Business Time in Essex Spring 2024

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Issue 31 | Spring 2024 Business Time Expert legal services and independent financial advice in Essex www.teeslaw.com Expect more care and expertise for all your commercial needs Call us on 01245 904 627

BUILDING ~ BETTER ~ FUTURES

with wood and disney : The Advisors to Ambitious Entrepreneurs

Wood and Disney are a tech savvy firm of chartered accountants who focus on building a better future for our clients, their families, their teams and their communities by giving jargon-free, pragmatic, best practice business advice.

We use our skills with numbers and experience in business to make a real difference to our clients’ lives knowing that as business owners you cannot rely on the government to look after you and therefore you are driven to achieve financial freedom in whatever form it represents for you.

Building Better Futures by its very nature involves the creation of assets. The most successful people focus first on accumulating business assets before they can reap the benefits of that success personally. Those business assets may be intellectual property, tangible assets, the best team, the best systems or perhaps the most important thing for long term survival, CASH.

Recessions occur regularly every decade or so, but the survival rate of small businesses is staggeringly poor with 20% failing in the first year, 60% failing within five years and less than 30% still being in business after ten years. This is backed up by Companies House data which tells us that the average age of UK companies is just 8.4 years and over 72% of the register are under ten years old.

So, when we talk about Building Better Futures our vision is:

To defy the norm of business failure statistics and help 100% of our clients not only survive more than 10 years but also create a genuine asset to pass on to another generation

Over the past four decades we have created a process called Your Journey to Freedom® with over 500 tried and tested resources and tools. This process is a best practice process for established businesses where the owner has either reached a plateau or has exploded with growth and is fearful of losing control.

Wood and Disney

Lodge Park, Lodge Lane, Langham, Colchester, CO4 5NE

01206 233170

www.woodanddisney.co.uk

www.yj2f.co.uk

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forward with renewed hope

WHILST all four seasons have their own charm, spring surely is the one which brings the greatest promise of fresh hope and growth.

In the business world, it’s probably best to ignore the seasons and treat the whole year as one long spring – a 12-month quest for continuous growth. He who stands still, goes backwards – and all that!

So, I’m very glad to say this spring issue of BusinessTime in Essex has not only maintained its 80-page bulk but (the more eagle-eyed among you may notice) comes with a little style makeover. Hope you like it!

In keeping with our usual upbeat attitude, we report on how 2023 was a record year for business start-ups in Essex (page 5), reveal the county’s top 100 most profitable companies (page 51-53), take a look at why so many of us seem to be spending our entire lives networking (pages 26-27) and, of course, hear from some of the county’s leading business

As I always say (because it’s always true!) none of this would be possible without the amazing support of so many wonderful Essex businesses. My sincere thanks to all those businesses, old and new, who make this magazine possible with their backing.

We’ll be back on June 1 not just with the summer issue of BusinessTime in Essex but with an exciting supplement called BusinessEscape in Essex. It will offer a wealth of information and ideas for how we can spend our ‘non-business life’ (yes, there is still one!) It will also offer a wonderful opportunity for lots of B2C businesses to target our readership with their products and services. More about this on page 64.

Until then, enjoy spring and all the joys it brings.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 3
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BusinessTime in Essex Colchester-based PJR Communications. Publishing Editor Peter Richardson 01206 843225 or 07778 067614 peter@pjrcomms.co.uk Sales Vivienne Richardson 01206 843225 Designed and Produced by Print Acumen Ltd 0345 340 3915 Mailed out by The DS Group 01255 221322 To advertise or feature in the next issue of BusinessTime in Essex, contact Peter or Vivienne as detailed above.
Let’s
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Expert legal services and independent financial advice in Essex www.teeslaw.com Expect more care and expertise for all your commercial needs Call us on 01245 904 627 Issue 31 Spring 2024 Business Time Alternative Specialists in commercial www.aquabridgelaw.co.uk 0333 405 0327 Thinking. legal advice
If you would like to find out how Birkett Long could help with your business, please contact me directly. chloe.vertigen@birkettlong.co.uk 01206 217352 birkettlong.co.uk @birkettlong Basildon Chelmsford Colchester London Avoiding disputes in handshake agreements Authorised and regulated by the Solicitors Regulation Authority No: 488404

Company start-ups in Essex hit record high

RECENTLY published figures show more new businesses were established in Essex during 2023 than in any previous year to date – making the county one of the most successful in the UK.

A total of 20,333 new formations were registered in Essex during 2023, an increase of 7.3% on 2022 when 18,955 were recorded. This brings the number of registered companies in the county to an all-time high of 153,732.

Only London, West Midlands, Greater Manchester and West Yorkshire saw higher numbers of new formations.

The statistics are taken from the Inform Direct Review of Company Formations, using data from Companies House and the Office for National Statistics.

Across the county’s districts, Thurrock formed the highest number of new businesses (2,489), followed by Southend-on-Sea (2,385), Epping Forest (2,217), Basildon (2,162), Chelmsford (1,790) and Colchester (1,776).

Direct, said: “It is excellent news that Essex can celebrate a record year for new company formations during 2023.

“The year undoubtedly presented a range of challenges for business including tepid predictions of economic growth, volatility in energy prices and uncertainty from world events. However, the formation figures demonstrate very clearly that Essex entrepreneurs remained undeterred and pursued their ambitions to establish new ventures.

“This positive picture is mirrored in the overall position for the UK which saw the highest ever number of new companies established during 2023. The total number of UK formations exceeded 900,000 for the very first time.”

The UK saw 900,006 new companies, compared to 805,141 in 2022, which represents an increase of 11.8%. It brings the total number of UK companies to a record 5,476,772.

Dissolutions of UK companies totalled 662,915, an increase on the 578,679

companies dissolved in 2022. Interestingly, Essex also ranked fifth in terms of number of company dissolutions, at 16,314, behind thre same four growth areas. “This is not unexpected – the counties with the most formations often have the most dissolutions, because these are the counties where we see the most business activity. But the number of companies in Essex continues to grow!” said John.

The top five sectors for new company formations in Essex in 2023 were retail, property, construction, hospitality and health.

John added: “Neither sole traders nor partnerships appear in the Companies House statistics. But Inform Direct finds the figures available from Companies House to be most reliable for a few reasons. For example, sole traders may have been active for some time before they appear in any available records, whereas information on incorporated businesses is instantly available. Also, sole traders potentially include a higher proportion of largely inactive/very low activity businesses, which would skew the figures.”

Colchester Business Awards aiming to raise the level

RECENTLY, The Times released its top 40 most exciting cities to visit in 2024, with Colchester coming in at number 22.

As a fantastic destination, it would be remiss not to acknowledge the large role businesses play in providing a unique experience to all who visit the city. The Colchester Business Awards were first launched in 2022 by Our Colchester Business Improvement District (BID).

Sophia Beckford, Operations Manager for Our Colchester BID, said: “Already we have had more than 1,120 nominations. The awards were created to celebrate and highlight the fantastic businesses Colchester has to offer, from the independent sector, creative, cultural and community businesses right through to the nationals.

“With a change in venue this year, we will see the launch of the Festival Edition of the Colchester Business Awards, which will be taking place at the award-winning

art museum, Firstsite. The BID fully supports and understands the importance of local businesses and this plays heavy emphasis on procurement and the message to ‘shop local’. At the awards evening, we will proudly present some of Colchester’s finest street food vendors and entertainment throughout the evening.

“The BID is one of 320 BIDs across the country and represents more than 450 businesses across the city. The BID excels because of its ability to build relationships with key stakeholders for any given event and project. This year, the event sponsor, Thompson, Smith Puxon, media sponsor LocaliQ along with our category and corporate sponsors will help raise the profile of our diverse and unique businesses.

“Investments made by the BID in quality strategic reports and business opinions underpin decisions made to help Colchester become more attractive to employers and employees, and this includes our highprofile business awards. The awards aim to

raise awareness, build a sense of pride and showcase all of the wonderful achievements that have been made in Colchester.”

Public voting and tickets sales began on February 7. For the latest information on the Colchester Business Awards visit www.colchesterbusinessawards.co.uk

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 5

Helping you achieve your goals

Birketts is a full service, UK Top 50 law firm. With a heritage spanning 160 years, we advise businesses, government and public sector organisations and individuals across Essex and the East of England.

Defined by our next level law proposition, we work with our clients as a proactive partner, horizon scanning and thinking ahead to the changes, challenges or opportunities that they may face.

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Challenging times for importers in post-Brexit Britain

Essex Trading Standards offers some invaluable advice on a challenging and changing import scene.

IT’S an uncomfortable truth that since the UK left the European Union, life has become harder for businesses that import goods from the EU or the European Economic Area (the EEA includes Norway and Iceland).

One of the key realities that economic operators have had to face has been becoming an importer in the eyes of the law when, prior to the end of the Brexit transition period, a business trading with the EU may have only been considered a distributor with only minimal legal duties, such as around ensuring product traceability and ensuring proper storage.

Now that GB has exited the Single Market, when buying from an EU company that distributor will be an importer with the same legal obligations as a manufacturer in terms of the safety of the product, its labelling, claims, and where applicable the duty to hold the technical documentation that may be required to prove the regulated product’s conformity. Those obligations can be bewildering if you haven’t prepared yourself.

For non-food products, such as electricals and electronics, toys, PPE, machinery, measuring instruments, fireworks, gas appliances and pressure equipment, the landscape now looks quite different to how it did in 2021 when the CE-mark was due to be phased out in favour of the new UK conformity mark (UKCA). Following gradual shifts in Government policy, with the latest announcement coming on January 24 this year (visit .Gov UKCA Marking Conformity Assessment Documentation) there is now the intention in Whitehall to allow the indefinite

recognition of the CE-mark for a wide range of manufactured goods that fall under EU CEmarking regimes.

The relaxations in GB’s position on recognition of EU certification provides importers with more options when it comes to how they decide to sign-off and mark the products they import. However, the picture is not without its challenges. For example, because some technical (EN) standards used to conformity assess products are now divergent in the UK from the same named standard in the EU, in that the UK Government has ruled certain standards accepted in Europe no longer provide a presumption of conformity with regard to particular clauses (e.g. resistance to fire for some white goods).

Whilst CE-marking and use of European product approvals has by stealth been regaining acceptance among policy makers, GB’s home-grown alternative to CE remains an alternative. In January the Government announced a new so-called Fast-Track UKCA process, which cynics are seeing as part of an effort to maintain the relevance of UKCA-marking which otherwise you could be forgiven for thinking was no longer needed if CE-marking is accepted in GB, is required

in Northern Ireland, and gives market access to the EU27 and the EEA.

(Read about the latest official position on CE, UKCA, and the UKCA Fast-Track, using search term, Using UKCA Marking).

But whether you make, import or trade in technology products, toys, or cosmetics, the brave new world we now inhabit means if you import the product from Europe, you now metaphorically carry the can legally for the product’s safety and conformity, and you can no longer fall back on the producer in the EU taking liability for you. Trust and a solid partnership with your trading partners in Europe are therefore paramount because importers need to be able to rely on the specifications they are provided with, and to know they will be supported if things go wrong.

Meanwhile, in the food and animal feed sectors, post-Brexit checks on certain products of animal origin are being ramped up from February 2024, beginning with some document checks (including health certificates). From April 2024 these products are due to be subject to some physical health checks, which will add costs for importers and may delay consignments when Port Health and some Trading

Standards authorities carry out their examinations at EU border posts. (For official guidance use search term, Import food and drink from the EU to Great Britain)

In the meantime, Trading Standards knows from experience that consumers continue to turn to online selling platforms when looking for cheap product solutions to help with the ongoing cost-of-living crisis. The challenge of Chinese sellers placing attractive but unsafe products on the UK market is one being grasped by Government and local authority regulators, including through proposals for new obligations on online selling platforms as part of the UK Product Safety Review. However, it is acknowledged the business model of cheap Far East products being sold by overseas sellers not only poses a safety risk to buyers but has a detrimental effect by undercutting legitimate UK importers and manufacturers.

As a regulator of national legislation based in your community, Trading Standards recognises both the need to control unsafe and noncompliant products and the need to support local businesses who want to get it right.

To help you through the regulatory maze, we offer a wide range of low-cost tailored business advice to suit your business needs. This could be as an individual enquiry or as part of a Primary Authority partnership with us.

Businesses requiring tailored business advice should email Essex Compliance Consultancy service at trading.standards@essex.gov. uk or visit www. essex.gov.uk/ business/ trading-standards.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 7
care and expertise for all your commercial needs Expert legal services and independent financial advice in Essex Expect more Call us on 01245 904 627 www.teeslaw.com Offices in: Chelmsford, Brentwood, Bishop’s Stortford, Saffron Walden, Royston and Cambridge Tees is a trading name of Stanley Tee LLP regulated by the Solicitors Regulation Authority. Registered in England and Wales number OC327874. Tees is a trading name of Tees Financial Limited which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales number 4342506.

It really is good to talk

IS an email ever as good as a telephone call? Are those of us who would prefer to speak to someone ‘out of touch’ with modern methods of communication, or is a conversation preferable to a cold email?

We have all faced a situation where we have asked a colleague whether they have spoken to a client or another colleague, to be met with the answer, ‘I have sent them an email.’

Different expectations around what effective communication looks like and why there is a time and a place for both, seems to have become more pronounced in recent years.

In the dynamic landscape of communication, the preferences of each generation both in terms of the workforce and clientele can and should shape the way we interact and conduct business. We all want to work smartly and efficiently but not at the cost of customer care and providing that all important added value. Communication that is proactive, relatable and maintains good empathetic connections remains key, whatever the medium of communication.

As the torch passes from millennials to Generation Z, a noticeable shift in communication habits becomes apparent – the reluctance, amongst some people, to pick up the phone and engage in verbal conversations. This may be due to a generational divide in communication preferences which poses challenges for businesses aiming to foster effective collaboration across age groups and clients and colleagues with different expectations and needs.

Understanding each generation’s preferences around work interactions requires consideration and insight into the factors that influence their communication habits. A significant driver is the digital upbringing of this generation, accustomed to the asynchronous nature of digital communication. Emails and text messages may provide the control desired over conversations, presenting challenges when interacting with older generations who may prioritise immediate and direct communication, like a phone call.

The curated nature of online interactions

has cultivated a preference for written communication among Gen Z, enabling individuals to craft and edit their responses carefully. There are positives to this, such as ensuring the message proposed is precise and measured. However, this preference clashes with the direct and spontaneous nature of phone conversations, creating challenges in conveying nuanced messages between generations with different communication styles. On the phone you are able to delve deeper and enquire of a client, in a candid conversation, ‘what are you really seeking to achieve here? What does good look like?’

Acknowledging the importance of immediacy and accuracy, it is crucial to recognise phone communication often offers a quicker, more personalised response time compared to emails or other written forms. This advantage becomes particularly relevant in professional settings where timely decisions and swift collaboration are essential. Balancing the need for quick responses with the comfort of asynchronous communication is a key consideration in bridging the generational communication gap.

In the professional arena, the shift towards remote work and virtual collaboration has further intensified the reliance on written communication. Virtual meetings, emails, and messaging platforms have become the primary channels for business interactions, exacerbating the communication gap between generations. Gen Z, having entered the workforce during the rise of remote work, are arguably more comfortable navigating these digital spaces than engaging in traditional phone calls, creating potential challenges in cross-generational collaboration. There may also be a desire to create an accurate record of the communication for assorted reasons, which is, of course, far easier when the communication is written rather than verbal. A combination of communication methods may be the answer in these circumstances.

To address these challenges, businesses should adopt a nuanced approach to communication that acknowledges and accommodates the diverse preferences within the workforce. It may be that the starting point should be to pause and reflect on what is the best way to communicate before jumping to the screen or picking up the telephone! Implementing training programmes that emphasise the importance

of effective phone communication, providing tips for managing phone anxiety, and promoting cross-generational understanding can empower employees to navigate this aspect of professional life more comfortably.

Nurturing a culture that values open dialogue and encourages diverse communication styles is paramount in breaking down the barriers that inhibit phone calls and providing the workforce with a full array of communication tools and approaches that are available to deploy at the right moment. There is a time and place for emails and also for a telephone call in the same way there is a benefit to the convenience of having a Teams conference, but sometimes the clients will benefit from a face-to-face consultation. Businesses must recognise the strengths of both verbal and written interactions and create an environment where employees, regardless of their generation, feel supported in their preferred modes.

Effective communication is about how the communication lands with the recipient and not about what was intended by the sender The person communicating needs to adopt the most appropriate means of communication to ensure their message lands in a sensible and timely way, whilst still ensuring they meet any compliance and regulatory requirements to keep an accurate and detailed record of such communication.

There are times when a quick phone call will give you the best outcome and there are equally times when email or other written communication is warranted. The reluctance to embrace phone calls in favour of written communication underscores the challenges of communication across generations in the digital age. The potential clash of preferences between younger and older generations highlights the need for businesses to adapt their communication strategies. Striking a balance between all communication channels is key to fostering effective collaboration, understanding, and connection in the modern workplace.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 9
Guest columnist Ashton Hunt, Group Managing Director at leading legal firm, Tees, says we need to bridge generational communication gaps in the face of a reluctance to embrace phone calls.
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Seeking success

you don’t need to be alone

In the world of business, many see accessing support as something you do when facing challenges or serious setbacks, but in 2024 this narrative needs to shift. Accessing support to achieve growth is just as vital as seeking assistance during difficult times. It's time to break free from the stigma that reaching out for help is a sign of failure or weakness. In fact, seeking support to elevate your business is a strategic move that can fast track your growth. Business Support programme, Backing Essex Business, highlights some of the many forms of support out there, that can improve your business, your skillset, and your mindset.

WE have all been there at one time or another: something isn’t going as we would like it to, and we reach a point where the only option is to put up your hand and ask for help.

Even then when it feels like there is no other option, we beat ourselves up for not being able to solve the problem ourselves, like asking for help and support is weak, or showing our deficiencies (imposter syndrome at its best!), and that’s just when things aren’t going well. As a society we seem even more reluctant to ask for help when it’s for a positive purpose, to achieve greatness or bring an idea to life - but why?

In a world where we encourage community spirit and teamworking, telling our children to play with others and raise a hand when they need help, why as adults can’t we practice as we preach? This misconception that we must do everything for ourselves, or it isn’t an achievement, needs to come to end. This barrier not only hinders entrepreneurs and business leaders from reaching out for the assistance they need, it also suggests to funding authorities that the help isn’t needed, risking the end of the support programmes that so many businesses and individuals need and rely on.

Rather than viewing the act of seeking support as a weakness, it should be seen as a strength; recognising collaboration and learning from others are essential components of success, a demonstration of resilience, adaptability, and a commitment to continuous improvement. Accessing support for growth often involves tapping into specialised expertise that can provide invaluable insights and guidance. Whether it's seeking advice from industry experts or collaborating with

mentors, utilising external knowledge can be the catalyst for achieving business growth.

There are a multitude of programmes available to Essex businesses seeking to achieve their growth goals. From expert advice, wellbeing support, and training for leaders and staff, these programmes are free and accessible to businesses across Essex.

Backing Essex Business is fully funded by Essex County Council and delivered by Let’s Do Business Group. It provides help for your business to grow, through advice, access to business finance and training.

Up to 12 hours free consultancy, on topics such as finance, strategy, operations, marketing, and recruitment, is available to help small-to-medium-sized businesses grow. From a simple sounding board to guidance on cash forecasting and operational strategy, the team of business experts can provide tailored support for your business needs.

Our advisory team includes business finance specialists who will identify business funding such as business loans and business grants to support your cash flow as well as helping you to invest in new opportunities to grow your business

From two-hour webinars to day-long workshops, Backing Essex Business can help you expand your knowledge or upskill your team through its comprehensive programme of training. On topics such as financial forecasting, achieving growth, AI, and sustainability, you can access a knowledge bank of support to assist your growth plans. To find out more visit https:// backingessexbusiness.co.uk/

The Multiply programme, a countywide campaign launched by Essex County

Council, aims to improve adult numeracy and create ‘skills for life’ for residents in the county – improving wellbeing, boosting career prospects and managing finances. Multiply offers free courses to businesses, helping them upskill their staff in number literacy, but also support their wellbeing with financial budgeting.

