< PreviousBUSINESS DEVELOPMENTwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 19© Shutterstock / Potstock The nextGENERATIONEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk20BUSINESS DEVELOPMENT©© Shutterstock / Monkey Business Images www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 21BUSINESS DEVELOPMENTfamily firm and protecting its profitability by stayingtrue to the established core business Transformers– Next gens who take on the task ofdriving significant change in the family firm, with thescope and support to do soIntrapreneurs– Those whose families carve out aspecific venture for next gens within the family firm,effectively the opportunity to be an entrepreneurwithin the firm itselfEntrepreneurs– Next gens who pursue their ownventures outside the family firm, often in completelyunrelated sectors“These next gens are truly impressive individuals,already making a significant mark whether insidetheir family firm or on their own,” said Wills. “Ourresearch indicates that ‘success’ can take manyforms, and there are many different routes toachieve it.”R&D funding isn’t just forscientists says GrantThorntonEast Midlands businesses could be missing out on valuable financial supportbecause they don’t realise their activities are eligible for research anddevelopment (R&D) funding, according to financial and business advisory firmGrant Thornton.Although the term ‘R&D’ is often associated with science and hi-techindustries, the government definition is much broader and can apply to thework of businesses operating in a variety of sectors from agriculture andindustrial manufacturing to construction and food and drink.Grant Thornton also highlights that projects don’t have to be revolutionaryto qualify for R&D relief. Funding can be granted to any business workingtowards advancement such as creating a new product or improving an existingproduct or process to become more efficient.Mark Pashley, Tax Director at Grant Thornton’s East Midlands office inLeicester, explains: “Many businesses assume their work doesn’t qualify forR&D funding if it isn’t carried out in a laboratory or doesn’t involve makingground-breaking discoveries.”22 ÁEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk22BUSINESS DEVELOPMENTAchieving success through the‘five Cs’While next gens will take their family firmsdown different paths, a set of commonsuccess factors emerged from the research.Regardless of the chosen path, these “fiveCs” comprise guiding principles for all familybusinesses.Culture– The family firm should foster a“safe place” for the next gen to explore andgrow.Communication– Genuine two-wayengagement between the current and nextgeneration, based on mutual respect andtrust, ensures that experience is properlyvalued and new ideas are appreciated.Clarity– It is vital to have a clear strategyand agreed demarcation of roles andresponsibilities—particularly wherecolleagues are also relations and emotions£1.8m skills fund nowopen to employers inLeicesterLarge employers in Leicester and the wider Leicestershire region can nowbenefit from a £1.8 million fund for training to help upskill staff in leadershipand management.The funding for free training was launched for SMEs in the region last yearthrough the Skills Support for the Workforce project and it has now beenextended to enable larger organisations, employing over 250 people, tobenefit, further closing the skills gap in the region.The scheme, which is co-financed by the European Union’s European SocialFund and the Education and Skills Funding Agency, will now offer businessesof all kinds – large, small to medium, sole traders, social enterprises or thirdsector organisations – the chance for their staff to gain professional leadershipand management training to help raise productivity and boost businessgrowth.Skills support for the workforce’s senior development manager, Sajid Butt,said: “The free training on offer through the Skills Support for the Workforceproject has been specifically designed to bridge the gap in leadership andmanagement skills within the region, which is just as important for largerorganisations as it is for SMEs.“There are more than 425,800 people of working age living in Leicestershire.However, some employers have reported that they find it difficult to recruitpeople with the right qualifications, skill set or level of training, particularlywhen it comes to leadership and management skills.”A wide range of leadership and management training courses are available,including: people management, team leading, influencing skills, conflictmanagement, strategic management, organisational planning, financialmanagement, budget management, stakeholder management and projectmanagement.Those interested in applying for the funding, which is led by CalderdaleCollege – one of the country’s largest providers of training offered through theEuropean Social Fund, have until Spring 2018.For more information about the courses on offer visitleicestershire.fundingunit.org.uk, call 08456443753 or emailfunding@calderdale.ac.uk.www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 23BUSINESS DEVELOPMENTare always in play.Credibility– As the “boss’s child” a nextgen needs to earn the respect of co-workers,possibly gaining experience outside thefamily firm first.Commitment– The business needs tomake a long-term commitment to thedevelopment of the next generation, but thenext gen should also reciprocate with awillingness to invest time in the business andgive it a chance to work.