Surrey Business Magazine - Issue 36 by Platinum Business

SURREY

BUSINESS THE OFFICIAL SURREY CHAMBERS OF COMMERCE MAGAZINE

ISSUE 36 MARCH 2021

INFLUENCERS FORUM Funding for Business THE FOURTH EMERGENCY SERVICE EMC Consultants

WHAT WILL BEZOS DO NEXT?

MDHUB The Clash INTERNATIONAL WOMEN’S DAY Celebrated in Dynamic CARPENTER BOX Porsche EV

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M A R C H 2021

CONT ENT S

INFLUENCERS FORUM

BIG STORY

32 Jeff Bezos

KICK START

10 Surrey Chambers is a gateway organisation for the Kickstart Scheme

SURREY POLICE

10 Policing Surrey

INTERNATIONAL TRADE

14 Why are Rules of Origin putting a spanner in the works?

ECONOMY

26 NatWest South East PMI®

TECHNOLOGY

23 Want to grow faster, be more proﬁtable and retain the best staff? We can help! 62 Continuous vulnerability assessment vs annual penetration testing

PRODUCTIVITY

76 Enhancing productivity in hybrid teams

INNOVATION

80 Welcome to the Bamboo Club

BUSINESS

14 Managing risk: key considerations for owners & directors in protecting your business 28 From ﬁeld to ﬁrkin in a furlong 72 The fourth emergency service – part 2

LEGAL

40 The end of the big freeze 84 Business interruption insurance – Hope springs eternal!

FINANCE

42 The momentum of electric vehicles 66 The importance of focussing on long-term strategy 68 Businesses need to get ready for the post-COVID new normal

BUSINESS RECOVERY

60 Should I stay or should I go?

PEST CONTROL

87 Cleankill’s gold renewal proves dedication to staff

MOTORING

88 Ford Focus Hybrid

PLATI NUM

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THE ROAD TO RECOVERY Following days of conjecture and leaked information, the road to recovery was announced by the Prime Minister last month and the outline was received mainly positively. However, we know from talking to businesses every day that many firms and jobs are still under threat. While the furlough scheme is limiting job losses, the rise in unemployment and decline in employment levels, also announced recently, are further evidence that coronavirus continues to weaken the labour market. In a county where the biggest issue for many years has been the lack of people to employ, even Surrey is seeing heavy increases in unemployment. The Kickstart Scheme, provided through Surrey Chambers as a Gateway, is starting to provide jobs for young people locally, which is great for those 16-24 year olds but also good for the businesses. Although the government’s roadmap provides a way forward, the lack of clarity over the future path of fiscal support has left a damaging cliff edge for jobs and livelihoods. Hopefully by now the Budget will have provided good news of financial support for businesses.

TESTING AND PROTECTING

There are some real positives, which should support the delivery of the roadmap vision, which include Rapid Covid-19 Testing available for all staff in Surrey who cannot work from home. This targeted testing initiative has launched in Woking, Spelthorne and Epsom and Ewell and is clearly explained on the Surrey County Council website. The Department for Health is also providing access to workplace testing in sectors open during lockdown. Businesses can register to order coronavirus (COVID-19) rapid lateral flow tests for employees if the business employs 50 people or more and employees cannot work from home. Alongside this increased testing is an impressive level of vaccination where nearly quarter of a million people in Surrey have had their first injection.

❛❛ The Kickstart Scheme, provided

through Surrey Chambers as a Gateway, is starting to provide jobs for young people locally, which is great for those 16-24 year olds but also good for the businesses ❜❜

BUSINESSES STILL GRAPPLING WITH EU TRANSITION

As if the pandemic wasn’t enough, some businesses are still grappling with the changes in trading with the EU. Surrey Chambers has been commissioned by both Local Economic Partnerships (EnterpriseM3 and Coast to Capital) to support businesses and help them to trade. In addition to our support and advice, Cabinet Minister, Michael Gove has announced a £20 million SME Brexit Support Fund to support small and medium sized businesses (SMEs) as they adjust to new customs, rules of origin, and VAT rules when trading with the EU. SMEs who have only ever traded with the EU and are therefore new to importing and exporting processes will be encouraged to apply for grants

of up to £2,000 for each trader to pay for practical support including training and professional advice to ensure they can continue trading effectively with the EU. We are noticing that although most businesses we are working with are trading across the borders there are also many other areas to be aware of relating to things like Data Protection, employment of EU Nationals, Qualifications recognition, e:commerce and many others. We will be covering these at our on-line EU Transition event on the 24th March. Attendance is free and booking is via our website. Surrey Chambers of Commerce can be reached on 01483 735540, info@surrey-chambers.co.uk, @surreychambers www.surrey-chambers.co.uk

Louise Punter CEO Surrey Chamber of Commerce

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JOIN THE CHAMBER “Surrey Chamb is the co ers of Commer indepen unty’s largest ce busines dent, not-for-p s r that help support organ o�it isation s busine sses to c locally, n onn atio in order nally and glob ect ally to gain c u supplier s and kn stomers, owledge .”

CAN YOUR BUSINESS AFFORD NOT TO BE A MEMBER OF SURREY CHAMBERS OF COMMERCE? Sitting at the heart of the business community, Surrey Chambers of Commerce connects you to opportunities, skills, knowledge and valuable contacts. We can help you grow and develop, by promoting your business, introducing you to new customers, keeping you informed and representing you locally, regionally and nationally With a membership representing businesses of all sizes across every sector of the economy, the Chamber works hard to ensure that the continued prosperity of Surrey takes into account the needs of business, as well as providing a range of high quality services to help businesses to grow and meet new potential customers, including making introductions into over 40 countries. Surrey Chambers of Commerce is an integral part of the Surrey business support network and alongside its partners offers specialist advice, knowledge and information on a wide range of issues facing local businesses.

WE CAN:

n Help you to ﬁnd new customers – raise your proﬁle, increase your brand awareness and generate new business by using our website, publications and database to communicate with thousands of business people. n Connect you to other businesses – we run over 100 events a year that give you the chance to enhance your

business network, ﬁnd new customers and meet like-minded and other successful business people.

British Chambers of Commerce who talk directly to government, inﬂuencing policy and strategic decisions.

n Expand your network overseas – we provide friendly, professional advice and assistance and help you obtain necessary export documentation. Our relationship with 28 accredited overseas British Chambers means we can introduce you to our global network of experts to make your journey much easier.

n Support your local community – we are passionate about contributing to the wider community and encourage you to work with us. We support a variety of local initiatives, providing you with the chance to give something back, whilst raising your company proﬁle.

n Develop you and your workforce’s knowledge and skills – we run a range of training events throughout the year and can introduce you to a variety of training providers. n Represent you – we believe it is important that you and your business are fairly represented locally, regionally, nationally and, where appropriate, internationally on issues affecting business. We work closely with Surrey County Council, the eleven local borough councils, district and two Local Enterprise Partnerships and we feedback and provide input to the

n Save you money – we can provide you with a variety of discounts designed to save your company money. As well as national deals you will beneﬁt from exclusive discounts offered by other Chamber members. You too can offer a special member to member deal. Email: sarah.butcher@ surrey-chambers.co.uk Visit: www.surrey-chambers.co.uk Call: 01483 735540

MARCH ONWARDS….

SURRE Y CHAMBERS E VENT CALENDAR

VIRTUAL ESCAPE BREAKFAST

MEET THE CHAMBERS

March 11th 2021, 09:00 - 10:00 Our ESCAPE Breakfasts are a series of events aimed to connect businesses. This March, we are doing things differently. Join us for virtual networking, with a handful of networking activities and the opportunity to network with businesses throughout Surrey. Click here to book

March 17th 2021, 10:30 - 11:30 Thinking of joining Surrey Chambers of Commerce but not sure what we do to help support businesses? Join us and ‘Meet the Chamber’, for potential and newly joined members only. Click here to book

POST EU TRANSITION – UNDERSTANDING THE NEW RULES

HOW TO FUTURE-PROOF YOUR BUSINESS WITH CHARLES RUSSELL SPEECHLYS

March 24th 2021,09:00 - 16:00 Surrey Chambers, in partnership with Sussex Chambers and Coast to Capital are delighted to invite you to our partnered event covering all aspects of the EU transition. Kicking off with a general update then back-to-back sessions covering all topics! Click here to book

March 25th 2021, 13:00 - 14:00 A panel of legal experts at Charles Russell Speechlys will be focussing on some of the key property issues and trends affecting businesses as they navigate the many challenges caused by the Covid-19 pandemic and its aftermath. Click here to book

CHAMBERS NE WS SURREY COUNTY COUNCIL BUYS WEYBRIDGE OFFICE BUILDING FOR £15.9M Surrey County Council was advised by Vail Williams. The RO was advised by Knight Frank.

London, UK – Family owned trading company, The RO, has sold the freehold interest in Dakota, Brooklands, Weybridge to Surrey County Council for £15.9 million. The Brooklands estate, which was formed within the perimeter of the historic Brooklands motor racing circuit, is home to one of the largest clusters of blue-chip occupiers in the South East, including Sony, Procter & Gamble, Royal Caribbean Cruises, Cargill, LG and Mercedes-Benz World. It sits directly opposite the renowned St George’s Hill Estate. The Dakota building was recently redeveloped and extended by RO and

provides circa 36,000 sq ft of Grade A office space with large new private terraces. Surrey County Council will occupy the 1st and 2nd floors, comprising circa 22,000 sq ft, relocating staff from County Hall in Kingston. The 3rd floor is already let to Robert Half International and the ground floor to Yooserv Limited.

UNISOURCE – SUPPORTING SMALL BUSINESS GROWTH IN SURREY Unisource is a free digital hub that connects businesses seeking assistance with tasks with students looking for work experience. Launched in 2020, Unisource continues to build momentum and the company is keen to build relationships with business owners across Surrey. Tom Fender, director at Dr. Heff’s Remarkable Mints has used Unisource several times. With the goal of taking its proposition to dental practices and independent pharmacies, Tom needed to build a new database, he explains: “This is obviously quite time-consuming when you’re running a business…It’s not a task that’s a full-time job, but it was critical to the business as part of our growth strategy.”

Tom selected two students to complete the target audience research: “The quality of the work was outstanding – as good as I would have got from a fulltime member of staff. I’d have no hesitation in posting tasks in the future. There are many beneﬁts of using Unisource and I recommend that other businesses trial it; it’s a perfect tool for small companies and busy business owners. If you’re running a business, often the tasks that build up can delay progress.” Unisource is also a lifeline for students keen to gain work experience, especially if placements have been cancelled. Lauren Strong is studying Sport and Exercise Science at the University of Surrey and has completed several tasks:

Tim Oliver, leader of Surrey County Council, comments: “We are seeing through our commitment to move our staff back into the county of Surrey after more than 50 years in Kingston. The move will not only save us money and reduce our carbon footprint as an organisation, but it brings our staff closer to the residents we serve. I’m delighted that once we come out of COVID restrictions, staff will now be able to work ﬂexibly across the county including from these fantastic new premises in Reigate and Weybridge.”

“The fact that I could work remotely on my laptop from my kitchen table was great, especially during the COVID-19 pandemic.” Preparing students for the world of work is vital. Frances Gow, Head of Employability and Careers, University of Surrey believes the Unisource experience mirrors that of the job market on a microlevel: they apply (or bid) for a job (or post) and are either accepted or not. She says: “Unisource is a great option… It allows them to have the best of both worlds; to earn money and gain relevant experience.” Businesses can easily and quickly register to join the Unisource community and access support to help grow their business. If you have any questions, please email contact@unisource-tasks.com

NEWS

FINCH EXPANDS ITS FOOTPRINT IN THE SOUTH WITH THE PURCHASE OF HEADLEY GROUP Despite the turbulent market, insurance broker Finch has announced its purchase of independent Headley Group, which includes Chambers member Robinson Buckley. This marks Finch’s 12th acquisition as part of Ethos Broking and its first for 2021. Headley Group was founded in 2003 (Robinson Buckley was acquired in November 2016) and now operates from three offices across the South of England – Alton, Godalming, and Bournemouth, which is also home to BM Property Services. It has become one of the largest brokers within the region with four directors and employing 30 members of staff, all of whom will stay with the business upon completion of the deal. The business handles over £13m GWP and is predominantly a commercial lines brokerage, also with high net worth private clients and a specialist Morgan car scheme. Commenting on the purchase, Paul Goodman, MD at Finch said: “I am excited to get my first acquisition as Finch’s MD over the line and couldn’t be happier that it’s a brokerage such as the Headley Group. This is a business which has strong regional ties within its communities, and I am pleased that our team will continue the excellent client care that the brand is renowned for. Headley’s varied portfolio of business perfectly complements our current position and offers us fantastic growth opportunities.” Despite COVID-19 affecting many business plans, the Ethos Broking strategy remains unaffected with a strong pipeline of acquisition activity throughout 2021.

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FUTURE MOBILITY EXPERT JOINS EM3 BOARD Expert in connected and automated vehicles, infrastructure and services, Dr Daniel Ruiz, has joined Enterprise M3 LEP’s Board as a non-executive director.

nurturing SMEs and start-ups in the area.” Digital technology and sustainable clean growth lie at the heart of Enterprise M3 LEP’s Economic Recovery Plan. The region contains almost 10% of the UK’s low carbon market and EM3 is leading the way in supporting the UK’s drive to zero net carbon.

Daniel has been CEO of Zenzic since January 2018, leading the UK’s £100 million connected and automated mobility testing programme. He said he was looking forward to using his skills and experience to support the LEP’s work in the areas Dave Axam, EM3 chair, said: “We are of sustainable transport, innovation delighted to welcome Daniel to our Board. EM3 is a recognised leader and entrepreneurial growth. in the development of clean growth He said: “I want to try and channel technology and Daniel’s depth of some of my experience, insight knowledge and expertise in this ﬁeld and thinking into what’s going will be a valuable asset to our Board on in the area. This is a region as we further promote this ﬁeld. that has aspirations to be at the forefront of technology, to be one “The development of digital of the powerhouses of the country. innovation in sustainable transport Phenomenal work has been going is a key driver of our economy and on and is still going on and I want to one of the central pillars of our Economic Recovery Plan, Revive and contribute to that. Renew – as well as a vital industry “I’m looking forward to working for developing the skills and future with a range of businesses and careers of our population.”

KICK START

SURREY CHAMBERS IS A GATEWAY ORGANISATION FOR THE KICKSTART SCHEME We have already heard from over 500 businesses offering placements

The Kickstart Scheme is a £2 Billion fund to create hundreds of thousands of high-quality six-month work placements for young people aged 16 – 24 who are claiming Universal Credit. The Surrey Chambers of Commerce is working alongside the British Chambers of Commerce and is a recognised gateway organisation on coordinating business responses. We are delighted to welcome the newest member of the Chambers team, Emily White, who joins us on a six-month placement as part of the government’s Kickstart scheme. As an approved gateway organisation Surrey Chambers is one of the first businesses to have completed the kickstart process and offered a placement. Only two weeks into her new role and Emily is already

demonstrating that she is a bright, capable young person who is keen to learn as much as she can during her time with us. We anticipated potential challenges onboarding a new team member whilst still working remotely, the importance of diarising time with each team member, a good schedule of activity and regular video calls to ensure Emily feels supported and is clear on her objectives has been key.

“Working here has exceeded expectations. Everyone genuinely wants to help and is encouraging me to gain experience in different areas to help me in the future. I’m very thankful for the Kickstart Scheme for giving me this opportunity I would probably never have had on my own. Thank you!” Emily White Business Development Coordinator

For any business considering a Kickstart placement I would highly recommend it. For further details please contact kickstart@surrey-chambers.co.uk

POLICING SURREY

SURREY POLICE POLICING SURREY By Surrey Police and Crime Commissioner David Munro Last month I talked about how setting this year’s council tax precept for policing was one of the toughest decisions I have ever had to make as PCC – and so it has proved. Like many involved in business I’m sure will recognise, setting the budget for any organisation is a big responsibility. As Police and Crime Commissioner, I also have to consider every year what to ask the public to pay towards the policing in their county. As I previously outlined, this year I decided to recommend a 5.5% increase across all council tax bands which equates to a 29p a week increase on an average Band D property. This proposal went before a meeting of Surrey’s Police and Crime Panel in February and, although many voted against the increase, the veto failed to get the two-thirds majority the law requires – so it passed. Combined with Surrey Police’s next allocation of the 20,000 officers promised by government nationally, it means the Force can add 150 police officer and operational posts to its establishment during 2021/22 which is great news. These roles will bolster numbers in those crucial areas needed to increase visibility, improve our public contact and provide that essential operational support to our frontline officers which is badly needed.

Our public survey which was conducted throughout January and early February attracted nearly 4,500 responses and the result was extremely close with 49% supporting my proposal and 51% against. I would like to thank everyone who took the time to fill in our survey and give their views. We received over 2,500 comments from people with a range of views on policing in this county and I have read every one. This month marks a year since the country first went into lockdown and I don’t think any of us could have foreseen last March just how much our lives would be affected by the Covid-19 pandemic. One of the major themes of the consultation responses was that many people were living through extremely difficult times and would find it difficult

The Force can add 150 police officer and operational posts to its establishment during 2021/22 which is great news ❜❜

❛❛

to make ends meet. An additional 29p a week doesn’t sound all that much, but is in addition to everything else council tax payers have to pay and I fully understand that. But I also got a significant number of responses saying they wanted to see more police on the ground, more crimes like burglary solved and a greater crackdown on issues such as speeding and anti-social behaviour. So there’s a great desire in the county to have more police personnel – which of course costs money. That’s always been a dilemma – people want more police but lower taxes – but this time it was more acute than ever. It was a very difficult decision but in my time as PCC I have pledged to do everything I can to put more officers back into our communities. I firmly believe that in these uncertain times the role our police teams play in keeping us safe has never been more important. I will be paying close attention to ensure these extra roles are filled as quickly as possible so they can start making a difference for our residents.

XXXXXX

NEW MEMBERS

Surrey Chambers of Commerce welcomes its latest member companies When you join Surrey Chambers of Commerce, your company details automatically get listed on this page alongside fellow new members. What a fantastic way to let the Surrey Business community know you are out there and ready to get those all-important connections.

THE UK’S STARTUP PARTNER LTD

SKINSENSE LTD

Tel: 02038 652877 www.the-usp.co.uk Contact: Lee Lam

Tel: 01737 222563 www.skinsense.co.uk Contact: Gemma Spence

EVERSFIELD CARE HOME

TRANQUIL THERAPIES Tel: 07759 709358 www.tranquiltherapies.me.uk Contact: Paula Grover

Tel: 01737 229899 www.efhl.co.uk Contact: Elizabeth Finn Homes Ltd

FARD & CO LTD

SMARTTPLAY

Tel: 01276 804450 www.fardnco.com Contact: Attieh Fard

Tel: 01252 757134 www.smarttplay.com Contact: Steve Woods

ULTRASUN UK LTD

GRAPHTERS LTD

Tel: 01737 245499 www.ultrasun.com/en-GB Contact: Una Austin

Tel: 01737 222563 www.graphters.co.uk Contact: John McDonnell

CURA BEAUTY UK LTD www.judithwilliams.co.uk Contact: Nina Wood

All new Chamber members are entitled to a one-off 50% discount for a company proﬁle within this magazine. Contact Lesley@platinumpublishing.co.uk for more details If you are looking to join Surrey Chambers, then please do get in touch with either: sarah.butcher@surrey-chambers.co.uk or tom.woods@surrey-chambers.co.uk or call 01483 735540. We look forward to hearing from you!

FOLLOW THE SURREY CHAMBERS OF COMMERCE ON SOCIAL MEDIA...

SURREY CHAMBERS EXECUTIVE PARTNERS Caxton Business Contact: Curt Brooker Tel: 02070 427617 www.caxtonfx.com/business

Projectfive Contact: Steve Coburn Tel: 01276 455455 www.projectfive.co.uk

Charles Russell Speechlys Contact: Rebecca White Tel: 01483 252525 www.charlesrussellspeechlys.com

Haines Watts Contact: Daniel Morgan Tel: 0208 5495137 www.hwca.com/accountants-esher

Royal Automobile Club

Taylor Wimpey

Contact: Emily Goodyer

Contact: Antonis Pazourou

Tel: 01372276311

Tel:01494 558323

www.royalautomobileclub.co.uk

www.taylorwimpey.co.uk

BUSINESS

WHY ARE RULES OF ORIGIN PUTTING A SPANNER IN THE WORKS? Rules of Origin (RoO) are putting a spanner in the works for UK exporters wishing to take advantage of the UK’s newly negotiated trade deals with the EU and all trade deals we had with the EU that have been rolled over. The new trade agreements only allow goods of UK origin to move tariff and quota free. Many UK exporters from a variety of sectors are finding that goods they thought they could export tariff and quota free do not meet the new origin rules putting their goods at a disadvantage compared to their EU competitors. The rules define which goods can be counted as originating in the UK and therefore benefit from the negotiated agreements. So, why do we have RoO? RoO are written into all trade agreements to ensure that reduced tariffs and other non-trade barriers covered by the agreement are only available to goods originating in the countries that have signed the agreement. If we did not have RoO then companies could just import goods into a country that has a trade deal with the country they want to trade with, then just export the goods from that country even though the country that originally sent the goods does not have a deal with that country. For example, a US company wants to export to the EU, but the US and the EU do not have a trade deal. Without

RoO the US company could export the goods to the UK and then on to the EU taking advantage of the UK EU trade deal. The rules vary for each commodity code though in general if 50% of the ex works price is considered as originating in the UK then the goods would be considered to be of UK origin. For goods

the UK and then repackaged for the consumer market, then repackaging is considered a minimal process which does not confer origin, so the goods remain of Norwegian origin. If the same Norwegian salmon is imported into the UK and is smoked and then repackaged for the consumer market, then the salmon can be considered of UK origin.

❛❛ Rules of Origin are an added barrier to trade that many UK exporters have not needed to consider before ❜❜

wholly originating on the UK this is not an issue but with modern supply chains parts come from all over the world. When we were a member of the EU then parts from EU countries counted towards the origin of the goods and in some agreements they still can as long as they processed in some way in the UK. This is called cumulation and is included in some format in most trade agreements. The issue UK businesses are having at the moment is that cumulation can only apply if the goods are processed and there is a list of minimal processes which do not change the origin of the goods. For example if Norwegian salmon is imported into

These rules will have the effect of curtailing the UK from being a distribution centre for EU goods. It may make UK manufacturers look for UK suppliers to replace their existing EU suppliers, but EU manufacturers face the same issue so may well replace their UK suppliers. In short RoO are an added barrier to trade that many UK exporters have not needed to consider before. Not all goods can move tariff and quota free between our trading partners. Paul Wrighting, Trade Training Manager, British Chambers of Commerce

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BUSINESS

By Katie Bewick and Charlotte Healy

MANAGING RISK: KEY CONSIDERATIONS FOR

OWNERS & DIRECTORS IN PROTECTING YOUR BUSINESS We have now taken a large stride into the New Year. Many businesses will still be dealing with the impact of – and dare we use the word - “unprecedented” 2020 on their businesses, but will also be assessing what 2021 has in store. The evolution of national and international commerce (either organically or due to an external factor such as the pandemic) can create new opportunities for SMEs, but it can also create vulnerability in the supply chain. When faced with difficult situations, the instinct may be to batten down the hatches, look to cut costs (by cutting ties with third parties) or seek to enforce contractual rights and litigate, for example in relation to unpaid fees/ non-delivery of goods. This itself creates its own problems and will not necessarily solve all solutions in the short term. Realistically, it will use up valuable management time and create further costs which are unlikely to be recoverable, particularly if counterparties are struggling financially.