Creating access to the scheme as an employer can not only help boost productivity with your business but also provides added value for employees, through gaining support from their employer in dealing with cost-ofliving concerns such as analysing household bills and finding new providers. You can find out more at https://backingessexbusiness. co.uk/multiply

Part of the Essex Wellbeing Service, Working Well provides Essex businesses (excluding Southend-On-Sea and Thurrock) with free workplace health and wellbeing support.

Alongside the Working Well Accreditation –recognising a business’s commitment to health and wellbeing - businesses can also access free training and programmes on mental health, first aid, mental health awareness and how to improve the wellbeing of your workforce in a small business. More info at https:// essexworkingwell.co.uk/sign-up/

Ultimately, embracing support for growth is a powerful strategy that can propel businesses to new heights in today's ever-changing business landscape. As the phrase says, you need to use it or lose it. These programmes will only be accessible as long as businesses utilise them, so don’t let fear or an invisible stigma hold you back from seeking support to achieve long-term success.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk
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Shotgun or sniper rifle required?

EXAMINING my junk/spam folder (as I do two or three times daily to check there’s not a genuine African prince offering me a large share of his three-billionpound inheritance), I can’t help but wonder just how many website developers there must be on this crowded planet of ours.

Not any old website developers either –but ones capable of rocketing my website into the stratosphere and catapulting me overnight into the sort of territory occupied by the giants of world publishing.

Honestly, I reckon a good 50% of my junk email folder contains messages from such people. Which got me thinking, these people must get a reasonable return on their ‘investment’, otherwise why would they keep up such a torrent of messaging. Even with a 0.01 per cent response rate, they’re probably designing websites from a Caribbean sunlounger with a pina colada by their side.

This in turn got me thinking about the whole quantity versus quality debate when it comes to targeting potential new clients. Are you better off spending your time blitzing anyone with a pulse or are you better off focusing most of your time on a small select band who, in theory, are more likely to want your services? I believe this is a variation on the Pareto Principle, or 80-20 Rule as it is more widely known. In business, a goal of the 80-20 rule is to identify inputs that are potentially the most productive and make them the priority. For instance, once managers identify factors that are critical to their company's success, they should give those factors the most focus.

Now, I suspect when Italian economist Vilfredo Perato came up with his rule back in 1896, he didn’t also have a crystal ball to see how, less than 100 years into the future, we could target tens of thousands of people with any given message at the press of a button. Otherwise, he might have been tempted to put a use-by date on his rule.

So, in 2024, should we be using the shotgun or the sniper lens to secure us the business we seek? I suppose for many, the temptation is to see the shotgun as the easier option. One pull on the trigger and you blast everything in sight – with the law of averages suggesting that in addition to maiming many unsuspecting and unwanted pigeons, you will occasionally bag yourself a nice tasty duck or goose. However, apart from being a tad unfair on the pigeon population, the shotgun approach will entail using up a lot of shot (which comes at a cost) as well as an inordinate amount of your time.

Perhaps, then, we should, in the best spirit of Day of the Jackal, adopt the sniper lens. The problem with this, as Edward Fox will testify, is it requires an awful lot of patience and planning – both of which can be wasted if your bullet doesn’t ultimately hit its target plumb-on.

Anyway, enough of old Italian economists, shotguns and snipers. What I (and hopefully you) need to know is how targeted should we be when looking for new business –how far should we trawl our net (see how I seamlessly moved on there from shooting to fishing – almost effortless).

It’s a particularly pertinent and timely question for me as my New Year resolution was to use the year I turn 65 (cue, gasps of disbelief – no, oh come on, give me a small break) to reduce my working week to three days. If not now, then when I thought. My challenge though is to try and maintain my productivity and, hence, income, whilst working three days instead of five. A large part of achieving this challenge, I decided, is to make sure I use every minute as effectively as possible – hence my need to know whether I should purchase aforementioned shotgun or sniper rifle (note to any police officer reading this -- I am talking figuratively here, so please, no dawn raids on the house). Until now, I’ve tended to try and use both – but that’s more because I can never work out which works best as opposed to any

cleverly thought-out principle of business economics. I very much doubt, in 100 years’ time, business gurus will be debating the merits or otherwise of the Richardson Principle.

So, if anyone out there has any contributions to the shotgun versus sniper rifle debate or, more importantly, how I can effectively work three days without reducing my income (and, no I don’t really want to work 13-hour days – I’m too old and I’ve also been there, done it and got the T-shirt), I’d love to hear from you.

Come up with a very good answer and I will lead the campaign to have the principle named after you!

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 13 Looking at business life with Editor, Peter Richardson

Supplying the demand at Hylands Estate

USING Hylands Estate as a backdrop for any corporate or event hire will transport you out of the office and into a luxurious environment.

Surrounded by historic and beautiful parklands, we regularly stop and stare at the sunrises and sunsets painting the Essex skyline as we move into spring.

To make the experience of booking your event with us even easier – whether it be a glorious wedding with 300 guests, or a busy business conference for 100 – we work alongside trusted accredited suppliers. As a dry hire venue, we rely on these external businesses to bring our venue to life with their expertise and quality products.

Because they are accredited, we know they live and breathe the venue as much as we do and enjoy bringing new ideas to the table.

The process of creating our

accredited lists of suppliers is thorough, and we work as a team to develop a 360-degree approach to making our selection. Not only does the right paperwork need to be in place, but we need to know their customer service and product is as high quality as our own, and our teams who are running the events will be as happy as our customers.

If you’re thinking of building your own list of accredited suppliers for your venue, here are my top tips.

Variety is key: the beauty of Hylands Estate is our size means we can offer a wide range of event types, often welcoming larger cultural weddings to our opulent spaces. This means we need to make sure that we can provide a list of caterers to cover all cultures. We regularly update this list to make sure we cover as many as possible.

Covering all bases: now our caterers are in place, we make sure the finishing touches are covered,

with many suppliers to choose from. From indoor sparklers, room décor, and fireworks, to bars and specialist drinks – and even live streaming! By having a trusted list available, we make the customer’s decision nice and easy when booking the venue.

Price, Business Innovation Manager at Hylands Estate, offers tips to venue hosts on creating that all-important quality suppliers list.

Know your tech: we’ve all been there. The clients are watching on as you attempt to switch the projector on and off again to make it sync up with your laptop. The video call link drops out and the Wi-Fi is nowhere to be connected. We have our own high-tech AV that we manage in house, but for more complex set ups we offer our audiovisual and technical suppliers. Our suppliers know the venue inside out so we know that you will be in good hands.

not just for your client, but for yourself by asking for feedback from both supplier and your event booker. Share positive and constructive feedback with everyone, including your team, so you know to work out the niggles if needed.

Knowing your venue and who uses it is a benefit to you, the suppliers on your list and the customer. I hope this helps you with building your own lists for

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Edward

Tax traps: using your company as a personal bank account

FOR an owner-managed company, it is common for directorshareholders to borrow money from their company, thereby creating an overdrawn director’s loan account (DLA).

On the face of it, the following arrangement can be thought tax-efficient. The company pays corporation tax on its profits (up to 25%) and then the company lends the post-tax profits to directors instead of paying salary or dividends where tax and national insurance would be due (up to 47% personally plus tax implications for the company).

It is important to remember the money belongs to the company and is a personal loan to the director.

Rules exist to offset the tax benefit of the above arrangement by imposing a tax charge called a section 455 charge, unless one of the limited exceptions apply. This charge is 33.75% of the increase in a DLA to the extent it has not been repaid within nine months following the end of the accounting period in which the loan was made.

The rules can apply to most owner-managed businesses as they catch situations where a ‘close’ company loans money to a shareholder. Broadly speaking, a ‘close’ company is one with

five or fewer shareholders, although the precise definition is wider than this.

The good news is that, when the loan is subsequently repaid, the section 455 charge is repayable to the company. However, the company must wait nine months following the end of the accounting period in which the loan was repaid for repayment, meaning there can be a significant time-lag between paying the tax and having it repaid.

Where overdrawn DLAs exist, it is wise to ensure the amounts are repaid before the ninemonth period has passed. Repayment here can mean the voting of a dividend or payment of a salary to clear the DLA, but of course there will be tax to pay by the director on the distribution or earnings.

Other DLA traps include:

The loan is made interest-free or interest is charged at less than the official rate of interest (currently 2.25%) at anytime it exceeds £10,000. In this instance, tax will be payable on the ‘benefit’ received by the director, the benefit being the interest which should have otherwise been charged at the official rate less any interest actually paid.

While writing off the DLA balance eliminates the loan and may seem to solve the problem, it’s

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Michelle Denny-West, Tax Partner with leading accountancy firm Moore Kingston Smith, urges people to be aware of the full implications of DLAs.

not that simple. The director will pay tax on the loan written off as if they received a dividend. National insurance will also be payable by both the director and the company, making this a costly option.

Bed-and-breakfasting the loan means the director repays the loan just before the ninemonth deadline and shortly after receives a new loan. Anti-avoidance rules exist which seek to disregard certain loan repayments where bed-and-breakfasting takes place, such that the section 455 charge is still due.

The above is a brief outline of some key tax issues that can arise using DLAs. There are many other complexities, so seeking professional advice is recommended.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 15
Get in touch today T +44 20 4582 1000 20 Eastern Road Romford RM1 3PJ

BEAUTIFUL SIMPLICITY

HMRC brings new clarity to its R&D tax-relief scheme

It was the ancient Chinese philosopher Confucius who said, “Life is really simple, but we insist on making it complicated.” He wasn’t, but he might as well have been referring to tax matters.

Pretty much all over the world, the journey from the simplicity of Confucius to what is often the confuse-us complexity of tax legislation can take you from the sublime to the ridiculous. So it is reassuring that the UK government has taken steps to streamline and simplify the HMRC R&D Tax Credits Scheme.

Although administered under one banner, for two decades now there have effectively been two distinct programmes – the SME scheme and the Research & Development Enterprise Credit (RDEC) for large companies. But the Chancellor of the Exchequer, Jeremy Hunt, has now committed to merging them into one.

This means that for all claims relating to accounting periods beginning on or after April 2024, there will be only one method of applying for R&D tax relief. For all companies making claims under the merged scheme, the tax relief will now be applied above the line, meaning it is calculated based on profit before tax.

This ensures simpler modelling of cashflows and tends to improve companies’ profitability. It will be applied at 20% across the board, in

keeping with the current rate for RDEC. For loss-making companies, there will also now be the opportunity to carry forward those losses. Previously, these would have to be surrendered with the R&D claim.

Under the new rules, when companies later turn a profit, they will be able to offset their taxable profits with past losses. This could ultimately result in a total benefit of up to 45p in every pound for R&D-intensive businesses who initially post losses but become profitable in future.

Save losses for later

The new development has been supplemented with reforms worth £280 million that will improve the way cash is released to businesses. In all cases, this will place payments directly into claimants’ bank accounts rather than to third parties such as accountants or tax agents.

At the same time, government is introducing new powers for HMRC to disqualify directors of companies promoting tax avoidance while also creating a criminal offence against those who fail to comply with ‘stop’ notices.

It pays to have bright ideas

Kevin Auchoybur, managing director of RDA, the leading independent R&D-specialist tax agent who are based in Chelmsford, added: “For companies taking big risks at the cutting-edge of R&D – startups investing to commercialise a unique idea – the new taxrelief incentives around past losses are likely to prove a huge boost.

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To find out more about how RDA might be able either info@randdadvisors.co.uk or 033 33 444
Confucius says: “Don’t confuse us!”

“Another good thing is how the new measures will also protect the public purse. By ensuring the cash is paid directly to claimant businesses it will make it much harder for rogue agents in the market to exploit loopholes in the system.”

Claimant companies will also benefit from the merged scheme through new rules for subcontracted work undertaken in R&D projects. Although the rules have yet to be finalised, all the indications from HMRC suggest that a change in emphasis is under way around who may legitimately claim under the scheme.

Simply put: it will all depend on the circumstances of the R&D, since the new proposals ensure that it is the company generating the R&D that benefits from the tax relief. So this means if a contracting company instructs sub-contractors to carry out their detailed plans for R&D work then it is they who can make the claim for the R&D expenditure, not the sub-contractor.

But in instances where the contract demands a less detailed, overarching aim and its delivery relies on R&D generated and delivered by the sub-contractor themselves, then it will be the latter who can make the claim, not the contracting party.

At the same time, government is lifting the restrictions on SME companies who receive grant funding or other subsidies in delivering R&D projects. This brings new benefits to SME claimants that, under the previous regime, had only been available to those making claims under the RDEC scheme.

But the new system has not been without teething problems. In February the House of Lords Economic Affairs Select Committee made plain its concerns about what it perceived as the “lack of clarity” over the treatment of subsidised R&D and the reporting burden on companies, questioning “the legal basis underpinning… additional data requirements and how the data will be used”.

Auchoybur considers this an important message to claimants. He explained:

“Streamlining the system brings new clarity that will be of benefit to innovative companies. But even these simplifications are not entirely without their complexities.

“It is now more important than ever that companies receive the best professional advice possible to explain how the new measures work.”

Simply put, and as Confucius also once said: “The man who asks a question is a fool for a minute. He who does not ask is a fool for life.”

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 17
able to help your business grow, contact them on 444 026, or visit their website, www.rda.co.uk

Potential VAT shake up for independent schools

they incur. Although the largest outgoing will be staffing costs of employees which doesn’t bear VAT, capital expenditure on new buildings and on maintenance of existing buildings bears VAT and this becomes an additional cost to the school.

Assuming VAT at the current standard rate of 20% becomes due on fees, schools will need to VAT register (if they aren’t already) and consider how much of this tax charge to pass on to

As with all other VAT registered businesses, schools will be charging VAT on income and so will be able to recover incurred on their related expenditure as well as a proportion of overhead costs (under the partial exemption rules). This means an improvement in the VAT recovery position of capital expenditure for teaching space, overseas services bought in, maintenance

It’s important to recognise schools are likely to still have VAT-exempt income from, for example, after-school provision, examination fees etc, unless any changes made by a new Labour government extend further. Depending on how bursaries are structured and the level at which these are given, fees subsidised with a bursary may also be subject to VAT (meaning the bursary needs to increase) or where a full bursary

Gillian McGill, VAT Director at leading accountancy firm, Larking Gowen, focuses on a potentially major change for independent schools.

results in entirely free education, the school may need to consider whether it needs to undertake a non-business calculation to restrict the VAT on costs it recovers.

This period of uncertainty is unsettling for schools but taking action now to understand how your school might be affected will enable decisions to be taken as soon as necessary.

I discuss the implications in more detail with tax partner Dominic Carter on our recent episode of the Larking Gowen Insights podcast –listen at larking-gowen.co.uk/LGI

Larking Gowen is here to support you through this process- get in touch if you would like to arrange an initial discussion.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk
Strategic and Proactive Business Advice from an Award-Winning Law Firm
Anne Fedeyko
of Corporate & Commercial 01206 574431 www.tsplegal.com
Mary

Anglia Ruskin named University of the Year 2023

ANGLIA Ruskin University (ARU) has been named the Times Higher Education University of the Year 2023, the biggest prize in UK Higher Education.

The Times Higher Education Awards are known as the Oscars of the UK university sector.

The success is the latest high-profile award for ARU, after being named University of the Year at the UK Social Mobility Awards and receiving a Gold award – the highest possible rating – for the quality of its education in the national Teaching Excellence Framework (TEF).

Praising the successful launch of ARU Peterborough and ARU’s leadership on public service education, amongst other achievements, Times Higher Education said: “The impact of the best universities on cities and regions is transformational. A university can be a focal point for community, a hub for innovation, and turn aspiration into reality.

“Anglia Ruskin University does all this, not just in one city but across multiple centres spanning the east of England – with the institution extending its reach and impact significantly in 2021-22.”

The judges of the award added: “Its achievements paint a picture of a university that knows what and who it is for, and one that is delivering – including taking calculated risks to support its region to the full.”

Commenting on ARU’s success, Vice Chancellor Professor Roderick Watkins said: “Our mission is to transform lives through innovative, inclusive and entrepreneurial education and research. Receiving the Times Higher Education University of the Year award is tremendous recognition from within the Higher Education sector that our work is making a real difference and stands out at a national level.

“My colleagues work tirelessly to deliver first-class education, undertake impactful research, and introduce new initiatives for the benefit of our students and the communities we serve. I’m immensely proud of the difference they’re making to our students’ lives.”

The Times Higher Education University of the Year 2023 award honours “exceptional performance during the 2021-22 academic year”, and ARU’s success in delivering a wide range of high-impact initiatives, across each of its campuses, was recognised by the Times Higher Education judges.

Expert support and advice whenever you need it.

The UK’s first Samaritans university hub opened on ARU’s Cambridge campus, where trained student and staff volunteers deliver important support to the public, while ARU’s Chelmsford campus hosted the most sustainable British Science Festival ever staged, attracting thousands of visitors.

A university education is an important investment and ARU works hard to help students achieve success in their future careers through tailored careers and employability support. This is reflected in ARU being ranked in the top 15% in the country for graduates in employment and/or further study 15 months after graduating, and third in the country for graduates who are employed as managers, directors or senior officials*.

The courses themselves are innovative and employer-led, teaching the skills and knowledge needed by businesses and organisations in the region. ARU is the largest provider of nursing, midwifery, health, and social care education in the East of England and, as part of its growing degree apprenticeship provision, the largest university provider of initial police education in the country.

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larking-gowen.co.uk BusinessTime in Essex_Half page_190x131.indd 1 13/02/2024 10:36:36

Time to take control of meetings

SOME of you may remember the training film, Meetings, Bloody Meetings starring John Cleese. The film was made in 1976 - that’s coming up for 50 years.

However, in 2024 it seems almost every client we work with moans about meetings: too many, unproductive, etc.

So, is it time to get radical and consider asynchronous meetings?

An asynchronous meeting is a discussion about a specific topic, taking place during a defined time period when participants communicate electronically at their convenience.

It doesn’t work well for formal board meetings, but in circumstances where you would otherwise call an impromptu meeting with a few colleagues, asynchronous meetings can be great.

Although you can hold

asynchronous meetings using email, that’s time consuming and some of the nuance can get lost in translation. It’s more effective to establish a private group on a platform such as Microsoft, Slack or WhatsApp.

Take the following example, which assumes a private group for the senior leadership team (SLT) of a company.

The CEO uploads a quick voicemail or video message saying: it’s time to think about bonus arrangements for next year. Should we continue the same scheme as last year or would anyone like to make a case for change? I’d like us to reach a decision by the end of this month.

Other members of the SLT can then, at their own convenience, upload quick comments such as, I’m happy we keep arrangements the same or they can signal their desire for change by posting a response such as, I feel strongly last year’s arrangements were demotivational for some, so I’d like to propose changes. I’ll pull

together some ideas and circulate them by mid-month so that you all have time to comment.

This simple example highlights several benefits of asynchronous meetings:

• those with a simple opinion can record it in seconds, without having to sit through a lengthy meeting

• as new commentary comes in, everyone has a chance to reflect and register any change to their original view

• catching up with the contributions of others can be done in odd little moments that would otherwise have been wasted

• diaries are less busy, leaving more time to focus

Lis McCormick, director at Essexbased McCormick Consultants Ltd, suggests it’s time to take control of time-consuming meetings – and consider asynchronous meetings.

• meeting costs (hourly rate x number of attendees) drop dramatically

• people have time to consider the issue before responding so the conversation, while not in real time, is richer and more considered.

So, if you’re running from one meeting to another, I’d encourage you to take charge of your diary, your sanity and your ways of working – give asynchronous meetings a fair try.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 21 Discover the unparalleled charm of Hylands House and the contemporary elegance of the Grand Pavilion, set amidst breathtaking parkland. If you’re in search of a truly remarkable venue for your business events, look no further. hylandsestate.co.uk | 01245 605500 | hylands@chelmsford.gov.uk • Company Away Days • Go Ape Team Building • Exhibitions & Trade Fairs • Filming & Photography • Hybrid Meetings • Awards Ceremonies & Dinners
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Five trends to maximise your PR and marketing plans in 2024

AS we move through the first few months of 2024, many of the key themes and trends for the year from technology to politics are already starting to emerge.

