• Home
  • News
  • Privacy

Small Business Insider

Business Finance and Insurance

  • Insurance Guides
  • Business Finance
  • Business Advice
  • News
  • Business Insurance
  • Business Bank Accounts
  • Wirex Card
Home Archives for Administrator

Why Corporate Social Responsibility is important for small businesses

Posted on September 30, 2020 Written by Administrator

Corporate Social Responsibility (CSR) is now more important than ever. We’re currently living in a low trust world where it seems everyone is just out for themselves and what they can take from life. But times are changing.

Before Covid-19, people were already asking for a different approach, wanting a world where business is more than just about making money. They had also started demanding transparency – just saying ‘we do what we can’ was no longer enough; they wanted specifics about supply chains, fair trade, good working conditions, environmental responsibility and so on. 

Of course, it’s true that some customers won’t care. However, a growing majority do care and these people, whether they are buying as a business or as a consumer, want to buy responsibly, and they want details to prove that they are doing so.

What counts as CSR?

CSR can come in many forms such as financial donations, resource donations (e.g. product, time, staff, etc.), offering pro-bono work for charities or the vulnerable in society, co-marketing to promote a charitable cause, and having specific, clear, publicly announced  ethics (e.g. LGBTQ-friendly, vegan, no investment in drugs or weapons, carbon zero, etc.)

Here are some examples of the different approaches to CSR. Take a look at see what could be applied to your business:

Give a financial donation for every transaction

A clear and easy way to practise CSR is to donate a percentage or a given sum to a charity or organisation with every transaction. For example, at Bidwedge, we are all mad about cats, so we partnered with Born Free. When changing your unwanted foreign currency back into Sterling, you can opt to donate the full amount to Born Free (via the Bidwedge platform) and we’ll donate 100% of our handling fee, or if you’d prefer to keep the cash yourself, we’ll still donate 50% of our handling fee. All the money donated goes directly to support Born Free’s big cat sanctuaries at Shamwari Private Game Reserve in South Africa: https://www.bornfree.org.uk/shamwari-big-cat-rescue-sanctuary.

Another example is UK insurance broker Club Insure, which announced earlier this year that it was aiming to raise £75,000 for Prostate Cancer UK by donating £5 for every new or renewed insurance policy. This followed a long-serving Director’s advanced diagnosis of the disease, which adds a personal touch to the partnership between the two organisations. Potentially this charitable relationship will tip the balance for people looking for insurance cover, who like the idea of their money doing something good while buying a service they need.

Donating in-line with your brand

There are also many organisations which donate something allied to their brand. This can give a fun and / or memorable message for the organisation. For example, Who Gives A Crap’s tagline “toilet paper that builds toilets” tells you what their business is and what their charitable contribution is, while showing itself as a fun brand, with the nudge towards toilet humour. And they do donate a very generous 50% of their profits to help build toilets in developing world countries where access to sanitation is limited.

Green Tomato Cars is another ethical brand, founded to provide an eco-friendly car service in London. They aim to do their bit towards improving air quality in London and were the first operators in London to use the Toyota Prius. Not only that, they offset their unavoidable emissions by supporting The Ugandan Improved Cookstoves project. This project subsidises the sale of fuel-efficient biomass and charcoal cookstoves across Uganda to improve cooking conditions and reduce indoor air pollution.

Donating product like-for-like

Rather than buy-one-get-one-free, the smart money might well be on give-one-away-for-every-one-bought. It certainly worked for Dashel, who gave away one of their stylish recycled cycle helmets to an NHS keyworker for each one bought online during lockdown. Not only did they give a real benefit to NHS workers choosing to cycle to work, rather than risk public transport, they showed themselves to be a truly ethical company and, in turn, found their helmets very much in demand.

Volunteering

If donating money is not right for you and / or you don’t have the margins to give away product, you can give your own time – and that of your team – to help out. Many large companies give employees a number of days paid time off to volunteer. As a small business this may not be so easy but even a couple of half days might make a difference and boost morale.

Alternatively, perhaps you have services that you can offer a smaller charity. Maybe you can offer to set up some social media activity or give an hour each week to advise on financial administration or software. Reach Volunteering is a platform that connects organisations that have skills they want to offer with organisations looking for help: https://reachvolunteering.org.uk/

Helping locally

For smaller businesses, it may seem that the size of donation you can afford is so small, it will just be an insignificant drop in the ocean for a major charity or project.  This isn’t true as absolutely every contribution, no matter how small, does make a difference. However, if you want to feel your company is making a significant difference, it may well make sense to keep your efforts local.

James Alexander Estate Agents in Thornton Heath, London, regularly contribute to local events to support community organisations. In fact, their local primary school has received over £15k in the last few years – a huge amount for a local school that will make a very big impact. They also sponsor two local church fetes, plus they have a charity push every year about something the team feels passionate about – this year they did a sleepout with Centrepoint and raised £2,300. This, alongside a lot of other work to support local organisations, means they are having a very real – and noticeable – impact locally.

Being ethical

Whether you are giving to charity or not, CSR requires you to be ethical in your business. This covers everything (and I do mean everything) and should be checked at every level of the business so you can be confident in your transparency.  It’s not enough to treat your employees well and ensure their working conditions are spot on, you need to check that ethos across all your suppliers and make sure none of them is exploiting foreign workers further down the supply chain.

These are just a few examples of successful CSR, which I hope will inspire you to take action within your own small business.

How to decide what your business can do

  1. Choose something that resonates with you and/or your business
  2. Don’t choose something just because it makes you look good. It won’t work. Customers (and staff) will see through it, and you will find it difficult to sustain if your heart’s not really in it.
  3. If you have a big team, perhaps allow them to choose what they want to do and how they want to contribute. You’ll get better buy in that way and they are bound to enjoy it even more!
  4. If necessary, start small. Something is always better than nothing. And once you’ve started you find it easier to expand your contribution.
  5. And whatever you choose, make it public. Announce it on your social media, on your website, maybe even on your packaging. Just be sure to let people know,

Teaming up with a big name can give the business added kudos; supporting a local charity makes sense if your market is primarily local; getting involved with a smaller charity can work well if you’re looking to make a big difference or would like reciprocal exposure.

Don’t worry if you are starting small, it’s still a contribution. Find an approach to CSR that suits you, put a plan together and be proud of what you can contribute.