WHAT CAN BUSINESSES DO TO MITIGATE RISK?

n Assess the bigger picture: maintain a dialogue with key third parties and discuss how they are adapting and how best companies can work together. Negotiating a mutually acceptable solution is often preferable. Some of those suppliers may be in financial distress and so it may be better to consider ways of protecting the relationship in the longer term. n Review your contracts: and do so before taking any decisions to suspend supplies, cancel orders or terminate altogether. n Consider varying payment terms: if that is possible for both parties, to assist with cashflow. This could help to generate and maintain important goodwill. n Consider alternatives: for example by building stock levels to ensure they can remain stable if there are breaks elsewhere in the supply chain (subject to a careful review of your terms to ensure there are no breaches by using alternative suppliers).

n Check insurance in place as to what losses could be recovered: A recent Supreme Court decision has offered companies a lifeline where they have suffered business interruption. n Be alive to regulatory issues: this is not only to ensure ongoing compliance as the manufacturing of products change (thereby avoiding product liability issues), but also ensure businesses are aware of health and safety measures being introduced in the wake of the pandemic. More of this below. n If unsure, always take advice. We take a brief look at some of these issues in more detail below, which may assist businesses and their owners and directors navigate the current climate.

❛❛ A recent Supreme

Court decision has offered companies a lifeline where they have suffered business interruption ❜❜

BUSINESS COMMERCIAL CONSIDERATIONS – WHAT IF THERE IS NO OPTION BUT FOR A PARTY TO EXIT A CONTRACT?

Well-drafted terms and conditions will deal with different scenarios giving rise to a party’s ability to terminate a contract and it is important that these are carefully assessed. Businesses will need to review legal agreements in place to ascertain a) how they may be in breach by delays and disruptions in their supply chain, b) what the ramifications might be if they seek to switch supplier and terminate and c) what remedies the same business may have if they are on the receiving end of a party trying to terminate an agreement. A contract is terminated when one party to it elects to exercise a right to bring the contract to an end. That right arises (1) at common law and/or (2) by the express terms of the contract. When a contract is terminated, all future primary obligations under the terms of the contract fall away. However, be aware that obligations continue to arise, such as the duty to pay damages for breach of contract and other post termination obligations. The terminating party must ensure that they comply with all procedural requirements to terminate both in common law and the contract, to ensure it is done properly and within the required timeframes if applicable. This can be quite a complicated and potentially risky area so a terminating party should be mindful of the potential risk of a claim against them for wrongful termination and/or repudiatory breach and so advice should be sought before doing so. A repudiatory breach does not automatically terminate the contract. Instead, the non-defaulting party must expressly elect to accept the repudiation and terminate the contract or affirm the contract. In both instances, the non-defaulting party is entitled to claim damages.

BUSINESS

WHAT IF THE PARTIES ARE NOT IN AGREEMENT?

Following a decision to terminate, parties should review the contract for any clauses that prescribe a dispute resolution procedure, which may include arbitration, mediation or litigation, as this will specify the course of action to be taken in case of a disagreement and have practical implications on the future conduct of the party. Following Brexit, there have necessarily been some changes affecting how UK corporates contract with overseas companies within the EU. A top tip would therefore be for businesses to review whether there are governing law and jurisdiction clauses in their contracts and seek to negotiate the inclusion of an “exclusive jurisdiction” clause in favour of the courts of England and Wales. Such a clause is likely to be respected by the courts of most jurisdictions and provides certainty during this uncertain period.

HEALTH AND SAFETY CONSIDERATIONS: IS YOUR BUSINESS PREPARED FOR COVID-19 WORKPLACE INSPECTIONS?

In the past few months, the Government has focused the nation’s attention on the failure of the minority to comply with social distancing rules (for example, making arrests on park benches) but experts and unions have warned that unsafe workplaces may be playing a bigger role in fuelling the pandemic. The Health and Safety Executive (HSE), the regulator for workplace safety, has introduced spot checks and random inspections (including by telephone and on-site visits) at workplaces across the country to ensure they are Covidsecure. So far, the HSE has carried out more than 32,000 on-site visits during the pandemic. It is important to be prepared and have documentation to hand to evidence the measures you are taking.

❛❛ Experts and

unions have warned that unsafe workplaces may be playing a bigger role in fuelling the pandemic ❜❜

The HSE has found that common areas requiring improvement include poor ventilation, lack of site-specific risk assessments and hand sanitiser being too far away from workstations to be used regularly. Sometimes the spot checks are unannounced. If you receive a call or visit, participate (but be careful what you say) as failure to do so could lead to enforcement action. The HSE’s overall aim is to support businesses, but where businesses are not managing the risks of spreading coronavirus, they will take immediate action by providing warnings / guidance, closing businesses until they are made safe, issuing enforcement notices and prosecuting businesses (and increasingly, individual directors and managers) who fail to comply. When in doubt, take advice at an early stage as such action could prove fatal for businesses during these unprecedented times.

You can ﬁnd guidelines, information on events and more about Charles Russell Speechlys here: www.charlesrussellspeechlys.com Katie Bewick: +44 (0)1483 252 618 Katie.Bewick@crsblaw.com Charlotte Healy: +44 (0)1483 252 618 Charlotte.Healy@crsblaw.com

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NEWS FLYING TAXIS United Airlines plans to buy 200 flying electric taxis that it hopes will fly passengers to the airport within the next five years. The US airline is one of the first major carriers to commit to the purchase of flying taxis. United Airlines will also invest in flying taxi firm Archer as part of a $1.1bn (£800m) deal to develop the aircraft. The aircraft need regulatory approval before the purchase can go ahead.

NEWS BULLETIN EXPENSIVE REVIEW A man who left a negative review of a legal firm on the TrustPilot website has been ordered to pay £25,000 ($34,000) in libel damages. Philip James Waymouth engaged London law firm Summerfield Browne online to provide advice but was unsatisfied with the service he received. He then left a review accusing the firm of being “another scam solicitor”, according to court documents. The firm took legal action, stating that this was untrue and defamatory. The number of business enquiries it received had dropped since the publication of the review, Summerfield Browne said.

TWITTER SURGE Twitter has posted record revenues for the last quarter of 2020, capping off what its chief executive said was “an extraordinary year” for the platform. The social messaging platform said revenue grew 28% to $1.29bn (£930m) compared to the last quarter of 2019. In January, Twitter banned Donald Trump from the platform which analysts felt could have an impact this quarter.

❛❛ Success is not final; failure is not fatal: it is the courage to continue that counts ❜❜ Winston Churchill

“We’re a platform that is obviously much larger than any one topic or any one account,” boss Jack Dorsey said. Twitter’s fourth-quarter results beat analysts’ expectations for earnings and revenue, but failed to meet them for user growth.

NEWS OCADO DELIVERS Ocado’s annual earnings shot up by 69% after demand for online grocery shopping soared during the pandemic. The online grocer posted underlying group earnings of £73.1m for the year to November 29th, up from £43.3m the previous year, as revenues rose a third to £2.3bn. Earnings in its retail arm, a joint venture with Marks & Spencer, more than trebled to £148.5m, up from £40.6m the previous year, on sales up 35.3 per cent. The firm narrowed pre-tax losses to £44m from £214.5m as the online shopping boom helped offset heavy investment.

❛❛ I owe my success to having

listened respectfully to the very best advice, and then going away and doing the exact opposite ❜❜ G.K. Chesterton

PAPER COKE Coca-Cola is to test a paper bottle as part of a longerterm bid to eliminate plastic from its packaging entirely. The prototype is made by a Danish company from an extra-strong paper shell that still contains a thin plastic liner. But the goal is to create a 100% recyclable, plastic-free bottle capable of preventing gas escaping from carbonated drinks. The barrier must also ensure no fibres flake off into the liquid. That would pose a risk of altering the taste of the drink - or potentially fall foul of health and safety checks. But industry giants are backing the plan. Coca-Cola, for example, has set a goal of producing zero waste by 2030.

GLOBAL BANKS LOSE $23 BILLION Data researched by Trading Platforms UK indicate that the top ten international banks cumulatively lost $23.01 billion in brand value in 2020. The banks recorded a total brand value of $98.12 billion, representing a drop of 18.99% compared to 2019’s $121.13 billion figure. HSBC was the biggest loser in brand value. HSBC had the highest brand value in 2020 at $18.74 billion, a drop of 19% from 2019’s $23.6 billion. JP Morgan is second at $17.64 billion, representing a drop of 11% from 2019’s $19.82 billion. Citi ranks third at $15.66 billion, a decline of 17% from the $18.87 billion value recorded in 2019. Morgan Stanley ranks fourth with a $9.32 billion brand value, a drop of 13% from 2019’s $10.65 billion. Goldman Sachs had $7.07 billion, a drop of 18% from 2019’s $8.63 billion. Santander follows at $7.02 billion, having dropped by 28% from $9.77 billion recorded in 2019. Elsewhere, BBVA is sixth with a value of $6.62 billion from 2019’s $8.15 billion. ING had ranked eighth with a value of $6.54 billion, which dropped by 32% from $9.62 billion in 2019. UBS follows at $4.84 billion, a drop of 24% from $6.37 billion in 2019. Barclays is tenth at $4.62 billion, dropping 19% from 2019’s figure of $4.62 billion.

NEWS SURREY PURCHASE Surrey County Council has acquired the freehold interest of a Weybridge office building in a £15.9m deal. The Brooklands estate, which was formed within the perimeter of the historic Brooklands motor racing circuit, is home to the likes of Sony, Procter & Gamble, Royal Caribbean Cruises and Cargill. The Dakota building was recently redeveloped and extended by RO Property Management and provides about 36,000 sq ft of grade A office space.

LOCAL NEWS POWER UP A ground-breaking bid for regional control of strategic transport decisions in the South East of England has been submitted to government by a partnership of the region’s local authorities and business leaders. The proposal from Transport for the South East – which is strongly supported by EM3 LEP as well as the Hampshire and Surrey Chambers of Commerce - is designed to powerup the region’s economic recovery from the effects of Covid-19 and accelerate investment in sustainable transport as part of a 30-year transport strategy. The strategy aims to make the South East a leading global region for net-zero carbon, and sustainable economic growth by delivering integrated transport, energy and digital networks to support businesses, residents and visitors.

LOCH WELLNESS Pam Loch, founder and Managing Director of Loch Associates Group, announced recently the launch of Loch Wellbeing providing a framework of wellbeing solutions to help employers manage and look after the health and wellbeing of their employees. Safe, happy and healthy employees are what employers want and Loch Wellbeing can help employers achieve that - looking after their mental as well as the physical safety of their people. Bruce Jenner, Trainer and Loch Wellbeing Director, and his team of experts will offer a range of services designed to create wellbeing and safety solutions to suit all work environments and drive improvements. To launch the new service, Loch Wellbeing is offering an hour-long workshop for employees, ‘Looking After Your Wellbeing at Work’. Run by Loch Wellbeing experts, the workshop is designed to give advice and tips to enhance wellbeing by following five key steps which can be applied to everyday scenarios. Employees will be able to track their progress against objectives to ensure that these behaviours are incorporated into their daily life. To find out more about Loch Wellbeing or sign up for a ‘Looking After Your Wellbeing at Work’ workshop, visit www.lochassociates.co.uk or call 0203 667 5400.

LEGAL MERGER Law firm DMH Stallard has merged with a London counterpart. Brookman Solicitors is a divorce specialist, advising clients in the UK and internationally. Richard Pollins, managing partner of DMH Stallard, said: “Twelve months ago our plans for growth were temporarily paused while we dealt with the impact of the pandemic and we implemented new ways of working in response to the new normal. “It is therefore satisfying to announce this important milestone in our broader growth plans at the start of 2021. I hope this will be the first of a number of mergers in London and the region for the firm over the next few years as we continue our expansion strategy.” The merger is expected to complete on May 1st 2021.

Richard Pollins

TECHNOLOGY Extech Cloud enables businesses to grow faster and retain the best staff by optimising efficiency in a modern workplace. How do you do this in today’s modern world? With the Cloud, that’s how! Andrew Hookway, Director of Extech Cloud, explains how transitioning business to the cloud can ensure you work smarter, not harder.

WANT TO GROW FASTER, BE MORE PROFITABLE AND RETAIN THE BEST STAFF? WE CAN HELP! “Though businesses may feel that they’re beginning to get the hang of remote working and the ways of the modern world, now isn’t the time to ease up,” says Andrew. “Now is the time when businesses need to ensure that systems are future-proof”. When Business starts booming again (probably from September 2021), they need to be fully prepared in the theoretical ‘starting gates’ having already transitioned to modern IT practices rather than just repeating their old server or hybrid cloud setup. Never is the old adage truer than in these circumstances. If you do what you have always done, you will get what you always got. “When it comes to making long-term decisions about your IT, it can be challenging to make the jump to a new system and process,” says Andrew. “If you’re unprepared for the future, you’re not competing and if you’re uncompetitive, new business and potential staff members will be snapped up by businesses that were ready and invested in their practices”. This change can be even more daunting if your business has been promised the world in the past by an IT solution provider and it has not been delivered. “Providing the right solution for clients is much more important to us than profit and I’m delighted that our team can facilitate this,” adds Andrew Hookway. “After all, in today’s world of modern working,

everyone should have access to an IT system that not only makes their business grow faster, it should also make it more efficient too, leading to a flexible and happy workforce”.

made an investment in technology that failed to pay off in the long run. Extech Cloud is committed in helping to reassure businesses that their IT is safe in the right hands.

Often firms are desperate to adopt the benefits of new IT technologies and will be put off by a handful of anxieties. This could be because they’ve tried to buy “silver bullets” in the past or have already

Though there may be tough conversations ahead, businesses that address these concerns and consider change, will undoubtedly grow faster and be more profitable than their competitors.

Digital transformation is easier than you think when you come to Extech Cloud so speak to the experts to get the facts. Contact the team on +44 (0) 1444 443200, email info@extech.co.uk or visit extechcloud.com

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ECONOMY Sharp decline in business activity ends six months of growth

NATWEST

SOUTH ® EAST PMI › K E Y F I N DI NG S n New business inflows contract markedly in January n Input price inflation accelerates to an 11-month high n Sentiment remains historically strong

Latest UK regional PMI ® data from NatWest indicated a contraction in the South East’s private sector activity. The headline NatWest South East Business Activity Index – a seasonally adjusted index that measures the month-onmonth change in the combined output of the region’s manufacturing and service sectors – fell substantially at the start of the year from 51.3 in December to 41.5 in January. Lockdown restrictions, implemented to curb the spread of the coronavirus disease 2019 (COVID-19), led to an outright decline in new orders while job shedding persisted. Private sector firms in the South East reported a renewed reduction in new business during January. The rate of decline was the steepest since May last year and brought an end to six months of growth. According to respondents, a third COVID-19 lockdown led to temporary business closures and a subdued demand environment. At the UK level, new business contracted at a broadly similar pace to that seen in the region.

Confidence with regards to output in the year ahead remained strong at the start of 2021. Firms based hopes of greater output on the passing of the COVID-19 pandemic, with promising vaccine rollouts often mentioned. Others expected improved demand conditions in the months ahead. Similarly, sentiment at the UK level remained in positive territory, with optimism slightly stronger in the region than nationally.

ECONOMY SOUTH E AST BUSINES S ACTIVIT Y INDE X

sa, >50=growth since previous month 70 60 50 40 30 20 10 2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

Sources: Natwest, IHS Markit

Job shedding persisted at private sector firms in the South East as indicated by the seasonally adjusted Employment Index posting below the 50.0 no-change value. The rate of decline accelerated from that in December and was solid overall. Panellists mentioned that cost pressures and business closures had led to a fall in employment. At the sector level, service providers noted a solid contraction in staffing levels, whilst manufacturers added to workforces in January.

Average cost burdens faced by private sector firms in the South East rose for the eighth consecutive month, with the latest uptick the sharpest since last February. Panellists overwhelmingly disruption to transport due to Brexit filtered through in the form of higher freight costs. The region recorded one of the softest increases in input prices, with only London and Scotland seeing a slower rate of inflation.

The seasonally adjusted Business Outstanding Index registered broadly in line with the neutral 50.0 mark during the latest survey period. This signalled roughly no change in backlogs of work at private sector firms in the South East. Firms that reported sufficient capacity mentioned that subdued demand conditions allowed orders to be completed.

Prices charged for goods and services by private sector companies in the South East rose for the fourth month in a row. The rate of charge inflation accelerated from that in the previous survey period and was the strongest since February last year. Panellists mentioned that higher freight and administrative costs were passed onto clients at the start of the year.

At the UK level, a solid reduction in incomplete orders was recorded.

At the sector level, manufacturers recorded the faster uptick.

› C OM M E N T STUART JOHNSTONE

Managing Director, London & South East, Corporate & Commercial Banking “The South East private sector faced a sharp deterioration in business conditions during January, with a renewed contraction in new orders driving the latest decline. The effects of the third lockdown reflected on the latest reading which saw business activity plummet. Temporary business closures and a subdued demand environment contributed to another round of job shedding, while the UK’s departure from the EU led to higher transportation costs, with the overall rate of inflation robust at the start of the year. “Nevertheless, firms were optimistic about output, as hopes for a successful vaccine rollout programme and greater demand fuelled growth expectations for the year ahead. Firms will eagerly await the lifting of restrictions, which will allow the resumption of those business operations currently under restrictions.”

BUSINESS

Hogs Back Brewery, located in the village of Tongham, near Farnham in Surrey is a familiar and much-loved name across the south-east. Its beers, including its flagship TEA or Traditional English Ale, are sold in pubs, bars, supermarkets and bottle shops across the region, with their distinctive hog-themed branding making them instantly recognisable. TEA was the first beer brewed by Hogs Back when it opened in 1992 on Manor Farm, where it is still based today. The full-bodied, well-balanced bitter has been a cornerstone of the brewery’s success, thanks to a raft of awards including runner up in the coveted Champion Beer of Britain back in 2000. Subsequent launches including Hop Garden Gold, RIP Snorter and A over T (Aromas over Tongham) bolstered Hogs Back’s reputation as a brewer of exceptionally fine cask ales. In more recent years, the brewery has broadened its portfolio, introducing Hogstar lager, Surrey Nirvana Session IPA and Little Swine low alcohol beer.

This combination of innovation with brewing tradition has become Hogs Back’s hallmark and underpinned its decision, in 2014, to plant a hop garden adjacent to the brewery and restore the near-extinct local hop variety, Farnham White Bine. In 2019, they moved the hop garden closer to the brewery into a much larger field, where 6,000 hop vines now grow. And in 2020, despite Covid and lockdown, Hogs Back invested in a tractor and equipment to carry out their own harvesting rather than sub-contract it. It’s all part of their ambition to reduce their carbon footprint; the hops travel just yards from growing in the field to the brewhouse where they are added to the beers - ‘from field to firkin in a furlong’. Hogs back owner Rupert Thomson

PIC: CREATIVE MACHINE

FROM FIELD TO FIRKIN IN A FURLONG

The Hogs Back Hop Harvest Party in 2019

And it’s an approach that has caught the attention of the national media with the brewer y featured on the BBC’s Countryfile, Saturday Kitchen, On Your Farm and Channel 5’s Harvest on the Farm Hogs Back enjoys a close relationship with the local community in and around Farnham. Its annual Hop Harvest Party, offering live music, street food, children’s entertainment as well as beer, is attended by thousands of local residents every September (apart from 2020, due to Covid), and it has a thriving ‘Tongham TEA Club’ whose members enjoy exclusive beer tastings among other benefits. Last summer, Hogs Back built a new Brewery Tap bar, converted from an old hop kiln, with outdoor tables overlooking the hop garden and indoor space that

FINANCE

was used, when permitted, to host music and comedy nights as well as offering a range of beers brewed just yards away. The past year has been a challenging one for Hogs Back, as for the hospitality industry in general, but they have reacted quickly and creatively throughout the pandemic, adapting their business to comply with trading restrictions and appeal to changing customer behaviour. On the day after Lockdown 1.0 was announced in March 2020, Hogs Back

The Hogs Back Brewery team planting their first hop garden in 2014

BUSINESS created a new drive-through at the brewery, with beers available for collection in a completely contactless transaction. At the same time, the brewer invested in its Home Delivery service, delivering draught and bottled beers direct to customers’ homes, including refillable glass flagons – called Snorters and Snifters – of ‘brewery-fresh’ beers. While pubs were closed, this was the closest beer lovers could enjoy to a ‘pub pint’ and its popularity led to rapid expansion of the service, which now delivers to many thousands of homes across Surrey and into parts of Hampshire, Berkshire and Sussex. Hogs Back also made use of technology to keep its customers engaged during lockdowns. With its popular Brewery Tours and Tastings on hold for much of the year, they developed a virtual version on Zoom. Participants receive a box of beers, a set of beer ingredients, glass and snacks ahead of joining the Zoom event, which take place at least once a week, led by a Hogs Back expert at the brewery. Rupert Thompson, Hogs Back Brewery owner, said: “The pandemic has impacted our business, along with so many others in the hospitality industry. However, we were delighted with support from our customers, who have bought beers through our Drive Through and Home Delivery services, and we will continue to offer these services.

Miles Chesterman, head brewer; owner Rupert Thomson; hop garden manager, Matthew King

We think some people will remain cautious about pub visits beyond the official reopening date, and others have got into the habit of having Hogs Back beers in the home, even if they’re also going to be visiting the pub. “Like every business and indeed every person in the UK, we’re hoping that restrictions on trading will be lifted for good this time. We’re looking forward to selling our beers through pubs again, so that customers can enjoy a sociable pint of TEA with friends – something that so many have missed during lockdown. We’re also making plans to reopen our Brewery Tap as soon as we can, with a programme of live music and entertainment, and restarting our tours of the brewery and hop garden. And we will once again be welcoming thousands of people to our Hop Harvest Party in September.

He added: “It’s still too early to say what the long-term impact of Covid-19 will be, though one ‘silver lining’ for a local business like ours is that there seems to be a renewed enthusiasm for local food and drink, with many people who bought locally during lockdown saying they’ll continue to do so. We’ll certainly raise a glass to that!” On the support received from NatWest, Thompson said: “We have been a long standing client of NatWest and they helped us buy the farm buildings we occupy with a £1.25m loan, which has allowed us to improve the strength of our balance sheet during these challenging times by allowing us to convert rental outgoings into lower loan repayments, and giving us an important capital asset in due course. “This also gives us security to invest further in the site including the further development of our own Brewery Tap and visitors centre and our hop kiln. We also now have space for an extra 100 cars to park for special events, a growing part of our business. We found Mike Shepston and his team at NatWest very efficient and easy to deal with – with all the business challenges we faced as a result of Covid, this approach was very welcome!”

michael.shepston@natwest.com T:01293 643016 M:07795 801646 2nd Floor Turnpike House 123 High Street | Crawley West Sussex, RH10 1DQ

To feed the most vulnerable we needed great service from our bank Joshua Owens-Baigler Director, Angelina Restaurant

At NatWest, we approved a Coronavirus Business Interruption Loan for Angelina Restaurant in Dalston. This not only enabled them to keep their staff on, but to provide around 500 meals a day to local vulnerable people. Search NatWest Business

Here to support you Security may be required. Over 18s only. Subject to status. Business use only. Any property or asset used as a security may be repossessed or forfeited if you do not keep up repayments on any debt secured on it.

