle your passions, and embark on the journey of self-improvement. Embrace the slower rhythm, immerse yourself in the symphony of nature, and emerge from this season rejuvenated, ready to conquer the world with renewed vigour and a deeper appreciation for life’s beauty.

Read more:
Embrace the Summer: A Season of Reflection and Renewal

For a founder or seller, the sale of a SME business will be one of their key life events.  For a buyer it can be a springboard to a faster growth rate.  In recent months buyer and seller expectations have changed in relation to SME transactions.

Francis Dalton, Corporate Partner at national law firm Freeths, explains that :It is now taking an average of 12 months for transactions to complete leaving buyers and sellers in limbo.  In this article our Corporate experts identify some of the frequently occurring gaps between seller and buyer expectations in Small and Medium-sized Enterprise (SME) transactions and methods of addressing them to determine the best possible outcomes for both parties and to reduce transaction timetables.

Price

Price can often become the main point of disagreement during negotiations because the seller and the buyer rely on different approaches when valuing the business. Sellers have become accustomed to higher multiples and in some cases valuations based on future earnings.  As the economy has tightened, pricing from buyers has dropped and this has led to lower multiples.

Multiples

Multiples, which is a commonly used price metric, works on the basis that a company is worth several times its profits (EBITDA) or its revenue.

For some tech firms, revenue multiples (or annual recurring revenue) have been the basis of valuations as part of the market for a few years.  However, where these were once closer to 6 times, now they are more settled around 3 or 4.  For non-technology assets, it is more common to see a multiple based on EBITDA.  Again, these are sector specific but have reduced in recent years.

When choosing between profit-based and revenue-based multiples, it is crucial to consider the specific characteristics of the SME, the industry in which it operates, and the transaction context. Some additional considerations include:

• whether the SME has consistent and predictable profit margins, if it has then profit-based multiples may provide a more accurate reflection of its value. However, if profitability is low or volatile, revenue-based multiples may be more appropriate; and
• whether the SME is in a growth phase with significant revenue expansion potential, if yes, revenue-based multiples may better capture its future value. Conversely, profit-based multiples might be more suitable if the business has stable or declining revenue but is capable of improving profitability.

Working Capital Targets

Most transaction required that the Seller leaves the business with a normal of working capital in the business.  However, agreeing on what counts as a normal level of working capital is often a source of disagreement.  These disagreements typically arise due to differences in perspectives regarding the appropriate level of working capital that should be included in the transaction. For example, disagreements can arise regarding the treatment of cash, accounts receivable, inventory, or accrued liabilities and the period over which the target should be set.  In a recent transaction, this resulted in a difference in the price of over £1m and ultimately caused the transaction to fail.

When a disagreement in relation to the working capital targets occurs, it is important to have clear and open communication between the parties. Efforts should be made to understand each other’s perspectives and work towards a mutually acceptable resolution.

Earn-out provisions

Earn-out provisions are often used to bridge valuation gaps and align the interests of the buyer and seller as these are payments usually contingent on the business’s future performance.  Of course, a buyer will look to put as much of the overall consideration as contingent on the businesses’ future performance as possible whereas sellers will want more money up-front.

It is generally advisable to exclude the impact of uncontrollable external factors from earn-out provisions. For example, economic downturns, changes in industry regulations, or unforeseen market conditions can significantly affect business performance. Excluding these factors from the earn-out calculations ensures that the outcome is based on the performance within the control of the buyer or, more commonly, a seller/founder who is remaining in the business.

Earn-out provisions should be designed to focus on the performance of the specific business being acquired rather than general market conditions. Both parties should agree that earn-out provisions should not be subject to financial engineering or accounting manipulations. This ensures that the earn-out payments are based on the genuine performance of the business rather than artificially inflated or manipulated financial figures.

Earn-out provisions should be drafted with clarity and precision to avoid ambiguity or misinterpretation. Clear definitions of performance metrics, milestones, and calculation methodologies should be included to minimize the potential for disagreements and disputes in the future.

It’s worth noting that the specific exclusions or considerations for earn-out provisions can vary depending on the unique circumstances of the transaction and the preferences of the parties involved. It is strongly recommended that both the buyer and seller consult with experienced professionals, such as legal advisors, to ensure that the earn-out provisions are fair, balanced, and accurately reflect the intentions of both parties.

Liability Caps

In SME transactions, a seller will make a number of promises about the state of the business to the buyer (known as warranties).  In the event that the these are untrue, the seller will be liable to the buyer for the loss.

It is normal for this loss to be capped but the level of this cap is a point of contention.  Historically sellers have got used to caps of 20%/30% of the consideration whereas buyers will want to make sure that they have protection for the entire consideration amount.

Ultimately this will come down to how comfortable a seller is with the business that they are selling.  Many sellers will say that they know their business and are comfortable giving the warranties.  In other circumstances, the parties may seek warranty insurance protection to bridge the gap.

Basis Liability

In SME transactions involving multiple founders or shareholders, the allocation of liability can be structured in different ways. Two common approaches are joint and several liability and several and proportionate liability.

Joint and Several Liability

Joint and several liability means that each founder or shareholder is individually responsible for the full extent of the liabilities of all founders. In case of a breach or financial obligation, any one founder can be held fully liable for the entire amount, even if other founders are unable to fulfil their share of the liability. If one founder has the means to satisfy the liability, it ensures that the affected party can recover the full amount owed. This approach can provide a stronger level of protection for the buyer but it can seem unfair to sellers who don’t feel that they should cover the liability of their co-founders.  However, where a buyer insists on this approach the co-founders are able to regulate the position through an agreement between themselves.

Several and Proportionate Liability

Several and proportionate liability means that each founder or shareholder is responsible only for their respective share of the liabilities based on their ownership or agreed-upon proportion (i.e. if they have 30% of the shares they are liable for 30% of the claim).  This approach is preferred by sellers but it can leave Buyers exposes of required to bring claims against a number of people which is costly and time and consuming.

• The choice between joint and several liability and several and proportionate liability depends on several factors, including the specific circumstances of the SME transaction, the relationship and trust among the founders, the financial capacity of individual founders, and the preferences of the parties involved. In some cases, a middle ground can be reached by incorporating a combination of both approaches. For example, certain liabilities may be subject to joint and several liability, while others may be subject to several and proportionate liability.

Next Steps

In conclusion, bridging the gap between seller and buyer expectations in SME transactions requires a win-win approach. Both parties must be willing to compromise on key issues and understand each other’s positions to arrive at a mutually beneficial agreement. With proper preparation and open communication channels, the likelihood of a successful deal increases. It is important for both seller and buyer to consult with legal professionals who specialise in corporate law and SME transactions due to the complexities and potential risks involved. If you have any questions relating to a SME transaction or you’re contemplating embarking on a sale or acquisition, please get in touch with Francis Dalton.

Read more:
How to bridge the gap between Seller and Buyer expectations in SME transactions?

In the 18th century, at the beginning of the industrial revolution, human resources were valued no more than material resources. Today, the situation has changed radically. It takes several years, educational infrastructure, technology, and much more to educate a highly qualified specialist.

Therefore, every employer understands how difficult it is to find a true professional and how valuable it is to keep them. In this situation, the role of recruitment agencies can hardly be overestimated.

However, in the 21st century, another trend has emerged — massive globalization and a significant increase in the popularity of remote work. If you are a CEO and want to scale your business, these processes will definitely affect you. How can you attract employees from all over the world and overcome the difficulties of hiring in different countries? There is a simple and effective solution — to contact an employer of record (EoR) who will help expand the team and take a new step in business development.

What is EoR?

Remember how you registered the company. Most likely, it was not the easiest process, associated with numerous difficulties. Now imagine that you need to go the same way, only in another country. This country has its own laws, rules, and mentality. And this is exactly what you will need to do if you want to legally hire employees there. No doubt it can be done, but it takes a lot of time and energy that an entrepreneur can save for more important things. An EoR is an intermediary that has legal offices in dozens of countries and is ready to provide the recruitment process for your firm.

Benefits of partnering with an employer of record

Most likely, you comprehend some benefits such cooperation brings to you. A partner who will attract the best employees from all over the world is a great value. Such cooperation is a complex solution that needs to be considered in more detail and highlight the main benefits that you receive.

No need for foreign entities

Opening each office and establishing a legal entity in another country requires time, money, and knowledge of local laws. Even if you are a technology company and all employees work remotely, you still need a representative office in every country where you hire employees. As we said above, the employer of record has already done this for you. Therefore, you can safely work with people around the world and not open offices.

Guaranteed compliance with local laws

Unintentional violation of labor laws is possible if you do not know them. The EoR company guarantees that all rules will be respected, both during the recruitment process and throughout the duration of the employment contract. This is a very important advantage, since many countries have very strict laws, and violation of them can lead to heavy fines and legal proceedings.

Full outsourcing of recruiting activities

By cooperating with an employer of record, you not only relieve yourself of the burden of hiring but also of all issues related to the payment of wages and taxes. Since you are entering into a tripartite agreement, taxes and salaries are the responsibility of the EoR. All you have to do is to manage and use the professional skills of the employee.

Growth rate

If you are a small or medium entrepreneur with global ambitions, speed is very important to you. Entering other markets may take months or years. Bureaucratic complexities slow down the development process. An employer of record provider will help you quickly become an international company and get ahead of your competitors.

Support

We have no doubt that you have a recruiter or even an entire HR team. However, to work with foreign specialists, it is necessary to understand the mentality of local residents and their expectations of work. Therefore, consulting an employer of record will help you become a truly international business person. Remember that you and the employer of record are working towards a common result, which is possible with synergy.

Cost reduction

Obviously, all of the above benefits will allow you to significantly reduce your costs. Opening an office and legal support requires money. The risks of violating labor laws and getting a fine are significantly reduced by partnering with an employer of record. But most importantly, your rapid growth and access to global markets can bring you such a profit that is impossible within the borders of one state.

The best employees

Last but not least. Today, a business focused on quality, not quantity, wins. Two bad employees will not replace one good worker in the short or long term. An employer of record service will help you find the best employees in the world and use their talents for the benefit of your business.

Conclusion

We live in an era of globalization and international cooperation. Growing companies can no longer remain within the boundaries of one state. Entering new markets requires hiring qualified local staff. An employer of record offers comprehensive recruitment services around the world. This partner will help you focus on your key business objectives and ensure that all employment-related legal requirements are met. Contact the best providers and enjoy the growth of your company.

Read more:
The Advantages of Using an Employer of Record: Streamlining Global Workforce Management 

TikTok, Facebook, Twitter and now Threads… social media provides employees with a million and one ways to bring a company into disrepute: from posing in uniform and bad-mouthing customers on a personal channel to making an ill-judged comment on their official page.

With 98% of workers saying that they have social media for personal use, it is intrinsic to a business that they have legislation in place to prevent any mishaps from happening.

Down under, the Nursing and Midwifery Council of New South Wales even had to warn its members about creating (presumably adult) content on OnlyFans.

The dangers are not limited to such reputational damage. Bullying, a lack of productivity, privacy and cybersecurity issues, or more niche problems like accidental insider trading within financial services are all potential threats. Statistics have proven that one in 10 job seekers between the age of 16 and 34 have been rejected from a job because of something posted on social media. Being conscious of a digital footprint is more essential than ever.

This means that any employer should now have a social media policy for its staff. More than this, the employer needs to make sure it is clearly communicated and, if necessary, enforced.

What is a social media policy?

A social media policy sets out the rules and parameters of social media usage, both on a company’s official channels and, where it can be linked back to the company, employees’ personal accounts. It will also explain the consequences of breaches – linked to their disciplinary policy.

A social media policy will apply to all members of staff, from the most junior to the most senior.

What kind of things should a social media policy include?

There are many points which should be included in a social media policy, ones that may seem like common sense, but it is important to spell them out.

