< PreviousProperty network celebrates 10-year milestone with relaunch celebration 30 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk BUSINESS SCENE WREN Property Network (formally known as the ‘Women’s Real Estate Network’) celebrated its ten-year milestone with a branding refresh and a re-launch event at Nottingham’s Brewhouse & Kitchen on Trent Bridge in February. Members and friends of the network in attendance enjoyed drinks, food, branded cupcakes and jazz music from Jayne Darling, heard first-hand the exciting new plans for 2020 from the network’s founder Fiona Duncan-Steer, and met the team who will be taking WREN forward under the new ‘non-gender specific’ format. Founder, Fiona Duncan-Steer, said of the occasion: “The rebrand has been a long time coming and we are delighted with the results, so much so that it was a must to tie the launch of the new brand in with the ten year milestone we have now reached and to celebrate the achievements of the network amongst our property friends and associates, as well as to announce our exciting plans for 2020 and beyond.” East Midlands Business Link’s Group Editor, Steve Fisher and Sales Director, Angie Cooper, were also in attendance to support the non-profit organisation and to invite guests along to the upcoming East Midlands Bricks Awards, celebrating the property and construction industry in the region. PHOTOS: STEVE EDWARDS PHOTOGRAPHY 30-31.qxp_Layout 1 03/03/2020 10:20 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 31 BUSINESS SCENE 30-31.qxp_Layout 1 03/03/2020 10:20 Page 2By Fiona Duncan-Steer, founder of RSViP Business Networking Agency. 32 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk NETWORKING WHEN OPPORTUNITIES KNOCK… This month I thought I’d cover a subject I know many of us can relate to - opportunities. In the business world, these are absolutely what we should be looking out for and grasping with both hands…when they are right for us. You might argue that opportunities don’t just come along, but rather they are ‘created’, in which case if you have the chance to self-develop, take your business to the next level or collaborate with someone new, then effectively it could well be a no brainer that you take on the challenge and dive straight in, no questions asked. If it’s relevant and positive, it can only bring good to you and your business, right? Except, how do we filter through the opportunities that come our way, to know which are right for us and which may fall flat? There is no guarantee of an ideal end result, so sometimes taking the leap is all we can do, however a good old-fashioned risk assessment of the situation is always a good start. Try asking yourself the following 10 questions before making any big decisions: 1. Instinct - What does this tell you in the first instance? 2. Research - Do you know as much as possible about the organisation/person you are looking to work with? 3. Audience - Who are they and are they right for you and your brand? 4. Relevance - Is the opportunity relevant to you and your industry? 5. Your profile and image - Will it affect your reputation in a positive way and establish you further within your industry? 6. Growth - Will it help you to develop both personally or in business and is it the right time for this? 7. Workload - How much is required of you for the return you will gain and is it going to be worth it? 8. Value - Can you add lots of this to the situation and in turn to yourself? 9. Knowledge - Do you have what it takes to pull it off? 10. Passion - Do you actually ‘want’ to do it? Recently I was presented with an exciting opportunity to manage and facilitate a consumer focus group for a very well- known international brand, which would take me across the UK. My first thought was to say yes! After some discussion however, I realised that although I have years of experience in managing and facilitating mastermind group sessions, events and running workshops in my area of expertise (business marketing and events - B2B) I wasn’t as experienced in this area in particular and the self-doubt set in. Call it what you like - many of us I’m sure have been in this situation before, where we are torn between saying yes to an amazing opportunity which could well bring other fantastic opportunities our way, or saying no – just in case it doesn’t work out. Having slept on it and considered my check-list, I decided to discuss the outline of the proposed project with a couple of business contacts of mine who work in similar areas to me, to also gauge whether it would be something they would take on themselves, and low and behold they echoed exactly the same thoughts as I did – they felt it wasn’t quite their area of expertise and so it would be better to pass it onto someone who could offer more value overall. Their main concern was that it could end up damaging their reputation and in turn be business sabotage if they weren’t able to meet the client’s expectations. I learnt a big lesson from this, in that it’s okay to say no and walk away from some opportunities that may in the first instance seem amazing and too good to miss out on, because