For brands looking to make maximum impact, there are both opportunities and challenges on the horizon. So, as we look ahead, here are five things you need to be aware of for your PR and marketing activity.

1. Make the most of ‘election fever’

Any election period provides a plethora of opportunities for PR and marketing activity, but the 2024 General Election is going to be a real game changer. There’s expected to be a seismic shift on the political landscape, so understanding the key policies of each party and how this could impact your organisation and your customers is vital. There’s also an opportunity to influence party manifestos to help shape your industry or wider society.

This year’s election is also going to be heavily driven by digital channels. With politicians and parties focusing more of their budget on digital advertising, the landscape becomes more competitive, resulting in a battle for visibility and rising costs. If you plan to launch any of your own target digital marketing, it’s more important than ever you carefully plan and optimise your campaign for maximum impact.

2. Understanding regional issues

The East of England may be one of the key battlegrounds in the election. The blue political map dominated by the Conservatives in the region is facing significant pressure from multiple political parties looking to make inroads. So called safe seats are no longer safe and we may see an increased focus on local issues to turn the tide in the election.

We’ve seen the Labour Party focus on farming with a commitment to boost the agricultural sector, improve food security and

cut red tape. The Conservatives are seeking to win over rural businesses who are struggling with planning regulations. Elsewhere the major cities, from Colchester, Cambridge to Norwich, are looking for a clear infrastructure plan.

It’s important to be aware of these local issues and how they could impact the work you do, or where there are opportunities if you have a solution to solve a local challenge.

3. The resurgence of local media

Fake news and clickbait have been a hot topic in the media world for a long time with many large publications putting greater importance on impressions and views. This highly competitive landscape means you may find securing coverage becomes more difficult.

We’re already starting to see an increased focus on trusted local media titles as an important source of reliable news and information. Regional media outlets are interested in sharing the stories that matter to the local community and if you can provide key insights and knowledge on local issues, your chance of coverage and leaving a lasting impression is much higher.

4. Enhance your digital marketing with AI

The world of digital marketing is ever evolving, and the emergence of artificial intelligence (AI) has only accelerated the changes we’re seeing. There’s lots of interest in how AI can help create content for you and whilst there are some incredible innovations, there’s still a long way to go before these tools can outperform the old-fashioned human approach. Not to mention the potential risks…

The content created by AI isn’t perfect and is sometimes factually inaccurate. Not only could this undermine trust in your brand, but you could face significant repercussions if inaccurate information is included in your advertising campaigns.

Tim

offers some key pointers for ensuring you maximise your PR and marketing plans throughout what could be a very interesting and challenging 2024.

There’s also the issue of plagiarism. Content ‘created’ by AI often relies on existing information already on the internet so be wary of using it and claiming it as your own if you didn’t write it yourself. You also need to consider what happens to the information you put into AI platforms, who has access to it and, more importantly, who owns it.

AI has opened a new era of possibilities that allows marketers to drive impactful campaigns, create exceptional user experiences, and stay ahead in the dynamic landscape of digital marketing, but it must be approached with caution.

5. Stay up to date with website trends

As with most things in the digital marketing world, key trends for website design are constantly evolving. Websites are the front door for a business and in a lot of cases can be the first impression potential customers have. As users land on your site, you don’t want them to bounce off immediately due to poor loading speeds, a difficult to navigate website or poor content that doesn’t meet their needs.

That’s why in 2024 it’s more important than ever you stay on top of key website and search trends to avoid being left behind. Whether it’s the first impression a customer gets of your business or achieving results through sales, your website needs to be able to deliver at all points of the conversion process.

There’s no doubt 2024 is full of opportunity. If you’re unsure how to navigate these waters, the PLMR Genesis team is here to support. As a fully integrated comms agency, our team of consultants specialises in media relations, digital marketing, website development and design. We work with local and national organisations to build their profile, enhance their reputation and, most importantly, support their business growth.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 23
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Why risk your business without a prenup?

AS a business owner, whether of a startup or a more mature enterprise, it’s important to be alive to the risks from competitors, economic and tax changes, and reputational issues, which could impact on your future trading activity.

These risks are likely to be anticipated by you, with strategies and contingencies in place to provide for them, should the worst occur.

However, for some business owners the often forgotten or ignored risk is connected to how the business will be treated in the event of a divorce or civil partnership dissolution. It is incorrect to assume the business’s status as a separate legal entity will protect it from being considered as part of a financial settlement, irrespective of whether it was solely owned, or by both parties.

In most cases, if a marriage or civil partnership breaks down, the business will need to be valued. The valuation will often be through the appointment of a forensic accountant. These valuations can be intrusive

and stressful and will involve a detailed scrutiny of the business’ trading activity covering several years as well as a review of the assets/stock/goodwill to ensure their worth is properly presented.

A prenuptial agreement or ‘prenup’ is a written agreement, which sets out plans for a couple’s finances, assets and belongings in the event they were to divorce or dissolve their civil partnership.

There are several preconditions to a prenup to ensure it has been properly agreed before a couple get married or enter a civil partnership, so it is essential to seek legal advice early on, to ensure they’re completed in sufficient time.

Unlike in the USA, in England and Wales, prenups are not legally binding, but are considered favourably by the family courts when decisions on finances are made during a separation.

So, how can a prenup help protect your business? A prenup could helps to exclude a preowned business from being considered as matrimonial property during divorce or dissolution; it can establish a baseline valuation of your business at the time of your marriage/civil partnership; it could protect the company’s status, by managing the position around the transfer of shares or resignation of roles held by either of the parties; and it could also protects any existing legal agreements for children from other relationships to inherit the business if that’s what you’ve previously decided.

The powers of the family court are extremely wide but can include forcing the sale or transfer of shares, either entirely or in part, forcing the sale of business assets and forcing the realisation of retained capital. All these powers can impact on a business, particularly in uncertain times where the economic forecasts may be difficult to predict.

Additionally for some generational businesses, not having a prenup could complicate succession planning, as you may have planned to pass on parts of the business to your children from another relationship, or to your siblings, but you could end up having to share the business with your former partner, leaving such plans in ruins.

Deciding on whether to present a prenup to a partner prior to marriage may be seen as unromantic, but with around one in three relationships ending in divorce or civil partnership dissolution (sometimes after only a few years), it is sensible to have this protection. Just like any business contingency, a prenup is a backup if anything goes wrong, but hopefully will not be needed.

A postnuptial agreement is the same as a prenup but is made after a marriage has taken place. A postnup relies on being agreed by both parties, so it can be more difficult to implement whilst the relationship is perceived to be going well. As a result, a postnup is more likely to be used where the relationship has already encountered difficulties and some consideration has been

given to how the finances would be distributed.

To prepare a prenup or postnup, you’ll need to get in touch with a solicitor who specialises in family law. They’ll be able to draw up the agreement on your behalf and ensure the correct language is used so it can be presented in court if it’s ever needed. A solicitor will be able to ensure the wording used in the agreement is bespoke to your needs.

If your circumstances change or you wish to terminate the agreement, both parties will need to agree the way forward and record this in a further agreement. It is best to seek legal advice on how to ensure this is dealt with in a proper fashion.

Obtaining specialist legal advice is essential, but it is important to be aware there are circumstances where agreements are not upheld:

1. If any of the parties were pressured into signing.

2. The way the assets are divided isn’t fair.

3. Either partner hasn’t fully disclosed all assets.

I strongly recommend business owners having a prenup or postnup to help protect the business in the future event of a divorce or civil partnership dissolution. The family team at Tees are specialists in advising on such agreements and will be able to work in conjunction with our corporate team to ensure a holistic approach is taken to the protection of your business.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 25
Family
Team Partner at Tees Law, Joshua Coombe, offers some valuable advice for protecting your business in the event of matrimonial discord.

Networking:

BusinessTime in Essex Editor, Peter Richardson, networking scene in Essex and seek an answer (one for the oldies there!) – what’s it all about?

NETWORKING events must be up there with food delivery services and website designers (if my spam email folder is anything to go by) when it comes to modern day business sector proliferation.

I wouldn’t like to even hazard a guess at how many physical networking events it might be possible to attend in Essex across the course of a month. A quick internet search throws up a bewildering array of events, whilst you can’t read for more than a minute on LinkedIn before coming across someone’s experience of their latest networking adventure.

If, as is the clear impression, so many people are spending so much time networking, what’s the big attraction?

Is it, for some, just a bit of a jolly - an excuse to leave the office for a few hours? Is it a legitimate opportunity to meet up with old mates? Is it a sincerely held business strategy? If so, is the strategy, presumably, to win more business? If so, does it work? Can time spent networking be justified? So many questions with, it would appear, so many conflicting answers.

Me? Well, after 35 years networking, I remain a sceptic. I’m happy to hold up my hands here and say my take on networking appears to be out of sync with most of those whose views I have sought – or perhaps it’s just that many who don’t ‘get’ networking prefer to keep their heads down rather

than bad-mouth something which so many hold dear!

When I first launched my own business 35 years ago, I was told by many, with an almost religious zeal, one of the first things I should do is go networking. So, off I duly went –and, in fairness, I’ve been going on and off ever since, albeit increasingly more in hope than expectation.

You see, for me, networking has only one purpose – to win new business. See, I’ve spoken the unspeakable and I’m sure I will incur the wrath of the more worthy who will espouse all the real reasons I should trek the length and breadth of our fair county to meet a, largely, unknown group of people who may or may not be of any interest or use to me in the day-to-day running of my own business.

Yes, I understand networking is supposed to be about longterm relationship building and that you can meet people whose knowledge could be very useful even if they don’t end up becoming clients. However, at the age of 64, I’m not really in need of any more long-term relationships – business or otherwise – and any useful knowledge fellow networkers may be able to share with me could be more easily gleaned by cruising the internet for a few minutes in the comfort of my own office.

Don’t get me wrong, I am sure networking offers many things to many people. If you work mostly on your own, as I do, I can see the benefits and, indeed, pleasure to be gained from mixing with other businesspeople. Personally, I find speaking to people on the telephone fills this need, but each to their own. I’m also sure many people do gain new business and so justify it

Networking: what’s the big attraction?

attempts to take an objective look at the business to the vexed question, with apologies to Alfie

as a successful strand in their marketing strategy. I’ll be the first to admit I have gained business from networking over the years but the six-milliondollar question is whether the business I’ve earned justified the expense and, particularly, time spent achieving it. For me personally, the answer has to be, no.

Whilst a number of networking events are free to attend, either for an introductory period or permanently, others can come at quite a cost – and that’s without factoring in your time which, as astute businesspeople, we know we should.

Probably the largest and most well-known networking group is BNI – and also one of the most expensive. When you first join and commit to weekly meetings, you’d won’t see much change out of £1,500 at the end of the year – and that’s without factoring in your weekly meeting time of around three hours. Allow £20 an hour and that’s another £3,000 a year. You don’t have to be a mathematical genius to work out that you’ll need an awful lot of the famous BNI referrals to even cover your total outlay.

Other groups may not incur anywhere near the £1,500 annual fees of BNI but the time element cost remains a significant factor even at free events. For me, it all comes down to how effectively you could spend the three hours on other forms of marketing.

Having said all this, I do still attend networking events, albeit I minimise the time factor by cherry-picking those events within a short distance of base. Yes, it is very nice meeting up with old friends and clients but, because of this, I do fall into the trap (in the nicest possible

way!) of spending most of my meetings with people I know rather than breaking the ice with people I don’t know. My fault, I know!

Anyway, that’s my take on networking. But, in the interests of balance and fair reporting, here are the views of others with different takes on what it’s all about.

Peter Disney of Colchesterbased accountancy firm, Wood and Disney; said: “Firstly, we are competing with businesses from not only across the county but also around the world. We need to utilise all the opportunities available to us to sell to our local communities.

“Face-to-face contact allows us a richness or depth of relationship not possible in a remote sales environment – a bit of a laugh, a mutual point of view leading to a proper connection. It engenders mutual respect and an appreciation of the other person’s authenticity.

“If you have met that person over many months, if not years, it suggests they are in it for the long term and have a proven track record. If they live in that town or county and intend to continue living in that area, they will want to do the right thing by their customers. Given the amount of cybercrime and internet fraud taking place, actually knowing who you are doing business with gives you a layer of security not otherwise available in the modern world.”

“Going to a networking event once and claiming it doesn’t work is missing the point completely. Investing time in a relationship is a long-term process not a one-off sales pitch.”

Gerard Francis, Director at Colchester-based Lighthouse Personnel, said: “For me it’s

about finding the groups that work for us and remaining consistent in them. I really enjoy networking to simply build great relationships with like-minded people. I think too much networking, especially if not in the right places, can end up being a bit like procrastination. But a solid networking strategy can help on both a personal and professional level.”

Grant Maton, Corporate Communications Officer at Essex Wildlife Trust, said:

“I have been business networking for 18 years. It’s not my only activity to gain corporate support for Essex Wildlife Trust, but it works tenfold in my opinion. I have built an 18-year pipeline. People buy people and they get to like and trust you. Networking hones your selling/relationship skills and reminds people what you do. Regular attendance pays dividends. 100 people in the room or 10, it doesn’t matter.”

Matthew Rowe, Director at Colchester-based MJR Marketing and PR Consultancy Ltd, said: “Face-to-face conversations and introductions can short-circuit hours of fruitless effort but you need to be prepared and listen rather than sell. You also need to find the right network forum that works for you and your business. Get it right and it can be hugely rewarding both in terms of work and supportive relationships.”

So, some interesting thoughts on how we should look upon networking. I thought at this point it might be prudent to add a few tips for successful networking, so I Googled, ‘tips for successful networking’. I was greeted with a staggering 44 million results. Amongst them, I am sure, are some real gems – but forgive

me for not going through them all to find out. It does show, however, that networking clearly elicits an awful lot of interest.

As I’ve alluded to, I’ve been to a good many networking events during the past 35 years, albeit fewer and fewer as time has rolled by. If I had a pound for every time I’d heard, ‘we’re different to other networking groups’ I’d probably be enjoying retirement now. The truth is, there are really only two types of networking groups: the more formally structured ones where you sit round a table and have a minute to tell people what you do and the more informal ones where you enter the room and mingle with lots of other people, with the onus on you to introduce yourself to as many people as you can.

Personally, I’ve always felt a mix of the two could be most effective: a quick session where everyone is formally introduced with a strict 30-second per person limit (cut the referral and value of referrals nonsense), and then time afterwards to find the people you want to speak with. This approach would probably necessitate restricting the meeting to no more than 40 people but that’s no bad thing. After all, quality is nearly always preferable to quantity.

So, having now provided my small and humble contribution to how we could make networking more effective, I’ll leave the bigger debate to rumble on because, love it or loathe it, networking clearly plays a very prominent part in many people’s working (and, perhaps, social) lives.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 27

Strategic approaches to skill development

EMBRACING a culture of learning: the foundation of a robust skill development strategy is fostering a culture that values continuous learning.

For SMEs, this means integrating learning into the daily workflow and making it a core part of the organisational ethos. By encouraging employees to pursue knowledge and adapt to new technologies, businesses can enhance agility and innovation. Leaders play a crucial role in this process by setting an example and providing the necessary resources and support for their teams to grow.

Internal training and upskilling: customised internal training programmes are essential for addressing specific skill gaps within the organisation. Leveraging online platforms and e-learning tools can offer employees flexible and accessible learning opportunities. Moreover, measuring the effectiveness of these programmes through regular assessments and feedback ensures that the training remains aligned with both individual growth and business objectives.

Collaborative learning environments: peerto-peer learning and informal knowledge sharing are invaluable for fostering a collaborative culture. Organising knowledge-sharing sessions and encouraging mentorship can lead to spontaneous innovation and skill development. This approach not only enriches the learning experience but also strengthens team bonds and communication.

Leveraging external expertise: partnering with specialised training providers such as Pitman Training allows SMEs to access cutting-edge curriculum and industry expertise. These partnerships can offer customised training solutions that are directly aligned with the organisation's needs, ensuring employees receive the most relevant and up-to-date information. Building long-term relationships with these providers can also facilitate continuous programme development and adaptability to changing market demands.

Building long-term partnerships: establishing long-term partnerships with educational institutions and training providers can be particularly beneficial for SMEs. Programmes like apprenticeships offer a structured approach to developing a talent pipeline specifically trained to meet the organisation's future needs. These partnerships not only enhance the skills within the organisation but also contribute to the broader ecosystem by ensuring the workforce is prepared for the demands of tomorrow.

For small and medium-sized business leaders, navigating the skill development landscape in 2024 requires a strategic and multifaceted approach. By fostering a culture of learning, investing in internal and external training programmes, and building strategic partnerships, SMEs can effectively develop their workforce's capabilities. This not only addresses current skill gaps but also positions the organisation for future success in an increasingly competitive and dynamic environment.

At the start of 2024, small and medium-sized enterprises (SMEs) face the critical challenge of developing and retaining a skilled workforce. Chris Hodson, Programme Director at Pitman Training in Essex, explores five ways for business leaders to navigate this complex terrain by adopting innovative training and development strategies.

Skill development is not just a necessity but a strategic advantage for SMEs. By embracing innovative approaches and prioritising continuous learning, businesses can unlock their full potential, adapt to changes, and lead the way in their respective industries. The journey towards building a skilled and adaptable workforce is ongoing, but with the right strategies in place, SMEs can navigate the challenges and seize the opportunities that lie ahead.

28 OFFICES ACROSS ESSEX AND SUFFOLK HR advice and expertise Mediation services Independent investigations T: M: E: 01206 719260 07989 216447 Lizzy.Firmin@ellisonssolicitors.com Lizzy Firmin Chief Operating Officer HR CONSULTANCY SERVICES Businesses can’t grow and thrive if your people aren’t engaged and performing. Our HR consultancy team offer HR expertise with a practical, down-to-earth approach that will directly support your leadership team, energise your people, and maximise your business performance. www.ellisonssolicitors.com Organisational redesign & restructuring Organisational development Ellisons Solicitors is a trading name of Ellisons Legal LLP Ellisons Legal LLP is authorised and regulated by the Solicitors Regulation Authority (SRA Number 8001031)

Key challenges for business owners in 2024

ACROSS the board, we are seeing a rising tide of insurance premiums in an ever-hardening market. Last year, insurance premiums rose 25% and are predicted to rise an additional 10% in 2024.

The insurance industry is also experiencing a wave in claims inflation across many sectors, with the motor industry being no exception.

Motor claims are continuing to inflate to a quite staggering degree, with an average claim now costing £5,349. The pandemic, the war in Ukraine, an increase in car part theft and the fact the number of employees in the motor trade is declining are all influencing motor claims inflation and impacting both the insurance industry and, consequently, the client.

There has been a significant swell in the number of claims made against directors and officers. They, as well as others

in key management roles within public and private companies, are increasingly becoming targets for civil litigation, government investigations and enforcement actions. 85% of insurers believe D&O is a rapidly increasing risk, globally.

Directors and officers are being cited as defendants and, with regulatory bodies increasingly willing to take action against individuals in positions of authority, their reputations and personal assets are becoming increasingly at risk. Heightened interest rates married with inflation mean we are likely to see more and more claims against insolvent directors in the future.

Directors' and Officers' Insurance (D&O insurance) can provide protection. D&O insurance protects individual directors and officers from civil claims and regulatory investigations, as well as indemnity for damages payable to third parties.

In 2024, a storm of cyber security breaches continues to gather, with a record number of ransomware incidents and business email compromises continually being reported. Indeed, statistics suggest there are a whopping 2,200 cyber attacks every day.

The hacking of account details remains a common entry point and, whilst no defences are entirely watertight,

some relatively basic security measures can be implemented to greatly lessen the risk of this type of infiltration.

One such measure is to enforce multifactor authentication for employee’ accounts and login processes, to help protect against the consequences of credential stuffing, phishing and brute force attacks.

