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Adapt or die?

Howchangemakes or breaks abusiness 1

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Inside this edition Click a headline to jump to an art icle

Feature Adapt or die? How change makes or breaks a business

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Discover the stories behind three of history's biggest change management gains and gaffes.

News 16 Crucial role for IMF and World Bank in trade conflicts and climate crisis 22 32 Demand grows for apprenticeships grows across science sector Report : "shockingly high" number of children in poverty in working families 35 Regional: West Cumbrian teens mean business 38 Regional: World's best lifestyle franchise revealed 44 Chelmsford coding leader recognised for breaking STEM barriers 47 ACG Group leads ?12.5M note issuance for UK digital media reacquisition financing 59 60 Specialist MarComms agency becomes employee-owned trust 65 Regional: Fluid expands team with major appointment 66 Small business growth forecasts fall for first time since July 2024 TUC: Women bearing brunt of exploitative zero-hours contracts

Focus Will Labour's plan for growth actually work?

DeepSeek: What you need to know about China's AI disruptor Britain's unearned wealth balloons: modest capital tax could prevent austerity Low overheads, big potential: why a home-based franchise makes sense Pockets of optimism remain in recruitment Growth of private markets requires continued focus on valuations What could Trump's US mean for UK businesses?

Job description red flags businesses should avoid when hiring

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Focus

W ill Lab o u r ?s p lan f o r g r o w t h ac t u ally w o r k ?

Tw o e c o n o m is t s r e s p o n d

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Phil Tomlinson Professor of Industrial Strategy, Co-Director Centre for Governance, Regulation and Industrial Strategy (CGR&IS), University of Bath

David Bailey Professor of Business Economics University of Birmingham

The UK chancellor Rachel Reeves says the

She reaffirmed, for example, a commitment

Labour government will go ?further and

to reforming the UK?s antiquated planning

faster? to kick-start the British economy.

laws for residential and commercial building.

Economic growth ? to raise living standards

And there was a big emphasis on public

and fund public services ? is apparently a

investment, which is to rise to 2.6% of GDP

core mission of this government.

over this parliament, compared to the

Yet since the general election last July, this

previous government?s plans of 1.9%.

growth has proved elusive.

Airport expansion at Heathrow (and to a

In fairness, the UK economy been pretty

lesser extent, Luton and Gatwick) aims to

stagnant for a long time. And as Reeves

enhance global connectivity and increase

sometimes mentions, she arguably inherited

trade and investment, especially with

the worst set of economic circumstances

emerging economies.

since 1974.

But those plans, which run counter to the

Nevertheless, the government has been

government?s net zero goals, unsurprisingly

guilty of some major own goals. The

sparked the ire of environmental

means-testing of winter fuel payments drew

campaigners, as well as some senior Labour

derision, while the public framing of a

MPs and party donors.

?painful? budget in October 2024 dented

They may also widen the UK?s regional

business and consumer confidence.

inequalities, drawing more investment and

So after a difficult first six months in office,

economic activity to the south-east. The

the chancellor?s big speech on January 29

same goes for the notion of building

was an opportunity for a major economic

Europe?s ?Silicon Valley? between Oxford and

reset. And there were some signs of encouragement.

4

Cambridge.

That said, some other regions may benefit 5

6

Focus from announcements, which included a £28

Yet despite the government perhaps

million investment in Cornish Metals (for

adopting a more conciliatory tone with the

materials for solar panels and wind

EU, there are frustrations with the UK?s ?red

turbines), and £63 million for advanced fuels,

lines,? such as a refusal to agree to a scheme

which should bring more high-skilled jobs to

that would make it easier for young EU

areas like Teesside. There were also plans for

citizens to travel, work and study in the UK,

housing and commercial redevelopment

and for young UK nationals to do the same

around Old Trafford in Manchester.

in EU member states.

Some of these projects will form part of the

Execut ion

government?s new industrial strategy, which

And while the chancellor?s speech

is expected in the spring.

highlighted the government?s long-term

Red tape rest rict ions

ambitions for growth, there was little to

One word to look out for when that strategy

address current weaknesses quickly.

is unveiled is ?Brexit,? which continues to

For despite a change to Labour?s

act as a drag on the UK?s growth. Yet in her

self-imposed fiscal rules last autumnn, the

speech, while Reeves used the ?growth?

government still faces significant public

word more than 50 times, she mentioned

borrowing constraints. This will restrict the

Brexit just once.

amount of investment required to

It deserves much more attention. For

fundamentally transform public

investment in the UK has been lacklustre

infrastructure, without major private sector

since the 2016 referendum, and research

support.

shows that post-Brexit red tape has

And planning reforms, infrastructure

hampered exports, especially for smaller

projects, and new trade deals all take time

firms. Overall, the UK?s exports of goods are

and face political, legal and logistical

down by 9% since 2020, while similar

hurdles. This will also delay growth.

economies have seen their exports rise

Labour?s ambitions for a more pro-growth,

by 1%.

pro-business agenda mark a positive shift,

The chancellor has previously suggested a

at least in tone. But actual, visible, tangible

Brexit ?reset,? and there may be a future deal

growth depends on execution. This in turn

to ease some Brexit agri-food trade barriers.

depends on private sector money,

Reeves has also floated the possibility of the

overcoming bureaucratic hurdles, and

UK joining a ?Pan-Euro?customs zone.

cutting the Brexit red-tape that continues to

Other moves that might help UK

hamper trade with the EU.

manufacturing include a bill that would

Without effective action across the board,

allow the government to keep pace with new

including immediate fiscal stimulus, the

EU product safety regulations, and anything

chancellor?s words may begin to sound a

else which avoids new administrative costs

6 little hollow if the mission for growth soon

for businesses.

starts to look like mission impossible.

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Adapt or die?

Howchangemakes or breaks abusiness

10

Feat ure In this edition, Craig Sergeant of Advance Copy shares the stories behind three of business history?s biggest change management gains and gaffes.

Picture this. One evening, sometime during

Debbi is crushed with embarrassment. Tears

the 1970s in Oakland California, two young

stream down her cheeks. But as soon as it

married couples share dinner in a beautiful

feels like an emptiness opens inside, an idea

home.

starts to form. A realisation. She hears her

Maybe there?s a lot of dark wood panelling.

It?s likely there?s plenty of denim. And almost certainly, beneath the scent of the

father?s soothing voice in her head. He reminds her of his old saying: ?Wealth means doing something you love.?

homecooked meal, there?s a layer of

She recalls: ?And what I loved was cookies.

lingering cigarette smoke.

So, that night, I gathered myself together and

Tonight?s hosts are an affluent businessman

set out to become a somebody.?

and his wife. He?s a brand-new client of a

Debbi starts a cookie company called Mrs

fledgling investment firm ran by their guest,

Fields. Within a few decades, it?s valued at

Randall Fields. It?s a night of talking finances,

$450 million. Today, it?s even more.

deals, strategy. Proper Grown-Up Stuff.

It?s also a night of getting to know each other on a human level. Randall introduces his young wife, Debbi, and talk turns to her.

Inevitable Now, while that story reflects certain attitudes and behaviours that are hopefully consigned to history, it shows how turning

The host asks, ?What do you do??

points can happen to anyone at any time.

Coming from a humble background and after

Fuelled by the desire to prove the world (and

a few years working as a ballgirl for the baseball team, the Oakland Athletics, Debbi is now a happy housewife who loves baking cookies. She replies: ?Oh, I?m just trying to get orientated.?

For the host, this clearly does not do.

Without a word, he gets up and takes a huge leather-bound dictionary off the shelf. He thrusts the book at Debbi and sneers, "The word is oriented. If you can't speak the English language, you shouldn't speak at all."

10 Credit: Joni Hanebutt / Shutterstock.com

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her husband?s client) wrong, Debbi completely changed the course of her life and livelihood.

In business, such levels of major change are inevitable and come in many forms. At any one time, you could deal with demands as disparate as staff turnover, shifting consumer tastes or low confidence in the global economy ? all while trying to keep your business moving forwards.

So, how?s it even possible to manage change when so much of it is out of our control?

At the risk of slightly oversimplifying complexity, it boils down to being proactive or reactive ? and timing it right.

Moment Formed in 1892, Kodak spent more than a century as the industry leader, building an empire based on photographic film.

The company?s global success meant that even its marketing slogan, ?Kodak moment,? became a part of people?s everyday language.

