< PreviousROUND TABLEEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk30Can you plan to be a successfulbusiness owner from the off?Andrew Springhall: You can neverguarantee to be successful. I’m involvedwith starting up a new electricalcontracting business, and the person I’mworking with is very excited about sittingdown with me and getting it all started.But we don’t have a crystal ball, andnothing is guaranteed.Tim Hastings: You have to plan a planfor success, and you have to have a planif things don’t turn out as you expect. Thelegal environment has changed massivelysince we set up Nelsons; it was an old-style profession - now it’s mainstreampart of the business and commercescene.Tim Davis: We found that we were inan environment where there’s only somuch you can plan. We started off sellingto blue-chip clients such asGlaxoSmithKline, and we had to staynimble enough to react to adapt.Tim Downing: Every business owneraims to plan to be successful - but theyalso have to be prepared to change thatplan if market forces dictate that.Alistair Wesson: The plan is integral -all too often we see businesses that don’thave a proper plan in place. We havepeople come to see us who say: “We aregoing to do this, and this, and this”. Wehave to bring them back a couple ofsteps.David Ryley: No-one plans to fail, butmost people fail because they don’t havea plan in place. We set up in 1999, whichwas a bad time for everyone in ourindustry, but we had a plan in place andwe stuck to it. Any new business has toget something down as a plan that can bebacked financially.Adrian Fern: There’s a strongcorrelation between planning andsuccess. We’ve talked about the rigour ofthe plan, but there’s no doubt that thebusiness environment has changed. Wesee lots of people who come to uswithout a real plan in place.What was the first challenge youovercame when starting yourbusiness?Springhall: The first hurdle we cameup against was HR. We went from 3 to146 staff by the time we sold thecompany. We knew we had to grow theteam, but that brought with it a wholenew range of challenges such asappraisals. We ending up taking advicearound HR. We also went to our bank -who in many ways became our soleadviser. So many businesses shy awayfrom advice because of the perceivedcost and in the early stages cash is tight,but the right advice is invaluable.Wesson: There is nothing more costlythan thinking advice is too expensive.Davis: Once we got traction with thelarger companies we were able to pluginto the larger clinical researchorganisations. However, we didn’t fullyunderstand the contracts involved aroundour work. The currency of the pharmaindustry is dollars, which made thingseven more complicated.Hastings: We had to quickly realise thatthe potential for our company was waybigger than we thought, as the groundrules had changed with the deregulationof the legal sector in the 1980s. Werealised that we had age on our size andthe opportunity to really give thebusiness a go. It was a big journey ofreinvention, and I don’t think that’s everstopped.Downing: We set up in 1991 at theheight of a recession, and, unsurprisingly,Panel:David Ryley, RyleyWealth ManagementAdrian Fern, NatwestAlistair Wesson, MazarsTim Davis, Exco InTouchTim Hastings, NelsonsSolicitorsAndrew Springhall,BlusourceTim Downing, Pygott &CroneAndrewSpringhallAlistair Wesson andTim DowningROUND TABLEwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 31we had trouble finding a bank that wouldsupport us. We really had to put ournecks on the line, but we took theopportunity to step into the marketplace.One of our main challenges was findinggood quality staff and coping with cashflow issues, but we realised we were ontosomething successful - although thesheer volume of work was hard to copewith at first. We were really runningbefore we could walk.Wesson: It’s all about balancing levelsof work with levels of staff and resources.We seldom see people get the balanceright.Springhall: Finding the right talent isthe biggest issue. Companies have cuttheir cloth over the last six years andthere just isn’t the right level of talentaround at the moment. There does seemto be a sense of uncertainty since thesummer, but we’re putting that down tomany businesses being a little slow out ofthe blocks now that the economy hasbegun to recover.Hastings: We had to invest our time inthe day-to-day running of the business. Ithought I would spend a lot of my timemanaging the business, but that wasn’tthe case.Fern: In your industry there are a lot ofpeople who spend time working in thebusiness, not on the business. Yearsago,the managing partner had