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The Benefits of Virtual Team Building

Written by Haze Carver on .

Teams need to feel together more than everHuxley Events

In these strange and difficult times, team building and team development can seem low down a managers list.

The reality is actually quite different – now more than ever teams need to feel together.

Being apart does not mean you cannot be together, and with working practices changing in so many ways it is really important for leaders and managers to work creatively and sensitively to support their teams.

Remote work can be lonely, disengaged and unproductive; or the complete opposite.

So when people can’t be together what is the alternative?

Virtual Team Building Activities

The Benefits of Virtual Team Building

The benefits of virtual team building include:

  • Improved team collaboration.
  • Better internal communication.
  • Increased job satisfaction.
  • Measurable increase in retention.
  • Happy remote workers.
  • Productive remote teams.
  • Build team culture.
  • Improve your company’s reputation.
  • Give your people something to tell their significant others about
  • Improved relationships between managers and direct reports & more

Team Building Tip:

Every manager cares about the bonds between team members. They should constantly keep everyone involved in the team processes, motivating individuals to be more than just co workers.

Experienced team leaders know how it is important to support each other in a positive, playful manner. And they know that informal team building activities are an appropriate way to improve team spirit and make employees more solid. No matter you work in a software company, e-commerce store or involved in mass media, – team building will enhance your team and business.

The connections within distributed teams are not so easy to establish and maintain. You can encourage them to connect via email. However, to bring them closer, you should think about fun activities.

What is Virtual Team Building?

Virtual team building is the practice that includes organising online games and activities that give remote employees an opportunity to socialise and communicate with co-workers who rarely meet in person, or who they used to see but with changing working practices it is a lot less frequent.

People who work remotely do not have the same opportunities as employees in offices have, they can not interact outside of the scope of work. And now we are going to describe one of the most evident problems of distributed teams.

Any remote worker is typically focused on their own tasks and responsibilities. They are often very individually driven.

Distributed employees rarely get the chance to fully interact with their co workers as if they would in a “regular” office. The lack of organic relationships may lead to remote meetings feeling routine, dry and transactional as they just stick to the agenda. Nobody will know what else to talk about other than work since they never get to chat in the morning.

Unfortunately, very often virtual teams make companies lose successful communication that is so crucial to employee satisfaction and retention. People lose that opportunity to casually bump into each other near the coffee machine and talk about things unrelated to work such as their hobbies, current sports events, home life, or even politics.

You may say that these interactions and small talks mean nothing but they actually impact team performance and motivation a great deal.

Our favourite virtual team building activities include;

 VIRTUALLY KILLED CRIME SCENE TEAM BUILDING ACTIVITY

  • HEALTHY HEART & WORLD COOKERY TEAM BUILDING ACTIVITY
  • THE GOLD RUSH USA ADVENTURE VIRTUAL TEAM BUILDING ACTIVITY
  • ESCAPE THE ROOM VIRTUAL TEAM BUILDING ACTIVITY

When team members feel closer, their morale improves, productivity rises and happiness goes up.

Huxley Events

An Insight Into Treatt

Written by Haze Carver on .

By James Wiliamson, NAAME

This week, NAAME Project Manager, James was lucky enough to catch-up with Daemmon Reeve, Group CEO at Treatt & Chloe Ludkin, Executive PA to Group CEO. Treatt recently delivered an outstanding presentation at West Suffolk Manufacturing Group, offering an insight into their response and resilience to the pandemic as well as the companies expansion plans. Here’s what they had to say:

Treatt Background

Treatt plc manufacture and supply a diverse and sustainable portfolio of natural extracts and ingredients for the global beverage, flavour, and fragrance industries. The business factory and facilities is based at Bury Saint edmunds.

Workplace Wellbeing

A healthy workforce is important to Treatt, and we acknowledge our duty of care in supporting our staff with their wellbeing. This year, we have developed a Wellbeing Committee and provided training to a team of Treatt employees who have become our Wellbeing Champions with the aim of providing a signposting service to our workforce. The Wellbeing team have carried out a range of activities throughout the year including talks from external speakers on Positive Thinking, Sleep Clinics and Nutritional Advice. For Mental Health Awareness Week in May, we offered further sessions for the benefit of our employees during the lockdown period. The programme was all delivered remotely in response to COVID-19 lockdown, offering us new opportunities in terms of the scalability and accessibility.