BIG STORY

JEFF BEZOS In late 1993, Jeff Bezos left his lucrative job at hedge fund manager, D. E. Shaw to create a digital bookstore. He drove with his wife from New York City to a rented house in Seattle and wrote the business plan in the car in transit. At first, he wanted to name the company Cadabra. But fortunately he dropped this idea and instead decided on Amazon. By Maarten Hoffmann

BIG STORY

There he started the business in his garage, packing boxes of books on his knees on a concrete floor and the question he was asked most frequently at the time was “what’s the internet?” Along his journey in building the company, there were many doubters about the viability of the operation. Year after year, the losses just got bigger and bigger. Yet Bezos had a long-term vision and kept moving forward. Of course, now the company is one of the most valuable in the world and continues to grow like a startup. So given that he has decided to step down as CEO, this seems like a good time to reflect on his insights and wisdom. Jeff Bezos has taught a generation of founders to always think like it is day one–never stop inventing. Looking at Amazon as the behemoth that it is today, it’s easy to forget that the company has become “The Everything Store” only because Bezos made crazy bets, including successful ones like AWS, and failures like the Fire Phone. Additionally, he taught us that working backwards from a customer need is core to being a great entrepreneur. Obsessing over earning and keeping customer trust ensures your company doesn’t sacrifice long-term value for short-term results. Bezos noted in his departure letter to employees on February 9th, that his chosen successor, Andy Jassy had worked at the company almost as long

as he has. When Jassy joined in 1997, three years after its founding, Amazon was a fledgling online bookseller with fewer than 300 employees and $32 million in sales. Jassy takes over as CEO of Amazon and Bezos can be confident that Jassy has internalised the company’s core values. After all, Bezos has been consistently communicating Amazon’s four core principles since the day the company launched in 1995. A successful company has a strong corporate culture. Effective leaders like Bezos communicate the values that make up that culture each and every day. Amazon executives, Bill Carr and Colin Br yar, co - authors of the new book Working Backwards, recently spoke with the media. Carr and Bryar have spent a combined 27 years at the company. Bryar was a member of Amazon’s senior leadership team and spent two years as Bezos’s Chief of Staff—his ‘shadow’ for nine hours a day. As vice president of Digital Media, Carr helped launch Amazon Music, Prime Video, and Amazon Studios. They say that the secret sauce that makes up Amazon’s culture is made up of four ingredients: customer obsession, longterm thinking, eagerness to invent, and taking pride in operational excellence. “Amazon has never wavered in its commitment to these four core principles,” according to Carr and Bryar. “And they are in large part the reason that in 2015 Amazon became the company that reached $100 billion in annual sales faster than any other in the world.”

❛❛ So what will

the man with almost $200 billion in the bank do now? ❜❜

BIG STORY CARR GAVE A DETAILED DESCRIPTION OF EACH OF THE FOUR CORE VALUES, ACCORDING TO HOW BEZOS COMMUNICATED THE PRINCIPLES EACH AND EVERY DAY

Customer obsession

Bezos doesn’t just tell employees to pay attention to the customer; he reminds them to obsess over them. And he’s been doing so since his first shareholder letter in 1997. “A lot of companies talk about being customer-centric. It’s easy to say but hard to do,” says Carr. Obsessing over customers is difficult for many organisations because leaders, managers, and employees rarely hear from customers directly. They hear from their peers and partners, who all have their own needs and goals. But a great company is built by a leader who keeps the customer front and centre. They remind teams to start with the customer’s needs and ‘work backwards.’ Bezos reminds Amazonians to pay attention to competitors, but to obsess over customers.

Long-term thinking

Bezos has consistently articulated that one of Amazon’s core values is to think longer-term than most companies. Carr says that Amazon Prime Video, which has more than 100 million viewers, was the result of a decade of research, development, and content acquisition. “Having that long time horizon is critical if you want to build something big and enduring.” Carr says. Many companies will give up on an idea if it doesn’t produce returns in a quarter or a year, but “Amazon will stick with an initiative for five, six, seven years—all the while keeping the investment manageable, constantly learning and improving – until it gains momentum and acceptance.”

Eagerness to invent

According to Carr, taking risks means accepting that ideas or projects will fail. But not all organisations cultivate a culture where it’s okay to try and fail. “You have to take pro-active steps to create a culture where people don’t have that fear to fail,” says Carr.

Pride in operational excellence

In his 1998 letter, Bezos defined operational excellence as a core company value. According to Bezos, “operational excellence implies two things. Delivering continuous improvement in customer experience and driving productivity, margin, efficiency, and asset velocity across all our businesses.”

A pioneering mentality doesn’t just happen within an organisation. A leader has to inspire a team to strive to accomplish something different and unique.

BIG STORY

❛❛ In a divorce settlement in 2019, his wife

received 19.7 million shares, making her the third-richest woman in the world behind L’Oreal heir Francoise Bettencourt Meyers and Walmart heir Alice Walton ❜❜

In a 2018 interview, Bezos was still reminding employees that the company values excellence in the behind-thescenes efforts that most consumers will never see—but they’ll see the results like on-time delivery. “People will never see 90% of what you do,” Bezos said. “The only thing that makes you have high standards on that work that nobody ever sees is your own professional pride in operational excellence.” “Do not assume that simply stating your values and displaying them will have any significant effect,” says Carr. At Amazon, the four pillars of the company’s corporate culture are built into every process and discussion. And it all starts at the top. Every company has a different set of ingredients that make up its secret sauce, but those values mean little if your teams fail to internalise them. Keep your company’s values front and centre. As for the new boss, Jassy is a Harvard Business School grad who helped come up with the idea for its cloud computing business, Amazon Web Services, and then spent 14 years turning it into the company’s biggest moneymaker, with a client roster that includes Netflix, Zoom

and ESPN. The division did $45 billion in sales in 2020, up 30% from the previous year. It is far more profitable than the larger retail business, bringing in nearly 60% of Amazon’s operating income. For his efforts, Jassy is nicely compensated, receiving $349,000 in 2019 and a security detail. But, relatively speaking, he’s received few shares in Amazon. The incoming CEO currently has just 81,500 shares, worth about $275 million. He has another $162 million in estimated cash and investments, from selling shares over the years, which gives him a net worth of nearly $440 million.

BIG STORY

Enough for a comfortable lifestyle but it goes to show how hard it is to build wealth as a hired hand, even at one of the most successful companies on the planet, which boasts a market cap of $1.69 trillion. Jeff Bezos has maintained a tight grip on the company’s ownership since the early days, holding a roughly 42% stake when he took the company public in 1997. Even after handing a quarter of his stock to his ex-wife MacKenzie in a divorce settlement and selling chunks of stock to chase other interests (i.e. funding his space venture Blue Origin, buying the Washington Post), he still has 53 million shares, or 11% of the company. That makes him the richest man on the planet, with a fortune of $195 billion. None of Bezos’ other top lieutenants have become rich — at least billionaire rich — off the stock either. Take Jeff Wilke, Amazon’s consumer chief who started over two decades ago and was long considered the second-most important

person at the company. He is worth around $400 million, based on roughly 49,000 shares and an estimated $245 million in cash from selling stock. Wilke announced last year that he would be leaving the company in early 2021. “I don’t have a new job, and am as happy with and proud of Amazon as ever,” Wilke said in an email to employees. “We worked hard. And we had a blast. So why leave? It’s just time...Time for me to take time to explore personal interests that have taken a back seat for over two decades.” Jeff Blackburn is another top executive with relatively few shares. He joined the company in 1998, after helping take it public the year before. He became part of Bezos’ “S-Team,” an inner circle of advisors, in 2006, and has led a number of businesses, including Prime Video, Amazon Studios, Amazon Music and Amazon Advertising. He is worth $345 million, based on about 67,000 shares and an estimated $118 million in cash

from selling stock. Blackburn, likely also looking for a break from the intense workload, took a one-year sabbatical last year. The only other person known to have cracked into the billionaire club thanks to Amazon’s fast-rising stock is family: Namely, ex-wife MacKenzie. The two married in 1993, a year before Bezos started selling books out of his garage. In a divorce settlement in 2019, she received 19.7 million shares, making her the thirdrichest woman in the world behind L’Oreal heir Francoise Bettencourt Meyers and Walmart heir Alice Walton. Of course, not all tech company founders keep so much of the shares to themselves. Facebook has minted numerous billionaires including not just its three founders but also a few hired hands like COO Sheryl Sandberg and former vice president Jeff Rothschild. Eric Schmidt, who was tapped as Google’s first CEO in 2001, is another billionaire who didn’t found the company. But Jassy has plenty of company among tech CEOs who are not quite rich enough for the billionaires club, including Microsoft’s Satya Nadella. Following the announcement of his retirement, Bezos had a few takeaways for his team, and the world in general:

BIG STORY

“LET CURIOSITY BE YOUR COMPASS”

Bezos believes in this principle so much, he signed his announcement to the Amazon global workforce off with it. Amazon is a pioneer – and there is a wealth of successful innovations and inventions that have been borne out of that encouraged curiosity. Whilst the organisation is quick to admit that ‘new quickly becomes normal’ much of the success has been rooted in the business being inquisitive and wanting to understand more about its consumers to in turn present solutions they hadn’t even thought of.

❛❛ Enough for

a comfortable lifestyle but it goes to show how hard it is to build wealth as a hired hand, even at one of the most successful companies on the planet❜❜

HIRING THE RIGHT PEOPLE IS CRUCIAL TO SUCCESS

To build and sustain a culture of innovation and curiosity, you need the right people as enablers of the vision. And Bezos highlighted in an interview earlier this year that he looks for people who could ‘tutor’ him. “If you ever get lucky enough to be hiring people, make sure you’re hiring people that not only you can teach, but make sure you’re hiring people who are also going to teach you things.”

Other qualities that Bezos has mentioned he looks for in candidates include:

1 2

Someone who will listen a lot and ‘change their mind’ a lot

People who want to ‘dis-confirm’ what they feel to be known and true and are comfortable to adapt to new data and trends

Natural “mavericks” - those who are known successful challengers and disruptors.

BIG BETS, BUT DON’T BET THE WHOLE BUSINESS

“What really matters is, companies that don’t continue to experiment, companies that don’t embrace failure, they will eventually get in a desperate position where the only thing they can do is a Hail Mary bet at the very end of their corporate existence. Whereas companies that are making bets all along, even big bets, but not bet-the-company bets, prevail.” And that has been a big part of the journey from the concrete floor based packing, revolutionised when a colleague said to Bezos ‘Let’s get packing tables’ to Amazon’s disruption of the very way we shop. This is an organisation that has only grown to such a scale by not following any traditional route.

BIG STORY

SO WHAT WILL THE MAN WITH ALMOST $200 BILLION IN THE BANK DO NOW? In a letter to Amazon employees, Bezos said he’ll use his new free time to focus on The Day One Fund, the $2 billion fund he established in 2018 aimed at opening full-scholarship, Montessoriinfluenced preschools in underserved communities and funding nonprofits that suppor t homeless families. He also said he’ll work on the Bezos

Earth Fund, which he kicked off a year ago with a $10 billion pledge (almost 10% of his net worth at the time) to combat climate change by issuing grants to “scientists, activists, NGOs— any effort that offers a real possibility to help preserve and protect the natural world,” Bezos said. Bezos also has Blue Origin, his private spaceflight company, which is developing rockets for commercial space tourism that he hinted could help NASA take humans to the Moon.

The billionaire said he’ll also dedicate more time to The Washington Post, which he purchased for $250 million in 2013, and helped to expand its digital presence and ramp up revenue. “I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on my other passions. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organisations can have,” Bezos said.

LEGAL

By the end of March the economy will have been on ice for a year. Insolvency lawyer Oliver Jackson looks at some of the measures designed to support business as the thaw begins and the economy opens up.

THE END OF THE BIG FREEZE ONS figures published in early February confirmed that the British economy has shrunk to its 2013 size, with output down by almost 10% in 2020. Against this background it is perhaps surprising that, despite an increase in December, corporate insolvencies for 2020 were 27.1% lower than 2019, and were at their lowest for a decade. The fact that the fall in output has not yet translated into insolvencies demon-

strates both the scale and the impact of government support for the economy. The general view is that the Covid support measures have deferred rather than prevented the pandemic – and Brexit – from being reflected in corporate insolvency levels. However, over the course of this year, many of the government’s support measures will be lifted. These fall into three broad categories:

❛❛ Against this background and despite

an increase in December, corporate insolvencies for 2020 were 27.1% lower than 2019 and at their lowest for a decade ❜❜

nD irect interventions, such as protection from eviction, business rates relief for the hospitality sector and the furlough scheme, all of which are currently due to expire by the end of April 2021. nL oan schemes including Bounce Back Loans and CBILS. The application deadline for these types of loan is currently March 31st 2021, with repayments required to start after 18 months or 12 months respectively. nM easures introduced under the Corporate Insolvency and Governance Act 2020 (CIGA2020). The first two of these are well known. The last is less well understood, but the new restructuring schemes created by CIGA2020 will provide more options for businesses as the economy opens up.

LEGAL

In terms of the permanent changes to English insolvency law brought about by CIGA2020, the most important are:

The new moratorium procedure. This is likely to be the most useful innovation for companies struggling with cashflow difficulties. Designed to give companies a breathing space, they can obtain a moratorium on creditor action for up to 40 days, without seeking creditor or court approval. For a longer moratorium of up to a year, either creditor or court approval will be required. The process requires an independent insolvency practitioner to be appointed as a “Monitor” to oversee its conduct and who must make a statement that it is likely that the moratorium will result in the rescue of the company as a going concern. The rules do not apply to financial services companies.

A new “Restructuring Plan”. This will operate very much like the existing “schemes of arrangement”, requiring creditor approval, although it is also a court-supervised process. Unlike CVAs, and more like “Chapter 11 bankruptcy” in the US, if the court approves of the arrangement, it has the power to override a dissenting class of voters and authorise the plan.

Supplier termination clauses. Although there are exceptions, as a general rule suppliers can no longer stop supplying goods or services as a result of a company’s insolvency if the supply is paid for.

THE CORPORATE INSOLVENCY AND GOVERNANCE ACT 2020

CIGA2020 created the biggest shake up in English insolvency law for many years. In addition to some temporary measures to assist businesses and directors during the pandemic, it also introduced permanent provisions which include new insolvency processes now available to companies as an alternative to CVAs, administration or liquidation. So far as the temporary Covid-related provisions are concerned, the most significant are:

1 2

The healing of the economy after the dual shocks of the pandemic and Brexit will be measured in years rather than months. Given the government support for business over the last year, we have not yet seen many of the new restructuring schemes created by CIGA2020 in operation. As government support is lifted over the next year, however, or as the obligation to repay borrowing bites, we can expect to see a lot more of them. The new schemes offer more options to businesses and may provide a bridge to ‘normal’ as government protection is relaxed and the thaw begins. If you are affected by any of these issues and require advice, please do get in touch.

Restrictions on the presentation of winding up petitions. These are currently due to expire on March 31st 2021.

The relaxation of some of the rules governing the new moratoriums (see adjacent column). These are also due to expire on March 31st 2021; and

Restrictions on bringing wrongful trading claims against directors. These are due to expire on April 30th 2021.

Oliver Jackson is a Partner in DMH Stallard’s Dispute Resolution team specialising in insolvency and business recovery. He can be contacted on 01293 558552 or by email at oliver.jackson@dmhstallard.com dmhstallard.com

FINANCE

THE MOMENTUM OF

ELECTRIC VEHICLES Chris Reeves, Head of Motor Retail at MHA Carpenter Box, looks at the cost benefits of Electric Vehicles and offers his review of the Porsche Taycan IS THE EV FINALLY COMING OF AGE? SHOULD MY COMPANY CAR BE ELECTRIC? IS THE INFRASTRUCTURE GOOD ENOUGH YET?

These are all questions that are becoming increasingly common in homes and businesses up and down the country. The tax reliefs and advantageous rates are a clear attraction for the fleet and business markets.

THE MARKET

Despite fully Electric Vehicles (EVs) only receiving a lot of media attention in the last few years, EVs have actually been around for a long time, generally achieving very moderate growth yearon-year. However, with the global focus on climate change, both from a legislative angle as well as changes in consumer behaviour, manufacturers are placing more time and investment in developing their electric ranges than ever before.

Roll this forward to 2021 and EVs appear to be one of the very few beneficiaries of the COVID-19 pandemic. Our current ‘new way of life’ lends itself very nicely to what an electric car has to offer – more of us working from home, fewer journeys, shorter journeys etc. This, coupled with the momentum gained in 2019, has led to an increase in market share from 2.2% in September 2019 to 6.7% in September 2020. This is all despite a c.30% reduction in overall car registrations YTD and a fall in oil prices. So the momentum is clearly continuing and those manufacturers that began their electric journeys earlier are starting to reap the rewards.

THE COST BENEFITS FOR EMPLOYERS AND EMPLOYEES

For employers, the EV option is fast becoming a very attractive proposition – both for large fleets and directors of small businesses. Aside from all the environmental benefits and the positive publicity this brings, there are a number of tax reliefs that make EVs a smart choice for businesses. Of course, there is also the much-reduced running costs, especially when charging at a home or office location. For a start, there is no benefit in kind (BIK) on pure EVs for 2020/21 and this is only rising to 2% by 2022/23. There is also no fuel benefit where the employer pays the charging costs of the EV. On top of this, the employer is entitled to 100% capital allowance on the EV in the year of purchase, giving a significant tax cash flow saving.

❛❛ For employers, the EV option

is fast becoming a very attractive proposition – both for large fleets and directors of small businesses ❜❜

FINANCE

THE PRODUCTS

New ranges of Electric Vehicles are being released all the time, with performance and battery figures improving all the time, as manufacturers compete to increase their share of this rapidly growing market. This fierce competition drives a significant rate of improvement and development – consequently, electric cars are already viable alternatives when comparing with internal combustion engines (ICEs). The technology and features within EVs are very exciting and forward-thinking, whilst some of the performance figures are mind-blowing.

Our dedicated Motor Retail team can help if you are considering EVs in your business and you need some help crunching the numbers. Please call Chris Reeves on 01903 234094 or visit www.carpenterbox.com

A great example of this is the Porsche Taycan. Thanks to Porsche Centre Mid-Sussex, Chris Reeves was able to experience their electric offering first-hand and provides a glimpse of how far we have come and the practicalities of owning an EV.

PORSCHE TAYCAN 4S

“Clearly the Porsche Taycan is at the high end of the EV market, but as demonstrated above, could realistically be affordable to a wider range of businesses and tempting to those who are currently suffering heavy BIKs for their performance company cars. For example, the BMW 530d is a popular company car (approx. £50k list price), but the additional cost of upgrading to an £80k EV, is not significant and therefore becomes a real option. First impressions of the Porsche Taycan 4S didn’t disappoint – as you might expect the exterior is stunning, but the interior is equally thought provoking. The cabin is incredibly refined yet simplistic, and when the power is switched on you are met with an array of touch-screens, with one for the passenger! Unsurprisingly, the driving experience and performance of the Taycan was sensational – despite the lack of gears and engine noise, it still felt like a Porsche. It was a lot of fun to drive, whilst also feeling sensible as an ‘everyday’

car. The acceleration is an experience in itself and I was only in the 4S model – the Turbo S is over a second quicker to 60mph – quite simply not usually achievable outside of ‘supercar’ territory. In terms of range, it should achieve 200 miles per full charge. I had the car for three days, covering approximately 150 miles, and whilst I was very aware of the raange, at no point did ‘range anxiety’ take hold. The stated range appeared accurate throughout and the navigation offered to locate charging stations in good time, which gives you confidence as the driver that you are in control. The other surprising element of the Taycan was the rear boot space – at 407 litres, it can even fit the golf clubs! In most other areas, practically, it was very similar to an ICE vehicle which is probably the most significant aspect because it shows how viable an alternative this car is to a ‘regular’ Porsche. Clearly there is more to consider over a longer time-frame of ownership and for longer journeys, but the charging infrastructure appears to provide a solution to most journeys. If this is Porsche’s first attempt at an EV, it’s exciting where this could lead in the future!”

NEWS UBER UP The co-founder of Uber has has launched his own airline. Garrett Camp, the computer programmer who launched the city car app with Travis Kalanick in 2009, has called the venture Aero. Camp describes the concept as: “A travel service provider inspired by the golden age of aviation, designed for modern life with semi-private jet flights to the world’s most in-demand destinations”. The first flight departed from Van Nuys airport, northwest of Hollywood, to the Colorado ski resort of Aspen at 11am on Thursday February 4th. The introductory fare for the one hour 50 minute flight, covering 731 miles, is £730.

NEWS BULLETIN ❛❛ The real test is not

whether you avoid this failure, because you won’t. It’s whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere ❜❜ Barack Obama

WINE TO HOP Chapel Down has revealed that serial investor and former Patisserie Valerie chairman Luke Johnson is to pick up its beer business. The Aquis-listed winemaker said it will put its title-winning Ashfordbased brewer Curious Drinks – which launched in 2019 and saw 90% of its beer and cider sold in hospitality venues pre-pandemic – into administration, to be taken up by Johnson’s Risk Capital Partners (RCP) through a pre-pack which is set to guarantee all the brewer’s jobs. The Kent-based company, which is backed by City veteran Michael Spencer and known for its sparkling bottles, said the exit will reduce its net debt from £7.2 million to £100,000.

GOING TO POT Pot shares are soaring high. The end of another extraordinary week in the stock market saw investors big and small turn their eyes to a relatively new investment class: medical cannabis shares. On February 10th, London’s first cannabis stock MGC Pharma more than tripled on its London Stock Exchange debut. The company raised £6.5 million on its debut and then soared from an opening price of 1.475p per share to 4.25p leaving the company with a market cap of over £75 million.

NEWS

❛❛ The last 10% it takes

to launch something takes as much energy as the first 90% ❜❜

ASDA FOR £780M ANYONE? The Issa brothers, two entrepreneurs from Blackburn who made billion-pound fortunes running petrol stations, have completed the deal to buy Britain’s third-largest supermarket chain. Asda was valued at £6.8bn, but the brothers and the investment firm TDR Capital paid just £780m. The rest of the money was borrowed. So how does this kind of deal work? And will it leave Asda with too much debt? This kind of deal is a leveraged buyout – which means that it involves large amounts of debt. TDR Capital specialises in this kind of deal. It is also co-owner of EG Group, the worldwide petrol station business which built the brothers’ fortune, and which also has large borrowings.

Rob Kalin, founder of Etsy

CHINESE PLAN IS WORKING China is now the EU’s biggest trading partner, overtaking the US in 2020. China bucked a wider trend, as trade with most of Europe’s major partners dipped due to the Covid-19 pandemic. Trade between China and the EU was worth $709bn (£511bn) last year, compared with $671bn worth of imports and exports from the US. Although China’s economy cratered in the first quarter due to the pandemic, its economic recovery later in the year fuelled demand for EU goods.

The Issas and TDR each contribute half of the £780m in cash to Asda’s former owners, Wal-Mart, which has owned Asda since 1999. Most of the purchase price – just under £4bn – will be borrowed. The new owners will sell off parts of Asda to raise the rest of the purchase price. Asda will sell its warehouses and distribution system for £950m. It will still use them, but in future, it will have to pay rent to their new owners.

LEVELLING UP Multinational consumer goods giant Unilever has promised that all workers in its supply chain will receive a living wage by 2030, as its boss warned of the “widening” divide between rich and poor. The manufacturer of Marmite, Ben & Jerry’s ice cream and Dove soap – headquartered in the UK – set out its pledge as part of a plan to raise wage levels among people working for smaller suppliers around the world.

❛❛ If you are not

embarrassed by the first version of your product, you’ve launched too late❜❜ Reid Hoffman, co-founder of LinkedIn

FLAT BEER Beer giant Heineken is to slash 8,000 jobs around the world after sales plunged sharply following the closure of pubs and bars during global lockdowns. The Dutch brewer said it will axe almost 10 per cent of its 85,000 staff as part of its efforts to save £1.75bn over the next two years. The company – which counts Amstel, Tiger, Sol and Birra Moretti among its brands – blamed the cuts on the “unprecedented disruption” caused by the coronavirus pandemic.