Whenever something significant, interesting or funny may have happened, that was a Kodak moment ? the perfect opportunity to take a picture.

But in the final quarter of the 20th century, a new threat to their dominance loomed: technology.

In Kodak?s favour, they were always proactive.

They invested huge sums into research and development. They had stunningly accurate market assessments into the risks and opportunities they faced.

And despite an internal report in 1981 giving them ten years to start pivoting to becoming 12

Feat ure a digital-first company, Kodak remained resolute in its commitment to photographic film.

So instead, it made baffling products like a film-based camera that showed previews on a digital screen. A sort of Frankenstein?s monster that pleased nobody ? why bother with film on a digital camera? Obviously, it bombed.

Eventually, inevitably, Kodak came crumbling down, filing for bankruptcy in 2012.

From our present-day vantage point and with the benefit of hindsight, it?s easy to scoff at such demise and lack of foresight. Their proactivity in R&D meant they were perfectly positioned to survive and thrive through what would turn out to be humankind?s fastest period of technological advancement.

But when organisations are on top for so long, they grow to enormous sizes, which makes it extremely difficult to change course.

And when a threat is something brand new, like technology, it?s almost impossible for the swathes of decision makers, stakeholders and shareholders to understand it, let alone agree to the wholesale changes that would save them before it?s too late.

It?s only natural for people to understand what they already know ? in Kodak?s case, it was the moneymaker: photographic film.

But it all could have been so different. After all, the first ever digital camera arrived in 1975. The company that invented it?

Kodak.

Adapt 12

Not every business blunders in the face of 13

Business

change, though.

his team started with the output ? video ?

When was the last time you went on

and then attempted to reverse-engineer

YouTube? Probably quite recently, right?

a concept.

In fact, you might even be on YouTube ?

?We always thought there was something

whether starring in your business?s promo

with video there, but what would be the

videos or as a personality in your own right.

actual practical application?? he said. ?We thought dating would be the obvious choice

But did you know that YouTube was, in its

[but] the whole thing didn?t make sense.?

original guise, a dating site?

Rather than continue to push a failing The idea was for people to upload videos of themselves to appeal to others. The site even had a strapline: ?Tune in. Hook up.?

Co-founder Steve Chen revealed how he and

venture just because they?d already invested heavily in it (a psychological phenomenon called the sunk-cost fallacy), the team at YouTube made a decision to open video 14 09 Page

uploads to everyone and see what happens.

It?s a fine balance trying to remain ready for

Success.

anything while avoiding the latest craze or snake oil (remember the metaverse?).

The fast pivot allowed users to drive YouTube?s direction, turning it into the

While the examples we?ve looked at have

video-sharing platform we use today ? the

focused on large American companies, the

second-most used website on the planet.

ways to deal with change are universal.

Not before the team sold it to Google in 2006

Whether you choose to innovate, diversify,

for $1.65 billion, mind.

change course or remain the same, you need to time it right to avoid your own Kodak

Choice Of course, that?s not to say that a business needs to change for the sake of it.

moment. But how?

You just have to get orientated. Or oriented.

14 Same thing.

Words: Advance Copy

Image credit: Alex Yeung/ Shutterstock.com

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TUC: Women ar e ?bear ing the br unt? of exploitative zer o- hour s contr acts

The TUC has warned that women are bearing

For example, there are nearly twice as many

the brunt of exploitative zero-hours

women working as waiters compared to men

contracts which are ?hindering progress

? a profession where 33% of the workforce is

towards gender equality.?

on zero-hours contracts.

New analysis by the union body reveals that

And three-quarters of care workers, the

women are nearly a third more likely to be

occupation with the second highest number

on zero-hours contracts than men.

of zero-hours contracts, are female.

The analysis also shows that:

BME and disabled women among most

-

-

Women are overrepresented in eight

affected groups

of the ten occupations with the

Analysis by the union body shows today that

highest number of workers on

BME women and disabled women are

zero-hours contracts

among the groups most affected by

Women are also more likely than men

exploitative zero-hours contracts:

to be stuck on exploitative zero-hours

-

-

BME women are 103% more likely than

contracts for longer than one year

white men to be on zero-hours

(69% compared to 64%).

contracts.

On average, women on zero-hours

-

Disabled women are 49% more likely

contracts earn nearly £10 less an hour

than white men to be on zero-hours

compared to men not employed on

contracts.

zero-hours contracts.

Lack of cont rol and low pay The union body says this stark gender divide is partly the result of women tending to be employed in sectors characterised by high levels of insecurity and high prevalence of

The union body warns that zero-hours contracts also come with a significant pay penalty.

zero-hours contracts, such as social care

TUC analysis shows the average zero-hours

and hospitality.

contract working woman typically earns 16

News around £10/ hour less (£11.80 an hour) than

the UK are meeting on 5-7 March for Women

the average man not employed on a

Conference at Congress House, London.

zero-hours contract (£21.20). But the impact

Delegates attending the annual event are

on pay doesn?t stop here.

discussing issues including the rise of the far

The TUC says zero-hours contracts give

and populist right and misogyny in

employers complete control over workers?

workplaces; women?s health at work, and

hours ? and therefore pay ? meaning

tackling sexual harassment.

workers don?t know how much they will

Among the many challenges women in work

work and earn each week.

face, this year the Conference is also

The union body argues that this makes it

celebrating the opportunities that the

hard for workers to plan their lives, budget

Government?s landmark Employment Rights

and look after their children.

Bill will bring to working women.

And it makes it harder for workers to

TUC General Secretary Paul Nowak said:

challenge unacceptable behaviour by

?Everyone deserves security at work. But

bosses because of concerns about whether

exploitative working practices ? like

they will be penalised by not being allocated

zero-hours contracts ? are holding many

hours in future.

people back.

The t ransformat ional potent ial of t he

?As ever, women workers are bearing the

Employment Right s Bill

brunt. They are more likely to be

The TUC says the Employment Rights Bill ?

concentrated in sectors with endemic levels

set to soon return to Parliament for Report

of insecure work.

stage ? will play a crucial role in securing

"The Employment Rights Bill will bring

gender equality in UK workplaces, as it will:

forward common sense reforms to deliver more secure jobs for zero-hours contract

-

Ban exploitative zero-hours contracts ? including introducing right to notice

workers and help bridge the gap in pay and rights between men and women.

of shifts and compensation for shifts cancelled at short notice.

"Those defending the broken status quo are

Secure access to sick pay from

opposing access to better jobs for women

day-one.

across the country."

Give all workers a day-one right to

On agency workers being included in the

flexible work.

zero-hours ban, Nowak said: "The

Introduce mandatory action plans to

government is right to close this loophole. To

close the gender pay gap.

properly crack down on exploitative

Introduce fair pay agreements in

zero-hours contracts, agency workers have to

social care.

be included. Agency workers will now benefit

About Women?s Conference

from more security over their working hours

-

300 women trade union activists from across

16 and better protections from bad

working practices.?

17

DeepSeek: what you need to know about t he Chinese firm disrupt ing t he AI landscape St uart Mills Assistant Professor of Economics, University of Leeds Richard Whit tle University Fellow in AI and Human Decision Making, University of Salford

Before January 27 2025, it?s fair to say that

unverified) to be as low as US$6 million,

Chinese tech company DeepSeek was flying

which has both financial and geopolitical

under the radar. And then it came

effects. China is subject to US sanctions on

dramatically into view.

importing the most advanced computer

Suddenly, everyone was talking about it ?

chips. But the fact that a Chinese startup has

not least the shareholders and executives at

been able to build such an advanced model

US tech firms like Nvidia, Microsoft and

raises questions about the effectiveness of

Google, which all saw their company values

these sanctions, and whether Chinese

tumble thanks to the success of this AI

innovators can work around them.

startup research lab.

The timing of DeepSeek?s new release on

Founded by a successful Chinese hedge fund

January 20, as Donald Trump was being

manager, the lab has taken a different

sworn in as president, signalled a challenge

approach to artificial intelligence. One of the

to US dominance in AI. Trump responded by

major differences is cost.

describing the moment as a ?wake-up call?.

The development costs for Open AI?s

From a financial point of view, the most

ChatGPT-4 were said to be in excess of

noticeable effect may be on consumers.