to be thebiggest fee earner - that’s all changed.Ryley: We do see people who simplycan’t delegate tasks and who can’t breakthat cycle. At some point they have to askthemselves: “Is it me that’s the problem?”Which advisers should a businessowner turn to when his or hercompany starts growing?Ryley: There is a lot of free advice outthere, but again it comes back to thebusiness plan as to what you can access.Wesson: Most investors who can see asolid business plan will invest some oftheir own time. What entrepreneurs needis someone who understands business.Fern: Being a business owner can be alonely existence. Most learn as they goalong - it’s a tough gig. Bankers have a lotof knowledge, and they should be able toshare what they know with entpreneurs.Springhall: This is where non-execscome into their own too. People who cancome into a business one day a month ofa quarter are invaluable.What characteristics makes a goodbusiness owner?Downing: They’ve got to be driven andinnovative. They’ve also not got to showto the rest of their staff that they’ve had abad day. It’s a big responsibility.Hastings: They’ve got to believe inwhat they’re doing. It’s been a greatadvantage for us to have people who canlook at a challenge and pinpoint theupside of it.Wesson: Tenacity is key. You have tobe able to get through things and moveonto the next stage, and also spot whenyou might be out of your depth. Thereally successful entrepreneurs can dothis. Also: take time out to look at thebigger picture. Part of any working weekshould be put aside to review thebusiness.Hastings: I agree entirely; you need tofind ways to be reflective.Ryley: I always think if you want to besuccessful then you should surroundyourself with successful people. Bepositive and have a never say dieattitude. If you exude negativity thenyou’ll attract negative people, and thatisn’t good for your business. An open-door policy is also important - you wantthe best ideas for your business, so don’tcut yourself off from the rest of your staff.Springhall: We have key people withinBlusource who are equity owners. Theyenjoy the fact that they own a share ofthe business.Fern: We don’t see that kind ofapproach as often as we should.Downing: We’re looking at establishinganother six offices over the next fiveyears. We’re going to push our staff torun these offices and let them show thatthey’re prepared to fall on their ownsword. You need to let your staff have ago.Tim DavisDavid RyleyCOMMERCIAL PROPERTYwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 33Small is beautifulby Alec Hamlin, development manager, BlueprintOnce, the size of your offices saidsomething about the success of yourfirm. If you had a whole floor that wasimpressive; a whole building, even moreso.Take a walk around Leicester now andyou’ll see a different type of commercialspace succeeding. It seems the demandfor generous square feet is now balancedout by the lure of smaller workspaceslike LCB Depot and Phoenix Square,which are both doing well.This trend is partly due to the numberof start-ups and self-employedbusinesses in the East Midlands.Leicester has around 30,000 SMEs alone,all of which need a premises and a postaladdress. A huge office is out of thequestion – but the flexibility ofhotdesking or renting meeting rooms ismuch more practical.Vicky Cartwright, Manager of MetzArchitects at Phoenix Square,appreciates how smaller, neighbourlyworkspaces benefit businesses relyingon referrals.“Our workspace is a fantastic creativehub with modern facilities,” Vickyenthuses. “We love its friendlyatmosphere, and being surrounded byso many other innovative businesseshas a real positive influence on ourwork.”Professional firms like accountantsand architects can benefit hugely fromworking closer to other businesses. Ithelps with networking, generatingreferrals and collaborative work. It addsto the culture and community feel, andmakes a building more diverse withemployees who have all sorts ofdifferent backgrounds and skills.This trend of downsizing is partly dueto the improvements in technology too.We’re no longer restricted by the needfor huge filing cabinets, as importantdocuments can be stored digitally.Meetings don’t always have to be donein person as Skype and conferencecalling have made their way into ourdaily lives.There’s a saying that claims “all workand no play makes Jack a dull boy”. It iscertainly reflected in the current trend towant more from your place of work.Whether it’s a built-in gym, café,recreation facilities or simply space tosit and chat – a businesses arerecognising the benefits of rewardingstaff. Just look at Google’s newLondon