PULSE NORTH EAST DEC _ JAN 2024_25

Pulse

From the heart of the business world North East

Dec / Jan 2024/25

Finance Edition FEATURE Bankr uptcy and bouncing back How imposter syndr ome and a lack of self confidence can hold small businesses back How the Tr ump pr esidency might change the global economy 1

2 2

Welcome

6

How the Trump presidency might change the global economy

10

5 expert tips UK businesses should implement to enhance security

12

Behavioural finance: Understanding the psychology behind investment decisions

17

How imposter syndrome and a lack of self confidence can hold small businesses back

Contents 22 26 32 38

Four ways to optimise your supply chain and help minimise business disruption

FEATURE Losing it all : Bankruptcy and bouncing back

C-Suite burnout : Is your business encouraging sabbaticals?

Four ways businesses can attract and retain a multi-generational workforce

2 3

Weight loss jabs pose potential risk in the workplace: expert reveals Personal injury expert s at Claims.co.uk reveal t he potent ial risks t hat weight loss

The National Institute for Health and Care

jabs pose to t he workplace:

Excellence (NICE) final draft guidance on the weight loss jab Mounjaro has recommended

?While the proposal of weight loss jabs to get

it being given from March, however, it could

people living with obesity back to work

take 12 years for everyone to receive it, the

seems like the ideal solution, it is important

NHS drugs advisory body says.

to acknowledge the potential risks of this both to employees and employers.

In October, Health Secretary Wes Streeting

?With the rise in the use of Ozempic in the

announced that trials of the weight loss

U.S., there have been many lawsuits against

jabMounjarowill take place in Greater

the drug, with some patients allegedly

Manchester to reduce worklessness.Streeting

suffering from gastroparesis, which is

shared that people with illnesses caused by

stomach paralysis, sudden vision loss and an

obesity are taking an extra four sick days off

oesophageal injury requiring surgery.

a year or are simply being forced out of

Furthermore, common side effects of the

work.

weight loss drug include muscle loss and

Mounjaro is the brand name of the drug

nausea.

Tirzepatide, which is approved to treat type 2

?These long and short-term impacts of the

diabetes and can also trigger insulin

weight loss jab could not only lead to sick

creation and feelings of fullness.

days from the workplace but also necessary

Ozempic is the brand name of the drug

adjustments, such as shorter hours. The

Semaglutide, which is also approved to treat

common side effects could also significantly

type 2 diabetes. However, Wegovy is the only

hinder the efficiency of work or limit workers

Semaglutide drug that is approved for use in

to very specific industries.

weight management. Mounjaro and Ozempic

?It is therefore crucial to recognise that

are different drugs but work in a similar way.

weight loss jabs need to be met with caution and not as a ?quick fix?to get people living with obesity back to work, as this may have

Credit to source: Claims.co.uk 4

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How the Trump presidency might change the global economy Donald Trump?s victory in the 2024 election ?

US has been on a mostly inward-looking

and his threat to impose tariffs on all

quest of maintaining technological

imports to the United States ? highlights an

supremacy while ending the offshoring of

important problem for the global economy.

industrial jobs.

The US is a technological powerhouse,

One of the major choices Trump made in his

spending more than any other country on

first term was to accept higher prices for US

research and development and winning

consumers in order to protect national

more Nobel prizes in the last five years than

producers by slapping high tariffs on almost

every other country combined. Its inventions

every trading partner.

and economic successes are the envy of the globe. But the rest of the world needs to do everything in its power to avoid being too dependent on it.

And this situation would not have been much different had Harris won.

For instance, Trump?s 2018 tariffs on washing machines from all over the world mean US consumers have been paying 12% more for these products.

President Joe Biden ? in certainly a more polite way ? then increased some of the

The ?America first? approach of Donald

Trump tariffs: up to 100% on electric

Trump has actually been a bipartisan policy.

vehicles, 50% on solar cells and 25% on

At least since previous president Barack

batteries from China.

Obama?s policy of energy independence, the

Renaud Foucart Senior Lecturer in Economics, 6 Lancaster University Management School, Lancaster University 6

Focus

At a time of climate emergency, this was a

The country is now trying to encourage more

clear choice to slow down the energy

domestic consumption and to diversify its

transition in order to protect US

trading partners.

manufacturing.