US$100 million (£81 million). DeepSeek?s R1

Unlike rivals such as OpenAI, which recently

model ? which is used to generate content,

began charging US$200 per month for access

solve logic problems and create computer

to their premium models, DeepSeek?s

code ? was reportedly made using much

comparable tools are currently free. They are

fewer, less powerful computer chips than the

also ?open source,? allowing anyone to poke

likes of GPT-4, resulting in costs claimed (but

around in the code and reconfigure things as 18

Focus

they wish.

companies ? OpenAI, Meta, Google ? have

Low costs of development and efficient use

been struggling to commercialise their

of hardware seem to have afforded

models and be profitable.

DeepSeek this cost advantage, and have

Until now, this was not necessarily a

already forced some Chinese rivals to lower

problem. Companies like Twitter and Uber

their prices. Consumers should anticipate

went years without making profits,

lower costs from other AI services too.

prioritising a commanding market share (lots of users) instead.

Art ificial invest ment

And companies like OpenAI have been doing

Longer term ? which, in the AI industry, can

the same. In exchange for continuous

still be remarkably soon ? the success of

investment from hedge funds and other

DeepSeek could have a big impact on

organisations, they promise to build even

AI investment.

more powerful models.

This is because so far, almost all of the big AI

These models, the business pitch probably

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Business goes, will massively boost productivity and

a slight bounceback in Nvidia?s stock price, it

then profitability for businesses, which will

appears to have settled below its previous

end up happy to pay for AI products. In the

highs, reflecting a new market reality.)

mean time, all the tech companies need to

Nvidia and ASML are ?pick-and-shovel?

do is collect more data, buy more powerful

companies that make the tools necessary to

chips (and more of them), and develop their

create a product, rather than the product

models for longer.

itself. (The term comes from the idea that in

But this costs a lot of money.

a goldrush, the only person guaranteed to

Nvidia?s Blackwell chip ? the world?s most

make money is the one selling the picks

powerful AI chip to date ? costs around

and shovels.)

US$40,000 per unit, and AI companies often

The ?shovels? they sell are chips and

need tens of thousands of them. But up to

chip-making equipment. The fall in their

now, AI companies haven?t really struggled to

share prices came from the sense that if

attract the necessary investment, even if the

DeepSeek?s much cheaper approach works,

sums are huge.

the billions of dollars of future sales that

DeepSeek might change all this.

investors have priced into these companies may not materialise.

By demonstrating that innovations with existing (and perhaps less advanced)

For the likes of Microsoft, Google and Meta

hardware can achieve similar performance, it

(OpenAI is not publicly traded), the cost of

has given a warning that throwing money at

building advanced AI may now have fallen,

AI is not guaranteed to pay off.

meaning these firms will have to spend less to remain competitive. That, for them, could

For example, prior to January 20, it may have

be a good thing.

been assumed that the most advanced AI models require massive data centres and

But there is now doubt as to whether these

other infrastructure. This meant the likes of

companies can successfully monetise their

Google, Microsoft and OpenAI would face

AI programmes.

limited competition because of the high

US stocks make up a historically large

barriers (the vast expense) to enter

percentage of global investment right now,

this industry.

and technology companies make up a

Money worries

Soph ia Th e Robot historically large percentage of the value of

the US stock market. Losses in this industry

But if those barriers to entry are much lower

might force investors to sell off other

than everyone thinks ? as DeepSeek?s

investments to cover their losses in tech,

success suggests ? then many massive AI

leading to a whole-market downturn.

investments suddenly look a lot riskier.

Hence the abrupt effect on big tech share prices.

And it shouldn?t have come as a surprise. In 2023, a leaked Google memo warned that the AI industry was exposed to outsider

Shares in chipmaker Nvidia fell by around

disruption. The memo argued that AI

17% and ASML, which creates the machines

companies ?had no moat? ? no protection ?

needed to manufacture advanced chips, also

against rival models. DeepSeek?s success

saw its share price fall. (While there has been

may be the proof that this is true.

Page 12

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21

Crucial Role for IMF and World Bank in trade conflicts and climate crisis

A former IMF Director and Nyenrode Business

the IMF and Professor at Nyenrode Business

University professor calls for a new Bretton

University, in his emeritus lecture

Woods to prevent economic fragmentation.

in February.

International relations are shifting, with

Economic and political tensions are

far-reaching consequences.:

escalating, the global economy is fragmenting, and climate change is having an increasingly significant economic impact.

?Firstly, we are witnessing increasing fragmentation of the global economy, where countries prioritize their own interests over

The world stands at a crossroads where the

international cooperation.

International Monetary Fund (IMF) and the World Bank can ? and must ? play a crucial role in safeguarding a financially stable global economy.

This is the central argument of Prof. Dr. Paul Hilbers, former Dutch Executive Director at

"This can lead to trade restrictions, political tensions, and a weakening of the global economy as a whole.

"Secondly, we face the growing economic consequences of climate change, including failed harvests, rising sea levels, and 22

News wildfires, which cause significant economic

and World Bank.:

damage,? says Hilbers.

?The two institutions have a global membership, a broad economic and financial

He compares the current situation to that of

mandate, and a strong reputation. Effectively

1944 when the Bretton Woods Agreement

executing this mandate in the current

was established. This agreement created a

uncertain circumstances is of great

new international monetary system, leading

importance. In addition to the tools they

to the formation of the IMF and the World

already have for stabilizing the

Bank.

macroeconomy, the IMF and World Bank can

?It?s crucial to remember that the opening of

also play a significant role in addressing

the global economy has raised living

climate change and mitigating its economic

standards worldwide, reduced extreme

impacts. This includes advising countries on

poverty, and increased prosperity and

sustainable economic policies and assisting

stability. We need a new Bretton Woods

in the transition to a green economy. They

moment to avoid taking the wrong path

can also support climate adaptation by

too easily.?

financing climate-resilient infrastructure and

Hilbers envisions a pivotal role for the IMF

offering guidance on climate investments."

For more information, visit www.nyenrode.nl. To talk to Prof. Dr. Paul Hilbers, please contact Chloë Lane at BlueSky Education at chloe@bluesky-pr.com.

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Britain?s unearned wealth has ballooned: a modest capital tax could help avoid austerity and boost the economy

Stewart Lansley Visiting Fellow, School of Policy Studies, University of Bristol

Inheriting the worst set of public finances for

Bank of England, Andy Haldane, has warned,

decades, Labour was always going to face an

further spending cuts would be ?deeply

uphill struggle trying to fund improvements

counterproductive.?

to the UK?s public services.

One solution for avoiding ongoing austerity

Inflated debt and recent hikes in the cost of

lies in raising a higher proportion of taxes

borrowing mean the government is faced

from assets. For despite the UK enjoying a

with stark choices. For it will be difficult to

long personal wealth boom, little of this

meet the Chancellor?s own tight fiscal rules

boom is the result of new wealth creation or

without further tax rises or cuts in

higher productivity.

public spending.

Much of it is unearned. Some is the product

But as the former chief economist at the

of corporate wealth extraction, where 24

24

25

Focus dividend payments and personal fortunes

contribution to the public purse.

have have been prioritised over the

This is a fundamental flaw of the tax system,

long-term health of a company. Some

which does little to dent the growing

privatised water firms, for example, have

concentration of wealth owned by the few.

been turned into cash cows for their owners.

Through political inertia, the tax system has

Another large part of British unearned

failed to catch up with the growing

wealth is the product of state-induced asset

importance of wealth over income.

inflation. Since 1999, house prices in England have risen almost three times faster than incomes.

This kind of asset inflation is a classic

Inherit t he eart h?

The fallout from the low taxation on wealth is well illustrated by the role of inheritance.

example of ?passive accumulation.? Or, as

Levels of wealth passed on after death in the

the 19th-century philosopher John Stuart

UK have been rising sharply. Over the next

Mill described it, getting rich in your sleep.

three decades, some millennials are

As a result, household wealth currently stands at over six times the UK?s GDP. It was three times in the 1970s.

Yet while Britain is asset rich, its tax system is heavily based on earnings from work.

Taxes on income from dividends, capital gains and inheritance make a tiny

expected to inherit a staggering £5.5 trillion, dwarfing all previous transfers of wealth between generations.

The lion?s share of this transfer will go to the most affluent. The lifetime wealth of those with parents in the richest fifth will see their wealth grow by 29% ? compared with 5% for

Ink Drop / Shutterstock.com

26

Focus those born to the poorest fifth.

to raise revenue through the first option,

This will only intensify the reproduction of

from both inheritance and capital gains tax.

the wealth divide of the past.