Economic waters continue to be choppy in 2024, with businesses large and small finding they struggle to keep afloat in the year’s tumultuous swells and currents, but what specific challenges are on the horizon, and how can businesses anticipate and prepare for them? Matthew Collins, Director at Chelmsfordbased Ascend Broking Group, offers some answers.

Before offering appropriate cover, cyber insurance underwriters have been focusing on what security defences an insured has in place. Some insurers are indeed insisting on specific security protocols as a pre-condition of providing cyber insurance at all. An increase in the baseline tide of security across a wide range of organisations is therefore expected this year.

Changes are on the horizon in 2024 when it comes to liability claims, and discount rate changes are due for a formal review in England and Wales by July. The Discount Rate is a figure used to help calculate lump sum compensation payments for high value personal injury claims (liability/motor injury). It reflects the likelihood of someone getting a lump sum payment from an insurer, investing it and expect to get a return. The Discount Rate was last reviewed in 2017 and had a major impact on how the courts - and, subsequently, insurance companies - calculate large injury claim settlements.

It is not yet known what the rate will be. Recently, The Isle of Man raised its discount rate from -0.25% to +1.00% per annum and personal injury lawyers in England and Wales – and

insurers, of course - wait to see whether the Lord Chancellor will follow in its wake.

Nine out of ten properties, including business premises, are currently underinsured, with underinsured buildings covered for just 63% of the amount they should be. The problem arises when the insured value of a property is lower than its actual replacement cost or market value, and the owner unaware.

In the event of a covered peril such as fire, flood or natural disaster, the insurance payout may not be sufficient to cover the cost of rebuilding or repairing the property to its preloss condition. This shortfall can force businesses way off course – meaning they have to dip into their reserves, take on loans or even declare bankruptcy, causing long-term damage to the smooth sailing of their operations.

If it’s going to be a tough year, you need a liferaft - and someone by your side. Ascend’s expert team can guide you through all of 2024’s challenges and make sure all of your business’s risks are thoroughly reviewed and covered. We can help steer you to calmer waters, less uncertainty and a brighter 2024.

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Unveiling the paradigm shift: the rise of alternative-thinking law firms

THE legal industry, much like many other sectors, is undergoing a rapid and transformative change.

From advancements in technology to shifting client expectations, the legal landscape is evolving at an unprecedented pace. These changes have the potential to revolutionise the way legal professionals operate and deliver their services.

In this dynamic landscape of legal services, a new breed of law firm is challenging traditional norms and paving the way for innovation. These entities are reshaping the legal industry by embracing unconventional strategies, technology integration, and a client-centric approach.

One of the hallmarks of these law firms is their unwavering commitment to client satisfaction. Unlike their conventional counterparts, these firms prioritise outcomes and value-driven services over the traditional billable hour. Client empowerment, communication transparency, and collaborative problem-solving become the cornerstone of their approach.

In the pursuit of innovative solutions, these

law firms encourage an entrepreneurial spirit among their legal professionals. Lawyers are empowered to explore new avenues, take calculated risks, and challenge the status quo to deliver exceptional results for their clients.

In addition, by recognising the value of diverse perspectives and experiences, these firms are better equipped to understand and serve their clients' needs. Moreover, diverse teams foster a more welcoming and supportive work environment. These firms understand diversity is not just about meeting quotas; it is about promoting equality, fairness, and a stronger legal profession for all.

One of the other significant drivers of change in the legal industry is technology. Automation, artificial intelligence and machine learning are increasingly being integrated into legal processes, enabling lawyers to streamline their work and improve efficiency. Tasks that were once time-consuming and labour-intensive, such as document review and contract drafting, can now be efficiently completed with the help of technology. This not only saves time but also reduces costs for both clients and law firms.

As we reflect on the journey of these law firms, it becomes evident that their impact extends beyond legal practice. They represent a

Kieran Lowe is a Partner in Aquabridge Law, which has offices in Essex and Suffolk. Here, he offers his take on the rise of the alternative-thinking law firm.

paradigm shift, a departure from the traditional and a heralding of a new era in legal services. As the legal industry continues to evolve, these firms stand as beacons of innovation, embodying the essence of alternative thinking in a dynamic and ever-changing world.

In conclusion, the legal industry is in the midst of a profound transformation driven by technology, changing client expectations, and a focus on diversity and inclusion. These changes have the potential to enhance the efficiency, accessibility, and effectiveness of legal services. As the industry continues to evolve, legal professionals must embrace these changes and adapt to stay ahead in this dynamic and exciting new era.

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Investment preferences are a matter of taste – like wine

WHEN it comes to investing, there’s always more than one option – whether you’re investing as a business owner, or private individual.

A good adviser will seek to understand you and what’s important to you, and then give advice on how to invest in a way that’s right for you.

It’s not too dissimilar to wine tasting. We’ve all talked to people who are into wine; the different grapes, regions, temperatures, growing styles - the list goes on. If, like me, your choice of wine splits into just red or white, that costs less than £15 a bottle, you may not appreciate the nuances of the curtailed list, but you might pick up some things that are important to you.

There are similar nuances when it comes to investing, so let’s touch on some basic principles:

Active v passive: active fund managers aim to pick stocks within their given remit, aiming to outperform their benchmark. Conversely, a passive fund aims to track to a certain benchmark. By way of example, an active fund manager with a remit to invest in oranges, may look at the different growers and regions, and choose to invest more into one over another. A passive fund, on the other hand, may invest equally in all of the orange producers. Naturally, with the level of intervention and research, the former comes at a higher cost than the latter.

Responsible investing: what people’s money is doing and the impact it is having is becoming more important to more investors. Instead of it being about the total return, it’s important to know how their money is furthering something they do or do not believe in. Environmental, Social and Governance (ESG) is used

as a starting point. What is the company’s environmental impact? How is the company improving people’s lives? Is it being run well: for example, is it paying the right amount of tax?

Discretionary or advisory: what level of involvement do you want in making investment decisions? Do you want to be advised to make changes, or do you want an investment manager to make changes on your behalf? This may lead you down a particular course of action.

Longevity: whilst past performance is no guarantee to future performance, it can give comfort if an investment has performed in a particular way during a period of time.

Costs: is cost particularly important to you? Going back

Kyle McGill, Chartered Financial Planner with Amber River East Anglia, offers some insightful advice when it comes to investment decision-making.

to the wine analogy, do you see a limit to the value of a bottle of wine? Do you see value in specifics, or are you a big picture, lower cost type of person?

The list goes on, and we could delve into each of the above ad nauseam, but it is important to say there isn’t a ‘one size fits all’ investment, and investments can be tailored to your needs, wants and desires. A good adviser will help you decide what is right for you, red or white!

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Beyond the bottom line: building thriving, impactful businesses

FOR generations, the business world has worshipped at the altar of a singular deity: the almighty Profit.

Financial success, measured solely by the cold hard numbers on the bottom line, became the sole metric of business worth. But this narrow lens often blinded business leaders to the interconnected realities of our world, leading to environmental decay, social inequality, and unsustainable practices. Thankfully, a paradigm shift is underway, whispering a new mantra: profits, people, and planet. This is the Triple P Paradigm, a holistic approach to business that seeks to redefine success by integrating social and environmental responsibility with financial viability.

The Triple P, unlike the single-minded pursuit of profit, paints a more vibrant tapestry of success. Imagine a business that:

• nurtures a green heart: by embracing sustainable practices – from renewable energy to responsible waste management – it minimises its environmental footprint, conserving resources and protecting nature's bounty for future generations. This isn't just about eco-warrior bragging rights; it reduces operational costs, fosters innovation, and attracts investors and customers who share this green mindset

• champions compassionate hands: this business prioritises the well-being of its employees. Fair wages, healthy work environments and opportunities for growth empower its workforce, fostering loyalty, engagement, and productivity. It doesn't stop there; it reaches out to its community, investing in local initiatives, supporting other small businesses, and building trust through genuine partnerships

• employs a wise mind: it understands that financial success is intertwined with the well-being of the planet. It focuses on long-term value creation, investing in sustainable technologies, responsible sourcing, and ethical practices. This not only avoids reputational risks and potential future liabilities but also attracts likeminded partners. Ultimately it creates a loyal customer base that values its commitment to doing good.

But let's be honest, the allure of immediate profits can be a siren song, beckoning businesses back to the old ways. So, how does embracing the Triple P translate into tangible benefits?

For the Planet:

Reduced environmental impact: a business committed to sustainability minimises its carbon footprint, conserves water and resources, and reduces pollution. This not only mitigates climate change and protects biodiversity but also improves public health and quality of life.

Enhanced brand reputation: consumers are increasingly drawn to brands that champion environmental responsibility. This translates to increased loyalty, positive wordof-mouth, and a competitive edge in the marketplace.

Improved operational efficiency: sustainable practices, from energy efficiency to waste reduction, often lead to cost savings, improving financial sustainability and freeing up resources for further social and environmental initiatives.

For People:

Engaged and empowered employees: when a company prioritises their wellbeing, employees feel valued, respected, and motivated. This translates to higher engagement, productivity, and innovation, leading to a more vibrant and thriving work environment.

Stronger community ties: by actively engaging with its community, volunteering its time and resources, and supporting local businesses, a Triple P company builds trust and fosters a sense of belonging. This strengthens the social fabric and creates a more resilient and positive environment for everyone.

A catalyst for positive change: when businesses address social issues like poverty, inequality, and education, they contribute to a more just and equitable world. This ripple effect creates a powerful legacy that goes beyond financial success.

For Profits:

Long-term financial sustainability: the Triple P is not a cost centre, it's an investment in the future. Sustainable practices reduce

Peter Disney, of Colchesterbased accountancy firm, Wood and Disney, explains why placing people and the planet alongside profit can be a recipe for business success.

operational costs, happy employees drive innovation and productivity, and ethical practices build trust and loyalty, all of which contribute to long-term financial stability.

Competitive advantage: in a crowded marketplace, standing out requires more than just a catchy slogan. Being a Triple P-driven business sets you apart, attracting investors seeking sustainable enterprises, appealing to environmentally and socially conscious consumers, and forging stronger partnerships with like-minded organisations.

Enhanced brand value: building a reputation for social and environmental responsibility is priceless. It increases brand value, leading to customer loyalty, higher pricing power, and the ability to attract top talent.

This journey is not a sprint, it's a marathon. It's about continuous improvement, taking small steps toward a more sustainable and equitable future. It's about setting measurable goals, engaging stakeholders and celebrating wins along the way. It's about understanding the success of your business is intertwined with the well-being of the people and the planet around you.

So, are you ready to rewrite the narrative of your business success? Are you ready to build a thriving enterprise that leaves a positive footprint on the world? Take the first steps today and:

• conduct a sustainability audit: analyse your environmental and social impact to identify areas for improvement

• set measurable goals: define specific, achievable, and time-bound goals

• engage your stakeholders: involve employees, customers, and community

• communicate your progress: share your commitments and actions with transparency to build trust and inspire others.

Remember, this is more than just a business model, it's a mindset shift. By prioritising people and the planet alongside profits, you can create a thriving business that makes a positive impact on the world.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 33

Fire Risk Assessment

Every business, no matter what size, must now have a written fire risk assessment.

Does yours?

(there’s also unlimited fines for breaches)

Visit: essex-fire.gov.uk/riskassessment

Fire service plea to businesses: “It’s time to clean up your act”

Having served as a firefighter in Essex for 26 years, I have witnessed the heartbreaking destruction of businesses by arsonists. Perhaps most disheartening is the fact that many never bounce back, with almost 60% of business unable to recover after a fire.

However, most of these fires are preventable and there’s a number of measures businesses can take to protect themselves against deliberate fires.

As a fire service we investigate every fire we attend. One of the things we look is what was set alight first. In most cases it involves waste or items which are outside the buildings. Now, arsonists don’t lug around large quantities of rubbish or old sofas to set fire to. They see the huge piles or rubbish piled up leaning against the back of the building and set fire to it.

The key lies in effective waste management.

My advice for businesses is get your waste and rubbish procedures in order. It could be the difference in your business thriving or burning to the ground.

In my new role as a Business Engagement Officer, I visit business to help them become more fire safe, and I draw on my firefighting background. One of my initial checks involves assessing the location and frequency of rubbish collection.

During a recent visit to a row of shops, I discovered overflowing bins against the back of the building. No security lighting and no CCTV. It’s an impending disaster. The owners hadn’t considered it a fire risk, but a brief explanation from me prompted them to re -organise their waste location and security measures.

Here are my top tips:

1. Don’t let your rubbish build up: Get regular collection to eliminate potential targets for arsonists

2. Secure bin storage: Store bins away from the building with lockable lids to deter unauthorized access

3. Review Your security measures: Regularly review your fire risk assessment to identify security vulnerabilities that could lead to a potential arson attack

4. Employee training: Educate employees on fire safety and encourage reporting of suspicious activities.

Implementing these measures can be the difference between your business thriving or going up in smoke.

Always report suspicious activity If there have been small fires at your own or neighbouring premises, call the police. Report them to 101 or FireStoppers on 0800 169 5558.
Pictured: the remains of a business in Essex following an arson attack in 2023

How to avoid financial forecasting that ends up with rain instead of sunshine

FINANCIAL forecasting often feels like the weather forecast: financial predictions not always being as rosy as planned, or in many cases, as hoped!

Whilst many businesses will look to use financial forecasting as part of their day-to-day management, there are also many who only produce financial forecasts based on need, say for external finance or investment. Those routinely producing forecasts can and do tend to benefit from having validity and accuracy with greater assurance around the numbers and the assumption used to produce them. They are also likely to be subjected to more review, check and challenge, helping to improve their rigour over time.

The challenge in terms of effective financial forecasting is more so with those looking to produce ad-hoc forecasts. Often this can be the early startup or scale-up businesses looking for capital or investment to take it to the next stage. Few founders or entrepreneurs looking for funding are likely to be a qualified accountant or have the prerequisite skills or experience to produce financial forecasts.

Therefore, when preparing financial forecasts to seek or obtain financing, entrepreneurs and business owners often make several common mistakes. These can undermine their credibility with lenders or investors and reduce the chances of securing the needed funds. Here are some of the most common mistakes to avoid:

Overly optimistic revenue projections: one of the most common mistakes is projecting unrealistically high sales or revenue figures. Entrepreneurs may be overly optimistic about their growth potential, leading to inflated forecasts.

Underestimating expenses: underestimating operational costs, including operating expenses, cost of goods sold and unexpected expenses can result in cash flow problems.

Ignoring seasonality and cyclicality: failing to account for seasonality or cyclicality in your business can lead to inaccuracies in your forecasts.

Lack of detail: some entrepreneurs provide vague or incomplete financial forecasts, omitting crucial details that would help lenders or investors understand their assumptions.

Inconsistent projections: inconsistencies between different parts of your financial forecast, such as a mismatch between revenue growth and expense growth, can raise doubts about the accuracy of your projections.

Not adequately addressing risk: failing to acknowledge potential risks and uncertainties in your business plan can erode investor or lender confidence.

Neglecting working capital needs: overlooking the working capital requirements necessary to support growth can lead to cash flow shortages.

Not demonstrating financial expertise: lenders and investors want to see you understand your

Dean Wright, of Streets Whittles

Chartered Accountants in Colchester and West Mersea, offers 10 tips for mastering financial forecasting for founders and entrepreneurs.

financials. Failing to demonstrate financial literacy can undermine confidence.

Overlooking debt serviceability: when taking on debt, entrepreneurs may not account for the interest and principal payments in their forecasts.

Ignoring feedback: entrepreneurs sometimes resist feedback from financial professionals, investors, or lenders, leading to missed opportunities for improvement.

By avoiding these common mistakes and presenting well-researched, realistic financial forecasts, entrepreneurs can enhance their credibility and increase their chances of successfully obtaining financing. As you might expect, the support of an accountant is often a real asset, not least that it provides increased assurance to potential lenders or investors.

For a refreshing approach

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 37

Businesses based in North Businesses based in North Essex districts such as Essex districts such as Braintree, Maldon, Braintree, Maldon, Tendring, Colchester and Tendring, Colchester and Chelmsford, can call upon Chelmsford, call upon a team of experienced team of experienced business advisors to business advisors to provide the help and provide the help and support required to get you support required to get you to where you need to be. to where you need to be.

Scan to visit our website and find out more

Support to meet your needs Offering 1:2:1 impartial business advice, unique to you, we’ll be able to help you with things such as financial forecasting, finding the right finance for you, and the funding application process. Looking for free support for your business? 0800 970 8981 essex@ldbgroup.co.uk
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Hitting the ground running in 2024

IT has been a tremendous start to 2024 for Essex Chambers of Commerce.

Coming back refreshed and invigorated by the boundless potential offered by a New Year, my team and I have hit the ground running with a full-on first quarter. With what we have already achieved, I am cautiously optimistic this will be another strong year for the Chambers and for Essex. As always, there are uncertainties and continued unrest but as a county there is nothing that we cannot face, overcome, or grow from.

In recent months we have held a number of engagements across the political spectrum. As the only accredited Chambers of Commerce in Essex, we have unprecedented access to multiple levels of Government and we are extremely proud to represent the needs of our members and the wider Essex business community to get your voices heard.

In late November last year, when we launched Labour’s Small Business Plan, it was an immense pleasure to welcome Shadow Secretary of State for Business & Trade Jonathan Reynolds MP to the new Finishing Line facilities in Basildon, where he outlined the plan and answered questions from our members. Topics discussed ranged from business rates reform, skills gaps and other challenges facing the Essex business community. As the voice of business in Essex, we always take pride in hosting important events like this.

It was a great honour to be invited to Leigh on Sea for an audience with the Prime Minister, Rishi Sunak. He recently visited Anna Firth, MP for Southend West, with the Home Secretary, James Cleverly. The group visited a number of local businesses before addressing a selected group of invited individuals. It was fantastic to hear the PM’s future plans during an engaging Q&A session.

There was no rest for me, as later that same day I attended a Private Dinner at the House of Commons with Chief

Secretary to the Treasury, Laura Trott MP. It was a pleasure to be joined by a selection of invited members, Anna Firth MP and Shevaun Haviland, the Director General of the British Chambers of Commerce, for a fantastic evening of discussion on trade and businesses issues. Attendees had the opportunity to voice what they wanted to see in the Spring Budget.

Iain McNab, our Head of Policy, joined me in a recent meeting with Cllr Bayo Alaba in our Southend office. Cllr Alaba is campaigning to be Southend East & Rochford’s first Labour MP and is looking forward to meeting, supporting and growing the local business community.

As rumours circulate of when the next General Election will be, rest assured that as an a-political organisation we will be engaging with representatives from all parties to achieve the best possible outcome for Essex.

If all that wasn’t enough, I have also held a private roundtable with the Bank of England. Invited attendees met with Megan Greene who was recently appointed to the Monetary Policy Committee of the Bank of England for a three-year term. We will continue to work closely with representatives from the Bank of England throughout the year.

I am delighted the launch of our new website and brand re-fresh was a complete success. The team have been working hard behind the scenes to enhance and uplift the Essex Chambers brand and online identity.

We collaborated with Chamber member, Constellation Marketing, to develop a new look for the brand and website that feels fresh, exciting, and accessible. However, it was imperative to remain authentic to our established identity, standards, and reputation.

After many years we felt it was time for a change and wanted to create an updated look. By breathing new life into our branding, we now have an aesthetic which reflects the modern and engaging Chambers we are.

Denise Rossiter, Chief Executive Officer of Essex Chambers of Commerce, is cautiously optimistic for the year ahead after a positive start to 2024.

We may have a new look, but rest assured we are still the same pillar of support for the Essex business community that we have been for more than 100 years, delivering local engagement, regional representation, and global opportunities.

Visit www.essexchambers.co.uk to experience our new website.

As part of the re-fresh we have updated all our online publications. The first editions of the new look Grapevine, International Trade Newsletter and LSIP Newsletter have begun circulation, distributing insightful member content, global expertise, and skills updates to thousands of subscribers across Essex and beyond.