Europe, despite a very tight budget

While Biden signed a truce with Europe on

constraint, spends a lot of money in the

tariffs, it started a perhaps even more

subsidy race. Germany, a country facing

damaging battle by launching a subsidy race.

sluggish growth and big doubts on its industrial model, is committed to matching

The US Inflation Reduction Act for instance

US subsidies, offering for instance ?900

contains US$369 billion (£286 billion) of

million(£750 million) to Swedish battery

subsidies in areas such as electric vehicles

makers Northvolt to continue producing in

or renewable energy. And the Chips Act

the country.

committed US$52 billion to subsidise the production of semiconductors and computer

All those subsidies are hurting the world

chips.

economy and could have easily financed urgent needs such as the electrification of

China, Europe and t he rest of t he world

the entire African continent with solar

This US industrial policy might have been

panels and batteries. Meanwhile, China has

inward-looking, but it has clear

replaced the US and Europe as the largest

consequences for the rest of the world.

investor in Africa, following its own interest

China, after decades of mostly export-based

for natural resources.

growth, must now deal with massive problems of industrial overcapacity.

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Focus The incoming Trump mandate might be a chance to fix ideas.

One might, for instance, argue that the full-scale invasion of Ukraine, and the thousands of deaths and the energy crisis that followed, could have been avoided had the Biden administration been clearer to Russian president Vladimir Putin about the consequences of an invasion, and provided modern weapons to Kyiv before the war.

The number of people facing hunger is But the blame is mostly on Europe. Credit

increasing, taking us back to the levels of

where it?s due, the strategic problem of

2008-9. War is raging in Gaza, Sudan,

becoming too dependent on Russian gas is

Myanmar, Syria, and now Lebanon. The world

something Trump had clearly warned

had not seen as many civilian casualties

Germany about during his first mandate.

since 2010.

There is a clear path forward: Europe could

For better or worse, it is unlikely that a

help China fix its overcapacity problems by

Trump administration will reverse the path

negotiating an end to its own tariff war on

of lower US interventionism. It is also

Chinese technology such a solar panels and

unlikely to lead any major initiative on

electric cars.

peace, climate change or on the liberalisation of trade.

In exchange, Europe would regain some sovereignty by producing more of its own

The world is alone, and America will not

clean energy instead of importing record

come to save it.

amounts of liquid gas from the US. It could We do not know what will happen to the US.

also learn a few things from producing with

Maybe the return of Trump will mostly be a

Chinese companies, and China could use its

continuation of the last ten years. Maybe

immense leverage on Russia to end the

prohibitive tariffs or destroying the

invasion of Ukraine.

institutions that made the US such an The European Union could also work harder

economic powerhouse will make the US

on what it does best: signing trade deals,

economy less relevant. But this is something

and using them as a way to reduce carbon

Americans have chosen, and something the

emissions around the world.

rest of the world simply has to live with.

This is not only about Europe and China.

In the meantime, the only thing the world

After decades of continuous improvement on

can do is learn how to better work together,

all major dimensions of human life, the

without becoming too dependent on each

world is moving backwards.

8

other.

9

5 Expert Tips UK B Should Implement Security Credit to source: Hypernode

The 2024 UK Government Cybersecurity

malicious programs that can compromise

Breaches Survey revealed that 50% of

data. Viruses and malware are constantly

businesses had suffered a cyber-attack or

evolving, so it is crucial to also keep this

security breach in the previous 12 months.

protective software up to date.

This cybersecurity awareness month, cyber

Be caut ious of phishing- Phishing is a

protection experts from e-commerce hosting

common cyber-attack in which criminals use

provider Hypernode have highlighted the

deceptive emails, messages, or websites to

importance of cyber hygiene for UK

trick individuals into providing sensitive

businesses and revealed their key practices

information. It is by far the most common

for staying safe online as a business.

type of cybercrime, with 90% of businesses

What is cyber hygiene?

that have experienced at least one type of cybercrime falling victim to phishing.

Cyber hygiene can be explained as a set of

Awareness and caution around possible

practices to maintain system health and

phishing scams is crucial within all

security in relation to a business's online

businesses.

activities. Like physical hygiene, maintaining cyber hygiene entails a set of regular

Back up and encrypt data- Backing up

preventative measures.

important data and storing it securely will be helpful in the event of a data loss or

5 Key pract ices

ransomware attack. Particularly sensitive

Ant ivirus and ant imalware soft ware-

data, meanwhile, ought to be encrypted to

Installing antivirus and

ensure it can only be accessed by authorised

antimalware is an

parties.

obvious place to start for protecting against cyber 10

threats. These tools help detect

10

Businesses t to Enhance Secure Wi-Fi, st rong passwords, and MFA-

Milan Bosman, Commercial Director of

While seemingly obvious, these three simple

Hypernode, spoke regarding the tips:

steps, which are often neglected, are

?Warnings from experts, who have predicted

absolutely key to good cyber hygiene.

