Thrive - Edition 2

APR ‘24

S E C ON D E DI T ION

OK COMPUTER Artificial Intelligence is here. What now for Gibraltar’s world of work?

ALSO INSIDE:

CORPORATE WAR ROOMS CELEBRATING MILESTONES GIBRALTAR’S WEDDING MARKET

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#THRIVEGIBRALTAR

APR 2024 SECOND EDITION 2

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CONTENTS MAIN FEATURES NEWS

APR 2024 SECOND EDITION

ALSO INSIDE ROCK YOUR PERSONAL BRAND LIFE CYCLES - CELEBRATING MILESTONES HOW SAFE IS YOUR BUSINESS?

EDITOR IN CHIEF Thrive is Edited by David Revagliatte. David is a media communications specialist, business writer and podcaster. editor@gfsb.gi @dgrevagliatte

MASBRO INSURANCE LAUNCHES NEW APP

THRIVE ON AI:

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Join us as we take an AI deep dive P.25

BUYTICKETS. GI HANDLES 7000 IN 24 HOURS P.6

WELLBEING CONFERENCE EXPLORES BURNOUT P.6

THE GAME OF WAR

GFSB BOARD WELCOMES THREE NEW MEMBERS

How to find your competitive advantage P.41

CONTRIBUTORS Rebecca Jackson Emilia Todorova Katie Buller John Hayes Isobel Richmond MBE

GFSB TEAM Owen Smith Phoebe Kelly Marianne Ballester

DESIGN Creative Rock Stars

PRINTING Roca Graphics

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DESTINATION I DO Gibraltar’s wedding market’s Vegas ambitions P.14

ABOUT THE GFSB

The Gibraltar Federation of Small Businesses is a non-profit organisation that exists to help small businesses and entrepreneurs to start, grow and thrive.

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Gain access to this dynamic network and grow your business from as little as £60 per year.

Contact: gfsb@gfsb.gi

ADVERTISE IN THRIVE

Reach new clients - advertise in the print and digital editions.

Small prices, big impact.

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APR 2024 SECOND EDITION

To the Next 12 Months!

Dear Members, The GFSB AGM on 19 March 2024 was an opportunity to catch up on the last year, but more importantly, to look ahead to the work the Board will be doing in the next 12 months. As we move forward into the next 12 months, we are poised to continue building upon the structural and organisational changes that have marked our progress so far.

To help us on this journey we are pleased to announce the appointment of Phoebe Kelly as the GFSB’s business support manager. We also welcome three new co-opted Board members -Karl Alvarez, Jon Segui and Seth Galia who bring with them sectorspecific expertise. On the communications front, expect to see an enhanced visibility and a significant uptick in our communication efforts.

Our premises are set for a light refurbishment and enhanced availability to membership.

A wider suite of rooms are already available for rental, and will shortly be available as informal work space. We are also improving the technical resources available. The membership experience is set to be transformed with the implementation of a new online membership platform that will allow members to access exclusive services, book GFSB resources, network with one another more efficiently, as well as providing for inhouse event registration, and delivery of online seminars.

We are also expanding our events calendar, offering more educational and training opportunities, social gatherings, and business-oriented learning and networking events as well as adding a number of wellbeing at work events. All of this continues alongside the important work in membership assistance, government lobbying, and the communication of member needs. We also very sadly said goodbye to Office Manager Georgie Weeks – we wish her the very best in her new role.

The GFSB is an organisation that exists to serve its members. The office and Board are always eager to hear from you. Please do not hesitate to get in touch with us to raise an issue, have a chat, or make a suggestion. See you at the Annual Dinner this year set to take place on board the Sunborn on 30 May. P.S. In an edition dedicated to AI, I thought it was appropriate to make use of AI to write this introduction.

I took the bullet points that formed the basis of my address to the AGM, and asked ChatGPT to create a 250 word article based on those points, did some editing, added some items, and hey presto!

Owen Smith CHAIRPERSON

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David Revagliatte EDITOR IN CHIEF

Welcome to the second edition of Thrive.

Following its launch as part of the GFSB’s more comprehensive rebrand and refresh event at the Elliot Hotel’s snazzy rooftop bar, I’ve really enjoyed seeing copies of the magazine around town. I’ve also enjoyed hearing your views on what topics we should cover next and what we could improve on.

Please keep your feedback coming!

We’ve been working hard behind the scenes to build on the last edition and offer you more newness. This edition welcomes some new writers, and you can access additional content online by scanning QR codes on some pages. GFSB members have been

@gfsb_gib

invited to comment on some editorials in an all-new ‘Members View’ feature.

W Hayes writes about the importance of a personal brand online.

Artificial Intelligence is not a new concept, but until relatively recently, it was exactly that - a concept. For many, it was an ethereal idea confined to data warehouses and a few highlyskilled programmers based in those server-lined, futuristic labs we see in sci-fi movies…

The game changed in November 2022 when San Francisco–based OpenAI released ChatGPT a free generative AI tool that gave the General Public access to an AI ‘brain’. By January 2023, ChatGPT had become the fastest-growing consumer software application in history, gaining over 100 million users and contributing to a revolution in how we work.

I thank our contributors for their time and expertise. Thanks to Creative Rockstars for the slick design, too—you’ve leveled up this edition. Thanks to the team at the GFSB - the fresh energy is palpable, and the transformation being undertaken immense. If you’re not yet a member of this network, you know what to do…

David Revagliatte Editor in Chief editor@gfsb.gi

Our ‘Thrive on AI’ special feature covers AI’s use in Gibraltar’s world of work, investigates its origins, and provides a guide on how this technology could benefit your business.

Gibraltar’s wedding market gets a deep dive as we speak to some GFSB member businesses that service this sector. Marble Arc’s Raju Purswani tells us how to dress down without letting down, and we celebrate milestones with three businesses in our Life Cycles feature. GFSB Board Member, Rebecca Jackson, shares her expertise on refreshing your leadership skills, John

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Enjoy the read!

@GFSBGib

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APR 2024 SECOND EDITION

NEWS AND UPDATES

FROM GFSB MEMBERS MASBRO INSURANCE LAUNCHES NEW APP Longstanding GFSB members Masbro Insurance Brokers is delighted to announce the launch of the Masbro Claims App, a new development aimed at enhancing the convenience of the insurance claims process for its customers.

This app facilitates a smoother, more efficient way for policyholders to report incidents related to home and motor insurance directly from their phones.

Key features of the app include the ability to instantly notify the company of an incident, upload photos for evidence, and provide detailed reports along with geolocation data to support claims.

This ensures that the claims process is as seamless as possible, allowing clients to submit their claims at any time, without the constraints of traditional office hours.

Masbro’s Managing Director, James Andlaw, emphasised the company’s commitment to its customers: “Our primary goal is to make the insurance claims process as easy and stress-free for our clients as possible. Introducing the Masbro Claims App is a significant step towards achieving that goal, offering an alternative method to make a claim.”

The app offers an additional way to make a claim, without replacing the existing methods. Existing policyholders can rest assured that they can still make claims in the ways they are accustomed to. For those who prefer a more personal touch, the option to visit the Masbro office and speak to a team member in person remains available.

This launch marks a milestone for Masbro Insurance Brokers in its mission to leverage technology to improve service delivery. The Masbro Claims App reflects the company’s forward-thinking

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approach to insurance and reinforces its ongoing commitment to meeting the evolving needs of its clients.

For further information about the Masbro Claims App and its benefits, visit www.masbro.gi/app.

BUYTICKETS.GI HANDLES 7000 IN 24 HOURS Local online ticket platform Buytickets.gi achieved a new milestone in ticket sales selling over 7,000 tickets in a mere 24 hours for their latest big-name comedy event; Michael McIntyre.

This milestone underscores the company’s capability to handle significant demand and improve the customer experience effectively.

Talking about the company’s preparation for the event, Jordan Lopez of Buytickets.gi said, “When it came to release our biggest comedy act to date, we knew demand was going to exceed anything we’ve previously encountered. We increased our server capacity to ensure our website could handle the heightened demand,” Lopez remarked. He also noted the substantial investment involved, given the company’s status as “a small local company competing against ticketing giants like Ticketmaster.

To manage the influx of online traffic, Buytickets.gi implemented a queuing system. This system placed all 3,000 customers into a virtual waiting room and then into a queue, providing clear information on their position and estimated waiting times. Additionally, the system allowed customers to input their email address to be notified when it was their turn to make a purchase.

This accomplishment is reflective of the dedication and innovation of the Buytickets.gi team, who are based www.gfsb.gi To join the GFSB contact admin@gfsb.gi

in Gibraltar. Their commitment to evolving with the dynamic nature of online shopping and their focus on enhancing the user experience have established new benchmarks in the local industry. This success is not only a significant achievement for Buytickets.gi but also a moment of pride for the Gibraltar business community, demonstrating the competitive edge of local enterprises on a larger scale.

WELLBEING CONFERENCE EXPLORES BURNOUT The second GibSams Wellbeing at Work Conference takes place on 9th May. Building on last year’s successful event, this instalment includes a keynote speech by Dr Amy Bradley on the topic of “Sustaining Success Amidst Overwhelm and Burnout, a morning of stimulating discussions and breakout sessions.

The conference is part of the charity’s established Wellbeing at Work initiatives. Research by the World Health Organisation found that a negative working environment can lead to mental health concerns. Many of us spend much of our lives at work; creating positive working environments is at the heart of the charity’s mission as it works to reduce suicides in Gibraltar.