Our events programme is in full swing. Head to our website for recently announced networking events and training but here are a couple of dates not to be missed:

• Essex Global Summit – Wednesday May 22, Hylands House, Chelmsford

• Chambers Annual Golf Day –

Thursday June 13, Langdon Hills

As always, Essex Chambers of Commerce is here for all your business needs, offering local support with international reach.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 39
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Grand opening of Weir View House proud day for local family firm

IT was with great pride the Stibbards family, local dignitaries and invited guests came together to celebrate the opening of S. Stibbards & Sons new landmark headquarters, Weir View House.

Based in the heart of the community on the Benfleet and Rayleigh borders, it is hoped this inspirational building will become a destination for those seeking comfort and compassion in their time of need.

S. Stibbards & Sons has been established for 156 years and is now in its sixth generation of family ownership with the Stibbards family actively involved in the day-to-day operations of the company. Now, with seven locations in and around the Southend, Castle Point and Rayleigh areas, the company is committed to exemplary care within the local communities it serves.

As well as acting as the company headquarters, Weir View House incorporates a funeral home, state-of-the-art care facilities for the bereaved and their loved ones and extensive garaging for the company’s fleet of modern and vintage vehicles. Through five years in the planning and 18 months of construction, S. Stibbards & Sons believes it has built a facility that will serve their diverse and multi-cultural community for many years to come.

The family has incorporated several unique facilities within the building. A dedicated washing and dressing facility has been installed for the use of families who wish to be involved in the care of their loved one. A large gathering room allows families to come together to comfort and console one another together with honouring the traditions of their own funeral rites.

Additionally, the family believes in the value of education and training and the building incorporates a training suite with modern

media facilities. The well-being of its hard-working colleagues is a high priority and the family has provided advanced welfare facilities with a spacious rest room, kitchen facilities and an outside terrace for the team to use.

Ever mindful of the environment, to reduce the company’s carbon footprint, efficient heating, cooling and insulation systems for the entire building have been incorporated into the design. Furthermore, in excess of 90 solar panels have been installed on the building’s roof which will assist the efficiency of systems and technology throughout the premises.

The company’s aspiration and belief are that their new headquarters will serve the community as dutifully as the original building in Hadleigh has for more than 150 years. The Hadleigh office, which remains the spiritual heart of the company, will remain to serve its local community as will all the other offices in the local area.

The opening of Weir View House begins a new chapter for this long-established family company and continues the heritage and care handed down through generations of the Stibbards family. It is always the company’s wish to provide ‘care, compassion and support in all it does’. Weir View House is an example of the investment the Stibbards family continues to make, to repay the trust placed in it by those it has served and will serve going forward.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 43

accountancy training

Train existing or new members of staff

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The hidden value of accountancy apprenticeships

MORE than 20 years ago, my path to becoming an accountant was one that had been well-trodden by many before me.

Having completed a maths degree at Leeds university, I secured a role as a trainee in a small practice firm. My employer funded my accountancy studies, as a day-release student, which I balanced alongside my day-today busy workload. This path is still open to young people but having started my own training business 12 years ago, I’ve watched with interest as a new and highly beneficial alternative has emerged.

At First Intuition, I now see a large proportion of our trainees completing their accountancy qualifications via an apprenticeship programme. From a technical perspective, the result is they achieve qualified or chartered status, like myself and my peers.

However, having been involved in accountancy programmes since the apprenticeship levy was introduced, I can see our affiliates are also achieving much more.

Essex has some great young people, so let’s keep them! We find many of our school leavers are highly motivated, tech savvy and as they join us straight from school, they flourish under the structure of an apprenticeship programme.

Historically, many of those aspiring to work in accountancy and finance have been attracted to roles in London. Providing opportunities to develop in our county helps us to keep talent in the local economy. At First Intuition, we have built solid relationships with local schools and are now seeing apprenticeships valued as highly as university routes by many of our school partners.

Many people don’t realise apprenticeship programmes are not just aimed at school, college and university leavers. An apprentice can start at any age, making it an ideal way to train existing staff who may wish to upskill or who have been identified as having the potential to progress. We often find those who have taken a break from their career or who are looking for a complete change can really benefit from studying under an apprenticeship programme.

Progression is possible in accountancy apprenticeships as the programme levels are directly mapped to roles within

David Malthouse, Managing Director of First Intuition in Chelmsford, explains why apprenticeships are such a great route for people in the accountancy and financial services worlds to follow.

the workplace. In my opinion, one of the most rewarding things I see, as a training provider, is watching a young person come in as a level 2 apprentice, (equivalent to GCSEs) and watch them progress through the levels until they complete a level 7 programme (equating to a master’s qualification). The transformation of these apprentices from starting as a school leaver to becoming a fully qualified accountant, often managing a team of their own, can’t be measured just in academic qualifications. Their confidence grows, their professionalism develops, and many become key people in their organisation, shaping the future of the company.

For me, to become a successful accountant or finance professional, your technical knowledge has to be superb, but you also need the skills and behaviours to work effectively and at a high level in this sector. The apprenticeship programme embeds all of these and helps to build a talent pipeline within an organisation. Apprentices become well-rounded and have a deeper understanding of the wider business and how their role fits in.

Knowledge, or rather technical knowledge, has always been an important part of an accountant’s training. Studying accountancy qualifications equips you with knowledge. However, one aspect of an apprenticeship programme I particularly like is it requires the apprentice to evaluate where

they have applied aspects of their technical knowledge in their role. I often hear our apprentices talk about how they’ve learned something in our classroom and then used it in the workplace, cementing that technical knowledge and making it very relevant to their role.

Skills and behaviours are the other components of an accountancy apprenticeship. I often say I am envious of our apprentices. As a newly qualified accountant, I had all the technical knowledge I needed but I was left to figure out how to operate in the workplace on my own. Managing a team, delegating work, communication, decision-making, and proactivity were just some of the areas I had to navigate for myself. Our apprentices attend skills and behaviours development sessions, designed to explore, and these change as they go through the various levels of apprenticeships.

Apprenticeships are designed to improve and enhance people’s careers during the length of their programmes. This means an apprentice should operate at a higher level at the end compared to their starting point. I believe accountancy apprenticeship programmes are helping us to develop strong leaders and professionals for our local Essex economy. If you’d like to discuss how your business could benefit from using an apprenticeship programme to train new or existing staff members, then please do contact us.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 45

Create your own world of opportunity by discovering our wide range of adult courses to meet your career aspirations and gain new skills for work and life.

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Avoiding disputes in handshake agreements

MANY business deals are carried out on a ‘handshake agreement’ (a verbal agreement that isn’t recorded formally), but not many business owners know this in itself can form a contract that will be legally binding on the parties, with potentially problematic consequences.

Contracts don’t have to be set out in writing to be binding, and they don’t even have to be formally signed to be valid. A recent court case found a conversation in a kitchen ten years ago was deemed a valid contract.

In Burgess v Kempson [2023] EWHC 2216 (Ch), a 15-minute conversation was held between two individuals. Burgess offered to introduce Kempson to a property developer on a “no win, no fee” basis in exchange for a percentage of the increased value of Kempson’s land if they sold the property with that property developer.

The property was sold 10 years after the conversation, but Burgess received no payment for introducing the developer.

The judge said an agreement was “unquestionably” reached but that the terms of the agreement were not clear. In this case, the judge determined that to receive the payment, Burgess had to use his professional skills to increase Kempson’s property value. However, the cause of the increase in the property value was not attributable to Burgess’ input, so Kempson did not have to pay.

This meant that Burgess lost out on payment for services he had provided despite proceeding on the understanding that he would receive some compensation.

Handshake agreements can cause ambiguity in a business relationship. As a result, if the relationship breaks down, it can be difficult to determine what, when or why any terms were agreed. This form of agreement often only deals with the main commercial aspects of a business relationship.

If you provide services, the risk to your business is that you spend time and money performing services only to be told that the customer will not pay you what you thought

you would be paid. This is what happened in the case above; as the terms were unclear, the judge interpreted the oral contract in a way that meant Burgess could not get paid even though Burgess believed he was entitled to some payment.

Some terms are implied by law, adding conditions to your contracts. Conditions are terms that, if broken, can allow your customer to terminate the agreement. For example, in a sale of goods contract, an implied term might be that the goods conform with their description, or for the supply of services, that the services will be performed with reasonable care and skill. Having a written contract allows suppliers to contract out of these conditions.

Whilst we always hope a business relationship never breaks down, in the unfortunate circumstance that it does, having clear, unambiguous written contracts means there is certainty and stability in a business relationship, reducing the risk of disagreements or disputes around what was agreed.

Typically, written contracts will also deal with other key areas of the relationship, such as how long the contract will last, the process for amicably ending the business relationship, and particularly for creative

Chloe Vertigen, a solicitor in the business team at Birkett Long, explains how, whilst handshake agreements can form a legally binding contract, it’s always preferable to get things down in black and white.

industries, the handling of intellectual property, such as copyright.

Most importantly, in business-to-business contracts, written contracts let you attempt to reduce your liability if anything goes wrong. This can be essential, especially when considering that your insurance policies likely have a cap on the liability they will cover.

At Birkett Long, we regularly advise our clients on their contractual needs and help draft contracts that suit their business relationships. Our contract solicitors can assist with reviewing and drafting a range of commercial contracts, including online terms and conditions, business-to-business contracts for supplying goods or services, software and development agreements, or distribution and retailer agreements.

If you would like to find out how Birkett Long could help with your business, please contact me.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 47

Workplace mediation: the cost of conflict

IWAS recently mediating for one of my clients. It involved two very talented individuals, who were so driven and so very motivated by success but had lost an important connection with each other somewhere along the way.

“It’s so embarrassing. Have you ever come across a case as horrendous as this one? I’ll bet you haven’t. God, how awful,” one of them said to me, during a private conversation.

Of course, with some help, these two highly capable people could engage again and find a way through. But the conversation reminded me of how fragile we all are, and how just one slightly broken relationship can affect us deeply - derailing our motivation, our confidence and even our health. Making us feel like what has happened is just the worst thing that could possibly happen to anyone. Ever.

Unresolved conflict is everywhere in our working lives, and yet the ripple effect it can have can be so significant to that person, to their team, to the business and its success. Can we really afford to ignore it?

Mediation doesn’t have to be the last resort, where grievances and a whole bunch of other unpleasant experiences have already been exhausted. It can be a proactive and healthy approach that is adopted early on, in a culture where people are encouraged to deal with negative conflict and address problems directly, in order to nurture strong relationships, built on trust.

So next time you see a situation that’s beginning to bubble, before you quietly hope and pray it will resolves itself with no intervention, think carefully about what impact that situation may be having on

Lizzy Firmin, Chief Operating Officer at Colchester-based Ellisons Solicitors, suggests that workplace mediation should be one of the first, not last, resorts when attempting to resolve awkward issues between individuals in the workplace –issues which could threaten the equilibrium of the business.

your colleagues. How is it impacting on your business? What greater impact could it have if left to fester?

For more information about our Mediation Services please contact our HR Consultancy team to speak to one of our fully qualified and highly experienced mediators. We can help you resolve conflict before your business pays the price.

48

Are loans written off between connected companies always completely tax neutral?

ONE of the facts accountants learn early on is that loans written off between connected companies are tax neutral.

It can be tempting to take this nugget of information as the end of the story. But it can be dangerous to assume this is always the case and there are no further tax implications.

By ‘tax neutral’ we mean when the loan is written off, the remaining balance released to the profit and loss account is disregarded for corporation tax purposes in both the lender (debtor) and borrower (creditor) company.

This means, in the borrower company, the credit released to the profit and loss account is not charged to corporation tax and, in the lender company, the debit released to the profit and loss account is not eligible for corporation tax relief.

The overall effect is the writeoff is effectively disregarded for corporation tax purposes in both companies, thereby being tax neutral. Even if a loan write-off is tax neutral for corporation tax purposes, there can still be other, perhaps less obvious, tax charges.

So, what are the potential tax implications of writing off a connected company debt?

The first is the loan relationship rules for corporation tax purposes and whether tax neutral treatment applies so the debits and credits relating to the write-off are disregarded in both connected companies.

This second is whether the loan write-off itself could effectively be a distribution from one connected company to another. If so, could this give rise to a tax charge?

The first key issue:

When does corporation tax neutral treatment apply for loans written off? For the loan write- off to fall within the loan relationships rules it must meet two key conditions:

• firstly, the loan must be a ‘money debt’ - this means it must fall to be settled by the transfer of money

• secondly, the loan must have arisen from a transaction for the lending of money. Trading debts and property business debts are treated as being loan relationships for these purposes when they are impaired or written off. But if the loan has arisen from other transactions, they may not necessarily meet this condition (S479 CTA 2009).

If the debt does not fall within the loan relationship rules, the write-off is treated as follows:

• in the borrower company: the credit arising will normally be taxable

• in the lender company: the debit arising is broadly only eligible for corporation tax relief if it was made wholly and exclusively for the purpose of the trade/ business.

The second key issue:

Could the loan write-off be a ‘distribution’? Broadly, a distribution arises when there has been a movement out of the assets of a company in respect of its shares where market value consideration has not been received.

Where companies have common shareholders and loans have been written off, the market value of that debt has effectively been transferred from the lender company to the borrower company. Where the companies are controlled by the same shareholders, this can be deemed to be a distribution out of the assets of the lender company.

If the borrower company was insolvent and unable to pay back the loan, then potentially the market value of that debt was nil. If so, no value would have been transferred for tax purposes no distribution.

But if the companies were solvent and the debt could have been repaid, writing off the loan has effectively shifted value to the borrower company. This is the element deemed to be a distribution.

What’s the problem if companies with common shareholders make distributions to one another?

Group companies: where the borrower and lender companies are both UK resident and form part of the same 100% group, the distribution received by the borrower company when the loan is written off will normally be exempt from corporation tax. The lender company making the distribution will not be entitled to claim any deduction from taxable profits for the distribution. So the overall effect is that the distribution is tax neutral.

However, if the lender company is not UK resident and the loan is written off, it will also be necessary to consider whether the distribution exemptions of CTA 2009 are met. If not, the distribution received could be taxable in the UK borrower company.

Non-group companies: if the loan write-off is between UK non-group companies under common control, the controlling shareholders are likely to be treated as having received a distribution on which they are taxed personally to income tax, unless the borrower was insolvent in which case the value of the distribution could be argued to be nil.

A company must have sufficient distributable reserves to cover the net book value of the debt before it is written off, as with any distribution. If not, the loan write-off would be an unlawful distribution and the directors/ shareholders could potentially be liable to repay that loss.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 49
Christa Humphreys, Tax Manager at leading Essex accountancy firm, Rickard Luckin, explains the complexities around tax neutral loans.

The worrying trend of worker burnout

THE recently published Mental Health First Aid England survey and the Burnout Report, Mental Health UK 2024 provides concerning trends in worker mental health, stress and burnout.

Mental Health First Aid England has surveyed 2,000 employed adults to understand more about experiences in the workplace. This revealed 59% of employees do not regularly feel joy and satisfaction at work. 22% feel their sense of purpose, satisfaction and joy at work has decreased since the pandemic.

Almost half of workers say they have never had a wellbeing check-in from their employer. The research found that, since 2021, almost double the number of employees say their workplace has failed to check in on their wellbeing in the past year (48% in 2023 and up 25% from 2021). The launch of the My Whole Self 2024 Campaign on March 12, encourages organisations to access their free My Whole Self Guide.

The workplace has transformed significantly in recent years. The research conducted by YouGov has set out to gain greater insights into understanding burnout and the factors that contribute to it in the UK today.

Burnout is recognised by the World Health

Organisation (WHO) as an occupational phenomenon. It’s defined as a syndrome conceptualised as resulting from chronic workplace stress that has not been successfully managed.

It’s characterised by three dimensions: feelings of energy depletion or exhaustion, increased mental distance from one’s job, or feelings of negativism or cynicism related to one’s job, and reduced professional efficacy

The recent survey found:

• 54% of respondents agreed a high or increased workload or volume of work caused them stress that may have contributed to burnout

• 71% of workers might not be adequately supported by their employer

• 42% agreed feeling isolated at work caused them stress and may have contributed to burnout.

Whilst employers have a duty of care to protect employees from harm, employees must take responsibility for their own wellbeing to prevent burnout. Here are some strategies recommended by Essex Working Well that an employer should consider:

• set up a wellbeing strategy that is implemented and regularly reviewed to prevent chronic stress and burnout

• Mental Health First Aid England training for managers to enable them to have supportive conversations, including the Wellness Action Plan and managing workloads and challenges

• encouraging employees to take regular breaks and their full annual leave entitlement, discourage excessive overtime and working when unwell

• senior leaders should be visible and role model good wellbeing practices that gives permission to the workforce to do the same

• acknowledge and appreciate hard work and achievements

• encourage opportunities for team building

• provide Employee Assistance Programmes (EAPs)

• embed and communicate policies and procedures to promote a zero-tolerance for bullying and harassment.

Essex Working Well offers a range of funded workplace programmes to enable businesses to set up a robust health and wellbeing programme, including mental health first aid training, manager training, wellbeing strategy and support that will embed a culture of good management practices to empower employees to prioritise their own health and wellbeing. To find out more please visit: www.essexworkingwell.co.uk

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Annual turnover of Essex’s top 100 privately owned companies up 28.8% to £14.2bn

GRANT Thornton UK LLP has unveiled the 13th edition of its annual Essex Limited report.

The ranking of the county's 100 leading privately-owned companies shines a light on how the Essex business community has thrived despite a period of inflationary pressures and continued global macroeconomic challenges.

The Essex Limited Report –produced in conjunction with

Birketts LLP – is part of an annual series of business analysis of UK counties undertaken by Grant Thornton. It celebrates the showcased firms and provides well deserved recognition for their contribution to the region and the wider UK economy. The top 100 list is compiled using the most recent publicly available accounts as of October 16 2023 and reviews the county’s 100 largest privately owned companies, based upon turnover.

Topping the rankings this year

is Uniserve, whose high turnover is in part attributed to increases in sea freight pricing. The report identifies the top five largest privately-owned companies by turnover in Essex as Uniserve Limited, Hill Holdings Limited, Clearsprings (Management) Limited, Glyn Hopkin Holdings Limited and Pozitive Energy Ltd.

The 100 companies featured have turnovers ranging from £52.8m to £928.5m. Collectively, turnover was up 28.8% to £14.2bn from October 2022. The growth in profit based upon

• See pages 52 and 53 for more detail

earnings before interest, taxes, depreciation, and amortisation (EBITDA) – up 12.6% to £916.6m – was especially impressive.

Consumer was the most represented sector in the ranking, with 34 private firms generating £3.9bn of turnover (including motor retail). This was followed by the Services sector (including freight and logistics) with 18 companies generating £3.4bn, and then Real Estate and Construction, with 21 companies generating £3.3bn turnover.

• Turn to page 52 s

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 51

From page 51 s

Other areas from across the east of England have not seen salary increases keep in line with inflation. However, perhaps due to competition from London markets, the average salary in Essex has increased by 10.7% this year.

Doug Bentley, Partner at Grant Thornton UK LLP said: “Our Essex Limited Report shines a

light on the region’s 100 most successful private companies. They are exemplars, setting a path that should inspire others and we’ve been encouraged by the continued optimism of Essex business leaders during conversations we’ve had when compiling this report.

“Essex has not been immune from the economic headwinds

faced by most businesses during the course of the past 12 months – but the private companies in our report show a track record of resilience, dynamism and growth that demonstrate why it’s a great place to do business.”

Adam Jones, Partner at Birketts, said: “Despite the domestic and international challenges of the past 12 months, Essex’s businesses

have shown an incredible ability to remain competitive and successful.

“The figures from this year’s report demonstrate the strength and breadth of private companies in the region. The companies are contributing greatly to the local and national economies, and Essex remains a key region where enterprise has a huge potential to develop and thrive.”

Shining a light on theEssex way

ESSEX has a distinctive place in British popular culture, based on reality TV stereotypes that do scant justice to the complexity of the county.

Essex is made-up of a series of individual locations with strong identities and has an entrepreneurial climate that has helped foster some of the UK’s most exciting private companies.