INFLUENCERS FORUM Welcome to the Influencers Forum on the subject of Business Funding. We’re currently in uncharted territory due to the pandemic. And it’s never been more important to ensure your business is well-funded to get you through the next 12 months or so when hopefully, life will resume and we will all get back to what we do best - business. But where to go and what decision to make? Today I’m joined by a range of experts in the field to debate the subject of business and personal funding and hopefully lead you in the right direction. I’d like to welcome our panel: Nigel Lambe, CEO of Sussex Innovation Centre Nik Askaroff, MD of EMC Corporate Finance Darren Hurdle, Corporate Finance Director of Kreston Reeves Samantha Kaye, Director of Wellesley Wealth Advisory Simon Bulteel, MD of Cooden – R & D Tax Specialists Dan Morgan, Managing Partner of Haines Watts Esher

MAARTEN HOFFMANN The Platinum Publisher, Maarten Hoffmann is the facilitator for the Platinum Influencer Forums

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INFLUENCERS FORUM

NIGEL LAMBE

NIK ASKAROFF

DARREN HURDLE

CEO of Sussex Innovation Centre

MD of EMC Corporate Finance

Nigel Lambe is Chief Executive of Sussex Innovation, a business incubator owned by the University of Sussex. Nigel’s role involves advising a community of nearly 200 ambitious start-ups and scale-ups from idea to exit. Since stepping into his current role with Sussex Innovation in 2019 he has driven the launch of Suss Ventures, the organisation’s investment matching arm.

Nik is the leading Corporate Financier in the South East having won the prestigious ‘Dealmaker of the Year’ title on regular occasions. Nik holds board positions with six companies and at EMC focuses on strategy, merger and acquisition work and commercial business development. He has considerable overseas knowledge, and his experience covers healthcare, media and marketing, food, electronics retail and manufacturing.

Corporate Finance Director of Kreston Reeves

nigel.lambe@sinc.co.uk www.sinc.co.uk sussventures.sinc.co.uk

askaroff@emcltd.co.uk www.emcltd.co.uk

Darren is a Corporate Finance specialist with over 14 years’ experience including extensive funding market knowledge covering acquisition finance, debt advisory, equity and MBO/MBI finance. He has considerable deal making experience which include company sales, MBOs, MBIs and acquisitions across a broad range of sectors. Darren.Hurdle@krestonreeves.com www.krestonreeves.com

Director, Wellesley Wealth Advisory

SIMON BULTEEL

Managing Director Cooden - R & D Tax Specialists

DAN MORGAN

Samantha Kaye is a Chartered Financial Planner with Wellesley Wealth Advisory. With more than 20 years of experience with varied and complex pension planning such as pensions and divorce and lifetime allowance planning, Samantha is passionate about advising women in business. She advises clients on wealth management, whether it’s pensions, business and intergenerational planning and/or investments.

Simon is the Founder of Cooden, who rebranded from Cooden – R & D Tax Specialists earlier this year. They help companies, doing interesting things with science or technology, boost their cashflow, by reducing their tax liability or generating refundable tax credits for start-ups and lossmaking companies. It’s funding, just not as you know it! Simon.Bulteel@coodentaxconsulting.co.uk www.coodentaxconsulting.co.uk

Dan works with a variety of ambitious businesses and their owners. He delivers strategic advice to enable his clients to tackle challenges and build enterprise value. He helps clients find solutions across a range of issues including funding, building management teams, managing talent and profit extraction. His experience running the firm’s Esher and Bromley offices enable him to empathise with clients and underpins his practical approach to advising clients.

SAMANTHA KAYE

samantha.kaye@sjpp.co.uk www.wellesleywa.co.uk

Managing Partner of Haines Watts Esher

dmorgan@hwca.com www.hwca.com/accountants-esher

BUSINESS INFLUENCERS FORUM

So when it comes to funding one’s business, there’s a wide range of places to go. But I think it’s probably quite interesting to start with an overall view of what you t hink about the best places to go for funding right now. What’s your view on business funding? Are there pitfalls of where we should go or where we shouldn’t? NIK: Essentially, business funding falls into four or five categories. It always has done; friends and family lending money to people to start up businesses; individual private investors; business angels – or business vultures, as I call them – banks, mezzanine funds, then into venture capital and private equity in the top professional marketplace. What’s happened during Covid is that there has been a mass of fringe funders springing up offering leverages and debt facilities on pretty onerous terms. So it is a pitfall for people because they’re making it very easy to borrow money. And people aren’t reading the small print. There’s £1.3 trillion sitting in banks, with investors funding routes in the market at the moment. So there’s plenty of cash around for the right proposal.

DARREN: It is really mixed. You’ve got the traditional banks and, go back a number of years, that’s where everybody applied. But subsequent to the financial crisis in 2008, a whole raft of other funders have sprung up; the asset-based lending community in particular. And where the banks still are not as free lending as they as they were, the market has been infiltrated by a lot of assetbased lenders and other mezzanine debt providers.

SIMON: For a business like my own, which is a fairly small business, the things that Nik and Dan mentioned are beyond where I will be looking for my money to see me through this period. There are tools out there that many accountants are using, including an online system called ‘Capitalise’ which is a system that’s there for accountants to go to the market, enter their clients details and they’ll see who the funders that might be able to support them.

You’ve also got crowdfunding in there as well. But I suppose for now, the kind of things we’re seeing more of is going to those asset-based lenders and challenger banks that have stepped into where the normal high street lenders are not servicing the clients properly.

For the small business, that’s the sort of place that you may be wanting to note down as what is your accountant seeing. What they can do with things like Capitalise, things like their existing bank relationship, is to get the money that sees them over the next six to 12 months.

MAARTEN: So just so that readers understand, what is mezzanine funding? NIK: So if you take the three stages of funding, you’ve got secured debt, which is where somebody comes in, and gives you a mortgage, like they might do on a house. Or in business terms, they might finance a bit of plant and machinery or lend you money against your debtor book. And then you’ve got unsecured finance, which might be just a loan from the family or might be a loan from a private investor. And in the middle, you’ve got mezzanine. So it’s like a mezzanine floor, which stands behind senior debt, and in front of equity. So it’s fringe lending, not on normal terms.

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DAN: These challenger banks are very interesting where we’ve had a number of clients go to their normal banking relationship for a CBILS, and get turned down. We are the registered office for many clients so we probably get a letter a week from Funding Circle for every client. And they’re the ones that are really pumping it hard. Their lending criteria appears to be a lot more relaxed than a traditional bank. And they do CBILS in pretty much most instances where a traditional bank won’t. So a lot of clients have had to go beyond their normal relationship for that. And the interesting thing is, if a traditional bank did a CBILS, it will be at a very low interest rate. Whereas with the challenger banks, their lending criteria is a lot easier, but the interest rate they’re charging can be significantly higher.

INFLUENCERS FORUM

MAARTEN: Samantha, you deal with a lot of personal investments. What’s your view on where we are at the moment with funding? SAMANTHA: We’ve come at it from a slightly different angle. So obviously, for corporate lending, I would always defer to an expert, and I’m not an expert in that particular field. However, where my clients will come to me is enquiring about setting up SSASes, (small, self-administered schemes) which is a very particular pension scheme whereby an employer can take a loan for themselves from that scheme. So effectively, they’re loaning their own money, but it’s a risk in terms of taking your own money out of your own pension fund to loan to the business, and the HMRC take a very dim view on a trustee permitting a loan back to an employer for cash flow purposes. So we’ve had some very interesting conversations about clients trying to rejig their existing assets – personal and corporate – in order to get through these times without having to take further lending. Because, as everyone has said, at some point, that lending needs to be paid back. And it’s almost deferring a problem that you know is coming. So it’s trying to get through these times, as best you can.

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INFLUENCERS FORUM

Looking at the various routes of funding, obviously, crowdfunding has, prior to last March, been quite an active market. Is anybody seeing much activity with their clients in crowdfunding? NIK: There’s a lot of activity going on. We don’t like a lot of it because there’s often not enough diligence around the proposals. I’ve seen some crowdfunding prospectuses which don’t even have a forecasting of what the business is going to do. The EIS tax scheme is promoting a lot of individual investors investing in startups. And it’s probably just as well, because that’s the biggest source of funding for startups and new businesses anyway, which we need. Crowdfunding should have a great purpose to support those smaller businesses. NIGEL: We have run a few campaigns lately. And I have to say, I’m lukewarm on crowdfunding. There were so many ridiculously bad deals that got through that people got burnt on, and that’s given the whole sector a bad name. The whole idea is democratising investment; it was brilliant, and I really wish someone would get a grip of it and put a bit more control in place. I love the concept, I just hate the fact that so many charlatans have managed to raise ridiculous sums on ludicrous valuations. It gives everybody a bad name. DAN: We’ve got a number of startups that we work with that are still going down the route of SEIS, and tax reliefs, trying to raise funding. It’s an area where I think we’re always concerned, and for many reasons that the others on the panel have just said. So we don’t get actively involved in it. But certainly some clients do it direct, while looking at angel clubs as well, and trying to pitch and present to raise funding. At the moment, if you’re the right sort of sector, and there’s still appetite; there’s still a lot of cash out there.

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INFLUENCERS FORUM

What about venture capital; Nik called it vulture capital? Are there venture capitalists out there at the moment looking for deals? NIK: There’s 2,500 VC companies in London. And there’s a whole sector SEIS – which has to take minority investments anyway. So they’re effectively VC-based.

NIK: Exactly those things. Essentially, why are you doing it? What’s the purpose of the money? How are you going to use that money? And what are you willing to give away to get the money?

It’s all about how good the proposition is and how robust the proposal is. Although there’s lots of money, the sensible investors and the fund-led investors are very robust in their due diligence.

DARREN: One part of clients going the venture capital route is education. You use the term ‘vulture capital’ Nik – and that is quite widely known in the market. That’s how people see particularly the earliest stage venture capital money, as a vulture capitalist coming in and just taking over, you’re answering to them, and you’re not running your own business anymore.

So you have to put more work and more time into the due diligence. Anything that doesn’t do that is likely to be on the fringe, and dodgy in some way, in my view. So you’ve got a very strong VC community, but it’s not easy to get hold of their money. They seem to take a lot of time not appreciating what startup or a second-phase funding is. They’re looking for companies that have that post-cash post-revenue, post-profits, delivering at least half a million of profit, and they still classify that as startup funding. But in our minds, that’s not startup funding. The reality is, there’s money out there for all sectors and all good propositions. Unfortunately, 80% of propositions are not good ones, and it’s sifting through them that takes the time. MAARTEN: So as a startup business, or as any business, for example, I’m looking for funding, what are my fears about venture capital? The common fear is that I’m going to lose control of my business; I’m going to be told how to run my business. What should I be afraid of? Or wary of when it comes to venture capital?

MAARTEN: Dan, are you involved in venture capital deals at all? DAN: Personally, I’m not. I think I’ve had a number of clients take a look and have a chat with our corporate finance team. We have our own managers and one of the things they like is that it’s owned by the family and they control the business so that they like the potential of ‘we can do this and grow it’ but control is so key for them and they rarely go ahead with the VC route. MAARTEN: Then you have the problem where control is very important, but you’re down to the last five quid in the bank something has to give doesn’t it? NIGEL: Their objectives are completely different from yours. There may be a point in time where your objectives are aligned, and you can work together and you get along, and that works nicely. But you’re trying to do different things. So the fact that so many investors fall out with their investees and vice versa, it’s not surprising because they clearly want different things.

DAN: We have some wealthy family clients and they invest as well. It’s a little bit less ‘vulture capital’. They’ll want to protect their investment, but they’re not quite so cut-throat as a venture capitalist sometimes can be. A lot of them attend Angel networking and Angel clubs. People go and pitch to them a little like Dragons’ Den. And I know they’ve got a website as well, where you can just send in business proposals. We’ve always got to be very careful about what we pass to our clients. NIK: There are some very good ones out there who do it for the right purpose at the right time. And then there’s a lot of others; a bit like crowdfunding. The concept of crowdfunding is fantastic, and peer-to-peer lending is fantastic. But unfortunately, if you don’t have structured regulation around them, they get abused. MAARTEN: Samantha, do you have any clients with considerable funds who look to use it for investment in business? SAMANTHA: It’s not part of our core market because I am in such a heavily regulated environment. It’s just too far up the risk chain. So for us ‘boring’ is the new sexy – so it’s pensions, it’s unit trusts, it’s ‘do what you know’, and ‘do what you do well’. With some of the crowdfunding and peer-to-peer lending, it’s at your own behest, because there is such a risk to it as far as the regulator is concerned,

BUSINESS INFLUENCERS FORUM

The next one to come onto is business accelerators. Nigel, I can’t resist but come to you with that as you run one of the most successful and respected such hubs. Do you look for funding for some of your businesses, or do you ever get involved in funding them? NIGEL: It was always a weakness in our portfolio that we never really got directly involved until recently. So we set up a brand within our organisation called Suss Ventures. We have a huge track record of people who have grown businesses with us and have now moved on. So we’re bringing some of them back as investors and mentors to some of our businesses. We’ve started a very traditional investment broking service, we have a panel of investors, and we have a lot of people who want us to pitch their businesses, of which we take probably, the top 3 or 4%. So we’re doing a very bespoke tailored service which seems to be working very well. And those businesses all need funding. We are very well connected to a lot of private investors, the smaller family offices, and the smaller end of the VC market, and particularly the EIS Scheme is very popular amongst them. MAARTEN: Where is Suss Ventures getting its funding from? NIGEL: We’re just matchmaking, we’re taking investor money, and matching it and just brokering that into companies who are trying to raise funds, so we don’t invest on our own. MAARTEN: Because business accelerators, and business hubs are becoming very popular, it does seem to be that this community route does seem to be a very good route to go with a smaller business or the startup business - would you agree?

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NIGEL: Yes. I think you can find people who understand a bit more about your business and a bit more about your journey, particularly if you can take successful entrepreneurs who have made their money and now want to reinvest. I think that’s very helpful, because you’re getting skills and knowledge as well as money. And people will have very different needs. We’ve helped thousands of businesses grow successfully over the 25-year time period we’ve been going. NIK: If you look at the American model, it was based around the universities, and then the sort of roll-on from universities exactly like SINC – and SINC was one of the innovators in the UK. But if you look at Cambridge Ventures or Oxford Ventures, it’s around the big universities and the spin-offs, and then getting the regeneration of the money from the guys who’ve made money out of having that support. They get their own alumni. And it should be the model we support. The business community as a whole should be ring-fenced regarding size, because once they get too big, they’ll start competing with an open market. But certainly the startup to second phase capital should all be done through an innovation hub / enterprise accelerator-type operation. What we don’t need is one in Eastbourne, one in Hastings, one in Bexhill, one in Brighton, one in Crawley, and have 50 of them spring up with no real resource and no real money behind them.

MAARTEN: Isn’t that effectively what we have? They seem to be popping up everywhere. NIK: Banks, Chambers of Commerce; everybody’s got them. That’s the difficult thing. If there’s 100 benevolent investors in Sussex, I’d be surprised. If you can get hold of 50 of them, get them all down to the Innovation Centre, and let them support the innovation teams... Put them in one place. Don’t have two in one, two in another as that’s spreading government money too thinly. The LEPs (Local Enterprise Partnerships) have got significant amounts of money and the business networks have been given money but it’s all been fragmented. NIGEL: The real key to making a success of it is understanding that whole journey. Not only have we brokered money into companies, we’ve started peer-to-peer CEO networks where you can learn from each other in terms of how to grow a business and all of those pain points. It’s being able to understand that journey so all of our senior team have run their own businesses. As many of the people that call say, if you haven’t woken up at 3am, trying to figure out how you’re going to make payroll at the end of the month, you don’t really run a small business.

INFLUENCERS FINANCE FORUM

MAARTEN: Do you have incubation hubs in Surrey?

many

DAN: There’s a few. The University of Surrey, and there’ll be one or two on local business parks as well, where they try and have a bit of an incubation-style service where people take some flexible office space. And it’s certainly an area where there’s potential but it’s very fragmented. I’m on the Surrey Chamber board and it’s a frustration where you’ve got the LEPs with the funding, and you’ve got a lot of groups that are trying to do things, but it’s all quite fragmented. There are a lot of good ideas and people want to deliver them but it’s hard to do so. I know we sponsored a business startup programme through Surrey Chamber and it’s basically somewhere where startup businesses can just come and have a have a chat with an advisor for an hour just to give them an initial steer on their business. There’s a lot of potential with an incubator and I looked at Nigel’s website earlier and it looks a fascinating model. I think Surrey do a similar thing. It certainly looks like a very promising way to go.

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BUSINESS INFLUENCERS FORUM It seems to be – if one believes the press – a resurgence in people actually saving money, which hasn’t been the case for quite some time. Are you seeing a lot of activity in that market of people actually saving money? SAMANTHA: Absolutely. Last year was a phenomenal year for new cash investments. So the NS&I did the markets a great favour when they slashed their rates on Premium Bonds and their savings accounts. We saw a huge shift of cash from Premium Bonds and NS&I accounts into the markets. And people have been very smiley, very happy in terms of the returns they made especially towards the end of the last year. ‘Boring is the new exciting’ – ISAs, their pension funds, just normal investments. So we had a very busy time last year, as did I think a lot of financial institutions in terms of making sure money’s in the right place. People sitting at home if they were furloughed, were reviewing their old pension funds that had sat in a dusty old drawer for 10 years that they’d been meaning to get around to. And we are always just that bit too busy to be bothered – and 2020 was the year for that to happen. So there was a big review of money last year. We did a lot of pension reviews, Will reviews, powers of attorney reviews, ISA transfers, and it was a phenomenal year actually, in terms of activity because it gave people that were at home the chance to review what they’d got. With interest rates as they are, you haven’t got to go far to beat that. So, anything is better than nothing. And it was a good year in the markets, provided you took more of a global spread in terms of portfolio.

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INFLUENCERS FORUM

Let’s talk about the EIS – the Enterprise Investment Scheme. Just for our readers, would someone like to explain exactly how that works? NIK: It’s pretty simple. You can take up to 30% shares in the company and anything you invest up to a million pounds, it is 50% tax relief against your current tax bill. So if you invest £150,000 into a business that’s EIS registered, you get immediate 50% tax relief. More importantly, when you come to sell, it’s Capital Gains Tax-free, as long as you’ve held it for three years. SIMON: You’ve got the CGIS in the first bit which is £50,000 investment. And then the EIS kicks in beyond that, the CGIS is high risk. You get a better reward than CDIS if you’re the investor, I think it’s 40% for CDIS. And then the EIS is a much bigger pot. The risk is deemed to be a little bit lower. For the company that’s getting it, there is a huge cash windfall. NIK: It’s a massive incentive to private investors. And in reality, if you’re looking for private investment, and you’re not EIS registered, then you’re going to struggle because if I’m a private investor, and I’ve got a choice of an EIS-registered investment, or a non-EIS, I’m going to be seduced by the EIS reliefs and benefits.

When it comes to asset-based lending and invoice-finance, how does that work? And is it a wise way to go? DARREN: Yes, and it’s grown massively in recent years. It is along the lines of the title – it’s asset-based loans. So any assets you’ve got in your business, you are borrowing money against those. So it tends to be the asset-based providers who base their facilities around an invoice-discounting facility. The invoices that you’re raising in your business, you can borrow money against those. Then off the back of that, they will tend to lend against plant and machinery, stock to a degree, and property as well. They’ve largely replaced overdrafts at the banks, and they’d rather you go down that route. So if you take an invoice-discounting facility, if your trade debtors are, as an example, a million pounds, at any one time, you can typically borrow about 80% of that figure on a revolving basis. So, as debts are collected and paid by your clients, it pays back a bit of that debt, but then you’ve raised new invoices, you re-borrow that money. Where you can come a little bit unstuck is at the moment where your business has had to shut or your business has fallen off a cliff, if you’ve got a large invoice-discounting facility. Then suddenly you’re not raising any additional invoices to replace those funds. But the funds are cheap, because it’s secured on those invoices. And it’s those asset-based lenders that have taken a lot of business away from the traditional High Street banks. MAARTEN: Where do those people tend to come from? Where do you tend to find your asset-based lenders? DARREN: We’ve built our contacts over many years. So we know a lot of those funders, and some of them have subsequently turned into challenger banks, where challenger banks have acquired asset-based lenders to build their book. But there are a lot of independents out there.

BUSINESS INFLUENCERS FORUM

Now talking about personal guarantees, where are we with this? Is this something that you would suggest one does or should most directors never go anywhere near it? SIMON: They kind of defeat the object of having a limited company, don’t they? The original purpose of a limited company was you had your company over here, and you had your personal assets over there. And the two could be kept separate. The personal guarantee now has effectively taken that away. NIK: If somebody hasn’t got anything, and the business is bust, and they’re bust, if a business fails, then they can take a view on a personal guarantee if that keeps them going. I’ve got one business was doing £140m turnover, supplying into the hotels and restaurants in London that went down to £4m turnover overnight. They went from £5m in the bank to £10m overdrawn. Travel and leisure in Brighton, for example, half of them have gone bust and half have been struggling on when they probably shouldn’t have done. Yet some people still do it, because that’s their only choice. NIGEL: It all flows into pricing, though. Ultimately, everyone hates personal guarantees, and wants to avoid them. But if the banks didn’t take them, lending would be a lot more expensive. So, it kind of pools the risk to some extent. NIK: And there’s a good faith element of it. You turn around to somebody and say I want to borrow £500,000 from you for my business, and that person says I need you to put £100,000 personal guarantee up, it’s a pretty good indication of your confidence in the business when you say no. DARREN: The alternative is that the business owner puts that £100,000 into the business alongside the funder’s half a million. So if they can’t put their hands on that £100,000, the funder wants to see some shared risk. And if I’m going to put up a lot of the money I want to see you put some commitment into it as well. If you can put up a chunk of money so all well and good if you can’t they’ll take a personal guarantee.

There’s quite a bit of talk about R&D grants. Is anybody particularly involved in R&D grants? How do they work and how do our readers get them? SIMON: It’s probably the best tax relief. R&D tax relief has been around twenty or twenty one years this year. Whether they’re profit-making to reduce their tax bill or whether they’re lossmaking to bring cash back into the business, it’s not for every business, that’s part of the problem. There are about 60,000 businesses at the moment claiming R&D tax relief. There are probably another 200,000-300,000 businesses across the country who could be claiming it. So you’re basically getting money back from money you’ve spent. There’s not many grants that will do 100%. There are a few small ones that can recover 100% but it could cover a large chunk of 50%, 60%, 70% - depending on the level of intensity that someone like Innovate could advance on the funding. But a lot of the grants are a very competitive process. Nowadays, there are a lot of companies going for the innovation grants but there’s no guarantee you’re going to get them. The smart grant that’s done on a quarterly basis is probably the most competitive grant funding there is at the moment. And they only take a small handful of visitors through these smart grants. It used to be, years ago, there weren’t that many applications. So if you apply for it, you’ve probably got it. Nowadays, you might have to go through two or three rounds, and they’ll let you come back with the same project a second time. And they’ll give you ideas of where you failed. But it’s a very good way of getting grants. There are other sorts of grants as well - the manufacturing programme; the South East Business Boost grants - again, that’s the process I’m going through for some clients, where they’ll fund up to 30% of your costs for something that will support your growth. I’m sure that the government will be launching new funds to support business growth as we go forward.