The half-day conference focuses on the latest trends in occupational wellbeing and offers an opportunity to engage with key topics through detailed Breakout Sessions, aimed at enhancing workplace wellbeing.

The event will feature Dr Amy Bradley, a respected authority on leadership, burnout, and workplace engagement, as the keynote speaker. Her extensive background as an author and professor at leading business schools will provide attendees with insights

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APR 2024

NEWS AND UPDATES

FROM GFSB MEMBERS and take outs that can be applied across different sectors.

The panel discussion, to be moderated by Pete Cush, will feature experts including Reshma Bhambhwani, Peter Horton, Oliver Andlaw, Albert Isola, and Dr Bradley, each bringing their unique perspective to the table.

Additionally, the event will offer four Breakout Sessions on themes such as empathy, resilience, mental health, and motivation in the workplace, designed to offer attendees practical and focused learning experiences.

Book at gibsams.gi

GFSB BOARD WELCOMES THREE NEW MEMBERS GIBRALTAR The GFSB’s recent AGM saw new additions to its board. John Segui, Seth Galia and Dr Karl Alvarez have been co-opted onto the board.

The event saw GFSB’s Chairperson Owen Smith talk through some of the GFSB’s plans. These include an upgrade to its premises that delivers more value and facilities like bookable meeting rooms and workspaces. The GFSB plans to deliver more events that provide its members with a space to learn and network and build their businesses.

An e-platform exclusively for GFSB members will also be launched in the coming months.

Watch this space!

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APR 2024 SECOND EDITION

GFSB Reveals Rebrand The GFSB launched its brand, website and Thrive Magazine at an event which took place at the Eliott Hotel’s rooftop bar. The event was attended by Minister for Business and ex-GFSB Chair, Gemma Arias-Vasquez.

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International Women’s Day 2024 We had an incredibly successful celebration of International Women’s Day. The event was attended by private business owners, lawyers, accountants, educational leaders, well-being practitioners, gaming representatives and the financial services sector.

We were honoured to have heard speeches from both Minister for Equality, Christian Santos and Her Worship Mayor Carmen Gomez.

We were grateful to Sovereign Pension Services who were fabulous hosts providing the event space, refreshments, drinks and nibbles.

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SECOND EDITION

DATES FOR YOUR DIARY

APR 2024

GFSB events are designed to help its members learn new skills, make connections and explore market-specific issues. From briefings over breakfast to interactive workshops and an annual dinner, the next few weeks promise something for every business.

The dates below were provided at the time of printing and could change - please check the GFSB website for details, dates and booking instructions for all upcoming events.

MAY

JUNE

SCAN THIS QR CODE FOR LATEST EVENT INFO

CRUISE SHIP CALLS Gibraltar’s port will welcome many thousands of visitors over the next few weeks. For a complete schedule of cruise ship calls, head to: https://www.gibraltarport.com/cruise/schedules 10

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APR 2024 SECOND EDITION

JOHN W. HAYES

Whether you are selling a product or a service or just positioning yourself as an established professional in your industry, people do business with people they like and trust. Often, those relationships are built online via social media networks like Facebook, Instagram, TikTok, and, in the world of business, LinkedIn. But just being ‘on’ social media isn’t enough. If you want to make your network work for you, you’ve got to put yourself out there and, just like those traditional networking events, work the room.

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“I like to bring people together. If somebody new arrives in the area and asks a question on a local forum, I like to tag them into conversations and get them involved.”

While Gemma enjoys meeting new people and clearly relishes the opportunity to network, she still has to work hard to develop her personal brand.

Following in the footsteps of high-profile business influencers like Steven Bartlett and Gary Vaynerchuk, Gemma strives to be more prolific in her social output.

“I wasn’t sure how often I should post in the past,” says Gemma. “But now I try to post every day.” Sometimes, the inspiration for these posts can come from the left field.

SECOND EDITION

As the founder of the Gibraltar-based recruitment firm Rock Recruiters (rockrecruiters.com), Gemma Fildes understands the value of developing a personal brand from the perspective of an entrepreneur, an employer, and an employee. Creating a strong personal brand is about more than just the hard sell. “It’s all about community,” says Gemma.

which summarised the daily press conferences during the early weeks of the Covid shutdown,” says Mike.

“There was just such a desire for more local information; I started adding Gibraltar-relevant news to the property sector, business news, economic and tax news etc., just to mix it up a bit - it has grown organically from its origin in 2020 to over 4,000 subscribers now,” says Mike. Producing the newsletter is a real labour of love.“It takes up my Sunday and Wednesday evenings, including on my holidays, but I enjoy it, so that helps,” says Mike.

But the Bitesize Brief also has incredible commercial clout.

“More than 4,000 people hear from me twice a week with some really useful information,” says Mike. “It’s delivered in a format which can be read in just as few minutes and includes Chestertons’ new sales and rental properties. It has evolved into one of our best marketing tools. An accidental success but now a well-loved and nurtured success.”

“I went for a 5k run before work,” says Gemma. “That same morning, I started recruiting for five new jobs and secured interviews for five candidates. Suddenly, I had a theme that I could get creative with. This approach can sometimes be challenging, but when you start looking for ideas, they jump out at you.”

Gemma’s post on LinkedIn soon raked up 3,000 views, creating visibility amongst her 18,000 connections.

Mike Nicholls, director and founder of the real estate firm Chestertons Gibraltar (chestertons.gi), is another wellknown face on the Rock who is not afraid to have a little fun with his personal brand on social media.

“Reading other people’s posts is much more interesting when you know them as a person and not as a salesperson,” says Mike. “Going on about how great Gibraltar or Chestertons is would be a little mundane.

Add some ups and downs of your personal life, and then you have a social media personality. A real person, not just an advertising machine.”

As such, Mike’s followers on X (formerly known as Twitter) are as likely to read about his love of West Ham or Bruno’s Magpies as they are to see posts about the local property scene. Alongside his regular tweets, Mike also publishes a popular twice-weekly email newsletter - The Bitesize Brief.

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As Gibraltar’s business landscape evolves, the key takeaway is clear: personal branding is not just a trend; it’s a strategic imperative.

Scan the QR code to access the Thrive Guide to Crafting Your Personal Brand.

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APR 2024 SECOND EDITION

DESTINATION I DO GIBRALTAR’S WEDDING MARKET PETER MURPHY

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ove is big business. A quick search on the sector shows that global wedding revenue reached £45.52 billion in 2022.

In the UK alone, an average of 275,000 weddings are celebrated a year with an average spend of £18,400.

According to official statistics, 1,745 weddings took place in Gibraltar in 2021 followed by another 1,761 weddings in 2022 and a further 1,640 in 2023. That’s around 33 weddings each week or 6 every single day. With an estimated population of around 33,000, it’s safe to say that, no, we aren’t all marrying each other, but that Gibraltar is a very popular place for many people to come and say ‘I do’. In fact, in all three years, non-residents outnumbered residents by an average of 90% to 10%.

The stats point to a healthy wedding sector, one that our Minister for Tourism, Christian Santos is keen to develop. In an interview with the Gibraltar Chronicle he recently said he wanted; “Gibraltar to be the Las Vegas of Europe” when it comes to weddings. Unlike Vegas, we don’t have Elvis.

But we do have John. Music legend John Lennon

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famously married Yoko Ono here in 1969 and put the Rock on the map for ‘Fast Track’ weddings. If music’s not your thing, acting legend Sean Connery (AKA James Bond) also tied the knot here (twice)!

FAST TRACK TO LOVE Not saying that John and Sean weren’t attracted to the Rock for its weather, but one of the biggest reasons Gibraltar’s popular for weddings is thanks to its Fast Track service. A Marriage Licence application can be made up to an incredible 1 day prior to the wedding.

This entails presenting the necessary documentation and signing affidavits stating couples are free to marry in front of a Commissioner for Oaths or a Notary Public.

The only other rule is that the couple must stay one night in a Gibraltar hotel before the wedding.

Two couples I met recently were all about this attractive Fast Track wedding offer. There was a Scotsman in a very dashing kilt and his Brazilian wife and an American

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Even if there were only one of these weddings a day in Gibraltar that’s a nice £365,000 for the economy which wouldn’t exist if it wasn’t for Gibraltar’s fast track rules.

THE FULL PACKAGE The year-round sunny climate and astounding views across the Mediterranean and Africa, with regular flights, and for Brits, no language barriers as well as UK high street shops and UK currency make it all that bit more appealing. The icing on the cake, as it were, if the main reason is a ‘fast track’ marriage.

But while most couples could be in and out in as little as two days, Gibraltar has so much more to offer, that

the wedding market here is huge – and growing.

SECOND EDITION

man and his Romanian wife. The US/Romanian couple had actually flown in the night before with her parents, had the wedding the next day and were going back to the UK on the same day! Cost for this flying visit? £1000 all in.

With legal fees, the venue, the reception, entertainment, accommodation, photographers/ videographers, potential travel if you’re not local, and any other costs such as florists, clothing, hair, make-up, etc., many companies offer the full package to take pressure off the happy couple.

Jeanette Obytz from MedWeddings added: “I’ve been offering Gibraltar as a wedding destination since 2001. My clients are local and from all over the world. Initially I catered for all types of weddings, where now, I have a more personalised approach and a lot more clients from Gibraltar.”