Throughout the pandemic, the safety and wellbeing of our global workforce has been our number one priority, both physically and mentally. To support this, we have conducted risk assessments across site which are frequently updated, we have always ensured 2m distancing and we have implemented one-way systems throughout the organisation. Team bubbles have been created to significantly reduce cross contamination risks, as well as create a robust process for managing potential virus cases. We have also offered free face coverings, increased our cleaning regime, and ensured constant provision of hand sanitiser. To protect our employee’s mental wellbeing, we have incorporated small acts of kindness such as grocery supplies, fruit and hot food deliveries to our on-site employees and home delivered cakes to our home-based employees. Best practice has been shared with our colleagues in the US, and vice versa, even though COVID-19 secure guidance moved at different speeds during the pandemic in each respective country.

New Ways of Working

New methods of working have enabled us to carry out virtual webinars for customers, hold weekly wellbeing check-in’s available to all staff, introduce virtual social activities such as bingo and quiz nights and stimulate global engagement through our wellbeing initiatives by means of video. Daemmon Reeve, Group CEO, has also held numerous informal virtual coffee catchups with staff across the group, enabling informal Q&A sessions with the CEO.

Treatt chose not to participate in the furlough scheme as we didn’t feel this was ethically right, and not intended for a business like ours. We have had periods of time where certain staff members have not been required to work during the pandemic, these staff were redeployed to other areas or remained at home and paid in full. Our Health and Safety Manager was released during the pandemic to support the NHS, due to his nursing background and we have also supported local care homes by producing hand sanitiser within our Manufacturing operation.

Treatt continue to partner with local organisations and schools to enhance the educational opportunities to the future working generation. An example of this includes two members of staff fulfilling the role of Enterprise Network Advisors, partnered to support a local High School in Bury St Edmunds which is pivotal in preparing children for the working world.

We are currently undergoing a substantial investment in the firm, with the development of a new global headquarters on Suffolk Business Park. This development renews our commitment to the town of Bury St Edmunds and the local community where we employ over 200 people. Our new headquarters is built and designed to increase the efficiency of our UK operations, whilst providing a significantly enhanced working environment where the Treatt community will flourish.

With special thanks to Chloe Ludkin & Daemmon Reeve for sharing their lastest insights with us. A great example of truly looking after your employees in a time of need, and fantastic to hear about their expansions plans and investment into the local economy.

Got a diversification story you would like to share with our members? Please get in touch with James: james.williamson@newanglia.co.uk

Safepoint launches #Every30Minutes campaign supported by The Care Workers’ Charity

Written by Haze Carver on .

Did you know a health and social care worker is attacked every 30 minutes in the UK?

Here at Safepoint we have launched the #Every30Minutes campaign, with support from The Care Workers’ Charity and Drury Healthcare.

With this campaign, we look to shine a spotlight on the violence, abuse and stress professional carers can suffer.

Find out more at https://safepointapp.com/every30minutes

‘What Can I Do?’: Empowering Ourselves

Written by Haze Carver on .

The Engaging People Company

This year has brought many challenges. Including a new one I hadn’t envisaged.

The technology terrors.

Back in the very early spring, setting up meetings could bring with it previously unentertained anxieties. No sooner would I pop a virtual appointment in my calendar than my mind, like the DeLorean in the Back to the Future movies, would race forward to a few days hence. What if my Wi-Fi drops out? What if my laptop freezes? What if my microphone stops working? What if ditto my camera? What if I can’t get the grips with the settings? What if-

And when not thundering into some future parallel universe, my mind would cast back to times gone by, experiences when the technology had failed. And these unwelcome memories brought very literal reminders of the feelings of worry that they had provoked at the time.

Like a rocking horse, I oscillated unhappily between the ‘what ifs’ of an unknown and increasingly concerning future scenario and past reminisces of previous technological mishaps. And with each new thought, I could feel my anxiety increase until my worry had formed itself into a low, unhappy hum, prodding me annoyingly.

STOP.

What can I do?

I can set up my laptop closer to the Wi-Fi

I can go do a ‘test run.’

I can spend half an hour familiarising myself with the settings.

And that was it. Anything else that might crop up was out of my control. So if my laptop suddenly froze, or the internet dropped out, or if a power cut rudely and abruptly shut everything down, I would deal with it in the moment.

Such a simple, every day and minor challenge. But an example of how by realising we always have a choice, that there is always something we can do – as well as stuff about which we can do nothing – we can mitigate and manage worry and stress: and unnecessary worry and stress at that.

In any situation we have power. The key is realising where our power lies.