let’s face it, we spend so many years building up our reputation and flawless image for both our brands and ourselves, that it would be such a shame to jeopardise that for effectively ‘one gig’. As the people behind our brands, it’s our responsibility to protect this with everything we have, which sometimes means walking away and saying no to opportunities that we may not be able to add as much value as we would like to and that’s okay because consider the outcome if it were not to go as planned? Rebuilding your brands reputation and self-confidence once it has been knocked is no fun, nor ideal, though sometimes necessary, but if we can avoid it, we would do – wouldn’t we? Saying all of this, opportunities are often there for the taking and sometimes they may be once in a lifetime – too good to be true kinds, which of course should always be heavily considered. One of my main mantras has always been the wise words of Richard Branson: “If someone offers you an amazing opportunity, but you are not sure how to do it, say yes, then learn how to do it later!” So on that note, always consider your options, think carefully, try asking yourself my 10-question checklist and whatever you decide I’m sure it will be right for you in the end. Fiona Duncan-Steer, Founder, RSViP Business Networking Agency, Writer, Business Coach www.fionaduncansteer.co.uk • www.rsvipnetwork.co.uk 32-33.qxp_Layout 1 03/03/2020 10:21 Page 132-33.qxp_Layout 1 03/03/2020 10:21 Page 234 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk CORPORATE HOSPITALITY Sporting success Sports are a staple in corporate hospitality, a breeding ground for developing strong relationships with clients In today’s world it is easy to forget the value of face-to- face meetings. With such strong connectivity available through the internet thanks to emails, social media and video conferencing, keeping relationships with clients completely virtual is an easy trap to fall into. Though much of business to business and client communication is now online, the reality is that “people do business with people.” Coming together in ‘real life’ is key for bonding and building trust - nothing compares to that human touch. Strong and tailored corporate hospitality is one way to realise this and is a vital strategy for many in securing clients. Presenting clients, both potential and current, with a memorable and enjoyable experience that provides a less formal environment for networking and developing relationships, corporate hospitality is perfect for promoting a business while entertaining. Though the expense may cause hesitance, according to research by STH Live, over eighty per cent of businesses think corporate hospitality is extremely effective at improving client relations. What experience you choose will of course depend on what you are aiming to achieve - are you seeking face-to-face time, looking to build a rapport, or aiming to make a client feel important and valued? Sports events are a great option for corporate hospitality and are rapidly increasing in popularity. With studies indicating that more than seventy per cent of clients are likely to boost their spending with a company as a result of a memorable day at a sports event, this is not surprising. To make guests feel truly special, secure a box or VIP suite to give them a privileged game experience. Not simply providing the entertainment of a sport, most corporate hospitality packages, such as at football stadiums, also offer delectable meals, complimentary drinks, top-tier service and live entertainment. Some even include meet and greets and stadium tours. This also presents plenty of time for conversation, so that the sport in question can be enjoyed uninterrupted by anything other than commentary on the game. One might even extend the VIP experience for clients with a chauffeur, to make your business stand out in a crowded marketplace. Coaxing the build of personal relationships, sports events, particularly memorable ones like world cups, have been shown to enhance the emotional connection between a client and business. Our region has a reputation for sporting excellence with plenty of events on offer. From cricket at the famous Trent Bridge, to motorsports including the British Grand Prix at 36 ÁÁ Sporting success 34-36.qxp_Layout 1 04/03/2020 10:23 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 35 CORPORATE HOSPITALITY © SHUTTERSTOCK.COM / OLEKSII SIDOROV P 34-36.qxp_Layout 1 04/03/2020 10:23 Page 2Silverstone and a variety of well-known football and rugby clubs as well as ice hockey and horse racing, the region provides a plethora of hospitality options throughout the year. Cricket is a popular choice, offering a relaxed yet exciting environment, with shorter formats like T20 acting as the perfect length to provide time for relationship building without being interminable. In selecting an event remember why it is needed. Are you building a relationship or rewarding custom, meeting new clients or supporting a long-term objective? Also consider whether the manner of corporate hospitality meets your own company’s values, ethos and image, and of