“Sustainable success in the world of familybusiness depends on give and take, and theability to balance the needs of firm andfamily—next gen and current gen,” said SiewQuan Ng, PwC’s Asia Pacific Entrepreneurial& Private Business Leader. “If any of thesepieces are missing or misfiring, thesuccession process becomes a risk not anopportunity.”Lincolnshire events firmsecures five-figure loanfrom HSBCLUX Technical, a Stamford-based specialist events company, has won twonew installation projects and partnerships with three creative agencies inLondon following a five-figure loan from HSBC.LUX Technical provides lighting, sound and video equipment. The firm hassecured two bespoke lighting and audio installations in a Leicestershire school,and multi-purpose theatrical venue. HSBC’s five-figure loan will enable thebusiness to deliver these projects.The project and partnership wins mean that LUX will recruit additional staff,including an operations manager and sales support. The business also hopes toincrease its turnover by 20% from £800,000 to £1m by the end of this financialyear.In addition, LUX will be focusing on developing its virtual reality expertiseover the next three years, providing bespoke interactive experiences for globalbrands through its partnerships with creative agencies.Peter Gibbons, Managing Director of LUX Technical said: “LUX is aboutmaking the world of technology accessible to all. We thrive off the variety ofevents we get to work on, from small scale conferences to large immersiveexperiences.“The world of virtual reality is an area we’re currently expanding in and we’realso taking our relationships with agencies overseas. It really is an exciting timefor us and HSBC’s support has enabled us to take on more projects andpartnerships, as well as diversify our business.”Paul Armstrong, HSBC Area Director in Lincolnshire and the Fens, added:“As a small business, LUX Technical needed a flexible banking solution to helpthe business deliver projects as part of a multi-supplier chain. HSBC iscontinually innovating to meet evolving customer expectations and we’redelighted to be able to support British businesses like LUX Technical.”© Shutterstock / ChristianChan Held at The Lawns in Lincoln, and Hosted by Streets Chartered Accountants, Andrew & Co Solicitors andNatWest Bank (and supported by Business Lincolnshire), the Family Business Forum aims to address theimportant role that family businesses play in the region’s economy and help overcome the unique challengesthey face. The next Lincolnshire Family Business Forum event will take place in spring 2018 and is going tolook at role of non-family board members and how a non-Executive or non-family member of the managementteam can add value to the business.Lincolnshire FamilyBusiness ForumBUSINESS SCENEAlexis Outram (Streets), Pat Doody ( Natwest), Julie Bailey ( Andrew & Co)Alexis Outram (Streets), Pat Doody ( Natwest), Julie Bailey ( Andrew & Co)Paul Simpson ( Andrew & Co ), Chris Hubbard, Chris Connor ( Streets )Chris Brown ( Andrew & Co ), Neil Bray ( Streets ), Paul Simpson (Andrew & Co ), Pat Doody ( Natwest ), Russell Copley ( Green Borough), Nick Peel ( Stokes Coffee ), James Pinchbeck ( Streets )Josie & Alec Doughty ( ShdComposites Materials Ltd )Henry Ruddock, Angie CooperPHOTOS: RICHARD PICKSLEYEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk24www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 25A day at Legal Geek exploringthe future of legal servicesBy Andrew Kerrigan, Associate Solicitor Sills & BetteridgeI work in a profession whichproudly promotes itself through theprism of tradition and history. It isalso increasingly adopting newtechnology to improve its servicedelivery.Here at Sills and Betteridge weare embracing change with therecent adoption of SOS casemanagement software which willhelp us adopt an efficient andunifed approach. We have alsoteamed up with Redbrick toimprove our conveyancing service.At the time of its adoption EdwardSharpe a partner in theConveyancing team commented:“The easy to use customisationtools have been game changing forus. What used to take two months,we’re now able to do ourselves intwo hours. Redbrick are a great team towork with too, they are always on handto help with any queries. I’d have nohesitation in recommending them.”It is set against the background ofchange that I headed off to the LegalGeek 2017 conference in trendyShoreditch. I was in part attracted by theprohibition on attending in a suit and theinternational speakers as well theopportunity to meet with a number ofstart up’s in the “Legal Tech” sector.There is much hype aroundtechnological advancements which couldimpact the legal profession in thecoming years. Here are three of the maininnovations which were discussedamongst delegates at Legal Geek:Internet of things (IOT)You may be familiar with the conceptof IOT from articles about the “Home ofthe Future” and smart fridges which canreorder milk when you use the last dropof semi skimmed on your cornflakes.Well the same approach of smart devicesis being considered in the work place tohelp employers in regulatory compliancewhich is my area of expertise.An example is wearable tech whichcould be a simple wrist band that monitorsheart rate, alcohol level, exposure toharmful chemicals or monitors use ofvibration tools. This technology could alsobe used to help lone workers by raising analarm if they are involved in an accidentand become immobile.AIThe concept of artificial intelligence hasbeen around in Sci-Fi for many years andis now slowly becoming a reality. Theconcept is that computers are able to becognitive through access to vastquantities of data and the