What can I control? What can I influence? That’s what we focus on. There is always, always something that we can do – even when we feel like something is happening to us rather than with us.

And what can I do nothing about? This is the stuff that we have to let go. Especially as these are the things on which we exert so much of our mental energy, ultimately bringing worries and stress and anxieties. It’s so often the ‘what if’ aspect of our lives, such as in my case. I had no way of knowing what would happen, I’m not a psychic, so getting lost on that turbulent train of thought was futile. And ultimately, unpleasant.

Because as well as realising where our power lies, focusing on what we can control and influence, is freeing. If I cannot do anything about it, then why I am giving it such head space?

The pandemic which we find ourselves in is a prime example where we can find and focus on the things within our control and influence. What can I control? Washing my hands. Wearing a mask. Keeping my distance. What can I influence? Others behaviours’ through my own.

But I am not an epidemiologist (there’s a word I couldn’t say never mind spell a year ago). I’m not a scientist. I’m not a politician. The pandemic offers many tempting opportunities for ‘what if…’ thinking but is this helpful? Or is it just creating further anxieties in an already challenging time?

Of course, that’s all very well said and done: it’s a pandemic after all. But it can be an invaluable tool. And, when we find ourselves on that slippery ‘what if’ path, we can remind ourselves that the only moment we need to focus on is this one. Right now.

*Oh, and those technology terrors are long since banished. I’m happy to report that I’m more than au fait with a good Zoom quiz these days.

This article was shared with permission from The Engaging People Company

Can we help? We’d love to hear from you. Please do get in touch:

Phone: 07834 578872

Email: michelle@engaging-people.co.uk

Twitter: @engagepeopleco

First Intuition – Claiming incentives for apprenticeships

Written by Haze Carver on .

If you need help and advice on how to claim your apprenticeship incentives, this article offers some useful information and resources to help you do so.

The ESFA introduced payments to support employers who hire new apprentices between 1 August 2020 and 31 March 2021. You can apply for these payments until 30 April 2021. Therefore, if you take on new apprentices from 1 February 2021, you can apply between 1 February 2021 – 30 April 2021.

In short, for eligible apprentices aged 16 to 24, employers will receive £2,000. Whereas for those aged 25 and over, employers will receive £1,500. These incentives are claimed on the Digital Apprenticeship Service, so you will need your organisation’s bank details so the ESFA can pay your organisation directly.

Eligibility

You can only apply for new apprentices who joined your organisation from 1 August 2020 to 31 March 2021. This also includes if you recruit apprentices who have been made redundant. You cannot apply for an existing employee who joined your organisation before 1 August 2020, even if they started an apprenticeship after this date.

How to apply

You can apply for an incentive payment after you have added new apprentices to your digital apprenticeship service account. You can apply until 30 April 2021. The ESFA has produced a video step by step guide detailing how to make an incentive claim via the Digital Apprenticeship Service.

Watch the step by step guide here

When you’ll get paid

This is a direct agreement between your organisation and the ESFA. Payment is made in two equal instalments for each apprentice. The first payment is after an apprentice completes 90 days of their apprenticeship and the second is after 365 days. To receive the full payment, the apprenticeship must last for at least one year. Bacs provides payments on the 14th working day of the month (usually taking three working days to process). After you apply, you can view the estimated payment dates for each apprentice in your digital apprenticeship service account.

You can find out more about our apprenticeships here and some employer resources here.

Norfolk officially the best place in UK to learn as an adult

Written by Haze Carver on .

We are delighted to have been named the UK’s leading adult education provider taking home the Adult and Community Learning Provider of the Year award at the Tes (Times Educational Supplement) Further Education awards, often referred to as the ‘Oscars of education’.

Denise Saadvandi, Head of Service said, “I have never felt so proud of this fantastic service, the total commitment and dedication of our staff and tutors to our service and learners has led us to achieve great things for our community in Norfolk.”

The award recognises providers ‘whose imagination and passion’ have shown ‘excellence in providing a high-quality curriculum with excellent student outcomes’.

On the evening, the judges said about the service that: “Norfolk County Council has an amazing ability to do what’s right for its community. In life before Covid, 98% of provision was delivered in 200 venues across the region, but by April 2020 everything had changed and all provision moved online. As a result, learners remained connected with education and, crucially, with each other.”

We want to say a massive thank you to all of our staff, tutors and learners for their amazing achievements over the year. We couldn’t have done it without you!