ABOUT THE AUTHOR

Shon Alam is founder of Bidwedge. Bidwedge makes it easy to change your left-over cash currency back into Sterling – at great rates for even the smallest amounts. Just enter the amount, see the rate you’ll be paid, post the cash and watch the money appear in your bank account. It’s easy to do.

Website – www.bidwedge.com

Facebook – https://www.facebook.com/Bidwedgecom-109169113819592/

Twitter – @bidwedge – https://twitter.com/bidwedge

LinkedIn- https://www.linkedin.com/company/bidwedge/

Filed Under: Business Advice

Developing a practical Learning and Development plan for your small business

Posted on September 27, 2020 Written by Administrator

People are central to the success, so it is essential to have a learning and development plan for your team (s) in your small business.

Learning and development (L&D) forms a key part of developing your staff and carrying out performance management.  A L&D Plan is a strategic roadmap creating a picture of where the business wants to be in the future with Learning and Development to support the building of staff capability, capacity and commitment.

A Learning and Development plan should be designed to inspire, develop, and ultimately help your people grow in competence and confidence. Businesses and teams with the best players thrive and outperform the competition.  

To achieve a coherent, practical and effective Learning and Development plan here are the steps to follow:

One: Design Clear Career Pathways

To create clear career pathways, you will first need to identify the role profiles that exist within your business. The determine the purpose of the role, reporting lines and career progression routes.

For example, the purpose of a sales team is to generate sales, grow the business and retain existing customer relationships and within the sales teams there will be different job roles such as Sales Representative, Key Account Manager etc.

Career pathways should show how to achieve progression and promotion, for example, from Sales Representative to Sales Manager? The written pathway should include the skills are needed and how you obtain them e.g. by undertaking additional responsibilities under supervision and mentorship.

Two: Defined Roles and Responsibilities

Defining clear roles and responsibilities provides your business with the vital advantages necessary for continual growth. If people are clear about what they need to do, it makes it easier for them to do it, this enables increased internal control, improved process management and enhances operational performance.

To develop an effective Learning and Development plan, you should evaluate your existing roles and responsibilities defined in your job descriptions to ensure that they are reflective of what you need people to do. If not, the knowledge and behaviours criteria you set will not deliver the skills required to fulfil the role. The most efficient and effective way of achieving this is to set up a small working group with key operational people at different levels and across a variety of job roles.

Three: Clarify the Knowledge & Behaviours Required

It is important that the new job descriptions clearly define the knowledge requirement to successfully undertake the role. When defining the knowledge levels required for each role, remember that knowledge can be gained through experience or education. Not everyone is required to be experts in everything, but base line awareness is often desirable.

Whilst knowledge is vital, you must also identify the attitude and behaviours that will fit within your organisational culture and are aligned to your Vision, Mission and Values. Because how you do something is more likely to deliver good customer service that just what you do.

Asking your staff to be part of this process will ensure that all angles are covered. Together with a training gap analysis you will be able to highlight specific skill gaps within your business. From there, you can prioritise your employees’ training needs. When discussing this with your team, you should consider a variety of core skills including, for example:

  • Values & Behaviours – Values are just behaviours you want people to live by, giving them direction on how to achieve your mission. They should be specific and descriptive in the way you want people to act or treat people
  • Performance & Time Management – Efficiency and punctuality are critical to a successful business and people should know how to prioritise and make the most of their time
  • Commercial Focus – Everyone in a business can affect your profitability, from general awareness of business costs and the use of company resources, to cost saving and revenue generation  
  • Leadership & Management – Line managers or supervisors have a massive influence on the team dynamics and performance. It is important to understanding how to motivate and manage you staff, this is often overlooked when people are promoted from time served

Four: Decide on Training and Training Delivery

Training is the act of teaching people the required skills or behaviours. It can be delivered in a variety of ways including: Apprenticeships, Vocational Programmes or Mentoring, internal training, Continued Professional Development (CPD) modules.

A good Learning and Development plan gives people the opportunity to complete different types of training, not simply to assist in the competency of their role, but to inspire them to achieve their career goals, to broaden their knowledge and to widen their skills base. 

To select the right training, you will need use the job descriptions to identify the learning outcomes needed to fulfil the role. Finding a course that meets these needs, in the delivery method that best suits your business, can often be difficult and can require thinking outside the box.

Remember a recognised training course or a theoretical qualification may not deliver the competence levels you are looking for and often blended learning delivers the best results. Where you have a training need for a member of staff and you cannot find the course – approach your training provider and ask them if they can work with your business to design, deliver and complete a bespoke training.

Five: Build on Skills & Experience

Just because people attend a training course does not mean that they are competent in those skills. Skills are defined as the ability to do something well, and this is developed over time.

You should encourage your teams to put their knowledge into practice in order to develop their skills, whilst being observed, supported and mentored by their line manager.

Within the job profiles, you should determine the skills and experience levels required for each role.

Six: Monitor the L&D Journey

Knowing that 95% of your people have completed a required course, is not the only measure you should be focussed on.

Each person’s learning and development journey will be different, and it is important that you remain flexible and inclusive in your plans. APersonal Development Review (PDR)can provide a framework for employees to have open and regular conversations with their line manager about their performance, including reviewing their competency, personal development and career goal:

When you have a structured Learning and Development plan it means that you understand the training your small business needs to drive growth – the ongoing growth of the business and the personal development and growth of your staff.

ABOUT THE AUTHOR

Joanna Strahan is founder of C2C Training Group, which offers high quality assessment/competency-based courses in Health and Safety, leadership, business skills and personal development. Joanna brings 18 years industry experience to her training courses to ensure that learners are engaged and change is generated. C2C Training’s aim is to break industry norms and influence positive change to the way training is delivered.

Web: https://c2ctraining.co.uk/

LinkedIn: https://www.linkedin.com/company/c2c-training/

Filed Under: Business Advice

A startup’s guide to wooing investors online and cementing a relationship

Posted on September 12, 2020 Written by Administrator

If you had tried internet dating when it was new your friend might have raised an eyebrow.  ‘How can you find the chemistry with another person online?’ would have been the question.

It was thought that the click (no pun intended) when you meet someone, couldn’t possibly be replicated online. The experience seemed too functional, assessing potential partners in the same way you might choose a new refrigerator – cold and entirely bereft of romance.