office, due to open in 2016,which will have an open-air swimmingpool, indoor football pitch and even aclimbing wall.The argument is the era of chainingstaff to a desk is over. Creativity andenthusiasm is nurtured by a stimulatingenvironment, employers arerecognising this when they decidewhich leases to renew. It’s also true thatworkspaces and smaller units are moreflexible, with shorter leases and morebespoke terms of agreement.Of course this alternative choice isn’talways suitable for the firms with hugeworkforces, but then more and moreorganisations are embracing flexibleworking hours, with more staff workingfrom home. For a city like Leicester withan abundance of SMEs, it can be agreat starting point.The panel of investors comprisedthree local dragons, all of whom havea wealth of business expertise and aregenuine local investors. Each bidder was given ten minutesto pitch their ideas and try to grab theinterest of the dragons and as onewould expect, the pitches were quitediverse - an inventor looking for£150,000 of funding to help launch agroundbreaking baby stroller whichfolds into a baby carrier and retails at£245; an equine scientist looking for£120,000 to open a factory inLincolnshire for a unique gel feedsupplement that guarantees to keepcompetition horses hydrated naturallyand so improve performance and alocal designer showcasing a distinctiveBusiness Link were proud to team up with sponsors at thelatest Dragons’ Den-style event, known as Taming theDragon - an unrivalled opportunity for local businesses andentrepreneurs to pitch their money making ideas to a panelof local investors, right in the heart of Lincoln.Taming the DragonLocal artist HenriettaClaveringLeft to right: Herman Kok – Lindum Group,Mike Sinclair – Local investor, Tim Clark – Local investor and Russell Copley“A fun, well run event and agood reminder of the talentthat exists in Lincolnshire.”Karen Bower-Brown, Partner,Sills & Betteridge LLP SUPPORTING BUSINESS GROWTHEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk34range of designer bone china and lookingto upscale her operation and a propertydeveloper duo looking to expand their buyto let portfolio for Lincolnshire’sburgeoning professional sector. The dragons countered each pitch withquestions, weighing up ideas and providinghelpful feedback before deciding which ofthe businesses they could assist with muchneeded investment and finally discussingwhat equity they would achieve from eachfor their respective investments. As Dave Fisher, Director, BusinessPHOTOS: RICHARD PICKSLEY“So pleasing to seeTaming the Dragon 2,the sequel helpingbusinesses who needinvestment and theright guidance andconnections.”Sarah Whitakerm LincolnshireInvestment NetworkDevelopment, Commercial & Private Banking,NatWest East Midlands explains: “After thesuccess of the inaugural Dragon’s event lastyear we were delighted to be involved again.This is a fantastic opportunity for localentrepreneurs to present their case to localinvestors where honest feedback is the leastthey can expect. A very enjoyable event.”Needless to say, the evening proved ahuge success for investors and bidders alikeand we look forward to reviewing thesuccess of the businesses in a future issue,as they grow. Left to right: Kim Stones, Henrietta Clavering, Sandra Murphy,Ryan Carruthers and Richard Bell “After the success of theinaugural Dragon’s event lastyear we were delighted to beinvolved again. This is afantastic opportunity for localentrepreneurs to present theircase to local investors wherehonest feedback is the leastthey can expect. A veryenjoyable even.”Dave Fisher, Director, Business DevelopmentCommercial & Private Banking, NatWest East MidlandsSUPPORTING BUSINESS GROWTHwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 35COACHINGEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk36COACHINGwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 37Surrounding yourselfwith successSuccessful business people know that when it comes to relationships, weare greatly influenced — whether we like it or not — by those closest to us,says Stuart Ross of High Growth.It affects our way of thinking, our self-esteem, and our decisions. Ofcourse, everyone is his or her own person, but research has shown thatwe’re more affected by our environment than we think.This is the reason I run Millionaire Masterminding groups with some ofthe top business minds across the UK. They allow you to mix with a peergroup that will take you to the next level and not hold you back.If you are a successful entrepreneur you will be constantly striving andseeking to grow your business. When working