If you’d like to watch the awards, the stream of the event can be found on the Tes YouTube channel. The Adult and Community Learning Provider of the Year Award is announced 32 minutes into the stream.

www.norfolk.gov.uk/adultlearning . 

Management strategies: accounting for growth

Written by Haze Carver on .

NatWest Business Builder

A good accountant can give small business owners a clear understanding of their company finances, putting them in a position to grow profits and revenues.

© Getty Images

A recent Association of Accounting Technicians (AAT) study has found that SMEs are losing £15,000 a year because of poor financial management.

Instead of using accountants, four in five SMEs trust unqualified staff with calculations, compliance and tax returns, according to the research.

SMEs can begin to improve their financial management and growth prospects with a few simple steps, such as setting up a reserve bank account for a ‘rainy day’ fund, ring-fencing a percentage of regular income to pay for tax and VAT, and marking key tax dates on a calendar to plan ahead.

AAT also recommends finding the ‘hidden accountant’ in the business and providing them with additional training.

Develop a business growth strategy

“People think all an accountant does is compliance and annual tax returns,” says Mark Russell, client manager at accountancy firm Aston Shaw. But SMEs shouldn’t ignore the power of professional accounting expertise. Accountants can carry out the ‘bread and butter’ of accounting, prevent financial leaks and help companies develop a business growth strategy.

“We have a spectrum of knowledge across a range of sectors and can use templates from other clients to explain to SMEs how their strategy going forward can succeed,” says Russell.

Nick Levine, head of enterprise at accountancy body ICAEW, agrees that accountants can play a fundamental part in business growth. “The role of an accountant is increasingly becoming more advisory led,” he says. “Historically it centred around compliance, bookkeeping, VAT returns and annual accounts, but now it’s also about value-added services.

“Some SME owners are unaware of how tech-savvy we are and that we offer such a wide range of advisory services. There needs to be more education around the role of the 21st-century accountant,” says Levine.

Forecasting and profits

Cloud-based accounting software and support applications, such as Sage One, Worldpay or QuickBooks, can help business owners manage their invoices, electric point of sale and payroll processes. Choosing the right package for your business can be stress-free with the help of an accountant.

“This software means an accountant gets access to close to real-time financial data to analyse and understand where clients can make efficiency gains. It can also help to produce more accurate forward forecasts and advise on strategy,” Levine says.

“We have a clearer picture on profitability and how different revenue lines are impacting cash flow. We can tweak strategy to help maintain and grow profits and set out and meet KPIs. We can also use the data to set out different scenarios about the impact a new product or service could have.”

Raising funding

Accountants can guide you on the best approach to raising finance, too.

“There are so many financing products on the market and we can inform owners on the pros and cons of each one,” says Levine. “That could be invoice factoring or discounting or asset finance.”

“Some SME owners are unaware of how tech-savvy we accountants are and that we offer such a wide range of advisory services”

Nick Levine, head of enterprise, ICAEW

Russell says: “We get a feel for what owners want to achieve when it comes to financing and growth. Sometimes a lot of that is reaffirming what they already believe, or we can also tell them whether something is going to be a terrible idea.

“I took a call recently from an owner who was thinking about buying a business. Two years ago he would have made the acquisition without talking to me; now I can advise on how to do it the most tax-efficient way.”

Need to switch?

Not all accountants are the same, as Katrina Cliffe, MD of marketing firm KC Communications, has found. “When I set up the business in 2014, I continued using the accountant who had previously looked after my self-assessments,” she says. “I didn’t appreciate the difference that a good accountant can make to your business. I thought it would be a case of adding up the numbers and seeing how much tax I owed; I didn’t realise the business insights and analysis they could bring.”

She says the first accountant she used failed to provide advice on areas such as the VAT flat-rate scheme, which led to the firm “wasting too much money” in its early years. “We’re a company growing at 47% turnover year on year, but we didn’t have a clear picture of our cash flow, how the next 12 months might look, or how much we owed in advance on VAT bills or tax returns.

“We switched accountants and they’ve been invaluable in getting both historic and current accounts to give me a clear picture of my business. They found that I had underpaid a VAT bill by almost £2,000.”

With her accounts now in order, Cliffe sees the benefits throughout her business. “It helps me make better decisions on cost savings, what I can pay for day rates, employment, staff training, development and perks,” she says. “Our accountant also provides quarterly peer-development training sessions where its clients come together and we discuss with other business owners issues such as planning for the future and personal development. It’s really useful.”

