Volume 3 Issue 2 201 6
RECORD SALES FOR PIMLICO PLUMBERS
Sinead Fitzmaurice: Co-Founder of TransferMate and Group CFO of Taxback tells us how she was driven to become one of the most powerful women in Fintech. Page 24
Pimlico Plumbers has achieved record sales of £29.02m for its financial year 201 5-1 6, buoyed by a growing trend for planned out-of-hours job booking from commercial and private customers.
The central London-based company has seen turnover increase by 1 6.1 percent (£3.97m) on its previous financial year, which has been delivered through 45 consecutive months of record sales. Pimlico Plumbers ended its financial year in May 201 6 with sales of £2.62m, 21 percent up on the equivalent month in 1 4-1 5, which was the third highest month for sales behind November 201 5 (£2.65m) and January 201 6 (£2.93m). The growth has been supported
by a sustained programme of investment in the business, which provides a range of home services including plumbing and heating, electrical, drains, roofing, carpentry, small building works and appliance installation and maintenance. In addition to its ongoing investment in its Lambeth-based headquarters, which features one of central London's largest 24-hour contact centres, and upgrades to its technology systems, the company has also grown its workforce. More than 25 engineers and a dozen support staff joined the business in the last financial year to help meet demand from customers. Read the full story and exclusive interview with Pimlico Plumbers Founder and MD, Charlie Mullins, on page 12.
Mark Runiewicz asks if your business is structured for Brexit. Page 8
How to get your team working together in uncertain times. Page 34
News
www.londonbusinessjournal.co.uk
IBM and Harrow Council Bring Watson Care to UK Care Manager's new IBM Watson Health and Harrow using their allocated personal Council have entered a 1 0-year budget. Many social and health functionality could simplify that programmes globally require process for individuals beyond agreement to use cognitive technologies to help people with personal budgets, and Watson Harrow and the UK. Harrow Council personalised social care CEO, Michael needs choose the best Lockwood, said: services. The "This is the commercial agreement technology that every is the first of its kind organisation is with a UK local looking for as use of authority, and marks the personal health and first implementation of social care budgets Watson Care Manager increases. It will help outside of the USA. us deliver better Using Harrow Council's services with better expertise and outcomes, all for less innovations in adult cost. It will save social care, IBM will enhance Watson Care Top Left to Right: Aaron Torrens (IBM), Chris Greenway money, reduce waste (Harrow Council), Cllr Anne Whitehead (Harrow Council), in the system and Manager to enable Andreas Haimboeck-Tichy (IBM), Cllr Simon Brown individuals and (Harrow Council), Sean Renner (IBM), Cllr Adam Swersky give people more control and flexibility caregivers to quickly (Harrow Council), Rob Fletcher (IBM), Bernie Flaherty (Director of Adult Services, Harrow Council). Bottom Left over what care and and easily select the to Right: Ash Woodcock (Harrow Council), Leader of health services they most appropriate Harrow Council Sachin Shah, Sharon Bagshaw (IBM), and their loved ones provider that can deliver Kivanc Arda (IBM) (PRNewsFoto/IBM) receive." the services they need,
Demand for UK Pharma Sales Professionals Up 52% Pharmaceutical sales professional is the fastest growing job role postreferendum according to the latest data from the association of Professional Staffing Companies (APSCo). While overall job vacancies dipped by 1 % between March and August 201 6 compared to January and June, demand for professional and managerial sales professionals within pharma soared by 52% over the same period. This suggests that home-grown multinationals, such as GlaxoSmithKline and AstraZeneca, are taking steps to
2
protect profits following the depreciation of the Pound by capitalising on the subsequent increased demand from overseas buyers. The data is based on job vacancies advertised on employer web sites in England and Wales. Reflecting on the data, Ann Swain, Chief Executive at APSCo, commented; “In the run up to the referendum it was widely assumed that the pharmaceutical sector would suffer disproportionally if the UK left the EU due to not only cuts in EU funding but also potential
Volume 3 Issue 2, 201 6
barriers to overseas trade.” “This data suggests that UK based pharma and life sciences firms are safeguarding against Brexit-associated risks by bolstering their business development teams. While profit margins per unit will have been hit as the pound cascaded against the dollar, firms are recognising that current conditions are opportune for increasing the volume of overseas deals. UK business is adaptable and innovative and UK pharma looks to be riding the waves through targeted recruitment initiatives.”
www.londonbusinessjournal.co.uk
News
www.londonbusinessjournal.co.uk
Tropical Sanya Sets Sight on Tourists from the UK Sanya, popularly known as the Hawaii of China and home to the Miss World Finals, is deepening its relationship with the UK by spearheading a new initiative to boost British tourist arrivals, as part of China's One Belt One Road policy which mirrors the revival of the old maritime Silk Road. Working closely with the UK travel industry, the Sanya government has signed a new agreement with Thomas Cook to create new travel packages to draw attention on this tropical destination, which is just over
London to develop new links and half a day's flight from the UK. direct flights ,which could be in Mr Yue Jin, Deputy Party Secretary of the Sanya Municipal place as early as next year. He also signed a new sister city agreement with Blackpool, a popular seaside resort city in Lancashire. "British tourists are adventurous travellers and familiar with tropical destinations across the Yue Jin: Deputy globe. Sanya offers a Party Secretary, Sanya Municipal new experience which combines China's Committee & Executive Vice traditional culture with Mayor of Sanya over 300 sunny days a year, clean air, crystal Committee and Executive Vice clear waters and extensive Mayor of Sanya was in the UK to sandy beaches and sports sign the agreement and met with including golf and diving," said trade partners and city officials at Mr Yue Jin. a special promotion event in
The London Business Journal www.londonbusinessjournal.co.uk
Contacts News/Features Editorial@londonbusinessjournal.co.uk Subscriptions Subscriptions@londonbusinessjournal.co.uk Advertising Advertising@londonbusinessjournal.co.uk General enquiries: info@londonbusinessjournal.co.uk The London Business Journal is produced by LONDON BUSINESS COMMUNICATIONS & PUBLISHING (LBCP), 24-26 Arcadia Avenue, Finchley, London N3 2JU. Telephone: 0208 453 71 85 / 07043 020 287. Š 201 4 all rights reserved. Reproduction in any manner or any language, in whole or in part, without prior written permission is prohibited. All material in this journal is provided for your information only and may not be construed as business advice or instruction. No action or inaction should be taken based solely on the contents of this information; instead, readers should consult appropriate business related professionals on any matter relating to their profession/trade/business. The information and opinions expressed here are believed to be accurate, based on the best judgement available to the authors, and readers who fail to consult with appropriate authorities assume the risk of any financial setbacks or otherwise. In addition, the information and opinions expressed here do not necessarily reflect the views of every contributor to The London Business Journal. The London Business Journal acknowledges occasional differences in opinion and welcomes the exchange of different viewpoints. The publisher is not responsible for errors or omissions. Subscribe to The London Business Journal by visiting www.LondonBusinessJournal.co.uk or send an email to: subscriptions@LondonBusinessJournal.co.uk All other enquiries, call 0208 453 71 8 / 07043 020 287
Facebook.com: londonbusinessjournal Twitter: @londbizjournal Twitter: @WomenInBusines3 Volume 3 Issue 1 , 201 6
Haynes and Boone Merge With Curtis Davis Garrard
Haynes and Boone, LLP and London-based Curtis Davis Garrard (CDG) have completed their merger. The merged firm is called Haynes and Boone CDG, LLP in the UK and Haynes and Boone, LLP in the US and other markets. The combined firm, with nearly 600 lawyers and offices in twelve US cities, London, Mexico City and Shanghai, plans to grow its London office by hiring lawyers in the key practice areas of energy, private equity and financial services. The merger is one of the few in recent years between an American Lawyer "Top 1 00" firm and
a UK firm, and underscores the firms' belief that London's preeminence as a commercial and financial centre will not be impacted, long term, by the UK vote to exit the European Union. "We are excited to have finalised this trans-Atlantic merger between two wellestablished law firms," said Haynes and Boone Managing Partner Tim Powers. "We are confident that Haynes and Boone CDG, LLP will quickly achieve a very significant reputation in the London market and in the provision of English law advice to our growing global client base."
www.londonbusinessjournal.co.uk
3
News
www.londonbusinessjournal.co.uk
P2P Joins UK's Fastest Growing Delivery Firm International e-commerce businesses." commerce distribution services logistics operator P2P has joined P2P is one of the UK's leading from its locations at Basildon and The Delivery Group, bringing international e-commerce Heathrow. together three of the most logistics operations. The P2P's Founder and CEO Ian successful UK businesses in the business employs around 1 50 Dowie said: "We chose to join post and parcel sector. staff and is partnered with some The Delivery Group not only The deal was backed by because we could existing private equity see the exciting firm, Next Wave Partners service LLP. opportunities that Peter Wood, Investment we can offer Director at Next Wave together, but Partners LLP because the commented: "We are cultural fit and delighted that P2P has focus on joined The Delivery customer service Group, and believe that was evident right the combined entity will from the first create a market leading meeting. We look e-commerce logistics forward to proposition with a strong Strength in unity: P2P now part of The Delivery Group working alongside culture of customer Mark Bigley and of the UK's largest and best service and an innovative Steve Stokes and their teams to known brands, providing both approach across all three create something special." tracked and untracked e-
Lack of Digital Focus in World’s Biggest Firms
4
New analysis by customer management consultancy PeopleTECH has revealed a lack of digital focus at a senior level amongst FTSE 1 00 companies. While many businesses claim digital transformation is a priority, only 2% of FTSE companies have a chief digital officer (CDO) or equivalent on the board, with just 5% having a CDO on their senior management team or executive committee. A further 11 % have a senior digital employee listed elsewhere on their website, but overall the findings suggest that many firms are not addressing digital transformation as seriously as you might expect, according to PeopleTECH MD, Mike Hughes: “The sheer impact and importance of digital cannot be
under-estimated. I think that a large number of companies confuse IT and digital, and in 201 6 still aren't focused enough at a board level on digital transformation. “Not having a chief digital officer in a senior role does not necessarily mean that organisation is not focused on digital transformation, but it can be no coincidence that organisations said to be ahead of the game with digital transformation, generally have a senior digital executive to bring it all together.” The PeopleTECH audit also examined the FTSE AIM 1 00, which comprises younger and more high-growth companies. Perhaps surprisingly, not a single firm had a chief digital officer on the board. Just 2% had a chief digital officer on the senior management team or
Volume 3 Issue 1 , 201 6
executive committee, while another 2% had people with digital prominent in their job description listed elsewhere on their website. These findings can be put down to the fact that many younger companies are run by digital natives, and have digital embedded through throughout the organisation, reducing the need for someone to integrate digital efforts at a senior level.
Mike Hughes: MD, PeopleTECH
www.londonbusinessjournal.co.uk
News
www.londonbusinessjournal.co.uk
Name Change for Gordon Brothers Europe of the other operating units of Gordon Brothers Group, will now be positioned under one name: Gordon Brothers. “Gordon Brothers Europe has been a part of the Gordon Brothers brand since 2000. In that time, we have Heinz Weber: Gordon Brothers President, expanded from one office in Europe London to seven offices Gordon Brothers Europe, an across the region,” said operating unit of the 11 3 year- Heinz Weber, President, Europe. old, global advisory, “This positioning builds upon the restructuring, and investment excitement of the past few firm Gordon Brothers Group, has years, as it clearly demonstrates announced that it, along with all to the worldwide market that our
expertise continues to grow. We’re now better positioned to deliver all of our capabilities to each client’s unique situation. We are delighted to move forward as one.”
Ken Frieze: CEO Gordon Brothers
Foreign Exchange Entrepreneurs Create Prepaid Card A group of foreign exchange entrepreneurs have teamed up to create a prepaid card called Volopa. The aim of the card is to protect the public from the rising costs of changing money. Graham Smith, Volopa's Managing Director said: "Our approach has been on meeting the challenges that have been identified by our clients both in the corporate and retail sectors. We provide solutions and security which take away the confusion. Our clients are telling
us we are making a very real difference to the way they transact foreign exchange and expenses management saving them time and money but above all giving them total clarity and peace of mind." Volopa has seen significant increases in business over the last few months, reporting a 324% increase following Brexit. It is a new approach to foreign exchange, taking hidden charges out of the price and giving both its corporate and private clients total transparency
in terms of the commission paid, and where the current market price actually is. The pre-paid card effectively firewalls customers bank accounts so that if the card is compromised their main bank account is not at risk. Volopa has put security protocols in place that protect its users, particularly online, by constantly rotating transaction codes so that no transaction can be cloned or hacked and used for any other transaction.