“I was also once the only wedding planner, now there are six or seven active wedding planning companies and there seems to be work for us all.

Also, many more indoor venues opened up for ceremonies.” But Jeanette highlights the need to book early: “When I started, I could always get a wedding appointment the same week, now the summer months are booked well in advance with the Registry office for city hall weddings.”

THE VENUE AND MENU Couples on a tight budget can, of course, choose to leave out those certain aspects considering a flower

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APR 2024 SECOND EDITION

bouquet can range from £50 to a £150 depending on type and time of year and with entertainment like bands and DJs plus photographers/videographers charging an average of £120 - £265 an hour, there’s a lot to think about. But a venue of some sort is essential!

Gibraltar’s Registry Office will keep it simple and be the cheapest with the Marriage Licence, Ceremony, Registration, and Marriage Certificate coming in at £114.50* per pairing.

Depending on the company some top-class restaurants can also be used as venues as well as reception areas later in the evening, so the choice is very impressive. For example, top eatery, Monique’s Cafe and Bistro on Queensway Quay is a very popular venue for weddings.

Owner and Manager, Dominique Penalver, said: “I opened Monique’s in 2020 after the first lockdown and once things were back to normal we saw a large influx of registry weddings so we now get a lot of business from receptions with tables for 5, 10 or even 50 and we do weddings of all types.” She also highlighted the importance of tourism weddings.

“We now have a brochure as we see ourselves more as a tourist wedding option. Registries must be in Gibraltar whereas locals have the option to cross the border, so we tend to get less. But it’s been picking up more and more.”

THE MINISTER’S VISION So, with all that at the altar, what does Minister Santos and the Government plan to do going forward?

“The Registry Office has recently been moved to the historic City Hall in the centre of town. The ceremonies take place in the Mario Finlayson National Gallery, in the room dedicated to the works of Gustavo Bacarisas, considered one of Gibraltar’s heritage artists,” said the Minister.

“This artistic environment provides the couples a more heightened aesthetic experience to celebrate their special day. There is also the option for people to book the Mayor’s Parlour at City Hall as an upgrade to their package which offers a grand backdrop for their ceremony,” he added.

“I am already looking to identify other venues which would be tailor-made for weddings as well as already working on the Mount as an alternative venue. The current and any future options are available for locals and obviously for visitors from further afield choosing Gibraltar as the location to celebrate their ceremonies,” he went on.

“Already vastly popular with couples from abroad, my vision is to further Gibraltar as the go-to location for weddings and other celebrations,” added Minister Santos. And another way to increase the number of weddings on the Rock? Well, the Minister also had big plans in this area too.

“The relaunch of Gibraltar to the UK wedding market will tie in with a new promotional campaign starting mid spring. The wedding sector will be promoted via targeted advertorial and visual content in specialist media outlets, targeted PR to wedding journalists for visits and the influencer market to hit social media channels,” he explained regarding advertising and promotions.

“We are working on a focused sales approach, building relationships with ATOL licensed travel agents and specialist tour operators with wedding divisions, to visit Gibraltar and assess our product for their clients.

“Our long-term vision is to build a wider awareness of the incredible opportunities to marry in Gibraltar. It is also important that we continually evolve the product and services on offer to deliver on customer expectation and feedback which will drive viral marketing.”

Do you agree? Well just say

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I DO!

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FEELING STRESSED?

GETTING ACTIVE CAN HELP

SPONSORED CONTENT

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n the hustle and bustle of life, it’s easy to forget about taking care of ourselves, isn’t it? But here’s something you might find interesting: recent statistics show that a little bit of exercise can go a long way in beating stress, which is pretty handy when you’re trying to keep a business afloat.

Did you know that women tend to feel the heat of stress more than men, with stress levels at 5.1 out of 10 for women compared to 4.4 for men? And it’s not just about feeling frazzled. Long-term stress can lead to some serious health issues like heart problems and depression.

For businesses, this isn’t just a health issue – it hits the wallet too, costing UK businesses a hefty sum each year due to lost productivity and absenteeism.

It’s not all bad news though – slotting in some exercise into your daily grind can do wonders. It’s not just about staying fit; it’s about keeping your mind sharp and your energy levels up. And when you’re feeling good, your business feels it too. Happier, healthier employees tend

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to be more productive and stick around longer, which is a win-win for everyone. Whether you run a retail unit on Main Street or work in a busy legal practice, encouraging a bit of physical activity among your team can make a real difference. It could be something as simple as a lunchtime workout.

With international expertise in health club provision, the Infinity Group is Gibraltar’s largest fitness and spa operator providing employee health club membership to over 80 leading businesses and organisations across Gibraltar, covering both private and public sector.

Contact corporate@infinitygroup.gi to help keep the stress at bay.

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APR 2024

CELEBRATING MILESTONES

MONTHS

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SHIRINOKU

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DAVID REVAGLIATTE

n what’s an increasingly challenging business landscape, embarking on a new entrepreneurial venture is a declaration of ambition, vision and potentially madness. The first twelve months of any business are crucial as they demand not just innovation but a commitment to navigating the many challenges that come with establishing a new brand. Mike Langer is an entrepreneur who, despite being in the early stages of his e-commerce venture, exhibits a blend of determination and insight. We talked about what it was like being at the 1 year-stage…

Can you tell us about your journey to opening your business?

Well, this is not my first business. Last time I was employed was in 2011. That year I opened a Digital Marketing Agency at the age of 30. And once you get a taste of being your own boss, it is difficult to imagine anything else. I then moved on to an E-Commerce venture which is where I met and teamed up with my co-founder Yonatan for the first time. It was a fantastic feeling to create and sell real physical goods after many years of just dealing with digital products. After running that business for several years, I felt I wanted to do something related to nature but still remain in the E-Commerce field that I now knew best. After some months of researching, I found that fantastic product, created by four London-based engineering students.

What inspired the idea?

First of all, the product is not my own idea but let’s take a step back. Since becoming an entrepreneur I found a passion for reading Marketing and Business related books. Some of my favourites would be “The Dip”, “Linchpin” and “Purple Cow”, all written by marketing guru Seth Godin. Those give you a great understanding of how to stand out from the crowd and create a deep connection with your audience. “Profit First” by Mike Michalowicz is a fantastic read that helps you figure out how to organise your finances which is super

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“I felt I wanted to do something related to nature but still remain in the E-Commerce field that I now knew best” important, especially in E-Commerce, where the more you sell, the more cash you need. “Traction”

by Gino Wickman is a fantastic book that gives entrepreneurs guidelines on how to structure your business so you can focus on what matters most to grow your business.

amazing since we still only have one product. It means people are so happy with the product that they come to buy more to add to their wall or add it to other rooms.

“Buy then Build” by Walter Deibel would be the one that inspired me to actually purchase a business rather than starting it from scratch. 90% of startups fail and 25% don’t even make it past the second year. Purchasing a business reduces your risk because you have already established systems and processes in place, there is an existing customer base and you have proven revenue streams.

I must say, the biggest challenge is to be an entrepreneur in Gibraltar. I recently joined the GFSB to find like-minded people and also hoping to find solutions for some of the issues. Gibraltar being grey listed meant we couldn’t open an account with the biggest online banks. This hopefully will be solved now by being removed from the grey list.

Then, funding in general. In Germany, where I had my last business, it is relatively straightforward to get a line of credit from the bank to help grow your business. In Gibraltar those things are not as easy and one needs to become more creative.

The Noku Canvas, which is the first product under the Shirinoku brand, is a self-watering, modular greenwall for your home. It is made of 100% recycled plastic and natural cork, making it a sustainable product and therefore exactly what I was looking for. It is being sold on the website: www.shirinoku.com. The idea behind it is to bring a piece of nature into people’s homes in a fun and innovative way. It originally raised GBP 140,000 through a Kickstarter campaign before we bought the Business from the creators.

What has been the most rewarding part of this venture?

Two main things are standing out so far. First of all, after generating our first few hundred sales, I am still astonished that we had zero returns so far. I am used to a return rate of up to 15% from the clothing industry so having no returns is a big validation of the great quality we are offering. The second thing is returning customers. We currently have a 13% returning customer rate, which is especially THE MAGAZINE FOR THE GFSB

What challenges have you faced so far?

What are your long-term goals?

The Entrepreneurial Operating System or short EOS, which is the system described in the Book called “Traction” that I mentioned earlier, tells you to create a 5 year target, and then drill it down to a 3 year picture, a 1 year plan, quarterly rocks and weekly issues. Our 5 year target is to become a leader in the USA and globally known as a Fun, Innovative Nature and Sustainable Brand. Within 3 years we want to have more variations of the product as well as two additional new products under the Shirinoku brand. As for the coming year, our full focus is on growing the sales through optimised marketing activities in various different channels. Step by step we are hoping to get closer to our 5 year targets.

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CELEBRATING MILESTONES

CELEBRATING MILESTONES

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“My mantra now is listen to your gut”

FIRST CHOICE RECRUITMENT

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KATIE BULLER

n today’s rapidly evolving business landscape, reaching a milestone such as a 10year membership with the GFSB is a remarkable achievement. The GFSB takes great pride in celebrating the accomplishments of our longstanding members, recognising the dedication and hard work that they have demonstrated to continue to thrive throughout the years.