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INFLUENCERS FINANCE FORUM

NIK: There’s much competition on the grant side but the important one is the R&D tax credits. Any company that does any R&D should be claiming their R&D tax credit, because that’s the best tax deal in town. And it’s pretty straightforward. NIGEL: I think every company should understand that about the R&D tax credits, because it’s not always obvious what you can claim for. And actually, you might be surprised that a lot of people don’t consider their business can actually qualify for the tax credits. DARREN: As a firm, the R&D tax credits are something that we do push quite heavily, and it is an under-utilised grant. DAN: We were chatting about an interesting case, we actually used it in an acquisition where the existing company weren’t doing it. We were able to say to our clients. “We think we could probably get about 20% of your purchase price back by doing R&D claims back once you purchase the company. That changed everything”

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BUSINESS INFLUENCERS FORUM Slightly off the topic but something that our readers are always very keen on; that comes up all the time is what does the future hold? I know nobody’s got a crystal ball but the majority of businesses are terrified at the moment, not knowing how long this is going to go on for. So what I’d like to do is just go around the table and ask you, as our expert Influencers - what is your view of the next year? NIK: First, I think we’ve got to remember that the industry, business and commerce are split into two groups - well, three really - but there’s two distinct groups. There’s one that benefits from Covid. So anybody in tech, IT cloud systems, online... online is actually doing very well, as is anybody in logistics. Anybody in food manufacturing is doing pretty well. too. And then there are the ones that have suffered terribly who really haven’t got a clue when they’re going to come out of this. They’re just hoping they get through summer considering ‘do we close the door?’ take the pain and then reopen in a year’s time. So I feel for those. Happily, they’re in the minority. When you see that the downturn in GDP last year was 11.6%, that was massively below what anybody would have forecast or really expected. So we have to accept, there’s still a strong economy out there. I think 2021 is going to be ‘an easy as you go year’. But I don’t think it’ll be a bad year, because it can’t get much worse than it’s been for a lot of people. DARREN: I’m working on the basis that vaccines do work, and we don’t get another strain and we do start to see that light at the end of the tunnel getting brighter. We are going to see some issues with businesses, depending on what the government do with cliff edges, with funding. I think we’re going to see a lot of transactions. And there’s going to be a lot of over-leveraged businesses out there looking to reduce their debt burden. I think there will be equity guys who have got a lot of money to spend for the right transactions and for the right opportunities. I think there’ll be a fair few debt-for-equity swaps of people reducing their debt burden with taking on private equity, or having to realise some assets. And I think business owners, we’re already seeing it to a degree, will look to de-leverage their risk and start to get some of their built-up value out of those businesses. But I think we’re in for a busy year.

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INFLUENCERS FINANCE FORUM

NIGEL: I think we have to look on the year we’ve had and really be amazed at the amount of creativity and innovation in business in general and how they manage to adapt. I think if we’d sat here trying to forecast a year ago and said, we’re going to literally shut down the economy for a year and lock everybody up, and what’s the impact going to be, I never would have said it would be as little as 8%. We could bounce back within a year considering what we’ve done to the economy.

SIMON: I think it’s going be a couple of years where people that are nimble, businesses that are agile will be the ones that do very well. Where you can see an opportunity, go and take it.

So I think it’s a fabulous result in the circumstances. Going forward, the world will be different and I don’t think we will ever get back to the way things were. So I think we will have to adapt and I think we will do that very quickly.

SAMANTHA: Following on from last year, there were some great success stories. Some businesses that adapted really well during the first lockdown, and then have thrived since. So I love the innovation of people when their pants are down, and they’ve really got to find new ways of earning a crust. I think it’s just phenomenal how we can all bounce back and make things work. So in terms of a pandemic, that we’ve obviously never seen, my children seem to think that I’ve lived through one before because I’m that old! But I’ve told them that I’m not and I haven’t. And it’s kind of new for me as well and that means that everyone needs to get their house in order. And I think that’s been a great reason for people to be getting themselves organised. And doing that makes you feel better. It’s good for the soul. It’s a financial health check for yourself.

And I think we will have a huge number of winners out of this, and a huge number of new companies starting out. There’s definitely going to be some sort of an unlock premium once we all get back out and go crazy, and start meeting people in bars and restaurants again. DAN: I think I’m always trying to be quite upbeat. And I think the UK is quite a resilient country. I think with all the Brexit stuff as well, pre-Covid, I think everyone did have a view of ‘I can’t affect what’s going on globally, all I can do is what’s in front of me and crack on as best I can’. And so there’s a lot of companies just doing what they can, working hard and I think there will be a bit of a Last Man Standing mentality that if you can see other companies go bust, and you know that you will have fewer suppliers in your industry, that could be a bit of a boon coming for them. Whenever there’s a downturn, there are opportunities, I think there will be a lot of transactions, there will be a lot of people starting businesses, a lot of companies acquiring other businesses and that there’s always opportunity that comes out of it. And if people can be dynamic and resourceful, and adjust their businesses, I think a number of companies have been very resourceful in this period and adjusted suitably to get themselves through.

It will be tricky, but I think there are a lot of people out there that will pick up something new and run with it. I think we’ve seen from the last year how resourceful businesses and people have been. Quietly confident.

SIMON: My hope is Rishi Sunak doesn’t throttle any potential recovery with tax reform, and that what’s going happen in the Budget is hopefully going to allow everything to flourish and bloom. SAMANTHA: Pension tax relief has got to be tweaked at some point. It’s the lowest hanging fruit, they say. I can’t see them doing anything in the spring, maybe in the autumn, maybe fingers crossed - next year. But there will be some changes.

I would like to thank you all for joining me today, imparting valuable information to our readers during what is, and has been, a tumultuous time for us all. I have certainly learnt quite a few things and you have encouraged me to be positive and confident about the future.

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BUSINESS RECOVERY

Sung so memorably by The Clash, an anthem for some of us then and possibly a dilemma for you and your business right now. By MDHUB Director, Phil Green

SHOULD I STAY OR SHOULD I GO? We have built up our businesses and if we still have them, they might be great, they might be just about OK or they might be really tough going. We have all wrestled at times with why we do it – “I could have been paid more if I’d stuck to my old job” or even have fantasies about what else we would like to be doing. For me, for a while, it was the imagined peace of being a long-distance lorry driver but that was before I found out just how tough that job is! So – are you at “the right moment” in footy manager speak, is it time to make that decision and sell up or perhaps get some investment, or finally be comfortable with giving up a bit of control and really go for it to fulfil your true business potential?

WHAT DO YOU NEED TO THINK ABOUT?

If it is your first business then you are almost certainly running a lifestyle business – people squirm and resist that description but anybody running their own, first business are almost certainly doing exactly that. Why? Well, sadly, a lifestyle business doesn’t mean that you are working a couple of hours a day and surfing for the rest of the time, unless you have been extremely lucky. A lifestyle business is a choice we all made when we said – “I can do that”, whatever “that” was. So the Lifestyle bit – that’s the willingness to give up a salary cheque to be your own boss, commit the long hours to develop potential that others couldn’t see, make your own mistakes and

brilliant successes. Typically you found a nice product, service or customer and things developed from there. The prospect of personal freedom and being the only or main decision maker is very powerful and seductive draw. The problem with lifestyle businesses is that they are built around us, certainly in the early stages. We make all the decisions, we are all over the business, we know everything that is going on and can do most of it. If that’s where you are – you are unlikely to get real value from a sale or an investment. Remember that even if you sell you will almost certainly have a tie in, that could be six months, but it could be three years.

ANSWER THESE QUESTIONS?

1 2

Do I make all the important decisions?

Are all those decisions actually just the important ones or am I making most of the decisions?

SO, WHAT DO YOU NEED TO DO Step 1 Decide you want to change Are you emotionally ready to have someone else tell you what to do and call you to account? I remember introducing some of our excellent fast-growing MDHUB member companies to an investor. When he made it clear he would have no hesitation in selling them on, or even closing them down if they weren’t hitting the targets, I could see them almost physically hugging their business to themselves. Step 2 Build a great team around you Investors buy people – they really do say that – I hear it each and every time in pitches to private equity funds last year. Step 3 Set your business up so that it can scale. Step 4 Plan that growth What markets, what products or services, which customers and how do we reach them?

Step 5 Execute You may be able to sell a plan but to get value you must prove you can make it work, or at least you have started to make it work. Step 6 Start to make yourself dispensable – you don’t have to be redundant, but you must build a business that doesn’t rely on you for all the decisions, including some of the big ones. Step 7 Start to work out who you might ultimately want to sell to - and check whether that changes the shape of your business growth plan I leave you with The Clash or maybe you talking to your business? If you say that you are mine I’ll be here ‘til the end of time; So you got to let me know, Should I stay or should I go?

Who can I rely on if I get sick or stuck in another country – say by a pandemic?

If our business increased by 20% tomorrow could we cope? – what if that was 50%, 100%?

5 6 7 8

How easy is it to bring in more team members – for them and for us? How easy is it for customers to buy from us? How easy is it for us to service our customers?

How good is my pipeline, do I know where that growth is going to come from?

How much can I grow from our own resources?

If you are interested in finding out more about the MDHUB, please visit www.mdhub.co.uk Email MDHUB Directors: Fiona Shafer: fiona@mdhub.co.uk or Phil Green: phil.green@mdhub.co.uk

TECHNOLOGY

CONTINUOUS VULNERABILITY ASSESSMENT VS ANNUAL PENETRATION TESTING Test your tech automatically and save pen tests for your people. By Scott Nursten, CEO, ITHQ WHAT IS CVA?

Think of your annual cyber security penetration test like a routine dental check-up. Your teeth get special attention before the appointment; the dentist says, ‘gold star for you’ and that’s it for another year. But is this a true refl ection of how you look after your teeth? With a pen test you prepare everyone for a set date. It is an artificial test. It doesn’t reflect real world environments at all. In the real world, 43 new common vulnerabilities and exposures (CVEs) appear every day. That’s over 15,000 per year: a new vulnerability every 30 minutes. No hacker tells you when and how they’ll attack, so how secure does your pen test really make your business? Enter continuous vulnerability assessment (CVA). It checks constantly for CVEs and is more cost-effective too.

CVA is a software suite deployed on your network behind your firewall. It connects to all your machines, checks what is installed on them, and sends prioritised alerts detailing actions to fix vulnerabilities. Good platforms see everything – computers, routers, switches, IoT devices, cameras and firewalls. They scan internally for software vulnerabilities and externally for advanced threats, actively testing each vulnerability. They can also be integrated with automated patching tools to eliminate manual patching. How you control your scans is up to you. Scanning can be managed to avoid overloading the network, with zero disruption to your teams. Typically, you’d run a light daily/weekly scan, a heavier scan monthly, then a quarterly full-on attack style disruptive scan, which actively tries to break things. Our recommended platform uses an additional agent on each endpoint that reports back to the assessment engine even without scanning. It doesn’t matter whether that machine is in your office or on a plane in Hong Kong. You

see updates on your software console and adjustments to your overall security status in real-time.

DOESN’T MY ANTI-VIRUS SCAN FOR VULNERABILITIES?

Anti-virus scans are not CVA, so don’t be fooled. AV tools can’t be deployed on some devices like switches and routers. Cisco, for example, has had massive vulnerabilities at the network layer. A hacker could easily redirect traffic, listen in on everyone, or initiate a denial-of-service attack. They could literally shut the business down by hacking routers and switches. If you have hundreds of switches like some of our clients, manual checking is not feasible. Automated alerts are really essential in this scenario.

❛❛ No hacker tells you

when and how they’ll attack, so how secure does your pen test really make your business? ❜❜

TECHNOLOGY Check for dirt on your staff too. Their vulnerabilities are potentially yours, leaving you open to insider threat. If your business is large enough to be a specific target, you need to know your people-based vulnerabilities because guaranteed, someone is already looking. Background checking is becoming more prevalent, but more needs to be done.

HOW MUCH WILL IT COST?

An annual CVA contract usually costs less than a one-off technology-based pen test and delivers way more bang for your buck. However, CVA is not comparable with a thorough penetration test. These can cost more but their value can’t be overstated. The good news is that if you’re running CVA, these investigative pen tests don’t need to happen every year.

CVA SUPPORTS COMPLIANCE

Good CVA platforms help you meet all regulatory standards, alerting you to compliance errors during every scan, such as overdue patching which compromises Cyber Essentials or ISO.

SUPPORT YOUR IT TEAM AND DRIVE BUSINESS-WIDE SECURITY AWARENESS

CVA shows you exactly what is installed on every machine, presenting business-wide security and risk ratings in simple metrics. A typical prioritised-by-risk report shows you the top 20 tasks that will remediate the most risk, with tickets automatically distributed across patching teams. Some larger businesses use CVA to successfully gamify updates. Multiple teams ‘play’ for the fastest patching record. It creates competitive tension and changes the dynamic regarding importance of security across the wider organisation.

}}NEXT MONTH’S TOPIC CLOUD SECURITY

SAVE THE PENETRATION TEST FOR YOUR PEOPLE

Penetration testing is still 100% essential, but not for technology. Pen testing’s true value lies in assessing your people, your processes and your physical security through social engineering, ‘dumpster diving’, wireless attacks and more. During a physical penetration test on a bank, I accessed the network by simply calling the CEO’s PA. I said, ‘I’m calling IT on behalf of Mr X. He’s struggling with his password…’ She confirmed it for me immediately. There is no patch to prevent your workforce handing over key data or letting someone into the building to physically plant equipment. This sort of physical breach is extremely dangerous and can only be prevented by following good process.

While everyone should be achieving CIS level one benchmarks (see January’s Secure Remote Access article) poorly configured machines are sometimes just reality if they form part of your supply chain. The important thing is these can be logged as exceptions, ensuring compliance and insurance criteria are unaffected.

QUESTIONS FOR IT

n What tools do we use for vulnerability management? n Are we carrying out continuous scans? n Does this include machines, IoT, routers, switches etc? n Where is that reported? n Do we have SLAs? n How do we prioritise alerts and patching? n Do we adhere to any external policies like CIS and where is this tracked? n How do we know if we’re non-conformant, particularly now with remote working? For more information, feel free to get in touch with me at transform@ithq.pro www.ithq.pro

BUSINESS VERY SHORT STORY A man in his thirties with no underlying health conditions was accidentally offered a Covid vaccination - because he was incorrectly registered as being 6cm tall. Liam Thorp, 32, was surprised to receive a text telling him he had been offered an appointment for his first jab. Mr Thorp, a journalist at the Liverpool Echo, decided to give his GP a call and find out if there had been a mix-up. They informed him he had been invited for the vaccine due to his weight, which they had registered as amounting to morbid obesity - and a Body Mass Index of 28,000! Mr Thorp said the phone call was one of the most “bizarre phone calls of his life”.

BIZARRE NEWS YOU COULDN’T MAKE IT UP (anything to make us smile)

NO ZEBRA CROSSING

A koala has been rescued after causing a five-car pileup while trying to cross a six-lane freeway in southern Australia. Police said the crash in heavy Monday morning traffic in the city of Adelaide caused some injuries but no one required an ambulance.

HIPPO RIOT The deceased drug lord, Pablo Escobar was famous for flooding the world with drugs and murdering his enemies. What some might not know is that he is also responsible for a Colombian hippopotamus plague. He had a private zoo at his ranch in Medellin stuffed with exotic animals, most of which have now died or been stolen. Three female and one male hippo remained and with an unstoppable breeding appetite, there are now 80 of them spending languid days in the water and nights roaming rolling grass pastures with no natural predators. By 2025, it is expected there will be 1500 of them and although the local council wants to get rid of them, the locals will not allow it due to the tourist dollars they are coining in.

BIZARRE NEWS

PLUMAGE A TROIS Thomas the blind bisexual duck who was stuck in a two-decade-long love triangle with two swans has died. Probably from exhaustion. Perhaps there is a duckumentary in the making. Boom boom.

MOOOVE OVER So keen are they in Colombia to get the vaccine that a cow made his way into a hospital waiting room in Antioquia, charged the nurses station and caused general mayhem, injuring several patients along the way. There is no news if he got the jab but was later seen in a MacDonalds beef patty.

EVERY CLOUD Anthony Dowe of Leland, North Carolina was having a bad day. En route to the shop in his first ever brand new car, he hit a deer. With the deer having run off and some damage to the car, he drove on. Six minutes later, he hit another deer and totalled the car. A tad depressed he walked to the shop to find he had won $2 million on the lottery.

COOKIE MONSTER You never know what you’re going to get when you crack open a geode-like rock called an agate, but a new specimen is even more surprising than usual: It looks just like Cookie Monster. The agate, found in Soledade, a precious stone hotspot in southern Brazil, is a dead ringer for the blue, googlyeyed Sesame Street Muppet. After its owner, California mineral collector Mike Bowers, posted about the agate on Facebook, it went viral, with write-ups in newspapers from Australia to Israel to the United States.

FINANCE

By Daniel Morgan, Managing Partner, Haines Watts Esher

THE IMPORTANCE OF FOCUSSING ON LONG-TERM STRATEGY Letting go of being involved in the detail during Covid, will take a shift in mind-set. Business owners are confident in the day to day – it’s what you did originally when you started your business. Looking to the long-term strategy can be a tough adjustment. If you find it isolating or need a different perspective, reach out to your network. This could be a fellow business owner or a trusted advisor that can act as a sounding board and offer advice from their own experiences.

With the progress in Covid vaccinations and testing we are seeing a sense of cautious optimism about the future from business owners. Albeit with some sectors like tourism and hospitality still in the grips of deep uncertainty. As the pandemic unfolded, leaders scrambled to protect their businesses. They worked alongside their people to adapt product lines and services and to find new ways to service clients. Owners had to focus on weekly financial forecasting and deal with complex issues around the new world of work. Goal setting was replaced by scenario planning – decision making became turbo charged. Nothing was predictable or certain. Long-term planning or goal setting seemed irrelevant. As confidence slowly returns and attention shifts to rebuilding, business owners will need to be disciplined to once again take a step back and redirect their focus into planning for the future. In order to do this, business owners will need to extract themselves from the day to day to be able to see their business as a whole as well as giving themselves time to take stock of where they are now and where they want to be. This will mean giving up some control and trusting others to get the job done. Having the right people in your management team will be vital in allowing you to step back. Many businesses may have experienced members of their team

moving on during the pandemic and a pause on hiring could mean that they are yet to be replaced. This means it is a good time to revaluate whether you have the right people within your business to allow you to step away. If you find gaps in your team then consider the best way to address them. This could be through management training, recruitment, or a shift in how you deploy the talent you currently have. You’ll need to consider whether you are able to delegate responsibility to these people but also trust them enough to allow them the authority to make decisions without your input.

Some owners are emerging from the pandemic having fallen ‘out of love’ with their business. If this is you, then perhaps your planning needs to focus on exit. This will mean assessing the current state of your business and identifying where improvements can be made in order to reach optimal Enterprise Value. While the approach needed for this is unique to each business, early planning is a must. Building value isn’t quick (normally a 3-5 year process) so discuss your options early if this something you’d like to explore. Whether your goal is to remain within the business for the foreseeable or if you are planning your exit in the near future, being able to take a step back and focus on bigger picture goals will be key to success whatever path you take.

For more information: www.hwca.com/accountants-esher T: 020 8549 5137 E: esher@hwca.com

PLATINUM ME DIA GROUP

FINANCE

BUSINESSES NEED TO GET READY FOR THE POST-COVID NEW NORMAL Andrew Griggs, Senior Partner and Head of International The business landscape and the way we work has in just a few short months changed beyond recognition. But don’t think the way we work now is the ‘new normal’. The COVID-19 pandemic has yet to run its course and the impact of Brexit is only just beginning to be felt. We are in a ‘pre-new normal’ phase and that will mean a continuous re-evaluation of the way we work and the structures that support businesses before a new normal settles. We do not yet know what tomorrow will look like, when exactly that tomorrow might be, or what kind of world will emerge. But we do know businesses are more likely to have to collaborate to a much greater degree to better understand that world. Take, for example, economic recovery. The UK came out of the first lockdown fast – the so-called ‘V-shaped’ recovery. It is likely we will do so again when we emerge from this third lockdown. Economists call this a ‘W-shaped’ recovery. But is that recovery more likely to be ‘K-shaped’, with some sectors recovering at a faster rate? Just as the Roaring 20s followed the horrors of the First World War, will the leisure, hospitality and travel sectors recover faster

than others, for example, retail? Are we about to witness once again the Roaring 20s when COVID-19 restrictions are eventually and finally lifted? Whilst the demand from relief of the tedium of recent lockdowns is undoubtedly there, that does not mean behaviours adopted over the past 12 months will disappear. The future of work and retail are likely to be irrevocably changed. The ease of online shopping that was gathering pace well before the COVID-19 pandemic is now a staple for households across the country. Barely a day passes without the ubiquitous white van man making deliveries. It is difficult to see us reverting to the traditional Saturday afternoon trip to the shops, having to pay for parking, queuing at the checkout and struggling with heavy bags back to our cars. But today’s online retail shopping experience is far from perfect and will continue to evolve. The fun, ease of returns, online financial security and, of course, carbon emissions, are concerns that have not yet been fully addressed. Online retail is still in its pre-new normal phase. And so too is our place of work. Many of our homes are not suited to home-

working all of the time. There is a strong desire to see some return to officebased working from both employers and employees, but perhaps not five days a week. That will have a profound impact on office space and the business parks and city centres in which they are located. Office space will change from being a ‘work factory’ to one of learning and development, collaboration and entertainment. The Square Mile trophy offices are unlikely to disappear, but they may well become smaller, with a network of hub offices across the countr y. Redundant retail space may yet find a new home.

FINANCE Employees will demand a greater choice of when and where to work, with some wanting to work entirely from home or in an office, with others, perhaps the majority, choosing a hybrid approach. It will be difficult for employers to refuse these demands. Changes in the way we shop and work, matched with the rapid advancement and adoption of technology will force governments to invest in essential infrastructure – roads, rail, and, importantly, fast and reliable broadband across the whole country. The question remains whether government can afford this investment and the role the private sector can play? Again, we have yet to see what the new normal might look like. And then there is Brexit. Viewed through a global lens, Brexit is just but a minor blip in the global supply chain, albeit one that is felt a little more keenly in the UK and particularly here in the South East. Businesses in the UK, if not already doing so, needs to build resilience into supply chains through near-shoring, and multi-shoring and even re-shoring. Your accountants and advisers can advise you here. Brexit may in fact help lift productivity in the UK and Europe as the threat of an

economic expansionist China continues to be felt. Countries cannot afford to lose trade to an increasingly dominant China. At a time when it is cheaper to ship goods from France to China than France to England it is entirely likely that China will recover from COVID-19 at a greater pace than the USA and many European countries, including the UK. This will allow them to help other countries around the world recover. Trade sanctions and tariffs may appease voters but do not solve the problem. Lifting our own productivity levels will be the only effective remedy. For those businesses that have been hesitant about investing in digitalisation and robotic process automation there may never be a better time to take that leap of faith.

Whilst the demand ❛❛ from relief of the

tedium of recent lockdowns is undoubtedly there, that does not mean behaviours adopted over the past 12 months will disappear ❜❜

As we move into a new normal, we should expect, perhaps demand, that government ideologies and policies change too. A considerable driver behind the increased wealth in the UK is as a result of rampant inflation on idle assets – for example, property, the stock market, and bonds. Some would argue that these assents do little to create entrepreneurial wealth and should be taxed. But this should be done in a way that encourages a culture of equity and risk investment to stimulate economic growth. This can be easily achieved through greater tax incentives on investment in business or in R&D, or face having that wealth taxed. I believe, post-pandemic, society will be more accepting of taxes targeted towards carbon producing products, emission taxes, and morality taxes. Putting aside the obvious – alcohol, tobacco and gambling – this might include consumption taxes with an increase on VAT or a tax digital sales and trades. Taxes alone should not be a part of the country’s new normal recovery – the appetite for a return austerity will be unpalatable. Debt, as followed the first and second world wars, should be rolled forward across future generations, taking advantage of historically low cost to government. We are on hand to help businesses and individuals navigate today’s pre-new normal, helping you prepare for tomorrow.

If you would like to discuss any of the topics explored in this article, please contact us on 0330 124 1399 or visit www.krestonreeves.com

Our thinking starts with you “They are excellent in every respect and I am absolutely delighted with the service we receive. Everything has been done in a first-class manner. We know the next period is going to be uncertain, however, with MHA Carpenter Box’s help, I look to the future with confidence.”

Standing still is not an option In today’s environment you need an accountant that does more than just numbers. You need a trusted adviser that helps your business thrive. With our relationship led service, we look to understand the opportunities and challenges faced by you and your business. Our focus is always on client service, with open and honest relationships.