Our Essex Limited Report shines a light on the region’s 100 most successful private companies. They are exemplars, setting a path that should inspire others, and we’ve been encouraged by the continued optimism of Essex business leaders during conversations we’ve had when compiling this report.

These firms operate at the forefront of the challenges and opportunities before Essex, which tend to cut across a north-south divide. The north of the county is more rural but seeking to build on notable areas of strengths. These are led by a creative cluster in Colchester, advanced manufacturing around Braintree, and energy generation off the Tendring coast.

South Essex has similar aspirations but is starting from alarger economic footprint. With a business base of more than 32,000

enterprises providing more than 354,000 jobs, it’s a sizeable economy in its own right, comparable in scale to the combined authority areas of West of England, North of Tyne or Tees Valley.

The close proximity of south Essex to London is also significant, with around 80,000 people commuting to the capital for work.

South Essex has long been celebrated for its rich culture of entrepreneurialism and is the UK home of major such brands Ford, Amazon, National Westminster Bank and Olympus among others. Industry sectors and clusters are already firmly established around advanced manufacturing, logistics, creative industries and health.

South Essex also has some notable infrastructure relevant to the wider UK economy, including three major ports, an international airport, a Crossrail terminus and the proposed Lower Thames Crossing.

Essex County Council’s development strategy has identified five economic sectors with significant growth potential: construction and retrofit, clean energy, advanced manufacturing and engineering, digi-tech and life sciences (including med-tech and caretech).

52
Grant Thornton’s Doug Bentley and Birketts’ Adam Jones introduce the Essex Limited Report.

There is a feeling the county has a good reputation in Whitehall for delivery and getting things done. So much so that the loosely connected series of funding pots behind national Levelling Up policies now exist alongside the possibility of devolution, an agenda that is shaping the future of other parts of the country, including Greater Manchester and the West Midlands.

Talks between the Government and three principle local authorities, Essex County Council, Southend and Thurrock councils, to create a Greater Essex with its own elected Mayor have attracted a great deal of interest. A devolution deal would create a new Greater Essex Combined Authority, with representation from all three top tier councils in a super-region that has a population of 1.9 million people and an economic output of £47bn.

The companies in our Top 100 would be at the heart of this new super region and currently have a turnover range that spans £52.8m to £928.5m.

The largest sector by number of companies is consumer with 34 private firms, generating £3.9bn revenue. The second largest sector in terms of revenue generation is the 18 Essex companies in the services sector generating £3.4bn, followed by real estate and construction with 21 companies generating £3.3bn revenue.

The services sector as a whole has also seen impressive revenue growth at 29.4%, with EBITDA up 17.3%. Whereas in the consumer space the picture is a little more mixed in Essex with revenue up 25.1%, however EBITDA has fallen by 36.4%. The cost-of-living crisis, higher interest rates, and extra costs of finance are all impacting the consumer.

Commenting on weathering the many storms faced by the travel sector, Daniel Ox,

Co-CEO of Ocean Holidays Limited, said: “Having worked in the industry 20 years, there is always something that impacts travel businesses. However, being agile, communicating clearly and backing ourselves has allowed us to build a growth focused business that can continuously adapt to change.”

Topping the revenue growth list is Flightworx Aviation Limited which has seen a staggering 368% increase in revenue since the prior year, and 299% increase in net profit after taxation.

This is largely due to the travel market opening up fully and also an increase in demand for their fuel shopping service to enable clients to achieve most costeffective ways to buy jet fuel which has been invaluable with increasing costs.

The number one business in the Top 100Uniserve - has also shown impressive revenue growth, up 106.7%. This is in part attributed to a massive increase in sea freight pricing, increasing cost and revenue by a multiple of 10. There has also been a significant increase in cost and revenue due to a huge air freight programme for PPE and Test Kits for government and commercial clients.

Uniserve has been acquisitive in the period and attracted additional business from commercial and government clients due to

the market struggling with solutions with Uniserve offering unique comprehensive supply chain solutions.

Essex has its share of growth challenges – especially around housing, as its proximity to London heaps pressure of supply – but the private companies in our report show a track record of dynamism and achievement that demonstrate why it’s a great place to do business. Or, as others might put it, The Only Way Is Essex!

Essex Limited 2023 is compiled using the most recent publicly available accounts (as of 16th October 2023) of Essex’s private businesses. The report excludes companies that are listed, owned by listed businesses, schools, trusts, charities, and businesses that are subsidiaries of overseas companies. We have also compared our data with previous Essex Limited results to provide an insight into economic trends across sectors. Inevitably, there is an unavoidable time delay between the availability of data utilised and the ultimate presentation of this report, alongside differing year-ends to consider and of course the impact of the Covid-19 pandemic on like-for-like trading periods.

To see the full report please visit: Essex Limited 2023 - who made the list? | Grant Thornton UK LLP

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 53

Take your developmentpeople agendafrom groan to grin >>>

THE mere mention of the word ‘training’ often elicits a groan, a reaction which has become all too familiar in boardrooms and office spaces alike.

However, for business leaders striving to foster a culture of growth and innovation, it is crucial to understand why this reaction occurs and how to overcome it. Here are the five main reasons behind the collective groan and some ‘brain science-led’ suggestions to ensure training in your organisation becomes a catalyst for success.

1. I have been to SO many training sessions – not another one!

Many of us have endured long, tedious training sessions that seemed disconnected from our daily responsibilities. This misalignment between training content and job relevance can leave participants questioning the value of the time invested.

Suggestion: explaining the reason for, value of and content within the training will help everyone become far more enthusiastic. Learners want to know the value, both professional and personal, of attending training sessions. Include a launch event within the training programme explaining how this engaging, practical training programme will directly impact learners and how, through the reliance on brain science, it will be different to their previous experiences.

2. I am so busy – I do not have time for training!

The feeling of ‘cognitive overload’ is widespread across all industries and having to be ‘out of office’ (even if the training is delivered virtually) can cause some learners to view training in a negative light.

Suggestion: acknowledge these concerns and ensure your training programmes are delivered over several sessions instead of a whole day (or two) away from the office. Brain

science has proved that long-term retention works better when we have time to reflect on what we have learned and even better when we have had a chance to use the tools and techniques learnt in our normal working day.

3. I forget everything as soon as the training ends!

Another common grievance is that, although sometimes interesting and valuable, training is not memorable, so what is the point. If participants feel they have been put on training to ‘tick a box, employers will struggle to measure a return on investment and participants will continue to have a negative view of training.

Suggestion: ensure your training programmes are designed to deliver ‘sticky learning’. Effective and impactful training needs to be easy to recall, especially under pressure. Providing environments, activities and even conversations where participants create their own ‘lightbulb’ moments can change the brain and thereby create behaviour change.

4. I thought I was doing my job well – why do I need to attend training?

Brain science has shown that feeling threatened can lead to poor decision-making and a tendency for individuals to feel anxious. If training is positioned in a ‘you must do this or else’ tone the threat response will instantly be felt by participants.

Suggestion: include participants in the planning of the training so they are part of the journey from the beginning. Perhaps invite your training provider to meet participants virtually to discuss the training programme and ensure no one feels training is being ‘done to’ them. Providing participants with some element of control of their workplace training will be greatly beneficial.

5. Training is so boring!

Sleep-inducing presentations with an over reliance on text heavy slides, confusing images

Simone Robinson, Director at First Ascent Group, Cambridge, extols the benefits of brain science-led training and how it can overcome the groans next time the word ‘training’ is mentioned.

and a presenter who literally reads from their slides. This is often the scenario people have in mind when they think of previous training experiences. Dull as the proverbial dishwater.

Suggestion: employers should promiseyes promise - that brain science-led training, no matter the topic, will be interesting, informative, interactive and inspiring. Let participants know they will be doing something different every 20 minutes as brain science shows the brain tends to lose focus after about 20 minutes. After 20 minutes of sustained attention, participants’ brains need to be given time to reflect, ask questions, discuss or do an interactive activity to help learning stick.

Developing your people to improve productivity, manage change and innovate for the future is essential. Taking your people development agenda from groan to grin can be achieved by working with the best training providers available.

The First Ascent Group (www. firstascentgroup.com), incorporating The Oakridge Centre, has been providing brain science-led leadership, management and team training for 25 years and we recognise one size does not fit all. We start with an open mind, a clean sheet of paper and lots of experience. We listen to your objectives, aspirations and operational realities. We question and challenge you to understand the situation. Then we recommend a programme to engage your people for maximum impact.

From boards and senior leaders to graduates and apprentices, our engaging and energising programmes and workshops incorporate contemporary brain science and are delivered by our highly experienced team. The result: a programme that everyone will remember as the most effective and enjoyable development experience of their careers.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 55
>>> >>>
For further information, contact Simone Robinson on 01223 223807 or email her at simone.robinson@firstascentgroup.com

In no more than 100 words, detail your career to date…

After studying Materials Science at Cambridge University, I was commissioned as a Royal Naval officer - the only job I ever applied for. I moved into MOD for a total of 32 years in public service. Next, I joined Goldman Sachs, becoming a managing director responsible globally for the firm’s security. Then elected as the first Police and Crime Commissioner for Essex, before helping establish a now successful Policing Research Institute at ARU. On the way through I held non-exec directorships in the NHS and the National Crime Agency, before arriving at the most rewarding retirement role - charity trusteeship.

Childhood ambition…

Never quite sure! Determined to pursue science and technology, as long as I could keep up.

Best piece of career advice you’ve given…

Revealed

The column which proves you can mix business with pleasure, with Dr Nick Alston CBE DL, LLD (Hon), MA, Chair of Essex Community Foundation.

Be bold in accepting change – but don’t neglect those you love.

Best piece of career advice you’ve received…

Invest in those working for you.

Your two perfect dinner guests, one business, one pleasure…

Steve Jobs for his brilliant business acumen and philanthropic commitment and Taylor Swift – so my granddaughter could meet her.

The secret of running a successful business is…

Plan for the future rather than the present and keep the vision fresh.

If you weren’t in your current profession, what might you likely be…

An archeologist.

If you had a magic wand and could change one thing in business, it would be…

Smash the many remaining glass ceilings. Hobbies/interests…

Family, church, choral singing and sailing. Favourite ever book/TV programme /film/meal/country visited….

Riddle of the Sands/Yes Minister/Amadeus/ traditional Sunday lunch/ New Zealand

Tell us something about you that might surprise people…

I’m really not keen on fluttery moths.

If I ruled the world, the first thing I’d do is…

Drive the many changes necessary to stop global warming before rebalancing the world’s economies.

Checking and correcting Punctuation Spelling Writing copy Grammar 07757 234521 www.simplywords.co.uk 56 C M Y CM MY CY CMY K TWI quarter page ad_16 Feb 2024_PRINT.pdf 4 16/02/2024 09:48

Lost and found…

How the answer to 51 million lost working days could be found in a central Chelmsford clinic

ACCORDNG to data from the Office for National Statistics, 51.2 million working days a year are lost in the UK on average due to musculoskeletal, mental health or respiratory issues.

specialise in the natural treatment of asthma, cough, respiratory conditions, skin conditions and many more. Our treatment room replicates a natural salt cave micro-climate which has been scientifically proven to benefit sufferers of respiratory conditions.

“We also provide services such as weight loss and body contouring, massage, foot health assessment and treatment, bespoke anti-aging beauty treatments, anti-cellulite massage, pedicures and more.

It breaks down as 24.8 million days lost due to musculoskeletal issue, 18 million days lost to mental health and 8.4 million days lost due to respiratory issues.

These are staggering statistics which should be as alarming to employers as they are, doubtless, uncomfortable to employees. But what can be done about it?

Well, quite a lot according to three independent health practitioners working out of the Salt Plus Holistic Spa, Rainsford Road in the heart of Chelmsford city centre. The trio – osteopath John Dods, acupuncturist Ka Hang Leoungk and owner of the Salt Plus Spa, Victoria Sitnic – are all passionate about looking after people’s bodies and helping them enjoy pain-free and productive lives, whether it be in or out of work.

Victoria opened the spa in November 2022 – introducing the first and, still, only salt room in the county. Victoria said: “We

“The modern world causes so many problematic issues for people’s health, physical and

mental. Selfcare was never as important as now. Any responsible employer should aim at enabling employees to participate in the labour market as best as possible, as long as possible and as vital as possible."

John Dods, who runs Chelmsford Osteopathy Clinic, said: “A large percentage of people we see with neck and back issues tend to be due to poor posture, particularly when sitting for long periods of time, whether that’s at the office, or when in the car.

Here at Chelmsford Osteopathy Clinic, our main focus is to identify and address the underlying causes that may be contributing to a person’s pain and discomfort, rather than just the pain itself.

And even though the word ‘holistic’ is used quite freely these days, we take pride in using this approach with our patients’ health and well-being, because as we know, each one of us in unique and no two are the same.

We want to ensure that each person is given the time and space to discuss their health issues in a supportive environment and where treatment is tailored to their needs.

Osteopathic treatment typically involves a combination of manual therapy, exercises and lifestyle advice to help alleviate pain, improve mobility and quality of life. Our primary goal is to offer friendly and affordable care and to get our patients back to the doing things they want and love to do.

John graduated with a bachelors and masters degree from the University College of Osteopathy and then spent time working within the NHS as an musculoskeletal clinician. He has undertaken further studies in sports and rehabilitation and currently works with the Chelmsford Rugby first team. He is currently due to complete the Buteyko breathing course for asthmatics and those with dysfunctional breathing patterns. He is also helping teach the next generation of osteopaths at the British College of Osteopathic Medicine in London.

Ka Hang runs Pointspace and has been a practising acupuncturist since 2008, working out of Covent Garden in London and, more recently, Chelmsford. She specialises in health and wellbeing issues including women’s health, pain relief (musculoskeletal, migraines, TMJ, dysmenorrhea, IBS) as well as stress and anxiety.

Ka Hang is also the creator of Age Defense™, a unique facial rejuvenation acupuncture

treatment (with needles, and without) that help with fine lines and relaxation.

She trained in the fiveyear BSc (Hons) Traditional Chinese Medicine (herbs and acupuncture) degree from Middlesex University in the UK, and completed a Bachelor of Medicine from the Beijing University of Chinese Medicine. She interned at the ChinaJapan Friendship Hospital and Xi Yuan Hospital in Beijing, working alongside doctors in the outpatients clinic.

While Ka Hang is known for her passion in women’s health, pain management, stress and cosmetic facial acupuncture, she also recommends acupuncture for a variety of symptoms. “Used as a preventative measure, traditional acupuncture improves the general sense of wellbeing by strengthening the functions of the body and mind,” she said.

Ka Hang Leoungk is a Registered Acupuncturist and a member of the British Acupuncture Council (MBAcC). Her treatments have been seen in Glamour UK, Grazia UK, Harper’s Bazaar UK, Your Kensington & Chelsea, Stylist and Shortlist.

Call now…

If you’d like to discuss your condition and see how John, Ka Hang or Victoria could help, here are their contact details:

Victoria Sitnic, Salt Plus Spa 01245 617985

Salt.plus.spa@gmail.com

www.salt-plus-holistic-spa.business.site

John Dods, Chelmsford Osteopathy Clinic: 07440 498109

info@chelmsfordosteopathyclinic.co.uk

www.chelmsfordosteopathyclinic.co.uk

Ka Hang Leoungk, Pointspace 07460 083910

hello@pointspace.co.uk

www.pointspace.co.uk

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 57

Demystifying how technology transforms productivity in SMEs

SOMETIMES, 'productivity' carries negative connotations, sparking concerns about potential drawbacks like eroding work-life balance among staff or fostering a hostile work environment.

Moreover, there's apprehension that technological advancements might lead to job redundancies, particularly in smaller businesses.

Can productivity and staff retention coexist harmoniously? We firmly believe so. Technology serves as an enabler, liberating workers from mundane tasks and repetitive administrative burdens, thereby freeing up their time to focus on tasks of greater significance.

Repetitive data entry tasks not only eat into staff productivity but also dampen morale. Inefficient tracking and recording practices exacerbate the problem, a common scenario in businesses where IT systems evolve reactively with changing needs. This often leads to disjointed components, like databases that can't ‘talk’ to each other.

The solution? System integration. This process involves realigning different parts of your IT infrastructure to operate seamlessly together, which may entail developing new software or reconfiguring existing ones.

Systems integration can be effective in various aspects of a business’s functions, such

as, databases, stock control, data analytics, and project management.

'Being productive' holds little weight if it fails to contribute to the success of your business. To ensure your efforts are impactful, Business Intelligence (BI) is a pivotal tool for SMEs.

BI refers to clever ways to pull fragmented data sources together as well as developing dashboards, reports and scorecards to help you visualise and track information. It isn’t just about what happened, it’s about what’s happening, right now in real time. This enables decisionmakers to spend less time cross-analysing various spreadsheets and focus on making informed decisions.

An example of BI in action is Power BI dashboards. Power BI is a powerful tool by Microsoft that enables users to visualise and analyse data from various sources. This offer users swift access to real-time insights into key metrics, allowing for the identification of trends, facilitating informed decision-making and ultimately optimising productivity.

A data strategy outlines how a business plans to use data to achieve its objectives. If you know what you want to achieve, you can begin with some dashboards and visualisations. Alternatively, a pragmatic approach can create a data strategy by following some logical steps.

Lara Fox, Managing Director of Essex-based tech agency, Objective IT, offers advice to SMEs on how productivity and staff retention can coexist harmoniously.

Data strategy consultancy can guide you to improve your data foundations, foster a data culture, and embed lasting tools throughout your business. By optimising data utilisation, SMEs can enhance productivity. Increasing productivity through technology fosters employee satisfaction by freeing them from repetitive administrative tasks, allowing them to engage in more stimulating and thought-provoking work.

For effective system integration and BI, partnering with seasoned professionals is worthwhile. They'll tailor a solution to your specific needs and current constraints, ensuring a smooth implementation and maximum impact.

58

PR can supercharge your business

WITH the right strategy, PR can be a powerful catalyst that supercharges your business’ marketing efforts. Afterall, every business has a unique story.

Whether it's tales of innovation, milestones and celebrations, or overcoming challenges, these stories create an emotional connection with your customers and your wider target market.

What’s more, PR is a versatile tool that can be tailored to businesses of all sizes, enabling smaller firms to punch above their weight without breaking the bank.

Ironically, PR has had a bad press. Despite the misconception, PR is not a superficial affair of glitz and glamour or spin. While glitzy events and champagne receptions can be part of a broader strategy, PR is fundamentally about strategic communication, storytelling and reputation management.

While all businesses have a story to tell, few make the most of it. What’s more, smaller firms often have an advantage over ‘faceless’ corporates in this respect. With the correct approach, your business’ story can be the linchpin that connects your firm with your target market to drive future growth.

To get the most out of your PR efforts, you need to have clear business objectives and a marketing plan. A clearly articulated vision, captured in a plan, will help you to focus on your core business objectives, avoid distractions and costly mistakes. However, if this isn’t your skill-set don’t fret as an experienced marketing and PR

professional can help guide you through the process, freeing you up to concentrate where your time is best spent.

When selecting external PR support, look for qualities such as creativity, strategic thinking, and adaptability. Additionally, accreditations from reputable organisations, such as being an accredited member of the Chartered Institute of Public Relations (CIPR), signifies a commitment to ethical practices and industry standards. These credentials ensure your business is in the hands of a qualified and reputable PR professional.

Like most things in life, it’s worth investing time in selecting the right expert and building a long-term relationship to extract maximum value. By working hand-in-glove, you’ll ensure a more nuanced and effective PR strategy over time.

Here’s some top PR hints and tips for businesses of all sizes:

• regularly issue press releases

for significant events, milestones, or newsworthy activities within the business to relevant media outlets

Matthew Rowe is Director at Colchester-based MJR Marketing and PR Consultancy Ltd. Here he offers some insider tips on how you can utilise PR to give your business a timely boost.

and the company culture on social media platforms

• pitch feature stories to the media that highlight the unique aspects of your business, such as its history, values, and traditions

• share personal profiles of your leadership team and other colleagues involved in the business to humanise the brand

• sponsor or participate in events to increase visibility within the community

• attend and, if possible, speak at relevant industry events to position the business and leadership team as an authority

• share behind-the-scenes glimpses of daily operations

• enter and publicise any industry or business awards.