As part of this commemoration, we had the privilege of talking to First Choice Recruitment, one of the companies that have reached the significant 10-year membership milestone this year.

Established in July 2010, First Choice Recruitment has been an invaluable contributor to the local business community in Gibraltar. They specialise in permanent, temporary and interim management roles across a wide range of industries. Their expertise extends to supplying some of the largest companies in Gibraltar, demonstrating the trust that has been built with their clients for over a decade.

With a comprehensive understanding of the local job market, First Choice Recruitment has been a vital resource for job seekers and hiring companies alike. They have successfully recruited for jobs in Gibraltar across various sectors, including in accountancy, pension services, trust administration, human resources and legal services.

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Can you share the most significant lessons you’ve learned throughout your journey as a business owner?

As a business operating in the service sector, recognising the value of the service we provide is paramount. Therefore, turning away potential business that would not be sufficiently profitable is a necessity. As a small recruitment company, the hours we have available to deal with clients and candidates are limited, so we need to get maximum value for the time expended. Unfortunately that can mean disappointing some people, but if the reason is fully explained in terms of business rationale, most people generally accept it, and more often than not respect the honesty.

How have you adapted your business model and strategies to keep up with changing market dynamics and customer demands?

Typically, recruitment goes in cycles which very simplistically are characterised by high demand for staff with low unemployment, meaning a shortage of strong candidates, or low demand for staff and high unemployment, resulting in a lack of good opportunities. And everything in between.

Add into this mix first Brexit, which pretty much closed down the pipeline of staff looking to relocate from the UK to fill the roles that could not be sourced for locally, and then Covid, which saw a lot of people who would normally be looking for a new position staying where they are.

To counter this, we are having to be much more creative in finding suitably qualified people across Europe. However equally important is educating our clients as to the reality of the talent pool available and encouraging them to focus on training and development.

What challenges did you face during the initial years and how did you overcome them?

To begin with, we were a completely unknown entity, so it was back to the basics of setting up meetings to begin building relationships with clients. On the candidate side, we tried to meet everyone and be totally frank about whether or not we thought we could help them.

Being recognised for being straightforward and honest saw us gain market share very quickly.

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In retrospect, are there any decisions you made that you would handle differently now? If so, what lessons have you learned from those situations?

There have been a few situations where I have allowed my head to overrule my instincts, and the result never turns out as hoped for! My mantra now is listen to your gut. If something feels right, it most likely is, and if it feels wrong, it most certainly is.

Can you discuss any specific achievements or milestones that you are particularly proud of from the past 10 years?

Surviving the Covid downturn in the market is the most obvious one. We came within a few months of having to shut down, but got through thanks to the client relationships we had built up over the preceding years. We bounced back stronger than ever and last year was our most successful to date.

Finally, with the knowledge and experience you’ve gained running your business, what advice would you give to aspiring entrepreneurs looking to start their own business in Gibraltar?

Do your market research to make sure there is a space for the product or service you are planning to provide. Doing business in Gibraltar is all underpinned by the relationships you build, so pick up the phone and talk to prospective clients.

You can achieve more in one phone call than in a month’s worth of emails, and it is much quicker to talk than type.

Finally, be candid about what you can and can’t do – honesty is the strongest and most underrated marketing tool there is.

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CELEBRATING MILESTONES

YEARS

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“We faced the challenge head on and took immediate action”

MISS SHAPES HAIR & BEAUTY

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TIM RUNDLE-WOOD

wo decades is a long time for any business - with all the strife that businesses large and small have had to endure these past four years, it seems that anxiety among business owners has never been higher. The ability for us as business owners to be able to re-frame perceived threats has become ever more critical; for example, the perception of an oversaturated market can be reframed as market complexity. This kind of reframe gives us the ability to plan around these kinds of challenges, making what felt like something out of our control and turning it into something where we can take steps to continue to improve and grow our businesses and take control of our own destiny.

I recently had the pleasure of chatting with Garren Thompson, co-owner and co-founder of legendary Gibraltar hair & beauty salon Miss Shapes, based on Bishop Rapallo’s Ramp. As the business recently hit the 20-year milestone, we discussed the highs and lows of creating a successful salon in a saturated market, how he and his team created their new range of Miss Shapes branded Hair & Beauty products and how this will help build success for another 20 years.

Why and when did you start the business?

Garren: My husband Joseph and I first became serious about opening our own salon in 2002 but we didn’t open the salon until 2003 – we were in our 20s and we didn’t have a clue about how to go about starting a

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business. That’s one of the biggest changes we’ve seen in business over the last 20 years, how readily available information is thanks to the internet and organisations like the GFSB. Back then we didn’t know about anything, so everything we did was trial and error. Starting with a business loan of £10,000, we created a lovely little salon, bootstrapping as best we could. Joseph’s family all pitched in, with his dad and brother building all the units and we even salvaged the mirrors in a skip.

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What would you say was your first growth milestone?

Garren: After a few years of healthy growth, we were offered the opportunity to purchase Headmasters, the salon where Joseph had done his hairdressing apprenticeship, as the owner was retiring. It really felt like a full-circle moment and an opportunity to continue our rapid growth - it was also a bit scary.

We moved the hairdressing part of the business to Headmasters and made our original salon into solely beauty and both sides of the business continued to do very well.

Were there any challenges along the way?

Yes there have been! Over the next few years after we bought Headmasters, we continued to expand, needing more and more space, moving out of the original small salon, and opening two more bigger salons, giving us three units to run and support. Our overheads had crept up and up and were getting more and more challenging to manage - that’s when Covid hit. We faced the challenge head on and took immediate action. We made the hard decision to streamline the business and closed two salons, keeping our newly refurbished much larger salon on Bishop Rapallo’s Ramp – where we are now and it’s worked out perfectly.

You recently turned 20! How did you celebrate the milestone?

I was super excited about this milestone so I started planning for our big 20th birthday back at the beginning of 2023! It was then that we decided we wanted to launch a range of our own brand products to celebrate the occasion. As well as an interesting project to get involved with, we also had the intention of creating another revenue stream, as well as reinforcing our brand so that our customers were with us every day, when using our products at home.

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Your own brand! What was it like developing that?

First of all, I spent time researching suppliers as I wanted to create products that would fit with our brand ethos. Their brief was that our products had to be organic (where possible) and made from 100% ethically sourced ingredients. We then spent months developing the formulations and testing them out on willing participants! This is a part that I didn’t expect to take so long, and when it comes to developing more products in the future, I will definitely assign more time to this process next time. We also launched a Miss Shapes Home Fragrance collection and are currently working on a Miss Shapes make-up collection. We then spent time creating the branding for the labels, which was another process that took longer than expected – particularly with all the rules and regulations there are to follow. I was very glad to have the guiding hand of our consultant, to make sure we comply with all regulations; it was money well spent.

What’s in store for the next 20 years of Miss Shapes?

Garren: There seems to be a new salon, barbers or beauty shop opening every week somewhere on the rock, so for me it’s about cementing us as a central part of the community in Gibraltar. Joseph has taken a position teaching GCSE hair and beauty, spending half his time in the salon and the other half teaching.

We see that as an opportunity to develop and nurture talent for the future within our local community.

The story of Miss Shapes’ continued long-term success is a testament to Garren and Joseph’s ability to face the challenges of life head-on and not get pulled under by external forces that are out of their control. So if you ever find yourself fretting about something you feel is out of your control, ask yourself how you can reframe it into something that is within your control and take back your personal power. www.gfsb.gi

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Generative AI

WHERE NEXT FOR GIBRALTAR’S WORLD OF WORK? EMILIA TODOROVA

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he world of work is undergoing a significant transformation, driven by the accelerating capabilities of Generative AI. While robots taking over our jobs might be a sci-fi trope, AI’s ability to learn, create, and automate tasks is undeniably impacting various industries.

Generative AI is the umbrella term used to describe the type of AI that can create new content and ideas.

This can include text, images, music, code and other types of content. We are now seeing how powerful this tool can be. But is this a threat or a powerful tool waiting to be harnessed?

Much like the way the calculator or the World Wide Web changed the way we do things and are now tools we use constantly, AI is starting to quietly revolutionise our lives. We are entering a new and exciting era of humanmachine co-creation and automation which is shaking up our ways of working. We set out to find out, what does the use of Generative AI look like in Gibraltar?

THE GLOBAL PICTURE The World Economic Forum’s report “The Future of Jobs 2023” found that over 85% of organisations included in a survey identified “increased adoption of new and frontier technologies and broadening digital access as the trends most likely to drive transformation in their organisation” (World Economic Forum, 2023). Within technology adoption, more than 75% of companies are looking to adopt AI, big data and cloud computing.

The report further finds that AI is “expected to result in significant labour-market disruption, with substantial proportions of companies forecasting job displacement in their organisations, offset by job growth elsewhere to result in a net positive” (World Economic Forum, 2023).

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AI ADOPTION IN GIBRALTAR As Generative AI is largely considered to be a new technology, adoption around Gibraltar’s businesses is mixed. Businesses that are more tech-forward or comfortable with new technologies have embraced generative AI in their workflows and are already seeing the benefits in terms of productivity and ability to grow their services and client base.

Equally, there is a high number of businesses in Gibraltar that operate completely offline, and therefore would not be equipped to integrate AI in any part of their business, potentially hindering their ability to remain competitive. In the middle sit the businesses that don’t currently use AI directly in their organisation but utilise third-party software or services which incorporate AI in their software.