Grants and tax schemes

KC Communications has also been steered towards local grants, which have helped it recruit staff and develop a new website. “Another thing they [our accountants] helped with is implementing a new staff health-insurance scheme. They showed us how big employees’ tax contributions would be,” Cliffe says. “We then communicated that to staff.”

Metric Accountants, which specialises in accounts for tech and high-growth companies, advises on the Enterprise Management Incentive (EMI) scheme, which allows employees to obtain shares in a business without incurring income tax or National Insurance when EMI options are granted. It also advises clients of funding opportunities such as R&D tax credits and video-games tax relief.

“Growing companies don’t want to look behind them; they want cash-flow projections and future financial forecasts,” says director James Richardson. “We can analyse their data to see if we need to raise money, spend on headcount or machinery, or cut back costs over the next 12 to 36 months.

“They may have IP [intellectual property], tend to be cash hungry and suffer the growing pains of having lots of staff. We find that many are unaware of transformative grants or specialist tax schemes. They need strategic financial advice.

“We can also help firms whose VC [venture capital] investors want the accounts report done in a certain way,” he says. “Accountants who just do bookkeeping won’t survive. We need to be more face-to-face and strategically minded.”

Think like an accountant

  • What are the tax dates I need to be aware of?
  • What rebates can I claim on my tax return?
  • How can I improve my cash flow through measures such as invoice discounting?
  • What grants and tax credits are available to me?
  • What tax-efficient perks can I offer my employees?
  • How can I acquire in the most tax-effective way?
  • What technology can I use to get real-time data to use for future forecasts?

Download the Financial Management Workbook here

‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE‘

When the wrong move is right

Written by Haze Carver on .

NatWest Business Builder: Building a growth mindset

© Getty Images

Failure, according to billionaire inventor Sir James Dyson, is far more interesting than success.

It’s an important process in succeeding. If you get it right first time, every time, you learn nothing and gain nothing. Mistakes in business, although often a temporary setback, almost always create a memorable lesson that you can take with you as a valuable contribution to the future of your business.

When the Dyson dual-cyclone vacuum cleaner burst into shops throughout the UK in 1993, its creator was hailed a genius – an original-thinking leading light of Britain’s technological revolution.

But Sir James’ invention was built on a catalogue of mistakes. It had taken almost 16 years to bring his first vacuum cleaner to market. Each one of those years was peppered with errors, 5,126 of them to be exact. That one rethink – a reinvention of everything Hoover had swept before them – was version number 5,127.

Today, the Dyson company has annual earnings of £800m, while Sir James himself commands a personal fortune in excess of £4bn. Not bad for a 15-year cycle of continual failures.

It’s a legacy that resonates across many and varied business minds throughout the world.

Perseverance is key

Steve King, CEO and founder of Black Swan, one of the UK’s fastest-growing tech start-ups, set out at the age of 25 to open a music studio in Devon. “I borrowed £50,000 from my parents to get the business started but had no real business plan and, perhaps unsurprisingly, it went bust,” he says.

“Not only had I failed, but I’d also put a big dent in my parents’ retirement fund, which was not a great feeling. I had to sit down with my dad and have a very difficult conversation where I told him the bad news, but the only thing he said was, ‘never give up’.”

It was a lesson that has never left him and a mantra that echoes around his current business. “Don’t fear failure or making a mistake, as long as you can learn from it and move forward,” King says. “Also, and in case you’re wondering, I have since paid my parents back.”

Playing on their terms

Your biggest mistake being your first serious error of judgement in business is a learning curve that Phil Riley, former chief executive of Chrysalis Radio, is familiar with.

“I’d set up a company to make short, pre-recorded music features for radio stations – I had demos made, got them cleared for transmission, but outsourced the sponsorship sales to a third-party sales house,” he says.

“Don’t fear failure or making a mistake, as long as you can learn from it and move forward”

Steve King, CEO, Black Swan

“I was a tiny part of their business so they simply didn’t focus on getting any sales. I had to close the business down in the end and I’ve tried very hard never to let third-party sales houses have a dominant say in my businesses since then without putting in place really stringent service terms, normally including some form of revenue guarantee or performance clause with penalties for failure to deliver.

“If you’re going to pay people a substantial portion of your revenue for representing you, try to make sure it’s on your terms – not theirs, and the time to set that up is before you sign the deal.”

Slow to take action

Mistakes aren’t restricted to the early planning stages – sometimes inaction over a lack of judgement can have consequences throughout your enterprise.