If you do secure press coverage, it’s possible the article could be repurposed into a different format relatively quickly enabling you to get a maximum return on your efforts. Here are some examples.

Blog post: extract the most compelling and actionable insights from the coverage, providing additional context and analysis.

Infographics: infographics are a great way to highlight key data points and quotes from the coverage in your firm’s branding.

Videos: record a short, dynamic video summarising the article. Consider including visuals such as relevant images, charts, or graphics to enhance the storytelling. Aim for brevity while ensuring that the video effectively communicates the essence of the press coverage.

Podcast: a dedicated podcast episode allows you to delve deeper into the topic. You could invite other expert guests from different professional backgrounds to offer a fuller perspective.

Webinar: the press coverage could be used as a foundation for a webinar by providing additional context and analysis to offer a more comprehensive understanding.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 59

Businesses put community at the heart of their giving

BUSINESSES with strong connections in their local communities reap the benefits in many ways, including increased recognition and the satisfaction of giving something back.

Many businesses in Essex support charities, voluntary and community groups with donations, fundraising and sponsorship of events. Employees often want to be involved in selecting which causes should benefit, and some of the highprofile national charities may seem the obvious choice.

help. Deciding how and who to support can be difficult. Making one-off donations through fundraising or events has been a traditional way of providing support, but once the money has been donated it may not always be clear how it’s been used.

“Businesses often want to help local charities, but they won’t always know about the smaller, grassroots groups in their local community that provide vital services, but may not have the resources or volunteers with the relevant skills to promote what they do.

“We work with businesses, helping them to have a strategic focus to their giving and support local charities where even a small

But an increasing number of companies are recognising the needs on their doorstep and are working with the independent charitable trust, Essex Community Foundation, (ECF) to achieve their charitable aims in a more effective and long-lasting way.

By linking with ECF a wide range of Essex-based businesses are now directing their money to local charities and community organisations where it will have the greatest impact and support people who need it the most.

Perry Norton, Head of Development at ECF, said: “A lot of companies are approached several times a year by charities asking for

amount of money can be vital to keeping them going. Companies can set up charitable funds in their name with ECF to create something that will have an ongoing impact.

“Businesses and their employees can be fully involved with the fund and still direct money to the causes they want to support. Having a fund with ECF means businesses know how and where their donations are being used. They also receive feedback on the difference their grants are making, and staff can visit the organisations to see for themselves the impact their donation has had. We have known staff to be so inspired after a visit, that they have become a

volunteer for the charity.”

ECF works closely with many solicitors, accountants, tax advisers and financial planners in Essex, to provide a solution for their clients who are considering gifting money to charity.

Perry said: “People who work as personal advisors are often trustees of local charities, so they already have a wide knowledge of local needs and are passionate about their community.

“By becoming involved with ECF, they can tell charities about grants that are available and advise their clients who may be thinking about giving to charity or their local community, either in their lifetime or as part of a legacy.”

To help raise awareness of its work among private client advisors, ECF organises a series of networking events at different venues across the county.

Perry added: “These events are a great way for us to share stories from professionals who have referred clients to us, explore what their clients wanted to achieve

and explain how we have been able to help them.”

In some cases, the businesses have set up charitable funds of their own with ECF. They add money to their funds from payroll giving, donations from partners, fundraising events or from unclaimed client balances.

Birkett Long recently set up its charitable fund with ECF with donations from each of the Partners. They join Birketts, Ellisons, Rickard Luckin, RSM and other firms who have all set up their own charitable funds with ECF to support local voluntary and community groups.

Martin Hopkins, Managing Partner at Birkett Long, said: “We are a business which has always been embedded in and committed to the communities we serve. We have raised thousands of pounds in support of local charities through the years and setting up a long-term fund with ECF is a positive next step for us to ensure our giving continues in the future.”.

How to give locally

60
Ellisons meet with ECF to discuss applications to their charitable fund. (LtoR: Rosanna Sayers, Tim Logan, Zoe Brampton (ECF), Ann Coutts, Fran Wright (ECF), Spencer Davis)
To discuss how ECF can help your business to support local charities, or to receive details about the private client networking events, call Perry Norton on 01245 355947, email perry@essexcf.org.uk or visit www.essexcommunityfoundation.org.uk
Gina Mills from Rickard Luckin visits Wellbeing at Garon Park, a project supported by their Fund with ECF.

Impamark celebrates 55 years as a family-run business

• Customers invited to join in the celebrations •

Located at Dammerwick Farm in Burnham on Crouch and also Valencia in Spain, this award-winning merchandise company moved its operations to the town in 1975 and has since been providing promotional products to a wide-ranging and prestigious client list including universities of Glasgow, Aberdeen and St Andrews, Essex Wildlife Trust, Harrow School, Essex Fire & Rescue, Essex Police, OFCOM, Army Benevolent Fund, Colchester Zoo and Queen’s Club.

Originally started in northwest London by David Thurgood in 1969, David and his wife Anne ran the company until their retirement in 2006. Their daughter, Nicky Crisp, joined the company in 1988 and her husband, John, in 2001. Nicky took over as Managing Director on the retirement of her parents and, in 2007, Nicky and John set up their second office in Spain where they are currently based.

Nicky said: “Throughout the years, we have supplied commemorative souvenirs for the Royal Wedding in 1981, sponsored the Rugby World Cup in 1991, produced Jubilee coins to celebrate the Queen’s Diamond Jubilee in 2012, and again for her 90th birthday celebrations in 2016 and her Platinum Jubilee in 2022. Last year, the company produced celebratory merchandise for

the King’s Coronation including mugs, pens, coins and badges. With more than 40 years’ experience supplying the MoD and Armed Forces, Impamark holds an official licence to produce their branded items and has also been involved in the changeover of producing products now with the King’s crown.”

Impamark has been a member of the Advantage Buying Group for several years and won the Commended Award in both 2020 and 2023. It has consistently been ranked in the Sourcing City top 25 Distributor of the Year Awards. It has also been an accredited member of its industry association, British Promotional Merchandise Association (BPMA), for more than 15 years.

Impamark is extremely well-known within Essex for supporting local and national charities including WWF and The Woodland Trust and sponsoring events within the community such as the Burnham Carnival and has been a Silver Corporate member of Essex Wildlife Trust for many years.

In November 2023 the company undertook the new Stepforward Pledge by the BPMA. This new initiative aims to help members take proactive steps to improve their sustainability performance, accelerating the pace of change towards a more sustainable future for their industry and assist with its transition to a low carbon future. They are aiming to reduce the amount of ‘greenwashing’ currently within the industry,

by offering clear and concise information, with regards to improved green promotional products that are better for the environment.

To celebrate its emerald anniversary, the Impamark team are launching their 5 every 55 Promotion. Every 55 days during 2024, five lucky customers will receive five different innovative ‘green and sustainable ’ promotional products. These customers will be drawn from all the orders placed in the previous 54 days. The first draw was on February 24 and then every 55 days after throughout the year.

The company will also be holding an event in Spain in July for all staff and their top suppliers. Nicky said: “Our

continued success is down to the dedication of the Impamark team and our partnership with our supply chain who are extremely supportive. We wish to celebrate this milestone and thank those that have worked alongside us during our journey.”

Nicky believes company’s success is down to great teamwork, extremely high levels of customer care and attention to detail. She said: “We have a great team, both in UK and Spain, with a wealth of industry knowledge and experience. I would like to thank our fantastic supplier base and loyal clients, many of whom we have worked with consistently for more than 30 years, and look forward to working together for many years to come.”

Pictured at a recent awards ceremony are (left to right) Toni Irwin, Flora Button, Nicky Crisp, Denise Sanders and Ian Richards.
Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 61

ACL Essex ‘delighted’ as it receives‘Good’ grade from Ofsted

OFSTED has rated adult education provider, ACL Essex, ‘Good’ in all areas once again.

The latest inspection took place during four days in December 2023. ACL Essex was last inspected by Ofsted and rated 'Good' in 2018.

Ofsted observed several lessons. These included learners on accredited courses, community learning courses, and apprentices. It recognised ACL Essex has ‘designed an ambitious, responsive curriculum that meets the needs of the local community’. Tutors also ‘plan courses effectively’ to help all learners build knowledge and skills, and use ‘a wide range of effective teaching strategies’.

Councillor Tony Ball, Essex County Council’s Cabinet Member for Education Excellence, Lifelong Learning and Employability, said: “It’s such a brilliant achievement for ACL Essex to remain ‘Good’ in all areas. ACL Essex aims to make its courses varied and inclusive. Post-pandemic, it adapted services, creating hybrid classrooms and a new digital hub. This guarantees all learners have access to technology and have the best possible learning experience. It’s great ACL Essex staff are being recognised for all their hard work.”

According to the Ofsted report, ACL Essex also provides a ‘caring and supportive environment’ for learners. While studying at ACL Essex, learners ‘become more resilient’. They ‘are highly motivated to achieve high grades’ and ‘demonstrate positive attitudes towards their studies’.

Ofsted also recognised leaders and managers help staff with their professional development. They support tutors to keep their technical skills up to date by completing training.

Lisa Jarentowski, ACL Essex Principal, said: “We are delighted to be graded ‘Good’ from Ofsted. We always aim to create a welcoming and warm environment here at ACL, for our learners, employers, partners and staff. We want everybody to feel like they can achieve the career they desire. We’re always looking to support tutors and staff members to develop, and now that has been reflected by the Ofsted report. It’s an amazing achievement, and I’m so proud of everyone who is part of our community.”

The report also identified the areas for ACL Essex to work on, though Ofsted noted leaders have a good understanding of the strengths and weaknesses of the organisation.

It also recognised leaders are already making improvements in some of these areas.

Amanda Rawlings, Commercial Manager at ACL Essex, added: “It was noted we have created a comprehensive curriculum that caters to the needs of the local community and the learners themselves highly appreciate the inclusive and respectful environment that is fostered in our community. Learners in all areas understand the significance of treating others with dignity and respect.

“The report also highlights the development of online courses to provide more flexibility in studying, allowing learners to progress from non-accredited courses to accredited ones and apprenticeships. Furthermore, the inspection team acknowledged our course and apprenticeship offer are aligned to effectively tackle local workforce shortages such as early years, and health and social care.

“It truly was a brilliant team effort, and the report serves as a testament to the incredible sense of belonging within our community.”

To find out more about ACL Essex and read the inspection report, visit www. aclessex.com/about-us.

Prime location High-quality office space Suites from 1,873 sq ft to 32,432 sq ft Available now 01206 577667 020 7518 3335 ben.lecoq@carterjonas.co.uk ewan.dodds@whybrow.net Visit knowledge-gateway.co.uk Building
Parkside Knowledge Gateway
3A

Redefining Colchester's business landscape

PARKSIDE on the Knowledge

Gateway research and technology park at the University of Essex is a landmark commercial office space that has redefined the eastern cityscape of Colchester.

The contemporary 41,571 sq. ft. building is ideally located for businesses aiming to thrive in a culture of innovation and entrepreneurial spirit and is designed to accommodate a variety of business sizes.

Parkside offers large, customisable spaces of around 10,000 sq. ft, which can also be configured into smaller units starting at 2,000 sq. ft. to suit different needs.

Ewan Dodds from Whybrow, experts in commercial property and joint agents for the new premises, shares his enthusiasm for the potential it offers. He said: “Choosing Parkside for your business is not just about premium design and specifications, it's a strategic move into a vibrant ecosystem.

“Tenants tap into the university's rich network of innovators and its comprehensive business support services, creating a dynamic environment that promotes collaboration and accelerates growth.”

Ben Le Coq of Carter Jonas, who is working alongside Whybrow as joint agents, echoes this sentiment. He added: “The facilities really are second to none, offering

a unique blend of connectivity, accessibility, and collaborative potential.

“Furthermore, with transport links to London Stansted Airport and key cities such as Cambridge, Norwich, and London, tenants will be perfectly positioned to amplify their business reach on both a regional and global scale."

Businesses securing office space in this new phase of Parkside will also benefit from its 'very good' BREEAM rating, which stands for Building Research Establishment Environmental Assessment Method, a leading and widely used measure of a building's environmental performance.

Tenants will enjoy the dual benefits of enhanced energy efficiency, which not only lowers operational costs but also visibly affirms their commitment to environmental sustainability. This responsible approach can significantly strengthen their brand reputation, resonate with environmentally aware stakeholders, and fulfil corporate social responsibility objectives.

Simultaneously, it contributes to a contemporary, healthoriented workplace for their employees.

Parkside also boasts a suite of premium amenities, including 24-hour CCTV and security to ensure peace of mind plus air conditioning and comfort cooling systems to create an optimal work environment.

The building also facilitates efficiency and ease with two passenger lifts, shower facilities, and a concierge service, if required.

Tenants will also benefit from the convenience of on-site parking, a nursery rated outstanding by Ofsted, a network of Knowledge Gateway businesses and access to the university’s vibrant campus, including cafes, restaurants, shops, and bars, plus the four-star Wivenhoe House Hotel, which offers dining, conference, and meeting facilities.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 63
The readership of BusinessTime in Essex is almost exclusively business owners and senior directors, who work very hard – but they do also have a life outside of work. Recognising this, BusinessTime in Essex will be producing a supplement to accompany the summer issue, called Business Escape in Essex. As well as being a fantastically enjoyable read, this supplement will offer businesses which are predominantly B2C the opportunity to promote their goods and services to an amazingly targeted high-end audience. Business Escape in Essex will have sections on travel, wining and dining, home and garden, health and finance – to name but a few – with editorial and advertising opportunities. REMEMBER - business leaders are also fun-loving consumers! For further information, call Editor Peter Richardson on 07778 067614 or email him at peter@pjrcomms.co.uk hylandsestate.co.uk | 01245 605500 | hylands@chelmsford.gov.uk HIGHLY EXPERIENCED TIER 1 IMMIGRATION LEGAL ADVICE Sohan Sidhu Partner, Head of Immigration Sohan.Sidhu@ellisonssolicitors.com 01284 763333 We offer a comprehensive services to many different types of businesses, both in the UK and internationally. Our team is highly experienced in providing advice tailored to your unique circumstances and we regularly handle the most complex of cases Ellisons Solicitors is a trading name of Ellisons Legal LLP. Ellisons Legal LLP is authorised and regulated by the Solicitors Regulation Authority (SRA Number 8001031) www.ellisonssolicitors.com So,ifyou’dliketoputyour messageinfrontof25,000 Issue31|Spring2024|www.businesstimeinessex.co.uk 65 Business Escape

Unlock opportunities with adult learning

WHETHER content in your career or seeking further opportunities, adult learning can benefit you.

Chelmsford College's new initiative, Skills for Adults, has a range of face-to-face and online courses enabling you to learn new skills or stay current within your industry.

In today's fast-paced society, gaining an extra accredited qualification allows you to stand out in the workforce and potentially increase your earning potential. Chelmsford College offers a variety of online courses covering subjects such as mental health, entrepreneurship, sustainability, access to higher education, and more. The best part is that with 19+ funding, these courses could be free for you. With their flexible online platform, you can fit your chosen course into your own time and enrich your skills and knowledge at your own pace.

Skills for Adults caters to businesses and individuals with a range of professional qualifications and continuous professional development courses on offer. These areas are highly sought-after, including health and safety, electrical, first aid, food safety, and security. You can also expand your knowledge of English and maths, which are essential skills required by most industries. Investing in your education isn’t just about professional development; it’s remembering it is empowering and fulfilling and helps you excel in your personal growth.

As a previous adult learner of Chelmsford College, Jane Peters said: “My confidence, office skills, and mental well-being have

Chelmsford College reaches new milestones on race to zero

IN today's changing landscape, businesses are increasingly recognising the importance of sustainability and taking responsibility for the environment.

Chelmsford College is an example of this with its commitment to sustainability through its net zero strategy. By pioneering green skills, it is helping ensure a greener future.

One notable achievement is the successful launch of its BEST Centre back in February of 2023. The centre is a hub for in-depth learning on many sustainable topics, including low-carbon technologies, renewables and green skills. With the help of construction companies, green technologists and various green skills stakeholder events, Chelmsford College has developed and tailored its curriculum to support the growing demand for green skills. Its learners now have the opportunity to gain experience from working models of air force heat pumps and solar heating of water, among other sustainable technologies.

Another step in Chelmsford College’s ‘race to zero’ was enrolling all its study programme learners in a Level 1 Award in Environmental Sustainability. This was an important initiative as it promised an increased awareness of climate change across all subject areas. Moreover, it is a

improved dramatically by undertaking the SWAP Business Administration course.”

Jane was referred to the course by Chelmsford JCP after being unemployed due to ill health. Although initially nervous, she soon became more self-assured and excelled in the course, making friends with fellow learners. This led her to apply for a temporary administrator position in Chelmsford College's apprenticeship enrolment team, where she has become an integral member since May 2023.

Jane added: “Part of the course was to have an interview for practice so we would be prepared when going for new jobs. We were all interviewed with the opportunities in mind as there were vacancies. I was thrilled to be

fantastic addition to all the learners' CVs and qualifies them in a relevant topic, potentially opening doors to green careers.

With the triumph of its BEST Centre, the college is soon launching its latest sustainable investment, a new Renewable Energy Training Centre launching in the summer term. This state-of-the-art facility will equip staff to deliver training on heat pumps, solar PV maintenance and installation to existing and new learners. The Renewable Energy Training Centre will also facilitate the delivery of a Level 2 course in Understanding Domestic Retrofit and courses on installing installation, which Chelmsford College will soon be offering.

Chelmsford College's unwavering commitment to sustainability and green skills development exemplifies its dedication to shaping a more environmentally friendly future. Through a variety of innovative initiatives and strategic investments, the college is not only preparing its learners for the challenges of tomorrow but also leading by example in the pursuit of a greener community.

If you are interested in visiting the Renewable Energy Training Centre and would like to learn more, please email JohnsonW@chelmsford.ac.uk

offered the chance to work at Chelmsford College. I love my job and look forward to hopefully continuing to work at the college after my temporary position ends. I don’t know what the future holds, but I now have the confidence to move from my comfort zone and challenge myself without fear, all stemming from my adult learning course.”

As Jane's experience shows, exploring new subjects broadens our prospects and outlook on life.

Discover what adult learning courses are available at chelmsford.ac.uk/adult-learning

To learn more about the free online courses at Chelmsford College, visit chelmsford.ac.uk/online-courses.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 65
Jane Peters, previous adult learner at Chelmsford College.

Beware the impact of new law to tackle economic crime

THE Economic Crime and Corporate Transparency Act 2023 (ECCTA) received royal assent in October 2023, introducing a large range of measures aimed at tackling economic crime.

The objectives of the ECCTA include preventing organised criminals from using companies to abuse the UK’s open economy, strengthening the UK's response to economic crime, and supporting enterprise by giving Companies House strengthened powers. Key points businesses need to know about the ECCTA include:

Changes to Companies House Powers: the role of Companies House will change, turning it from a passive recipient to an active gatekeeper of company information. Companies House will have new powers to query inconsistencies, request evidence, reject filings, require that filings are made digitally, and to remove documents previously supplied. It will also have increased powers to issue fines in certain cases.

Identity Verification Requirements: new ID verification requirements will be introduced for all new and existing directors, persons with significant control and those who file information with Companies House. Failing to comply with these requirements could give rise to a range of sanctions including criminal

proceedings and filings being rejected.

Administration Changes: under the ECCTA regime, new rules will require that a company’s registered office address must be an "appropriate address", all companies will need to provide a registered email address, and the requirements under the CA 2006 to keep a PSC register, a register of directors, and a register of director’s residential addresses will be abolished. Companies will also need to review their registers of members, to ensure no abbreviations are used for its members; full forename and surnames will now be required.

Failure to Prevent Fraud: certain large organisations (as defined in the ECCTA) can also be liable if they fail to stop employees, agents, or others acting on their behalf from committing fraud for the benefit of the organisation or its customers. Companies can protect themselves if they can prove that they had reasonable precautions in place to prevent fraud.