Overall, the integration of AI in businesses around Gibraltar is mixed. While there are some cases where AI has made its way into day-to-day business operations, the technological adoption landscape in Gibraltar is complex and businesses will be working with the tools on different levels, or in some cases, not at all.

A NEW AGE OF CO-CREATION Reports like Deloitte’s “Generative AI and the Future of Work” (2023) and the World Economic Forum’s “The Future of Jobs 2023” highlight a key trend: AI automating repetitive tasks will free up human employees for more strategic thinking, problemsolving, and innovation. Imagine AI handling administrative tasks, generating personalised marketing materials, or even translating documents and creating video content - all while employees focus on the big picture and drive creative solutions.

We are already seeing major companies adopting AI. Coca-Cola has hired two global executives solely for AI (WSJ, 2023), and while this is not yet a trend amongst businesses, AI as a tool is being heavily integrated into the workflows of companies, and not just big tech! Delta Airlines, Expedia, Bentley Design, Mayfair, and L’Oreal, are just some of the companies who have integrated AI either in their customer services, marketing or digital design spaces. Coca-Cola has produced an advert where famous artworks come to life with the help of DALL-E, Open AI’s generative image AI tool is inviting digital artists to create artwork with assets from the Coca-Cola archives (Coca-Cola, 2023).

Meanwhile, Deloitte has released training for all of its employees to upskill them in understanding and using generative AI tools. In Gibraltar, marketing companies Kenshō and Purple Media discussed the benefits of using Generative AI tools to create

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INCREASED PRODUCTIVITY Around the world, companies such as H&M, Delta Airlines, Expedia and Heathrow Airport, to name a few, have all adopted Generative AI in their customer service processes and are reporting remarkable increases in response rates to the customer and reduction of call centre calls (Ada, 2023). Meanwhile, Indeed reported saving $10 million on content development (WSJ, 2023).

Gibraltar early adopters, Netgear, Kenshō, Purple Media and Legal Balance all reported integrating Generative AI in their operations and the benefits they have already seen. Netgear reported benefits in both effectiveness and time efficiencies in their staff training programme. Using the ability to create short and targeted AI-generated staff training videos and focus on peer-to-peer learning, they have reduced previously hour-long sessions to more targeted and focused training workshops for their staff. “It is much more engaging than having one person speak in front of a group of people. The discussions are much more interactive and there is a lot more peer learning” – Amit Chugani, Managing Director, Netgear. James Victor, Co-Founder and Director at Kenshō commented on the fact that Generative AI tools have made Kenshō “substantially more efficient – it allows us to fit in more activities during the day, gave us the ability to double the efficiency within the team and has increased our outputs, making us more competitive”.

HUMAN EXPERTS ARE HERE TO STAY UNESCO’s “Skills for a Generative AI Future of Work” (2023) report emphasises the need for continuous learning and upskilling. While it is not necessary for everyone to become an AI expert, it is becoming ever more important to grow our digital literacy skills, ability to navigate vast amounts of information from a variety of sources and fostering skills such as critical thinking, complex problem-solving, and collaboration.

We are seeing Generative AI’s ability to remove some of the basic tasks in workflow, however, Gibraltar’s business owners are all unanimous that the need for human experts will continue to be necessary. If used well, Generative AI can produce seemingly great

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early design mock-ups or blog content, which their staff can use to refine and improve. Both companies commented on the fact that using such tools in the early stage of the creative process allows their teams to remove some of the more basic tasks from their day and focus on higher-level tasks which puts emphasis on their professional expertise. This has allowed them to on-board a higher number of clients and produce more work for their existing clients by automating parts of the design, writing and other creative processes.

content, but without the knowledge or expertise of the person using it, it can be hard to judge whether the quality of the content and information is accurate and reliable. To produce accurate and useful content, tools like ChatGPT rely on having a good prompt, and beyond this the person using them has to be able to apply their own expertise in the area to refine the content to ensure its accuracy and usefulness. Scott Simmons, Director of Legal Balance, described using ChatGPT as “working with a junior assistant”. “With tools like ChatGPT, you have to be very specific and precise about the information you want, and you have to keep teaching it. And similarly to having a junior colleague or an assistant provide you with a first draft, you would check it carefully and improve it”, Scott added.

The University of Gibraltar commented on the importance of ensuring that graduates are equipped with the knowledge and ability to navigate the use of AI tools in the workplace. “At the University of Gibraltar, we are proud of the fact that 96% of our graduates believe that the knowledge and skills they take away from their studies have supported their career aspirations and of our employability outcomes of 92% to 97% of our graduates being in employment or further study within 6 months of graduating. As such, our approach to dealing with generative AI (including ChatGPT) reflects the view that a growing number of employers want graduates who are digitally literate and this includes the ability to use generative AI tools. Thus, we aim to support our students to understand how to use these tools critically, ethically and intelligently and support our faculty to incorporate AI technology in learning and modify assessment accordingly.”

– Catherine Bachleda, Vice-Chancellor, University of Gibraltar.

ETHICS, TRANSPARENCY AND REGULATION Organisations globally are calling for the responsible development and use of AI, ensuring fairness, transparency and accountability. The EU has developed regulation focussing on AI specifically – the EU AI Act (AIA), which is expected to be agreed in early 2024. This, combined with the General Data Protection Regulation (GDPR), which came into force in 2018, is expected to help shape the growth and development of the generative AI market in the EU (Deloitte, 2024). In Gibraltar, the Government is planning to carry out a wide consultation regarding the regulation of AI (Gibraltar Chronicle, 2024), while the UK is working on establishing the Bletchley Park principles. As the adoption of AI is not widespread yet, business owners in Gibraltar felt that light regulation is appropriate for the time

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being. Concerns around the use of AI were mostly around the security of information and protecting organisational and client/customer privacy and data. Tools such as ChatGPT, and Microsoft’s new tool, Copilot, which may well be widely available to Microsoft Office users in the not-too-distant future, collect all the information that goes through them and use it to develop the tools further. Claus Olesen and Mark Rees of Knightsbridge commented on the importance of understanding how AI tools collect and process information, adding that protecting their client’s information is extremely important.

Naturally, before businesses adopt such tools into their day-to-day work they would need to be assured of whether their data will continue to remain private and secure. Users and organisations concerned with matters of privacy, GDPR and confidentiality should ensure that they continue to familiarise themselves with the terms and conditions of service as they vary widely between Generative AI applications. This is considered as one of the main barriers to adoption at the moment.

SO, WHAT NOW? As the world is moving forward in embracing AI tools, Gibraltar’s businesses are deciding on their levels of engagement with these new tools, creating a more diverse technological landscape. Early adopters, are already reporting the benefits they are seeing in using Generative AI tools – increased productivity, doubling outputs, growing their client bases and becoming more competitive in the market. As we navigate the challenges of AI adoption, however, it’s not just about embracing new technology—it’s about doing so responsibly.

This presents a fantastic opportunity for those who want to adopt these new ways of working to lead the way in Gibraltar’s future of work.

Thank you to the following people for their contributions and thoughts on this topic: Amit Chugani, Netgear; Professor Catherine Bachleda, University of Gibraltar; Scott Simmons, Legal Balance; James Victor, Kensho Marketing; Vincent Carrie, Purple Media; Claus Olesen and Mark Rees, Knightsbridge.

REFERENCES: WORLD ECONOMIC FORUM “The Future of Jobs” Report 2023

COCA-COLA “Coca‑Cola Invites Digital Artists to ‘Create Real Magic’ Using New AI Platform” Report 2023

ADA “Real-world examples of generative AI for customer service” Report 2023

UNESCO “Lifelong Learning” Report 2023

WALL STREET JOURNAL “An Anticipated Wave of AI Specialist Jobs Has Yet to Arrive” Report 2023

DELOITTE “Walking the tightrope: As generative AI meets EU regulation, pragmatism is likely” Report 2024

GIBRALTAR CHRONICLE “Govt plans ‘wide consultation’ on the regulation of Artificial Intelligence” Report 2024

EU ARTIFICIAL INTELLIGENCE ACT Report 2024

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A BEGINNER’S GUIDE TO

AI

KATIE BULLER

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rtificial Intelligence (AI) promises unprecedented opportunities for small business owners in Gibraltar. As the digital landscape faces constant evolution, understanding AI becomes not just beneficial but essential for businesses aiming to thrive in 2024.

In this article, we aim to demystify the complexities surrounding AI, offering an approachable guide to its fundamentals, history, and practical applications for businesses, providing you with the knowledge to embrace this technology confidently.

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UNDERSTANDING THE BASICS OF AI So, what exactly is AI, and how can it benefit your small business in Gibraltar? Picture the technology as a digital assistant, capable of learning and adapting to support your business endeavours.

AI technology allows machines to copy our intelligence, performing tasks that traditionally required human understanding and adaptation.

Within AI, machine learning is the fundamental element that has propelled the technology forward.

Initially equipped with only basic knowledge, AI systems now use data produced by machine learning algorithms to continuously refine and enhance their performance. This enables them to tackle tasks with increasing proficiency, making them indispensable within the future of business operations. AI also uses neural networks, inspired by the human brain. Their digital neural architecture enhances machine learning capabilities by enabling systems to comprehend and process intricate information. It allows AI to interpret complex data,

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making sense of patterns that would otherwise be challenging for conventional systems to understand.