Relating to your company pages, these may include:

• Specifying who is authorised on the accounts
• A sign-off process
• Understanding copyright
• Warning against publishing confidential information
• Staying on brand (e.g., proper spellings, avoiding slang)
• Fact-checking before publication or reposting
• A complete ban on profanity and hate speech
• Careful protection of log-in details, and other cybersecurity matters
• How to escalate problems and respond to crises

There might not be as much control over personal usage, but there are important things to cover:

• Avoiding posts that will bring the company into disrepute
• Posting nothing which may be construed as bullying by colleagues
• Prohibiting personal social media use during company time
• Possibly including a disclaimer on profiles that an individual’s views are not representative of the company

What next?

Once policies have been written, it is important that they are communicated to all staff, and that it can be proved that everyone has had access. This is so that they can be referred to during any subsequent disciplinary process, and should any sanction be challenged at tribunal.

Onboarding of new staff is an obvious time to do this, as well as periodical reminders to existing staff or when an employee is newly charged with operating company social media accounts. Employees can be wonderful advocates for your business – both to customers and prospective staff. Safely harnessing the energy, they bring can give a major competitive advantage.

Love it or loathe it, social media is entwined in everyone’s lives now. The BBC/Gary Lineker/UK government episode earlier in 2023 shows just how much a few lines of text can derail operations when there is no clarity on what is allowed.

Read more:
Do you worry about your employees’ use of social media?

Small and medium-sized enterprises (SMEs) are the true backbone of the UK economy. This community of accountants, tailors, corner shops and everything in between make up over 99% of all businesses.

Yet even with AI dominating news headlines and dinner time conversations in 2023, most SMEs have hardly scratched the surface of its potential. In fact, just 20% of them have started to use AI, according to research from Slack’s State of Work Report.

Chris Mills, Head of Customer Success, EMEA at Slack looks at what SMEs can do to unlock the potential AI holds for them.

For AI to learn, it needs a business’s dictionary

AI is only as good as the data it’s fed, so for any business it needs to be deployed in a trusted environment – where the data it’s drawing on will be relevant. And in smaller businesses, this is critical. That’s because SMEs often operate in niches, serving a highly-specific clientele and delivering a bespoke service. They need AI that can learn – and then speak – their language.

For AI to do this, it needs the right information and context to learn from. The perfect starting place is a productivity platform that already houses all the communication taking place within the company. This can act as a dictionary that leading AI tools like Chat GPT or Anthropic’s Claude can use to understand the nuances of the business, and then start providing insights, summaries and suggestions. Even better, getting AI set up requires minimal input or investment from busy small business leaders – with communications housed in a productivity platform, they’re already good to go.

For example, imagine a small business owner in Birmingham. Let’s call him Saad. He’s the owner of a growing florist chain and it’s the summer wedding season – meaning orders are increasing. All of his delivery drivers are out, and one of his local managers is on a well-earned holiday. Saad hasn’t been across all the details and doesn’t have anyone to ask, but now he needs to get up to speed quickly.

Thankfully, with all communication kept in one productivity platform, Saad can quickly pick up with his AI helper for an update on the status of a key delivery, and receive a clear list of the stock being sent out, without needing to go searching for it in inboxes. Saad can stay on top of the work, and every happy couple receives their delivery.

By using a productivity platform and AI, Saad has been able to find information faster, solve customer challenges and – importantly – avoid interrupting his store manager’s holiday. It’s just one example of the myriad ways small businesses investing in AI can oil the cogs and keep things running efficiently – all while delighting customers.

Better communication for fast-paced teams

“What were our 10 biggest orders over the past six months, and year-on-year how has the spending volume and frequency of purchase changed amongst those customers?” With AI as their sidekick, leaders like Saad can seamlessly surface business-critical insights with just a quick message. However, it’s not only solo work that benefits from using a productivity platform enhanced with AI, but team collaboration.

This is important, because being productive at a small business often means wearing many hats. Saad might be a CEO one day, an operations manager the next and a shop assistant at the weekend. Hopping between those roles requires keeping on top of several streams of communication with different teams involved.

If a business is relying on a hodge-podge of emails, social platforms, texts and more to communicate, it quickly becomes hard to keep track of what is actually going on. That’s why it’s key to invest in a tool like Slack – not only so people can ask for a quick update from their AI partner, but to also keep communication organised.

This was the main challenge Stephanie Sollers faced when her company Virtual Dining Concepts (VDC) – a business that helps organisations in the hospitality sector unlock additional revenue streams – grew significantly during its first few years. With 50 employees working with over 2,500 restaurants, clear, efficient and timeline communication was crucial in ensuring the organisation’s ongoing success. That’s why Stephanie transitioned her business to Slack. With a powerful productivity platform as its foundation for collaboration, VDC is able to stay nimble, innovative and efficient, even as it grows into a much larger company.

The same would be true for Saad, who uses separate channels on his productivity platform to discuss deliveries, shop management, and incoming orders across teams. In each channel he can engage with the people he needs, and teammates can easily search through messages and share knowledge as required, too. He can even have dedicated channels with trusted external parties, like key suppliers, to coordinate activities and move work forward faster.

To accelerate work even further, Saad might even use automations within these channels, so that, for example, when a new order is made on the website, it automatically shares the details in a specific sales channel, where the local florist can pick it up. On average, SMEs that implement automations like these are already saving 3.1 hours every week – time that can be reinvested in growing and further optimising the business.

A future of AI-empowered business

The UK’s small business sector is full of leaders like Saad and Stephanie: dedicated, passionate and providing a fantastic service to customers. Yet many lag behind when it comes to taking advantage of advances in technology. As the AI era kicks off in earnest, it’s time for those small businesses to claim the productivity wins that come with AI-enabled platforms: faster communication, stronger problem solving and happier customers. And all of this leads to a more productive, efficient and profitable business.

It all starts with investing in a platform that keeps everyone in the business – and the information they’re sharing – connected. From that foundation, AI can accelerate decisions and updates, while growing teams can collaborate seamlessly in one space. And with these tools at hand, small business leaders like Saad can move forward while making a bigger impact than ever.

Start using Slack for free and fuel your company’s growth by visiting https://slack.com/intl/en-gb/solutions/small-business

Read more:
How AI can boost growth and improve productivity for SMEs

HM Revenue and Customs (HMRC) has announced that the rollout of the new additional information form that is required to support all claims for Research and Development (R&D) tax relief or expenditure credit has been pushed back by seven days.

Originally set for the 1 August 2023, the new changes will now come into force from the 8 August 2023, giving businesses an extra week to prepare.

Nigel Holmes, Director of Tax, Catax, a Ryan company, explains what businesses need to do to complete a claim.

What additional information is needed?

Before the change, the provision of project information and cost analysis was recommended but optional. Now HMRC makes it mandatory for firms to include the following before submitting their Corporation Tax return:

· Project details – the scientific or technological advances, uncertainties, baseline, and activities undertaken.
· Project costs, including details of qualifying indirect activities.

Why is this change needed?

While this new step requires more administrative work, it is necessary so that HMRC can more easily identify fraud and error in claims. The additional information should help to sift out dishonest advisors who—until 8 August—haven’t included sufficient project information.

This change will also enable HMRC to have a better overall understanding of the claims being made. By having access to clear claim breakdowns and project justifications, rather than just total qualifying expenditure, HMRC can tackle claims with particular features or from particular sectors.

How should businesses prepare?

· Maintain robust recordkeeping – Businesses should be able to discuss all expenditure on a project-by-project basis rather than an overall collective. By having project information captured and readily available, firms will be able to complete the form more easily.
· Start the process early – The new claims process is more demanding and therefore more time consuming. Avoiding last-minute rush can prevent firms from making silly and costly mistakes. If you are using an advisor to complete your claim, consider the time needed to provide them with more information—more calls and email exchange may be needed.
· Consider speaking to an R&D specialist – Some advisors may have made only a handful of claims before, without an accompanying report or comprehensive narrative that’s now expected from HMRC. Consider outsourcing your R&D tax relief claims to a specialist advisor that’s experienced in delivering this level of information to HMRC and already set up to deliver this change.

Holmes adds: “The extension will be very much welcomed by businesses that are yet to start preparing for the additional R&D form. They now have three weeks left to make sure they have all the information required to submit a successful claim.

“Remember that regardless of when the accounting period was, all claims submitted on or after 8 August need to submit the additional information form to HMRC. Businesses should be careful not to confuse the 8 August deadline with any other R&D changes that are due to come in this year.”

Read more:
HMRC Gives Businesses Extra Week to Prepare for New R&D Information Form

Rates of addiction across the UK have risen sharply over the past year. According to a recent survey commissioned by addiction charity The Forward Trust, 1 in 3 adults had relapsed into addiction during 2022 or knew someone close to them who had.

The NHS, meanwhile, has reported that demand for its addiction clinics is up by 42%.

In the accountancy sector, the picture is equally concerning. In a caba survey of nearly 2,000 chartered accountants, 1 in 7 of those we spoke to said they knew someone within the profession who they believe had an addiction. One in 5 admitted said their own drinking habits had negatively impacted their work or personal life, while a third of all those who said they gamble admitted they’re not always open with those around them about how often they do it or how much money they spend.

Complicating issues are worrying deepening cost-of-living crisis here in Britain. Millions of people across the country are now struggling to cover the costs of their basic human needs like groceries and energy bills. The stress, anxiety, and even trauma many of us feel as a direct result of this can create an environment in which addiction becomes more likely, as we try to find ways of coping.

Cristian Holmes, CEO of caba, the occupational charity for ICAEW chartered accountants explains that as with all societal issues, these issues don’t just stay at home. For HR professionals, this means an increased chance of having to handle a workplace situation where an employee is struggling with addiction. It’s essential, therefore, that every workplace has clear policies in place around substance misuse and other forms of addiction. This will ensure that both the employer and employees know which procedures to follow and that the individual struggling with addiction feels fully supported.

Health concern vs disciplinary action

There is no standardised way to approach addictive behaviours in the workplace. Some employers treat drug and alcohol misuse as gross misconduct and there are cases of employees being automatically dismissed for turning up to work under the influence.

However, HR professionals should be aware that drug and alcohol dependence are recognised medical problems. Therefore, anyone who is misusing them has the same rights to confidentiality and support as they would if they had any other medical or psychological condition.

The Chartered Institute of Personnel and Development (CIPD) recommends that preventing substance misuse forms part of an employer’s overall wellbeing offering – something that we at caba wholeheartedly agree with. This ensures any need for disciplinary action is coupled with a preventative and supportive approach to help employees get the help they need. While there may be times that employees need to be moved to a different department – for instance, if they’re in a safety-critical job – the goal should always be to support them in getting better.

We would also suggest that employers extend their policy to cover all forms of addiction, including behavioural addictions like gambling and gaming, and so-called invisible addictions like orthorexia (an obsession with health). Modern addiction can present itself in different ways and employers need to be aware of the signs so that they can act accordingly.

Creating a workplace policy for substance misuse and other forms of addiction

Every workplace should have a clear and consistent policy framework in place around addiction, which sets out the employer’s expectations for staff behaviour as well as the consequences for not meeting these expectations. It should provide details of the process for employees who wish to disclose an addiction, along with a list of any support systems and resources available to them such as an Employee Assistance Programme (EAP).

EAPs form an important part of a workplace’s wellbeing support offering and it’s important to raise awareness of them where they’re available. Some employees may feel hesitant about talking about an addiction within a workplace context – for instance, only 5% of those we surveyed said they’d go to their EAP about an addiction – therefore education around confidentiality is key.