Then in 2012 all those raised eyebrows fell. If you weren’t dating online, you were the odd one out. The growth of smart phones, social media and the explosive success of apps like Tinder knocked ‘meeting through friends’ out of the top spot for ways to meet someone special for the first time in sixty years. Suddenly, looking for love online was fun, engaging and the way to find that special someone.

Online dating becomes the #1 way for couples to meet

Source: Rosenfeld. Disintermediating Friends.

If you are wondering what this has to do with raising capital let’s look at the reasons why.

Facilitated by the lockdown, the once slow adoption of digital by the industry has been spurred on at a rapid pace. And just like online dating, online investing will be the new normal.

The investment industry is now having its ‘Tinder’ moment.

And it’s is a good thing. Online dating took off because technology made it easier to find that special someone. It meant no more going to a club and shouting in the ear of someone in hopes you’d make a match or going to a BBQ and hoping there will be a friend of a friend there that might catch your eye. Through tech, searching singles could access the dating pool from their phone, vastly increasing the chances of making that special connection.

The same is true for online investing. Invite-only pitching events, closed networks and a reliance on personal connections all mean a limited exposure to investors, who have to work really hard to find out about deals. Now, with technology, they too can have access to the entire pool of investment opportunities from their phone. For entrepreneurs, that means a greater chance that you’ll catch their eye, get that first date and, if all goes well, seal the deal.

Tinder for early-stage investing

Like Tinder, online investment platforms, like Envestors, allow fundraising companies to have a deal profile. Not dissimilar to a dating profile, this is the place where you tell potential investors all about your investment opportunity. Unlike Tinder, the balance here is on words over photos. A good profile will include a deal summary with videos, team profiles and market information – effectively everything an investor will need to decide if you’re the one.

The market-leading platforms also include a chat feature where investors can break the ice by asking you about yourself. No softball questions here, you’re most likely to get asked to justify your sales forecast or explain how you’ve sized the market. If your profile piques their interest, but doesn’t win them over straight away, investors can follow you and receive automatic updates on your progress, so if they don’t swipe right the first time, you just might get a second chance.

Those lucky enough to find a match will be able to track their progress towards their investment target automatically, as platforms allow investors to pledge and invest online. And once you’ve got that commitment, you can keep in touch with in-built investor relations tools.

If Tinder for investment sounds like your best bet, you won’t be alone. There’s plenty of competition out there. So, to give you a chance to shine, here are our top tips for finding that special someone(s).

How to find your perfect match

A vibrant, informative profile

A top tip for your dating profile is to describe yourself in a way that provokes a question. But for your investment profile, you ideally want to leave no questions unanswered. Having a robust profile is key. If you want a potential investor move things to the next stage, full disclosure is an imperative.

Use video to capture attention. A succinct video overview of your investment opportunity (not your business and definitely not your life story!) will do wonders for arousing interest. Beyond that, ensure you have all your assets on display. At a minimum, you’ll need:

  • A market overview: What problem are you solving and how big is the addressable market?
    • Explanation of your product or service
    • Revenue model: how do you make money?
    • Traction: How many clients do you have, what shape is your pipeline in?
    • Introduction to the management team: track record, sector knowledge & previous exits
    • Competition: How are you different (and better!) to your competitors
    • Financial projections: How much money are you going to make over what time period?
    • Investment Offer: How much investment are you seeking? What is your valuation? What will the money be used for?
    • Exit strategy: What is it and what are some examples of recent exits in your market.

Even all that detail isn’t enough. Like a box of chocolates on a first date, you need all your documents wrapped up and ready to hand over. A good investment platform will allow you to control access to your documents so you can share your most intimate secrets with select suitors whilst keeping your details out of the hands of your competitors.

Keeping current

In the same way that a savvy online dater will ensure their photos are current, you need to keep your profile up to date and fresh as investors may be keeping an eye on you from a distance. Add regular (weekly is a good idea) updates on new customer wins, new hires, new partnerships, and sales results. Keep giving investors reasons to come back and take another look. Maybe they weren’t sure the first time, so keep showing them you deserve a second look.

A close encounter

Once you’ve that first date in the diary, get ready to wow them. First meetings are as crucial as first dates. Chemistry is always at play, so you need to ensure you’re prepared so you can relax and be yourself when you finally meet.

We always recommending researching your ‘date’ before you meet them.Find out what else they’ve invested in or what boards they sit on. Ensure you can show them you’ve taken the time to learn a bit about them.

This will make it easier to break the ice and also to find out why they decided to make previous investments, so that you can tailor your pitch to them.

Dress to impress

You also need to dress the part – we’re all getting so comfortable with video calls that it’s becoming the norm to be at least half clad in your pjs, but some studies show that your clothing choice can affect your performance, so take a bit of time to put on your Sunday best – it might just be the difference between a good pitch and a great pitch.

Charm is not enough

The final preparation point is to know your numbers. Don’t just rely on your charm, make sure you know your numbers because you’re very likely to be asked about them and, in many cases, to justify them. It’s worth ensuring they roll off the tip of your tongue and are justifiable.

The investor’s perspective

Our last tip is to try on your date’s shoes! The point is to consider the investor’s perspective. Your business might be the greatest thing in the world – to you, but they are still deciding. Keep in mind their goal is to get their money back, so they need to believe you are capable of delivering the growth you are promising and that your exit strategy — the bit where they get their money back —  sound. Like savvy singles who have friends at the ready to make an ‘emergency get out of date phone call’ investors walk into a room backwards, they are looking for reasons not to invest but if you listen well to what they ask you and say, and respond clearly and transparently, you just might get that second date.

The move to online investing is a positive step. It helps investors to find and vet deals and for entrepreneurs easily. For founders of startups it means you’ll have more people looking at your profile. Yes, you will have to change your approach to seeking investment. However, get it right and you can find an ideal match with your investor.

ABOUT THE AUTHOR

Chantelle Arneaud is from Envestors. Envestors’ digital investment platform brings together entrepreneurs and investors across geographies, communities and sectors – creating the single marketplace for early stage investment in the UK. Envestors partners with accelerators, incubators and angel networks to provide a white-label platform empowering them to promote deals, engage investors and connect to other networks. Founded in 2004, Envestors has helped more than 200 high growth businesses raise more than £100m through our own private investment club. Envestors is authorised and regulated by the Financial Conduct Authority.