the rise in cybercrime in the UK, have

Unsecured Wi-Fi networks are vulnerable to

certainly been proven valid. Globally,

attack from cybercriminals who may

cybercrime is expected to surge 15%

intercept data or gain access to internal

throughout 2024, and 2023 government

systems. Similarly, weak passwords are

statistics already state that 32% of UK

susceptible to being hacked. Strong, unique

businesses experienced cyber-attacks at

passwords that are different for each online

least once a week. With this, the importance

account should be used. MFA (Multi-factor

of maintaining cyber hygiene continues to

authentication) adds a layer of security to

grow.

data and internal systems, keeping out anyone who should not be able to access

?With October being cybersecurity awareness

them.

month, it?s certainly a good time for businesses whose regulations are not up to

Educat ing all employees- Perhaps the most

date to review them and to ensure all staff

important point is that a business?s security

are adequately educated around threats to

is only as strong as its weakest link, and a

avoid breaches in security.?

cyber-attack can target any employee.

Providing cybersecurity training to all employees is crucial to ensuring the security of a business as a whole.

10

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££

££ £

£ £ £

12 12

Behavioral Finance: Understanding the Psychology Behind Investment Decisions Behavioral finance, a rapidly growing field

One of the key concepts in behavioral

within finance, examines the psychological

finance is loss aversion. This principle,

influences that shape investors?decisions,

identified by psychologists Daniel Kahneman

often leading to irrational financial choices.

and Amos Tversky, suggests that people feel

Traditional finance theories, such as the

ia acutely Th e Robotthan the the pain of losses Soph more

Efficient Market Hypothesis, assume that

pleasure of equivalent gains. For example,

investors are rational and markets are

losing £100 feels more painful than the

efficient. However, behavioral finance

pleasure derived from gaining £100. This

challenges this notion by highlighting

aversion to loss can lead investors to hold

cognitive biases and emotional influences

onto losing stocks longer than advisable,

that often drive investors?behavior away

hoping they will rebound, instead of cutting

from rationality.

losses and reallocating their funds. This behavior, known as the disposit ion effect , often results in significant financial setbacks 12

as investors wait for an unrealistic recovery.

13

"The best investment you can make is an investment in yourself.

The more you learn, the more you earn."

Warren Buffett

Another crucial bias in behavioral finance is

actions are not aligned with their individual

overconfidence. Many investors believe they

analysis or goals. For example, during market

can consistently beat the market due to their

bubbles, such as the dot-com bubble or the

research, intuition, or skill, even though

more recent cryptocurrency surge, investors

evidence suggests that consistently

tend to follow the crowd, assuming that if

outperforming the market is extremely

everyone else is investing, they must be

difficult. This overconfidence often leads

making a sound decision. However, this herd

investors to make overly risky bets, engage

mentality often leads to overpriced assets

in excessive trading, or ignore diversification

and significant losses when the bubble

principles, ultimately exposing them to

bursts. Herding can be highly detrimental as

significant losses. Overconfident investors

it leads to volatile markets and can cause

may also downplay the risks associated with

individuals to invest based on hype rather

volatile assets, leading to a portfolio that is

than fundamentals.

more fragile during market downturns.

In addition to these biases, anchoring plays

Herd behavior is another phenomenon in

a significant role in shaping financial

behavioral finance where investors follow

decisions. Anchoring occurs when investors

the actions of the majority, even if those

fixate on an arbitrary reference point, such 14

14

as a stock?s historical high price, and make

decisions more objectively. Many financial

decisions based on that reference rather

advisors now incorporate principles of

than the current market context. For

behavioral finance to help clients avoid

instance, if an investor sees a stock that was

these pitfalls, encouraging strategies like

once valued at £100 but has since dropped

diversification, long-term planning, and

to £50, they may view the lower price as a

regular portfolio reviews.

"bargain," even if the stock?s fundamentals

Understanding behavioral finance can

do not justify a recovery. This reliance on an

empower investors to make better financial

arbitrary anchor often clouds objective

decisions by acknowledging and managing

analysis, leading to misguided investments.

their psychological influences. Awareness of

Behavioral finance not only helps explain

these biases allows investors to recognize

why investors sometimes make irrational

emotional triggers and, ideally, make more

decisions but also provides tools and

rational, informed decisions aligned with

strategies to counter these tendencies. By

their financial goals, reducing the likelihood

becoming aware of biases like loss aversion,

of costly mistakes.

overconfidence, herd behavior, and anchoring, investors can approach their 14 15

16 16

How imposter syndrome and a lack of self- confidence can hold small businesses back It might come as a surprise that most of the

engines of the UK private sector, driving

UK?s income and employment is provided

growth and employing 16 million people.

not by the big national or multinational

As such, they?re vital to the economy. So it is

companies we all recognise but by what are

crucial that they are supported to survive

known as small and medium-sized

and grow with easy access to finance ? and

enterprises (SMEs).

this is even more important when there is

These organisations are businesses with

economic uncertainty. These businesses are

fewer than 250 employees and less than £36

often closely aligned with their founders ?

million in revenue. And for a business to

and the boundaries between the enterprise

specifically be considered ?small?, it will

and its people are usually more blurred than

often have 50 employees or fewer. These

in larger firms.

small businesses have been called the

Valery Emeson Lecturer in Business Management, Anglia Ruskin University 16 17

"... experts argue that human decision-making is often not rational but emotional."