The online money pot, Leetchi.com, has launched its service in the UK. Leetchi.com is a secure money collection platform that allows anyone to create a 'money pot' in less than a minute and invite others to help finance projects such as group gifts for birthdays, baby showers and co-workers, as well as fundraising for projects, charities and events. In order to maximise this rising trend and offer a better service to its 200k UK customers
already utilising the Paris-based platform, Leetchi.com has integrated the GBP. Leetchi.com is available in four languages: French, English, Spanish and German, and people can contribute to money pots from over 1 50 countries. Céline Lazorthes, CEO and founder of the Leetchi Group, said: "We are very excited to launch Leetchi in the UK and to provide users with the option to finance projects in GBP. Leetchi has revolutionised the way
people raise money for groupgifting and is now bringing an alternative fundraising and gifting service for projects in the UK." Leetchi.com has more than 6 million users in 1 50 countries and a team of 65 employees. The Leetchi Group forecasts that more than €400million will be raised using the platform in 201 6. It was acquired by the French bank Crédit Mutuel Arkéa in 201 5.
Online Money Collection Platform Launched in UK
Volume 3 Issue 1 , 201 6
www.londonbusinessjournal.co.uk
5
Accounting/Banking/Finance News
www.londonbusinessjournal.co.uk
Mobile Banking Users to Reach 2 Billion by 2020 New research from Fintech analysts, Juniper Research, has found that over 2 billion mobile users will have used their devices for banking purposes by the end of 2021 , compared to 1 .2bn this year globally. Growth in mobile banking is being driven by consumer adoption of banking apps and the changing way consumers
manage their finances. The new research, Retail Banking: Digital Transformation & Disruptor Opportunities 201 62021 , found that the number of mobile banking logins are now exceeding that of internet banking logins in many markets. For example, the BBA (British Trade Association for Banking) announced that banking app
logins in the UK reached a record 11 million per day during 201 5, compared to 4.3m internet banking logins during the same period. Meanwhile, a recent Consumer Survey also conducted by Juniper Research found that around 65% of mobile banking customers in the US and the UK use an app to conduct banking services.
Financial Advice Gap Threatens to Become Gulf The continuing dearth of financial advisers is fuelling an ever increasing advice gap which is now threatening to become a gulf. That’s according to a new report by the pensions and benefits team at Eames Consulting Group, the financial services recruitment specialist. The report came out of a round table hosted by the firm which included representatives from the consulting, asset management, life assurance and
regulatory sectors. The round table was chaired by Roger Mattingly, the UK managing Director of Pan Trustees. The report found that for those with less than £50,000 to invest there was a lack of accessible advisory services – and this is backed up by a recent survey by The Association of Professional Financial Advisers which found that 69% of financial advisers had turned away business in the last 1 2 months – the most common reason being
affordability. “We are beginning to see an adjustment in hiring needs within the market,” said Simon Dodds, Senior Consultant at Eames. “Financial Adviser numbers are falling and we have already had reports of organisations such as RBS shedding over 500 jobs to be replaced by automation. This next wave of technology through robo and digital advice solutions is going to call for a whole set of different skill sets in the digital and tech arenas.”
Leading insurance broker, Ernest R Shaw, has teamed up with DCA Trade Association and Europe’s number one technical cleaning and data centre healthcare business, 8 Solutions, to launch a dedicated insurance proposition specifically designed for the data centre sector. The launch follows a 1 2-month consultation between Ernest R Shaw, 8 Solutions, and the Data Centre Alliance (DCA) – the task was to identify and agree a best practice framework to underpin this new offering. Businesses that adopt and meet this bestpractice in the future could then
qualify for a lower insurance premium, underwritten by Allianz Insurance, one of the largest insurers in the UK and part of the Allianz SE Group. Steve Hone CEO of the DCA Trade Association commented “recognising and rewarding data centres who demonstrate best practice is at the heart of this initiative. Data centres who have been independently audited under the DCA certification scheme and, or, end users who choose to host in data centres which have achieved this accreditation can now all benefit from this new range of insurance products and services
which have been tailor-made to support the data centre sector and its users”. “We have been working closely with Allianz Insurance, one of the largest insurers in the world, to produce bespoke wordings and very competitive rates for this niche sector,” says David Hogg, Managing Director, 8 Solutions. This proposition has market-leading cleaning standards provided by 8 Solutions built into it and the insurance underwriting has been customised to take this into account as one of the key differentiators.”
Insurance Products for the Data Centre Sector
Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
7
Finance
www.londonbusinessjournal.co.uk
Is your Business Structured for Brexit? By Mark Runiewicz
Britain’s decision to exit the EU has left many business leaders feeling uncertain about the future. Will we actually leave? Will the country be economically worse or better off? Will my business survive? When there is adversity, however, there is also opportunity. Within minutes of the referendum result, Sterling dropped to its lowest level since 1 985 against the US Dollar. When negotiations start, there will inevitably be some nervous reactions leading to further fluctuations in the market. This will potentially lead to higher import costs, however, exporters will become more competitive, which could improve our balance of payments. On balance, the opportunities available to companies in the UK after Brexit would be greater than any potential downside. Finding those opportunities should be easier now that competitors are uncertain about what the future holds. Changes in the supply chain should benefit those prepared to make an early move. Trade & Export Finance Ltd believe it is more important than ever to question banking costs, international payments and rates of exchange. Looking at the potential downside and the possibility that the UK could lose out on some European markets, TAEFL can help UK exporters safeguard their position and turn
8
it to their advantage. We could see tariffs introduced, which would increase the cost of doing international business further. These costs have to be absorbed, leaving many deals less profitable than previously budgeted. If the exchange rate were to settle lower than its current range, however, it would be possible for some deals to become more profitable, despite
the impact of tariffs. A ‘hedging’ strategy would see UK businesses seeking out a broad portfolio of international deals so that the net risk and adverse impact on profitability is minimised. It is vital to have the right people on board and the processes in place to manage the change. This is where the opportunity comes in.
Volume 3 Issue 2, 201 6
Businesses will be looking to the government for clear guidance on how the UK will emerge from the uncertainty. Yet, because the uncertainty remains, this could be the right time to break with convention and invest in a better business structure. British businesses are still innovative, competitive and highly skilled and are therefore attractive business partners to overseas customers and suppliers. In the time it has taken you to read this piece, chances are there will be another different view of what the possible exit of the UK could mean for a fractured European Union. Work on the principle that no-one at all in Europe has any idea about what could, might or should happen to the UK’s future alongside the 27 countries who are choosing to stay. Make that uncertainty work to your advantage. We are confident that TAEFL will be able to support enterprises trading internationally by funding orders. You should not turn down orders because you do not have the available funds – please speak to us. Mark Runiewicz is the CEO of Trade And Export Finance Limited (TAEFL). For further information please visit: www.taefl.co.uk
www.londonbusinessjournal.co.uk
Finance
www.londonbusinessjournal.co.uk
Getting Yourself & Business Retirement Ready
By Charlie Reading Retirement is a like a doubleedged sword. We all aim to build the most profitable businesses possible, so that our hard-earned wealth can facilitate a retirement based on comfort, luxury and security. However, in practice, retirement is a scary term laced with uncertainty about an unknown world. There’s one thing that unites successful business owners and that is their power to effectively delegate. Throughout the lifecycle of any company, most successful business owners try and delegate more and more of the things that they are less good at, so they can spend a greater proportion of their time focusing on what they enjoy, what they are good at and what makes the company money. This usually makes the company significantly more profitable, gives the owner more free time and makes work more enjoyable. Now, just take a moment to imagine that: a ‘job’ only doing
what you love, when you want to and how you want to. Well, it doesn’t really sound like ‘work’ at all! This is what Dan Sullivan, founder of The Strategic Coach Program would describe as ‘The Retirement Trick’. He believes that if you are only doing the things that you love and giving yourself plenty of free time, you are less likely to want to retire. A shift in working practices is not the only thing replacing the rather archaic retirement paradigm. Thanks to ‘Pension Freedom’, so many of us are now able to phase our retirements and take an income how and when we see fit. New measures mean you can draw an income that you can increase, decrease, stop and start, to suit the income you need. This has been available for a long time; it’s called income drawdown, but the rules have become much more flexible, allowing you to control your money. This strategy has also made this type of pension flexibility more accessible for those that are less wealthy. It’s important to remember that whilst pensions have some amazing tax breaks, some of them work around tax deferral rather than tax avoidance. If you manage your income from your business and your pension income wisely you have the opportunity to minimise
Volume 3 Issue 2, 201 6
the amount of tax you pay and therefore maximise the effectiveness of your savings and drawings. That’s why the new Pension Freedom rules work so well for business owners. In addition, they allow you to leave what you don’t spend to your loved ones, often free of Inheritance Tax too, and protected if the business struggles in the future. So protect the financial future of you and your loved ones, minimise tax and build the opportunity to create your very own ‘Retirement Trick’ by extracting some of your profits and investing them wisely using the type of pension that can give you the flexibility you will need for your Life 2.0, the new version of your life.
www.londonbusinessjournal.co.uk
9
Startup
www.londonbusinessjournal.co.uk
Sharing economy, supporting humanity By Zufi Deo As Independent Professionals, we often have a tough time establishing ourselves in the market. We suffer from lack of resources, not just financial ones, but the ones the financial resources pay for. For instance, people. Here we get the short end of the stick. Most of the talent gets attracted to the larger companies and these larger companies spend considerable sums looking to understand their employees. To be fair they often provide employees with a career that matches their expectations, for example, nowadays employees do voluntary work as part of their benefits package. Forbes recently published an article that highlighted how mainstream Corporate Social Responsibility (CSR) programs have become. The article highlights a survey where 53% of workers said a job where they can make an impact was important to their happiness. It highlighted how many would take a 1 5% pay cut to be happier at work and also highlighted the triple bottom line of profits, people and planet. Harvard Business School also published their own research, suggesting that all companies needed to have a CSR. It is fast becoming a way to generate a competitive advantage. As a discipline it has become so
widespread that it even has its own method of accounting Social Accounting. This type of accounting audits the company’s socially relevant behaviour. Again this is another area where Independent Professionals tend to suffer as they struggle to organise similar packages for themselves and their staff. The time and space constraints alone discourage most people. It is only fair that Independent Professionals get to join in this trend to humanise their businesses. The lack of scale can be overcome by organising a collective space where they can make their time available to those who struggle with their businesses. It helps them humanise their own experience.
years now. We tested different ways to help Independent Professionals organise a CSR and we recently decided to make this support available globally. Our spin-off - Stairs And Shares (http://www.stairsandshares.com / ) helps Independent Professionals organise a CSR. We use the principles of the sharing economy they can offer their spare time via Stairs And Shares. The support is available at a small financial expense and the benefits are great. Independent Professionals get to build awareness of who they are. They get to interact with potential clients without needing to make much of an effort and get to give back to society. It would be great if lots of people could join, as it will help us understand the needs of We came across this concern at businesses more accurately and Entrepreneur Commons, will lead to solutions people will London. We have organised be comfortable using, after all, peer to peer support for the more you use it the more entrepreneurs in London for 6 society will gain.
Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
11
Entrepreneur Focus: Charlie Mullins
www.londonbusinessjournal.co.uk
Plumbing The Way To Millions
Pimlico Plumbers is the house that Charlie Mullins built and he is proud of it. Expansion from plumbing to electrical, roofing, carpentry and other household repairs, coupled with the launch ofa 'trade-only' suppliers shop has seen the company receive its best financial year yet and there is no slowing down in sight. Here he talks to Ronnie Ajoku about why entrepreneurs should think big, the value of common sense in business and the need for the government to increase its support for apprenticeships
O
ne can't help but acknowledge the enterprising and straight talking nature ofCharlie Mullins. “Business is common sense, that's all it is,” he tells me. But surely it must be more than common sense that turned him into the UK's first multimillionaire plumber, right? After all, there aren't many people in the world armed solely with a bag oftools that can build a successful brand like Pimlico
12
Plumbers and remain somewhat Unlike many people, Mullins decided on what he wanted to down-to-earth. Walking into the reception one can't help but notice how much of a success story he is. The walls are adorned with pictures of him alongside some very high-profile people ranging from celebrities to royalty. It is clearly a collection that has grown over the years and continues to do so. He takes his brand seriously and for our interview is dressed in his Pimlico Plumbers colours, complete with the company's tie.