Web: https://www.envestors.co.uk/

LinkedIn: https://www.linkedin.com/company/envestors-llp/

Twitter: @EnvestorsLondon

Filed Under: Business Finance, Crowdfunding

Steps for ensuring that your processes keep up with your business

Posted on August 27, 2020 Written by Administrator

If you go to the gym for a workout you aren’t going be wearing layers of clothing that impede your movement. Instead you’ll wear stretchy exercise gear, or something lose which gives you room to move.

It is no different in business. You need to plan for growth and be agile and responsive to change. That way you will not outgrow your processes.

Let us start with defining what a process is.

A process is a series of actions or steps taken in order to achieve a task or goal. Processes can be as simple as how to answer the phone when a customer call or a detailed written procedure with a several hold points or approvals needed along the way.

Most companies will have a set business strategy or vision, this will show the direction of the company and the products or services it offers, it will also state what they want to achieve and who they will do business with. In order to achieve your vision, you will have a set of core processes that help you to deliver the company’s products or services.

From our experience there are three main mistakes which mean that companies outgrow their processes:

The mistakes

  1. Not taking time at the start to set core processes

When starting a business, it can feel like a race to the finish line and because of that people get swept away with the excitement of getting started, but if you don’t spend time preparing and planning, you’ll come unstuck.

Imagine you are brewing a new beer.  If you don’t follow the 10 key stages of the brewing process, the end product won’t taste great and if you are lucky enough to create the perfect beer and you haven’t recorded how you got to it, you won’t be able to recreate it next time.

It is therefore essential, right from the start, to be clear what the process is, and to record it. This not only means you can repeat it, but others, as they come onboard and your team expands, can also repeat it.

Tweaking and revising your plan as you go is good practice – after all nothing stays static and you learn as you develop – but not having a plan, is you planning to fail.

  • Putting clients’ needs above your own

Clients’ needs are important, but they come to you to deliver a service or a product. And they chose you specifically because they like your service or product the way you deliver it. Think about this before you start pandering to every request.

For example, an artisan bread maker has a vision of creating affordable artisan bread. The first few months go well, and sales are through the roof. Then requests start coming in for gluten and diary free, all organic, onion topped bread etc. Should you adapt your recipe to satisfy these requests? Do they fit with your original vision? What are you left with if you change the recipes of the breads that made you popular in the first place? Have you now created an expensive bread can’t be handmade?

Of course, it is important to listen to your customers, but you also need to consider your own needs and the vision of the business. Just trying to adapt what you do to suit everyone will almost certainly mean you end up with a process that no longer works and a product that suits no one.

However, there may be requests that make sense for you to incorporate in your products and services. Your customers’ feedback can be a great way to gauge how and when to expand the business. But before you do this, ensure the changes fit into your core process. Just bolting them on makes the process unwieldy and can mean that it is harder to replicate and ensure quality control.  

If you are creating a completely new product, then take the time to create a suitable process for that new product/service.

  • Creating a tick box process to suit others

Several companies want or need accreditations or certifications, for example ISO9001, in order to compete in a market. To achieve this, they write a procedure that ticks the boxes for each requirement but is not created holistically and doesn’t align to the core process. The procedure ends up sitting outside the core process and is therefore often overlooked. People perceive it as a bolt on task – not something that is essential or needs proper care and attention, so it is neglected as are too busy doing their day job. Processes should be designed to reflect and align with the core processes so that all aspects and activities are considered to be part of job the person does.

The key to not outgrowing your processes is to focus on each individual process and find ways to fit the needs and wants of your clients and other interested parties into what you do best. To do this you will need to get both the performance measurement and the culture right. Never forget that people can make or break a process.

Solutions – steps to take

Culture

People develop habits and it not unusual to hear “We’ve been doing it this way for years”. But if you do not want to outgrow your processes you will need to create an agile and responsive culture.

This requires joined up thinking and collaborative working, being open to change and empowering your teams to be creative and to make change happen.

A good way to build this culture is to establish Process Working Groups. These groups will have the responsibility for setting the process, reviewing its successes and looking for improvements. The people in these groups should be selected, not only for their knowledge and understanding of the current process, but for their energy, their edge, their ability to enthuse others and their capacity to get the job done.

When starting a Process Working Group, it needs to be given a brief to work to. In order to create a clear brief, the following questions will need to be answered:

  • Why do we need to change?
  • What are we trying to achieve (increase compliance, time or cost efficiencies)?
  • What are the risks to the business if this is not achieved?
  • Do we need to include performance reviews, measures or objectives?
  • What is the timescale to implement any changes required?

The working group should be focussed on the bigger picture and must be open to feedback. It needs to be objective when reviewing the success of the process. Remember things change, processes grow and evolve and sometimes things just don’t work out how you would have wanted them to. Do not see these as failures, instead view them as lessons to learn from and improve.

The working groups should also be involved in the initial implementation and will need to be a constant champion for the new process. Communicating the change and the reasons for it, is key. People should know why they are doing something, not just what they need to do.

Performance Review

For a number of people performance reviews and audits can be a stressful part of their job. The worry of someone going through what you do with a fine-tooth comb and finding any mistakes or the things you just haven’t had time to do, can be very stressful.

As a business owner or manager, if you want to keep your processes agile and responsive you will need to change this perception. You need to know that the work is being done and the processes are being followed, but equally you don’t want your team so stressed that they turn each process into a tick box just to be sure they can get through the performance review.

One way to help reduce the stress is to ensure the team understands that the review is also about the process itself – not just the person carrying it out.  This approach is more holistic and allows you to complete process-based auditing. This helps avoid the ‘tick box’ mentality.

These process audits should look at:

  • The purpose of the process
  • What business objective is it supporting?
  • Is it managing the risk and exploiting the opportunities?
  • Is it achieving its purpose? or
  • Are there barriers, blockers or waste in the process?

Fundamentally, the process audit checks that the process is effective and efficient.

These types of audits must be an honest reflection of the process and should not be carried out by anyone who is part of the task/project or the process working group.

The feedback from these audits along with any other performance measures should be given to the Process Working Group for review. The auditor and the working group should agree any corrective actions needed and should identify any changes or improvements to the process.

Every company needs the responsiveness to ensure that their core processes develop with the business.  Take active steps to audit and upgrade your processes so they stay aligned as your company grows.