Since the 2008/ 2009 financial crisis, the UK

In other words, finance is the backbone of

economy has been struggling to grow

business operations. So it is important that

continuously, creating uncertainty within the

small businesses get the finance they need

UK. Brexit and the COVID pandemic have also

so they can play their part in boosting

exacerbated the uncertainty many people

economic growth.

and businesses feel. And the recent budget

The good news is there are various routes to

hasn?t made things any easier for

finance. The government spends billions of

businesses, as many wonder how to deal

pounds supporting small businesses, and

with the coming tax changes.

the British Business Bank, set up to support

My ongoing doctoral research captures how

UK businesses, promotes various finance

Brexit uncertainty affected small businesses

options suitable for small enterprises. On

and sparked financial concerns. Being

top of that, some of the big UK banks like

financially constrained is not good for small

NatWest and HSBC also have products for

businesses for several reasons. When they

small businesses.

don?t have enough money, they don?t invest

As such, there appears to be a lot of funding

in staff or equipment, or they hold off on

available. However, my research found that

other investment plans. And with increased

many small businesses still don?t receive the

costs brought by rises in the national

finance they need. So what?s going wrong?

minimum wage and employers?national insurance contributions announced in the

Previous studies have found that small

budget, businesses may hold off pay rises or

business owners worry about the cost of

even recruitment.

borrowing, even from banks. The interest 18

18

rates can often be high due to uncertainty

influence business decisions. One

over the business?s profitability ? and to

participant in my research, for example, said

combat this banks can also ask for collateral

they were unsure how new Brexit restrictions

such as a home and valuable possessions.

would affect their business and so chose not

This clearly can be emotionally challenging

to apply for a loan.

for small business owners.

This interesting finding was also reflected in

And other experts argue that human

their finance mix (that is, the different

decision-making is often not rational but

sources of finance they seek). It?s not

emotional. It is these emotions I saw play

surprising then, that where a small business

out in my research.

owner feels borrowing is not a good thing, they will be more hesitant to apply for a

I observed that small business owners are

bank loan. They might, for example, try to

often driven by personal attitudes towards

secure government grants, which are far

finance rather than needs or circumstances.

harder to come by, or simply go without the money that could help them expand.

For instance, during the Brexit referendum, business owners?personal stances on the

The reasons for reluctance

issue interfered with some business decisions. This is partly because, for many

This reluctance to borrow is often linked to a

small businesses, the owner is not

phenomenon known as "discouragement?.

completely separate from the business.

This refers to situations where a business

Although they may be separate legal entities,

owner who could benefit from borrowing

the owner?s beliefs and attitudes tend to

refuses to borrow or even make a loan 18 19

application for fear of rejection. It is

expressed some level of discouragement.

common when the business owner has a bad

This reinforces how influential a person?s

credit history but it also affects those with

psychology is in their business

good credit ratings.

decision-making.

Previous studies have highlighted

So what?s the solution?

discouragement as a hindrance to the growth

One recommendation is for business owners

of small businesses, yet it continues to

to forge a better relationship with their bank.

present itself in today?s small business

This will move their relationship away from

owners.

one that is purely transactional. As banking

My doctoral study showed that imposter

expert Yongsheng Guo suggested, banks can

syndrome (where an owner might feel

see establishing a relationship as a way to

ill-equipped to apply for a loan, perhaps

improve their value to the customer. Bank

because of a lack of sufficient financial

managers should engage more with their

records) contributes to feelings of

small business clients to build trust and

discouragement with regard to loan

familiarity. Government can also implement

applications. Other factors that can feed in

targeted policies for small business to

include perceived discrimination (when

ensure that funds get to them.

someone feels discriminated against, even

This could lead to more bank loan

when there may be no discrimination), levels

applications and so more funding to small

of trust and familiarity, and limited financial

businesses. With more targeted support to

literacy. The challenge for small business

educate and signpost small businesses to

owners is that these psychological barriers

the financial support that is available to

can be difficult to pinpoint and address.

them, these vital businesses can play their

Interestingly, 70% of the small business owners that I interviewed for my research 20

full role in supporting the UK?s economic 20

growth.