application ofprocessing software which enable them tointelligently anaylise the data or respondto queries.An example of this tech wasdemonstrated when IBM’s Watsoncomputer won the US TV Quizshow – Jeapordy. You can search“IBM Watson Jeapordy” onYouTube to see how the computerperformed.Blockchain SmartContractsThe most recent buzz is aroundblockchain and its potential toenable smart contracts. Smartcontracts are a method wherebyparties enter into an agreementonline and the smart contract canfor example automaticallyauthorise payment or provision ofa service when set criteria are met.A simple example is the triggeringof payments during a constructioncontract.The blockchain also has thecapacity to make each stage of atransaction publically available orviewable by a set number of people andeach stage is locked in by all theparticipants and not capable of beingremoved or overwritten. This aspect ofthe blockchain is of significant interest tothe food industry in terms of foodtracability and public confidence. It couldpotentially significantly reduce the timeto undertake a product recall in the eventof a food contamination incident.These developments will not eliminatethe need for Solicitors but it is necessarythat we are fully aware of how thetechnology works as it will certainlychange the landscape of legaltransactions and disputes in the future. Afuture in which I hope not to have towear a suit to work everyday.Andrew Kerrigan is available at anytime on 07387 108720,akerrigan@sillslegal.co.uk or checkout his regular LinkedIn postsLEGAL MATTERS28 ÁWith such irregular schedules to follow and a wide variety of products toshift, the manual element of the workforce remains as necessary as ever inmaterials handling, and this continues to cause problems with higher wagesand smaller margins. While factories are moving towards almost full levels ofautomation, within the warehouses it is still individual staff shifting goodsabout. Be it through forklifts, trolleys, conveyor belts or other materialshandling equipment – the focus is on speed, efficiency and ultimately, safety. These three factors are more varied than they first seem, and in somecases can conflict with one another. Speed and efficiency are often mistakenfor the same thing, and while it’s forgivable for a worker to attempt to fulfilan order by using a little extra haste, there can be risks involved, not only topersonal safety, but also the operations of the warehouse. True efficiency isan improvement that comes about regardless of the individual effortinvolved. It is a passive component in many cases, one that will work aseffectively for one employee as it will for another. Assuming the process isfollowed correctly, of course. Forklifts, for instance, are a staple of the materials handling industry, withalmost every warehouse or distribution centre in the country operating a fewat least. What can cause confusion however is the wide array of forkliftsavailable on the market, and what roles they might best be suitable towards.Industrial reach forklifts are best suited to taller racking systems, verycommon within the food and drink industry especially due to the sheerquantity of stock that is kept in a warehouse, often necessitating thatoperators stack their products tall as well as wide. If your warehouse hasunusually thin aisles, possibly because of even higher levels of stock, then a3-wheel forklift can offer more manoeuvrability, allowing it to operate inthese thinner aisles. What a company needs can depend on a hundred different factors, fromThehumanelementWhile new innovation has worked to automate manyindustries, materials handling remains dominated bymanual workers, and looks to be for the foreseeablefuture. Getting the most out of them is paramount. 26East Midlands Business Link www.eastmidlandsbusinesslink.co.ukMATERIALS HANDLINGwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 27© Shutterstock / Mr. Kosal MATERIALS HANDLINGEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk28MATERIALS HANDLINGthe width of the aisles, the height of thestacking, weight of palletised goods –or even how far back on a rack they arestacked. Almost all forklifts will comewith health and safety precautions suchas shielded roofs as standard, but theremight also need to be considerations interms of user accessibility, or evenergonomics. While many may scoff atthe idea that ergonomic design shouldwarrant a more expensive forkliftsystem, one should remember that inan average day an operator mightmove their arm over a thousand timesan hour, and their head twice thatnumber. Dragging that out over aneight hour day is going to causeserious strain and fatigue on workers,and while this might not lead to injury –it will certainly have an impact onefficiency levels, as workers begin topause to loosen muscles or take quickrests. This is a clear example of thedifferences between speed andefficiency within the materials handlingindustry and to a degree can mimic thestory of the tortoise and the hare. Andwhile no one can endorse tortoise-likespeed in the warehouse, it is preferredto be able to maintain a pace ofindustry through the day, rather thanlag towards the end due to fatigue. One obstacle to efficiency can oftenbe locating and accessing productswithin the warehouse when they needto be shipped out. While most productsof a particular brand or batch will likelybe stored with each other, theindividual size of the packaging canvary greatly. Pallet-wrapping machinescan help maximise on this, by safelyensuring a wider range of boxes can be© Shutterstock / Mr. Amarin Jitnathum Next >