We’re here to help Audit and assurance Accounts and business consulting Tax planning Digital solutions Financial planning

www.carpenterbox.com Now, for tomorrow

BOOK REVIEW

STORY OF SUSSEX WINE FAMILIES BY THE GLASS Launched on International Women’s Day by award-winning wine journalist Liz Sagues, Sussex by the Glass is the story of wines, vines and two pioneering families of Ridgeview and Bolney. With interviews from the people behind both wineries and a focus on their leading female CEO’s, the book captures the wonderful stories and images, celebrating the trials, tribulations and triumphs. Author Liz Sagues: “I wanted to add to the information available on English wine, but in a different and very human way. The stories of Ridgeview and Bolney are timely and special, and weaving an overall picture of wine in Sussex around them was exciting and rewarding for me. I hope readers will enjoy the words as much as fine English wine.”

The book is published at a celebratory moment with Ridgeview Wine toasting 25 years in 2020 and Bolney reaching its 50th birthday in 2022. Written, designed and printed in Sussex, the book is illustrated with more than 100 colour photographs. With education in mind it also focuses on sustainability issues, tourism and a month-by-month account of activity in vineyard and winery.

Importantly, it stretches beyond the individual stories to explain the past and present significance of Sussex in England’s fastest-growing agriculture sector. Liz is a natural storyteller who has managed to unearth some behind the scenes gems captured with beautiful supporting images, embodying the spirit behind the pioneering rise of the Sussex family wine businesses.

Tamara Roberts is CEO of Ridgeview Wine Estate, producers of the award-winning English sparkling wine. www.ridgeview.co.uk Sussex by the Glass: Wines, vines and two pioneering families, £12, is published by Tanwood Press and is available from www.ridgeview.co.uk or publisher – email tanwoodpress@icloud.com. Photos on request.

BUSINESS

THE FOURTH EMERGENCY SERVICE PART 2

Formed in 1989, EMC pioneered the concept of the ‘mobile boardroom’– a multi-disciplined task force capable of providing top-level support and advice to businesses on a short or long-term basis. After 30 years and having completed over 800 projects, the team are still at the top of their game in the South East, helping SMEs grow and prosper. In part 2 of this series, we talk to four of their experts as to how and why EMC’s Business Growth team as they are now known, make a real difference.

What areas can you focus on that will make a difference to your business? Have a Plan - Be clear on what you expect to achieve, who is responsible. Measure what’s important, too many measures and being too busy are common distractions that take your attention away from priorities. Ensure you are clear on long term and short-term goals. You need to switch from a long-term perspective and the immediate and back again.

WITH THE CHALLENGES OF RUNNING A BUSINESS BECOMING EVER GREATER - HOW DOES THE BOSS KEEP CONTROL AND STAY FOCUSED ON THE RIGHT THINGS? Carl Fillery, Heads the Strategy and Business Planning Team at EMC

Anybody can reduce price but how will you increase your business? Pricing is the main way to improve profitability. It will make all the other business decisions difficult if you don’t get this right. Pricing is a strategic decision with far reaching implications, don’t delegate be involved. Pricing may appear to be straight forward, it’s not. It can be far more complex than appreciated. When did you last really review or check your pricing strategy? There is plenty of expert support and advice available if you are struggling to manage this.

Customer-centric Companies are more profitable! Given that delivering great customer experience increases revenues, loyalty and improves brands, surely this should be on your agenda! Don’t let it be a crisis that makes you take notice. Change can be gradual and go unnoticed. You only have to look to the struggling big brands to know this! Ensure you are clear on who your customers are, how they have changed, their demands and requirement. Customers expect a seamless experience at all your touch-points and move on quickly if they don’t experience this. Don’t just listen, know them, observe them! Know your competitors’, ex-customers and your unhappy customers. Having an external perspective can be very beneficial. Why leadership and innovation can create long lasting advantages! Innovation and taking calculated risks are important ingredients for long term success. Companies tend to want

BUSINESS

Working Patterns Have Changed Many employees will be desperate to return to the workplace and get back some ‘semblance’ of normality to their lives. However the ‘working at home’ culture is at least partially here to stay, and the flexibility it gives to people will not be taken back so easily.

TECHNOLOGY IS MORE IMPORTANT THAN EVER IGNORE IT AT YOUR PERIL

Tony Barsham is head of the technology team at EMC As businesses come out of the pandemic, what are the three technology topics that should be on Business Leaders’ agenda as they drive for recovery and growth?

innovation but lack the tolerance of failure. You must accept that there is risk. Go for some stretch targets, be bolder, push for real improvements. Being decisive, taking braver decisions sooner will drive performance. In order to achieve your goals, you need the right support and team onboard. Allow teams to provide solutions and take responsibility for the outcomes. But be prepared for mistakes, make sure you can live with them. Meet person-toperson, don’t forget the power of a conversation. Know your people, know how they are feeling, what they can do. Make effort to engage with your teams. This is the only way to know what is really going on! However, be prepared to make the tough decisions if the team cannot perform or you need different skills. Lead and the results will follow.

Business Models Have Changed The demise of some major names on the high street is both sad and inevitable. Businesses that did not keep pace with the ‘B2C agenda’ were losing ground beforehand, and the pandemic has only accelerated that demise. Organisations must recognise that business models have changed – be that B2C e-commerce or the use of AI to enhance the customer experience – and embrace those quickly and efficiently. There is plenty of advice and support available as needed.

Organisations must embrace this – both in terms of the technology that they use to support employees (much more than Zoom or Teams) as well as the working practices that must be put in place (Health & Safet y, Per formance Management etc.) Responsibility for home working will be as strong if not stronger than office working so plan and be prepared. Use Data to See Light Through Darkness Many organisations will have seen top lines struggle over the last few months and many will think they know where the challenges are. The best approach is to use data to really understand the situation – internally generated transaction data (which describes an inside out view of the marketplace) coupled with external facing data (which could be syndicated marketing data, social media ‘listening’ data, or data created by interaction with customers (for example market surveys). By combining this data organisations can get a ‘360’ view of their business and really understand how the market is moving. In any A&M process data is seen as a key asset - do you know what yours really is and what its worth?

❛❛ Pricing is a strategic decision with far reaching implications, don’t delegate be involved ❜❜

BUSINESS Market Share With an improved e commerce strategy and online presence companies need to be aware of what new markets may be available to them. It is much easier to test new markets and geographies through a digital strategy. This allows modest investment to provide real time market feedback.

WHAT THREE THINGS SHOULD BE ON THE BUSINESS LEADERS AGENDA AS THEY NAVIGATE OUT OF THIS UNCERTAIN BUSINESS CLIMATE?

John Stevenson Head of Operational Excellence at EMC

Sales and the customer relationship There will be few routes to market that will not be affected by the impact of the pandemic. Customers have become more self-service and B2B customers will expect online channels to provide a highquality customer experience. Ensure data access and downloading is easily searchable and quickly navigated. Over the last year surveys have shown the B2B community has changed its view on preferring an online interaction to a traditional sales relationship. This has moved from a 45% online acceptance in 2019 to 75% in 2020. Ensure your business has appropriate digital tools, including good AI usage, to provide a sophisticated but quick and straightforward online buying experience. This is an ideal time for an audit and review of your sales & marketing strategy, normally a day’s commitment with some support will identify clear new priorities for the year ahead.

A small US manufacturer of a PC timing card has used the new online world as an opportunity to increase its export presence. It was previously concerned about its ability to technically support its clients. This has been overcome with the, now acceptable, use of communication platforms such as Zoom or Teams. Businesses and consumers are much more open to new products and suppliers, ensure you can identify micro segments of growth through client/ market intelligence. Spending some time on analysing your product/service portfolio will identify

where to allocate your sales and marketing resource. This will often require difficult choices in where and where not to invest. The sales audit and deeper portfolio analysis with some experienced help will quickly give clear investment choices. Industrial Margin Improvement There is a growing productivity and profitability gap between traditional operations and those companies, small and large, who use digital tools in their value chain to drive margin improvements. Maximise data gathering and minimise manual intervention, especially in labour intensive practices. Demand real time KPIs from your operations, suppliers, and logistics providers. Some simple analysis through clear operational dashboards will always identify low hanging fruit and give margin enhancing opportunities. Developing these KPI’s and relevant dashboards is one of the first tasks I undertake when working with an organization and it normally will give rapid returns.

❛❛ Be prepared to make the

tough decisions if the team cannot perform or you need different skills. Lead and the results will follow ❜❜

BUSINESS Angel investors Individuals invested £2 billion of their personal cash in private UK companies in 2019. Some individuals will be hands-on, others hands-off; some decide to invest quickly others take longer; many are successful entrepreneurs themselves.

WHAT TYPE OF INVESTOR ARE YOU SEEKING; AND ARE YOU READY?

Laura McKenzie is a Director at EMC and has worked with businesses preparing them to secure angel, VC and PE investments

As a business owner seeking to raise external capital, are you approaching angel, venture capitalists or private equity investors? All will require you to share information on your business, for them perform due diligence (DD) to various degrees of rigour before committing funds. DD has the potential to be a huge distraction from business as usual, and frustratingly, derail the investment process. Are you ready?

Venture Capital “VC” investors In 2020, UK VC fund managers invested £12.5 billion of funds raised from HNW individual and institutional investors in a portfolio on their behalf. VCs tend to require more commercial traction; team hires beyond the founders and product market fit, and are significant minority shareholders requiring board seats, and an exit within their fund life.

❛❛ Professional PE

fund managers invested £22.3 billion in established businesses in the UK in 2019 ❜❜

Private Equity “PE” investors Professional PE fund managers invested £22.3 billion in established businesses in the UK in 2019. Business owners relinquish control but often remain in leadership roles in the business and share in the upside. PE investors tend to look to sell their stakes within four to seven years. The older or more complex the business, the more onerous the DD. It is useful to assemble a data-room with a robust financial model and business plan, intellectual property and historic financial, tax and legal information up front. This limits distractions, enabling you to focus on running the business in the midst of fundraising. Nothing instils more confidence in potential investors than successfully executing your business plan during due diligence of up to six months. Too many investments fall over because the owners are not prepared or do not have the figures and information available. Don’t let this happen to you.

Nikolai Askaroff Nik is the leading Corporate Financier in the South East having won the prestigious ‘Dealmaker of the Year’ title on regular occasions. He has completed over 200 corporate transactions personally and acted on some of the highest profile deals in the Region. Nik is a former President of the South Eastern Society of Chartered Accountants, past Chairman of both Business Link Sussex and Sussex Enterprise (the Chamber of Commerce for Sussex) and has chaired the South East Proof of Concept Fund and the Innovation and Growth team. Nik holds board positions with six companies and at EMC focuses on strategy, merger and acquisition work and commercial business development. He has considerable overseas experience, particularly in the emerging markets of China, Russia and India as well as the USA and most European countries. His sector experience covers healthcare, media and marketing ,food, electronics and retail as well as having a passion for UK manufacturing.

EMC MANAGEMENT CONSULTANTS Rochester House, 48 Rochester Gardens Hove, BN3 3AW Tel: 01273 945984 Email: contact@emcltd.co.uk www.emcltd.co.uk Offices in: London, Brighton, Eastbourne, Tunbridge Wells, Epsom, Maidstone

PRODUCTIVITY

ENHANCING PRODUCTIVITY IN HYBRID TEAMS By Desiree Anderson Businesses are operating on global stages, with teams that will increasingly be comprised of multigenerational Remote and Gig workers, freelancers and independent contractors across multiple locations. Strategic adjustment and transformation in rapidly changing times is a business necessity. The discretionary effort and talent of our teams must be harnessed to create meaningful jobs and lives, whilst simultaneously accelerating productivity to encourage financial performance and success. Enhancing productivity requires a balancing act between defined metrics and goals and engendering human commitment and loyalty.

❛❛ Do team members receive upskilling, mentoring and training to ensure skills are continually refreshed? ❜❜

PRODUCTIVITY

In this moving landscape, Company Vision and Purpose need to be deeply attuned with the Values of existing employees. The merging of individual and organisation purpose will help motivate your teams towards goals that they are intrinsically connected to. Purpose and Values should also reflect inclusiveness and diversity in opinions, skills and workforce composition. Diversified human assets can directly affect productivity in that products and services are internally driven by different perspectives/expertise and therefore positively impact creativity, problem solving and quality control. This will help define your culture and unique selling points. n Does your Talent Strategy incorporate skills as well as values gaps? n Have you included employee values into your Strategic approach? n Does your Communication Strategy allow for education on Company Vision, Purpose and Beliefs and regular updates of Company performance and success? n D oes each individual understand their role and its contribution to the bigger picture?

Whilst Strategic and Operational Goals need to be agile and allow for change, it is still advisable to have an Inspiring Vision (up to three years) but also an annual, 90, 60 and 30 day plans that directly translate into how your human talent and indeed your technology needs to be aligned to measure efficiency. Each individual in the company should have objectives which reflect these KPIs in corresponding timescales. Whatever strategic matrix or model is used, the KPIs should include quantitative goals and qualitative measurements to encourage business growth whilst reducing costs; improving customer satisfaction, supplier SLAs, process targets, employee engagement measures and workforce flexibility.

n A re goals/incentives/reward packages reviewed and adjusted to reflect Individual and Organisational Purpose? n A re one-to-ones and performance reviews allowing for operational alignment to strategy and also prioritising both behavioural and financial metrics? n A re employee and team skills and work patterns matched/adjusted/ outsourced for different tasks? n Do team members receive upskilling, mentoring and training to ensure skills are continually refreshed?

PRODUCTIVITY

Technology is a key vehicle for productivity in workplaces. The technology used should be attuned with the needs of our organisational Purpose and People. We should conduct an audit of our technology platforms, plot workflow to avoid overlaps in processes and encourage asynchronous working. Especially with multiple work-life demands - time management, flexible working and utilising technology wisely can help streamline effort and collaboration thereby improving individual and organisation performance. n Examine the reason you have particular technologies present and the purpose of each for example: Slack (informal collaboration); Microsoft Teams/ Zoom (meetings); JIR A (tracking projects) n Plot processes and ensure that they are aligned with technologies to automate as far as possible; especially time consuming tasks that are routine. n Display Organisational Vision, Values & Purpose on technological platforms and performance dashboards to encourage a culture of alignment. n Ensure that online team meetings have an agenda, time limit, contributions from all and clear recognition of individual and team successes.

❛❛ Enhancing

productivity requires a balancing act between defined metrics and goals and engendering human commitment and loyalty ❜❜

Effective Leadership Communication is the springboard to productivity as it encourages employees with their journey by removing obstacles, navigating the way forward and empowering with appropriate information, skills and resources. Helping employees feel valued and giving feedback when employees are off-track or struggling is vital. Increasingly, teams will become self-directed and may even be selfforming across functionalities. Leader communication needs to be sensitive to differing learning styles. It should avoid intrusiveness, and encourage autonomy. The ‘leader’ is now there to embody the culture, support collaboration; and encourage effort towards key deliverables.

n Does your Communication Framework include the following: S e n i o r L e a d e r s h i p V is i b i li t y ; Information regarding company results; Recognition of individual and team contribution; Provision of team and one to one check-ins; Formal and informal gatherings? n Is honest two-way feedback an essential part of your check-ins for individuals and teams? Do team members understand how to give empathetic feedback based on behavioural examples? n Are you as the leader able to recognise poor performance and tackle it constructively in the interests of the team/organisation? The pandemic has certainly highlighted the importance of Wellbeing. Employees have multiple stresses including uncertain economic times, the changing nature of work and blurred boundaries between home and work. Mental health issues can massively impact individual and organisational productivity. n Do you pay attention to wellbeing in assigning tasks and timeframes? n Have you encouraged fl exible work patterns and effective time management habits to reduce overwhelm? n Can you spot the signs of stress or burnout in yourself/your team? n Have you measured the cost of poor wellbeing to bottom line results? E.g. Absence, Turnover, Grievances. Productivity enhancement is about aligning mind-sets with actions to set the stage for outstanding performance.

To book Leadership and Group Coaching sessions write to info@crestcoachingandhr.com, visit crestcoachingandhr.com or telephone 07702298363

INNOVATION

WELCOME TO

THE BAMBOO CLUB Following the successful launch of its first peer-to-peer network for regional business leaders, Sussex Innovation is recruiting three new cohorts to join the Bamboo Club. The programme, which will run into 2022, is funded by the Business East Sussex Pivot Programme. It is open to founders and directors of high-growth businesses in East Sussex. Facilitated by Sussex Innovation’s expert consultancy team and headed up by chief executive Nigel Lambe, it has been designed to help businesses continue to scale and plot a course through the disruptions of the pandemic, Brexit and Net Zero.

The sessions feature a mix of masterclasses with keynote speakers, group action learning and one-to-one mentoring, incorporating new and emerging b u si n e s s m a n ag e m e nt th e o r y. Facilitated peer networks based on action learning principles have been shown to help business owners benefit from collective experience and practical insights, challenge their perspective on the opportunities and threats in their industry, hold each other accountable and support open and reflective practices.

INNOVATION

WHAT WILL THE SESSIONS INCLUDE?

Around half of the Bamboo Club content will be informed directly by the strategic ambitions of each cohort, with action learning sets based on the operational and cultural challenges that participants bring to the table. “As they scale, high-growth businesses tend to face common struggles regardless of what sector they are from,” says Head of Programmes, Claire Pasquill. “While each cohort will naturally bring their own unique circumstances to the table, for the most part these experienced founders have already overcome many of the more straightforward hurdles of starting a business.

WHY ‘BAMBOO CLUB’?

The programme is named for the qualities of bamboo, the very same qualities found in successful business leaders. Bamboo takes two or three years to establish its root system, setting it up for extraordinary and rapid growth. Humans and organisations have roots too; our values, purpose, relationships, systems and processes. Paying attention to how the roots of a business form is the key to strength and growth. Bamboo is also prolific and resilient – it grows many shoots before it becomes clear which will grow and which will be crowded out. Its strength comes from its flexibility; in extreme conditions it bends, rather than remaining rigid, unyielding and ultimately vulnerable. Similarly, the Bamboo Club is designed to help businesses recognise the best opportunities, as well as developing the resilience to respond to change.

“The Bamboo Club is a forum for business leaders to discuss the questions to which there are no simple answers. Which long-term opportunities do we invest in? How do I recruit a management team that shares my vision and values? How can I take a step back from the day-to-day running of the business and what can I effectively delegate?

❛❛ The programme

is named for the qualities of bamboo, the very same qualities found in successful business leaders ❜❜

“The great thing about peer networks is that they can really help to resolve these kinds of issues by bringing a range of perspectives and experiences together. You’ll hear examples of what worked well for others in a similar situation, hold each other accountable, and have a trusted group of equals who’ll be direct and up-front with their advice.” These collaborative workshops, mentoring sessions and virtual forums will be interspersed with masterclasses that zero in on a specific management and leadership topic, such as: n How to develop a cohesive narrative about your business for customers, teams or investors n Tactics for attracting, engaging and motivating a team of Gen Z employees n Determining when and how to invest in disruptive ideas vs your core business n Considering your response to fastchanging political and economic realities Does your business have at least five employees and an annual turnover of at least £200,000? Are you interested in joining this year’s Bamboo Club cohort for a fully-funded support programme? Contact Sussex Innovation’s Head of Programmes, Claire Pasquill (claire@sinc.co.uk) or Head of Sales and Marketing, Helena Jevons (helena.jevons@sinc.co.uk) to find out more.

The Bamboo Club is part of the Business East Sussex Pivot Programme, managed by the Business East Sussex Growth Hub on behalf of East Sussex County Council and the South East Local Enterprise Partnership.

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YOU’RE LAUNCHING SOMETHING NEW

YOUR COMPETITORS HAVE CHANGED

Every business needs to expand and innovate to continue to offer something worthwhile to their customers. If you’re launching a new product or service, you’ll need to update your business plan to reflect this. Even if the launch was in the plan, you can never be quite sure what’s going to happen with it, so reviewing and updating your plan to make sure it reflects these new changes is vital.

Over the course of your business life, it’s natural for your competitors to change! Perhaps there are new competitors on the scene to contend with, or maybe your existing ones have changed and evolved to offer something that you don’t. Whatever the situation is, you should be frequently reviewing your competitors and what they’re up to, and updating your business plan as a result.

YOU’RE LOOKING FOR NEW INVESTMENT

If you’re looking for investment in your company, it’s absolutely vital that your business plan is completely up to date. Any potential investor will want to have a thorough look over it, so they know what’s going on and what exactly they would be investing in. Even if you’re not currently looking for investment, but think you might be in the future, it’s good to get into the habit of reviewing and updating your business plan regularly so that you are prepared.

No matter what industry your business is in, having a business plan is absolutely crucial to ensure you’re heading in the right direction. However, it’s easy for business plans to fall by the wayside and become outdated. Tim Hatari, CEO of TMD Coaching Ltd, is here to talk about some of the reasons why you may need to update your business plan so that you stay on track!

YOUR TARGET MARKET HAS SHIFTED

There are many reasons why your target market may change from what’s set out in your business plan. Perhaps your business is entering new markets. Or, maybe your customer base has just shifted and now you need to cater to different wants and needs. No matter the reason, a changing target market is one of the top reasons why you’d need to relook at your plan.

Overall, the need to update your business plan can arise for any number of reasons! And, even if your business isn’t currently experiencing the above changes, reviewing your plan regularly is a good habit to encourage. We have over 20 years of experience helping businesses to perform, and assisting with business plans is only part of this! If you’d like to discuss how your business could overcome challenges and thrive in 2021 and beyond, please get in touch today. Book a free 20-minute consultation: www.tmdcoaching.co.uk/business-plan-writing-service Contact details: www.tmdcoaching.co.uk Phone: 01737 237572 Email: tim.hatari@tmdcoaching.co.uk

LEGAL

BUSINESS INTERRUPTION INSURANCE – HOPE SPRINGS ETERNAL! to the extent of the insurers’ liability to indemnify its policyholders under the scope of these policies.

By Lee Hills With the UK having suffered its worst economic slump since the Great Frost of 1709, a fall in economic output of 9.9%, inflation predicted to reach 2% and almost two million people not having worked for six months many businesses have been left reeling from the effect of the pandemic. Some businesses, particularly SMEs had hoped that Business Interruption Insurance policies taken out as part of their insurance portfolio would, if not save them, then assist in mitigating these losses and help them to survive the economic slump. As claims began to be submitted and, in many instances, rejected by insurers based on the wording of these policies, clarity was sought from the Courts as

In a landmark decision delivered by the Supreme Court on January 15th 2021 hope now exists for many affected businesses to recover some of the losses suffered during the last 12 months depending upon the type of insurance policy in place. Typically, Business Interruption Insurance has provided for loss of income suffered by the policyholder arising from a disaster which, with the most basic cover would relate to property damage but in some instances would include loss of income arising from infectious or notifiable diseases. As claims began to be rejected by insurers, the Financial Conduct

Authority (FCA) reviewed the wording of 21 policies issued by the eight largest insurers and brought a test case on behalf of SME’s to seek clarity on the issues of coverage and indemnity on behalf of affected policyholders. The initial decision was delivered by the High Court in September 2020 and following cross appeals by both the FCA and six affected insurers the matter was fast tracked to the Supreme Court for its consideration and judgment. In doing so, the Court was asked to consider the correct determination of the clauses commonly found in Business Interruption policies and whether they would apply to claims arising from the pandemic following the commencement of the national lockdown in March 2020.

❛❛ In a landmark decision delivered by the

Supreme Court January 15th 2021 hope now exists for many affected businesses to recover some of the losses suffered during the last 12 months ❜❜

LEGAL

Finally, the Supreme Court gave consideration to what are commonly known as “trend” clauses. The argument by insurers being that losses incurred by the policyholder should be based on and compared to previous periods of financial performance of the policyholder and used to assess the loss of income during the period of the pandemic. Insurers argued that the losses would have arisen in any event by virtue of the national and global economic effect of the virus, so extinguishing any claim. Again, the Court found favourably for policyholders insofar as it determined that such clauses should not be construed in a way that would be inconsistent with the insuring clause and effectively exclude cover.