0 12 4 8 2 0 8 8 4 5 s t e r it e c h e n g in e e r in g @g m a il .c o m

0 79 6 7 8 3 7 3 74 20 21

Four Ways to Optimise Your Supply Chain and Help Minimise Business Disruption credit to source: Cleveland Containers

From global shortages of materials to transport delays and lack of personnel, supply chains in the UK have experienced several issues in recent years, with at least 20% of businesses experiencing some sort of disruption.

93% of companies expect the pressure on supply chains in our country to persist throughout 2024, meaning their operations might suffer as a result. But the good news is

Plan carefully First things first, planning ahead and carefully is arguably one of the most critical segments to ensure a smooth supply chain process.

Hayley Hedley, Head of Commercial at Cleveland Containers, said: ?Planning in a timely fashion is crucial, especially when it comes to order fulfilment.

that, even if most organisations have made

?This is because it will allow you to prevent

necessary adaptions to limit problems with

potential issues with your logistics chain and

their supply chain, further steps can be

avoid delays that could leave you without

taken to enhance and refine the process.

the raw materials and products you need to

Cleveland Containers, a leading supplier of

seamlessly carry out your operations.

40 ft shipping containers in the UK, offers

"What?s more, if you fail to plan your orders

expert insight on the best ways to optimise

early, you may end up in a situation where

your supply chain, from investing in the right

you?ll have to ask for urgent deliveries ? and

technology to fostering collaboration.

22

22 added costs can rack up pretty quickly.

Focus

?Planning carefully includes looking at any

is important to extend a culture of open

potential process change, evaluating how it

communication with your suppliers and

might impact the flow of your supply chain

logistics providers. In fact, this can promote

and whether it might affect your bottom-line

a stronger sense of trust, improve

gains.

responsiveness to changes, eliminate

?This gives you the opportunity to prepare and account for worst-case contingencies.

confusion, and lead to a more fruitful relationship overall.

Hopefully, they will never happen ? but if

If you are using more than one supplier,

they do, you will have a plan of action to

communication and collaboration become

tackle them effectively and with confidence.?

even more essential. By staying in constant

Promote communicat ion and collaborat ion Communication and collaboration are the lifeblood of any organisation, as they create an environment where expectations are clear and everyone rows in the same direction.

In addition to fostering cooperation among various departments within your business, it

touch with all your suppliers, you can keep everything ticking as it should without the risk of delays or misunderstandings.

Take advantage of analyt ics tools Harnessing the power of data analytics is another great way to optimise your supply chain and give your business a competitive 22 edge.

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Focus

In a world where everything is connected, supply chains are the lifeblood of businesses.

For example, analytical tools allow you to

However, embracing innovations can have a

evaluate your sales figures, understand

wide range of benefits when it comes to

customer preferences, and predict future

improving speed and accuracy. For example,

demands.

blockchain technology can automate repetitive and physically draining processes,

Based on the data, you can then make more

increase visibility, and enhance

conscious and confident business decisions,

decision-making within the supply chain.

such as forecasting demand and recalculating inventory levels to suit both

What?s more, implementing specific software

your business and customers?needs.

can aid inventory management, allowing to track locations in real-time and facilitate

In short, analytics tools allow you to monitor

operations within the warehouse.

customer behaviour, keep your stock at appropriate levels, and contact your supplier

From planning in advance to promoting

with more accurate orders and requests.

collaboration, there are many steps you can take to optimise your supply chain and

Embrace technology

ensure your business is operating constantly at its best.

Technology can act as a much-loved friend in terms of streamlining processes and

So, despite the challenges of recent times,

optimising supply chains.

having a few handy tips can make the

Interestingly, almost half of UK businesses

all-important difference between struggling

(46%) are not yet relying on modern tech,

with disruptions and maintaining efficiency

such as AI, robotics, machine learning, and

at prime levels.

augmented reality, in their day-to-day activities.

24 25

Losin g it all Bankruptcy and bouncing back Facing bankruptcy can feel like t he end of t he road, but for many, it?s t he beginning of a powerful comeback story. In t his feat ure art icle, Craig Sergeant of Advance Copy Ltd, dives into bankruptcy, t he st igma, overcoming t he 'failure' of your business and bouncing back.

26 26

Feat ure

It can feel like a slow, steady suffocation.

The business had staked everything on that product, and now there wasn?t enough cash

Sales may start to dwindle. Debts might

flowing in. Lowe hoped her bank would help

surge. A global market crash could happen.

her find the way out, but it was too soon

A whole host of factors can converge, leaving

after the 2008 crisis, so they refused all

you looking deep into the void of business

support.

and financial oblivion.

The administrators were called in, Lowe was

Everything you?ve worked hard for,

bankrupt, and her house was taken away.

everything you care about, it slowly slips away... then it?s gone.

Looking back, Lowe tells the Guardian it was her ?lowest point.? She believed that her

And that might seem like the end of your

career was over with her ?reputation

business career. But is that really the case?

irreversibly damaged.?