ABOUT THE AUTHOR

Joanna Strahan is founder of C2C Process Group and an expert in business improvements, management systems, achieving industry accreditations, auditing and inspections.  C2C Process Group offers expert support in the implementation of process and risk-based approaches, driving operational efficiencies, compliance monitoring and collaborative working as well as helping businesses ensure high standards of quality, safety, and sustainability. 

Web: https://c2cprocess.co.uk/

LinkedIn: https://www.linkedin.com/company/c2c-process

Filed Under: Business Advice

How to enhance your skills as a sincere public speaker

Posted on August 22, 2020 Written by Administrator

As an effective public speaker it’s important to keep developing and enhancing your skills. Through this process you’ll become the authentic, sincere speaker that audiences will value and want to hear time and time again.

To achieve this, whether you are speaking online or in person, you need connection, change and confidence. With this in mind what do you need to do when designing and delivering your presentations, talks or speeches?

Connection

If you can’t connect with your audience, you might as well be talking to yourself:

‘They may forget what you said, but they will never forget how you made them feel.’

— Carl W Buehner, General Authority of the Church of Jesus Christ of Latter-day Saints (1952–1961)

And if that connection feels inauthentic, people will be suspicious.

Think about how you connect with people socially. You probably smile, make good eye contact, talk in a friendly conversational style, etc; in short, come across as likeable. What you say is also important and the fastest way to create a connection is to talk about things which you care about and which are interesting to the other person, i.e. try to be relevant and focus on them. And it’s the same when we give a speech or presentation.

Picture yourself sitting in an audience. This applies whether the people are in the room with you, or sitting at their own computers at home having dialled in to listen to you. Your audience has set aside the time, maybe even spent money to attend. They are all wondering ‘What’s in it for me?’ As a speaker, it’s your job to answer that question. To do that, you need to ‘deep research’ your audience. It’s not just about their name and job title. Depending on whether you’re talking to a larger, conference-style audience or debriefing a project team via Zoom, key questions might cover the goals of the event, other speakers, audience profile, what they do/know/expect/how they talk and what do they most want from you.

‘The more you know about your audience, the stronger your ability to connect with them and influence their thinking and behaviour on their terms, i.e. answer their What’s in it for me question.’ — Lyn Roseaman, author of ‘Now You’re Talking!’

Doing your research and knowing your audience will also give you strong pointers about delivery – whether or not you need slides and how many, relevant stories you might include, appropriate levels of energy, vocal variety, body language and so on. Body language applies even if the audience only sees your head and shoulders on a screen.

Driving change

Speaking is a privilege, an opportunity to share your knowledge in a way that positively impacts others.

‘The only reason to give a speech is to change the world.’

— John F Kennedy, US President (1961–1963)

Having researched your audience, you will have a good idea of what information and message they will value.

When preparing a presentation, try starting at the end. What do you want your audience to think, feel or do differently after they’ve heard it? What is the one important message you need them to take away? Jot it down in fewer than ten words and keep it visible. Any content that doesn’t support your message doesn’t belong in this particular presentation.

Confidence

If you don’t feel confident in what you have to say, then why should your audience? When audiences sense you’re nervous, they will often be more concerned about your wellbeing than about what you’re saying. Confidence allows your listeners to relax and engage with what you have to say.

Confident speakers are frequent speakers, so take every opportunity to speak up, be it to a small group of colleagues, in a video meeting, on the phone, in a pitch or presentation. Get comfortable with speaking and use the opportunity to practise different techniques, e.g. voice projection, storytelling, opening a speech with impact, etc. Invite people to give you specific feedback on what they liked and any improvements they would welcome to improve their experience.

Remaining authentic

Whatever style you deem appropriate to connect with, and delight, your audience, remaining ‘true to you’ is crucial. If you try to conceal the real you behind some persona, your audience will know and wonder what you’re hiding.

So, how can you remain true to you?

  1. What you and others care about

When you talk about something you care about, your personal passion for your subject shines through. It is yours and, assuming you’ve taken care to choose a topic that’s relevant to your audience, they will happily connect and engage with you. As far as possible, choose subjects that you care about. If this isn’t possible try to find angles that are important to you and matter to your listeners.

  • Using your stories

Storytelling dates back to prehistoric times when people shared stories around the campfire. Not only was this part of ‘belonging’, but also a way of staying together and safe within the group. Storytelling connects us as human beings. Opening a speech with a well-crafted and relevant personal story will captivate an audience. And because it’s personal, it’s authentic and uniquely yours to tell. Stories not only create a sense of belonging, but they are also memorable and far more so than facts and figures. So, judiciously used stories and anecdotes that are relevant and presented in the appropriate speaking style for your audience are invaluable in making an impact.

  • Your voice

Your voice is part of who you are. Your accent is part of your identity. Authenticity is not about trying to hide or change your voice. It’s about being proud of your voice and learning how to use it effectively so that you bring both ease of understanding and interest to your listeners. If you stumble over certain words, don’t use them, or practise tongue twisters to make them easier to say. Think about the pace, pitch and volume of your voice and how to project it so that your words are clear, interesting and meaningful. Use pauses for impact or, for instance, to give your audience time to reflect on what you’re saying.

  • Your body language

If your words don’t match your facial expressions or hand gestures, audiences will believe what they see over what they hear:

‘When the eyes say one thing, and the tongue another,
a practiced man relies on the language of the first.’

— Ralph Waldo Emerson, essayist

You can finesse your body language for a presentation or speech. For instance, an excess of hand gestures and arm waving can become distracting; try dialling it down by letting your hands relax at your side from time to time. You want to use gestures and expressions that feel natural and reinforce your words and meaning. Be aware of your body language in everyday conversation and bring that authenticity to your speeches and presentations, scaling up or down for the size of your audience and the platform (scale it up for a large conference style, dial it down for a smaller video meeting).

  • Authenticity – originality

Nowadays, we live in a world that values authenticity. We encourage transparency and openness. We want to hear each other’s stories and we embrace vulnerability. The bonus of being authentic is that you don’t have to work out how to be someone you’re not. Furthermore, it often feels as if there is so much information available to us that it’s difficult to come up with something new and interesting to say. Being authentic in everything you say and do helps you come across as original and unique.

Successful public speaking is driven by authenticity.  This will ensure that connection, change and confidence come to life when you start speaking to your audiences large and small.  Your skill and sincerity will shine through and your message will be remembered.