In short, neural networks allow for AI’s ability to handle more demanding tasks.

A BRIEF HISTORY OF AI The first mention of AI comes from the mid-20th century, with the idea of machines mirroring human intelligence. It remained only an idea until, in the 1950s, further exploration focused on problemsolving and rule-based systems. In the decades following, AI programs and tests such as the Turing Test arrived, designed to replicate the decisionmaking abilities of human experts. However, initial enthusiasm was met with challenges, leading to what is famously known as the AI winter – a period of reduced funding and interest from the 1970s to the 1990s.

Despite this setback, the arrival of the World Wide Web in the late 1980s and an increase in interest encouraged further advancements in machine learning. The breakthrough for AI came in the mid2000s, with the rise of Big Data, referring to the volume, velocity and variety of data used in the development of neural networks. This enabled machines to accurately handle complex tasks such as image recognition, natural language processing and decision-making. Today, thanks to Deep Learning and further studies, AI is at the forefront of innovation and is now an accessible tool in all fields.

GIBRALTAR’S AI LANDSCAPE At the forefront of AI research and development stand the current industry giants, including Google and Microsoft. With extensive resources and expertise, these companies are currently working on advanced machine learning algorithms and AI-powered tools, laying the foundation for the widespread use of AI in businesses of all sizes.

Simultaneously, the industry is attracting innovative start-ups such as OpenAI, who are aware of the challenges faced by small businesses and have crafted accessible AI tools to enhance efficiency and effectiveness.

The diversity within AI extends beyond the key players themselves to include a wide variety of services, catering to various business needs.

Cloud-based AI platforms, like Google Cloud AI and Microsoft Azure AI, provide flexible solutions that can integrate the technology seamlessly into existing operations, without the need for extensive investment. Furthermore, specialised industryspecific AI software in fields such as healthcare,

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finance, and retail, proves its widespread adaptability.

BRINGING AI INTO YOUR BUSINESS Incorporating AI into your small business requires strategic planning. Firstly, you should conduct an assessment of your business’s needs, identifying areas where AI can deliver immediate impact. This could be in streamlining customer service interactions, optimising data analysis, or automating routine tasks. A clear plan ensures an effective integration of AI into your business.

There are also ethical considerations and implications to consider, including data privacy, transparency and fairness. Taking a proactive approach safeguards your business while encouraging trust among customers and stakeholders. Furthermore, preparing your team for the use of AI is equally important. It is essential that training and resources are put in place to demystify AI for all team members, ensuring that everyone is confident in using the technology effectively.

Incorporating AI into your small business is not one-size-fits-all. It’s a process that requires consideration of your business’s unique requirements, ethical implications and team structure. With careful planning, a focus on immediate impact, a commitment to ethics, and a dedication to education, small business owners in Gibraltar can easily integrate AI for growth and innovation.

BONUS PODCAST Scan this QR code to listen to a bonus episode of the Gibraltar Business Podcast. David Revagliatte meets Daniel Brookes, Founder and CEO of AI specialists, RDentify.

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THE EARLY ADOPTER LEGAL BALANCE EMILIA TODOROVA

Scott Simmons, co-founder of Legal Balance, has embraced AI. Legal Balance was founded 12 years ago to address the need for onshore marketing and business development expertise for offshore law firms.

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At Legal Balance, we’ve made a concerted effort to leverage AI technology to enhance our offering to legal businesses and the wider professional services community. We’ve implemented AI-powered solutions for various tasks, including video editing and creation, online meetings, visual and written marketing, and data collection. We’ve also spent a lot of time researching AI products specific to the legal industry and helped our clients choose tools for document review, legal research, and contract analysis.

How do you apply ChatGPT at work?

Before tasking ChatGPT with anything, I lay out my expectations clearly. The more information I give it, the better the response will be - again, just like it would be if I was asking a human assistant. I then ask, “What do you need to know from me to give me the best response?” This sets the stage for a collaborative interaction. Chat GPT then prompts me with questions to gather the necessary information. Once it has these details, it will remember them in the same conversation thread for future reference. This iterative communication and learning process makes working with Chat GPT so efficient and effective.

After ChatGPT produces its response, I’ll review it and go back to it with any comments or thoughts. This helps it with future output. For example, in the early days, it would write about the billable hour as part of its responses. At Legal Balance, we don’t believe the billable hour is good for clients or the legal profession, so I asked it not to refer to the billable hour specifically, which it now doesn’t.

What other AI tools have you utilised alongside ChatGPT?

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Hi Scott, could you tell us about your experience integrating AI tools into Legal Balance?

In addition to ChatGPT, for our creative writing, we’ve also explored Jasper, Perplexity and Google’s Gemini. All of them have different strengths. Perplexity stands out for its emphasis on providing references for its responses.

Unlike ChatGPT, which focuses solely on delivering answers, Perplexity points you to its information sources. This feature is really valuable for tasks requiring accurate citations and references.

These tools are scouring the internet for information to give you an answer. One of the pushbacks with these tools is that they can sometimes cite a reference that doesn’t exist. There have been stories of lawyers using ChatGPT to go to court with arguments and cite a case that isn’t real. So having Perplexity, which will only give you an answer that is based on references is fantastic.

Has integrating AI impacted the efficiency of Legal Balance?

The impact has been remarkable. By harnessing AI tools, we’ve significantly improved our operational efficiency. Tasks that once required hours of manual labour can now be completed in a fraction of the time, which means we can get better and faster results for our clients.

And as time goes on, we’ll continue to look at areas of improvement for our business and how AI can support us.

I also ask ChatGPT to review its own work. That has been brilliant because, very often, it will come up with something that I haven’t thought of that will improve its previous response.

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FIVE WAYS AI CAN HELP YOUR BUSINESS KATIE BULLER

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rtificial intelligence (AI) is emerging as a transformative tool for small businesses in Gibraltar. Usually the discussion around AI revolves around its role in automating routine tasks, but its impact extends far beyond gains in efficiency. AI technology provides an opportunity not just to streamline tasks but to redefine how they operate.

It encourages innovation, enabling businesses to navigate challenges, make data-driven decisions, and build a competitive edge. In this article, we will discuss how small businesses in Gibraltar can take advantage of AI technology, to future-proof operations.

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PERSONALISING CUSTOMER EXPERIENCE AI analyses extensive datasets, enabling businesses to create unique experiences for their customers, using their preferences, behaviours and purchasing patterns. This information then becomes the foundation for offering personalised recommendations, services and products that will exceed customer expectations. Tools such as Zendesk or Medallia allow you to tailor your offers based on individual preferences, audience segmentation, past purchases and browsing history. This level of personalisation encourages brand loyalty, creating a connection that resonates with each customer on a personal level.

For small businesses in Gibraltar, the accessibility of practical tools like Zendesk and Medallia makes this level of personalisation achievable without major investment. As the business landscape becomes increasingly competitive, personalised customer interactions set businesses apart, encouraging sustainable growth and lasting customer relationships.

OPTIMISING STAFF ROTAS Small businesses in Gibraltar now have the opportunity to embrace data-driven precision in staffing, enhancing operational efficiency and elevating the overall customer service experience.

By leveraging AI, businesses can manage their workforce using historical sales data, weather patterns, local events and other contextual information to forecast staffing needs accurately.

For instance, a restaurant in Gibraltar could benefit from AI algorithms that anticipate increases in customer footfall during National Day Celebrations or at local sporting events, ensuring enough staff are present to meet demand.

This predictive, data-first approach prevents understaffing, reducing wait times and potential customer dissatisfaction, but it also avoids overstaffing, optimising costs. This allows small businesses to effectively balance quality service with staff costs. Platforms like Connect Team and Rota Planner stand out for their user-friendly interfaces tailored for small businesses. The accessibility of these tools ensures that even businesses with limited resources can seamlessly integrate AI into their workforce management.

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STREAMLINING OPERATIONS AI has the power to streamline both supply chains and logistics, optimising areas such as predictive equipment maintenance and the efficient planning of delivery routes. For instance, a local distributor in Gibraltar could use historical data and machine learning algorithms to anticipate potential equipment failures, scheduling preventive maintenance in advance to avoid costly downtimes. This ensures a smoother workflow and contributes to an equipment’s increased lifespan.

Similarly, in logistics, AI-powered tools can be used to plan precise routes, optimising fuel consumption and reducing delivery times.

The accessibility of AI tools like Blue Yonder makes this a viable option for small businesses in Gibraltar. Blue Yonder uses easy to understand data and patterns to ensure that businesses can seamlessly integrate AI into their existing supply chain and logistics management, without a steep and costly learning curve.

ENHANCING DECISION MAKING WITH PREDICTIVE ANALYTICS

AI’s predictive analytics capabilities enable small businesses to anticipate and navigate future trends, fluctuations in demand, and inventory requirements.

Platforms like Peak AI or Google Cloud Predictive Analytics use advanced algorithms and machine learning models to analyse extensive datasets to find meaningful patterns and insights.

END NOTE

For instance, a retail store in Gibraltar utilising AI predictive analytics might foresee a surge in demand for a particular product or category of products based on historical data, upcoming trends, or external factors like seasonal changes. With this advance information, businesses can optimise their inventory, adjust marketing strategies, and allocate resources effectively, staying ahead of the curve.