Fr om h igh t o Low e

While it wouldn?t be the last the business

Way back in the first series of Dragon's Den,

world would see of Lowe, her reflections

there was a contestant called Rachel Lowe.

reveal two interesting aspects of

Though she had no joy on the show, Lowe?s

entrepreneurialism in the UK.

first venture, a board game series that

The first is how British society itself views

included Destination London, became a

failure (more on that shortly), and the

roaring success.

second is its devastating psychological effect.

At least, that was until a new product missed its launch date ahead of a vital Christmas period.

26 27

Celebrities who have filed bankruptcy during their careers. L - R : Chris Eubank, Katie Price, Christopher Biggins, Walt Disney, Lady Gaga, Mike Tyson, Kim Basinger, Will Smith, Donald Trump

Healt h im pact Research by Mental Health UK reveals that 80% of small business owners report symptoms of poor mental health. Split by gender, that?s 77% of male entrepreneurs And combined with this country?s social

and 86% female.

pressures and taboos around failure, it?s But the most concerning part is that despite

understandable that people in business feel

most active business owners admitting that

the strain.

they suffer, less than half of them (44%) have Fear an d st igm a

tried to get any sort of mental health support.

In the UK, there are around 5.5 million small businesses, most of which have the owner

Could this be a result of the insidious ?grind

as the sole employee.

culture? we see in films and on social media?

Is it even possible to work to excessive levels

The cold fact is that 20% of SMEs fail in the

while displaying constant positivity,

first year, with 60% doing so within three

resilience, and perfectionism? Especially

years. That means that at any given

when success is never a guarantee?

moment, millions bear the extreme stresses 28

28

of struggling finances. Take

Well, there might be some lessons to learn

ex-bookkeeping business owner

from our cousins across the Atlantic.

Victoria Pullen, for example.

Th e Am er ican w ay

Writing on her blog, Pullen recalls when her

There?s anecdotal evidence that people in

small business finally hit the wall.

the US are more likely than Brits to view

She?d spent the previous eighteen months

failed ventures as valuable learning

besieged by at least thirty calls a day from

experiences.

debt collectors. She was also too terrified to

On the surface, it seems a reasonable

open her front door in case bailiffs were

assumption, perhaps as a by-product of the

there, ready to recoup her debts of £45,000

concept of the American Dream ? the idea

by any means necessary.

that anyone can make it.

While declaring herself bankrupt helped

For example, the phrase "Fail fast, fail often,"

move her beyond such immediate fears,

generally attributed to the tech unicorn

Pullen admits that it ?felt like the end? and

companies of Silicon Valley in California,

like ?I?d be getting a massive ?You are a

promotes experimentation and risk-taking to

failure?sign tattooed on my forehead.?

drive innovation.

Pullen paints a picture that perfectly

Basically, make mistakes, learn from them,

encapsulates the UK?s stigma around failure.

go again, and repeat until you reach your

And it highlights that change needs to

goal.

happen. But where can we start?

28

29

"Success is not final, failure is not fatal: it is the courage to continue that counts."

Winston Churchill

As the billionaire founder of Amazon, Jeff

history of failure, recognising the value of

Bezos, says: "Failure and invention are

hard-earned experience. Needless to say, on

inseparable twins. To invent, you have to

these shores, that would be more likely to

experiment, and if you know in advance that

set alarm bells ringing.

it's going to work, it's not an experiment."

Granted, American bankruptcy laws allow ailing businesses to reorganise and continue operating, so failure as an option is ingrained in their system. That?s in stark contrast to the more punishment-led approach of the UK?s corporate laws.

So, it?s no wonder that Rami Cassis, founder and CEO of Parabellum Investments, recognises that British investors tend to be cautious, aiming to minimise risk.

Meanwhile, Americans typically enter negotiations with optimism, eager to find reasons to do a deal.

Cassis also says that US investors are also more willing to back entrepreneurs with a

30

St ar t again Bankruptcy has affected some of the biggest names in the world. But their public financial fiascos can be useful for business owners to observe and draw lessons from.

Here in the UK and Ireland, people as different as George Best (footballer), Christopher Biggins (actor) and Peter Stringfellow (?nightclub? owner) ran up exorbitant debts ? whether through overspending, bad investments or trusting the wrong people.

But the important point is that they all managed to rebuild. In fact, Stringfellow?s empire was reportedly worth £30 million at 30 the time of his death.

Feat ure

Plus, those lenient US bankruptcy laws have

They learned from their mistakes and

been used by none other than the actual

channelled their experiences into innovation

current President of the United States of

and reinvention.

America, Donald Trump. Not only that, but

Just like Rachel Lowe from earlier, the former

he?s also done it a whopping six times.