But these were too modest to alter the overwhelming dominance of tax on earnings.

Extension

A more fundamental shift would be to

Extending the tax base is not just about

reform the existing system of council tax

fairness or revenue raising. Asset holdings

with a larger number of tax bands at the top.

are often little more than unused resources,

Still based on 1991 property values, this is

while big inter-generational wealth transfers

perhaps the least defensible tax in Britain.

can play a counterproductive role in

The most effective alternative would be to

the economy.

replace council tax and stamp duty with a

Over a third of the UK?s wealth is stored in

single proportionate ?property tax.?

property (with the rest in pensions, savings

Another option would be for a modest

and possessions). This is mostly only

annual 1% tax on wealth over £2 million,

realised when passed on through

which has the potential to raise around £16

inheritance, where its benefits accrue to the

billion a year, or double that on wealth over

already privileged. Little of this process

£1 million.

contributes to more productive activity, with

Change

one of its most malign effects being to fuel higher house prices because the money is

Such a measure could be sold politically as a

largely reinvested in property.

?solidarity tax? to help pay for the things the UK needs. And while governments have been

Equit y

wary of the political reaction to higher taxes

The unfairness of inherited wealth has long

on wealth, the tide is turning.

been recognised. The patron saint of

Those supporting higher taxes on wealth

economics, Adam Smith called it

include the Conservative-aligned think tank

?manifestly absurd.?

Bright Blue and an influential campaign

A modest and phased rise in capital taxation

group called the Patriotic Millionaires. There

would help to reduce the passive role

is also growing public support.

played by wealth holdings. Even small

Continued public spending austerity would

changes would release funds which could be

drive more years of stagnation. It would also

used to improve social infrastructure from

be politically suicidal for this government,

schools to hospitals.

as it was for Labour in 1931 and in the 1970s.

One approach would be to build on the

But harnessing a little more of the country?s

existing tax system through higher rates and

immense private wealth would make the tax

fewer reliefs and loopholes. The second

system more equitable and by providing the

would be to introduce new taxes.

In her first budget, Rachel Reeves took steps

26

resources to boost social investment, ease the path to economic recovery.

27

Focus

Low overheads, big potential: why a h While we don?t like to talk about the

home-based or van-based franchise, on

pandemic much these days, there?s no

the other hand, eliminates many of these

denying that it changed the way we work ?

expenses, making it far more accessible.

possibly forever. Five years on, the

Instead of pouring money into rent and

work-from-home mindset is here to stay ?

utilities, you can invest in growing your

and for good reason. More people have

business from day one.

discovered the benefits of flexibility,

Keep more of what you earn

reduced commuting and lower costs. The same advantages apply to running a business, which is why home-based franchising is becoming an increasingly popular route to success. With low start-up costs, minimal overheads and high-growth potential, it?s a smart choice for aspiring entrepreneurs.

Without rent, business rates or costly office maintenance, a home-based franchise keeps your monthly expenses low ? meaning you get to keep more of what you earn. Many home- or van-based businesses require little more than a vehicle, laptop, phone and internet connection to get started, making them an ideal option for

Kevin Thackrah, Director of Petpals,

those looking to maximise their profits

discusses why home-based franchising

while keeping their costs to a minimum.

could be the perfect fit for you.

Grow at your own pace Low start-up cost s There?s a common myth that home-based Starting a business can feel daunting,

businesses are small-scale operations with

especially when it comes to finances.

limited room for growth. In reality, many

Traditional franchises often require hefty

franchisees start from home and expand

investments in premises, shopfitting and

their business over time ? all without

staffing before you even begin. A

needing to invest in costly office space. By 28

a home-based franchise makes sense outsourcing tasks, hiring mobile employees

and sustainable choice for the future. So, if

or leveraging digital tools, you can scale at

you?re looking for a practical, low-risk way

your own pace while keeping

to start your own business, a home-based

overheads low.

franchise could be the perfect fit.

Hidden financial perks

With lower costs, more flexibility and

Running a business from home or

greater financial control, it offers a clear

operating a mobile business comes with

path to success.

some unexpected financial advantages. A

At Petpals, franchisees enjoy the benefits

portion of your household expenses ? such

of operating from home while building a

as utilities, internet and office equipment ?

rewarding pet care business.

may be tax-deductible. For mobile

Without the financial burden of a physical

businesses, costs related to vehicle use ?

location, they can focus on what truly

such as fuel and maintenance ? might also

matters ? providing top-quality care for

qualify for deductions.

pets and exceptional service for their

A fut ure-proof business model

clients.

The shift towards remote and mobile

Many franchisees appreciate the work-life

services is only growing stronger.

balance, lower overheads and strong

Consumers are increasingly comfortable

community connections that come with

with digital interactions and flexible service

running a home-based business. The world

models, making home-based franchises

of work has changed ? why not take

well positioned for long-term success.

advantage of it and build a business that

With fewer fixed costs and a business

works for you? For more information on

model that adapts to modern working habits, home-based franchising is a smart

28 franchise investment opportunities,

visit the PetPals website.

29

Pocket s of opt im ism r em ain in r ecr u it m en t Why are workers so confident?

Data suggests staff remain optimistic despite economic climate.

55% of the workforce remain confident about their job security over the next six months.

50% cited their performance and niche skills as the main driver.

Only 20% indicated jobs confidence is linked to the strength of the industry they are in.

There are stark differences in confidence across regions. At the extremes, a 64% confidence rate is the highest in London region versus 46% in 30

Focus the West Midlands.

business leaders' plans to increase the hiring

Workers continue to be optimistic about

of specialised professionals.

their job prospects despite the economic climate, but some regions are much more confident than others.

Survey result s "According to our data, 82% of businesses plan to make hires in finance and

That?s according to the latest data from

accounting, IT, customer service, and

international recruitment expert,

marketing & creative roles across all types of

Robert Half.

employment (permanent, contract and

According to a new study from the firm ?

project based) during the first half of 2025,

carried out by insight agency Opinium

which in fact is a 5% increase on H2 2024.

between 4th February and 7th February 2025

"Nonetheless, the regional disparities that

? 55% of the workforce remain confident

we see in worker confidence, likely driven by

about their job security over the next six

the availability or lack of nearby

months, despite economic headwinds.

opportunities, suggests that the levelling up

When asked why, 50% cited their

and growth agenda hasn?t yet created a level

performance and niche skills, while 20%

playing field across the country.

indicated that their industry is growing or in

?The fact that 50% of employees cite their

demand, suggesting that ongoing skills

performance and skillset as the main driver

shortages and a tight labour market

for their job security confidence, compared

continue to put the power in the hands of

to 20% who mention industry strength,

highly skilled workers.

indicates that systemic skills shortages will

Regional divides remain

likely continue shaping a complex labour market in 2025.

While the data reveals that worker confidence is high across the board, the

"In this scenario, candidates, particularly in

statistics also highlighted regional divides

highly skilled professional services, hold the

when it comes to worker sentiment.

upper hand in the hiring process. Their expertise and in-demand skills give them

In the London region, 64% of employees are confident in their job security. However this falls to 56% in the North West and 46% in the

the power to set expectations, negotiate favourable terms, and choose from multiple opportunities in their career progression.

West Midlands.

"Given confident employees and a tight Matt Weston, Senior Managing Director UK & Ireland, at Robert Half commented:

market, employers must adapt their talent strategies to align with regional workforce

?The professional services sector continues

sentiments, invest in targeted training

to experience strong demand for talent,

programs, and offer competitive

boosting worker confidence despite

compensation packages to stay ahead when

conflicting economic headlines. Our recent

30 attracting skilled professionals.?

Hiring Intentions survey highlights UK 31

News

Demand for higher level apprenticeships grows across science sector Demand for higher-level apprenticeships

protection of funding for a comprehensive,

grew significantly across the science sector

flexible range of apprenticeship standards ?

over a five-year period ? to almost one-fifth

including at degree and master?s level ? to

of starts ? demonstrating how employers

help learners enter the sector and progress

value using them to upskill their workforce.

their careers.

New research published today by Cogent

Degree-level apprenticeships have become

Skills, on behalf of the Science Industry

increasingly popular ? between 2019/ 20 and

Partnership (SIP), also shows large

2021/ 22 there were around 1,500 starts on

science-based employers are continuing to

Levels 6 and 7 apprenticeships at

use apprenticeships at a sustained level.

science employers.