ABOUT THE AUTHOR

Lyn Roseaman, DTM is a member of Toastmasters International, a not-for-profit organisation that has provided communication and leadership skills since 1924 through a worldwide network of clubs. There are more than 400 clubs and 10,000 members in the UK and Ireland. Members follow a structured educational programme to gain skills and confidence in public and impromptu speaking, chairing meetings and time management. 

Filed Under: Business Advice

How to crisis-proof your pension pot

Posted on August 22, 2020 Written by Administrator

Many UK consumers are understandably unsettled by today’s economic climate.

The coronavirus pandemic alone has caused major unrest, particularly across the UK jobs market. Indeed, many UK households will see their income drop as a consequence of being furloughed or, worse still, being made redundant.

However, even more pressure has been applied to consumer finances throughout August. Firstly, the Bank of England deciding to keep interest rates at a low of 0.1%. This was swiftly followed by news that the UK had formally entered into a recession; whilst not unexpected news, it has still dealt a significant blow to consumer confidence.

In such challenging times, planning for the future may seem like an impossible task – especially when it comes to one’s retirement finances. This can create a significant deal of panic amongst consumers.

The driving force of pension panic

Economic uncertainty aside, one of the main driving forces of pension panic is a lack of knowledge of one’s own pension plan. Tellingly, a recent survey of over 2,000 consumers conducted by My Pension Expert revealed that almost a third (32%) of respondents have no idea where their pension is being held or how it works.

This is particularly worrying, given the rapidly changing employment status of many Britons nearing, or at retirement age. Almost one in ten (9%) of consumers aged 40-67 have been pushed into early retirement since March 2020. Worse still, two fifths (42%) of this age group have no retirement strategy in place.

A pension knowledge gap teamed with economic uncertainty inevitably breeds financial irrationality. Thus, many consumers are left vulnerable and more likely to make damaging financial decisions.

Damaging choices

For many people approaching retirement age, there is a fear that their pension pot is not as valuable as they might have hoped. Understandably, such fear has become more common in recent months, as markets decline, and the value of pension investments fall. Consequently, we see more consumers looking to shift some or all of their pension pots to extremely risky investments in a bid to increase its value. Indeed, one in eight (12%) of adults admit to doing this according to My Pension Expert’s research.

Others react differently to the pressure and attempt to remove some of their pension pot from investments entirely to avoid the value slipping even lower; as was the case for 6% of those aged 40-67, who did so without seeking financial advice.

These actions are particularly concerning, as they suggest that consumers are at risk of unknowingly draining their pension pot. What’s more, without adequate guidance, it may be too late before they realise there is an issue.

Protecting pension funds

Vitally, consumers must not panic and withdraw cash from their pension pot. Instead, there are steps which can be taken to ensure that their pension pot maintains a healthy balance.

Firstly, consumers might consider pausing their pension withdrawals. The majority of drawdown schemes allow clients to hold a few years’ worth of cash separately from the rest of their fund. This means that in economic downturns, retirees are able to manage cash flow, whilst leaving the value of their main pension pot to stabilise as markets recover.

However, this option will not suit everyone. In which case, it would be advisable to switch from fixed cash withdrawals to fixed percentage withdrawals. Consequently, consumers will only withdraw a percentage of what remains in their pension pot, rather than taxing out a fixed amount, regardless of the pot’s value. Thus, the pension pot declines at a slower rate. Admittedly, this will mean individuals’ income will be reduced for a short period of time. However, it will aid the longevity of their savings.

Available alternatives

Consumers must also remember that they are not wedded to their existing pension provider. On the contrary, they have the freedom to explore a wide variety of retirement finance options available to them.

Annuities, for example, could offer greater security to Britons who struggle to keep up with their investment portfolio. This product can be purchased with part or all of their pension pot and provides the retiree with a fixed monthly income for the rest of their lives (or for as long as is agreed with the annuity provider). This could offer some great peace of mind in times of uncertainty.

Another viable option could be equity release; particularly for homeowners looking to unlock some extra cash from their primary property. Equity release products come in the form of lifetime mortgages, which enable homeowners to takes out a mortgage on their primary residence while still maintaining possession; or home reversions, which allow people to sell part or all of their home to a reversion provider in return for regular payments, or a lump sum.

Of course, these options will not suit every individuals’ specific needs, therein highlighting the importance of seeking independent financial advice before committing to a financial product.

The value of advice

Britons must remember that, no matter their circumstances, they do not have to wade through retirement finance complexities alone. Independent financial advisers will assess all elements of an individual’s financial situation and determine the best retirement options to suit their needs.

What’s more, consulting an FCA-regulated financial adviser ultimately safeguards consumers’ financial positions. This means that, if a consumer follows guidance from an adviser which ultimately leaves them worse off, said adviser is obligated to reinstate their original financial position. With such protections in place, consumers should feel empowered to investigate their various financial options.

In such challenging times, consumers are understandably nervous about their financial futures. But they mustn’t panic and rush into poor financial decisions. Rather, they should remain calm and seek independent financial advice. Doing so will ensure that their retirement finances remain resilient throughout economic downturns.

About the Author

Andrew Megson is the Executive Chairman of My Pension Expert, the UK’s number one Advised Retirement Income Specialist. Founded in 2010, My Pension Expert specialises in providing independent advice to UK consumers about their pension plans – it arranges millions of pounds worth of retirement income options each week.

Notes to Editors

MPE recently conducted research to investigate how consumers are managing their retirement finances in the wake of the coronavirus pandemic. The market research was carried out between 24th and 28th July 2020 among 2,003 UK adults via an online survey by independent market research agency Opinium. Opinium is a member of the Market Research Society (MRS) Company Partner Service, whose code of conduct and quality commitment it strictly adheres to. Its MRS membership means that it adheres to strict guidelines regarding all phases of research, including research design and data collection; communicating with respondents; conducting fieldwork; analysis and reporting; data storage. The data sample of 2,003 UK adults is fully nationally representative. This means the sample is weighted to ONS criteria so that the gender, age, social grade, region and city of the respondents corresponds to the UK population as a whole.

Filed Under: Finance

The hidden cost of car ownership

Posted on August 22, 2020 Written by Administrator

Owning and running a car can be a costly business. But for many people, it is an expense they cannot avoid. Indeed, over three quarters (78%) of motorists claim that their car is essential to sustain their current lifestyle – according to a survey of 1,460 UK car owners commissioned by KnowYourMoney.co.uk.