Sarat Pediredla, CEO of App designer Hedgehog Lab, says: “I think one of the biggest mistakes I made was to put faith and backing into a team member, despite everyone else telling me how disruptive they were and the impact it was having on the company and wider team morale,” he says.

“It baffled a lot of my other team members that I couldn’t see the obvious but I felt like it was my responsibility and, if I tried hard enough, I could fix the problem. But the whole episode ended very badly with this team member leaving – with extreme animosity on both sides.

“The reason I’m glad it happened was it has really helped me realign my expectations around questioning everything I hear as a leader and ensure I follow my gut.”

Pediredla adds that the episode has caused him to be more decisive and take action swiftly when he recognises a problem. “In the past, I was too slow to respond to issues, either burying my head in the sand hoping they would go away or trying in futility to resolve them,” he says.

“Now, I take a much harder but fair approach to resolving problems quickly before they fester.”

Open to change

Dave Matthews, owner of the Magic Alley attraction in Stratford-upon-Avon, first set his business up as Creaky Cauldron in London in the late 1980s, which, upon reflection, began with a branding error.

“The premises that I took on was the basement of a building just off the Greenwich High Road,” he says. “You went through a big iron gate, into a small door in the side of the building and down a few stairs to where the basement suddenly opened up in front of you – appearing to stretch on forever.”

Visitors would constantly refer to Matthews’ fledgling business as “Magic Alley” because of the interesting location, completely ignoring its correct name. It was at that point Dave realised his first mistake was a big one – he’d given his business the wrong name.

“It was quite infuriating at the time because that’s not who we were,” he says. “But it became established and that’s who we became and we’ve never looked back.”

Feel the fear

For digital entrepreneur Michael Tobin OBE, the fear of making mistakes often became a mistake in itself. Tobin led the FTSE 250 company Telecity for a decade, but around that appointment his hopping from boardroom to boardroom as a serial non-executive director always triggered doubts about his own ability.

“Every time I quit a job and moved on to the next thing I was faced with the fear of the unknown, and sometimes it felt like I was making a serious mistake,” he says.

“But the mistake I was actually making was giving in to the fear of failure because, certainly on reflection, it was always the right move to move on as I didn’t always have the right people around me.

“The lesson I took from those experiences was to always surround yourself with the best people you can find and afford ¬– they will make you a success.”

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Ways to cut costs to maximise profits?

Written by Haze Carver on .

Cutting costs without compromising quality

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When you’re a startup business, you need to turn your investments into revenue and profits quickly. Most believe that improving profits is about increasing sales. However, increasing sales will often mean more marketing and acquiring new customers is going to require more investment too.

Therefore, one of the best ways to improve new business profitability is often to look at costs. Here are some of the top ways you can cut costs without compromising on the high standard of customer service you offer.

1. Business insurance

You need business insurance, there’s no question of that. It helps protect you financially from any claims made against your business from accidents caused by your equipment or any mistakes made during your work. Not having insurance can ruin your business’ chances of survival if something does happen.

However, if you just bought insurance from an agent, then you might find that you’re spending too much on your business insurance. Instead, you need to speak to an insurance broker. Unlike sales agents at insurance firms, brokers are legally obliged to provide you with accurate information. They can find you a policy that matches your exact needs at a good price.

This can save you money in one of two ways. Firstly, you can save costs on your monthly outlay by paying only for what you need and nothing else. Secondly, it can save you from claims. A broker might find that you’re missing some protection and should a claim be made against you which isn’t covered in your existing policies, you’re liable and this could cost you significantly.

2. Services

Some services you’re probably going to be paying over the going rate for. This could include leases, IT services and more. These services could be scaled back and then you can recover the lost costs. A classic example of costs that are too high is with your website. A managed hosting package is not normally very expensive, but there are services that might offer you a better deal.

In addition, you might find some utility companies have better rates than others. According to a study by Ofgem, UK small businesses often pay 50% more than they need to for their electricity. So, speak to your supplier and see if you can get a better deal.

You might also want to talk to your landlord if you lease premises. Landlords don’t want to leave their buildings vacant, it makes no financial sense to them. So, if you’ve been paying the rent on time, then it might be a great time to ask for a reduction or look for new premises.

3. Bulk buying

This is a common one that can sometimes cause problems, but might be a good option. When you buy products, you can often find that buying more lowers the unit price. This allows you to make more profit per unit sold. This saving is either done based on the number bought, reducing the price per unit, or the shipping cost being split between more units.