The SIP?s Apprenticeship Survey 2025 shows

However, apprenticeship starts at small and

significant increases in starts in industries

medium-sized science-based employers fell

including pharmaceuticals (31 per cent) and

by 39 per cent over the same period, which

scientific research and development (R&D)

remains a concern across the sector.

(38 per cent) between 2017/ 18 and 2021/ 22.

Established in 2014, the SIP is an

Across life sciences as a whole, 30 per cent

employer-led membership alliance

of apprenticeships were at degree level

committed to the growth and development

(Level 6+). The SIP is calling for the

of a highly skilled, world-class workforce for

32

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33

Issue 17 Paramount Media

the science industries.

Chair of the Science Industry Partnership, Alex Felthouse, said: ?The science sector plays a vital role in many aspects of daily life and has a crucial economic function within the UK. ?A highly skilled and knowledgeable workforce is the foundation for a successful sector. This research demonstrates a consistent uptake of apprenticeships in larger employers, as well

A sk illed, n at ion w ide plu m bin g an d dr ain s w or k f or ce, on h an d all day, ever y day.

as increasing numbers in key industries. ?The importance of higher-level apprenticeships in upskilling existing employees remains ? they provide a pathway to increased capability and greater success for individuals and the sector. ?While there are some challenges to address, the outlook for apprenticeships in the sector is positive and

0151 545 0913

I?m confident we?ll rise to the task of ensuring science employers play a crucial role in boosting economic growth in the years to come.

While there are clearly some hugely positive findings in this research, we remain

w w w.m ach m adedyn o.co.u k

concerned about apprenticeship starts in SMEs and the impact this is having on the

in f o@m ach m ade.co.u k

health of the sector?s long-term talent pipeline.?

Cogent Skills?CEO, Justine Fosh said:

Merseyside, Cheshire and West Lancs.

Your local team.

?Initiatives already underway ? such as our work with medicines manufacturers, connecting SMEs facing critical skills gaps with sources of training and funding ? is helping address these challenges. But more work is needed to move forward together, including protecting vitally important higher-level apprenticeships.?

34

News

Report : "shockingly high" number of children in povert y in working families David Pimborough/ Shutterstock.com

The Joseph Rountree Foundation (2025) UK

their families and keep their children warm

Poverty 2025 Report, published Wednesday

during the winter.

29 January, clearly shows that work doesn?t

?After 14 years of Tory chaos and stagnation,

protect families from poverty.

we urgently need to boost living standards.

In particular, the report highlights the

?That?s why this government?s Make Work Pay

?shockingly high? number of children living

agenda is so crucial for millions of families

in poverty in working families:

up and down the country.

-

50% of children in families where at

?More money in working people?s pockets

least one adult is (but not all adults

means more spend on our high streets ?

are) in work live in poverty.

that's good for workers and good for local

Working-age adults are also impacted: -

economies.

Two-thirds (68%) of working-age

?And the Employment Rights Bill will mean

adults living in poverty are in a

more good and secure jobs ? boosting

household where at least one adult

productivity for businesses and giving

works.

workers more control over their lives and

Responding to these figures, TUC General

better chances to progress.

Secretary Paul Nowak said:

?Better work is crucial for ending child

?Every worker deserves to earn a decent

poverty, but decent social security matters

living. But many working households are

too. The Government must remove the

struggling to keep their heads above water.

two-child benefit cap which is keeping too

?This is unacceptable. Working people

34 many children in working households in

poverty.?

should be able to put food on the table for 35

info@barrowelectrical.co.uk

01925 413 448

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074332094394 36

Pr em ch em lt d@yah oo.co.u k 37

These West Cumbrian teens mean business Ten teenagers from across West Cumbria are

scenes from West Cumbria and beyond into

launching their own businesses, thanks to a

prints, mugs and other giftware.

programme run by Cumbria Community

Advice

Foundation and the Centre for Leadership Performance (CforLP).

The young entrepreneurs have been chosen to take part in the Positive Enterprise

Chloe told this year?s participants: ?It has been amazing. Through this scheme, I?ve met so many people who have helped me.

programme and will each receive a £1,000

?My advice would be, network as much as

grant, plus workshops, expert advice,

you can and take every opportunity that you

mentoring and the opportunity to shadow

get from this process. You?ll get out of it

local entrepreneurs.

what you put in.?

Each participant will also be paired with an

Another Positive Enterprise success is Aaron

experienced businessperson to act as a

Groggins, who launched his events business

mentor and guide them through highs and

Lakeland Life on the programme last year. In

lows of running their own business.

November, he organised the first Eat Street

This year?s programme was launched at The Rum Story in Whitehaven, where participants and their families, mentors and organisers

Cumbria event in Whitehaven, a street food market which attracted 5,000 visitors and brought £74,000 into the local economy.

had chance to get to know each other and

?If I hadn?t signed up to Positive Enterprise,

hear about previous success stories.

it wouldn?t have happened,? Aaron said. ?A

Chloe Pennington took part in Positive Enterprise in 2024 and her business, Chloe?s Chateau, is booming. She sells original art

great amount of people have helped me along the way. Positive Enterprise is the perfect place to try out your ideas.?

and gifts, transforming her own brightly

This year?s participants have a wide range of

coloured, hand-drawn artwork showing

business ideas like selling crochet starter

38

Regional kits, gym wear and wellness boxes or

business ideas. Hearing the success stories

offering services such as property

from the previous beneficiaries shows how

maintenance and tech services for

valuable the programme is, not only

older people.

supporting young entrepreneurs to get started, but also to give them the tools that

Success

they need for their business to become

Isabelle Walker, 15, of Whitehaven, makes

sustainable and grow.?

hand-sewn fashion accessories and has

The programme is delivered by the Centre

already had some success selling online. She

for Leadership Performance. Jemma Groves,

hopes Positive Enterprise will help her take

Project Lead for (CforLP), said: ?Positive

her business to the next level. She said: ?I

Enterprise is an absolutely fantastic

need help learning to budget and organise

opportunity for our young people to make

my business, gain visibility on the internet,

their mark in the business world and

develop my brand and how to sell locally. I

coaching them through this is an honour.

also really need a new sewing machine so

?This year we have a group of super

the £1,000 grant will pay for that.?

intelligent, charismatic and creative

Glenn Anderson, of Proud and Diverse

individuals and I am so excited to support

Cumbria, is a Positive Enterprise mentor for

them over the next six months. Some, if not

the first time this year. ?It?s a real privilege

all, of the young people that go through this

to be asked to be a mentor, to pass on a bit

programme are our future leaders in

of my experience and to help mould the

business and Positive Enterprise gives us the

minds of our future leaders and workforce. If

opportunity to nourish their growth.?

you have somebody who has already been

Transform

there, it has to help, when setting up your own business.?

Annalee Holliday, Head of Grants Practice & Programmes at Cumbria Community

Funding

Foundation, said: ?Positive Enterprise has

This is the third year of the scheme, which is

had a truly transformational effect on the

funded by property developer Brian

lives of the young entrepreneurs supported

Scowcroft with match funding this year from

in the first two years of the programme and I

Sellafield Ltd, under its Transforming West

can?t wait to see how this year?s cohort

Cumbria programme, and the Beverley

develop and grow in the coming months.

Trust Fund.

?Thank you for the support of our funders

Stuart McCourt, Social Impact Manager at

and mentors giving up their time to share

Sellafield Ltd, said: ?We are delighted to

their skills and experience.?

support Positive Enterprise again this year and it was great to meet the participants and

For more information, visit Cumbria

see the enthusiasm they have for their

Community Foundation's website.

38

39

Growt h of private market s require The Financial Conduct Authority?s (FCA)

assessment of valuation processes and

review of private market valuation

governance for valuing private equity,

processes has found good practice but some

venture capital, private debt, and

room for improvement.

infrastructure assets.

Private markets have grown significantly in

Firms generally demonstrated good practice

recent years with the UK continuing to be

in areas, such as investor reporting, process

the largest centre for private market asset

documentation, use of third-party valuation

management in Europe.

advisers, and were consistently applying

Private market assets don?t have the

valuation methodologies.

frequent trading and regular price discovery

However, the FCA found areas where firms

present in more liquid public markets, so

need to improve. These included the need

robust valuation practices are important for

for better identification and documentation

fairness and confidence in private markets.

of potential conflicts of interest in the

The FCA recently completed a multi-firm

valuation process, and increased independence within firms?own 40

Focus

T. Schneider / Shutterstock.com

res cont inued focus on valuat ions valuation processes.

maintaining fairness and confidence as the

The FCA also found that some firms needed

market grows. We were pleased that firms

to enhance processes for ad hoc valuations

could usually evidence independence,

in times of market disruption.

expertise, transparency and consistency in their valuations process.