Despite the importance of cars to consumers’ day-to-day lives, there remains a surprisingly large knowledge gap surrounding the actual cost of running and maintaining them. In fact, while the majority (64%) of drivers realise that their car is their most expensive monthly outgoing, after rent or mortgage payments, almost the same number (65%) admit to not knowing how much they spend on their car each year.

So, the big question is: what is the true cost of car ownership?

The full costs revealed

The total cost of owning a car may come as a surprise to many consumers; on average, a UK car owner spends £284 on their vehicle every single month. For those who bought their car on finance, this figure increases to £479 when the monthly repayments are included.

Delving further into the KnowYourMoney.co.uk research, we discovered that car finance payments are the priciest monthly expense, with repayments averaging £195 per month. This is followed by fuel (£75), car insurance (£53) and maintenance, such as cleaning, replacing parts and general upkeep (£45).

So, why is it important to note all of these costs? Put simply, keeping on top of monthly outgoings will ensure that consumers do not find themselves burdened with hidden costs – and given the current economic climate, savvy management of one’s finances has never been more important.

Avoiding financial burdens

While it might seem like an obvious point, tracking car expenses will help consumers to avoid any nasty financial surprises later down the line.

Interestingly, many car owners are actually taking on additional financial burdens beyond the regular outgoings. For example, in the case of an accident, 44% of car owners said they would prefer to pay for the repairs themselves, so that their car insurance quote is not negatively affected.

What’s more, almost a fifth (19%) of UK car owners admitted to taking on debt within the past 12 months to pay for a service, repair or MOT. These figures highlight that failure to understand their car expenses and put aside an emergency fund is resulting in consumers driving themselves into an unsettling financial situation.

Following the devastating economic impact of COVID-19, many households’ finances are tighter than ever. So, it is vital consumers get to grips with their car expenditures and manage their bills more effectively. Positively, it is much easier to do this than some would assume.

Empowering savvy consumers

It’s curious that, despite the majority (61%) of car owners believing that the price of car ownership has increased significantly over the past five years, over a fifth (22%) fail to shop around to lower the price of one of the largest expenses: insurance.

It is of the utmost importance that consumers feel empowered to do so and investigate all options available to find the best deal. Consumers should make a habit of researching the market for various financial products, whether that is a car finance plan, insurance or breakdown cover – this includes when they first purchase the vehicle and also when these policies come up for renewal. Doing so can save car owners hundreds of pounds each year.  

Many consumers – not just car owners – fail to shop around for better deals from providers due to the perceived time and effort involved. But this need not be the case.

The best place to start is often a comparison website. Indeed, they take into consideration all requirements of the car owner and search the internet to find the most suitable options. They then present all options in a clear way, enabling consumers to choose the best option to suit their needs.

In these challenging times, it has never been more important to keep track of monthly outgoings in order to balance budgets; and car maintenance should be high on the list of expenses to review. Not only will it help consumers to avoid any nasty surprises, but it will also enable them to identify where potential savings could be made.

About the Author

John Ellmore is Director for KnowYourMoney.co.uk. Know Your Money is an independent financial comparison website, launched in 2004. Run by a dedicated team, Know Your Money’s goal is to provide clear, accurate and transparent comparisons for a wide range of financial products, such as business loans, mortgages and car insurance. 

Filed Under: Finance

What choices are there for taking the money you need when travelling abroad?

Posted on August 15, 2020 Written by Administrator

Even in normal time there are many things you need to weigh up before travelling abroad.  At present the priority is ensuring you stay safe while travelling and maintain social distancing etc when meeting business contacts.  Of course, you also may be feeling ready for a vacation as well.

Something you may not have reviewed recently is the question of how best to take your money with you when travelling.

Here are the seven options I recommend you consider in your planning process:

Cash

It’s a good idea to take some local currency with you when you go abroad, so you can pay for things like taxis, public transport, food and drinks and tips. When exchanging your money, be sure to shop around and compare not only the exchange rate but any charges that may be applied.

Taking all – or a lot – of your holiday money in currency carries various risks, in particular the loss or theft of your cash. Travel insurance usually only covers you up to a certain amount, so do check your policy before you go to help you make an informed decision about how much cash to take.

Also, don’t keep all your cash in one place while you’re flying or out and about at your destination. Split it between different bags, wallets and pockets so if your bag does get lost or stolen, at least it’s only part of your money that’s gone. 

Travellers cheques

The ‘more mature’ traveller is likely to be very familiar with these little beauties, which have been in popular use since the late 80s. They offered a safer alternative to cash because each cheque has a unique number. So, much like any other cheque, if it is either lost or stolen, the issuer can cancel it and replace it, meaning the lost or stolen cheque cannot be used by anyone else and you don’t lose your money.

In principal, valid cheques can be used like cash, as each cheque is for a pre-paid amount in your currency of choice. You simply counter sign and handover just like cash to pay for your chosen product or service. Also, like cash, they are not linked to a bank account and do not contain any kind of personal information so there is no risk of identity theft.

The benefits are clear and they have done a great service for years but, to be honest, they’re becoming outmoded and many places no longer accept them.

Debit card

If you want to save the hassle of arranging your currency before you go on holiday, you can use your debit card abroad much as you can at home. However, you need to be very careful! Most debit cards will charge you a fee for using them abroad. The charges are typically around three per cent, but you can check in advance with your bank.

Taking a debit card is – at least – probably good as a back-up option in case you do go a bit over budget but make sure you tell your bank before you go so they don’t cancel your card, thinking you are a victim of fraud when they see unexpected foreign transactions.

A debit card has the advantage that, as the money comes direct from your bank account, you cannot spend more than you have, meaning you shouldn’t end up getting yourself into debt while you’re away. The disadvantage of it being linked direct to your bank is that if your card is stolen or hacked the money in your bank account is at risk, so you must be cautious at all times when using your card.

Bank apps

If you generally use Apple Pay or Google Pay on your phone to make transactions, you can use these abroad, much as you can a contactless debit card and the same charges will be applied. It is, arguably, more secure to pay this way than with a debit card as there are layers of security to get into your phone and then another layer to access the app.