A workplace addiction policy should also set out the procedure for any employee who wishes to flag a concern around a fellow colleague. According to our research, 1 in 14 accountants have witnessed a colleague taking drugs and 1 in 12 have witnessed a colleague gambling large amounts of money.  While these might not always indicate an addiction, employers should ensure that their staff have a means to raise any concerns both confidentially and discreetly so that any potential issues can be spotted early.

Further information on writing or updating a policy around substance misuse and other addictive behaviours can be found on the Health and Safety Executive’s website.

Educating and empowering managers and supervisors

Even with a clear policy in place, not all managers and supervisors are going to feel equipped to handle cases of addiction among their team. In fact, a CIPD survey found that only a third (30%) of employers provide guidelines for their managers on how to deal with disclosure and how to signpost to support.

Every employer should provide the appropriate training for managers. This should include training courses on how recognise the signs of addiction in others and what to do if they suspect that one of their team members is struggling with an addiction. Equally important is knowing what to do as a manager if someone approaches you about an addiction, including the use of non-stigmatising language.

Opening up the discussion around addiction

The bottom line is that addiction can happen to anyone. What can start as a seemingly harmless habit or coping mechanism can quickly spiral into something more serious.

That’s why it’s so important for employers to create and maintain a supportive workplace culture that openly talks about mental health and wellbeing. This must be led from the top down, with regular communication about what help is available to anyone struggling with a possible substance or behavioural addiction.

With the right policies and people in place, employers can ensure that their employees are treated fairly and have access to the support they need to get better.

At caba we’re campaigning for greater awareness of addiction within the accountancy sector. Whether it’s helping individuals identify the causes of addiction or providing guidance on how to support someone close to you with an addiction, our goal is to reduce the stigma that surrounds modern-day addiction and provide those who are struggling with the help and guidance they need.

Read more:
Supporting employees with addiction: Lessons from the accountancy industry

All directors have responsibilities under the Companies Act 2006, but many lose sight of what is required when they’re in the thick of running a business.

Worse still some don’t even realise what is expected of them, Charlotte Mills, a director and head of the corporate and commercial team at Jackson Lees examines.

A company director has many duties and wears many hats so can find themselves dealing with all manner of day-to-day issues. Despite this, a director must also ensure that the company complies with the law, files its accounts and annual confirmation statement at Companies House, as well as maintain its solvency.

Anyone attracted by the job title and status should think long and hard about taking on the role. Holding office as a director might sound prestigious but is a serious commitment. Failing to act in accordance with certain rules won’t just damage the company but can lead to personal liability or even criminal charges, meaning you have much to lose if you fail to take your duties seriously.

In addition to wider fiduciary duties (like acting honestly and in good faith) and regulatory responsibilities (like health and safety and environmental compliance), there are seven main duties that a director must adhere to under the Companies Act 2006, namely:

Act within powers

A director of a limited company must act in accordance with the company’s constitution, but many don’t know what it contains, let alone where to find it!

A company’s constitution, or ‘Articles of Association’, details the rules on how the business should be governed and operated. It is a statutory requirement that all registered companies have.

If you’re not familiar with yours, visit the Companies House website as there will be a copy there and it should be easily accessible against your company’s online file.

Promote the success of the company

The Act states that directors must have regard (among other matters) to the following:

• The likely long-term consequences of any decision.
• The interests of the company’s employees.
• The need to foster the company’s business relationships with suppliers, customers and others.
• The impact of the company’s operations on the community and the environment.
• The desirability of the company maintaining a reputation for high standards of business conduct.
• The need to act fairly between members of the company.

The courts do not expect directors to be guarantors of a company’s success. The statutory obligation is that directors act in the way they consider (not what a court may consider) would be most likely to promote the company’s success for the benefit of its members as a whole.

The courts recognise that directors are in control of an entrepreneurial venture and that a degree of commercial risk-taking is a necessary part of a business’s success. Further, it has long been accepted that directors are not liable for mere errors of judgment.

While a court may relieve directors from liability if they acted honestly and reasonably it will only do so if, in its opinion, they ought fairly to be excused. Prudent directors will therefore take every reasonable step to prevent liability arising.

Holding regular board and other management meetings and reviews, accompanied by clear minutes, are the best evidence of the steps directors took, and why.

Exercise independent judgment

A director must not let their powers as director be controlled by others. This doesn’t prevent directors from relying on advice from others as long as they exercise their own judgment as to whether or not to follow that advice.

Exercise reasonable care skills and diligence

A director must exercise their duties diligently, performing their role to a high standard. A director must perform to the best of their ability and accept the responsibilities and expectations associated with the role.

Avoid conflicts of interest

A director must not, without the consent of the company, place themselves in a position where there is a conflict or possible conflict of interest. Directors should always disclose any potential conflict.

This issue often arises in family-run businesses, and it is important directors do not lose sight of their obligations. I am aware of a case of three shareholders, an elderly woman who had inherited her husband’s share and his two brothers who didn’t involve her. The brothers were taking the business opportunities they received from that company and passing them onto another competitor company they had set up. This is a clear conflict of interest and is certainly not acting in the best interests of the company they own with their sister-in-law.

This duty also doesn’t stop on termination of the director’s appointment with respect to the exploitation of property, information, or an opportunity that they became aware of whilst holding office.

Not to accept benefits from third parties

A director must not accept benefits in connection with their role from people other than the company (or a person acting on behalf of the company).

For example, if you are about to enter talks to work alongside another company, you must be mindful not to take any inducements such as gifts or financial payments from the other party.

Again, this applies after a person ceases to be a director in relation to the things done or omitted to be done by them before the directorship ended.

Declare an interest in a proposed transaction or arrangement

Directors must declare to other directors the nature and extent of any interest (direct or indirect) in a proposed transaction or arrangement with the company, prior to the company entering any such transaction or arrangement.

An interest doesn’t necessarily mean a conflict but flagging it at the outset allows your fellow directors to make an informed decision and ensures you have complied with your duties.

Becoming a company director puts you in a position of responsibility and while there might seem like a lot to consider, this guidance represents good, honest business practice and should not be onerous.  The law is there to guide you.

Read more:
Are you a fit director?

Don’t expect a quick-fix guide or foolproof blueprint to kickstart a thriving creative agency. If your looking for that, you might want to scour Reddit or the daily mail – they seem to have an endless advice.

Instead, we’re offering a condensed snapshot of our important experiences and insights from the past four years as we’ve navigated the journey of setting up one of London’s fastest growing video production companies. We aim to shed light on the dual aspects of running an agency: one being business development, strategy and delivery, and the other, the creative spark. This blog gives voice to both perspectives, providing a balanced view of the tightrope that needs to be walked to facilitate rapid growth while upholding an unwavering creative standard.

Brace Yourself – It’s Going To Be Tough!

On the walls of our studio sits a quote that might sound unusual at first: “Without hassle, there is no joy”. This is something we’ve found as we’ve muddled through the creative journeys from our amoebic creative beginnings to… well, what I’d describe as an early stage creative agency dragging itself out of the primordial soup and on to the crowded shores or ‘the market’. The challenges that lie ahead should not be seen as roadblocks but as stepping stones that distinguish you from the crowd. Be it finance, organization, creative capacity, networking, digital and social know-how, or growth, viewing these aspects as pillars of learning will lead you to your destination, given time.

What’s All the Fuss About?

Transitioning from zero to an entity that’s something, is no mean feat. The challenge lies in creating an agency that can support the essential personnel required to deliver your services. To put things into perspective, you’d need a producer to handle business and organization, and a creative to take charge of filming, editing, and delivering. And you’d need to pay these two a decent wage, at least £3,500 a month combined, along with covering the basic costs of running the business. This doesn’t even include the investment in equipment and professional development. To pull this off, you need to consistently deliver and acquire work, at least one and a half jobs every month, before considering a full-time commitment. So, how on earth do you do that?

Resourcefulness in the Face of Obstacles

Starting a video production company faces a huge bar for entry. Essential tools of the trade are expensive in the form of a camera, and a laptop, these are indispensable. The advancements in technology mean that a new iPhone could potentially fill in for a professional camera, but rewind four years and you’d require equipment with more gravitas. As a basic starting point, you might be looking at a £1,000 camera and a laptop of similar cost, although, thorough research is necessary to ascertain the right camera for your needs. Our journey began with a family loan to finance the camera, and I had to sell my photography camera to chip in towards a laptop. Without these measures, we would have been stalling our venture for half a year.

The Hidden Advantages of Pro Bono Work

With a camera at hand, the next step is to amass a compelling portfolio. This is crucial. It’s unreasonable to expect clients to pay when you have no prior work to showcase. Clients might feel they’re risking their money or worse, their precious time. For the initial two years, we juggled our startup with other jobs, dedicating weekends and evenings to filming a wide range of subjects – from beach outings with friends to unpaid event coverage. Although we vowed never to film weddings again, it was a valuable learning experience. The beauty of free work is its tri-fold advantage: it enriches your portfolio, enhances your reputation, and expands your network through referrals. Even today, we embrace pro bono work when our schedule permits, usually offering our services to charities or projects that resonate with us.

The Art of Acquiring Free Work!

In the early days, we found it odd that our offers of free work would occasionally be declined – quite a blow to morale. It’s human psychology to associate free offerings with a lack of value or even view them as an inconvenience. We learned to flip this perspective. Instead of plainly offering free services, we invited potential clients to collaborate on a project. For instance, say you approach a sustainable coffee company in Bristol, rather than offering free work, frame it like this: “Hi, we’re producing a series on Bristol’s most eco-friendly SMEs and wondered if you’d be interested in being featured?” This tactic subtly conveys a sense of urgency and value, making the proposition more appealing.

Find Your Niche

You might be wondering, “A what?” Yes, a ‘vertical’. It’s a term more common in the tech start-up scene, but it applies to any industry. Essentially, it refers to a niche or a specific sector within your field. For instance, within film, one vertical could be wildlife documentaries, another corporate talking heads. Both are subsets of film, but expertise in one doesn’t equate to proficiency in the other. Keep in mind, clients tend to explore various options, and there’s always a larger, cheaper, more flashy competitor lurking. BUT, if you’re the go-to agency for a specific type of content, you significantly increase your chances of being chosen for projects within that niche. Our choice was to marry the aesthetics of documentaries with the structure of ads and corporate videos, a concept we termed ‘Documercial’. This style resonated with Airbnb when they sought to create a series of short documentaries/ads about their users. Given our unique focus, we were their pick, enabling us to showcase our collaboration with Airbnb. But if our portfolio had been a mishmash of various types of films, would we have stood out?

Feel free to explore diverse types of content, but honing in on a vertical could fast-track your climb up the industry ladder. Once you’ve mastered that niche, you can then broaden your horizons, just as we did, starting from a documentary/documercial studio to now dabbling in a bit of everything.

Throwing in Everything But the Kitchen Sink

Perhaps a dramatic way to put it, but there’s a serious point to be made here. If you continually deliver exactly what clients ask for in the most cost-effective, straightforward manner, you’ll never build a brand that truly stands out. Consider this: a client pays you £4,000 for a film that appears to cost £4,000 – they’re pleased. But how will you then ask for fees of £5,000, £10,000 or more if all your work represents the value of what’s been paid previously? Every project should be seen as an opportunity to build your portfolio. Whether it’s a talking head, short event film, promo, crowdfunding film, or anything else, prioritize the quality of the final asset over immediate profit. After all, a client’s investment in a film doubles as investment in your portfolio.

Great work doesn’t guarantee a great agency

Simply producing great films doesn’t guarantee a successful career in filmmaking. Brace yourself for a reality check: there are countless filmmakers out there, many of whom might outperform us and you. Most people won’t spend hours searching for the perfect filmmaker or agency. You need to find them first or make yourself so prominent that you’re the obvious choice. This brings us to marketing. A common error is to split your time equally among all marketing channels: the website, social media outreach, SEO, networking. But if I dedicate 50% of my time to something you’re only spending 25% of your time on, I’m already one step ahead. Instead, focus on mastering one or two strategies. We chose to invest heavily in search engine visibility, becoming the most noticeable video production company in the UK on Google. This requires half of my daily work, but it pays off. Another approach is to attend as many networking events as possible, like our main competition in the South West of the UK. By dominating a specific marketing avenue, you’ll quickly determine its effectiveness and potentially command that space.