Volume 3 Issue 2, 201 6
do relatively early in life after witnessing the lifestyle of a local plumber who eventually took him under his wing. “The seeds were sown when I worked for him. He had all the nice things in life and told me that if I did an apprenticeship in plumbing I would never be out of work and I'd earn loads of money. His lifestyle was like what I wanted so that was it,” he says. Academics wasn't for him and he preferred more practical activities in school. “I enjoyed
www.londonbusinessjournal.co.uk
Entrepreneur Focus: Charlie Mullins
working with my hands. I was never academic and liked doing things like woodwork and metal work at school rather than the academic things.” This explains why he is a big believer in apprenticeships - an area he thinks the government should take more seriously. “Apprenticeship, which is my strong point, has become fashionable and trendy. It's now great to say I was an apprentice or I am an apprentice. I think the word apprentice has been undervalued for years and is now livening up. With a massive skill shortage, I can say to anyone what was said to me 50 years ago and that is - 'be an apprentice with a trade and a skill and you will earn lots of money and never be out of work'. “With the skill shortage we have now you will earn yourself a fortune! Until the government get it right and do fully-funded apprenticeships, we are going to
www.londonbusinessjournal.co.uk
continue to have a massive skill shortage. Each apprentice costs a business an average of £1 5,000 a year and a proper scheme would last for three years, so that's £45,000. With a few expenses here and there it could cost up to £60,000 just to train someone. “That's a lot of money and people are limited. We are very big on apprentices; we have about 50 of them on board and they can be found in every department. They are the future, the way forward. Without apprentices there will be no Pimlico Plumbers.” Pimlico Plumbers began to flourish when Mullins realised how he could differentiate himself from others in the trade. By listening to the complaints people had about plumbers in general, he set about defying the stereotypes and in the process gained a reputation for offering a quality service. “When I was an apprentice customers were always complaining about
Volume 3 Issue 2, 201 6
B E AN
APPRENTICE WITH A TRADE AND A SKILL, YOU WILL EARN LOTS OF MONEY AND NEVER BE OUT OF WORK
www.londonbusinessjournal.co.uk
13
Entrepreneur Focus: Charlie Mullins
www.londonbusinessjournal.co.uk
good and quality service. I "The always say to anybody, whatever you are doing – important whether it's making suits, thing in shoes or painting walls – if business is you provide a quality to retain a service people would customer" always pay for quality. There is always a demand for quality. That is the difference between us and other companies. At the end of the day we can have the best uniforms, the best vans etc, but if the do a bad job, then we will go nowhere. It is really about doing things the right way. “We are very strict on whom we employ and make sure that they have good customer skills, are qualified and good at their job. If you employ good people you will have a good company and we plumbers, saying that they were scruffy, had employ good people.” bums hanging out of their trousers, were not He has starred in 'How We Made Our Millions' (BBC), finishing jobs, not being transparent with prices, turning up late, leaving a mess etc. I 'Secret Millionaire' (Channel 4), 'Show Me Your Money' just thought that when I become self(Channel 4), 'Young Plumber employed as a plumber all I have to do is avoid being scruffy, late or not finishing the of the Year' (BBC) and is also the author of Bogjob; all the stigma that came with it. I just thought, let's do the opposite to what people Standard Business: How I took the plunge and are moaning about. It wasn't that I was became the millionaire doing anything extra clever, it's just that I plumber. Although things was doing it right. “It progressed from there and my services are currently the best they were in demand because I was turning up have ever been for Pimlico on time, because I was transparent, doing a Plumbers, it hasn't always good job, clean and tidy etc. Word-of-mouth been smooth sailing. At one point he almost lost spread quickly and the demand for my the business he had services increased.” In order to deal with the growing number of worked so hard to build, but like most successful requests he began hiring other plumbers entrepreneurs managed to that shared his same belief in quality. “I realised that I couldn't be in more than one salvage the situation and turn it around. “In the late place at a time and decided to get more people like me - more 'Charlies'. Not that all 80's and early 90's there of them had my exact thoughts and ways of was a recession and we nearly went bust. I had no doing it, but I taught them. “When people ask me what makes Pimlico structure in place and was Plumbers different, I say it is that we offer a trying to do everything
14
Volume 3 Issue 2, 201 6
myself. We were a lot smaller then and had £1 million turnover – we are at around £30 million now – so we were much smaller then. “We owed lots of money to suppliers and tax people. I went to see two liquidators; one said 'just go bust and we will get you up and running again' while the other said 'you are going to loose your house as well as the business so you might as well fight for it'. “I then changed everyone I had on board; I got rid of everyone I had and started again. I had a financial advisor and got rid of my accountant and bank people. I changed everything and got there again. Once you've been through a recession you're sort of prepared for the next one. You realise that in a recession you've got to cut back the deadwood and cut down on your spending and you really have to make sure that you retain your customers. “We do about 2,000 jobs a week and 70%-80% is return customers; those that have used us before. I've now realised that retaining customers is how you get through a recession. I wasn't getting that type of return in the late 80's. We work on the basis that once you become a Pimlico Plumber customer, you become a customer for life – we work on that basis. The only reason they would stop using us is if we get it wrong; if we turn up late or
www.londonbusinessjournal.co.uk
Entrepreneur Focus: Charlie Mullins
do the things we shouldn't do. We've still got customers from when I was working. The important thing in business is to retain a customer.” Maintaining a unique identity has been very important to the success of Pimlico Plumbers. “To be a successful company you have to build on your brand. It doesn't matter whether it's on a billboard or television, newspaper, van or on your uniforms. The important thing is to get recognition, and you have to get recognition for the right reasons. Branding is incredibly important but many businesses don't get that. You still have many businesses out there without signs on their vans. Our vehicles are our biggest advertisement. The same with PR; I find it hard to understand how a big company can get away without having good PR. We were probably the first plumbing company to get into PR. “I was always told that you could be the best plumbers in the world, but if nobody knows about you then what is the point?” Being clear cut on the type of customer they cater for is something Mullins is quite strict about, preferring to deal with the
www.londonbusinessjournal.co.uk
everyday consumer instead of larger organisations. “For years when people sent me drawings or specifications and busy bodies got involved I would push it aside. I just didn't want to know. All I want to do is come in, do the job and keep it simple. We don't work for architects, designers and busybodies. “We work for us and the customer. A few years ago a company told us that they had two contracts for sale; they were million pound contracts. I told them that if they wanted to give them to us I wouldn't have them. When they asked why I said, just because it is a million-pound contract doesn't mean that there is a good bottom line! Then I asked, why they wanted to get rid of them and was told, 'we want to do what you are currently doing – direct to customer!' I thought, so they know I'm right and are trying to sell me two contracts? “People jump in too quickly. Years ago we used to have offers to do work for Marks & Spencer, Tesco's and people like that. But if the rate was £50 per hour, they would only want to pay about £20 per hour. People say things like, 'if you have no contracts how do you know that
Volume 3 Issue 2, 201 6
you are going to have work tomorrow?' I can't guarantee anybody work, but all I know is that everyday we come to work, put the key in the door and we go to work. There's nothing concrete about it, but we get about 2,000 jobs a week. Like many other business owners Mullins sees Brexit as a major setback. Weighing in on the issue he says, “I may be wrong. I hope I'm wrong, but I feel that with job losses, house prices going down and the cost of products going up, we could have a recession. I think it's a major blow, I really do. “Even though I don't really deal directly with the EU - as in import and export - I think that it affects the economy and if it affects the economy it affects everyone. That's my take on it. I think there will be massive job losses and the other thing is investors. If people start cutting back on investment into the country it will affect the economy. I think it's a no-brainer. As for the immigration argument, if you've got illegal immigrants coming in, that's not going to stop them. If they're illegal, they're illegal! “At the moment the genuine migrants are the ones that are keeping the country going. London is booming with construction work at the moment and according to figures a lot of the workers are from the EU. We have a massive skill shortage and I actually think that they are keeping the economy going and helping to prop it up. Other people may say different, but if you take the Olympics for example, we wouldn't have been able to
www.londonbusinessjournal.co.uk
15
Entrepreneur Focus: Charlie Mullins
www.londonbusinessjournal.co.uk
Below: Mullins awarded an OBE for services to plumbing during the 201 4 Queen's New Year's Honours
Outside Number 1 0 Downing Street: His opinion is often valued by politicians
host if it wasn't for that. I feel we're in for a major blow.” A Patron of The Prince's Trust and an Enterprise Fellow, Mullins was awarded an OBE for services to plumbing during the 201 4 Queen's New Year's Honours. He is also a supporter of 'Women on the Tools', an initiative aimed at getting more women involved in manual trades such as plumbing and construction. The last financial year (201 5201 6) saw Pimlico Plumbers achieve record sales of £29.02m, an increase assisted by the opening of a new tradeonly store and a growing trend for planned out-of-hours job booking from commercial and private customers. “The major change was that we opened up a plumbing merchant across the road. The reason we opened it up was because we were fed up of waiting in queues, being overcharged and stuff not coming in. Some plumbing merchants would be shut for lunch and others would open late and close early - or not open on a Saturday. So I came
16
up with the idea of us doing our own. The original idea was for it to just be for us. It's a trade-only shop and we open about 06:30 in the morning and close at 1 9:00, and open on Saturdays and bank holidays. The real key to it is that we do a delivery service and that is what has changed it for us out there. “We do a delivery service within the hour, which saves our people coming away from a job and saves on the parking route problems; which leads to happy customers. When you leave a job it is hard to get back within an hour, but our guys are geared up for it. Some journeys can be longer – sometimes an engineer can leave a job for two or three hours. “It's a trade-only shop so the guys there know what they are talking about. Our guys ring up or have things pre-ordered. It's about having it all under our control. It's not a 'standard' shop. “Opening the shop and the delivery service has made a real difference, it really has. We have less complaints, are more
Volume 3 Issue 2, 201 6
productive and get more done. If a plumber leaves a job we have to cut down our rates to 'go shopping' but our delivery service costs £25, which can save the customer £70 or £80. Often, collecting stuff can take as long as it does to do the job. We are the first ones to do the delivery service and open during the hours we do. It has definitely paid off.” Looking back, there are a few things he would have advised his younger self. “I would have put a structure in place and got the right people. I would have thought a lot bigger and wouldn't have settled for a little van and a little office. I now know that you can go as big as you want. “Everyone is good at something, but you are not good at everything, so if you want good marketing, get someone that does marketing. If you need HR get someone that does HR. I'm not a believer in putting square pegs in round holes and that is the difference between us and a lot of other companies.”
www.londonbusinessjournal.co.uk
Construction/Property News
www.londonbusinessjournal.co.uk
Sybarite Creates New Look for SKP Beijing Store gradually transforming Shin Kong Place, one of Asia's largest shopping malls into China's premier luxury department store. All seven floors are being reimagined to incorporate a Shin Kong Place (SKP) and timeless celebrates the 1 0th anniversary tailored architectural language which will of its Beijing department store result in an iconic house of with a revolutionary re-design fashion. created by London architects "We've created a timeless Sybarite. language for SKP Since 201 3, Sybarite has been architectural which is carried throughout the Sybarite Architects: Shin Kong Place (SKP) Beijing Luxury Retail Department Store, Beijing China. Photography by SU Wei
store," said Torquil McIntosh, Co-Founder of Sybarite Architects. "Luxury brands are used to being more prominent than the store's identity, but the unparalleled success we have seen at SKP means that both the brands and the customer are seeing the benefits of the department store's redesign."