Clauses within the policies that the Court gave particular consideration to included prevention of access clauses depriving policyholders from entering or utilising their premises as a result of intervention by public authorities and clauses which were a hybrid of both prevention of access and disease clauses providing coverage for business interruption arising from the occurrence of notifiable disease within a specified distance of the affected business premises.

using its full dining facilities and only, because of the lockdown restrictions, being able to operate a takeaway service.

In relation to prevention of access the Court, when interpreting the policies, found that the lockdown restrictions arising from the Government announcement on March 20 2020 were sufficient to apply as of that date and that it was not necessary for such restrictions to be imposed by law or the government regulations that were not passed until March 26 2020.

It was accepted that Covid-19 met the definition of a notifiable disease with the Court finding that where policies included such a clause, cover would commence across the UK on March 6 2020.

Additionally, a partial prevention of access and inability to use the business premises in question would be sufficient to trigger cover under the policy with an example being used by the Court of a restaurant prevented from

The Supreme Court further considered the question of “disease” clauses within the policies which typically provide cover for business interruption resulting from the occurrence of a notifiable disease within a specified distance of the affected premises.

Although it would be necessary on a claim-by-claim basis to establish that there was an occurrence of Covid-19 within the radius specified within the policy in question, it was not necessary for the policyholder to establish that loss arising from the business interruption was because of that incident as opposed to the effect of the national pandemic as a whole.

Both the FCA, insurers and the Supreme Court are liaising to produce guidance in respect of the Judgement, whilst the FCA has produced its own guidance to assist SMEs who believe they may have appropriate cover in furthering their claims. Following the Judgement, any business affected by the rejection of a claim by their insurers should consider the guidance of the FCA and liaise with their broker. In the absence of a satisfactory response litigation can remain an option or complaint to the Financial Ombudsman Service, although it is hoped that many small businesses that have been impacted financially over the last twelve months will now be able to pursue claims through their BII policies.

Lee Hills, Partner, Dispute Resolution www.mayowynnebaxter.co.uk

Budget question time Navigating the changes

Join us for our ‘Budget question time webinar’ on Friday 5 March 2021. Register here. Our panel of tax, financial planning, legal and funding experts will be on hand to answer your Budget related questions, highlight the key implications for businesses, their shareholders, directors, and for personal wealth, and provide insight and guidance for the next steps you will need to take. In the wake of this highly anticipated Budget and in the midst of COVID-19 and Brexit, our panel of experts will guide you through the outcomes and answer any questions that you may have. You can submit your questions prior to the webinar by emailing events@krestonreeves.com or alternatively, pose them to our panel during the event via the ‘Questions’ box.

Date: Friday 5 March Timings: 9:00am - 10:00am This is a complimentary webinar

To book your place: Visit www.krestonreeves.com/events For more information please contact Rachael Merritt: Email: events@krestonreeves.com Phone: +44 (0)330 124 1399

A recording of the webinar will be available at www.krestonreeves.com/on-demand

PEST CONTROL Surrey-based Cleankill Pest Control is celebrating after retaining its Investors in People Gold Award gold accreditation

CLEANKILL’S GOLD RENEWAL PROVES DEDICATION TO STAFF Gold accreditation demonstrates that Cleankill has a full range of important policies in place and that everyone in the company takes ownership for making them come to life. Only 17% of the Investors in People accredited organisations achieve Gold. In 2018 Cleankill became the first pest control company in England to be certified ‘GOLD’ by Investors in People and in 2021, following another intensive audit, retained the Gold status. Now with a turnover of more than £3 million and employing 50 staff, Cleankill has won a string of awards for being ‘green’, customer service and corporate social responsibility as well as being named Company of the Year in the 2019 British Pest Management Awards run by the British Pest Control Association.

We believe that the ❛❛ success of our organisation begins and ends with our people. If we make work better for everyone, we make work better for our customers ❜❜

Cleankill Directors Clive Bury, Paul Bates, Ian Miller and Jon Whitehead with the Gold Investors in People award that they have retained following a recent assessment

strating integrity and you have successfully created that family atmosphere, certainly not corporate, there is no us and them and this attitude comes from the top.

service to businesses and residents in East Hampshire and West Surrey for over 25 years. Cleankill’s acquisition of the company follows the decision by its owner Justin Messenger to retire.

“100% of interviewees said they would recommend Cleankill as a great place to come and work and are real ambassadors for Cleankill. People can describe why they think Cleankill is a great place to work and they are proud to say they work for you.”

Paul Bates, Managing Director of Cleankill, said: “This is the final piece in the jigsaw for us. With Totalcare Pest Control now part of the Cleankill family, we have completed our expansion along the M4 corridor. We are proud to be able to say we can now bring our award-winning services to commercial and residential customers across the whole of southern England from Kent to Devon!”

Commenting on the award, Cleankill Managing Director Paul Bates, said: “Retaining our Gold status was not a given and we had to demonstrate that we are constantly improving.

Paul Devoy, CEO of Investors in People, said: “We’d like to congratulate Cleankill Pest Control. Gold accreditation is a fantastic effort for any organisation and places Cleankill in fine company with a host of organisations that understand the value of people.”

“We believe that the success of our organisation begins and ends with our people. If we make work better for everyone, we make work better for our customers.”

Cleankill Pest Control recently expanded its customer base in Hampshire and West Surrey with the acquisition of Hampshire -based Totalcare Pest Control.

In her report the Investors in People assessor said: “Your USP and strengths lie in being open and honest, demon-

Based in the Hampshire town of Alton, Totalcare has been offering a fully comprehensive public health pest control

Launched in 1995, Cleankill Pest Control has grown year on year and now has several thousand clients throughout London, Bristol, Buckinghamshire, the South East and across the UK.

Go to www.cleankill.co.uk or call 0800 056 5477.

FORD FOCUS HYBRID

By Maarten Hoffmann, Senior Motoring Editor

It never ceases to amaze me quite what kick the engineers manage to get out of a 1.0-litre engine these days. Its the same thrust we used to get out of 3-litre cars back in the day. The new Hybrid Focus sits right in that category.

– or to be accurate, to get over any turbo lag. The 0-60 time is only 9.2 seconds but it feels an awful lot faster than that. There are two choices of power unit – the 123bhp version and the 153bhp EcoBoost Hybrid that l have in my hands.

As Ford stated: “Our electrified powertrains are designed not just to save drivers money on fuel, but also to boost the fun-to-drive character of our vehicles” said Roelant de Waard, vice president, Marketing, Sales and Service, Ford of Europe. “The Focus EcoBoost Hybrid seamlessly integrates electric and petrol power for efficiency and performance that would have seemed the stuff of dreams just a few years ago.’ I can’t argue with any of that

Like most manufacturers, Ford have stuffed every trick in the book into this car to eek out the fuel. Even with the clutch depressed, the engine will switch off if coasting at less than 15mph and the dash has enough information to make your head spin and want to switch it all off. But it all works, and the claimed 53.3mpg is very close to the mark. Fuel economy also gets a boost from the new Focus’s slippery shape. Aerodynamic measures include an active front grille shutter for when engine cooling isn’t required, front bumper vents channeling air through the body to smooth turbulence around the front wheels, and a number of under-

The new Focus is a really good looking car and as if that kick was not enough, they have now tied it to a 48-volt starter generator to give it that turbo like boost

body shields to calm airflow beneath the car. Ford and Michelin have also teamed up to introduce a new line of tyres that cuts rolling resistance by a fifth. I must say that the ceaseless off-beat thrumming of Ford’s smallest engine can grate quite quickly and the regenerative deceleration is just intrusive enough in stop-start situations to have you reaching for the off switch. When l first tried a three-cylinder engine in the Fiat 500, l compared it to the sound of a hairdryer – a fast and nippy hairdryer and you get the same engine

It never ceases to ❛❛ amaze me quite what kick the engineers manage to get out of a 1.0-litre engine these days ❜❜

MOTORING

TECH STUFF MODEL TESTED: Focus ST-Line X ENGINE: 1.0-litre EcoBoost POWER: 155 bhp SPEED: 0-62 9.2 secs TOP: 131 mph ECONOMY: 53.3 mpg PRICE FROM: £27,155 PRICE AS TESTED: £30,680

PL AT I N U M

sits in the dash unknown to the driver and projects speed, road limit and often satnav instructions onto the windscreen.

note here but then l guess the younger generation won’t notice and that makes me a dinosaur l guess. The drive is smooth but there is a little too much suspension crashing for me and this only becomes more intrusive the longer the government refuse to fill the 3-mile deep potholes that litter the country. The interior is well laid out in typical Ford fashion - nothing flashy but it is all there and it all works. The infotainment system with the SYNC system is good and the phone pairing is one of the fastest l have come across. It benefits from a HUD (head up display) but it is a piece of glass that rises up out of the dash in front of the driver. It might be better than nothing as HUDs are a great addition to any car but l would rather pay an extra couple of quid and have the proper version that

All these claimed benefits stem from an all-new vehicle architecture. The Blue Oval’s latest C2 platform positions the wheels closer to the corners of the car, compared with the previous Focus, extending the wheelbase and allowing more space for occupants. Rear passengers benefit from plenty of leg-space and shoulder room, but people up front will appreciate a dashboard pushed 100mm closer to the engine too. It’s also lower, reducing the ratio of bodyside to wheels (which range from 16- to 18-inches in diameter). These revised proportions make for a more muscular, sporting look. Wraparound lamps front and rear make the car appear wider, and the sheet metal has an array of creases that catch the light and the eye, such as the undulating line from grille to tail-lamp that carves a concave channel in the bonnet’s edge. It’s a really good looking five-door hatch with great presence. Every Focus gets adaptive drive modes,

adjusting the throttle, steering, transmission and cruise control programmes between Eco, Normal and Sport modes. SLA-equipped models can be coupled with Continuously Controlled Damping (£650-£800) which can adjust the damping force every two milliseconds to vary ride comfort. There is also an estate (wagon) and who knows if we will see the barnstorming RS version? The new Focus is a good looking car, very fuel efficient and really nippy round town. I have a slight problem with the £27,155 start price of my car as for a Focus that seems quite expensive but the range starts from £17,930 so you get what you pay for. Quite how long the life is of hybrid models is anyone’s guess in this world of full electrification, as the governments ban on fossil powered cars also includes hybrids but, in true government fashion, they have changed this rule so many times that Albert Einstein couldn’t work out what they actually intend to do. PS: As l write this, Ford have just announced that from 2030, all their cars will be electric or hybrid following Jaguar’s lead.

THE BUSINESS MAGAZINE FOR WOMEN

WOMEN OF THE YEAR REVEALED CELEBRATING IWD Quotes from around the world MOTORING The role of women NatWest partners with Getty Images

MAR | APR 2021 #9

Order from brightongin.com for socially distanced, COVID-safe doorstep delivery within Brighton and Hove by a member of our little team or send the spirit of Brighton nationwide with next-working-day courier delivery

cont ent s 8

WHAT DOES INTERNATIONAL WOMEN'S DAY MEAN TO YOU?

4 STEERING COMMITTEE 5 WELCOME 16 MAKING FINANCIAL CONFIDENCE OUR ‘NEW NORMAL’ IN 2021 20 THE CANDLELIT MENAGERIE 22 NATWEST & GETTY IMAGES PARTNER TO DRIVE BETTER REPRESENTATION OF FEMALE ENTREPRENEURS IN MEDIA & ADVERTISING

22 WOMEN OF THE YEAR 2020 THE YOGA SERIES ME-TIME ANYONE? FROM WINDSCREEN WIPERS TO WIFI 41 WOMEN’S WORLD CAR OF THE YEAR CARS FINALISTS 24 30 36 40

41 36

DY N A M I C

TRAVEL

MEET THE STEERING COMMITTEE

Our illustrious steering committee guide the editorial tone of the magazine

JULIE KAPSALIS CEO Chichester / Crawley College Group

EMMA LANE Director Allied Irish Bank

VICTORIA KERTON ROSEMARY FRENCH OBE Regional Director Executive Director NatWest Gatwick Diamond Initiative

FAIZA SHAFEEK CEO Carrot Events

ALISON ADDY Community Officer Gatwick Airport

LOUISE PUNTER CEO Surrey Chambers of Commerce

LESLEY ALCOCK Commercial Director The Platinum Media Group

ABIGAIL OWEN Corporate Partner DMH Stallard

FIONA SHAFER Managing Director MD HUB

MAXINE REID Partner Quantuma

MAARTEN HOFFMANN CEO/Publisher The Platinum Media Group

ANA CHRISTIE CEO Sussex Chamber of Commerce

ALISON JONES Partner Kreston Reeves

ZOE RUDLING Partner RSM

FIONA GRAVES Events Director The Platinum Media Group

welc ome FROM ROSEMARY FRENCH OBE Chair of the Dynamic Steering Committee ROSEMARY’S OBE WAS AWARDED FOR SERVICES TO WOMEN IN BUSINESS

Our theme in this edition is International Women’s Day, an opportunity to celebrate the economic, social, cultural, and political achievements of women. It is also a day when all groups, male or female, can come together to promote and call for advances in equality for women. This year the theme is #ChoosetoChallenge and we are being asked to call out gender bias openly and publicly, at work, at home, in the gym, in the shopping centre. What a great opportunity to help daughters and sons to understand what gender inequality looks like, especially since they are probably being home schooled and a captive audience! We need to help our children understand that this is not about blue versus pink issues but about human rights. Our children will know of Greta Thunberg but how much do they know about Malala Yousafzai? This

I raise up my voice – not so I can shout but so that those without a voice can be heard. We cannot succed when half of us are held back MALALA YOUSAFZAI

is a day when we consider what we can do over the next year to really make a positive difference, even against all the odds, as in the case of Malala. We cannot leave it to our politicians to change our patriarchal society, but we do have the power to change our politicians! This day belongs to all of us, so let’s celebrate, let’s innovate, let’s shout, let’s make a difference.

Contacts PUBLISHER: maarten@platinummediagroup.co.uk COMMERCIAL DIRECTOR: lesley@platinummediagroup.co.uk EVENTS DIRECTOR: fiona@platinummediagroup.co.uk HEAD OF DESIGN: design@platinummediagroup.co.uk

WWW.PLATINUMMEDIAGROUP.CO.UK DISCLAIMER All rights reserved. The views expressed in this publication are not necessarily those of the publisher. The publisher cannot accept responsibility for any errors or omissions relating to advertising or editorial. The publisher reserves the right to change or amend any competitions or prizes offered. No part of this publication may be reproduced without prior written consent from the publisher. No responsibility is taken for unsolicited materials or the return of these materials whilst in transit. Dynamic Magazine is owned and published by The Platinum Media Group.

A GOOD GAMBLE Entain, the gambling company behind the Ladbrokes and Coral brands, has appointed a female chief executive in a move that raises the number of women leading FTSE 100 businesses to six. The bookmaker has hired one of its nonexecutive directors, Jette Nygaard-Andersen, to replace Shay Segev, who departed abruptly in January. Segev left to join sports streaming company DAZN as Entain tried to repel a takeover attempt by American casino-owner MGM Resorts. However, Entain appeared this week to have fended off the £8.1bn bid, with the US giant dropping its interest ahead of a deadline to make a formal offer.

{up f r o n t } All the latest bulletins from the world of business

HISTORIC STEP Germany’s coalition government will introduce a mandatory quota for the number of women working as senior management in the country’s listed companies, in a move hailed as a “historic” step towards sexual equality in German boardrooms. In a deal agreed on Friday evening by Angela Merkel’s Christian Democrats and their junior partner the Social Democrats, management boards with more than three members must include at least one woman, reversing a voluntary system that critics argue has failed to achieve the required shift towards gender equality.

PEEK A BOO Harvard Business School has been a launching pad for women since it first started admitting female students back in 1963. Facebook COO Sheryl Sandberg is a graduate. Hewlett-Packard CEO Meg Whitman is a graduate. Abigail Johnson, CEO of Fidelity Worldwide Investment and one of the richest women in the world, is a graduate. More than 50 years ago when women were first allowed to enrol, there were just eight women in a class of 684 students. Compare that with 2014, when women made up 40 percent of the HBS graduating class and there’s no doubt they’ve come a long way. Now the prestigious M.B.A. programme wants to attract even more women. Through a programme called PEEK that rolled out recently, students at women’s colleges who will graduate in 2015, 2016, or 2017 can sign up for a weekend of studying business cases and participating in workshops with “HBS staff, students, and alumnae.”

WHAT GLASS CEILING Virgin Money is on course to be the only FTSE 350 firm with an all-female leadership cast after the bank confirmed it is in talks to appoint Irene Dorner as chairman. The lender said in a stock market announcement that it is in “advanced discussions” with Ms Dorner, who ran HSBC’s US arm for three years until 2014, as a replacement for outgoing Glen Moreno.

There is nothing like a concrete life plan to weigh you down. Because if you always have one eye on some future goal, you stop paying attention to the job at hand, miss opportunities that might arise, and stay fixedly on one path, even when a better, newer course might have opened up Indra Nooyi, CEO PepsiCo

WTO CEO The deadlock over the appointment of the new World Trade Organisation chief appears to have ended, and Nigeria’s Ngozi Okonjo-Iweala looks set to become its first woman, and first African, Director-General. Ms Okonja-Iweala said there was vital work ahead, and called on everybody to pull together. Her comments came after the South Korean Trade Minister Yoo Myung-hee withdrew her candidacy following consultations with the US – her main backer - and other countries. The process of choosing the new WTO head is done by consensus, and has been deadlocked since October, when the Trump administration in effect blocked the appointment of Ms Okonjo-Iweala.

HSBC ADDITION Dame Carolyn Fairbairn, the former CBI directorgeneral, is being lined up to join the board of HSBC Holdings, Europe’s biggest lender. Sky News has learnt that HSBC is seeking approval from banking regulators for Dame Carolyn’s appointment as a non-executive director. An announcement about her appointment could be made at or before the bank’s annual meeting in the spring, according to insiders.

BIG

STORY ABIGAIL OWEN

Senior Corporate Counsel DMH Stallard Whatever we do in life there are certain times or dates that cause us to reflect and think. International Women’s Day is one of those for me. In general I do believe we now live in a balanced world especially here in the UK with equal opportunities for all. That’s despite what some of our media tries to tell us! However, it never hurts to think on this and IWD is a time to focus on women’s rights and roles. Free speech and equality are a cornerstone of a dynamic economy but if we do not stand up and protect it then it can inevitably be damaged one way or another. 2021 has its theme as ‘choose to challenge - a challenged world is an alert world and from challenge comes change’, I couldn’t agree more. We should all be raising awareness against bias however it is evidenced and feeling free and able to challenge whatever inequalities we believe exist. IWD is a moment to think and act on this.

WHAT DOES WOMEN’S DAY As we celebrate another International Women’s Day, it is time to reflect on what this day means to leading women around the world. Therefore, we asked a wide array of women the question: ‘What does IWD mean to you?’ The past year has been somewhat of a rollercoaster for all of us but many reports reflect that the pandemic has been tougher on women than men. Whether this is due to the child care arrangements and home schooling, two thirds of which is carried out by women, or the fact that the UN have stated that the pandemic has put back gender equality by 25 years! This just means we have to re-double our efforts in the fight and flip this on its head – let’s push gender equality forward by 25 years!

This important day means that no woman should be told she can’t make decisions about her own body. When women’s rights are under attack, we fight back KAMALA HARRIS Vice-President of the United States

The trouble with some women is they get all excited about nothing and then they marry him CHER

BIG

If you want something said, ask a man. If you want something done, ask a woman

STORY

A woman with a voice is by definition a strong woman. But the search to find that voice can be remarkably difficult MELINDA GATES

MARGARET THATCHER

INTERNATIONAL MEAN TO YOU? JULIE K APSALIS

Chair, Coast 2 Capital LEP MD, Chichester College Group This IWD, I want to acknowledge and reflect on my hardest but most rewarding role - as mother to Hektor and Felix. Most years for IWD I’m asked to write a piece about my career pathway, challenges and inspirations. Last August, I achieved a long-held ambition to be appointed as at Chair of Coast to Capital LEP but alongside this and like so many of us, I have found myself as ‘overseer of home-schooling’ - trying to achieve that elusive balance with working from home. What have I learnt... long division in Maths and topics on ancient Egypt and ‘The Highway Man’. And we’ve all been challenged by verbal reasoning in spite of an exceptional teacher. I’ve judged myself against the seemingly ‘perfect parents’ who seem able to

support every school activity or challenge and I’ve laughed and made new friends over virtual wine with other parents who like me, forget it’s ‘wear a moustache to school day’ and resort to giving the children mascara or a sharpie to apply their own during class. But despite the interruptions during meetings, I’ve loved this extra time with my children. Yes, they play far too much X-Box and watch rubbish on YouTube - but they’ve taught me how to build and paint Warhammer figures (very therapeutic), construct the Lego DeathStar, play puerile Scrabble and watched every episode of The Mandalorian (twice). I can’t wait for schools to re-open - but I’ll miss them a lot.

BIG

STORY

WHAT DOES INTERNATIONAL WOMEN’S DAY MEAN TO YOU? The meaning of this day often points to one salient fact within our personal lives. Mine – Extremists have shown what frightens them most – a girl with a book. I want every girl to know that her voice can change the world.

Fiona Shafer

Managing Director, MDHUB As a woman in leadership, I don’t think I have been so angry and frustrated in my entire life as I have been during this pandemic. But nor have I been more inspired, humbled and motivated in equal measure by the both extraordinary and every day achievements that women are demonstrating at home, in business, science, healthcare, education and global leadership. The IWD 2021 theme – Women in Leadership – achieving an equal future in a Covid 19 world – could not be more apposite. I decided early on in the crisis to save my anger and precious energy caused by our governments lack of decision making and communication. We know that women are far more risk averse than men, so no surprise to any of us that the early and decisive lockdowns by premiers Jacinda Ardern in New Zealand and Sheikh Hasina in Bangladesh went a long way to reducing the death tolls in the vastly different countries that they lead. I am optimistic. Whilst this crisis has highlighted the continued inequalities of women it has also highlighted our quiet strength more than ever. This time will really not be wasted on future generations. We have extraordinary role models in the UK – at home, in hospitals, care homes and business, alongside Task force Chair Kate Bingham overseeing the vaccine procurement and roll out and Dr Sarah Gilbert, Oxford Professor of Vaccinology All collectively keeping the show on the road. Without fuss and ego.

MALALA YOUSAFZAI

“The great courageous act that we must all do, is to have the courage to step out of our history and past so that we can live our dreams. Think like a queen. A queen is not afraid to fail. Failure is another steppingstone to greatness.” OPRAH WINFREY

Louise Punter

CEO, Surrey Chambers of Commerce There are two aspects to International Women’s Day and, for me, by far the most important and urgent is the International side of it. Living in a democratic, respectful, mostly free society, here in the UK, we sometimes forget how difficult life is for women in other countries. You only have to look on-line to see how many charitable organisations there are fighting for basic women’s rights globally. This day highlights the importance of achieving

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Tamara Roberts

CEO, Ridgeview Wine Estate If I am honest, International Women’s Day meant little to me until very recently as its existence had passed me by somehow. It did not really enter my conscience until about three or four years ago when I was asked to be on a panel in celebration of IWD. Since then I have researched it more fully and so I am now appreciative of its history and its importance. I do wish that it wasn’t as important now as it was back in 1975 when the UN first officially celebrated the day and placed it firmly on the world calendar. How painfully slow change is, particularly when you are one of the many aggrieved members of society demanding it. However, impatience and frustration will only serve to hamper progress. We need to be united and consistent in reinforcing positive messages about women in all aspects of life and bring the growing numbers of enlightened male supporters we have with us. We need to tell our story as loudly and as proudly as our male counterparts, making sure our voices are reflected accurately in the history we are currently making. If one woman’s life in the future can be changed for the better by something I do in my lifetime then, for me, that would be a great achievement.

gender parity worldwide. Closer to home, the day is more about continuing the move towards enhancing the role of women in all walks of life, ensuring there is diversity in all situations. Every business and organisation needs a balance of skills and approaches, massively enabled by employing a diverse workforce, including a gender balance. During most of my early career I often found myself in meetings with all men, where I found that my more empathetic approach was often a good balance with the more task focused styles of my peers. However, the key thing to accept is we need both

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This day tells us one thing – there is no limit to what we, as women, can accomplish. No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contribution of half its citizens MICHELLE OBAMA

This important day tells me that l am not a victim. I am a survivor. The man who attacked me will cover his face. I will not LAXMI AGARWAL, ACID ATTACK SURVIVOR

approaches for maximum success. Because women sometimes face different challenges it is important to address these challenges to ensure that they don’t become barriers to women progressing in their careers. There is a great deal of evidence that shows women often need more encouragement to give them confidence in their own abilities and by having strong networks they can encourage each other. At Surrey Chambers of Commerce we have our Business Women in Surrey (BWIS) group. This is open to ALL who are interested in supporting and celebrating Women in the workplace.