Believe in Ubuntu

They say your first hire can make or break your startup. We opted for a different path. Rather than hiring early on and offering a lower wage, we chose to bring in freelancers, paying them higher rates for their work. Why? It keeps us nimble during challenging times. More importantly, it’s fostered a deep sense of camaraderie. In the creative world, independence is a valuable commodity. When you pay someone well and allow them to flourish independently, they invariably put their all into their work. We’re transparent about our budgets and openly discuss what we can afford. We’ve even had creatives volunteer their work when times were tough, an act we repay when the next big job rolls in. Now, with a clear income stream and precise knowledge of our creative costs, we can consider hiring with the assurance that our cash flow can handle it.

Say No to Working from Home

It took us three years to figure this out, but working from home isn’t ideal. You might worry about the cost of renting an office space, but consider it as an investment for new opportunities. Choosing a great office space surrounded by thriving companies increases your chances of collaborating with them. A traditional workspace may cost around £250 per month (£3,000 per year). Just one job from being in a shared workspace could cover that cost. We did exactly that – we researched the best workspace with the best companies and landed a job within a month, three jobs within two months, including one with Domino’s Pizza!

Set and Chase Milestones

Once you’ve hit your stride, with work flowing and great distribution channels, what’s next? How do you maintain your lead in the industry? Our approach is to cultivate a project culture. Instead of aiming for a single, lofty goal, we set smaller, achievable projects that collectively contribute to our bigger mission: using film to support and promote people, projects, and companies making the world a better place. This could be delivering an ad to a particular standard or achieving a number one ranking for a webpage. Once a project is chosen, we focus our efforts on it until completion. This laser-focused approach has proven to be highly effective.

The Most Vital Piece of Advice

Pursuing a career in the creative world is not a casual endeavor – it’s a labor of love. It’s not for those seeking stability, for them, perhaps banking would be a better fit. But if you yearn for a less conventional life, one that could take you to the furthest corners of the world, then this is the place for you. Yes, much of the work involves sitting at a desk, making calls, and planning. But when the time comes, you have the opportunity to create something truly unique, something that could transform an entire movement, project, or cause. Filmmaking is not just fun, it’s meaningful. The thrill I get every time I watch one of our films for the first time is indescribable. That’s why I’m always open to offer advice to those seeking it. Feel free to contact us via our website – I try to respond to all emails whenever I’m at my desk.

All photos are credited to Here Now Films &  Tin & Copper Media.

Read more:
How to start a creative video production agency: Tips and tricks from one of London’s fastest growing video production companies…

Business owners are being urged to wait and see before signing up to the new social network Threads in case they get tangled up in pursuing a strategy that does nothing to serve their interests.

UK marketing agency JDR Group, based in Derby, says companies could lose precious time and derail their sales campaigns if they succumb to the lure of Meta’s latest online platform without proper planning.

Threads has caused a worldwide sensation since its launch as a rival to micro-messaging platform Twitter, with 150 million new users having already signed up.

Among a flurry of headlines, Facebook founder Mark Zuckerberg’s direct competitor to billionaire Elon Musk’s Twitter had many people announcing they were abandoning Twitter in favour of Threads, leading digital experts to speculate over whether the famous blue bird’s days were numbered.

But Will Williamson, a director at JDR Group, which looks after the online marketing for hundreds of companies across the country, says firms who currently rely on established social networks should resist the temptation to join the stampede – for now.

Threads definitely has potential, he adds, and there are benefits to get on board early, not least because it is easiest to build followers and get engagement in the early days before the site’s algorithm start to prioritise adverts.

But equally there is the danger that it may not be compatible with their business needs or is not likely to be used by their potential customers.

And experts – including Meta with its failed Horizons World VR project – have been wrong about the next best thing before and it might be that the latest online sensation won’t come from America at all, but from China, with a new app from the makers of TikTok called Lemon8 waiting in the wings and steadily growing its own new following.

Will said: “There is always a sense of panic every time a new social media platform launches with everyone wondering if they should get involved and what might happen to their business if they were to miss out.

“There’s no doubt Threads has made a huge impact and has vast potential. However, we all remember other social media platforms which arrived in a burst of publicity but which never fulfilled their promise, including Google Plus, which plenty of people thought would be the next big thing.

“I understand companies wanting to seek any advantage that might be gained, but our advice is that they should be cautious and do their research before getting involved.

“Social media takes time and investment and every minute and pound you spend on it is precious and so we wouldn’t advise opening an account on Threads until there is certainty about whether it’s right for your business.”

Social media has become one of the main marketing tools for businesses over the years and there are now plenty of ways in which companies can harness the power of social media in order to grow their brands.

Will added: “The huge success of Meta and TikTok may well mean that Threads and Lemon8 have potential to become really important, however I think the days of huge subscriber numbers are over because platforms are becoming more specialised and serving distinct niches.

“From having three or four giant social media platforms 10 years ago, I would say there are now 50 available, 20 of which we are actively aware of and with new ones coming along all the time.

“It means that companies need to understand who their customers are and find the social media platform that is meeting their needs the best. As ever with anything that’s new, it’s always wise to seek advice and hold off doing anything drastic.”

Read more:
SMEs told to think ahead before tying up with social media platform Threads

As the Founder and CEO of a leading media company, and former government advisor on small business, Richard Alvin looks at the ways that UK SMEs can really impact their business growth.

Embracing AI

In today’s rapidly evolving business landscape, embracing artificial intelligence (AI) has become essential for staying competitive and driving success.

AI technologies, such as machine learning and natural language processing, can automate repetitive tasks, improve efficiency, and provide valuable insights. By utilizing AI-powered chatbots, businesses can enhance customer service, streamline communication, and provide instant support. This not only improves customer satisfaction but also frees up valuable time and resources that can be redirected towards strategic initiatives.

Furthermore, AI can significantly enhance decision-making processes. By analyzing vast amounts of data, AI algorithms can identify patterns, trends, and correlations that humans might miss. This enables businesses to make informed decisions, optimize operations, and identify new opportunities. Richard encourages small businesses to explore AI solutions tailored to their specific needs, whether it’s predictive analytics, demand forecasting, or customer segmentation.

In conclusion, embracing AI is crucial for small businesses looking to thrive in the second half of 2023. By leveraging AI technologies, businesses can automate tasks, improve customer service, and gain valuable insights for strategic decision-making.

Look at Investing in Entering a Business Award Entry

Entering a business award can be a game-changer for small businesses. Not only does it provide recognition and exposure, but it also serves as a valuable opportunity for self-reflection, benchmarking, and networking. Participating in business awards can boost business confidence and open doors to new opportunities. In this section, we will explore the benefits of entering a business award and how it can contribute to long-term success.

Firstly, winning a business award can significantly enhance a company’s reputation and credibility. It showcases excellence and validates the hard work and dedication put into the business. This recognition can attract potential clients, investors, and business partners, leading to increased opportunities for growth and expansion.

Moreover, participating in a business award encourages self-reflection and evaluation. The application process often requires businesses to assess their achievements, strengths, and areas for improvement. This exercise fosters a culture of continuous improvement and can highlight areas where innovation and strategic thinking are needed. By going through this process, businesses can refine their strategies, identify gaps, and set new goals for the future.

Lastly, business awards provide an excellent platform for networking and building valuable connections. Industry events, conferences, and award ceremonies bring together like-minded individuals, industry leaders, and potential collaborators. This networking opportunity can lead to partnerships, collaborations, and access to new markets. Small businesses can seize these opportunities and leverage the power of networking to expand their reach and influence.

In summary, entering a business award can provide numerous benefits for small businesses. It enhances reputation, fosters self-reflection, and opens doors to new opportunities through networking. Small businesses really should consider investing in entering a business award to build their confidence and propel their success in the second half of 2023.

Give Back by Supporting a Charity like The Prince’s Trust

As entrepreneurs and business leaders, it is essential to give back to the community and support charitable causes. Richard Alvin believes that businesses have a social responsibility to make a positive impact on society. In this section, we will explore how supporting a charity, such as The Prince’s Trust, can not only benefit the community but also contribute to building business confidence.

The Prince’s Trust is a UK-based charity that aims to empower young people and help them overcome barriers and achieve their full potential. By supporting such a charity, businesses can make a meaningful difference in the lives of disadvantaged youth while also gaining various business benefits.

Firstly, supporting a charity can enhance a company’s brand reputation and image. It demonstrates a business’s commitment to social responsibility and community engagement. This can attract socially conscious customers who prefer to support businesses that align with their values. By associating with a reputable charity like The Prince’s Trust, businesses can build trust and loyalty among their target audience, ultimately driving business growth.

Secondly, supporting a charity can provide unique marketing and PR opportunities. Businesses can collaborate with the charity on joint initiatives, sponsor events, or participate in fundraising activities. This generates positive media coverage, increases brand visibility, and creates a buzz around the business. Small businesses should leverage these opportunities to showcase their philanthropic efforts and differentiate themselves from competitors.

Lastly, supporting a charity can have a positive impact on employee morale and motivation. Engaging employees in charitable activities not only boosts team spirit but also provides a sense of purpose and fulfillment. It fosters a positive work culture and attracts top talent who are passionate about making a difference. This, in turn, contributes to building business confidence and attracting like-minded individuals who share the company’s values.

In conclusion, supporting a charity like The Prince’s Trust is not only a noble endeavor but also a strategic business decision. It enhances brand reputation, provides marketing opportunities, and boosts employee morale. Richard encourages small businesses to give back to the community and support charitable causes as a means to build business confidence in the second half of 2023.

Understand Your Numbers

Financial literacy and understanding key metrics are crucial for business success. Richard emphasizes the importance of small business owners having a solid grasp of their financial numbers. In this section, we will explore why understanding your numbers is essential and how it can contribute to building business confidence.

First and foremost, understanding your numbers allows you to make informed financial decisions. By analyzing financial statements, cash flow projections, and key performance indicators (KPIs), you can identify areas of strength and weakness. This enables you to allocate resources effectively, prioritize investments, and take proactive measures to address financial challenges. Richard Alvin advises small business owners to regularly review financial reports and seek professional guidance if needed to ensure accurate interpretation and analysis.

Furthermore, understanding your numbers provides a clear picture of your business’s profitability and growth potential. By analyzing profit margins, revenue trends, and return on investment (ROI), you can assess the overall financial health of your business. This knowledge empowers you to make strategic decisions, such as expanding product lines, entering new markets, or optimizing pricing strategies. It also helps in setting realistic goals and tracking progress towards achieving them.

Lastly, understanding your numbers enables effective financial planning and budgeting. By identifying revenue streams, cost drivers, and financial risks, you can create a comprehensive financial plan that aligns with your business goals. This includes setting realistic revenue targets, estimating expenses, and establishing contingency plans. A well-defined financial plan provides a roadmap for success and instills confidence in investors, lenders, and other stakeholders.

In summary, understanding your numbers is vital for small business owners looking to build confidence and drive success. It allows for informed financial decisions, provides insights into profitability and growth potential, and enables effective financial planning. Richard urges small business owners to prioritize financial literacy and seek professional assistance when needed to ensure a thorough understanding of their business’s financial landscape.

Conclusion

In the second half of 2023, small businesses can take inspiration to build business confidence and drive success. By embracing AI, businesses can leverage technology to streamline operations, enhance customer service, and make data-driven decisions. Participating in business awards can provide recognition, foster self-reflection, and open doors to new opportunities. Supporting a charity like The Prince’s Trust not only makes a positive impact on the community but also enhances brand reputation and engages employees. Lastly, understanding your numbers enables informed financial decisions, assesses profitability, and facilitates effective financial planning.