Photography by SU Wei
First Phase of £44 Million School Handed Over
The Portakabin Group has handed over the first phase of a £44 million school campus for the London Borough of Barking and Dagenham, which will be the UK’s largest free school campus. Constructed using a Yorkon off-site solution, the new special educational needs (SEN) school for Riverside Bridge has doubled its capacity in time for the start of the 201 6/1 7 academic year, providing much needed additional places at an earlier stage. The SEN scheme is part of the 23,000sqm Riverside Campus – an innovative new three-school campus which will accommodate 2,645 children aged from 0 to 1 9. Designed by Surface to Air Architects, it will be operated by the multi-academy trust, Partnership Learning, and will integrate provision for nursery,
primary, special needs, secondary, and sixth form pupils. The second and final phase will be handed over by Portakabin in
overall design have created a really calm environment for the children. They love the floor-toceiling windows which overlook the outside play area and allow lots of light into the building for a very welcoming feel.” The Portakabin Group is the main contractor for the Riverside Campus project. The contract was procured and awarded by the London Borough of Barking and Dagenham via the Council’s Local Education Partnership, Thames Partnership for late Spring 201 7. It is funded by the According to Anna Hope, Head Learning. Department for Education. of School at Riverside Bridge, The scheme is the seventh “The new building already feels school building contract awarded very familiar to our children and to Portakabin by the London part of the design was to Borough of Barking and facilitate the transition as some Dagenham and follows on from special needs children are very two earlier phases at a school sensitive to change. The wide corridors, larger classrooms and near to the Riverside Campus.
Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
17
Human Resources
www.londonbusinessjournal.co.uk
Mind your own business:
How to help staff keep a healthy mind
power to fundamentally change develop a more positive mindset towards stress, which our relationship with it? Successful businesses which in turn changes their bodily and perform well have people within Forward-thinking leaders are behavioural response to stress. them who have healthy minds now investing in the minds of Quite simply they become more and a healthy relationship with their staff, and creating positive resilient. stress. In today's business stress mindset interventions environments, stress is an which are helping their staff feel Creating a mindset of resilience everyday occurrence and part of more in control, empowered, can be delivered over three our day-to-day language, and focused and engaged in times gear-changing belief shifts consequently the subject of about stress, which give staff of adversity, change or constant head-scratching about pressure. This new mindset the "KNACK" .............. how to reduce the stress approach is long-lasting and experienced by staff. reduces anxiety, lessens fatigue Knowledge and Notice..... and improves performance. The But what if we could look at this mindset intervention does not Accept and Connect...... problem differently? What if we reduce the stress which exists, could accept that whilst we can't but works by transforming how Kickstart completely eradicate stress from people think about it and their the ever-changing and competing experience of it. This shift in KNOWLEDGE AND N OTICE ......... demands of the modern When we find ourselves in a mindset resources staff to workplace, it is in within our stressful situation, the
By Rebecca Howard
18
Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
Human Resources
www.londonbusinessjournal.co.uk
Forward-thinking leaders are now investing in the minds oftheir staff
We should 'Accept' stress - yes, even welcome it – as it means we are dealing with something we care about. We often interpret those unwelcome feelings associated with stress It is much more useful to decide such as our heart pounding as though we’re out of control. to work towards having the 'Knowledge' to transform stress. Feeling stress does not mean we’ve failed. Most of us recognise its presence but don’t go any deeper. By equipping yourself Many of us will think “why is this with the Knowledge that you are happening to me?”, but if our experiencing it, you can 'Notice' unconscious mind asks us a and acknowledge the effect it is question from a negative place we allow stress to paralyse us. having on you. Asking “Why?” takes us into the past and our unconscious mind We can notice our thinking, which in times of stress tends to will usually give us a list of polarise in rigid, ‘all or nothing’ unhelpful negative answers that positions, seeing everything in support our stress and black and white. The process of perception of us being out of noticing its impact allows you to control. begin to step outside of it, Acceptance is recognising that almost as an observer, and acknowledge what is happening, as human beings we experience emotions, such as stress. Once as you do this your thinking we accept it and stop fighting it, becomes more grey, more flexible. Grey thinking is solution we take away its power over us and are ready to transform our thinking. response to it. temptation is to treat stress as an unwelcome visitor, making things worse and therefore to be resisted. But fighting it can make us feel more out of control.
ACCEPT AND C ONNECT............
behind the stress. Ask yourself what is at stake here and why does it matter to you? Stress and meaning are inextricably linked - we do not get stressed by things that don’t matter to us.
KICKSTART ........... Once we are connected to what’s really important and our stress response, we can redirect the energy generated by the stress to 'Kickstart' our response to it and to the situation causing it. It is our positive choice to use this energy as a motivation for good – visualising what we want to achieve as an outcome, and then asking ourselves: “What can we do right now?” and “How can we move to our outcome?” 'How' and 'Why' questions move us out of paralysis and into the future towards our visualised positive outcome.
'Connect' with the motivation
Rebecca Howard is a psychotherapeutic Executive Coach, specialising in developing individual and team resilience. Rebecca is currently working with a number of major organisations providing her Resilience sessions for staff groups, successfully transforming the way they think and deal with stress so they can perform even in the toughest of times. See: www.shinymind.co.uk Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
19
Management
www.londonbusinessjournal.co.uk
IS IT LONELY AT THE TOP?
By Mark Douglas Poultney Did you begin your business from scratch? Do you remember those times when you were the only driving force, when you sold and marketed the product yourself, worked in the factory/warehouse then completed all the paperwork, invoiced and even collected the debts. You're an entrepreneur, a person for all seasons. But your business has expanded now through your hard work and drive, and your staff and resources have had to expand accordingly. This is where your business changes and where you need to change with it, this is the next level. Yes you are a major asset to the business but no longer are you the business alone. The major asset now is your staff and you are their leader, even though no one has given you any training, they look to you for guidance, inspiration, knowledge and stability. It's not easy this business ownership is it. You are not alone anymore. Your staff (if recruited well and inspired) are your teammates and you play like a team pulling together and sharing the load. I hear from business owners that it is lonely at the top, almost like it's a badge of honour that they have earned. Look how many hours I work a week, staff are the major headache of my business, no one cares but me, I might as well do it
20
Volume 3 Issue 2, 201 6
myself and I have to check everything. I have learnt though that the really successful leaders reach down to their staff to aid them to climb up even to pull them up if necessary. Share their future plans even their mistakes. If the path to the top is hidden or is made far too hard to climb then you fail as a leader and instead become a prison governor overseeing the work of your inmates.
business owner seeing this as a loss to the company he frequently mentions this as one of its greatest achievements. A candle loses nothing by lighting another candle. A true leader has the people and so he is never alone. He works with (and alongside) staff making the environment as easy to innovate and create as it is to complain. He is fulfilled when staff say they did this themselves.
That might sound a bit harsh but in successful companies staff feel that they are all in this together. That they are valued and encouraged to grow. I recently learnt of a business leader who created a new tier of management in his company and encouraged a member of staff who he saw potential in to train and apply. Within a year at an appraisal that person thanked him for the promotion and said until then he never thought of himself as management material. He also said that his ambitions now were to continue to grow his career even if it meant moving on from that company. Eventually this happened and rather than the
Relevantly your business now has intrinsic value. It is no longer just you, it is a living breathing entity made up of its constituent parts, it's staff. You can even manage to get away on holiday without worrying. We all have faults and flaws in our leadership and sharing these can alleviate the stress that business ownership can inevitably bring. Share your story let's see what we can learn from each other. Seek knowledge and help from other business leaders, a mentor or a coach. We cannot and should not be lonely at the top but recognise that we are not alone. Build your team around you and learn to lead and be a part of it.
Mark Douglas Poultney is a Managing Director, Leadership Development Coach and Business Consultant who inspires business executives to develop as great leaders, taking control of their businesses and their own lives. Visit: www.markdouglaspoultney.co.uk www.londonbusinessjournal.co.uk
Advertising/PR/Media News
www.londonbusinessjournal.co.uk
David Patton Named Global President of Y&R across the regions. Patton will join the agency in January 201 7, based in London. Patton comes to Y&R from Grey Group, where he has served as the President and CEO of Grey EMEA for the past six years, and the CEO of Grey UK for two years prior. He is Y&R Global CEO David Sable credited with the transformation has announced that he is naming David Patton the Global of the London agency, as well as President of Y&R, charging him for strengthening the EMEA region with the right talent, with operational leadership
capabilities and creative focus. "I am so pleased to take on this new role at Y&R. The Y&R brand is iconic in the industry, and it has continued to build on its legacy, becoming one of the top-ranking creative networks in the world and achieving this standard of excellence with offices from all around the network. I look forward to working closely with David and the regional leaders," said Patton.
South Bank Selects e3creative to Lead Digital Venture Visitors to London's South Bank cultural district will soon be able to better organise their stay, through a revolutionary online platform now in development with e3creative. Manchester’s award winning digital agency, e3creative, was chosen for the project following a rigorous procurement process involving 50 agencies, including international competition. Head of Marketing for South Bank London, Claudio Giambrone, explains their reasoning for appointing e3: “We believe in their ability to deliver our vision for a new destination
website. We were extremely impressed with their technical skills, eye for striking design, and, perhaps most importantly, unfettered enthusiasm for this new challenge." Jake Welsh, Managing Director at e3creative said: “We are absolutely delighted to be joining hands with South Bank London and to have the creative freedom to work with one of London’s top cultural and tourism districts. Our team’s strategies are always focussed towards creating cutting-edge digital solutions that ultimately enhance the user experience.
We look forward to applying modern technologies, to create a frontline digital hub for South Bank, with clean and interactive elements geared at strengthening user’s journeys."
Jake Welsh: MD, e3creative
Sony DADC and BBC Extend Distribution Agreement Sony DADC New Media Solutions (Sony) have extended their strategic partnership with BBC Worldwide continuing their global asset management and distribution agreement to the end of the decade. Sony is responsible for the delivery of BBC Worldwide content to over 800 distribution points globally. Working together, the companies have
focused on significantly improving time to market. Over 90% of all content is distributed same day and with Sony's migration to Amazon Web Services (AWS), Sony will provide the ability for all distribution to take place within one hour. Andrew Bell, EVP Global Operations, BBC Worldwide said: "I'm really excited to be
Volume 3 Issue 2, 201 6
extending our global content distribution agreement with Sony. Sony's service quality, collaborative approach and investments in innovation, were all important factors in this decision. The strength of the partnership that we have developed over the past 5 years drove us to renew our distribution agreement with Sony to the end of the decade."
www.londonbusinessjournal.co.uk
21
WOMEN IN BUSINESS NEWS
www.londonbusinessjournal.co.uk
Network Leading Problem for Migrant Entrepreneurs A new report by the Institute of Directors and Brazilian-born entrepreneur Rafael dos Santos has revealed the challenges faced by migrant entrepreneurs and the extraordinary benefit they bring to the UK’s economy. Albanian-born entrepreneur and Global Woman Editor in Chief, Mirela Sula, features as a key figure in the Migrant Entrepreneurship Report. The report was launched to coincide with the opening of London’s first co-working space dedicated to supporting migrant entrepreneurs. Located in Aldgate East, Whitechapel, miHUB provides affordable serviced office space to help people grow and nurture their businesses. It also offers training through the Migrant Business Accelerator programme. The six-month course led by Rafael dos Santos focuses on helping participants to structure their business to access finance, one of the biggest barriers for migrant entrepreneurs. Mirela Sula was born in a small village in the northern part of Albania and later moved to the UK to study Counselling and Psychology at Sheffield University. She then returned to her home country and became one of the
first women in Albania to open a publishing company. After a significant offer for her business, she moved to London to work on a PhD at Regent’s University, London. Since then Mirela has organised the Migrant of the Year Awards and the Global Woman Summit. The events empower both migrants and women to achieve their goals and become financially independent. As well as working as a magazine editor, Mirela has authored a number of books and works as a trainer at Solace Women’s Aid, a charity working with those affected by domestic and sexual violence. At the report launch Mirela said:
Nearly one in five (1 8%) working mums have been forced to leave their jobs because a flexible working request has been turned down, according to Workingmums.co.uk's annual survey. The survey of over 2,000 women in Workingmums.co.uk's 1 0th anniversary year shows that over a quarter (26%) of mums in work have had a flexible working request turned
down. Some 1 2% said their employer did not even seem to consider their request at all and over a quarter (27%) said the reason given for turning down the request was not one which is allowable under flexible working legislation. Gillian Nissim, Founder of Workingmums.co.uk, said: "When I founded Workingmums.co.uk 1 0 years ago, it was difficult to
Mirela Sula: Organiser of the Migrant of the Year Awards and the Global Woman Summit
“Many migrant entrepreneurs go to group networking events all the time to get contacts, however we are always very busy with other commitments especially when trying to start a business. It is difficult to keep track of people you meet. “What I have learned is that entrepreneurs need help in meeting the right people to build their networks, we should be helping business people grow in their local environment.” Author of the Migrant Entrepreneurship Report Rafael dos Santos said: “The report identifies a lack of local knowledge as the largest problem area for migrant entrepreneurs. Over 40 percent of entrepreneurs asked said that their biggest challenge is building a network and finding suitable contacts. “Migrant entrepreneurs have created 1 .1 6 million jobs in the UK. We have brought far more to the country than people expect and it is still difficult for entrepreneurs to grow their networks and find new contacts. There are almost half a million migrant entrepreneurs in the UK and it would be crazy not to help them to create new jobs and expand the economy.”