Credit cards

Similarly, a credit card provides a convenient way to buy things abroad. Unlike a debit card, if you have a good credit limit, you can splash out a lot more, if you’re looking to really have an indulgent holiday. Of course, the downside is that you could run up a debt in the heat of the moment. Paying this back at the high rates of interest that credit card companies charge could make for a very expensive purchase.

Also, beware of the charges. It’s possible that the provider or bank may apply charges every time you use your card, meaning your next credit card bill may have a nasty sting its tail, possibly taking the shine off the good time you had!

Ask about charges before you travel and be very aware that if you make a cash withdrawal, you will probably be charged a fee and interest from the moment you withdraw it. So, if you’re going to be spending a lot of time in, say, rural locations where they only take cash, you will need to consider that carefully and probably arrange to get before you leave, rather than rely on getting it from your credit card.

An advantage of taking your credit card is that for purchases between £100 and £30,000 made on your credit card, you are protected by Section 75 of the Consumer Credit Act, meaning you can claim for breach of contract and misrepresentation.

When paying with either a credit or debit card, do be aware of which currency you pay in. If you choose to pay in Sterling, rather than the local currency, charges – known as DCC or dynamic currency conversion charges – are added, meaning you could pay up to 10% more for what you are purchasing! If you choose to pay in local currency, it will almost certainly cost you less in currency conversion but the exchange rate will be applied on the day the exchange is made via the bank, not necessarily the day of purchase. (https://www.telegraph.co.uk/money/consumer-affairs/paying-card-overseas-offered-currency-choice-should-always-do/).

Pre-paid cards

Pre-paid cards are becoming an increasingly popular option, largely due to how easy they are to use! A pre-paid travel card allows you to load cash onto it before you go abroad so you have you spending money ready when you arrive. They are accepted by most retailers, with the exception of petrol stations, plus there are no credit checks when you apply. Travel pre-paid cards are intended to cost less to use in other countries but check the fees from the card issuer and whether there are charges for using local ATMs.

Pre-paid cards are particularly useful if you’re travelling on a strict budget, as you can load the card before you go with the budget you intend to spend. But, if you really can’t help going over, you can top it up while you’re on your travels!

They also have the advantage over debit and credit cards in as much as you can’t go overdrawn or borrow money on them so you cannot incur fees, interest and charges in the same way.

That said, they may come with other fees, such as: a fee for purchase of the card, monthly or annual usage fees and fees for paying onto or using the card – or indeed fees for not using it. So do look into the card you are thinking of getting.

When doing your research, consider that there are three different types of cards:

Single currency, such and Euros or dollars – if you are going to a single destination; Multi-currency so you can load different currencies if you are visiting multiple destinations in one trip; and Sterling cards, where you can load it with Sterling and spend in many different currencies, with each transaction in a foreign currency likely to attract conversion fees.

Disruptor banks

There are now several banks known as disruptor banks. These are digital banks that aim to challenge the ‘big four’ (Barclays, Lloyds, HSBC and NatWest).

Many of these offer some great benefits when travelling abroad.

For example, Revolut is especially aimed at people who travel a lot. In the same way as a pre-paid card, you can transfer money to it before you travel and use it without any hidden fees. Starling Bank allows you to make cash withdrawals abroad without adding fees, offers competitive exchange rates and doesn’t charge for things such as topping up your card. Monzo offers a way to pay in any currency with no fees and, again, no additional charges – unless youy go over your limit, in which case the charges can be hefty.

Also, as with most card purchases where you are using Sterling to pay for something in another currency, the actual conversion happens a couple of days later and not on the date of purchase.

These guys are definitely worth taking a look at, particularly if you do a lot of travel. However, do your research carefully and consider whether you want to replace your traditional bank account or, perhaps, have one of these as an extra account.

These are the main alternatives available and what you choose will depend on your individual circumstances, your destination, your style of travel and your

general attitude to money-management and how much budget you have at the point of travel.

However, I would recommend not relying on just one of these options. If your chosen option fails for any reason, you should have a back-up to ensure you are not stranded without money. It can be a lot of hassle and expense to get it sorted out, which is bound to put a dampener on the trip.

And when you get home, don’t forget to exchange any leftover currency using either buyback or a platform like Bidwedge, which offers a competitive sell-back rate, even for small amounts.

Hopefully, this guide helps you consider options you may not have looked a previously but ultimately you need to use the options that work best for you.

ABOUT THE AUTHOR

Shon Alam is founder of Bidwedge. Bidwedge makes it easy to change your left-over cash currency back into Sterling – at great rates for even the smallest amounts. Just enter the amount, see the rate you’ll be paid, post the cash and watch the money appear in your bank account. It’s easy to do.

Website – www.bidwedge.com

Facebook – https://www.facebook.com/Bidwedgecom-109169113819592/

Twitter – @bidwedge – https://twitter.com/bidwedge

LinkedIn- https://www.linkedin.com/company/bidwedge/

Filed Under: Business Advice

  • « Previous Page
  • 1
  • 2
  • 3
  • 4
  • 5
  • …
  • 36
  • Next Page »

Recent Posts

Setting up an Amazon Business account

Setting up an Amazon Business account

If you run any kind of small business, you are almost certain to have discovered that the purchase of your essential supplies and materials is both frustrating and time-consuming. It takes a lot of time and effort to track down suitable products at affordable prices and on payment terms you find acceptable. Amazon Business aims […]

Make your soft drink brand successful in 2021 by getting ready now

Make your soft drink brand successful in 2021 by getting ready now

The first three months of the year is the period when soft drinks buyers do their range reviews.  The timing mean that new brands can be on the shelves after Easter ready for the Spring / Summer. This means you should be preparing now if your brand is to have a barnstorming summer in 2021. […]

Top vegan trends for Veganuary 2021 and beyond

Top vegan trends for Veganuary 2021 and beyond

Twenty five per cent of evening meals in the UK are now vegan or vegetarian, and one in three people in the UK have stopped, or reduced their meat consumption. The UK is the largest consumer and purchaser of plant-based milk, meat, cheese and ready meals in Europe (Source: The Vegan Society). In one year […]

Categories

Speedie Consultants Ltd
10 College Gardens
Westgate-on-Sea
Kent
CT8 8EY

Registration number: 4797388.
Telephone: 01843 831088
Email: enquiries@speedieconsulting.co.uk
Website: www.speedieconsulting.co.uk

© 2021 Small Business Insider

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Read More
Privacy & Cookies Policy

Necessary Always Enabled