The biggest problem with bulk buying is where to store all the products. This could cost your business more money, so you might need to conduct a cost-benefit analysis for this approach.

4. Recognise staff performance

Another thing that you can do is to create an employee recognition system. This might seem counter-productive, but giving staff a well-time reward for good behaviour can actually save on costs over the long term. 

Staffing costs are often the largest expense of any small business and recruitment is very expensive. If you need to replace a staff member, the cost of recruitment and lost productivity can be up to 150% of the employee’s annual wage. By improving job satisfaction, you reduce the number of people taking absences or leaving your company, saving you money in the long term. 

In addition, staff recognition is linked to higher performance levels. So, while this might be an initial cost, the actual benefit might be larger. 

5. Ditch some marketing expenditure

Another expense is marketing. However, not all marketing is created equal. Some marketing avenues like PPC and print adverts can be rather expensive. You have to be sure that the campaigns you’re running are having a positive effect. 

So, be sure to do an analysis to check that your marketing is having a positive impact on your profitability. If a strategy is too costly, perhaps you need to drop an option.

Conclusion

There are many ways that you can save money within your startup business. Everything from business insurance to staff recognition can be utilised to save on costs and improve your business’ profitability. How you do it is up to you, but an effort on numerous fronts is often the fastest way to improve your business’ performance.

Lasting Power of Attorney: protection for the future

Written by Haze Carver on .

Is there anything practical individuals can do to protect themselves?

A new concept to emerge from the Covid-19 lockdown has been ‘shielding’ – those who have been at very high risk of severe illness from coronavirus who have had to minimise all interaction with others and stay at home as much as possible.

This has led to unforeseen daily difficulties for individuals who have previously been able to lead completely normal lives. For example, what happens if you cannot leave your home, but you need to visit your bank to complete an urgent transaction?

Is there anything practical individuals can do to protect themselves?

In these instances, Lasting Powers of Attorney (‘LPAs’) provide a useful tool to help facilitate an individual’s needs should anything arise in future leading to similar lockdown requirements.

What is a Lasting Power of Attorney?

An LPA is a legal document which allows an individual to appoint one or more ‘Attorneys’ to help them make decisions or act on their behalf. You must be over 18 and have full mental capacity to make a legally valid LPA. Your Attorney(s) should be someone you trust to make decisions in your best interests – this could be a friend or relative or a professional person if you have no one close to you who you would like to assist you. A ’property and finance’ LPA will allow the Attorney(s) to sign documents on your behalf, discuss your accounts and investments and to transfer funds. If you do not want your Attorney(s) to have too much control, you can tailor the document to restrict what your Attorney(s) are allowed to be involved with.

Practical protection

Often, relatives and friends of elderly people take the step to draw up an LPA when their loved one becomes physically or mentally incapacitated. As we have seen during lockdown, an LPA can actually provide practical protection to a much wider group of people who are still very much in control of their own physical and mental capacity at the present time.

As long as your LPA does not contain a restriction that it will only come into effect if you loose mental incapacity, your Attorney(s) can use the document to act at your direction to do the things that you are unable to do – so with your consent your Attorneys would be able to move money around, do your shopping, pay bills for you, and manage your finances both due to shielding, or in hospital for any length of time or simply if you are due to go away on holiday.

It can be very sensible to get an LPA in place as a matter of course – perhaps if you are considering getting your will updated, you should arrange an LPA with your spouse, partner or trusted friend at the same time. You should also consider making a ‘Health and Welfare’ LPA which would allow your attorneys to make decisions about your day to day living, choice of medical treatment and where you should live – but only if you are unable to make these decisions yourself.

Hatch Brenner

Charity reserves and sustainability

Written by Haze Carver on .

This month a report into the state of charity finances has raised serious concerns about the financial health of charities as lockdown restrictions start to be lifted.

The report, issued by NCVO in conjunction with Nottingham Trent and Sheffield Hallam Universities, confirms an obvious problem – demand for charity services is up while overall income is down and costs have also risen due to organisations having to change the way they do things in the COVID-19 environment. While 31% of 590 charities surveyed have seen an increase in their income, 47% have seen a decrease, and 46% of charities have had to use cash reserves to get through the last year, which in many cases are beginning to run out.

Organisations that rely heavily on public donations and earned income have been hardest hit. Many of these organisations had made a conscious decision to move towards these more self-sustaining sources of income to avoid the impact of government/Local Authority cutbacks. With emergency funding beginning to deplete combined with reduction to the CJRS funding later this year, and some organisations worried that their previous income streams may not recover, it is an anxious time for many charities.