Mums Forced Out Due to Lack of Job Flexibility
22
Volume 3 Issue 2, 201 6
find flexible new jobs and many women who were working flexibly felt their careers had been sidelined. We've come a long way and many now see the huge business benefits of creating a more family friendly workforce. Our survey shows 1 0% of women describe their job as extremely flexible, for instance. But there is still more to be done to create the kind of workplaces that work."
www.londonbusinessjournal.co.uk
WOMEN IN BUSINESS NEWS
www.londonbusinessjournal.co.uk
Cetaphil® Joins Forces With TV's Caroline Flack skin. I've tried many products Television presenter Caroline 3. Sleep - Switch off your over the years but now I've Flack has joining forces with phone, laptop, and TV to make found the Cetaphil range and I sure your bedroom is calm and leading skincare range Cetaphil® to share her Healthy have a regime that works for me peaceful for a good night's sleep. from head to toe. Skin Secrets. 4. Healthy eating - Cutting out 2. Hot yoga - Regular exercise sugar, drinking two litres of water The recent Women's Health is great, not only does it help you a day and eating smaller cover girl has adopted a healthier lifestyle, and credits the feel fit and healthy, but it also portions have all helped to make Cetaphil range as key to me feel healthier recently. her healthy, glowing skin. Allowing treats is important Caroline said: "As too though. someone who has had 5. Healthy attitude - A incredibly sensitive skin healthy outlook on life and all my life, I appreciate your body is so important. It the importance of a sounds clichéd, but nobody skincare regime that is is perfect and you should simple to use, gentle and always focus on the that really works. Since positives! using Cetaphil cleansers Caroline Flack is one of the Caroline Flack partners with leading skincare range and moisturisers I've UK's most established Cetaphil(R) (Image:PRNewsFoto/Galderma) noticed a real difference presenters with a wealth of in the appearance of my skin; it causes a release of endorphins experience under her belt. This to help boost your mood. looks and feels healthier." includes anchoring shows such Following a regime you enjoy Caroline's Healthy Skin Secrets as X Factor and I'm A Celebrity, rather than one you don't look are: Get Me Out of Here Now, plus a 1 . A healthy skincare routine - A forward to is a good idea, you'll Strictly Come Dancing glitterball. regular routine of cleansing and stick to it. I'm a big fan of hot moisturising is crucial for healthy yoga.
Berkeley International Global Director on 'Other Half' Global Director of Berkeley International, Mairead Molloy, recently appeared on Channel 5’s ‘How the Other Half Lives’ to speak about elite matchmaking with Eamonn Holmes and Ruth Langsford, who described Berkeley International as the ‘poshest dating agency in the heart of Mayfair’. Eamonn and Ruth were looking at the challenges that being super-wealthy poses to dating, and the ways in which the global business and celebrity elites find love. Many of the world’s top businesspeople find it hard to balance success in the boardroom with success in their private lives, due to a number of
“We feel honoured that Eamonn and Ruth chose Berkeley International to showcase the world of elite matchmaking. “In an industry fixated by Mairead Molloy: online dating, we provide a Global Director, service that can’t be found Berkeley anywhere else. We get to International know our members very well, invite them into our exclusive ‘club’ and introduce them to well matched potential partners.” Berkeley International has offices throughout the world including London, Amsterdam, that it can be hard to find a partner who is interested in their Brussels, Cannes, Copenhagen, character rather than simply their Geneva, Ireland, Luxembourg, Malta, Melbourne, Milan, New financial success. On her experience of being on York and Paris. the programme, Mairead said: factors. One, which ‘How the Other Half Lives’ touched on with Welsh business coach and property investor Kevin Green, is
Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
23
Women in Business: Sinead Fitzmaurice
www.londonbusinessjournal.co.uk
Sinead Fitzmaurice: Driven To Succeed
Sinead Fitzmaurice is certainly a trailblazer in the field offinancial technology (FinTech). Here the Co-Founder ofTransferMate and Group CFO ofTaxback talks to Ronnie Ajoku about her rise and what it takes to stay at the top ofone ofthe most competitive sectors
F
of economies, which developed my interest in business from an early age,” she says. As Co-Founder of TransferMate Global and the Group CFO of Taxback, she is currently one of The PricewaterhouseCoopers- the most influential women in FinTech. Taking us back to how trained chartered accountant, it all began she said, “At the age who attributes her success to being 'driven', credits her father of 25, I was selected to participate in their [PwC] for igniting the initial spark. “My father had an avid interest in “Innovation Group”, which took a current affairs and the workings small number of top rated staff ROM THE BEGINNING OF HER CAREER IT WAS OBVIOUS THAT S INEAD F ITZMAURICE WOULD BE ONE TO WATCH IN THE FINANCE INDUSTRY.
24
Volume 3 Issue 2, 201 6
offsite for a number of weeks to develop innovative ideas to shape the Channel Islands' practice in terms of customer experience, technology usage and revenue generation. “Looking back, that was 1 6 years ago and very much ahead of its time. It was my first taste of approaching technology to develop different and easier ways for customers to interact and drive activity within a
www.londonbusinessjournal.co.uk
Women in Business: Sinead Fitzmaurice
www.londonbusinessjournal.co.uk
“I am driven by the need to present the highest quality output”
business.” She modestly adds, “I never set out with a master plan to see myself at the top from an early age. I am driven by the need to present the highest quality output from my work, be that back into the business or to a customer, which I guess to a certain extent has driven success during my career.” Sinead's involvement with Taxback began after having spent 1 0 years working for PwC - 6 of those working internationally. “My husband and I wanted to return to Ireland. It was very important to me that we leveraged our multinational and financial services experience. The Taxback Group had an opening for a financial accountant and it caught my eye. I was attracted to its dynamic, energetic, entrepreneurial and innovative approach to financial services catering to a global marketplace. “The CEO and Founder of the group, Terry Clune, described
how he had taken a problem which he encountered as a student travelling - filing a tax return - and developed it into a global solution, highly scalable and highly sellable. I immediately knew what I could add to a business like that in terms of shaping its financial, treasury and risk management structures to accommodate an international scale. I also knew I could strategically participate in its diversification into a suite of financial services leveraging off the global infrastructure built within the core group whilst utilising my international financial services and risk management experience. It was a challenge I had to be involved in! “The Taxback Group quickly became a market leader in the provision of global tax return filing and tax refunds. Moving money across borders at top speed and at the lowest cost was an integral part of our service. During 2008/2009 when
Volume 3 Issue 2, 201 6
the banking world was in turmoil, we saw an opening to provide corporate entities with a more effective way of moving money across the globe when paying suppliers or receiving funds from customers, and so the TransferMate Global Payments concept was born. “We quickly got to work building the technology portals that businesses could use to change the way they traditionally booked foreign exchange. This was to be slicker, online, transparent, delivered in real-time and even embedded into accounting systems. This core offering of providing significant cost savings, speed, transparency and elimination of administration shaped into a compelling proposition. Our knowledge of moving money across borders leveraged initially from our Taxback product. “In addition to our technology build we set about building one of the world’s widest regulatory footprints across all OECD
www.londonbusinessjournal.co.uk
25
Women in Business: Sinead Fitzmaurice
www.londonbusinessjournal.co.uk
Taxback and TransferMate offices
countries; this was to be a key component of effectively eliminating the need to utilise an intermediary in any particular country. The latter was where my regulatory and technical research expertise kicked into gear, particularly in terms of navigating the complex US regulatory system which requires State by State application, assessment and approvals. “Fast forward to 201 6, we have US State-wide regulatory approval, Europe wide approval, Australia, Canada, and New Zealand. In addition we secured approval from India for the handling of student tuition fees when travelling abroad (the only approval that has been granted to date) which was pretty special for us to achieve. TransferMate services a large corporate client base across Europe, USA, Australia, New Zealand and Canada who can send and receive payments from our payments portal in addition to the option of it integrating with the top accounting software systems in the world. We have embarked on an ambitious plan to scale this business across the globe
in a similar fashion to our longer standing subsidiaries such as Taxback, who compete globally rather than country by country.” The Taxback Group's technological platforms have won many international awards,
“TransferMate and Taxback have had no external investment backers which we are very proud ofto date”
most recently the 201 6 Big Innovation Award in the United States. Further notable accolades include: Deloitte Best Managed Companies, eirSpider Best In Finance, Services Exporter of The Year and Sinead herself has been named one of the Top 1 00 Most Innovative and Influential CFOs in Ireland. Expanding on the difference between both companies (TransferMate and Taxback), and their competitors, she explains that “TransferMate has
Volume 3 Issue 2, 201 6
followed the strategic direction of its affiliate (Taxback) by becoming a global solution to a global problem very quickly. Like Taxback, few companies in the world can match the level of end-to-end control that TransferMate can bring. Of course we have local Fintech competitors who challenge individual markets but our focus is to provide a global solution through global strategic alliances. Taxback recently signed a partnership deal with AirBnB to provide global Taxback solutions to them, few players could attempt to serve a global partner such as that, and within our Group that is where our services outperform our peers. “Our growth rates have been staggering, which has allowed us to grow our group’s product suite and diversify through internal funding, hence TransferMate and Taxback have had no external investment backers which we are very proud of to date. Naturally, given the potential that our subsidiaries have in terms of future growth rate and its proven business model, to accelerate that further external funding is something we may pursue to rapidly accelerate our sales force across the globe.” Regarding the overall state of the FinTech revolution (or disruption) taking place in the world of finance today, Sinead believes that “this is a very exciting time to be involved within FinTech. Growth rates are unprecedented, for example, according to a recent PwC report: ‘Blurred Lines: How FinTech is shaping financial services’, it was found that the next 3-5 years will see a cumulative investment in
www.londonbusinessjournal.co.uk
27
Women in Business: Sinead Fitzmaurice
www.londonbusinessjournal.co.uk
“I was generally the only female manager across a meeting room of30 male managers or more. At the time I never gave it a second thought to be honest” FinTech globally in excess of $1 50bn. Of those surveyed, 75% think the most important impact FinTech will have is increased focus on the customer, while a further 83% believe that part of their business is at risk of being lost to stand-alone FinTech companies.” Undoubtedly, the finance industry is a predominantly male-driven environment but that should not discourage women wishing to participate at the highest levels. “When I look back at my days in PwC I was generally the only female manager across a meeting room of 30 male managers or more. At the time I never gave it a second thought to be honest, and I’m glad that I have had the opportunity to work in companies that I have never felt I was held back or treated differently because I was a woman. “I would advise any woman the same as I would advise a man produce the best possible
28
quality of output for your work and do not settle for substandard (both in terms of the work you produce or expect of others) and always find your voice when you need to air your opinion. In doing so you will ultimately create something very special for your customers and that will drive you and your company to stand out from your peers naturally.” Through their CSR programme, the Taxback Group support a number of children’s charities across every country they have an office in and involve their staff in selecting those charities. Over the years they have supported a number of key charities that have shown outstanding work in providing support to families of children with neurological disabilities. One such charity is the Jack and Jill Children’s Foundation in Ireland. “The Jack and Jill Children’s Foundation provides direct funding, to families of children with brain damage up to the age of 4, who suffer
Volume 3 Issue 2, 201 6
severe intellectual and physical developmental delay, enabling them to purchase home respite care. Having spoken to a number of families that have to face the devastating news that their new-born will face neurological challenges, those families go through an emotional roller-coaster and the Jack and Jill Foundation and its team of paediatric nurses work with the family to adapt, accept and heal, which I think is an invaluable resource and a pretty amazing charity.” So, does Sinead believe it's really possible to have a work/life balance? “Yes of course, it’s vital! However, in today’s world it really is an ‘always on' environment, and that can be difficult to juggle with a busy family life in the mix. Like with anything, the art of putting your phone or iPad away when at home takes practice - one which I am getting better at! My family are tremendously supportive indeed!”
www.londonbusinessjournal.co.uk
Women in Business: Steph Savill
www.londonbusinessjournal.co.uk
THIS FOXY LADY IS TAKING ON THE MOTORING INDUSTRY By Ronnie Ajoku
Steph Savill is the Founder of FOXY Lady Drivers Club, the award-winning motoring club that offers support services for women across the UK. Her early career began with sales and marketing roles in the travel and leisure industry, and eventually progressed to Board positions for educational travel companies owned by Granada plc and the Rank Organisation. “I eventually opted out of corporate culture and bureaucracy to set up as a strategic marketing consultancy in 2000 - to make full use of my previous MBA education and Chartered Marketer status,” she explained. FOXY Lady Drivers Club came about as a result of several factors, one of which was very close to home. “The first was when my stepdaughter was clearly ripped off, patronised and sent away with a dangerous car at her first solo garage outing. My husband explained this to both of us and, knowing nothing about the motor industry at that stage, I was shocked to discover that anyone could set up a garage and that mechanics don't have to be licensed to service or repair our cars. “I asked other female family members and friends for their thoughts and without exception they all told me about unprofessional behaviour and/or experiences they'd had either buying a car or getting it repaired.