As Richard Alvin advises, implementing these strategies and embracing a proactive mindset can position small businesses for growth and success in the second half of 2023. By taking action and following this blueprint, small businesses can build confidence, attract new opportunities, and achieve their goals. So, why wait? Start implementing these strategies today and unlock your business’s true potential.

Read more:
Strategies for Success: Richard Alvin’s Blueprint to Building Business Confidence in the Second Half of 2023

It’s possible that the UK economy is about to go into freefall. Inflation remains persistently high, and growth remains sluggishly low.

1. Expand into new market

4. Invest in advertising

Read more:
4 ways to grow your business in a downturn

In today’s fast-paced and highly competitive business landscape, small and SMEs are constantly seeking innovative solutions to gain a competitive edge and achieve explosive growth.

With the advent of artificial intelligence (AI), SMEs now have access to powerful tools and strategies that can revolutionise their operations and drive unprecedented success.

Former government adviser and business expert Richard Alvin explores the various ways in which AI is transforming small businesses in the UK and provide practical strategies for leveraging AI to fuel explosive growth. From improving customer service to streamlining operations and enhancing decision-making, AI offers immense potential for SMEs to thrive in the digital age.

The Power of AI in Small Business Growth

AI is a game-changer for SMEs, enabling them to overcome challenges, make informed decisions, and unlock new opportunities. By harnessing the power of AI, small businesses can automate repetitive tasks, gain valuable insights from data, and deliver personalized customer experiences. Let’s delve into the specific ways AI is revolutionizing small business growth:

Enhancing Customer Service

Customer service is a critical aspect of any business, and AI has the potential to take it to new heights. AI-powered chatbots and virtual assistants can provide instantaneous support to customers, answering their queries, resolving issues, and even making personalized recommendations. This not only improves customer satisfaction but also frees up valuable human resources to focus on more complex tasks.

Streamlining Operations

AI can automate various operational tasks, enabling small businesses to streamline their processes and improve efficiency. From inventory management and supply chain optimisation to predictive maintenance and workforce scheduling, AI algorithms can analyse vast amounts of data and make real-time recommendations to enhance productivity and reduce costs.

Personalising Customer Experiences

One of the key advantages of AI is its ability to analyse customer data and provide personalized experiences. By leveraging AI algorithms, small businesses can gain insights into customer preferences, behavior patterns, and purchasing habits. This allows them to tailor their products, services, and marketing strategies to individual customers, fostering loyalty and driving revenue growth.

Data-Driven Decision Making

In today’s data-driven world, making informed decisions is crucial for business success. AI empowers small businesses to harness the power of data by analyzing vast amounts of information and extracting actionable insights. From sales forecasting and market trend analysis to risk assessment and fraud detection, AI algorithms can provide valuable intelligence to guide strategic decision-making.

Improving Product Development

By utilizing AI technologies, small businesses can enhance their product development processes. AI algorithms can analyze market trends, customer feedback, and competitor strategies to identify gaps and opportunities in the market. This enables SMEs to develop innovative products that meet customer needs and gain a competitive edge.

Automating Marketing and Sales

Marketing and sales are crucial functions for small businesses, and AI can significantly enhance their effectiveness. AI-powered tools can automate lead generation, customer segmentation, and personalized marketing campaigns. Furthermore, AI algorithms can analyse customer interactions and sentiment to optimise sales strategies and improve conversion rates.

Enhancing Cybersecurity

Cybersecurity is a top concern for small businesses, as they are often targeted by cybercriminals. AI can play a vital role in protecting SMEs from cyber threats by identifying and mitigating potential risks. AI algorithms can analyse network traffic, detect anomalies, and respond to security breaches in real-time, ensuring the safety and integrity of business data.

Enabling Predictive Analytics

Predictive analytics is a powerful tool for small businesses to anticipate customer needs, optimize operations, and mitigate risks. AI algorithms can analyze historical data, identify patterns, and make accurate predictions about future trends and outcomes. This enables SMEs to make proactive decisions and stay ahead of the competition.

Facilitating Business Expansion

AI can be a catalyst for business expansion, enabling small businesses to scale their operations rapidly. By automating processes, improving efficiency, and enhancing customer experiences, AI empowers SMEs to handle increased demand and enter new markets with confidence. This opens up new growth opportunities and positions small businesses for long-term success.

Implementing AI Strategies for Explosive Growth

Now that we understand the immense potential of AI in driving small business growth, let’s explore practical strategies for implementing AI effectively:

Identify Business Challenges and Goals

Before implementing AI solutions, it is crucial to identify the specific challenges and goals of your small business. Whether it’s improving customer service, optimising operations, or increasing sales, having a clear understanding of your objectives will help you choose the right AI tools and develop a tailored strategy.

Leverage AI-Powered Tools and Platforms

There are numerous AI-powered tools and platforms available in the market that cater to the specific needs of small businesses. From customer relationship management (CRM) software to chatbot platforms and predictive analytics tools, explore the options that align with your business goals and budget. Consider factors such as ease of use, scalability, and integration capabilities when selecting AI solutions.

Invest in Data Infrastructure

To leverage the power of AI, small businesses need to have a robust data infrastructure in place. Ensure that you have access to high-quality data that is clean, structured, and readily available for analysis. Consider investing in data management systems and cloud storage solutions to store and process large volumes of data efficiently.

Collaborate with AI Experts

Implementing AI solutions can be a complex process, especially for small businesses with limited technical expertise. Consider collaborating with AI experts, consultants, or technology partners who can provide guidance and support throughout the implementation journey. Their expertise can help you navigate the challenges and ensure successful integration of AI into your business operations.

Train and Upskill Employees

AI implementation requires a workforce that is equipped with the necessary skills and knowledge to leverage AI technologies effectively. Provide training and upskilling opportunities to your employees to familiarize them with AI concepts and tools. This will not only enhance their productivity but also foster a culture of innovation and adaptability within your organization.

Monitor and Evaluate Performance

Regularly monitor and evaluate the performance of your AI solutions to ensure they are delivering the desired outcomes. Track key performance indicators (KPIs) such as customer satisfaction, operational efficiency, and revenue growth to measure the impact of AI on your business. Continuously refine your AI strategy based on insights and feedback to maximize its effectiveness.

Stay Updated with AI Advancements

The field of AI is rapidly evolving, with new advancements and innovations being introduced regularly. Stay updated with the latest trends, research, and best practices in AI to ensure you are leveraging the most cutting-edge technologies. Engage in industry forums, attend conferences, and network with AI experts to stay ahead of the curve.

Foster a Culture of Innovation

AI implementation is not just about adopting new technologies; it requires a cultural shift within the organization. Foster a culture of innovation and experimentation where employees are encouraged to explore AI solutions, share ideas, and take calculated risks. Create a supportive environment that embraces change and rewards creativity to drive sustainable growth.

Embrace Ethical AI Practices

As AI becomes more prevalent, ethical considerations become paramount. Ensure that your AI practices align with ethical guidelines and regulations to protect customer privacy, prevent bias, and promote fairness. Transparently communicate your AI initiatives to customers and stakeholders, building trust and credibility in your brand.

The Future of Small Business Growth with AI

The future of small business growth is intrinsically linked to the adoption and effective utilization of AI. As AI technologies continue to advance, SMEs will have even more opportunities to leverage AI for competitive advantage and explosive growth. By embracing AI strategies and staying at the forefront of technological advancements, small businesses in the UK can thrive in the digital age and unlock their full potential.

AI is revolutionizing small businesses in the UK, offering unprecedented opportunities for growth and success. By harnessing the power of AI in customer service, operations, decision-making, and beyond, SMEs can gain a competitive edge and fuel their expansion. With careful planning, strategic implementation, and a culture of innovation, small businesses can unlock the transformative potential of AI and achieve explosive growth in the digital era.

Read more:
The AI Advantage: Richard Alvin’s Game-Changing Strategies for UK SMEs’ Explosive Growth

The daily barrage of comments in the news about TV presenter Phillip Schofield admitting to having an extramarital affair shows no sign of abating. MPs even summoned the bosses of ITV to appear before a committee to give answers.

While ITV declared it had investigated rumours of the relationship between Schofield and a much younger colleague, it emerged afterwards that this was false. Personal situations like this are always difficult, and it is why we advise following the rule of “assume nothing, believe no one and check everything” during any investigation.

Following a policy

Sue Tumelty, Founder and Executive Director of HR Dept explains that as a company, you may have a policy in place that must be followed, but here are some important steps. Investigations into grievances and disciplinary issues are important in establishing trust in the organisation. Very few disciplinary issues can be dealt with without a full investigation.

Always remember that it is stressful for the person under investigation, so ensure it is carried out in a timely manner, but not rushed. Not only does this help the individual, but improves the accuracy of information gathered, as people do forget. As the late Queen famously said: “Recollections may vary.”

Choosing the right person

For potential disciplinary issues, appoint a person to investigate who is not directly involved, and allow them to have the time and access to information to be thorough. Does this person have the knowledge and experience to understand the issues involved? You will need to agree to the terms of reference. If another issue arises during the investigation, these may need to be widened.

The investigating officer needs to be fair and objective, and not set out to prove guilt. While there is no legal right to be accompanied during a workplace investigation, it may be helpful in some situations. Do you need a translator present for someone who does not have English as a first language? Interviews must be confidential and in a private area.

It is important that the questions are designed to establish facts, not rely on hearsay. What physical evidence can support the statements? Evidence such as emails, receipts, CCTV footage etc., should all be considered.

After the investigation

Once the investigation has been completed, a report should be finalised with the accompanying witness statements. This is the basis for any subsequent disciplinary action.

Conducting proper investigations is not easy. Often, companies ask us to carry them out, as they see that an impartial investigation is valuable. Managers can attend our training courses too.

One final thought

ITV’s PR department has been in overdrive since the story broke, trying to manage the media fall-out. While an SME is unlikely to have such public scrutiny following a failed investigation, it may still be serious at your own level. It is advisable to have access to services where both HR and PR crisis management are available, so you have experts to call upon.

Read more:
The importance of getting a workplace investigation right

In our ever-changing world, innovation in the business sphere has swiftly evolved from being a popular catchphrase to a foundational pillar for success and long-term growth.

According to current market research, innovation helps create a motivated and engaged workforce and actively promotes a company’s competitive technological capabilities.

The Magnetic Effect of Innovation: Talent Attraction and Energizing Work Culture

Innovation attracts the best people that nurture a climate of innovation and have a higher chance of gaining and holding on to the brightest stars in their field.  People gravitate towards work environments where their creative insights are allowed to contribute to the creation of novel products and services.

Supercharging employee morale and fueling company growth

Innovation doesn’t just stop at talent attraction and employee morale. The opportunity to participate in something ground-breaking, and to make a positive contribution to the company and thus impact the broader world, is very compelling for many employees. As numerous studies indicate, a vibrant and innovation-centric environment can stimulate both individual and team productivity, ultimately fueling company growth.

The Competitive Edge of Innovation

Beyond cultivating a lively work atmosphere and enticing top talents, innovation drives a company’s competitive position. In our fast-paced, globalized economy, staying relevant means companies must continuously reinvent themselves. With the pace of technological advancement, organizations that prioritize innovation can consistently stay one step ahead of their competitors.

The sectors of AgTech and FoodTech are perfect illustrations of the role of innovation. These emerging fields operate at the intersection of technology, sustainability, and food security –  crucial global issues we face today. Enterprises that successfully apply technological advances to create innovative products for sustainable farming or to enhance food production and distribution aren’t just evolving industry leaders; they’re actively contributing to the resolution of some of the world’s most significant challenges.