GFSB MEMBER’S VIEW

AI is not just a tool for automating routine tasks; it’s a strategic asset that allows businesses to optimise customer experience, improve workforce management, enhance decision-making, refine customer service, and streamline operations.

“This article has sparked some interesting considerations. While we currently provide options for clients to book, we’ll explore enhancing our services further with the help of AI.” MJ Feeke, Radiance Clinic

IMPLEMENTING CUSTOMER SERVICE BOTS AI virtual assistants offer a 24/7 solution to most customer inquiries, ensuring instant responses and a seamless experience. By automating answers to common questions, businesses improve the speed of their customer service and free up human resources to focus on the more intricate, multi-step aspects of their operations.

Platforms such as Zendesk or Zoho SalesIQ allow for the creation, use and management of chatbots without requiring technical expertise. Embedding an AI-powered chatbot onto your website or social media channels builds customer trust and loyalty.

For instance, a retail store in Gibraltar could use a chatbot to provide instant, live information on stock availability, promotions and order statuses.

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HOW TO DRESS-DOWN NOT LET-DOWN

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RAJU PURSWANI

dress down policy (or lack of it) can leave you and your organisation’s image in tatters- here’s how to avoid it.

In an increasingly digital work environment where we have more emails, WhatsApp messages & interruptions than ever before, many business leaders started looking at ways of alleviating the stress that comes with this increased workload. Relaxing the dress code and letting your team dress in more casual clothing is one way of doing this….Or is it?

Dressing casually comes with a plethora of choices that you don’t have to contend with when dressing formally for work. You swap the simple suit, shirt and tie combo for chino and shirt, or will it be jeans and a polo shirt?

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However you decide to dress, the fact remains that your peers, colleagues and clients will all form an opinion of you (and your professionalism) based on your appearance. In a small community like Gibraltar, this not only applies to the workplace environment, but outside it too. When you pop out for an errand, people will not only judge you but also the organisation you work for, often depending on how you present yourself.

Other things to keep an eye on are hem & sleeve lengths - too long and you’ll look dishevelled, or you’ve bought a size too big.

If it’s spoiled, it’s time to say goodbye: Don’t wear something that has tears, is broken, worn out or dirty. If it can be fixed, by all means do that. If it can’t, then it’s time to replace it. And be ruthless- your work clothes should be a professional asset, not a wellloved pet!

No shouting please! Your work attire should never have prominent logos, loud colours or patterns.

Similarly, your clothing should not reveal too much skin or be too tight.

“Rotate all your garments and footwear so they can ‘rest’” With a little bit of foresight, understanding and discipline you can ensure that you create the right impression that will value all your hard work. Here are a few guidelines to help you along the way:

Comfort: Try and use natural fabrics which are breathable. Make sure your garments are not too fitted- you’re going to work, not a night club! The need for comfort does not extend to wearing ultrabaggy clothing, which tends to make you look unkempt.

Take care of the details: No point in spending a fortune on a designer outfit and wear it with scuffed shoes. Check your personal appearance too- your hairstyle, facial hair, nails…all these trivial details are sending out signals to people about who you are!

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The permutations are endless.

Worse still, these choices need to be made first thing in the morning!

Barack Obama famously had all his suits made in the same style and only in shades of navy & greyjust so he didn’t have to waste any headspace on fashion choices.

Pay attention to your collar: a collared item such as a shirt or a polo shirt generally feel like a more professional garment, but they need care. If you decide on wearing a garment without a collar, make sure the neckline isn’t crumpled.

Care for a friend: your work attire is a personal asset- care for them!

My personal recommendation is to rotate all your garments and footwear, so they can “rest”. All these items get stretched by our bodies, not wearing them day after day gives them time to return to their shape.

you keep just for work and are located in a separate part of your wardrobe. This will cut down on time wasted rifling through all your clothes every single morning. Try and make sure that most of the pieces will combine with each other.

For example, don’t buy a shirt that will only match one trouser-otherwise you’re always stuck with the same combination. The easiest way to achieve this is by having several neutral colours-both in tops and bottoms.

These are just a few pointers at how to achieve and support a look that is relaxed, yet professional. At Marble Arc, we’ve been dressing individuals and groups for 35 years. If you, or your organisation, require help in formulating a dress code that matches your values and aspirations, then email me raju@marblearc.com to get the conversation started.

This may seem like an extensive list, but once you get into the habit, you’ll run through all these checks in a matter of seconds daily. I suggest to most of my clients to have a work uniform- items that www.gfsb.gi To advertise with us contact admin@gfsb.gi

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NEXT-LEVEL SURVIVAL STRATEGIES DAVID REVAGLIATTE

D

uring a recent and very long overdue catch up with my friend Trina, I had one of those ‘Aha moments’. To be fair, as someone who spends a lot of time interviewing experts, these moments happen to me a lot, but this one was different.

In the 20 years Trina and I have been friends, she’s developed marketing strategies for global brands including Coca Cola, Virgin Atlantic, Nestlé and IKEA. Impressive stuff, but it’s what she’s working on now that really got me thinking…

Taking inspiration from the military and politics, Trina and her business partners set up The Competitive Wargaming Team and now deliver secret, scenario-based ‘corporate war rooms’ for senior leaders designed to predict and outmanoeuvre competitor moves.

My mind was blown, I loved it. When I asked Trina what led her into the (corporate) war business, she said, “It was my associate Ben who spotted the niche, and we all thought it was worth a shot! We all had lots of experience trying to land competitor strategy both in-house for brands and either as consultants or (in my case) at advertising agencies… but it was Ben who realised that there was room in the market for a simple and straightforward solution to helping clients focus on beating their competition.”

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ORIGINS AND MILITARY INSPIRATION Following my call, I did a quick Google search and fell down multiple rabbit holes. I discovered that the concept of a war room traces its roots back to military strategy, where such spaces were used for planning and executing operations in times of conflict. America’s 34th President, General Dwight Eisenhower actually held his base of operations deep within Gibraltar’s tunnel network during part of WW2.

These war rooms were central hubs where military leaders would gather to strategise, make decisions, and plot the progress of their armed campaigns. The corporate adaptation of this concept translates these strategic planning and decision-making processes to the business environment, allowing companies to navigate the competitive landscape more effectively.

ALL OUT (CORPORATE) WAR At the heart of many global firms, corporate war rooms serve as nerve centres for strategic planning.

These spaces are equipped with tools for data analysis, simulation, and real-time decision-making.

Companies like McKinsey have highlighted the use of war games as a powerful tool in the corporate strategy arsenal. Through simulations, businesses can anticipate the moves of competitor firms, explore potential market scenarios, and plan their counterstrategies. This is all sounding pretty Machiavellian right? But I guess the higher the market cap the higher the stakes…

According to Trina, the success of a war game depends on how well it’s delivered; “Our process is designed to interrogate existing perceptions and help clients identify their key competitors. That might sound like a simple thing but it’s not always that clear! We do this by interrogating all of the available intelligence a client already has about their market competitors, or stuff that’s available in the public domain, interviewing key stakeholders, and combing through our own knowledge and experience.

That process usually throws up several key ‘battlegrounds’ – e.g. areas where there’s a real asymmetry between the client and their competition, or areas that all organisations in that sector will need to give focus to.”

a war game with the assumption that a big tender has just been announced by one of the client’s predefined competitors” says Trina, “we get participants to address and answer a number of questions. What will the client organisation do to counter or respond?

How do we think the competitor will react? The game is played out under time pressured conditions with participants playing roles against type, both within their own organisation and that of the competition.”

Following several intense rounds, participating teams are left with a clear picture of what opportunities they have and what threats they might face. For Trina, the final stage is the one that ensures her clients achieve a tangible outcome from the war game. “After the scenarios, participants usually have a number of ideas and strategies they can take back their business.

It’s at this point where we ask participants to share and commit to an action that capitalises on market opportunities or diminishes the threats.”

“After the scenarios, participants usually have a number of ideas and strategies they can take back their business” SMALL BUSINESS BATTLEGROUND While the war games concept might seem suited only to the vast resources of global corporations, Trina assures me that small businesses can also apply this ‘big business’ strategic practice. “Although many of our clients are big brands, lots of business problems are pretty universal. We see the same competitor themes coming up again and again.

Profit-sapping price wars, scrapping over the same geographies, how to deal with the cost of doing business, regulation change, Tech with a capital T, new entries to the market… which will all feel familiar to anyone in business. And in fact smaller businesses are even better poised in some respects to make change. They may not have the massive budgets or huge global clout of the big corporations, but they have agility and accountability and a sleeves-rolledup attitude that some of their bigger cousins could do well to borrow!”

SIMULATED SCENARIOS Once that insight becomes obvious, her team helps the client to create a clear and compelling narrative out of it and design an interactive workshop that lets participants from the client organisation role through a simulated scenario. “For example, we might start

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1: DEFINE THE OBJECTIVE: Clearly articulate what you aim to achieve with your war room sessions. This could range from exploring new market opportunities to devising counter-strategies against a competitor’s moves.

2: GATHER THE RIGHT TEAM: Having a skilled facilitator is key! Include individuals with diverse perspectives and expertise to ensure a comprehensive analysis of scenarios.

3: USE AVAILABLE TOOLS: Leverage technology and data analytics tools to gather insights about market trends, competitor behaviour, and potential opportunities.

4: STAY FOCUSED: This is where the facilitator’s role really comes into play.