Steph Savill: Founder of FOXY Lady Drivers Club
swing would result in the very masculine motor industry having to reinvent itself in many areas to get services right for women. I decided to become part of that movement so FOXY was born in December 2004.” FOXY Lady Drivers Club helps members run safer cars, saving them time, money and stress in the process. “Last year we launched an insurance service for women and this has been particularly popular because we exclude risky boy racers from our portfolio and so our rates are particularly competitive. “We negotiate moneysaving offers for members, get involved in ladies garage evenings with partner garages and are active campaigners in re-tyre safety, licensing of staff and industry careers for women. Probably the most important area of our work is our network of FOXY Lady Approved garages, dealers and tyre centres that have to meet our demanding standards before we'll promote them to women.” “The final cog in the FOXY wheel The Club is now a not for profit was discovering that the number organisation, and is funded by of women drivers had increased FOXY Lady Approved garages, so dramatically that in a decade accident repairers, car dealers we'd outnumber men on UK and tyre centres, all of whom roads. I could see that this gender pay an annual subscription to Volume 3 Issue 2, 201 6
use FOXY's promotional services. FOXY Lady Drivers Club appears to be a welcome change for many. “Anything to do with gender has detractors. We chose our name deliberately to catch attention, be memorable and to give us a personality. Our business interpretation of FOXY is a female 'shrewd, canny and discerning' brand, although there's no doubt that some men in the motor industry think 'scantily clad' first, until they meet me of course! “As far as Club members are concerned, they appreciate having the equivalent of an expert motoring friend for oneon-one advice, and our FOXY Lady Insurance scheme has been a huge success to date because so many women are saving lots of money as Club members.”
www.londonbusinessjournal.co.uk
29
Women in Business: Steph Savill
www.londonbusinessjournal.co.uk
told. But this attitude is slowly Channel 4's popular television show, Mary Portas' changing as more and more women opt to become fully Secret Shopper. Her role independent in their lives.” was, as she put it, “to help Narrowing down their Mary complete a female friendly makeover of a used marketing approach she says, “When it comes to car dealer in Aylesbury. audience segmentation we Hundreds of women were market to Mums, business joining the Club whilst the women and singles, as each programme was airing.”.. Another endorsement of her of those groups has slightly credibility came in the form of different motoring perceptions, expectations an award. “I received a prestigious award from the and needs. Many members Institute of the Motor Industry join us via our FOXY Lady Approved business network (IMI) for my 'Outstanding who are expected to provide Contribution to the Motor Industry, on behalf of women female feedback to remain in drivers (201 5)'. This gave me our network. Ladies that do this are then thanked with a the professional limelight I gift membership of the Club needed to convince senior Steph with Mary Portas during in an episode individuals in big automotive from the business concerned. of Channel 4's Mary Portas' Secret Shopper businesses that I knew what I Together we then develop that customer relationship was talking about.” However, there are a few challenges into one of trust, through There are four key for the FOXY brand. “There's still a objectives FOXY has for the timely offers and a monthly egap between the quality businesses newsletter that she can share year. Firstly to improve the who use our services, knowing that we motoring experience for with her family, friends and give them competitive advantage over women drivers, secondly to work colleagues. others and some businesses that think work with more of the best “We also sell Club they are female friendly by virtue of motoring businesses across membership to leading their treating men and women alike. As the UK, thirdly to encourage employers who want to if women want to be treated like men demonstrate their duty of more young females to when it comes to customer service! care to female staff, helping consider careers in the There's still a tendency for some them run safer and more automotive industry and manufacturers, garages and car lastly to raise awareness of reliable cars, with us to turn dealers to think short term concerning critical tyre safety issues. to at times of motoring gender marketing, selling cars and stress.” “Our market is some 1 7 services that customers don't need, to million women drivers across In addition to running FOXY maximise revenue and commission. Lady Drivers Club with its the UK – I believe it's But with women influencing more than reasonable to assume that insurance services and 80% of family car sales and garage FOXY Lady Approved most women can benefit services this is misguided because we from our offers and services; network, she still runs a won't go back if they get this wrong.” even if too many females still specialist consultancy FOXY works with some 700 genuinely see motoring matters like car service, StephSavill.co.uk, female friendly businesses across the maintenance, garage visits for businesses that retain her UK that meet their ethical, quality, and new car negotiations as due to her unique and value, cleanliness and customer a male preserve – something challenging insight of service standards. “We then help for their male partner to take diversity matters in the position them as HER female friendly care of for them, we're often automotive industry. approved motoring choice with a view To find out more you can visit FOXY Lady Drivers Club: to the future.” www.foxyladydrivers.com, FOXY Choice (for female friendly In recent times Steph Savill's public approved garages, repairers and car dealers): www.foxychoice.com profile has been given a boost. Last and FOXY Lady Insurance :www.foxyladyinsurance.com year she appeared in an episode of
30
Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
Creativity
www.londonbusinessjournal.co.uk
Beanbags don’t make you creative
How to develop an environment for creativity
By Tom Tuke-Hastings People go to all sorts of ends to make themselves more creative. Scientists are using electric waves through what looks like a modified shower cap to add another 1 0% of creativity (just look at www.banissy.com if you fancy being a guinea pig). Some people will insist on writing with a particular pen on a certain type of paper. And others go out and buy beanbags for the office. In the 90’s, for some strange reason, the simple beanbag became the sign of all things creative. The beanbag is a particular bugbear of mine. It is perfect for an afternoon snooze, but I don’t think it makes you creative. While there is no doubt that creatives had a lot of fun playing table football, going for boozy lunches and spending the rest of the afternoon relaxing on beanbags, I don’t think this
32
creates the best conditions to fresh ideas. But before you be more creative. So what rush for the paintbrush, white is does? a pretty good natural backdrop and a great surface to put Environment is of course very Post-It® notes on. important. It is hard to get your creative juices flowing in an In these post Brexit times, open plan office full of suited companies are perhaps less people who hush you if you likely to splash out on Google raise your voice. So you need style slides and inspiration to find a place or space where rooms, but here are five top you can be more creative. tips to help you develop the right environment for creativity: You need to feel comfortable there and people need to feel 1 . S TART SMALL safe. Something as simple as Chances are that you are not putting up brainstorming rules, going to be able to take over can make a massive difference the top floor for your idea den. to a room. If people are relaxed See if there is a small area that and feel they can join in you can trial it in. A meeting without looking stupid, you are room, or a corner of the office halfway there. that is not used too much.
B RAINSTORMING RULES: Hold back negative judgement of ideas Encourage wild and exaggerated ideas
2. WORK WITH OTHERS
Creativity is often at its best when shared, so think about working with others. More people need more space, but there is nothing wrong with being squeezed around a desk.
Quantity counts at this stage 3. G ET CONNECTED It is really useful to be able to not quality look things up, search for Build on ideas put forward answers and show pictures and content to each other. by others Visuals are key to idea Every person and every idea generation, but a laptop and a WiFi connection are all you has equal worth need and they can go pretty First of all, people need to be much anywhere. awake and full of energy, so 4. B RING CREATIVITY WITH YOU fresh air rather than a stuffy room and access to coffee and In even the most conservative treats goes down well. Colour of offices, you can go to a can apparently make us more meeting room, take your jacket creative as well. Think orange and tie off and relax the environment a bit. Doing things for high energy, teal for a that don’t normally happen calming effect and green for
Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
Creativity makes people think differently, so little things like bringing in doughnuts can actually make a difference.
5. G O OUT
If you find your environment is just not conducive to creative thought and you have no budget to change this, go somewhere else. The very act of going to another place often gives you a new invigoration and gets the thought waves going. This can be anything from a coffee shop, a museum or somewhere else quirky. You can also rent funky meeting spaces, with private members clubs, hotels and startups vying for your business. I want it in my office!
E VERYONE LIKES TOYS, HERE ARE SOME THAT CAN HELP YOU .
www.londonbusinessjournal.co.uk
up.
WERE ON A B REXIT BUDGET: The
Ostrich pillow: £65 http://uk.studiobananathings.co m/
WE’ RE A UNICORN , SKY IS THE LIMIT: MetroNap sleep pod: $8,000 to $1 3,000 http://www.metronaps.com/
And if you still don’t believe me and you want a beanbag anyway…
WERE ON A B REXIT BUDGET:
Beanbag, £1 5 www.Ebay.co.uk
WERE A UNICORN , SKY IS THE LIMIT: Hay blow chair: £1 ,229 http://www.utilitydesign.co.uk
There are those who forget and those who write it down. Get ideas recorded and visible. WERE ON A B REXIT BUDGET: A5 Post-It® pads: £26 http://www.post-it.com
WE’ RE A UNICORN , SKY IS THE LIMIT: Smart board, Interactive whiteboard with projector: £6,600 www.avpartsmaster.co.uk
Fresh air makes you feel better
WE’ RE ON A B REXIT BUDGET: Open a window: Free
WERE A UNICORN , SKY IS THE LIMIT: Deep REM sleep is proven to help creativity, so get some extra Oxygen in a can: £1 8 quality sleep to peak you back http://www.oxyfit.co.uk/ Tom Tuke-Hastings is the author of new book, It’s All About The Idea. The book contains more examples and 52 creative steps to make you and your team more creative in the next year, and is available from Amazon priced £9.99
Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
33
Human Resources
www.londonbusinessjournal.co.uk
How to get your team working together in uncertain times
By Mandy Flint and Elisabet Vinberg Hearn
TALK AND ANSWER QUESTIONS
Naturally there are many questions during uncertainty, and not necessarily as many answers. Change and uncertainty is the communication flowing unavoidable. The current speed Keep sit your team down at of change makes the periods of though; regular intervals, check how they uncertainty more frequent. doing, what they wonder During uncertain times, people are about, what concerns and hopes can experience all sorts of they have. And wherever possible emotions – often, but not try to find answers. Follow these always, on the negative side. four principles of answering Fear, worry, anger and questions transparently: anticipation don’t necessarily the question bring out the best in people, but 12.. Answer you don’t know the answer, there’s plenty you can do when sayIf so this happens in your team or If you cannot answer the workplace – to support and drive 3. question now, make a constructive progress, lessening commitment negative emotions. The current and honour itfor when you will climate following the EU 4. If you know the answer but referendum can be such an cannot say currently – say so – opportunity. and make a commitment to Let’s have a look at some information when you proven solutions for getting your share can team to pull together and work together despite – or maybe RE-AFFIRM THE TEAM ’S PURPOSE thanks to - the uncertainty:
34
Volume 3 Issue 2, 201 6
Remind everyone of the important role and purpose the team has, and discuss how that purpose can be best be served right now. For example: if the team is worrying about the future of their industry given recent political decisions, remind them of their bigger goal and purpose to keep them motivated to make a difference where they can, while moving towards the overall vision. In times of challenge people want someone to take charge and set or re-affirm the direction. Say “this is where we are heading”.