Companies that focus on innovation 

Our present food crisis, marked by the harshest rice shortage in the past two decades, emphasizes the necessity for ingenuity in AgTech and FoodTech. Utilizing technology to bolster food production, processing, distribution, and waste reduction can be a significant contributor to mitigating food shortages and enhancing global food security.

Think about innovative technologies such as precision agriculture and vertical farming; they allow for more effective use of resources, minimize waste, and maximize yield. While advancements in food processing and preservation can extend the shelf life and nutritional content of food, reducing waste, and ensuring more people have access to good food. Likewise, high-tech improvements in the supply chain can guarantee food is distributed efficiently, reaching even the most vulnerable populations.

In this regard, companies that manage to integrate innovative technologies and create unique solutions in agriculture and food production are likely to witness substantial growth; reaping considerable economic benefits, while contributing to the global good.

ICL Group is an illustrative example of innovation-driven growth. ICL group, a global specialty minerals company, one of the world’s largest fertilizer manufacturers, places Innovation at the center of everything they do! Their Planet Startup Hub, is a dedicated springboard for startups operating in the AgTech and FoodTech sectors. This hub supplies the vital resources and mentorship startups need to generate innovative technologies and scale them effectively. ICL also rolled out their ‘Breakthrough Innovation Group’  known as Project BIG. This initiative cultivates a work environment where homegrown ideas flourish and innovation is the order of the day.

Other examples of companies that lead in innovation: Salesforce, which has embedded innovation into its corporate DNA. A heavyweight in the tech sector, they’ve fashioned an “IdeaExchange,” a digital meeting place where customers, partners, and employees come together to brainstorm ideas, offer feedback, and in the process, shape the company’s product trajectory.

There’s also 3M, a multifaceted technology enterprise that boasts its ‘15% Culture’. This policy invites its employees to devote 15% of their work time to projects they’re personally interested in, which has sparked revolutionary inventions like the Post-it Notes.

Wrapping Up

We can’t stress enough the importance of innovation in driving company growth. It’s a magnet for talent, improves employee motivation and productivity, and provides a crucial competitive edge. Enterprises that embrace innovation will not only thrive but also make an invaluable societal contribution.

Read more:
Driving Company Growth: Why Innovation Should Be at the Forefront

Desktop applications are software programs installed and run on Windows desktop PCs, Apple Macs and, at a more niche level, Linux desktops.

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Is there a future for Desktop Software in business?

One of the biggest challenges for businesses is retaining their top talent. Losing key employees can have a significant impact on a company’s productivity, profitability, and overall success.

Top performers are often the driving force behind a company’s success, so it is crucial to keep them engaged and motivated.

So, here are some strategies to help businesses keep their top talent.

Offer competitive compensation and benefits

Money is not the only factor that motivates employees, but it is an important one. Offering competitive compensation and benefits is crucial for retaining top talent. Paying employees what they are worth, providing healthcare benefits, retirement plans, and other perks can go a long way in keeping them motivated and satisfied. If your company cannot afford to pay top salaries, consider offering other incentives like bonuses, stock options, or flexible work arrangements.

Provide opportunities for career growth and development

Employees who feel like they are learning, growing, and developing in their careers are more likely to stay with a company long-term. Providing opportunities for career growth and development is essential for keeping top talent engaged and motivated. This can include offering training programs, mentoring, coaching, or career advancement opportunities. When employees feel like they have a future with a company, they are more likely to stay loyal.

Foster a positive company culture

Company culture is the personality of a company. It includes the company’s values, beliefs, behaviours, and practices. Fostering a positive company culture is crucial for retaining top talent. Employees want to work in a positive, supportive, and inclusive environment. Encourage open communication, respect diversity, promote work-life balance, recognise and reward employees for their contributions, and provide a sense of community.

Recognise and reward top performers

Recognising and rewarding top performers is essential for keeping them engaged and motivated. Employees want to feel appreciated and valued for their contributions. This can include offering bonuses, promotions, or other incentives. Celebrate their achievements, give them public recognition, and show them how their work is contributing to the company’s success.

Provide a sense of purpose

Employees want to feel like their work has meaning and purpose. They want to feel like they are contributing to something greater than themselves. Providing a sense of purpose is essential for retaining top talent. Help employees understand how their work is contributing to the company’s mission, vision, and values. Show them how their work is making a difference in the world.

Encourage work-life balance

Work-life balance is becoming increasingly important to employees. Providing opportunities for employees to achieve work-life balance is crucial for retaining top talent. This can include offering flexible work arrangements, such as telecommuting or flexible schedules, and providing resources for employees to manage stress and maintain a healthy work-life balance.

Retaining top talent is essential for the success of any business. Providing competitive compensation and benefits, opportunities for career growth and development, fostering a positive company culture, recognising and rewarding top performers, providing a sense of purpose, and encouraging work-life balance are all strategies that can help businesses keep their top talent engaged and motivated. By implementing these strategies, companies can reduce turnover, increase productivity, and achieve long-term success.

It is not rocket science on how to keep your top talent and here are just six key strategies that will show you how you can help your business retain your best people: 1.  Offering competitive compensation and benefits, 2.  Providing opportunities for career growth and development, 3.  Fostering a positive company culture, 4. recognising and rewarding top performers, 5. Providing a sense of purpose, 6. Encouraging work-life balance. These tactics can increase employee motivation and satisfaction, resulting in reduced turnover and increased productivity for the company.

Read more:
How to Retain Your Top Talent: Key Strategies for Success

Leasing your business’s cars or vans can be one of the most cost-effective and beneficial methods when adding vehicles to your fleet.

Whether you have a handful of company cars on your books or a fleet in the hundreds, there are multiple funding methods, and the one you choose will largely depend on the size of your business and its needs.

If your company is considering how to fund its vehicles, here are some of the main benefits that come with business car leasing.

Flexibility in funding

By choosing to lease your vehicles rather than buying outright, you’re not locking in large amounts of capital funds into depreciating assets.

That flexibility is one of the biggest benefits of leasing a vehicle. Your business will have more working capital that you can utilise in other areas.

By spreading that cost over a set duration, you’re creating a more affordable driving experience and you can relax knowing how much money you’re spending each month, making it more convenient to balance the books, too.

The benefits don’t end with convenience, however. There are a string of tax incentives that can make business leasing a no-brainer for small businesses and large corporations alike.

If the vehicle you lease is used solely for business purposes, you can reclaim 100% of the VAT on the lease payments. If it is a vehicle that you also use for personal journeys outside of working hours, you can still make savings by reclaiming 50% of the VAT on those payments.

If the business in question is a Limited Company, you can use your monthly lease payments to offset your corporation tax. And, if you are a Sole Trader or Partnership, you can also offset your lease costs against your annual tax bill.

Go green

If you’re a company looking to improve your green credentials, leasing an electric car through your business is a fantastic way to take positive steps forward, particularly with company cars.

Electric cars are one of the most cost-effective options for a business looking to increase or improve their company car offerings because of the low Benefit in Kind tax rates placed upon EVs.

They are currently locked in at 2% until 2025, meaning you can make huge savings month on month.

This makes models like the MG4 EV, one of the cheapest electric car lease deals on the market, a tempting option, with impressive range, quick charging times and great technology.

Electric vehicles can have up to 90% fewer moving parts when compared to their combustion engine siblings, so that means less maintenance at a more affordable price.

With the 2030 ban on the sale of new petrol and diesel cars just a few years away, leasing an electric car allows you to stay ahead of the curve.

Planning ahead

Any vehicle your business leases does not count as a liability on your balance sheet, as it would if you were to purchase them outright.

This can be advantageous in the future if you need to apply for credit.

Reliability

Not only are there several financial benefits of leasing, but it also makes driving away in a brand-new vehicle attainable and affordable.

Leasing opens your doors to brand-new vehicles for a fraction of the monthly cost, where you can enjoy some of the latest safety and driving assistance technologies available.

For many companies, their vehicles are the backbone of their business. Their everyday reliability is crucial. At a time when industries are evolving rapidly, ensure your business is not at risk of being left behind by outdated machinery.

Read more:
How your company can benefit from business car leasing

As AI continues to advance, SMEs in the UK are increasingly seeking ways to harness its power to drive business growth and remain competitive in today’s fast-paced market.

Here, we will explore the numerous benefits of AI for SMEs and how they can leverage advanced digital technologies to achieve operational excellence, improve customer engagement, and gain valuable insights.

The AI Revolution in the Business World

AI refers to the development of machines or systems that can perform tasks that once required human intelligence. As AI technology has become more accessible and affordable, it has begun to play a significant role in the functioning of businesses across various sectors, particularly for SMEs looking to stay competitive and grow in the UK market.

AI and its Impact on SMEs

AI has the potential to bring a myriad of benefits to SMEs, including increased productivity, better customer service, improved logistics, and smarter supply chains. By incorporating AI-powered tools and processes into their daily operations, SMEs can achieve greater efficiency, freeing up employees to focus on more critical tasks and enabling businesses to scale rapidly.

Increased Productivity through Automated Processes

Automating routine, time-consuming tasks with AI can significantly boost productivity for SMEs. For instance, Natural Language Processing (NLP) models like ChatGPT can handle a wide range of customer interactions, from answering basic questions to resolving complex issues. Consequently, employees can dedicate more time to high-value tasks that require creativity and critical thinking.

Productivity Gains through an Augmented Workforce

AI-powered tools can assist employees in performing their jobs more efficiently, resulting in labor productivity improvements that contribute to overall business growth. According to a PwC report, labor productivity improvements are expected to account for over 55% of GDP gains from AI between 2017 and 2030.

Better Customer Service

AI can help SMEs deliver personalized experiences at scale, resulting in enhanced customer satisfaction. By deploying AI-driven chatbots, SMEs can provide self-service options for customers while enabling service representatives to focus on more complex issues.

Better Opportunities for Upselling and Cross-Selling

AI can predict cross-sell and upsell opportunities, surfacing the right recommendations to customers at the right time. This can significantly increase revenue for SMEs and help them stay competitive in the market.Improved Logistics and Smarter Supply Chains

AI can analyze large volumes of data, providing end-to-end visibility and supporting better decision-making in supply chain management. This can help SMEs overcome supply chain difficulties and optimize their operations.

AI Adoption Initiatives for SMEs

Recognizing the immense potential of AI for SMEs, various initiatives have been launched to support their digital technology adoption. For instance, the Hartree National Centre for Digital Innovation (HNCDI) programme has awarded £4.5 million to Cardiff University, Newcastle University, and Ulster University for the establishment of SME engagement hubs. These hubs aim to provide targeted support for SMEs to improve their competitiveness and growth through the adoption of digital technologies, including AI.

Real-Life Examples of SMEs Using AI

SMEs across various sectors are already leveraging AI to enhance their operations and drive business growth. Here are a few real-life examples of how AI is being utilized by SMEs:

Deploying Chatbots for Customer Self-Service

AI-powered chatbots can efficiently handle customer inquiries, allowing businesses to provide quick and accurate responses to their queries. This not only improves customer satisfaction but also frees up service representatives to focus on more complex issues.

Delivering Personalised Recommendations

SMEs can use AI-driven algorithms to analyze customer data and provide personalized product recommendations, similar to the way Netflix, Amazon, and Spotify do. This can lead to more engaging and effective marketing campaigns, ultimately driving sales and customer loyalty.

Improving Products and Processes through Data-Driven Insights

AI can help SMEs optimize their products and services by providing valuable insights based on customer data analysis. For instance, AI can be used in agriculture to maximize yields by identifying optimal planting strategies, nutrient management, and pest control methods.

Tailoring Marketing Campaigns and Communications

AI enables SMEs to deliver tailored marketing communications at scale, replacing the traditional one-size-fits-all approach. By using AI to analyze customer data and preferences, businesses can create highly targeted and relevant marketing messages, resulting in higher conversion rates and increased ROI.