Improvements in these areas are particularly important with growing retail investor

?There is still more to do, and we expect

exposure to private assets.

firms to carefully consider our findings.?

Camille Blackburn, director of wholesale

The findings will be used in the FCA's review

buy-side at the FCA, said:

of Alternative Investment Fund Managers Directive (AIFMD) as it updates its rules in

?The UK is the largest centre for private asset

the Handbook and will inform the FCA?s

management in Europe. Investor demand

contribution to IOSCO?s review of global

from individuals and institutions has driven significant growth. ?Good valuation practices are key to

valuation standards to support the use of 40

proportionate and consistent valuation standards globally in private markets.

41

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43

W o r l d 's B e s t L if e s t y l e Fr a n c h is e Rev ea l ed The Travel Franchise, a business started by

The Travel Franchise stood out for its

two entrepreneurs based in Liverpool and

innovative business model, which allows

Bournemouth, has been voted the Best

newcomers to the travel industry to

Lifestyle Franchise in the world and Best

establish their own businesses after five

European franchise at the International

days of expert training and ongoing support.

Franchise Association's (IFA) Global

In January, the company revealed that

Franchise Awards 2025 in Las Vegas.

holiday bookings by its franchisees were up

The IFA, the largest franchise association

35%. The company now has over 720

globally, organises these annual awards,

members, over a hundred of which are

with a distinguished panel of judges

anticipated to make +£1 million in sales in

including CEOs, Presidents and global

2025.

franchise experts.

While many franchisees earn £40k part-time

44

Regional and £100k full-time, there is also the

"We've built a business that isn't just about

opportunity to have the franchise fee

booking holidays; it's about changing lives.

refunded by reaching a set commission target

Our franchisees get to work on their own

within the first year. Five franchisees achieved

terms, whether that's full time, part time or

this milestone in January.

just in their spare time. Whether from the

Co-founder Paul Harrison, who received the

comfort of their living room or while working

trophy in Vegas and founded the company in

from a beach, they can create the lifestyle

2001 with business partner Steve Witt, said:

they've always wanted, and that's what makes

"What started as a dream to give anyone the

this so special."

opportunity to become home-based travel

Many franchisees are parents now enjoying

consultants has grown into a

the freedom to work around their kids. Others

multi-million-pound powerhouse with more

are celebrating their new travel career after

than 720 UK franchises. Now, with the IFA's

health setbacks. Numerous have escaped

endorsement, the business is not seen as the

punishing commutes and the grind of

UK's leading franchise for people new to

high-stress jobs in the NHS, teaching, the

travel but officially recognised as one of the

police and in the City, while some are carers

top franchises in the world.

and retirees topping up their pension."

44

45

46

Chelmsford coding leader internationally recognised for breaking barriers in STEM Stepping into the world of coding can be

celebrating her inspiring journey and

intimidating, especially when stereotypes

unwavering commitment to making coding

suggest it?s a ?boy?s thing?. But at Code

accessible for all.

Ninjas Chelmsford, one Centre Director is on

After graduating with a Criminology degree

a mission to change that narrative ? one line

in 2020, Sophie faced a challenging job

of code at a time. Sophie Johnston?s

market and began teaching English as a

dedication to empowering young minds has

foreign language online. During that time,

now been recognised on the international

she discovered a love for teaching and

stage with a nomination for Centre Director

supporting others in their learning journey.

of the Year ? winning UK Regional Centre Director of the Year Award overall ?

46 But when she discovered a job opening at

Code Ninjas, she saw an opportunity to try 47

News something new. Despite having no prior

?Young girls and women may think they

coding experience, she joined the team as a

have to be ?natural?at coding, but that?s not

Lead Sensei ? the term Code Ninjas uses for

true at all. I discovered that learning to code

its instructors. Just two months later, driven

is a superpower for this next generation. I?m

by her vision of creating an inclusive

truly honoured to be recognised for this

environment, Sophie stepped up as

work ? it means so much to know that the

Centre Director.

impact I?m striving to make is

?Taking on this role was an incredible

being celebrated.?

opportunity,? shared Sophie. ?John and

At Code Ninjas Chelmsford, kids aged 7 to 14

Steve Yew, the Centre Owners, saw my

learn how to code in a safe, inclusive and

potential and trusted me to step up to the

social learning environment where gaming is

challenge. I wasn?t exposed to coding at an

celebrated and STEM is cool. The programme

early age since school IT lessons focused

allows kids to dive into fun, challenging,

mostly on basic computing skills, so I had to

and rewarding projects and activities that

learn quickly. Thankfully, my amazing team

engage them, and they get to develop skills

of Senseis and our Ninjas, the term we use

to benefit their future.

for our students, helped teach me along the

With the help of the team at Code Ninjas ?

way ? and they had fun doing it too.

and some Ninjas too ? Sophie has worked

?My biggest piece of advice would be don?t be afraid to try."

48

News

her way up to now helping new Ninjas take

For John and Steve, Sophie?s journey is

on coding. Her journey proves that anything

nothing short of inspiring. ?For us, seeing

is possible.

Sophie?s journey from joining as a Sensei to

?At Code Ninjas, I?ve worked through both

becoming an internationally recognised ?

the old and new curriculums, learning coding

and nationally award-winning ? Centre

languages including block code, JavaScript

Director has been amazing, but not

and C#,? explained Sophie. ?I never thought I

surprising.

had a ?coding brain,?but I?ve always loved

Her passion for creating an inclusive and

problem-solving and logic puzzles. As a

supportive environment has made a huge

teenager, I was unknowingly developing tech

impact on our community. Sophie is proof

skills, customising Myspace with basic HTML

that with determination and heart, anything

and scripting games on Roblox, just like kids

is possible ? and we couldn?t be prouder to

today mod Minecraft or build in Fortnite.

have her leading our team.?

They?re taking their first steps into coding

Sophie?s advice to young girls looking to

without even realising it.?

follow in her footsteps? ?My biggest piece of

Sophie believes that creating equal

advice would be don? t be afraid to try. I Soph ia Th e Robot

opportunities at a young age is essential for

never imagined myself learning how to code,

girls to explore the STEM field.

but I jumped in and figured it out along the

?Encouragement from their inner circle ?

way. If you enjoy problem-solving or are

friends, family and teachers ? truly makes all

good at maths, that?s already half the battle

the difference. Kids also learn best when

won. Coding is all about logic and thinking

they feel comfortable, which is why I strive to

creatively, and girls are naturally great

make our dojo a place where they can have

problem-solvers. Just give it a go ? you

fun, make friends and explore tech without

might surprise yourself and, no matter what,

pressure. The learning follows naturally

you?ll come away having learned something

when they?re building confidence and

new.?

problem-solving in a relaxed environment.?

48 To learn more about Code Ninjas, visit

www.codeninjas.co.uk/ chelmsford-ess-uk 49

Focus

By Douglas Grant, Managing Director at Manx Financial Group

What could Trump?s US m

Five challenges an Under a second Trump presidency, UK small

adjustments. Here?s how the challenges and

and medium-sized enterprises (SMEs) are

opportunities could present themselves

tackling shifts in global economic policies.

under a resurgence of Trump?s economic

?Trumponomics?, defined by protectionist

agenda for UK SMEs.

trade policies, deregulation, and assertive

1. Trade barriers and tariffs vs. st rengt hened

geopolitical stances, could significantly

UK-US t rading relat ions

impact the business landscape for UK companies. Navigating an already complex post-Brexit economy, UK SMEs must be ready to adapt to changes ranging from trade barriers and currency fluctuations to investment opportunities and supply chain

Trump's "America First" policy prioritises domestic manufacturing and economic growth, which could lead to heightened tariffs and protectionist measures. For UK SMEs exporting to the US, this could increase costs and regulatory challenges, impacting 50

mean for UK businesses?

and opport unit ies competitiveness. Any renegotiation of trade

movements and regulatory changes.

agreements may create uncertainty for firms

2. Regulatory changes and market volat ilit y

reliant on US partnerships. However, if the

vs. favourable tax policies

UK faces higher tariffs, it could align more with other affected nations, fostering increased trade outside the US and China.