F OCUS ON THE TEAM Keep the team extra close during this time. Have regular quick check-ins – face to face (or Skype) where possible – or over the phone when needed. Recognise each other, find things to laugh about, support each other in your work. Encourage your team members to help each other and to ask for help. Encourage openness and sharing of information.
F OCUS ON WHAT IS CERTAIN Even in uncertainty there is usually more that is certain – get the team focusing on this. Find reassurance in what you all know to still be true or certain. Get people busy doing what they can control and impact. It’s not good for a
www.londonbusinessjournal.co.uk
Human Resources team to have too much time for worrying, they need to focus where they can make a difference and deliver results. The work still needs doing.
F OCUS ON WHAT YOU CAN CONTROL
There is very little in this world that can be controlled, in fact we can only really control our thoughts. Share this insight with your team, encourage people to see opportunities (without brushing away concerns) as well as taking control of how they think about what’s going on. Focus on what you can control and influence. Your influence together as a team is far greater than individually.
“It's not what you look at that matters, it's what you see.” Henry David Thoreau S EEK CONSTRUCTIVE
CONVERSATIONS WITH OTHERS
When seeking answers and progress through uncertainty, go into discussions with others showing positive intent and assuming that others have positive intent too. So many misunderstandings (especially when people are worried or concerned) are created through incorrect assumptions of wrongdoings in others. People usually do their the best they can and when assuming that others have positive intent, you can have more constructive
www.londonbusinessjournal.co.uk
discussions and even disagreements that can lead to answers, solutions and ultimately progress.
right”, show others that an open, curious mind is the best way to approach the situation. Recognise that what you (and others) knew, may no longer be true and must therefore not limit KEEP MOVING FORWARD your thinking. Take interest in It’s easy to become “paralysed” what the new answers might be. when faced with uncertainty. Make sure the team keeps moving forward. Adjust goals, F IND THE GOOD NEWS plans and tasks if needed, as long as the team keeps There’s plenty of “bad” or progressing. Too much valuable “negative” news in uncertain time is wasted in the times. Don’t underestimate how “uncertainty void”, it’s crucial to much this can impact the team keep moving forward. Allow negatively. Seek out the good team members to try things out, news – there’s plenty of it out encourage courage, don’t be there, but it’s not what gets afraid to make mistakes. reported. Sadly enough, the Mistakes (=not getting the “bad” news sells better. Share desired results) are blessings in good news with the team and disguise. They give new ask all team members to do the insights that are needed to same. Make a point of sharing innovate, grow and move on at least one piece of good news through to the next stage of (about anything!) every day. development. Use turbulent times as an opportunity for the C ELEBRATE ACHIEVEMENTS team to show just how great it is. When it gets tough, just keep Be extra observant and taking it one step at a time but it recognise and report on must be forward. success of individual team members and most importantly the team as a whole. Too much valuable time is ofHighlight team members’ wasted in the “uncertainty actions andhowbehaviours have void”, it’s crucial to keep lead to the success achieved – and how much more can be moving forward achieved when collaborating. forget to celebrate the LET GO OF THE NEED TO BE RIGHT Don’t small things too. Uncertainty is a result of change or looming change, and Stop worrying about what no one can have all the could go wrong and start answers when things are changing. Be a role model for looking for what could go “letting go of the need to be right
Mandy Flint and Elisabet Vinberg Hearn are authors of the award-winning book, “Leading Teams – 1 0 Challenges: 1 0 Solutions” (FT Publishing), which is available to buy now on Amazon. For further details visit: www.leadingteamsbook.com Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
35
Technology News
www.londonbusinessjournal.co.uk
TDB Fusion Appoint General Manager (EMEA) TDB Fusion, the UK based software company, has appointed Paul Hancock as General Manager (EMEA). During the last 2 years TDB has experienced significant growth, most recently reporting a revenue increase of 1 45% in 201 6. Paul Hancock brings significant industry experience to the role, and has joined following completion of an OEM
position of Director of Sales UKI & Northern Europe. Prior to Anuta Networks Paul held positions of Sales Director Alteon Web Systems through to acquisition by Nortel; Sales Director Northern EMEA for Acme Packet through to a successful IPO; Managing Paul Hancock: General Director of Camiant through Manager (EMEA) to acquisition by Tekelec, and Sales Director EMEA at agreement with Anuta Innopath. Networks, where he held the
Clinical Innovations Hires New Vice President Clinical Innovations, a member of Pritzker Group Private Capital's family of companies and the largest medical device company exclusively focused on labor and delivery, has appointed Glenn Weatherley as Vice President and Managing Director of Clinical Innovations Europe. As a certified biomedical scientist with nearly four decades of international experience in the biomedical sciences and medical device and diagnostic industries, Weatherley brings a strong track record of successfully driving growth and business
development across several medical markets, including surgery and women's health. In his new role, he is responsible for leading the Clinical Innovations Europe team and strategy for its growing list of European distribution partners. Most recently, Weatherley was vice president of international markets for Insulet Corporation, overseeing marketing initiatives and distribution operations for Europe and Canada. From 2008 to 201 4, he was vice president of sales for Hologic's European diagnostic franchise, driving annual revenues of nearly $1 20 million.
Glenn Weatherley: Vice President and MD, Clinical Innovations Europe
'Black Hole' as Firms Unprepared for Software Audits A recent study by IT consultancy, Crayon, warns that enterprises should be prepared for software license audits to avoid incurring millions of dollars in fines and costs. Crayon commissioned Vanson Bourne to conduct over 575 interviews across US and Europe with IT decision makers,
36
with responsibility for software licensing and IT asset management, in firms with more than 500 employees. Results from ‘Software Asset Management, Cloud Transformation and the Cost of Compliance in 201 6: Enterprises exposed to a ‘Black hole’ of Risk’ indicate that nearly half of
Volume 3 Issue 2, 201 6
firms asked to undertake a software license audit by their software vendor were found to be non-compliant (46%). The report found that the average penalty for non-compliance with software licensing already tops USD$750,909 (£611 ,008).
www.londonbusinessjournal.co.uk
Motivation
www.londonbusinessjournal.co.uk
Get comfortable with discomfort... to realise your potential By Kate Tojeiro Who knew that watching Long Way Round (Ewan McGregor and Charley Boorman) on a cold winter’s evening would be such an extraordinary catalyst, learning to ride an off-road motorbike and confronting some huge blocks about possibility. It led to not only a thrilling, and at times scary adventure but also the realisation that by mastering getting comfortable with discomfort, we can all realise our potential through the power of deliberate action and a sprinkling of neuroscience. WHAT IS POSSIBLE FOR YOU? Have you ever asked yourself? Properly? Sometimes the question comes so swiftly and speedily through our subconscious that we’ve dismissed it before even really considering the question. What do you want to achieve this week, month, year, next year…. ? What have you told yourself is impossible that might just be possible? Take a few minutes to consider this and write down your answers or drawn them, thereby truly acknowledging them and making them more real. WHAT IS YOUR DEFINITION OF SUCCESS?
I do mean yours, not your boss’s, your partner's, your teacher's, family or friends', yours! Again, it is all too common to carry around other people definitions of success, which we work very hard towards achieving. However, when our ambitions are not intrinsic to our own values and what we believe, they do serve as more of an anchor than an enabler. Think deeply about what success means to you. I asked this of a client some years ago, the impact was so profound, it completely turned him and his business around. It unlocked a huge pool of untapped energy and potential. GIVE YOUR SELF-BELIEF A BOOST? Whether we believe we can or whether we believe we can’t, chances are whichever we choose will bear out, as Henry Ford once
said. When pursuing our dreams and passions to realise our potential, our self-belief often needs a little nurturing and is often a little fragile. Remember all those times when you have been successful, how did it feel, what did you do? This thinking alone will help strengthen those neural pathways of building your potential. If it is still wavering, ask yourself if you need to borrow it from someone else. When I was learning to ride an offroad motorbike, I was on the side of a mountain in Wales and beginning to believe that I couldn’t do it. I was riding on a fire-road on a loose surface at c 45mph. Suddenly, a handsome chap roared past at c 60mph, turned side saddle (very impressive) and yelled ‘you can do it girl!’. The power of the belief that I borrowed from him meant that I did do it. So, if your selfbelief has momentarily wilted, ask yourself who you can borrow it from. Who believes in you? Try it.
more importantly reveal blind spots to things that we don’t know. It will develop our ability for when the going gets tough and more importantly enhance our brain plasticity. TAKE ONE DELIBERATE ACTION TOWARDS YOUR GOALS, DREAMS OR PASSIONS, DAILY.
Having worked with and interviewed many successful business leaders, the elite in sport and people from all walks of life, the power of deliberate action is palpable. Take a small action every day that will progress you towards your goals. Break down the big goals or achievements into small manageable steps and actions. Ask; who do you need to reach out to, what do you need to learn? Where is there a gap in your knowledge? After all, everything was impossible until someone made it possible. That someone might just be you.
GET COMFORTABLE WITH DISCOMFORT.
Reaching your potential requires a level of discomfort. When we try something new, we feel uncomfortable just because it is new - nothing more, nothing less. It is the brain processing this new and unfamiliar information, which makes us feel this way. Build into your day, small acts of difference, something new that will make you feel slightly uncomfortable. It will help you build that muscle of potential, especially for those days when it’s hard and a few curve balls have put the schedule off-track. For example, listen to reggae if you favour classical, and vice versa. Read the tabloids if you usually read the broadsheets, or read articles by journalists that you don’t ordinarily. If you really want to go for it, try something that you don’t like, strike up a conversation with someone you don’t warm to, try a food that doesn’t appeal. It will build your muscle of potential but
Volume 3 Issue 2, 201 6
Kate Tojeiro is an Executive Coach and works globally with Fortune 500 and FTSE 250 executives. She is the author of The Art of Possible – new habits, neuroscience and the power of deliberate action. www.katetojeiro.com
www.londonbusinessjournal.co.uk
37
Productivity
www.londonbusinessjournal.co.uk
10 Tips To Make Your Commute De-Stressing thoughts and emotions in order to gain confidence and wellbeing, and to find more Travelling to and from work can be a effective ways to manage your distinctly unpleasant time of the day. working life, then using You might be mashed into public on your commute transport with a horde of other grumpy, mindfulness might be just way to start. sleepy commuters and/or find yourself When you arethe travelling to battling against the tide of rain, litter and or from work, bynext foot, tube, people on the London streets just to train, bicycle or private jet (!) arrive at your destination feeling not give this a go so that stressed and frazzled. It is often just a why you can use the journey at the journey to be endured as you dream of start or end working day being anywhere but where you are. You as a way of your developing some may be surprised to know, however, in amongst all the that actually focusing on being exactly peace chaos? where you are on your smelly, frustrating and usually unproductive . Just spent a moment or two commute could be a prime time to de- 1reflecting on all you have stress and get happier. already done today. Research shows that even during 2. Now consider all that you negative experiences we are actually ‘have’ to do with your day still happier if we are focused on them, still or evening. in the present moment, rather than 3. Next just take a minute to distracting ourselves away from the take in your surroundings. Use experience. At work this can actually your senses to notice the mean that for up to 50% of the time colours, sounds, smells and your mind may be wandering off task. other sensory impressions Habitual lack of focus and ‘dayaround you. dreaming’ mean that we are also less Now bring your attention to productive at work, less able to manage 4. body. Notice the our workload effectively and less happy. your sensations that are present So it is time to rewire your brain to get (tension, movement, warmth, focused, effective and reduce stress etc.). using the simple practice of 5. Notice how you are feeling 'mindfulness'. This is a scientifically and the emotional quality of supported way to get more creative, moment (i.e.: pleasant and more productive, improve your memory, this restful, unpleasant and make better decisions, have healthy frustrated, neutral and bored, working relationships and reduce stress. And you can practice it on your etc.). 6. Now maintain awareness of commute! the moment you are in, Mindfulness requires no special tools, just however this arises in your abilities, spiritual virtues or self-denial, field of attention. what it does require however, is lots of 7. See if you can put aside all practice, patience, care and curiosity. that has happened, might Whilst there is plenty of research to happen or could, even in substantiate that mindfulness really happen. Just try to be does help you to work more effectively fantasy, alive to, keep contact with, the best test is to try it out for yourself. If whateverand is present in this you have an open-mind and are committed to exploring your own habits, moment.