course one cannot forget to think about your audience’s availability - do they mind setting aside time on a weekday or prefer weekends - and interests. Perhaps sport does not intrigue them. They may be more focused on the arts. In this case one might visit the theatre. Then again, while attending a show at the theatre may be the best choice for the interests of a client, it leaves limited time for relationship building, due to the requirement for silence during a production. Thus one should ensure to organise time within your outing to facilitate this pre or post show, not dissimilar to, though perhaps slightly more restrictive than, a sports game. However, remember not to turn corporate hospitality into a business meeting, as this can stunt its relationship building potential. The event should not hold the manner of a formal pitch. Whatever you choose, in utilising corporate hospitality it is important to keep the Bribery Act in mind, with many uncertain about where the line is on this matter. In guidance released for the act in 2011, Kenneth Clarke, Secretary of State for Justice, said: “Combating the risks of bribery is largely about common sense.” He went on to say: “Rest assured – no one wants to stop firms getting to know their clients by taking them to events like Wimbledon or the Grand Prix.” The act is rather to prevent bribery framed as entertainment. For an offence to be made, prosecution has to show that a client has been offered something with the purpose of bringing about improper performance or pushing them to act in a dishonest manner. While hospitality can be used to exercise influence on clients, it is acceptable so long as it is reasonable and proportionate. 36 East Midlands Business Link © SHUTTERSTOCK.COM / MITCH GUNN CORPORATE HOSPITALITY © SHUTTERSTOCK.COM / GRAHAM BLOOMFIELD 34-36.qxp_Layout 1 04/03/2020 10:23 Page 3www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 37 CORPORATE FINANCE Matters of finance Matters of finance Capital generation With a recent IoD survey suggesting that just one in five businesses said that obtaining finance was easy, while a large number are relying on family, friends and unsecured personal debt such as credit cards to raise cash for their company, it may well be that many fantastic ideas and opportunities go unrealised over the next twelve months. The traditional means of raising finance has ever been the banks, but with the banking crisis of the last few years and more stringent checks and requirements before being granted loans – not to mention a reluctance for the banks to take any risks – has led to people looking for alternative methods of capital generation. Whether it’s a result of popular television programmes such as Dragon’s Den or not, Angel Investors have become common across the business industry – with many companies taking advantage of their support to finance their plans. Peer to peer lending works like a bank loan, except that the investment comes from individuals who are looking to lend their own money. With banks offering incredibly low interest rates for savings at the moment, it is easy to see why so many people are using platforms like this to get a higher return on their investments. For the businesses borrowing, they might have to face rates comparable to the banks – but the money can be accessed much earlier, often within a week. What’s more there is no early repayment fee should the expansion be successful, allowing companies to clear off their debt without having to incur additional charges. What’s more, there is no requirement for a lender to produce and submit management accounts every month and the loans are also unsecured – meaning you won’t have to put your house on the line. Another alternative to this model however is crowdfunding, which has seen a lot of success in the recent years. Crowd funding takes place on various sites such as Kickstarter and is more traditionally used for new start-up ideas to secure finance. However, several medium to large sized companies have also used the platform to secure funding for more recent undertakings. When it comes to crowdfunding a company is often opening the investment to a much wider audience, who might invest as little as £20 at a time in your idea – however multiply this by potentially tens of thousands of individual investors, and suddenly it’s not uncommon see multi-million pound crowd- funding deals taking place. Typically shares in the business are offered as compensation for this, rather than interest on a loan 38 Á Á © SHUTTERSTOCK.COM / EVERYTHING POSSIBLE Finance is ever an issue for any business, with cash flow often being the most important figure a company can look at. Coming off the back of a recession and now facing Brexit, it’s imperative that companies take every step at their disposal to maximise the efficiency of their cash flow 37-39.qxp_Layout 1 03/03/2020 10:30 Page 1however – so there is the risk of later decisions becoming cumbersome if you need to consult your twenty-thousand shareholders. Late payments A culture of late payments is causing damage to the cash flow of many businesses. The average time