Going concern is an important assessment for trustees to make on an ongoing basis and in particular in relation to the year end accounts. The charity’s annual Audit or Independent Examination will also need to consider going concern which will involve assessing the charity’s budgets and financial forecast for the foreseeable future; typically this is at least 12 months following the date the trustees approve and sign the accounts.

The Charity Commission has highlighted how important it is in the current situation for trustees to have an understanding on the use of charity reserves and to consider making changes to their financial planning if necessary to allow essential spending to continue. They have reminded trustees of their guidance on financial resilience (link below) which may help trustees to focus on what is important in a challenging economic climate.

For more information, visit the GOV.UK website. 

You can view this original Lovewell Blake article and others here

If you have any specific questions or would like to speak to a member of the Lovewell Blake team, get in touch via email info@lovewell-blake.co.uk

Five Easy Ways You Will Win New Business In 2022

Written by Haze Carver on .

Kathy Ennis, LittlePiggy

If you’re looking to win new business in 2022, you’ve got to start experimenting with new ways of managing your business and attracting customers. 

How Do I Win New Business?

Ever heard the saying, “if you do what you’ve always done, you’ll get what you’ve always got?”

It’s a popular saying, so it’s likely you have. And it’s a popular saying because it tends to be true!

So, looking to win new business in 2021 will mean that you have to step out of your comfort zone (more on that later!). Bear with the discomfort because the business results are likely to be well worth it.

To help you get started, here are five of my favourite business-winning strategies for 2021.

1. Get Creative

Being creative doesn’t just mean being a whiz with words, or a master of design. It’s all about ideas.

Something as simple as changing up your daily routine can inspire new ways of thinking… helping you to come up with fresh, creative ideas for your business.

For example, if you sit in the same chair, at the same desk, every single day, why not do some work standing up, do some regular exercise or take a walk in the fresh air? 

Doing things a little bit differently will give your brain a ‘nudge’, helping to open up new patterns of thought.

(Don’t forget to record your great ideas when you have them, or they’ll disappear. I keep a notebook with me at all times… or if I’m driving, I voice-call my answerphone and leave myself a message!)

2. Put Your Customers First

Micro and side-hustle business owners like you have a huge advantage over the big boys.

You’ve got much more opportunity to connect with your customers on a personal level, so don’t waste it!

Make your customers feel warm and special by engaging with them regularly. You could send email newsletters, ask them to complete quick surveys, or work on creating tantalising VIP-only offers that keep your best customers coming back.

Oh, and if you’re not already using social media to help engage your customers, you need to start. 

Especially since 74% of people rely on social networks to guide their purchase decisions, and 80% trust online reviews as much as a personal recommendation.

3. Work Smart (Not Hard!)

Did you know I spent most of Christmas tinkering around with my website?

Not because I was bored, but because I wanted it to do some of the hard work for me in 2021!

Whenever you choose to do it, spending a few hours implementing simple systems and processes can help you save time AND win new business in future.

Examples include setting up email automations that mean you don’t have to respond personally to every message that comes in. 

You could also use free systems like Calendly to automate calendar bookings… so people can arrange their own appointments with you. 

(For example, you can easily book a complimentary, half-hour Breakthrough session with me by clicking here!)

4. Plan for Profit

Did you know that there’s a genuine link between passion and profit?

It’s called planning!

And the great news is that you don’t have to do much of it to get results (my One Page Business Plan is a good example of this.)

So, dust off your original business plan and see what’s changed. Haven’t got one? Start work on it today. 

And don’t forget to make a plan for important customer-attracting strategies like social media activity and marketing. These need time, thought, and care, because a few posts every now and again just won’t hack it.

5. Get Out of Your Comfort Zone!

You knew this was coming… it’s time to push those boundaries!

We’ve all got a personal sticking point in business. That ‘thing’ you don’t do because you’re scared or you don’t know how, like going Live or starting that podcast.

But now, you’re finally going to learn that thing, and you’re going to use it to win new business!

Whatever it is, remember that your first time is likely to be your worst time. Accept that you probably won’t be perfect on your first go, but you’ll also learn from it…

…so your second time won’t be as bad, your third time even better than that, and by your fourth or fifth time, people might even mistake you for a pro!

What’s Next?

Why not book a call?

Alternatively, if you fancy discovering new productivity methods and meeting other business people, you can join my Facebook group, The JFDI Club – just click here.

I look forward to saying ‘welcome’.