Dragon's Den contestant. After her board

?I do play with the bankruptcy laws,? says

game business collapsed, she returned with

Trump. ?They're very good for me.?

a lifestyle company, She Who Dares, followed by another games company. She was even

Like him or not, there?s something to take

awarded an MBE.

from that.

So, what?s Lowe?s advice on bouncing back?

Bou n ce back

?Giving up completely is where you'd be

To fail in business isn?t fatal. Yes, it hurts. And

failing,? she says. ?Be realistic about the

while it?s happening, it may seem impossible

situation [...] try to ride the wave and don't

to come out of it on the other side. But it?s

expect recovery to come overnight. Also,

not the end.

keep sight of what's most important in life.?

Most entrepreneurs who?ve been through a

Business is business, and bankruptcy is not a

business failure and bankruptcy will admit

reflection of you and your personal worth.

that it was terrible to experience. But they

So, if you face a setback, remember that a

tend to look back on it as one of the best

fall isn?t a failure so long as you rise again.

things that happened to them.

30

31

C- Suite Burnout: Is Your Business Encouraging Sabbaticals?

In today?s fast-paced corporate world, the

David Banaghan, Interim CEO at recruitment

wellbeing of C-Suite employees is

software experts: Occupop said: ?With 20% to

increasingly under threat.

50% of employee turnover a result of burnout, burnout is a pressing concern for

According to a landmark study by Deloitte,

businesses and HR departments in

70% of C-Suite executives interviewed were

particular.

at risk of burnout and considered moving to organisations that offer better workplace

?One option to combat this could be the use

cultures.

of sabbaticals which can have restorative health benefits while improving your

This alarming statistic raises fresh questions

internal staff retention statistics.?

about how businesses can improve their wellbeing support to help retain staff and

We explore how businesses can enhance

precent burnout.

their wellbeing initiatives, with a particular focus on the benefits of sabbaticals.

David Banaghan 32

Co-Founder and Interim CEO at Occupop 32

The importance of C-Suite wellbeing

Can sabbat icals be a powerful tool?

As the highest management level in any

One of the most effective ways to support

given organisation, C-Suite executives are

the wellbeing of C-Suite executives is

often the driving force behind a company?s

through sabbaticals. A reported 90,000 UK

strategic vision and long-term success.

professionals are estimated to take a career break each year with a further 62% saying

Despite this, C-Suite wellbeing can often be

they?d take one if it were an option.

overlooked with 73% of C-Suite reporting they don?t feel able to take time off work

Historically, sabbaticals have been rare

and fully disconnect.

outside of academic professions, yet businesses are starting to embrace their

While 20% of UK workers experience

benefits: affording executives the

burnout, it can be particularly detrimental at

opportunity to recharge and return with

executive level because it affects not just the

renewed energy and a greater sense of

individual, but also the entire organisation.

perspective.

Stressed and overworked leaders may

The benefits of sabbaticals are

consequently struggle to make clear

well-documented. In the UK, 50% of

decisions, foster innovation and effectively

respondents who took sabbaticals did so

guide their teams. Over time, this can erode

relieve stress: 43% of which reported

company culture and employee morale,

improved mental health as a result.

leading to higher turnover rates and a decrease in overall performance.

For executives, a sabbatical offers a rare chance to reflect on their personal and

To mitigate these risks, businesses need to

professional goals, explore new ideas and

take proactive steps to support the

gain fresh perspectives. This period of

wellbeing of their executives. By doing so,

reflection can lead to greater clarity in

they can retain top talent, ensure long-term

decision-making, improved leadership skills

leadership stability and create a more resilient organisation.

32

and a deeper commitment to their role.

33

"...burnout at executive level affects not just the individual but also the entire organisation."

Encouraging sabbat ical uptake

The policy should outline the eligibility criteria, duration of the sabbatical, and any

Despite some clear benefits, many

expectations around communication and

executives may ? understandably ? be

workload management during the break.

hesitant to take sabbaticals. When asked why C-Suite executives were reluctant to take

By providing a structured framework,

time off, 24% reported having too much work

companies can make it easier for executives

to do while 22% questioned whether others

to plan their sabbatical and feel confident

would be able to cover for them while away.

that their absence will not negatively impact the business.

Businesses can play a crucial role in encouraging sabbatical uptake by addressing

Promote t he benefit s

these concerns and fostering a culture that

Businesses can promote the mental and

values and supports employee wellbeing at

physical health benefits of taking an

all levels.

extended break through internal

Here are some practical tips to encourage

communications, wellness programs and

uptake:

workshops.