By Dr Michael Sinclair and Josie Seydel
38
Volume 3 Issue 2, 201 6
8. Just for a short space of time know that you don’t need to make effort to work anything out, solve a problem, be anyone in particular or do anything special – just let yourself be for a moment or two. 9. Just let any experiences such as sensations, thoughts, emotions, etc. that arise in this time to come and go naturally – no need to push them away, get caught up in ‘story-telling’ around them or distract yourself away, just watch them ebb and flow. 1 0. Whenever you are ready you can choose to end this exercise and get back to the rush of the day. The above exercise is one of the many examples of mindfulness that can easily be incorporated into your daily life. If you are interested to find out more please see our new book ‘Working with Mindfulness’ which has been specifically written for the workplace. Working with Mindfulness by Dr Michael Sinclair and Josie Seydel is out now, published by Pearson, priced £1 3.99
www.londonbusinessjournal.co.uk
Book Reviews
www.londonbusinessjournal.co.uk
By Matt Davidson
Barbarians in the Everyone has to face their fears Boardroom The Art of Possible
at some point in life and conquer things that they previously considered unimaginable. For many people, this is exactly what gets in the way when they take on a new role or start a new business venture, but in order to realise our full potential the key is becoming “comfortable with discomfort.” This book is unlike many business and self-development books. It helps you to understand how the brain works using the latest findings of neuroscience and provides questions and techniques that will enable you to gain more clarity to reach your goals faster. It uses interviews with global leaders and elite sportspeople to outline what makes them so successful, so you too can understand exactly what it takes to realise your full potential. Kate Tojeiro has formed a reputation for developing some of the world’s most successful leaders, as well as the next generation of rising stars, and after reading her insights in this book you will understand why.
Emotional Resilience When you work in almost any business today you’re inevitably going to have to deal with increasingly fast-paced working environment, pressure, stress and maybe even people problems. How we respond to these challenges not only makes the difference between success and failure, but also impacts our physical and mental health, so it is important to understand the role emotion plays in business. This insightful book provides a very practical guide on how to adapt to pressurised situations, handle everyday challenges and manage emotions in order to realise the full potential of yourself and your team. The author is one of the UK’s leading experts in emotional intelligence. She delivers talent management, leadership development and team effectiveness programmes based on emotional resilience, and has helped key individuals and teams from some of the world’s leading private and public sector organisations to gain a sustainable competitive advantage. Emotional Resilience provides clear steps that will empower you to carefully choose your thoughts, actions and feelings in order to perform at your best. It is something that many of us neglect, but factors like our mood and self-control can give us an enhanced level of energy and help us to motivate ourselves and a team.
A new breed of so called “Activist Investors” have been sending shockwaves through corporate America in recent years. This growing trend is also now becoming increasingly prevalent in the UK and Europe, taking in and shaking up several leading companies. This fascinating new book exposes the strategies of these activist investors and reveals the inside story of how they have influenced boardroom battles at eight of the world’s most highprofile organisations, including Microsoft, Yahoo, HewlettPackard, and the UK’s biggest activist showdown in recent times at Alliance Trust. The author, Owen Walker, is an award-winning financial journalist who witnessed these high-profile boardroom battles first hand. He now tells the story through a series of exclusive interviews he carried out with the people on both sides of major activist investor campaigns. Some see these investors as the new breed of “greed is good” Gordon Gekkos, and as this insightful new book reveals, the real-life The Art of Possible – new habits, neuroscience and the boardroom dramas are every bit power of deliberate action by as entertaining a Hollywood Kate Tojeiro is out now, priced movie plot. £12.99 Barbarians in the Boardroom by Owen Walker is out in June 2016, published by FT Publishing, priced £16.99. For more information see www.BarbariansintheBoardroo Emotional Resilience: Know m.com what it takes to be agile, adaptable and perform at your best by Geetu Bharwaney is out now, published by Pearson, priced £12.99. Volume 3 Issue 2, 201 6
www.londonbusinessjournal.co.uk
39
VENUES/DINING News
www.londonbusinessjournal.co.uk
Savoy's American Bar Crowned Best Bar in Europe The Savoy's American Bar has been named the best bar in Europe by The World's 50 Best Bars List 201 6. Bar Manager, Declan McGurk, said of their success: "We are incredibly proud of this recognition, which clearly demonstrates our commitment to honouring the legacy of the American Bar whilst pushing the boundaries of the bar industry." The American Bar makes The World's 50 Best Bars list for the sixth time in a row, having been included every single year following its grand reopening in 201 0. During that time only once has it been outside of the top 1 0,
and is in The World's 50 Best Bar's All-time Achievers' List. The American Bar may be the longest-surviving cocktail bar in the UK, and one of the most iconic in the world, but its continuous reinvention shows that the bar is still very much at the forefront of the beverage industry. In January this year The American Bar launched The London Menu - a brand new cocktail menu that combines theatre and storytelling, as it takes guests on a journey around six of the London boroughs that surround The Savoy. Taking in some of London's
most fascinating places from iconic landmarks to hidden corners, each cocktail on the menu has its own story to tell. Driven by American Bar manager Declan McGurk, the new menu was meticulously crafted and perfected over many months by head bartender Erik Lorincz and his creatively driven and talented team. The final result is a truly unique menu that brings the city to life through flavours, textures, tastes and stories. Earlier this year, the American Bar won Best International Bar Team 201 6 at Tales of the Cocktail.
Voodoo Ray's Launch New London Cocktail Bar from the hustle and bustle of Kingsland High Street, where a diverse collection of cocktail lovers can enjoy a forwardthinking drinks menu, accompanie d by a fantastic soundtrack. With a seating The team behind Voodoo Ray's capacity of approximately 50 and Dalston Superstore has and stunning interiors, Ray's Bar launched a new late-night drinking spot, Ray's Bar, offering is an exuberant venue that incredible cocktails and a roster combines brightly coloured textured interiors, including eyeof vinyl DJs. Ray's Bar will provide a haven catching monochrome patterns and mesmerising mirrored disco
40
Volume 3 Issue 2, 201 6
walls. The innovative cocktail menu is divided into Aperitifs, Mains and Desserts, to gently guide guests through their evening with a combination of short and long concoctions. The menu showcases handcrafted spirits alongside fresh ingredients and delicious homemade bitters. Guests can also enjoy fresh pizza from the upstairs Voodoo Ray's, which can be delivered to their table in Ray's Bar. Open 7 days a week and appealing to a diverse crowd with customers drawn from the extended Superstore, Voodoo Ray's and Dance Tunnel family, Ray's Bar will be a place where great drinks and interesting people aren't mutually exclusive. Ray's Bar is located at 95 Kingsland High Street, London E8 2PB
www.londonbusinessjournal.co.uk
VENUES/DINING
www.londonbusinessjournal.co.uk
Rudie's: “Real Jerk” Jamaican Dining Experience love Rudie’s decadent dessert menu – dive into Sticky Rum Cake with Rum Butter Sauce and Ice Cream… and why not add a shot of rum Rudie’s is an exciting and to the mix for extra indulgence! unique casual dining restaurant Rudie’s is also open for lunch in Dalston that provides with a menu that includes a customers with a truly authentic selection of zingy salads taste of the very best of including a must-try Jerk Caesar Jamaica. A sharing style menu packed with Jerk chicken, crispy featuring “real jerk” dishes romaine lettuce, parmesan and alongside innovative small Rudie’s house dressing all plates inspired by traditional topped off with home-made Jamaican cooking presented croutons. with a contemporary twist, The restaurant interior expertly mixed cocktails and an incorporates an open plan eclectic mix of Jamaican music kitchen and a central “rum bar” is all served up in a vibrant and designed for counter dining. relaxed environment. Other design features include Rudie’s signature “real jerk” large stylish lighting installations, dishes (including chicken and bespoke furniture and lamb fillet amongst others) are sculptures. The bar also houses marinated for 24 hours in a the UK’s largest selection of secret blend of herbs and quality Jamaican rums including spices, smoked using pimento the likes of Appleton Estate, and sweet wood, before being Edwin Charley and Monymusk. cooked over coals in traditional Rudie’s have collaborated with jerk drums. the UK’s top Rum mixologists to Jamaican patties - the hugely create a dozen sensational rum popular Jamaican street food - based cocktails chronicling the also feature on the menu Island’s history, that offers including a very special spiced modern twists on the classics Lobster variety. Other small like the Daiquiri and Old plates on the enticing menu Fashioned as well as a very include Curry Goat Dumpling special Rudie’s flaming house with Pepper Jelly, Bammy Rum Punch “Catch A Fire” made Bruschetta (traditional cassava using rums from all four bammy topped with coriander, operational distilleries in mint, cherry tomatoes and flaked Jamaica. salt cod) and a zingy Shrimp There are also Jamaican and Salad with fresh jalapeno. local craft beers on offer, a Those with a sweet tooth will Volume 3 Issue 2, 201 6
focused wine selection to perfectly complement the Jamaican cuisine, and an innovative selection of Jamaican inspired soft drinks such as fresh juices, smoothies and coffees. Matin Miah - Rudie’s co-founder said: “Our primary focus is the food at Rudie’s. We’ve spent a lot of time researching and travelling to find the best Jamaican ingredients and methods of cooking out there, and we can’t wait to share them with our customers. The atmosphere at Rudie’s is cool, funky, casual and fun, with a huge smiling persona. We want to bring a great big slice of Jamaica and the best “real jerk” to the streets of London.” With such wonderfully cooked food it is no wonder why Rudie's has started attracting a number of celebrities. We even spotted the Brit Award-winning singer and songwriter Emeli Sandé there while checking it out!
50 Stoke Newington Road N1 6 7XB, Telephone: 020 7249 9930 Web: www.rudieslondon.com
www.londonbusinessjournal.co.uk
41
VENUES/DINING
www.londonbusinessjournal.co.uk
TRADE UNION: Experiential & Innovative
Launched in Wapping a few months ago, TRADE UNION is an innovative, experiential blended concept.
Situated on Thomas More Square, between St Katherine's Docks and the new London Docks development, TRADE UNION is a grown up playground for discerning Londoners who want more for their eating and drinking experience. Filling an impressive 6, 700 square foot of space, TRADE UNION introduces socialising on an inclusive, larger scale. A vibrant hub for local workers, weekend brunchers and nightlife devotees, TRADE UNION has
42
been designed to transform effortlessly from day to night. It also houses a collaboration of some of London's most exciting lifestyle brands; speciality coffeehouse, Vagabond, male grooming brand, Drakes of London and florist, Maua London.
TRADE UNION recently launched a series of bespoke, interactive workshops for Londoners to be able to experience Pizza Rolling and Gin Tasting with TRADE UNION's in-house experts, and Vagabond; the venue's on-site coffee aficionados offering a series of Coffee Masterclasses. The pizza rolling masterclasses are hosted by head chef Tomas Zdkowswski, advisor behind TRADE UNION's authentic New York artisanal pizza offer, BUSHWICK Pizza Co, while
Volume 3 Issue 2, 201 6
talented Bar Manager Elliot Rengasamy, hosts the gin cocktail masterclass that draws on TRADE UNION's specialist VIP gin bar 'Great Harlot Club'. For coffee enthusiasts, Vagabond's educational and interactive coffee masterclasses offer an insight into the history, production, flavour profiles and creation of fantastic coffee. With three successful shops across the city, Vagabond is one of London's most loved expert coffeemakers. With a direct trade relationship with a farm in Colombia, Vagabond roasts its own superior coffee and offers whole bean and ground coffee available to purchase, together with home brewing equipment. Whether it's stopping off before a meeting, grabbing a quick coffee with a friend, enjoying a leisurely weekend dinner or staying for late night cocktails and dancing, TRADE UNION will offer Londoners a one stop lifestyle destination.
TRADE UNION is located at 3 Thomas More Street, St Katherine's & Wapping, London E1 W 1 YZ. Telephone: 0207 488 9356
www.londonbusinessjournal.co.uk
www.londonbusinessjournal.co.uk
Tosubscribevisit: www.londonbusinessjournal.co.uk Wanttoadvertise? Emailadvertising@londonbusinessjournal.co.uk
LikeusonFacebook: londonbusinessjournal FollowusonTwitter: @londbizjournal FollowourWomenInBusinessonTwitter: @WomenInBusines3 www.londonbusinessjournal.co.uk