This shift could be beneficial for UK SMEs by opening new markets and trading partnerships. To capitalise on these opportunities, SMEs should monitor trade negotiations, remain flexible in market strategies, and be mindful of currency

Trump?s history of deregulation could increase domestic competition in the US, complicating market entry for UK businesses.

Additionally, his unpredictable policymaking might cause market volatility, influencing exchange rates and investor confidence. UK SMEs should prepare for sudden shifts in 50 market dynamics that could disrupt

financial planning and investment strategies.

51

Focus On the positive side, Trump?s commitment to reducing corporate taxes and deregulation could benefit UK firms with US operations by lowering costs and easing market entry barriers. SMEs should stay informed about potential tax reforms and adjust their financial strategies accordingly.

3. Currency fluct uat ions and cost implicat ions vs.

M&A opport unit ies If US economic policies strengthen the dollar, UK businesses may face higher import costs, affecting supply chains and profitability. Although a stronger dollar could boost UK exports, this advantage might be offset by increased trade barriers. SMEs should implement currency hedging strategies to manage exchange rate risks. Conversely, if new trading blocs emerge due to US protectionism, currency dynamics could stabilise within these groups. This could reduce currency volatility and provide a more predictable trading environment. UK SMEs should monitor currency movements in these markets and explore new partnerships or acquisitions to capitalise on increased trade flows.

4. Geopolit ical uncertaint y vs. supply chain opport unit ies A return to Trump?s assertive foreign policy could heighten geopolitical tensions, especially with China and the EU, potentially disrupting global supply chains. Additionally, changes in NATO dynamics and global alliances could impact UK firms operating in multiple regions. However, escalating US-China tensions might prompt American companies to diversify supply chains, creating opportunities for UK suppliers.

SMEs with competitive pricing and reliable alternatives could benefit from increased demand.

To seize these opportunities, businesses should build agile supply chain networks and invest in

52

Focus logistics infrastructure.

5. Tighter US immigrat ion policies vs. increased UK services demand Stricter US immigration policies could limit UK businesses' expansion in the US or hinder talent mobility. SMEs with international growth ambitions should explore alternative markets or remote working solutions to maintain access to global talent. Nevertheless, if the US economy grows under Trump?s economic agenda, demand for international services, especially financial, legal, and tech solutions, could rise. UK firms specialising in these areas may benefit from this demand as US companies expand globally. Scaling digital and consulting services could be a strategic move for UK SMEs. Looking ahead While Trumponomics poses challenges, it also presents opportunities for adaptable and innovative UK SMEs. A shift towards increased trade among nations affected by US protectionism could benefit UK businesses, particularly within Europe. This would require awareness of currency movements, potential deregulation, and changes in labour mobility.

By strategically navigating trade barriers, leveraging investment opportunities, and enhancing supply chain resilience, SMEs can position themselves for growth. Digital transformation and agile business models will be crucial for thriving in an evolving global economy.

To succeed, UK SMEs must engage in proactive planning, maintain strategic foresight, and embrace emerging opportunities. Although the future may be uncertain, the right strategies can help UK businesses not only withstand challenges, but also 52 emerge stronger and more competitive on the

global stage.

53

Job description red flags busine In today?s competitive job market, attracting

deterrent. Crafting a clear, compelling job

the right talent is more important than ever.

description isn?t just about filling vacancies

According to a recent State of the Global

quickly ? it?s about building a solid

Workforce 2024 report, only 10% of UK

foundation for successful, long-term hires?.

workers were found to be feeling engaged with their jobs, while a staggering 90% were feeling detached from their roles, and likely hopping onto the ?quiet quitting? trend.

That being said, an essential first step in

Here, we?ll explore some of the most common job description red flags businesses should avoid when hiring.

No salary informat ion

building a strong, engaged workforce is a

One of the most glaring red flags is the

well-crafted, thoughtful job description. A

absence of a salary or salary range in job

poorly written one not only fails to inspire

descriptions. With transparency becoming a

but can actively drive away top talent.

priority, especially in the UK, job seekers are

David Banaghan, Co-Founder and Interim CEO at Occupop, recruitment software experts says: ?Candidates are looking for clarity, transparency, and a reflection of the company?s values from the outset. When these elements are missing, they may

increasingly turned off by ?competitive salary? tags that reveal little. Research from the Guardian shows that job postings with clear salary brackets are more likely to engage high-quality candidates, as it removes guesswork and promotes trust.

interpret it as a sign of poor organisation or

David Banaghansays: ?Clear compensation

a lack of commitment to employee

details are essential, not only to attract top

wellbeing, which can be an immediate

talent but to level up transparency and build 54

Focus

nesses should avoid when hiring By https://www.occupop.com/ credibility. While companies might wish to

candidates to see themselves in the

stay flexible, offering a pay range can show

position. Focus on essentials and avoid long,

candidates that you?re respectful of their

laundry lists that might deter highly

time and committed to fair compensation.?

qualified applicants.?

Overly long list of responsibilit ies

Vague job t itles

Many companies mistakenly believe that

With terms like ?ninja,? ?guru,? or ?rockstar?

listing every possible responsibility will

making occasional appearances in job titles,

appeal to candidates seeking a challenge.

businesses may hope to inject creativity, but

However, an excessive list can be

these labels often confuse applicants and

overwhelming and implies a lack of focus

lead to lower-quality applications.

within the role.

Straightforward titles yield a greater

David Banaghan says: ?Candidates may

response, particularly when they align with

interpret it as a sign they?ll be expected to

standard industry terminology. In addition,

wear too many hats or face unrealistic

vague or creative titles can be

expectations. Clarity in responsibilities

misinterpreted as gimmicks or an attempt to

doesn?t just make the job appealing? it

mask a lack of clarity about the role itself.

shows candidates that the company has a

David Banaghan notes: ?A title should

structured, well-defined role in mind.

immediately tell candidates what they?ll be

A clear breakdown of primary and secondary

doing and at what level. A clear title, such as

responsibilities provides a more realistic picture of the role, making it easier for

54

?Digital Marketing Manager? rather than ?Marketing Rockstar,? not only improves 55

Focus searchability on job boards but ensures

to feel connected and motivated. Including

candidates know what to expect.?

a brief section on company values, team

Unrealist ic experience requirement s

activities, or growth opportunities can make a role stand out to someone looking for a

We?ve all seen the listings asking for five

meaningful workplace.?

years of experience in a tool that?s only existed for three, or entry-level roles

Using language t hat implies burnout

requiring extensive experience. These

Phrases like ?high-pressure environment,?

unrealistic qualifications are a major red

?fast-paced,? or ?ability to handle stress?

flag for applicants and can deter promising

might seem motivational to some employers,

candidates from applying. This tactic also

but they can sound like burnout risks to

feeds into a wider debate on fairness in

candidates. People seeking a new role in

hiring practices. Setting expectations that

today?s job market are increasingly wary of

few can meet might signal an unwelcoming

work environments that emphasise

or elitist culture, and candidates may shy

relentless pace or stress without indicating

away from organisations that seem

support. Language that communicates a

disconnected from the realities of the

supportive, growth-oriented environment ?

current job market.

like ?collaborative,? ?innovative,? or

David Banaghan stresses: ?Realistic, flexible

?dynamic? ? is far more appealing.

qualifications help ensure the role is

David Banaghan notes: ?The words you

accessible to a wider range of candidates,

choose say a lot about your company

ultimately promoting diversity and

culture. Candidates are looking for

innovation within the team. Instead of

companies that value their wellbeing as

limiting your pool with overly strict

much as their productivity. Adjusting

requirements, focus on key skills that are

language in a job description can go a long

truly essential for the role.?

way in fostering interest from top

Lack of company cult ure insight

candidates who want to thrive, not just survive.?

Job descriptions that fail to convey any information about the company's culture,

Conclusion

benefits, or values are often overlooked.

Crafting a job description is about more than

Today?s candidates want to know more than

listing duties and requirements. It?s an

just job requirements ? they?re keen to

opportunity to showcase your company?s

understand a company's mission, its

values and attract high-quality candidates

workplace environment, and what kind of

who align with them.

values it upholds. A lack of cultural insight is

By avoiding these common pitfalls,

a missed opportunity to draw in candidates

companies can improve their chances of

who align with your ethos.

attracting motivated, qualified candidates

David Banaghan advises: ?Culture insights

who are ready to contribute to the

are a powerful draw for candidates who want

team?s success.