AI Applications across Industries

The benefits of AI for SMEs can be felt across various industries, as businesses increasingly seek ways to leverage advanced digital technologies to improve their operations, engage with customers, and gain valuable insights.

Online Retail

AI plays a crucial role in eCommerce, allowing online retailers to provide personalized recommendations, tailor marketing campaigns, analyze customer reviews, and categorize products efficiently.

Customer Support

AI can significantly enhance the customer service experience by providing self-service options and enabling service representatives to focus on more complex issues. Deploying chatbots and AI-driven tools can help SMEs meet the growing customer service expectations in today’s market.

Logistics

AI can help SMEs manage their logistics by providing better visibility into end-to-end processes and supporting data-backed decision-making. By using AI-driven analytics, businesses can evaluate risks and disruptions in their supply chains and implement strategies to mitigate potential issues.

Embracing AI for a Brighter SME Future

As AI technology continues to advance, SMEs in the UK must embrace its potential to drive business growth and stay competitive in the market. By incorporating AI-powered tools and processes into their operations, SMEs can achieve greater efficiency, improve customer engagement, and gain valuable insights that inform their business decisions. With its ability to understand and respond to natural language and its wide range of potential applications, AI can be a powerful tool for SMEs as they strive to thrive in a rapidly evolving business landscape.

Read more:
How UK SMEs are Using AI to Drive Business Growth and Stay Competitive

With the phenomenon of ‘quiet quitting’ on the rise and the ability to attract and retain talent being key challenges for employers, it has never been more important for organisations to stand out in how they attract and motivate their staff to be loyal and enthusiastic.

The COVID-19 pandemic has had a significant effect on the corporate workplace with one long-lasting effect being a seismic change in the expectations of individuals in respect of both flexible and remote working.

Alan Delaney, Legal Director and Accredited specialist in Employment Law at Morton Fraser explains that businesses should also be aware of how these developments are being further encouraged by changes to the legal landscape. The Employment Relations (Flexible Working) Bill is presently going through Parliament which if passed will further establish working flexibly (both in terms of hours and location) as the ‘new normal.’

This Bill is a significant step towards making flexible working the so-called “default position”, and seeks to provide employees with further rights to make requests about where and when they wish to work. Importantly, the Bill is set to be supported by secondary legislation which would make the right to request flexible working  a ‘day one’ right, rather than such a right only being available after a 26-week qualifying period. It will also allow employees the right to make two flexible working requests within a 12-month period, rather than the current position of being able to make one such request within that timescale. Employers will also have to consult with individuals if they are considering rejecting a flexible working request.

Sensibly, the Bill does not seek to impose flexible working, it provides only a more extensive right to request such an arrangement. Employers will still be able to reject a request if one of the eight current statutory business grounds apply (for example, an inability to organise work amongst other employees, or a negative impact on performance). It will also remain the case that the greater risks (so far as legal action is concerned) will arise from indirect discrimination claims, where, for example, the request is made for childcare reasons, or perhaps caring responsibilities.

However, the Bill also underscores an opportunity for employers to stand out in a crowded market, when it comes to attracting and retaining the best talent. Those organisations who are able to creatively embrace and foster a diversity of working arrangements, might well secure a competitive advantage in doing so as well as contributing significantly to overall staff happiness and motivation.

Of course, flexible working can only do so much by itself. Listening to staff and implementing measures designed to make staff happy and encourage loyalty will be key as part of any holistic approach. Some organisations may well be able to take advantage of share option or long-term incentive schemes, which have as their specific purpose attracting and retaining talent.

However, small yet meaningful perks, can often catch the eye too (from fresh fruit for staff to a day’s holiday on your birthday or time off for volunteering) and alongside a supportive, collaborative environment that recognises hard work and celebrates success, are likely to help create a positive and dynamic culture individuals will wish to be part of.

It will also be important for employers to have developed clear and well-supported career paths and initiatives for career progression. By investing in programmes (e.g. mentoring) or training that assists personal development, and ensuring employees feel able to discuss their career ambitions (and are encouraged to progress), employees will be more likely to feel motivated.

So, when it comes to the battle to attract and retain talent, while legislation will provide no more than a basic minimum, as with flexible working, it can be a useful springboard to implement attractive policies that stand out from the crowd. When implemented as part of an overall strategy (including but not limited to benefits, incentives and career progression) designed to reward contribution and loyalty, it may just make all the difference when it comes to recruitment and retention.

Read more:
Motivation, Maintenance & Management: Retaining talent throughout 2023

In today’s competitive market, SMEs in the UK are constantly seeking innovative ways to grow their businesses.

One such innovation is the rapid adoption of Artificial Intelligence (AI) technologies. With a wide range of applications, AI offers SMEs the opportunity to increase their efficiency, productivity, and competitiveness. This article explores the benefits of AI adoption for UK SMEs and how they can harness its power to drive growth.

The Importance of AI for SMEs

AI refers to the creation of machines or systems that can perform tasks that once required human intelligence¹. With its ability to understand and process natural language, AI-powered tools like ChatGPT and other Natural Language Processing (NLP) models can be game-changers for businesses of all sizes. According to the Organisation for Economic Cooperation and Development, AI has the potential to affect and benefit SMEs in two ways: by altering their business environment and easing the conditions under which they do business, or by enabling them to change their business models and practices, which could ultimately allow them to increase productivity and outreach, and scale-up.

PwC report shows that AI could result in a 14% boost in global GDP in 2030. Furthermore, a £4.5 million investment in the Hartree National Centre for Digital Innovation (HNCDI) programme has been made to fund small and medium-sized enterprise (SME) engagement hubs at three UK universities, aiming to provide targeted and accessible support for SMEs to improve their competitiveness and growth through the adoption of digital technologies and methods.

Top 10 Benefits of AI for UK SMEs

AI is already providing transformative benefits for SMEs in various sectors. Here are the top 10 benefits that AI can provide to UK SMEs:

1. Increased Productivity Through Automated Processes

Leveraging AI to automate routine and mundane tasks allows SMEs to free up their workforce to concentrate on more business-critical tasks. This results in more efficient operations and improved productivity.

2. Augmented Workforce for Improved Labour Productivity

AI can support customer service teams and other employees, leading to significant improvements in labour productivity. This allows SMEs to offer the same level of service as their larger counterparts.

3. Enhanced Customer Service

AI-powered tools like chatbots and voice assistants can help SMEs deliver personalised experiences at scale, streamlining customer support and enabling rapid resolution of customer issues.

4. Improved Opportunities for Upselling and Cross-selling

AI can predict cross-sell and upsell opportunities, providing the right recommendations to customers at the right moment. This helps SMEs in driving revenue growth.

5. Optimised Logistics and Smarter Supply Chains

AI can analyse large volumes of data, provide end-to-end visibility and support better decision-making in supply chain management. This leads to improved logistics and more efficient operations.

6. Data-Driven Insights for Better Decision-Making

AI-driven analytics can help SMEs optimise their products and services by providing valuable insights. This enables business owners to make more informed decisions.

7. Tailored Marketing Campaigns and Communications

AI can help SMEs deliver personalised marketing campaigns and communications to their target audience at scale, saving time and money on content creation and leading to more engaging campaigns.

8. Enhanced Online Retail Experience

AI can help online retailers provide personalised recommendations, analyse customer reviews and tag and categorise products. This results in a better shopping experience for customers and increased sales for SMEs.

9. Streamlined Customer Support

AI-powered chatbots can help customers resolve their issues quickly and efficiently, while enabling service reps to focus on more complex issues. This leads to improved customer satisfaction and loyalty.

10. Customised Product and Service Offerings

AI can help SMEs tailor their products and services to meet the unique needs of their customers. This results in a more customer-centric approach and increased customer satisfaction.

Real-World Applications of AI in UK SMEs

SMEs across various sectors in the UK are already leveraging the power of AI to improve their businesses. Some examples include:

• Deploying Chatbots for Customer Support: SMEs are implementing AI-powered chatbots to handle a wide range of customer interactions, from answering basic questions to resolving complex issues.
• Delivering Personalised Recommendations: AI algorithms can help SMEs provide personalised experiences to their customers, leading to increased customer satisfaction and loyalty.
• Improving Products and Processes: AI-driven analytics can help SMEs optimise their products and services, leading to better offerings and more satisfied customers.
• Tailoring Marketing Campaigns: AI can help SMEs create tailored marketing campaigns and communications, resulting in more engaging and effective content.

Overcoming Challenges in AI Adoption

Despite the numerous benefits of AI, SMEs may face challenges in adopting these technologies. Some of the common challenges include:

1. Lack of Technical Expertise: SMEs may lack the necessary technical expertise to implement AI solutions. However, resources like OpenAI’s documentation, tutorials, and sample code can help SMEs learn more about AI and how to use it effectively².
2. High Implementation Costs: The cost of implementing AI technologies may be prohibitive for some SMEs. However, the long-term benefits of AI adoption, such as increased efficiency and productivity, can outweigh the initial costs.
3. Data Privacy and Security Concerns: SMEs must ensure that they comply with data privacy regulations and maintain high standards of data security when implementing AI solutions.

The Future of AI for UK SMEs

AI has the potential to revolutionise the way SMEs operate and grow in the UK. By leveraging AI technologies, SMEs can increase their efficiency, productivity, and competitiveness, ultimately contributing to the overall economic growth in the country. With continuous advancements in AI and increased government support, such as the investment in the HNCDI programme, the future of AI for UK SMEs looks promising. By embracing AI, UK SMEs can unlock new avenues for growth and thrive in a rapidly evolving business landscape.

Read more:
Unlocking growth for UK SMEs through Artificial Intelligence

Experts say fear could be keeping over 50s from returning to work, as economic inactivity (the number of people not in the labour force) amongst 50-64 year olds remains eight times higher than pre-pandemic levels.

50-64 year olds comprise a staggering 71% (298,429 of 422,241) of all economically inactive people (between the ages of 16-64) in the UK, according to data from December 2022-February 2023 released as part of the Labour Force Survey from the Office for National Statistics (ONS).

This figure has declined from the record high of 386,096 economically inactive 50-64 year olds recorded in May-July 2022. Whilst the decline suggests incentives to encourage people in this age demographic to return to work, such as Chancellor Jeremy Hunt’s Spring Budget ‘returnships’, are having some effect, the latest ONS findings represent a big problem, nonetheless.

There are a number of reasons why those aged over 50 may be reluctant to re-join the workforce, from individuals who are suffering with long-term sickness, to those who have chosen to enjoy an early retirement. One factor, however, that has perhaps been overlooked, is that fear could be preventing many over 50s from returning to work.

Career and talent management experts, Right Management, suggest that ‘career fear’ amongst over 50s relates to feeling left behind and not having a clear role within an organisation’s workforce.

Sarah Hernon, Principal Consultant at Right Management said: “We hear first-hand from over 50s that several factors cause anxiety when it comes to finding new employment. Many of their fears stem from the notion of [not] being able to keep up, whether that’s with younger generations coming through who are more fluent in the latest technologies, or with demanding work schedules, workplace cultures, and so on.

“We also see a lot of over 50s concerned with [not] knowing where they’ll fit in within an organisation. The expectation of careers is that you work your way up the ladder, but for someone over 50 who has been economically inactive for a period and is now considering a return to work, the whole concept of starting again can be really daunting. So, there’s the fear of not knowing where they’ll fit into that structure within an organisation.

“It appears there is a wide-ranging lack of confidence amongst many in this age group, but it is often hidden from plain sight. Just like younger employees entering the labour market for the first time, those aged over 50 are also looking for reassurance that they can play an important role, in whichever position they step into.”