alone, it can be difficult tomix with a peer group who both understand and can help you move tothat next level. Historically it has been a problem that all of the mostsuccessful business people have faced at some time in their lives. Theiranswer was to form powerful masterminding groups, a term first coinedby Napoleon Hill. Successful masterminders include Henry Ford, ThomasEdison, Richard Branson, Bill Gates and Michael Dell.The Millionaire Masterminding sessions that I run are each made up of14 unique individuals, carefully selected as being at a similar level in theirbusiness and personal growth. A quarterly meet for a combination ofnetworking and masterminding is organised out of the boardroom,usually in the private dining area of a restaurant. This allows guests torelax and talk both openly and honestly about their businesses andpersonal challenges.Discussions at the meetings are frank, as everyone shares theirexperiences and knowledge to help solve problems or issues thatmembers bring to the table. The quarterly meetings are supplementedwith invitations to exclusive events with top speakers, providingmembers with new insights into themselves and their business.Motivational speaker Jim Rohn once famously said that “we are theaverage of the five people we spend the most time with”, this does notring truer than when developing as a business leader.This development is all about learning and absorbing as muchinformation and advice as possible. Building a close-knit inner network ofcolleagues, friends and advisors through Masterminding, will provide youwith every opportunity to grow your business.BUSINES SCENEEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk38Behindthe maskin LincolnKatie De Niese, Kelly Goodchild and Erica Manderfield of Streets CharteredAccountants hosted a Masquerade Ball at The Assembly Rooms in Lincoln.The evening included pre-drinks accompanied by the delightful Annie Walkerof Weyrd Music playing the harp, followed by a black tie dinner, with music byThe Cover Story. Guests were able to participate in a pot luck draw for someexciting prizes along with a casino and raffle, raising over £2550, in aid ofMacmillan Cancer Support and Cancer Research UK.Thanks to popular demand, plans are already advanced to host the event againnext year.PHOTOS BY STUART WILDE PHOTOGRAPHYBUSINESS LINCSwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 39human interaction andwe’d say getting toknow people in thisway leads to betterbusiness relationshipsand more of a feel ofcommunity. Gettingthat balance betweenknowing a customer in ‘real life’ andinteracting with them digitally isarguably essential these days.Behaviour change: Rather thanbeing stuck to your smartphone orlaptop, networking events give youthe chance to, horror of horrors, talkto people! It’s not just a case of fillingtime by discussing the weather andother niceties though, it’s aboutmaking the right impression. Not onlyare you representing yourself, butyour company too.Introduce yourself: No waitingin the wings, please. Nobodystrikes up conversation withwallflowers and if you’ve beensent there or decided to attend,it’s not because you’re shy andretiring. The old trick of elevatorspeech is a good trick to use here.Ten to fifteen seconds is all ittakes to theoretically introduceBe social: The advent of socialmedia has meant that people arenetworking at a rate that isunprecedented and is having tangibleresults in the world of business. Forall the digital interaction that is takingplace however, physically meetingclients, potential customers andbusiness leaders face to face is stillsomething we very much advocatesof. That’s not to say social media isn’tunderpinning conferences andnetworking meetings, it’s a great wayof supporting what you aim to findout and achieve, but there is nocertain way of trusting someoneproperly until you meet them face toface.Getting to know you: The humanelement of business is something thatis far from receding. This meanspeople are purely talking to eachother over networks, we havewitnessed a rise in organisednetworks meeting to get to knoweach other on a personal as well asbusiness level. Attend any exhibitionas a delegate and you will find severalchances to network, both amongpeers in your chosen industry andwith experts that can provide opinion,advice and tips for bigger and betterbusiness.Nothing beats that personal, overallNetworkwith the best of them! More and more networking groups arecropping up around the county and bigbusiness is being done at each and everymeeting. If you want to start on this path,then here’s some things to remember.70 ÁNext >