56

56

57

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News

ACG Gr o u p l e a d s ? 1 2 .5 M n o t e i s s u a n c e fo r U K d i g i t a l m e d i a reac quisit ion financ ing

Just Jus / Shutterstock.com

ACG Group has successfully arranged the

position as a versatile financial partner."

second issuance under its ?300 million

Legal support for the transaction was

CreditHarbor Note Programme. This ?12.5

provided by DWF's team, led by Partner

million note issuance is dedicated to the

Luca Lo Po.

reacquisition financing of a company in the digital media sector.

The ACG Group team is comprised of Alberto Ferro Villani, Myriam Zandonini,

Key features of the EMTN notes include a

and Luca Crenna.

12.5% yield, 5-year maturity, fixed coupon, and quarterly principal amortisation of 3.125%. The notes are both Euroclear and Clearstream eligible.

This transaction further demonstrates ACG's commitment to innovative financial structuring and its ability to meet diverse financing needs in the acquisition market.

Alberto Ferro-Villani, CEO at ACG Group,

The issuance has been subscribed by a

stated: "This second issuance under our

pool of international banks, including

CreditHarbor Programme showcases ACG's

Edmond de Rothschild Bank, further

continued success in delivering tailored

validating the attractiveness of ACG's

financing solutions. Our expertise in

financial offerings to prestigious

structuring complex deals, particularly in 58

institutional investors.

the digital media sector, reinforces our 59

Speci al i st m ark et i ng com m uni cat i ons agency becom es an em pl oy ee-ow ned t rust

60

News Successful marketing communications

world made better?and their sustainability

company Coda, which specialises in

aspirations for Coda.

supporting the industrial sector, has turned

Chris, Jen and the team were supported in

its business into an employee-owned trust

becoming an EOT by Chris Maslin who runs

(EOT) to secure its long-term future.

Go EO, an independent company which

In 2008, Chris Lawrenson set up Coda and

works with SMEs considering this

grew its business profitably over 15 years to

business model.

a team of more than 20 staff and six-figure

Maslin?s former company, an accountancy

turnover. In 2023, he started to consider how

practice in Kent, was transferred into an EOT

he would exit the business while ensuring it

when he decided it was time for him to

would continue and grow.

move on.

Today the company is run by its employees

?Having gone through the process myself, I

and headed up by CEO Jen Swain.

felt it was, in many cases, far more complex

Jen said: ?Becoming employee owned is

and costly than it needed to be and came up

already having a fantastic impact on our

with a more streamlined approach to help

agency, and I believe it helped us achieve

others embracethis business model,?

105 per cent of our 2024 turnover target and

Maslin said.

deliver our best year ever. Although several

An employee-owned business means the

elements contributed to that performance,

founder or owners can exit the business by

the overall culture, the sense of shared

selling their shares to a trust run by

initiative and ownership mentality cultivated

employees. That founder can exit

by the EOT process has led to increased

immediately or leave over time.

motivation and drive to do continued great With Coda, Chris Lawrenson was able to step

work for our clients, and to drive our future

back during 2024 and has now fully exited

continued success.?

the company he founded.

It was back in 2020 that Chris first met Jen, He said: ?From the initial enquiry through to

who had been an operations director with a

engagement, valuation, and finally the sale

background in B2B marketing, to deliver a

process itself, GoEO demystified and

STEM event for local young people. Three

educated every twist and turn of the process,

years later, Jen reconnected with Chris, and

providing clear instruction, calm guidance,

they discovered a shared vision and plan for

and wise counsel throughout. What could

Chris?s agency. In July 2023, Jen joined Coda

have been emotive and stressful was

as Head of Growth, taking over from Chris as

instead a satisfying and happy exit, with the

CEO in January 2024.

bonus of the business I had built now being Chris and Jen explored options for the

owned by the people who deserved it most.?

future business model, agreeing that an EOT

During 2025, the team at Coda has plans for

model matched their personal business ethics, the company vision of ?creating a

60

further expansion. To learn more, visit: https:/ / codacomms.com/ 61

i

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64

Regional

Fluid expands team with major appointment

Independent furniture consultancy Fluid has

a wider audience.

expanded its business development team

Recent clients include King Games, SEGA,

with the appointment of Rebecca Lancaster

Frontier Economics and Manchester United.

as Business Development Manager.

Rebecca joins Fluid with extensive experience in the flexible workspace sector, having previously worked as a broker at The Instant Group for three years and as part of the sales team at Uncommon, a premium London serviced office operator.

Independent

Thrilling Speaking about her new role, Rebecca said: ?I?m thrilled to be joining Fluid at such an exciting time. The demand for adaptable, people-centric workspaces is only growing, and Fluid is at the forefront of delivering innovative and sustainable furniture solutions that truly make a difference. I?m

Fluid is an independent furniture

looking forward to using my industry

consultancy helping businesses create

expertise to drive growth and help more

sustainable and flexible workspaces that

businesses create work environments that

attract and retain top talent. With a focus on

support productivity and wellbeing.?

circular economy solutions and workplace wellbeing, Fluid provides flexible office furniture rental, procurement and lease models to maximise productivity and support business growth.

Invaluable Warwick Flint, Managing Director at Fluid, added: ?Rebecca?s deep understanding of the flexible workspace sector and her proven track record in business development make

In her new role, Rebecca will be responsible

her a fantastic addition to the team. Her

for strengthening Fluid?s relationships with

expertise will be invaluable as we continue

brokers and operators within the flex space

to grow our network and provide tailored

industry, helping to expand the company?s

furniture solutions that meet the evolving

growing network and bringing its sustainable, flexible workspace solutions to

64 needs of modern workplaces. We?re

delighted to welcome her to the Fluid team.?

65

Sma l l b u s in e s s g r o w t h f o r ec as t s f al l f o r t h e f ir s t t ime s in c e J u l y 2 0 24

66

News The percentage of UK small business owners

concern in the South West and Wales,

predicting growth (33%) has dipped to a

which fall significantly behind all

nine-month low, according to the latest

other UK regions (17% and 16%).

quarterly data from Novuna Business

-

Scotland bucks the trend prevalent in

Finance. Whilst 45% see Q1 as a standstill

England. For Q1 2025, the percentage

period, there is a four-year high in the

of small business owners predicting

percentage of small businesses saying they

growth has hit a five-year high at 36%

will contract by the end of March (13%) and

(the highest figure in Scotland since

the percentage of enterprises that fear

Q3 2019).

closure in the next three months has hit a

Sector analysis

two-year peak (8%).

Whilst growth outlook held firm in many The findings are from Novuna Business

sectors, Q1 2025 saw falls in small business

Finance's Business Barometer study, which

growth outlook for the manufacturing, retail,

has tracked the growth forecasts of more

IT and hospitality sectors. Growth outlook in

than 1,000 small business owners every

manufacturing fell to its lowest level since

quarter for the last 11 years.

Q4 2023.

The new Novuna Business Finance data

Joanna Morris, Head of Insight at Novuna

reveals that UK small business owners are

Business Finance comments:

already gearing up for contraction, with

"Over the last 11 years, our research suggests

major falls in growth forecasts already

that small businesses are remarkably

registered across many key regions.

resilient when it comes to their quarterly

-

-

In London the percentage of small

growth forecasts. The fall for this quarter

business owners predicting growth

represents a reverse on a gradual upward

has plummeted from 57% to 39% in

trend over the previous six months. Of

three months, presenting a two-year

concern are signs of more small businesses

low point in confidence for the

predicting contraction for the next three

capital's enterprises since Q2 2023.

months, and some even fearing closure.

The North East was one of the regions

"From the Business Barometer study over the

that saw a post-election resurgence in

last decade, it's clear that there are often

small business confidence during the

fine margins between businesses that

second half of 2025. This quarter, the

predict growth or contraction and decline.

percentage of North East small

Now is a time for small businesses to be

business owners that predict growth

supported, so caution and contraction can

has fallen sharply back from 36% to

be replaced by confidence and belief. We are

25%. A similar picture emerges for the

serious about helping small businesses put

East Midlands, where growth forecasts

plans in place to achieve their true potential

have fallen from 37% to 31% since last quarter.

-

Growth forecasts are a serious

and, midst the market uncertainty, small 66 business confidence this year will be key to

economic growth."

67

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