Ideally this could be someone who doesn’t work with or for you. They can keep discussions balanced and on track.

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5: SIMULATE SCENARIOS: Conduct simulations or war games to explore different competitive strategies and their potential outcomes.

6: DEVELOP ACTION PLAN: Based on these simulations and the ideas they generate, develop actionable strategies that can be implemented to address identified challenges and opportunities.

This piece has opened my eyes and has got me feeling inspired. It seems the corporate war room offers a structured approach to strategic planning and competitive analysis.

While global firms may have pioneered the practice, its principles are universally applicable and its methodology can be scaled to fit.

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Rebecca Jackson on Leadership:

REFOCUS, RESET AND REFRESH

W

REBECCA JACKSON

hen you’ve been running you own business for a while, you know what works, and it’s easy to rely on the skills that got you to where you are. Chances are, you’re comfortable doing things in a certain way, and your team knows what to expect from your leadership style.

Leaders eat last, as the military saying goes. But while focusing on the business and everyone else is sufficient for today, it isn’t an optimal long-term strategy.

While many business owners spend a lot of time planning how to grow and improve their business, far fewer invest the same amount of energy in planning how to make themselves better as business owners and leaders.

At the end of the day, the skills and knowledge that elevated you to where you are today may not suffice for navigating the future. The external business world continues to change. And the long-term impact of a Treaty alone will require fresh approaches and a renewed mindset.

THE MARKERS OF SUCCESS HAVE SHIFTED What defines a successful business owner and leader has also evolved. The traditional notion that employees adapt to the boss’s preferences has shifted. Today, employees seek value in unique ways, necessitating managers to tailor their approach for each team member. While this may seem demanding, when great people are so hard to find, keeping them is imperative in such a competitive job market. It is the leaders who invest energy in refining their techniques and addressing blind spots who tend to get the most from their teams.

In my practice, I work with clients over periods of months and years as they work through waves of success, stability, and occasional failure. Struggling with doing more with less, balancing personal and professional aspirations, and

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viewing the way they lead as strategic, designed, and open to change.

Taking moments for reality checks is imperative - to refocus, reset, and refresh.

For many business leaders, finding time to invest in themselves is challenging. It is hard enough to balance work commitments with life beyond it. Intentional learning rarely falls into the urgent or must-do category.

Waiting for it to happen passively misses the opportunity to actively refresh your skills and reinvigorate yourself.

And for the experienced leader it takes courage to acknowledge that there may be a different, more effective way. The process of self-learning and renewal can be unsettling, requiring a deep understanding of oneself, uncovering blind spots, and hearing feedback that might sting.

Yet refreshing your skills doesn’t have to cost the earth or take a lot of time. Leadership experts and Executive

navigating business turbulence are common themes.

But presuming that your years in the bank are enough to see you through is short-sighted. The road to excellent leadership is a long one, occasionally smooth, often marked with potholes, and always under construction.

Great leaders recognise that owning and leading a business necessitates continuous investment and re-design; not just in what you lead but also in how you lead.

RENEWABLE RESOURCES The wonderful thing about leadership skills is that they are a renewable resource. But only if you regularly take the opportunity to refresh them.

Leaders must be open to questioning their approach, 46

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But that’s not all. GFSB members also have access to free talks, practical workshops, and business updates where you can hear from local experts and share experiences with other professionals. As a multicultural country with a diverse range of industries, we have the opportunity here in Gibraltar to learn from different approaches.

Throughout 2024, we’ll be refreshing our learning and education programme even further to bring you more practical and useful learning opportunities to keep you ahead of the game.

But the reality is that for small business leaders, the onus is on you. If you don’t make time to continually improve as a manager and leader, no one else can do it for you.

The more energy you invest in learning how to be a better boss, the more your team will follow suit. As a manager, your behaviour is closely observed and emulated. When you show a personal commitment to learning how to get better at doing your own job, you’ll find that your team do the same. And that can only be good for business.

SECOND EDITION

Coaches, like myself, share quick tips, podcasts, books, and videos that are easily accessible and mostly free.

Details on how to access my free weekly leadership playbook can be found at the end of this piece.

HOW TO REFRESH YOUR SKILLS: Research by McKinsey & Company Management Consultants shows that leaders typically benefit from development in three key areas: 1. Leadership of Others: Skills to manage, delegate, coach, motivate individuals and teams to optimise delivery 2. Leadership of Self: Skills to help you become more self aware, identify opportunities to play to your strengths and manage your weak spots 3. Leadership of Business: Skills to help you hone business operations ASK YOURSELF: Over the last two years in which area (of the above) have you invested the most energy learning?

What can you do now that you couldn’t do before as a result?

What supported or enhanced your learning?

What are your most important priorities for 2024?

Which of the areas above do you need to learn to get there?

What actions must you commit to?

My bio:

I’m Rebecca, an experienced leadership

expert focused on enhancing the skills and mindset of leaders. Through executive coaching and workshops, I guide leaders through complex and next level challenges and empower them to cultivate productive, growthoriented teams.

If you’ve enjoyed this, sign up to my newsletter: https://rebeccajackson.substack.com/ For the latest GFSB learning and education events, head to gfsb.gi

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AL RICHMOND

As the CEO of a specialist security business and close protection operative/ private security contractor, I have experienced security threats of all types since 1990. From opportunistic personal attacks to targeted organised commercial crime, I feel there is a lot more we should be doing to defend and protect ourselves. Understandably, Gibraltar is considered to have a relatively low crime rate; but what are the realistic threats and risks to small businesses in our corner of the Mediterranean?

The 2022/23 Annual Royal Gibraltar Police Report shows recorded crime (3,488 offences) up by 9% on last year, with an average detection/solved rate of 26%; just over a quarter.

Burglary of commercial/nonresidential property has risen by 16.5% from the previous year; only 35% of these were detected and “cleared up” by the Royal Gibraltar Police (RGP). There were over 300 cases of criminal damage, with only 13% being solved.

Within our small population, more crime occurs than we realise, or cleared up by the RGP; but it is obviously difficult to determine the amount that goes undetected or unreported.

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Threats are everywhere and occur when you least expect them. The divide between the ‘haves and have nots’ has never been greater and economically shows no signs of respite. So, are you protected from risk? When did you last review your security procedures?

Being complacent about your security arrangements will always be a risk. However, there are many steps you can take to protect yourself, your property, or your business.

Aside from the obvious physical security countermeasures (alarms/ locks/CCTV), you should try to determine who would be most likely to act, how they would do it, and where a security breach is likely to occur.

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WHO is the type of criminal most likely to damage/break-in/steal from your business; either opportunistic or professional. Once you establish that and with experience, it is possible to work out that type of criminal methodology. This gives you a good indication of HOW they commonly commit the offence and WHERE, in your business, would be targeted as a vulnerable area.

The same should apply for any business that needs to be conducted outside Gibraltar, for instance travel/hotel security and asset protection. This is known as “Red Team’’ thinking. Think like the element you are protecting yourself from.

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When was the last time you had a security review from a professional and capable security service? Static guarding is not the only solution; not all guards are adequately trained, paid enough, or had their backgrounds sufficiently checked.

And if you think professional security advice is expensive, wait until you hire an amateur. Your security is the last thing you should be cutting corners on.

Petty or opportunistic criminals generally go down the path of least resistance. In the case of professional thieves, it would be foolhardy to believe they do not carry out reconnaissance of a target before acting. Opportunistic ones will not take the same amount of time on this. Therefore, if they see up-to-date, good quality physical counter-measures, then it is likely they would move on to a weaker target, as they tend to go for the ‘low hanging fruit’.

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Colonel John Boyd, of the US Air Force, coined a term in the 1950s called ‘The OODA Loop’ to train fighter pilots for aerial combat. The term is still used extensively today in the security field, from Close Protection to Counter-Terror Units. It stands for Observe, Orient, Decide and Act. OBSERVE means gathering intelligence about everything and anyone within your environment.

Potential threats, what they look like and how they apply to you.

ORIENT is how you interpret the information, analyse any patterns, and understand what assets you may or may not have.

DECIDE is choosing a course of action, based on the information and how to deploy any assets you may have in your favour.

ACT is implementing that course of action and monitoring its success or failure. It is a continuous loop.

Whilst this model is used as a planning tool by security professionals the world over, it also applies to criminal behaviour.

It is sometimes referred to by

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what they would do. For example, there are many CCTV placements around Gibraltar; it is a shame many cameras are either outdated, low resolution and probably useless for evidential purposes after an incident. Most do not cover areas of risk/concern. There are gates and fences that are indeed locked, but shaped like ladders, so easy to climb over. This makes me question why they have been installed as such with seemingly little regard for the safety of their clients. Unfortunately, the examples are many.

professionals as ‘the terrorist attack cycle’ as they also follow the same patterns. A good CCTV operator, with good equipment, can detect a hostile actor in the observation phase, well before the criminal acts are committed. A diligent security operator or company must have an understanding of this.

I have been told many times that Gibraltar is hardly a war zone.

This is obviously true, but I have unfortunately seen the post hoc struggle to implement security after losses have already been incurred. Now, it is almost impossible to guarantee that no one will attempt a hostile action, even after security has been implemented. After all, defensive security will always be at a disadvantage against offensive action. However, presenting your business as a ‘hard target’ will massively reduce your risk. To mitigate the threats and risks, investing in robust deterrents becomes cost effective against potential future losses.

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