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Every man needs a woman when his life is a mess, because just like the game of chess – the queen protects the king

Zoe Rudling,

Partner and Board Member, RSM UK

UNKNOWN

I’ve never yet met a man who could look after me. I don’t need a husband. What I need is a wife JOAN COLLINS

As mother to two young girls and a board member at RSM, International Women’s Day has a particular importance to me. I am lucky enough to have not felt the ‘glass ceiling’ in my career. But I am not in a majority and women continue to hit boundaries because of their gender. IWD is an opportunity to celebrate the progress women have made in the workplace but encourages us all to challenge inequalities. For me and my team these conversations are not limited to just IWD. We, at RSM, are committed to put diversity and inclusion at the heart of our firm and so, on IWD 2020, we launched RSM’s ‘Empower’ network. ‘Empower’ provides career support for women at RSM, to share ideas on how we can collectively support women and to empower individuals to challenge language and behaviour which is either inappropriate or discriminatory. A year after our launch we are certainly not at the end of our journey, but I am incredibly proud of what we have achieved. And what a year it has been - celebrating IWD this year feels particularly important in light of covid-19. There is a wealth of evidence that women are bearing the brunt of the additional requirements at home; I have lived through this myself. I have been leading a drive to support all RSM’s working parents. We have run seminars on juggling work and home life, and above all championed the mental and physical wellbeing of our teams.

Mims Davies

Parliamentary Under-Secretary of State for Employment International Women’s Day is very important in our house. As it’s my youngest daughter’s birthday, she’s shared me on this day with events, speeches and marches on women’s rights, celebrating women’s votes plus pushing for greater equality of opportunity. Over recent years this day’s awareness has grown. I have taken part in, and led, debates on IWD and its importance at the House of Commons, working cross party with MPs focussed on improving gender balance in politics, discussing female

issues more widely to inspire women and girls into public service. I grew up under the dauntless PM Margaret Thatcher, a female premier so I saw this as perfectly normal. I therefore loved working as Government Whip for our second female Premier, Theresa May, who chose to own the comment about her ‘a bloody difficult woman’. I want my daughters and their peers to also feel they can achieve and progress in any sector without their gender holding them back.

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WHAT DOES INTERNATIONAL WOMEN’S DAY MEAN TO YOU? Rosemary French OBE

A woman is like a tea bag: You can’t tell how strong she is until you put her in hot water ELEANOR ROOSEVELT

In too many instances, the march to globalisation has also meant the marginalisation of women and girls. Women are the largest untapped reservoir of talent in the world. Let’s use this day to make that change

I reflect that this is a day when women are celebrated Internationally, not just a day for women in comfortable First World countries where real strides have been made towards a more equal quality of life and work for women. I reflect that in developing countries, that women still do not have access to the education, birth control and the health services needed to enter the labour market. I reflect that while this persists, that these developing nations will continue to fail to achieve the economic prosperity needed to grow into first world economies. The UN is committed to giving women greater economic empowerment with its Sustainable Development Goal 5 – to achieve gender equality and empower women and girls. Standing in the way of progress is domestic violence, war, superstitions, child marriage and religious beliefs. If their cultural norms continue to favour males, emphasising the lowly, unworthy roles of women, these societies will continue to be unable to achieve their economic potential. Yet, lifting women out of poverty not only benefits their family household but helps their communities, villages, and ultimately their countries and the rest of the world. At a time when our government has reduced overseas aid, we will inevitably see fewer women in the third world being educated, starting a business, or accessing healthcare. What can we do? Why not sponsor a girl in the poorest countries to be educated. Or instead of giving birthday or Xmas gifts why not pay for a cow, a bicycle, or a goat for a family. Let’s support women the world over.

HILARY CLINTON

Other cross party women have inspired me including Mo Mowlam, as Northern Ireland Secretary, who the signed off the historic Good Friday Agreement. One book that transformed my life, and I share with other women, is ‘Lean in’ by Sheryl Sandberg, the Facebook COO – it’s a book about workplace empowerment and explores gender bias. It’s true food for thought. I absolutely admire Madonna for her fearlessness, and Coco Chanel is a true inspiration – for those that know me the mantra runs deeps ‘If you are sad, add more lipstick and attack!’

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WHAT DOES INTERNATIONAL WOMEN’S DAY MEAN TO YOU? Antony Yates CEng FIET FR AeS Head of Engineering Gatwick Airport

Oliver Blond

Headmaster, Roedean Girls School On International Women’s Day each year, the girls at Roedean put their books aside for the day to listen to an impressive range of successful eminent female speakers. This chimes well with our founding Lawrence sisters’ ethos, and I believe that it is beholden on us to grasp every opportunity to empower our young women and girls, and confirm their belief that they will make a difference in the world – exposing them to positive female role-models is exciting, enlightening, and empowering. The variety of guest speakers is extraordinary at this year’s virtual event – Roedean is delighted to welcome a diverse group of eighteen speakers, who are speaking on topics ranging from Egyptology and architectural engineering, from installation art to insect ecology, and from space exploration to girls’ education in Africa. We will also be joined by students from Roedean South Africa, and by Roedean Academy students from four state schools in the local area. Today in the 21st century, more than 62 million girls worldwide still do not receive an education because of their gender, and the 2020 Global Gender Gap index shows that women still have 31.4% less access to resources and opportunities. This is a reminder that there is still a long way to go around the world in striving for equal rights for women and, as Headmaster of a prominent girls’ school, it is my duty to remind our students that the rights they enjoy have been hard fought for – #ChoosetoChallenge.

International Women’s Day is a hugely important initiative to raise awareness around diversity and supporting females into traditionally male-dominated environments. for us at Gatwick Airport, it has been a springboard for our successful Women in STEM programme. Gatwick held an event for international Women’s Day in 2018 and I was really pleased to be nominated to head up a Women in STEM work stream. I asked for volunteers from across the airport and I wasn’t short on responses. Here was a real need and everyone who came forward had a passion to change the status quo. We looked for female role models whose jobs involved Science, Technology, Engineering and Maths skills within our own Gatwick family, to showcase their success and the career paths they had taken. The idea was to widen awareness of the issue, but then also demonstrate the value these women added through their roles to the success of Gatwick. A great many initiatives followed and as we reached out to local schools, we realised we needed to influence at an early stage, and it was clear we needed

to grow a sustained presence as change would not come overnight. We began with a pilot at Millais Girls’ school in Horsham, running a series of STEM projects specifically involving both mothers and daughters over an 18-month period. These involved various activities including building wind-up airplanes from basic materials, circuit board design and bridge building. In September 2019 we welcomed 72 mothers and daughters to Gatwick, exploring all the diverse world a career in STEM has to offer at the airport. This project helped encourage Millais to consider incorporating an Engineering GCSE into the curriculum in September 2020 for the first time; and the uptake was strong with 18 girls. At Gatwick we have so many diverse and rich opportunities for women that are not widely known about. We run work experience programmes, a graduate scheme and an apprenticeship, through which we have two females enjoying great success. I’m passionate about giving young people their chance to shine. They are our future, so we need to invest time and energy. I believe it’s important to encourage women into engineering diversity in any team is vital to driving improvements. International Women’s Day is crucial for positive change and it’s where our Women in STEM journey began.

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Alison Jones

Partner, Kreston Reeves This day is an opportunity to stand back and think about all the women living and working across the world. We may be from different backgrounds and at different stages in our lives, but we share a unique bond which enables us to recognise every achievement and feel sadness for those that are less fortunate than ourselves. Sometimes we forget how lucky we are to live in the western world and the opportunities available to us. Having spent time mentoring a headmistress in Uganda who had set up a cake business I became quickly aware of the different lives that we lead and the additional

barriers that she faced and I was humbled by her achievements. This year I am sure that she has faced even more hardship from the pandemic and I especially hope that today she will take some comfort in knowing that we are thinking of her and willing her to succeed. For many women, the pandemic has resulted in greater inequality and not just related to home schooling! Women have been

significantly more impacted both financially and socially and expectations are that it will take many years to regain the lost ground. But things are changing! There is a greater awareness of these issues around the world and certainly the UK Government are putting in place plans to rectify this. So today let’s spend time celebrating and acknowledge the amazing achievements of the women of this world whilst also recognising the inequalities that still exist.

Not all girls have to be scientists, not all girls have to be tough, you know? It’s cool if they want to be moms or be more shy and vulnerable

You should never let your fears prevent you from doing what you know is right AUNG SAN SUU KYI

NATALIE PORTMAN

Victoria Kerton

Regional Commercial Director The Natwest Group International Women’s Day has become increasingly important for me over the years – and it is a vital reference point in our calendar to celebrate women’s achievements across all sectors and geographies. The need to mark this date to focus this celebration of women is still so necessary, and ever more important as inequality of opportunity and reward remains too prevalent amongst women all over the world. Through my career I have observed, experienced and benefitted from positive changes for women and can easily identify role models across industry, academia and government – but this

isn’t the case everywhere. There remains too much exclusion and subordination even in 2021, and for this reason the importance of IWD has increased in its significance for me. International Women’s Day is a positive way to shine the light for equality everywhere and to truly inspire and champion potential in all. As I approach International Women’s Day, it serves a wonderful purpose of being a powerful and positive recognition of female achievement, as well as a conscience and an acknowledgement of there being still so much further to go.

The pandemic has dealt women a particularly challenging hand when it comes to their finances. For this year’s International Women’s Day, Samantha Kaye from Wellesley Wealth Advisory is calling for women to reclaim their financial self-esteem

MAKING FINANCIAL CONFIDENCE OUR ‘NEW NORMAL’ IN 2021 Women’s wealth worldwide is a force to be reckoned with. 32% of the world’s wealth is already held by us ladies, a figure expected to reach a whopping £93 trillion by 2023!1 Despite this, we’ve taken the lion’s share of the negative effects of COVID-19 – from job losses to a disproportionate impact on female business owners. A new report by the WealthiHer Network, ‘The Changing Faces of Women’s Wealth’, highlights some shocking statistics:2

◗ Women make up 54% of job losses due to the virus ◗ 62% of women are feeling less financially secure ◗ 74% of female entrepreneurs are concerned about access to funding and bias in the process ◗ 62% of women say their personal and financial goals have been impacted, with retirement plans changing as a result. While COVID-19 has affected everyone’s financial outlook and goals, the report found that it has been harder for women, with many feeling it’s reversed decades of progress on equality. For instance, the gender pay gap and gender pensions gap are likely to further widen.

While COVID-19 has affected everyone’s financial outlook and goals, the report found that it has been harder for women, with many feeling it’s reversed decades of progress on equality

PROMOT IONA L

REBUILDING CONFIDENCE

Not only have women’s financial plans taken a hit, but perhaps one of the most worrying statistics in the WealthiHer report is that 75% of women said they had ‘low’ or ‘average’ self-esteem.3 But it’s not all bad news! With the pandemic leading to women reevaluating their priorities when it comes to wealth, life, business and careers, the importance of health and family has come to the fore. Indeed, 47% of UK women say wealth, to them, means ‘health and happiness’.4 And, while it may not seem like an obvious one, financial security can be an important factor in promoting mental health and well-being. 46% of the women asked identified financial autonomy as a key driver of self-esteem5 – and this is where taking financial advice comes into its own!

ADVICE = EMPOWERMENT

We know that taking advice can inspire women to become financially secure – studies show women who had done so felt more empowered to make informed decisions.6 As a financial adviser, I’m here to help you take that first step along the road towards financial autonomy and peace of mind. I offer both personal and business advice – whether it’s getting your long-term retirement plans back on track, or giving you the confidence

FE AT U R E

you need to achieve your business ambitions. This International Women’s Day, let’s show the world what we’re made of! Sources: 1-5 WealthiHer, ‘The Changing Faces of Women’s Wealth’ report, January 2021, total number surveyed 2,239 6 ILC, ‘Peace of Mind: Understanding the non-financial value of financial advice’ report, conducted via in-depth interviews with 32 UK individuals in 2020.

◗ Samantha Kaye Chartered Financial Planner | Adviser Wellesley House, 50 Victoria Road, Burgess Hill, West Sussex RH15 9LH 01444 849809 samantha.kaye@sjpp.co.uk www.wellesleywa.co.uk

Wellesley Wealth Advisory is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Groups wealth management products and services, more details of which are set out on the Groups website www.sjp.co.uk/products. Wellesley Wealth Advisory is a trading name of Wellesley Investment Management Ltd.

FIRST FEMALE AMBASSADOR On a prominent wall in the Foreign Office in London hang a series of portrait mirrors, each labelled with a senior diplomatic role that has not yet been held by a woman. The Foreign and Commonwealth Office installed the mirrors in 2018 to encourage its female staff to stand in front and “see themselves” in coveted roles, such as ambassador in Paris or permanent under-secretary of the whole government department. In a highly symbolic moment, the mirror for ambassador to Washington, one of the most coveted and most demanding, will shortly be replaced with a picture of Karen Pierce as she becomes the first woman to take on the job. Currently the UK’s permanent representative to the UN, Dame Karen has been posted to Tokyo, the Balkans and Geneva since joining the FCO in 1981. She was also the UK’s first female ambassador to Afghanistan in 2015 and 2016.

{up f r o n t } All the latest bulletins from the world of business

CITYWEALTH POWERWOMEN AWARDS Two RSM partners have been shortlisted in two categories for the annual Citywealth Powerwomen Awards 2021. London-based Rachel de Souza is shortlisted for the Women of the Year in Professional Services, whilst Guildford-based Alex Foster is nominated for the Women of the Year Leadership Award. The awards recognise individuals and companies who maximise the potential of women in wealth, highlighting the female leaders of today and tomorrow. The awards spotlight individuals and companies who support caregiving responsibilities, female leadership, and celebrate diversity. Voting is closed and the winners will be announced at a virtual ceremony and networking event on March 3rd.

White men have become an “endangered species” at the top of British business, according to Tesco chairman John Allan. Mr Allan, who earns £650,000 a year, is one of nine men who sit on Tesco’s executive board, alongside three women. All board members are white. Mr Allan took over the role from Sir Richard Broadbent, a white man, in 2015. There are no full-time female executives on Tesco’s board. Speaking to a business conference, Mr Allan said: “For a thousand years men have got most of these jobs. The pendulum has swung very significantly the other way and will do for the foreseeable future”. “If you are a white male, tough. You are an endangered species and you are going to have to work twice as hard.” Women have absolutely no idea how that feels!!

If you’re too comfortable it’s time to move on. Terrified of what’s next? You’re on the right track Susan Fales-Hill, author & broadcaster

FIRST FEMALE CEO KPMG UK has appointed its first female leader in its 150-year history, replacing boss Bill Michael who was forced to step aside. Bina Mehta has been asked to step in as acting chairman and Mary O’Connor will take over Mr Michael’s day-today executive responsibilities as acting senior partner. Mr Michael faces an investigation over alleged offensive remarks he made. He reportedly told consultants to “stop moaning” about the pandemic’s impact. Mr Michael has stepped aside while the investigation is carried out into his alleged comments made during a recent meeting..

EXPENSIVE MISTAKE

True leadership stems from individuality that is honestly and sometimes imperfectly expressed... Leaders should strive for authenticity over perfection Sheryl Sandberg, COO, Facebook

The virtual scrapbook company Pinterest is paying out a record $20m (£15m) to settle a gender discrimination lawsuit brought by a female executive who had alleged she was fired after “speaking out about the rampant discrimination, hostile work environment, and misogyny” at the San Francisco firm. Françoise Brougher, the company’s former chief operating officer, had accused it of marginalising and silencing women and excluding them from decision-making. She accepted the payout after Pinterest – a website mostly used by women where users share recipes, home decoration and gardening ideas – conceded that it must do more to “improve its culture”.

APPALLING GENDER GAP In the wake of gender pay gap reporting showing men are employed on an hourly rate averaging an appalling 35% more than what women typically receive, and an even worse 52% when it comes to bonuses, MPs have called for the City to act on its ‘alpha male’ culture and prioritise flexible working over the destructive presenteeism that persists at many institutions. A Treasury Committee report urges the establishment of clear criteria to assess bonuses in the hopes that this might serve to negate the negotiation advantage male bankers appear to have. It also wants finance firms to remove the stigma of flexible working through senior men leading by example, and for them to publish strategies for closing gender pay gaps.

L I T E R A RY R E V I E W

THE CANDLELIT MENAGERIE Many of you will know Caraline Brown as the founder of one of the regions leading PR companies, Midnight Communications

After 20 years at the top of her game, and having won just about every award out there, she recently sold Midnight and launched a career she had long dreamt of - that of being an author. This is not an unusual dream for many but so few make it into print, and even less actually ever sell a copy. Not so Caraline. Not only has she finished her first book but is halfway through her second. Set in late eighteenth-century London, this haunting debut novel features Lillian, a freakishly tall woman who struggles to fit into society because of her size and desire to wear trousers. Each morning, she wakes in her tiny maid’s room in a too-small bed to the sound of a lion roaring nearby, on the Strand. One day, she investigates the sound and discovers a candlelit exotic animal emporium. When she meets the

lion, there is an instant bond. At first, Lillian is repulsed by the stench and squalor, but there, in the menagerie, Lillian finds her natural home taking care of and befriending wild animals brought from around the world, stolen from their habitats, misfits like her. The British empire had become the dominant colonial power, plundering resources across the ocean, including humans and animals, and bringing them to England’s shores for the first time to the amusement of the public. The menagerie, under Lillian’s management, becomes a successful attraction. It is her life’s mission. She even marries the veterinarian’s singleminded apprentice. But when her unborn baby dies in an accident, she is given a chimpanzee to raise as her own child, upending the order of even Lillian’s unusual existence.

REVIEWS Told in a simple, mesmerising voice, The Candlelit Menagerie is intensely atmospheric and transporting. This stunning debut will put Caraline Brown at the forefront of the list of new novelists to watch. Amazon This intoxicating novel drew me instantly into the thrilling world of the first London menageries. What a wonderful, unusual read. Beth Miller, author of The Missing Letters of Mrs Bright

Brown has certainly done her research. Every character is interesting in their own way and each page is full of interesting characters. Kirkus Brown weaves the historical lives into the fictional world. The Candlelit Menagerie is illuminated by the past. Christopher Plumb, author of The Georgian Menagerie One of the top ‘unputdownable novels’ of the season. Buzzfeed

◗ There are signed copies available in Hove’s CityBookshop

◗ Distributed by Simon & Schuster The Candlelit Menagerie: A Novel amazon.co.uk

I N NOVAT ION

◗ NatWest’s Female Focus (#BeTheRoleModel) campaign features female entrepreneurs from across the UK, celebrating their stories and success ◗ An image gallery featuring real female entrepreneurs across diverse sectors will be available for licensing by brands and businesses globally ◗ The move is part of NatWest’s commitment to encourage and support more female start-ups, and follows recent research that shows disproportionate impacts of the pandemic on women ◗ Nominations now open for female entrepreneurs to feature in the next image series

NATWEST & GETTY IMAGES PARTNER TO DRIVE BETTER REPRESENTATION OF FEMALE ENTREPRENEURS IN MEDIA & ADVERTISING NatWest and Getty Images have recently launched a new campaign to improve the way female entrepreneurs and business leaders are represented in media and advertising. The partnership sees the creation of a new gallery of images on gettyimages.com, featuring 15 female entrepreneurs, illustrating the diversity of female-led businesses in the UK. The latest customer download data from Getty Images reveals that female small business owners are being represented within narrow stereotypes, depicted as being mid-20s – mid-30s in age and owning a business within hospitality or retail. The new image gallery, featuring a wide range of NatWest’s own customers, authentically depicts women of all ages and

backgrounds working across a diverse spectrum of industries including farming, blacksmithing, recycling, sustainable business, technology and wellness, and also reflects the impact of the pandemic on how certain sectors operate.

The campaign comes at a pivotal time for female-led businesses, as recent research commissioned by the bank in conjunction with YouGov shows that female entrepreneurs have been disproportionately impacted by the coronavirus pandemic, compared with men. NatWest CEO Alison Rose authored the pivotal Rose Review into Female Entrepreneurship in 2018 with HM Treasury, with the report finding that a lack of visible and relatable role models is a major barrier for aspiring female start-ups. NatWest aims to further tackle this challenge through this partnership, which sees over 1,200 licensable images created for use by brands and businesses globally via gettyimages.com.

ALL IMAGES: Getty Images

I N NOVAT ION

The campaign is the latest of many female focussed initiative by the high street lender in the two years following the Rose Review’s launch; in January, the bank doubled its UK Female Entrepreneurship Funding to £2billion. Margaret Jobling, chief marketing officer at NatWest, commented: “Providing funding and business support is central to how we support female-led businesses as a bank. But we know the issue is far broader than this, and that a lack of relatable role models is another barrier that needs to be overcome before women can picture themselves setting up a business.” “Through this partnership with Getty Images, we want to encourage a more realistic and diverse portrayal of female business owners, workers and entrepreneurs in the UK, and hope that this is just the beginning of that transformation.” The first women selected to take part, who were nominated by NatWest’s frontline staff, collaborated on the shoot and were photographed to represent

their real day-to-day of running a business. Due to the authenticity of the shoots, those images created by female photographers will also be included in Getty Images’ #ShowUs collection, the world’s largest stock photo library created by women and non-binary individuals to show women as they are, not as others believe they should be. The partners will continue to add images to the gallery with NatWest now opening the project up and asking the general public to nominate inspiring female business owners to be photographed and featured.

The next 15 women selected to take part in the campaign will receive 1:1 coaching sessions and business support from NatWest as well as a photoshoot with Getty Images in addition to being featured as part of the image gallery. Margaret Jobling from NatWest continued: “This issue and campaign goes broader than just our own customers, so we’re asking for nominations for women to be photographed and featured in our next set of images. We’re looking for all female business founders who are championing entrepreneurship in their respective fields and communities.” To mark the campaign, iStock, Getty Images’ sister site, is offering a discount code to support small business owners in connecting with their customers using images, videos and illustrations which authentically depict issues consumers care about. Discount code is “FemaleFocus” and is valid until March 10th.

◗ For more information on NatWest’s support for female entrepreneurs, and to nominate women to feature in the next series of shoots, please visit: Natwestbusinesshub.com/FemaleFocus

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WOMEN OF THE YEAR 2020 This topic is very subjective but a decision has to be made. Here we present the list of the World’s Most Powerful Women and we are delighted to say that every single year, there are more and more finalists on the list as we surge closer to gender parity across every sector. It is exciting to see new faces, such as US VP Kamala Harris who has shot in at number 3 since the election. Enjoy arguing about this list….. RANK NAME

AGE COUNTRY/TERRITORY