large businesses (across the UK, not just our region) take to pay an invoice is approximately thirty-seven days from the date of receipt. Late payment is considered a problem for 55% of SMEs in the UK that offer trade credit. More than half of SMEs experience late payment waits of a month or more beyond any agreed terms, with 20% waiting more than two months! In total, 24% of UK businesses report that late payments are a threat to their survival, which is the highest reported level among all EU countries. SMEs are hit more forcefully by this culture, especially when late payments can come from larger firms who really ought to know better, but whom can exert pressure on SM’s to ensure they cannot complain. The late payment culture stems from many aspects, some unavoidable such as a late payer being held back by his customers doing the same, but there are steps companies can take to try and mitigate the damage. In today’s world of the internet, online banking and transactions, some businesses are finding that their customers are not as averse to immediate payments as they used to be, and while older, larger firms may still demand credit, clearer terms of trade can help prevent any discrepancies further down the line. There are also those who allow politeness – a common problem in our regions, apparently – to hold them back from issuing invoices and warnings but considering that it will take time even from these to get payment, companies are advised to issue invoices promptly and to not hesitate to ask for payment and send payment reminders. Financial efficiency While raising finance and dealing with late payment is important, one aspect that many companies are not putting enough focus on is making the money you already have work harder for the business. This is not in terms of investment, though it could be, but making a business leaner. No matter what industry, what sector and how large a company is, there will always be inefficiencies. This is a part of human nature – and it’s common for these inefficiencies to grow and grow as a company develops, going unnoticed or even being explained away as “necessary and expected” when they need not be. It can be hard and even impossible for those within a business to identify and act on these; they are part of the system and something people have gotten used to. Often, it takes a professional coming in to take an outside look, identify and suggest solutions. This can be a bitter pill for many to swallow. No one likes the idea of relying on an outside influence or being told that their business plans are flawed. Pride and ego are commonplace in the business world and come part and parcel of any success, but outside consultation need not be insulting. In fact, their goal is always to work with a company to improve their efficiency, either be working with strategy, improving team performance or helping to increase engagement with staff, suppliers or customers. Seeking aid from consultants on this is not a weakness. In reality, it can be a strength to both utilise all the knowledge © SHUTTERSTOCK.COM / SYDA RAWPIXEL.COM 38 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk CORPORATE FINANCE 37-39.qxp_Layout 1 03/03/2020 10:30 Page 2www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 39 CORPORATE FINANCE a business and its employees have, then compound on that with further expertise from outside. More than that, consultants outside a company often find it easier to notice areas for improvement because they don’t have any of the biases or distractions that those within the business do. The goal, as ever, is to be efficient and sustainable, and something businesses forget is that when cash flow is poor, it may not be because there is a problem with the product, service or pricing structure. It may be that overheads and variables are high elsewhere, and that once these are trimmed down and made leaner, the company’s cash flow looks far healthier. Helping improve the bottom line Inspired Partners work with successful senior executives who lead in a challenging environment. They are change experts who support its transformational change objectives to improve business performance, increase turnover and deliver financial savings. Whether it’s large projects, small interventions or acting in an advisory capacity, Inspired Partners deliver sustainable transformations tailored to the business, when there is a tricky change to navigate. The OTHER Stuff is a business tool that provides a diagnosis to promote and maintain healthy change projects. Using the OTHER Stuff enables clients to: * Examine the current change plan(s) and provide a diagnosis * Determine a remedy that will promote and maintain a healthy change * Provide a tailored learning experience based on any knowledge gaps * Reinforce good change practices * Ensure that the business has the right skill set to deliver business results Since 2004, Inspired Partners has been delivering tailored interventions to improve the bottom-line for its clients. To find out more, visit www.inspired-partners.com. The OTHER Stuff in use 37-39.qxp_Layout 1 03/03/2020 10:30 Page 3Next >