Create a sabbat ical policy

By highlighting the positive impact that a sabbatical can have on stress levels,

If you are considering employing a

companies can make a case for why

sabbatical policy, be clear around what

executives (who may be silently suffering)

expectations are. Having a clear and

should open-up and prioritise their

well-communicated sabbatical policy is the

wellbeing.

first step in encouraging executives to take time off.

34 34

Provide support for roles in t ransit ion

companies can help alleviate the anxiety around taking a sabbatical.

Clearly, not all businesses will be set up to allow for sabbaticals and this may only be

Conclusion

done in exceptional circumstances. One of

In an era where nearly 70% of C-suite

the main concerns around sabbaticals will

executives are considering leaving their

be how responsibilities are managed in an

organisations for better wellbeing support,

employee?s absence.

businesses cannot afford to ignore the

To address this, businesses can provide

importance of executive health.

support in the form of succession planning,

A sabbatical may be an effective means of

cross-training or interim leadership

addressing this and is not just beneficial for

appointments.

the individual ? but your organisation as a

By ensuring that there is a clear plan in

whole.

place for managing the executive?s duties,

34 35

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Four Ways Businesses Can Attract and Retain a Multi-Generational Workforce

Credit to source: Leisure Lake Bikes

Today?s workforce is the mostage-diverse

Tailored Recruit ment St rategies

ever witnessed, with four, sometimes five,

When it comes to attracting talent,

generations working side by side, ranging

businesses need to adopt targeted

from Baby Boomers to Gen Z. While the

recruitment strategies that appeal to

diversity in people's backgrounds and skills

different generations.

can be really valuable, it also presents challenges for businesses looking to attract,

For younger generations, job searching starts

engage, and retain talent across different

online, and they often rely on platforms like

age groups.

LinkedIn, Glassdoor, and even TikTok. Companies should invest in a strong online

In an era of ongoing talent shortages,

presence, highlighting their culture and

companies that effectively foster an

values through social media, employee

inclusive environment for employees at all

testimonials, and videos that show what life

stages of their careers will thrive. But how do

is like inside the company.

you create an employee experience that works for everyone?

To engage Gen Z, emphasise career growth and development opportunities. Highlight

Here, we?ll look at ways businesses can

mentorship programmes, training and

attract and retain multi-generational

development, and lateral career paths that

workforce.

offer variety and challenge.

38

38

For older generations, focus on job stability,

fresh perspectives can foster a more

retirement benefits, and opportunities to

cohesive workplace.

mentor younger employees. Many Baby

By offering flexibility, businesses can attract

Boomers want to stay active in the

and retain a broader talent pool. Gen Z and

workforce, but they may be more selective

Millennials might want remote work options

about where they choose to work based on

or non-traditional hours, while Baby

the company?s culture and respect for their

Boomers might value phased retirement

expertise.

plans or reduced hours.

Creat ing a Cult ure of Inclusion

While Millennials and Gen Z value

Inclusivity is a fundamental part of retaining

continuous feedback and recognition, older

a multi-generational workforce, with

generations appreciate structured

employees being more engaged and

performance reviews. Having a blend of

satisfied when they feel seen and valued.

informal check-ins and more formal evaluation methods ensures everyone feels

By encouraging collaboration between

supported.

generations businesses can break down stereotypes and allow employees to learn

Wellness St rategies for Everyone

from each other. Initiatives like

Employees expect companies to care about

cross-generational mentorship programmes

their mental, physical, and emotional health.

or project teams that mix experience with 38

However, different generations have 39

"Different generations have different strengths. By combining them, we can achieve more than we ever could alone."

Anne Mulcahy

different wellness needs, so companies need

Millennials and Gen Z are eager to learn and

to offer a range of wellness programmes that

advance in their careers.

cater to this.

Also, mentorship programmes, pairing

Ben Mercer of Leisure Lakes Bikes, the UK's

younger employees with seasoned

leading mountain bike supplier, says: ?One

professionals, can create a culture of learning

great way to promote wellness for employees

and knowledge transfer. Younger generations

of all ages is the Cycle to Work scheme. Not

benefit from the wisdom of experience, while

only does it encourage people to stay active

older employees stay connected to the

but also helps the environment and allows for

fast-changing work landscape.

tax-free savings on bikes and accessories,

In today?s talent-short market, it?s not just

meaning younger employees can save money

about hiring people? it?s about creating an

and help the environment, while older

environment where everyone can thrive, no

employees can benefit from staying active.?

matter what stage of life they?re in. By

Invest ing in Cont inuous Learning

offering tailored recruitment strategies, cross-generational collaboration, wellness

Continuous learning is essential to keeping

initiatives, and continuous learning

employees engaged and motivated,

opportunities, businesses can engage

regardless of age. Baby Boomers and Gen X,

employees at every stage of their careers.

for example, may want to keep their skills relevant as the workforce evolves, while

40 40

40 41

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