It’s clear that over 50s can add great value to organisations, with a wealth of knowledge and experience gleaned over their careers and lives. Right Management advise those in this age demographic to request flexible working before taking on a role, and to challenge their own fears of not being able to keep up.

“Over 50s, or later careers as we refer to them, are at risk of underselling themselves. They need to know how much good organisations will value wisdom, expertise and experience, particularly to provide a suitable balance alongside those Gen Z workers who are just starting their careers.

“Employers meanwhile, should be ensuring they are creating an environment that meets the needs of a multigenerational workforce ,aligned with those at different stages of their career. Those who are unable to do so will miss out on gaining valuable skills, perspectives and insights for their business.”

Read more:
What Next? The Fear of the Career after 50

Employee satisfaction is incredibly important, a fact known by all business leaders. In the current job market, there’s a surplus of employment options and retaining top talent is an increasing challenge.

With this in mind, the team behind tamper evident carriers and security seals manufacturer versapak have compiled their list of top tips to attract staff longevity.

Lead by example

Is your business creating a culture in which working extra hours and sacrificing self-care are viewed as ‘just part of the job’ and necessary evils? If so, it can cause serious reputational damage and make it impossible to attract staff longevity.

As a leader, setting the tone and acting as a role model can massively help workplace culture. Leadership is a crucial trait in business – including self-reflection and the ability to not only recognise, but also proactively act upon your shortcomings. A strong leader can inspire their entire team and create a sense of unity, thus motivating everyone to steer the business in the right direction. If you show your passion on a daily basis, people will want to follow you.

Keep up-to-date with the industry

In 2023, the job market is more employee-driven than possibly ever before. Staff turnover is a real issue as C-suite heavyweights wrestle with new, digitised practices brought on by the switch to working from home. In certain industries, workplace hybridisation might become the new norm, but not all members of senior management are ready or willing to get onboard.

Employers can offer valuable perks to employees, such as hybrid working, to prevent them from simply bouncing from job to job in pursuit of a more lucrative package. As a business leader, it’s best to stay abreast of industry developments and honestly but fairly assess how your company compares to others in your space. It’s crucial that business owners are agile in the face of an ever-changing landscape. Quiet quitting isn’t a silent taboo anymore – employees are making their feelings loud and clear.

Handle compensation with car

The current rhetoric surrounding pay rises is another difficulty that businesses are facing at the moment. Amid the cost-of-living crisis and regular strike action across multiple industries, offering staff pay rises appears a simple solution on the surface – however, it might just exacerbate a spiralling problem. Offering pay rises will increase running costs for businesses, which will force prices to increase further and staff will still face the same issue; needing higher pay to afford basic goods and services.

For many managers, your employee asking for a raise can present a tricky and delicate situation. Compensation is far from a straightforward subject and, depending on the structure of your company, the final decision might not be yours, even though you’ll need to deliver the possible bad news which has a profound impact on your employee’s livelihood.

If faced with this situation, make sure to treat your employee with respect and decency – regardless of if it’s your team’s star worker or an average performing member of staff – and allow them to clearly and thoroughly state their case without giving an immediate answer.

Caroline Atkinson, Group Managing Director of www.versapak.co.uk, commented: “For business leaders, the current job market can present choppy waters to navigate. By choosing to lead by example, keeping up-to-date with industry leaders in your space and handling compensation with care, it’s still possible to attract staff longevity despite the ever-changing landscape.

“At Versapak, we truly believe that our company is only as good as our employees. Employees are the heartbeat of any company, so creating an environment which attracts staff who are happy, loyal and ready to fully embody and embrace the company’s mission is essential. By putting employee welfare first, companies are actually putting themselves first too.”

Read more:
How businesses can attract staff longevity amid an ever-changing landscape

Do you sometimes get anxious when speaking to a new client?  Would you rather work alone and not in a team?  Would you often prefer to stay at home, than attend an after work party organised by your department?

If you can answer these questions with a ‘yes’, then you are probably an introvert.  But, before you start thinking that this is a negative trait, let’s look at some of the most influential people of our time who prove that you don’t have to be the loudest voice in the room to be heard.

Introverts commonly assume that they must conform to the extrovert mould in order to be successful, however, Bill Gates, Microsoft’s founder and philanthropist, is reported to have strong introvert traits but still develop his passions, successfully. He said, ‘I think introverts can do quite well.  If you’re clever, you can learn to get the benefits of being an introvert, which might be, say, being willing to go off for a few days and think about a tough problem, read everything you can, push yourself very hard to think out on the edge of that area.’

In the corporate world, with its emphasis on self-promotion and networking, many introverts feel immense pressure to act like extroverts. Such individuals may even worry that they will be overlooked for promotion, so in order to compensate, they may go to great lengths to pretend to be extroverts and often end up feeling frustrated by trying hard to be someone else.

Any introvert needs to embrace their natural strengths.  He, or she, is usually quiet, thoughtful and calm – many qualities that would benefit an extrovert.  They will usually like focused work and are able to concentrate for long periods at a time.

So by harnessing their personality traits, they can stay true to themselves and stand out from the crowd for who they actually are and not for who they are trying to be.

So let us look at ways that introverts can exploit the benefit of their natural

abilities:

1. Harness your personality traits: An introvert will usually sit quietly in a meeting and listen to everyone’s opinion before giving of their own.  But, the chances are that when they give it, it will have been considered carefully and weighed up accordingly before speaking.
2. Preparation: Introverts like to prepare well in advance for meetings and presentations.  There can be many hidden benefits here.  If you collect all the relevant ideas and facts in advance, the chances are that you will be more knowledgeable and organised.
3. Show passion: Introverts are usually not good at ‘small talk’ but prefer meaningful conversations on those topics upon which they have an opinion.  So it is useful for them to connect with those who share their interests and ideas.
4. ‘Me’ time: Introverts prefer to work alone and don’t like interruptions.  So instead of seeing this as a negative, give yourself permission to take yourself off on a quiet walk away from the office at lunch-time which will give you a good chance to recharge your batteries in an environment in which you feel comfortable.

At the end of the day, introverts need to play to their strengths and not shy away from them.  Be proud of who you are.  You may not be the same as those who are always seeking attention in the office, but you can bring a calmness to stressful situations and your colleagues will feel reassured and will trust you, knowing that you are able to deal with unexpected situations, calmly.

Foster your belief in yourself and the unique strengths that you bring to the table. If you truly believe in yourself, then it’s only a matter of time before others will believe in you too! So, rather than feeling that your introverted tendencies are an obstacle to success, use your natural gifts to your advantage.

Key Points

A quiet personality can be as effective as a noisy one

If you prefer to work away from groups, then do it

A lion is very silent when it stalks its kill

Read more:
Are you an introvert?

Failure to implement a proper succession plan in a family or owner managed business can cause serious problems if the sole director dies, a legal expert has warned.

Craig Ridge, Head of Contentious Probate at award-winning West Midlands firm Higgs LLP, said in the worst scenarios bank accounts can be frozen and the business can find itself unable to trade for lengthy periods.

Craig said he regularly encounters problems where a business’ Articles of Association or Shareholders’ Agreements either have no suitable provision for the death of a key shareholder – or they are at odds with what has been written in a will.

“Problems following the death of a key person in a business are all too common,” said Craig. “Either there has been no thought into how matters should be handled, or it hasn’t been plotted through properly with advisors. Costly litigation is often the solution to right the wrongs.”

Craig cited a recent example where a father had run a modest business and was the majority shareholder as well as the sole director. The father died in post and in his will divided the shares in the business between his two children.

However, problems began when it transpired there was no appropriate provision for death in the company’s original Articles of Association, nor was there any Shareholders’ Agreement, leaving the business with no directors and no ability to appoint anyone into directorship.

Craig said: “When this happens and a company has no directors, not only is the company unable to properly trade, the company is in breach of legislation and may be struck off the companies register. An application to the court to amend the register of members is required to appoint a director. It can get very complicated and can cost the business money while it is in limbo.

“This could’ve been avoided either by ensuring that there are at least two directors at any one point in time and/or simply changing the company’s constitutional documents so that the deceased’s personal representatives, in this case the children, had the right to appoint a director.”

Craig said another common problem is when a will contradicts company documents.

“A will can be undermined by the company’s Articles of Association or Shareholders’ Agreement,” he said. “That’s why it is so important for business owners to ensure that their will is consistent with company documents. For example, a person may leave shares to a beneficiary in a will despite that not being possible under the existing Articles of Association. In those circumstances, it may be that the beneficiary receives money, rather than the intended shares or, at its worst, the gift under the will fails.

“People generally understand that they should have a will, but what they don’t understand is the relationship between that and the business’ documents.

“When business owners do come to us, almost without fail their documents do not do what they want them to. It’s much better to change and align them when all of the interested parties are talking and compromising than when something has gone wrong, be that a death, dismissal, resignation or a falling out.

“A business’ documents should be reviewed regularly and thoroughly to ensure everyone knows where they stand, and this even applies when key personnel in the business come to make their will.”

In the case of multiple shareholders in a business, cross option agreements can also be agreed prior to death. These agreements give surviving shareholders an option to buy the deceased’s shares at a defined value, while also giving the deceased’s personal representatives the option to sell.  That works well where the parties intend that the survivor assumes ownership and control of the company.

Read more:
Warning shot fired to sole directors on succession planning

It’s no secret that AI is a trending topic hot on many organisations’ agendas and strategies. However, with the release of ChatGPT, and Machine Learning continuously evolving, cybersecurity service providers, ramsac, are advising businesses not to blindly jump in with AI.

From malicious code to leaked data, using an LLM (large language model) could be detrimental to your organisation if used improperly.

The dangers of AI for businesses

With the media storm around ChatGPT, the site currently has around 100 million users and is visited 1 billion times every month. As an LLM it uses deep learning to provide answers to queries, statements or requests in a human-like manner. So, how is this dangerous?

LLMs rely on accessible data from the open internet to inform queries and responses for uses. Of the 100 million users, and the billions of requests already logged on ChatGPT, it’s possible for the organisation running the LLM to learn from this to store data for future responses. Think about it, ChatGPT doesn’t ask for your permission before use. As LLMs are unable to decipher confidential information against readily available information, company secrets or intellectual property could be leaked and lost.

What should businesses do when using LLMs?

– Avoid using public LLMs for business-specific tasks or information, such as reviewing redundancy options
– Use an LLM from a cloud provider or self-hosted as this is a safer option
– Consider the queries and requests before submitting them to LLMs as it’s possible for this information to be hacked and leaked
– Avoid including sensitive information on public LLMs, such as confidential data
– Submit business critical queries on private or self-hosted LLMs only
– Ensure up-to-date cybersecurity monitoring is enabled and active so breaches and threats can be detected

Without proper consideration for the queries and requests posted, information can be carelessly leaked which could result in major disruption and damage to an organisation. Unfortunately, it’s possible for LLMs to be hacked, exposing all queries alongside sensitive information. Around 39% of UK businesses were victims of a cyber-attack in 2022 and this is only set to rise in 2023 if minimal action is taken to protect businesses.

How do AI and LLMs affect business cybersecurity?

As technology develops, cybercriminals are also capable of evolving their methods too. Although the full extent of cybercrime is yet to be realised, it’s clear that more sophisticated phishing scams will most likely arise from LLM usage.  It is currently the most common form of cybercrime, with around 3.4 billion emails sent every day. Cyber attackers will be able to script and automate communication without spelling errors, making them less suspicious.

Bog standard anti-virus software is now redundant, especially as threats continue to adapt, evolve and learn. That’s why an always-on approach is necessary. Cybersecurity monitoring, running 24/7, is vital to tackle increasing threats and the sheer amount of event data and trends occurring online. Without proper consideration before using AI and LLM, it could put your business at risk.

Read more:
The hidden dangers of blindly embracing AI in your business