Corporate Exposure to Criminal Liability: as a result of the reforms, criminal liability can be attributed to companies or partnerships if a ‘senior manager’ commits an economic crime offence. A senior manager is defined as someone who plays ‘a significant role’ in decision-making.

Mary Anne Fedeyko, Director, Solicitor and Head of Corporate and Commercial Law at

Colchester-based Thompson Smith and Puxon, warns large businesses with layers of senior management will as a result of the ECCTA be exposed to more risk.

Although the ECCTA includes a definition of senior manager - any individual who plays a significant role in decision-making about how the whole or a substantial part of the organisation’s activities are managed or organised, or in the actual managing or organising of the whole or a substantial part of those activities - this will be open to interpretation, and it could be construed quite broadly by the authorities.

Mary Anne said: “It is vital companies put in place procedures for training senior management to ensure they do not inadvertently commit crimes that could render the company liable.”

Stringent recruitment processes, background checks and training will also help businesses to manage their risks internally.

Companies House is expected to start implementing certain of the new requirements from early 2024, with other parts of the legislation coming into force later. Companies should familiarise themselves now with the new legal obligations, in good time to ensure they will comply.

Suustainable talent and skillls s develop and retain the people your business needs
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An extension of your team: unlocking free business support in North Essex

In the dynamic world of business, staying ahead requires a combination of innovation, strategy, and adaptability.

As a business owner you don't have to navigate this challenging landscape alone. The North Essex Economic Board (NEEB) is dedicated to supporting entrepreneurs and business leaders across Maldon, Tendring, Colchester, Chelmsford, and Braintree.

As NEEB Chairman, Councillor Richard Siddall, explains, it is offering a remarkable opportunity for businesses like yours to tap into a team of experts and resources that can act as a seamless extension of your own.

DELIVERED by business support organisation Let’s Do Business Group under the programme name Backing Essex Business, NEEB has utilised funding provided through the UK Shared Prosperity fund to provide a comprehensive collection of services that can be accessed by businesses completely free of charge.

Whether you need advice on strategy or financial planning, help to access finance, some training to take better control of areas of your business, or simply someone to run ideas past and talk through challenges, the team of business experts are here and ready to listen.

The support is available for start-ups and established

business, recognising that sometimes we all need a helping hand or an outsider’s perspective to align our thinking and move things forward.

How can this service help you, and why it is important to sometimes seek outside help to achieve your growth goals?

Free expert guidance for your business journey

You can access up to 12 hours free consultations with experts who can help you navigate challenges, refine your business strategy and optimise your financial planning. Whether you are a start-up seeking guidance on market entry or an established business aiming for growth, these experienced professionals can offer tailored advice to address your specific needs.

Accessing finance for growth: a key to success

Securing financial resources is a common hurdle for businesses looking to expand. Whether you are exploring traditional business loans, grants, or alternative funding sources, the team can

guide you through the process, helping you to discover the right finance for you and assisting you to put together the strongest application. You will gain a financial partner dedicated to helping you achieve your growth objectives.

Empowering your team through free training and events

A successful business is only as strong as its team. Recognising the importance of upskilling, the programme offers a range of free training sessions and events. From workshops on setting up a business, to getting to grips with AI and improving digital skills, your team can access the knowledge and tools necessary to stay competitive in an everevolving business landscape.

An outsider's perspective for objective decisions

One of the most significant advantages of the programme is access to an outsider's perspective. Gaining your very own business mentor, you can utilise not only a wealth of experience and a diverse set of

skills but, most importantly, it allows you to take a step back and make objective decisions for the benefit of your business.

If you have a business based in Maldon, Tendring, Colchester, Chelmsford, or Braintree and think you could benefit from the advice and guidance of a free business advisor, then get in touch: www. backingessexbusiness.co.uk or essex@ldbgroup.co.uk They could be just the team member you need, working together towards a brighter future for your business.

NEEB is a partnership of councils across mid- and North Essex working together to make the area more prosperous for all. It is made up of Braintree, Epping Forest, Harlow, Maldon, Tendring and Uttlesford district councils, Chelmsford and Colchester city councils, and Essex County Council.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 67

How many hours - and how much money - is your business losing to drugs and alcohol?

Alcohol and drug abuse is a growing problem in our society – and quite likely in your business, too.

Substance misuse has a huge impact on business in both financial and legal terms. Almost 17 million working days are lost each year in the UK due to alcohol misuse alone and it is estimated, in the past month, 9.3 million full-time employees have abused drugs.

Do you know the potential cost to your business of ignoring

drug or alcohol-related issues in the workplace?

Could you spot the signs of possible drug or alcohol misuse in a colleague’s emotional or physical wellbeing?

Do any of your staff exhibit short-term irritability, confusion, mood swings, poor timekeeping?

Have you calculated the cost of recruitment and retraining if key personnel have to move on?

What are your welfare duties as a responsible employer?

If any of those questions resonate, you could benefit from the help and support offered by Open Road. We have more than 30 years’ experience supporting the mental and physical health of our staff and volunteers and use this experience to help businesses support their teams.

Our Wellbeing in the Workplace programme could help your business benefit by tackling drug and alcohol misuse that often remains hidden at work.

Open Road offers education, training and treatment services in the workplace including:

• staff awareness sessions • training for managers • individual treatment plans

• policy development and health promotion • drug testing

Please get in touch with us now for a no-obligation chat about how we can make a difference to your business.

01206 369782

68
• info@openroad.org.uk
www.openroad.org.uk.

Marketing expo aims to inspire and inform Essex business leaders

SOME of the region’s leading marketing experts have joined forces to host the county’s first dedicated marketing expo.

The one-day event, to be held at Colchester Rugby from 10am to 2pm on Thursday, March 21, will feature keynote speakers covering marketing and communications best practice, strategy and insider tips on a range of subjects from branding, direct mail and digital marketing to GDPR and AI content creation.

One of the organisers, Allistair Hunter, MD of Essex-based company The DS Group which provides design, print and direct mail to some of the UK’s leading brands, explains the thinking behind the expo. “Every business

wants a competitive advantage, and marketing is critical to that. Every day I am asked about data, GDPR and what marketing investment will bring the best return, how to approach on-line and off-line marketing and what to do to stay ahead of marketing trends.

“So, I got together a team of some of the best marketing minds in Essex and asked them to put together a marketing expo with me. It’s for marketing professionals and business leaders who want to learn and share experience in a day dedicated to strategy, fresh thinking and getting a competitive advantage.”

The free event will feature speaker sessions from The DS Group, Cloud9 Business Coaching, Squarestar Digital,

Hilo Graphics, Birkett Long and The Write Impression (TWI) as well as an exhibitor and a breakout area where delegates can meet speakers and event sponsors including the Institute of Directors (IoD) Essex.

Speaker Kate Everett, managing partner at TWI, said: “Even when you work in marketing, it’s such a fastpaced environment, it can be challenging to keep up. The digital, data and consumer landscape is changing so fast and will be radically different in 2024. AI is already a game-changer and I’m going to be sharing some top tips and delving into some practical examples that will really help businesses.

“We have some great keynote speakers giving their time to share their expertise and the fact

almost

two-thirds of places were booked in the pre-launch shows Essex has been waiting for an event like this.”

A limited number of tickets are still available and can be booked through Eventbrite. Search for Marketing Expo 24.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 69
Allistair Hunter, MD of The DS Group

The SD School of Martial seeks business support empower Colchester’s

IN the heart of Colchester lies a beacon of community empowerment and martial arts excellence: the SD School of Martial Arts, part of the unique sporting venue, the SD Arena.

More than just a place to learn self-defense techniques, this institution has become synonymous with fostering holistic growth, promoting mental health and well-being, and providing opportunities for children from all backgrounds to thrive. And now it is seeking the support of the business community to support the next generation by sponsoring a child's first year at the SD School of Martial Arts.

At the core of SD School of Martial Arts' mission is its commitment to giving back to the community. Through its free After School programme and holiday fun days, the school opens its doors to children of all ages, offering them a safe and supportive environment to learn and grow. These events, made possible through partnerships with Essex County Council and Active Essex, not only promote physical activity but also instil values of teamwork, respect, and perseverance.

One of the most commendable aspects of the SD School of Martial Arts is its unique initiative to fund a child for their first year of participation in the martial arts school. This scholarship programme covers all costs associated with classes and essential gear, ensuring financial barriers do not hinder a child's access to the transformative benefits of martial arts training. This initiative is specifically targeted at children from underprivileged backgrounds or those with learning difficulties, providing them with an opportunity for personal development and empowerment that they might not otherwise have.

Martial arts, beyond its physical aspects, offers a plethora of benefits for children's mental health and well-being. Through disciplined practice, students learn focus, concentration, and emotional regulation. The structured environment of martial arts classes provides direction and purpose, instilling a sense of responsibility and self-discipline that carries over into all aspects of life. Moreover, the supportive community within the SD School of Martial Arts serves as a source of

encouragement and motivation, fostering a sense of belonging and self-confidence in every student.

Sean Doyland (Sensei) explains: “We focus on children from all backgrounds, and martial arts has a positive mental and physical impact on every child at our school. Although not the most expensive of sports, it does require a degree of funds in the form of paying for classes and the kit needed to train in our dojo. This makes it difficult for some to afford to attend. With the growing issues around mental health and children with development disorders like ADHD and Asperger’s, we know how positive martial arts is for those kids, we witness the selfimprovements in these kids every day.

“I am so proud of how our martial arts scholarship programme is making a big

Sean Doyland Coach) Karate WUKF
in association with

Martial Arts support to Colchester’s youth

Doyland (Sensei and England

Coach) with Lewis Doyland, WUKF World Champion 2023

difference to our current student intake, and we hope that more businesses will choose to support this fantastic scheme.”

The impact of the SD School of Martial Arts extends far beyond the confines of its dojo. By nurturing the next generation of leaders and instilling values of community service and inclusivity, the school is helping to build a stronger, more resilient Colchester and North Essex. Through its unwavering dedication to providing opportunities for all children, regardless of their background or circumstances, the SD School of Martial Arts is truly making a difference in the lives of young people and the broader community alike.

Are you inspired to make a difference in a child's life?

Businesses are being asked to consider joining

the mission to support the next generation by sponsoring a child's first year at the SD School of Martial Arts. Businesses are invited to participate in the sponsorship programme, which offers a comprehensive package that includes recognition for your contribution, promotional

opportunities and the satisfaction of knowing you are helping a child unlock their full potential. With a sponsorship cost of £660 per child, your investment will cover all expenses related to their classes and essential kit during their inaugural year at our school.

To learn more about how you can get involved and make a lasting impact, please call 01206 870700, email info@sd-martialarts.co.uk or call into the SD Arena in Greenstead Road, Colchester, when a member of the team would be delighted to discuss the details of the sponsorship package and how you can play a vital role in supporting the youth of the local community.

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 71
Karate in the SDSMA Dojo.
When the working day is complete and you’ve done your very best, treat yourself to the very bestYOU’VE

EARNED IT!

The very best Italian food in the very warmest Italian atmosphere – just on your doorstep!

Piccolo’s is an independently-owned Italian restaurant. Head chef, Salvo, is from Milan and cooks up a mouth-watering selection of dishes inspired by his homeland including an ever-changing specials board. His business partner, Tito, has worked in some of the top restaurants in London, Italy and France.

Great food

Another excellent evening and superb meal, all 3 courses were lovely, the calves liver was perfection as was my wife’s swordfish. Titto is a great host and very welcoming and friendly We always enjoy our visits here and definitely recommend for great Italian food – jameshh623

Just perfect every visit

With so many restaurants in Colchester now there is a lot of competition. Piccolo keep their customers due to the fantastic food , service , atmosphere , and competitive prices. Always feel like we have had a great evening after we have been – Alison 555550

Amazing!

Absolutely amazing food, went for my birthday meal with my partner and will definitely be returning. Customer service was outstanding – Gia D

5.0ratingonTripAdvisor(correctasofFebruary16th2024)
42 North Hill, Colchester, CO1 1PY 01206 547519 www.piccolo42.co.uk • Reservations strongly advisable to avoid disappointment •

Essex’s top tech businesses revealed

ESSEX’S top tech businesses have been revealed by Essex County Council as it celebrates innovation across the county.

innovative tech companies in the 14 Greater Essex districts, boroughs and cities, from startups to household names. Each business has been judged against strict criteria, including turnover, investment and potential for growth.

With turnovers above £650 million, each of the enterprises embraces technology to solve a common problem and make Essex a better place to live and do business. The shortlisted businesses come from a range of industries including transport, agriculture, education and medicine.

Essex is at the heart of the tech revolution, boasting more than 4,500 telecom and digital tech companies. These employ more than 20,000 people and generate more than £1 billion in gross value added (GVA) each year.

Councillor Tony Ball, Cabinet Member for Education Excellence, Lifelong Learning, and Employability at Essex County Council, said: “We continue to be astounded by the level of innovation here in Essex. The businesses on this list are at the centre of groundbreaking developments and prove Essex is the place to be when it comes to tech, research and manufacturing.

“We hope Ambitious Essex Tech 50 will inspire business owners across the UK to embrace new ways of working. We’re also passionate about supporting the next generation of STEM experts and hope our list

Business confidence in the east remains fragile

TWO reports into business confidence in the east of England would suggest fragility is the key word as business owners eagerly await what the Chancellor has in store in his spring Budget on March 6.

According to the latest Business Barometer from Lloyds Bank Commercial Banking, while east of England firms’ confidence in their own trading prospects remained steady month-on-month at 46%, their optimism in the wider economy fell 14 points to 30%

Meanwhile, the latest survey from the Federation of Small Businesses showed that during the final three months of 2023, small firms in the east showed a significant drop in confidence, trailing behind the rest of the UK.

The Lloyds report said east of England businesses identified their top target areas for growth in the next six months as evolving their offering (38%), investing in their team (33%), and entering new markets (33%) A net balance of 31% of businesses in the east of England also expect to increase staff levels during the next year, down two points month-on-month.

Dene Jones, regional director for the East of England at Lloyds Bank Commercial Banking, said: “Despite a drop in economic confidence, it’s highly encouraging to see businesses in the East of England retain confidence in their own prospects – a reflection, to me, of the region’s inherent resourcefulness and resilience in the face of headwinds. As firms embark on their growth plans and continue to navigate what are still uncertain economic conditions, it will be important to keep strong working capital management front of mind. This will help them both make the most of new trading opportunities, and ride out any new challenges.”

will inspire students to explore opportunities in technology.”

Dave Norton, Creative Director of LimboTech, one of the Ambitious Essex Tech 50 businesses, said: “LimboTech specialises in live performance and digital technology for the creative sector. Our ambition is not only to push the boundaries of innovation, but also to contribute significantly to the growth and dynamism of the tech landscape in Essex.

“It’s an honour to be listed in Ambitious Essex Tech 50, alongside some incredibly innovative businesses. Essex holds a special

The FSB survey reported that 39% of local small businesses saw their turnover take a hit, compared to 29% that saw their turnover increase.

Ann Scott, FSB Development Manager for Essex said: “We know many of our members found the final quarter of 2023 a struggle as customers tightened their belts and reigned in their spending whilst inflationary pressures continued to eat into profits. So, sadly, the findings do not paint a surprising picture.

“However, despite these stark warnings about the real challenges that our small businesses are grappling with, the resilience of our local firms shines through. Nearly half highlighted they still aspire to grow in 2024, something that is immensely inspiring during these turbulent times.”

The report also highlighted that despite 67% of small businesses in the east of England reporting rising wage bills, only 8% of firms took on new staff. This compared to 15% who cut their headcount.

Ann added: “With nervousness around profitability amongst many small businesses, it is unsurprising that a sense of cautiousness is emerging around taking on new staff whilst the economy remains weak.

“Whilst we did see the Chancellor put in place many of the measures we had campaigned for during the Autumn statement, such as action to tackle late payments and a reduction in national insurance contributions, we must see more to help small businesses in the spring Budget. Taking decisive action on VAT and increasing the threshold to £100,000 would really help many of our small businesses as well as keeping costs lower for their customers.”

place in our hearts as a truly fantastic environment to do business. The vibrant community, coupled with its rich cultural tapestry, provides a unique backdrop for fostering creativity and collaboration.

“We’re excited about the opportunities this recognition brings and look forward to contributing further to Essex’s thriving tech ecosystem.”

The full Ambitious Essex Tech 50 list can be found at www.superfastessex. org/ambitious-essex-tech50

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 73
Ambitious Essex Tech 50 lists the most Dave Norton, Creative Director of LimboTech and one of the Ambitious Essex Tech 50 businesses

Print that doesn’t cost the Earth

Print Acumen are proud to produce BusinessTime in Essex & the 2024 Essex Business Directory

Please get in touch today to see how we can help you save money and the planet

T: 0345 340 3915 E: info@print-acumen.co.uk

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Woodlands are in trouble and need your help

ESSEX is one of the most overdeveloped counties in the UK and our landscape is becoming increasingly fragmented: broken up, fenced off and built upon.

Wildlife needs habitats to be connected to find food, shelter and help them become more resilient in the face of climate change. Fir Tree Wood in Little Baddow, near Danbury, is under threat of being sold and divided into plots. There is a risk this enchanting woodland will be degraded, and restrictions will be introduced for both people and wildlife. Essex Wildlife Trust is working in partnership with Little Baddow Parish Council to secure these 10 hectares of woodland that will help extend the network of local nature reserves. But we need your help.

Fir Tree Wood forms a critical piece in the jigsaw of habitats across Danbury Ridge and is at the heart of an expansive interconnected landscape for wildlife.

Help us secure this woodland’s future. Your donation will ensure this mosaic of habitats across Danbury Ridge is managed together for wildlife and Fir Tree Wood is protected as woodland in perpetuity.

We all know that woodlands capture carbon, a vital resource as we combat climate change. And we know how important woodlands are for wildlife, providing a haven for countless species.

But woodlands are also essential for us. They provide effective filters that improve our air quality. They reduce the risks

Karen Dixon, Corporate Coordinator at Essex Wildlife Trust, seeks your help in protecting a key area of woodland in the middle of our county.

of flooding and protect soil from erosion.Woodlands are essential for our mental and physical health. Regularly enjoying time in woodlands has been shown to boost our immune systems and relieve physical symptoms such as high blood pressure.

They also provide a natural green prescription to improve our mental wellbeing, helping to combat symptoms of stress and depression.

Woodlands provide a space for people to relax, exercise and enjoy the changing of the seasons. Look up into the canopy, breathe in the cool fresh air and feel the dappled light shine through the trees onto your face. There’s nothing more calming.

Covering more than 100 hectares, Danbury Ridge provides a refuge for a range of species to thrive, adapt and cope with a changing climate. It is here, in this land of woodland, common, heath, grassland, streams, bogs and dells, that nature has a home. Elusive and scarce barbastelle bats with their flattened puglike faces and dark, silky fur forage through the woodlands on the lookout for moths, midges and beetles. Lesser spotted woodpecker, the rarest of Britain’s woodpeckers, nest within the trees. Adorable dormice, when they’re not hibernating safely in their woven nests near the base of trees, climb throughout the woodland complex looking for hazelnuts, berries and insects.

These are species at risk throughout the UK, and they can all move freely across Fir Tree Wood. There are numerous butterflies, orchids and colonies of lily-of-the-valley across Danbury Ridge, which are indicators of ancient woodland. Fir Tree Wood will protect the neighbouring ancient woodland that is so incredibly important for wildlife, ensuring these

pockets of precious habitats thrive by creating a buffer zone from housing and roads. With increasing pressure on our natural resources and habitats, this enchanting complex is fundamental to nature recovery in Essex and must be protected. Get In touch if you would like to help: karend@essexwt.org.uk or Grantm@essexwt.org.uk

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 75 Please help us raise £200,000 HELP save Fir Tree Wood in Little Baddow Visit www.essexwt.org.uk/fir-tree-wood Phone 01621 735399 Text FIRTREE followed by your Send a cheque to Essex Wildlife Trust** Scan the QR code donation amount to 70085* *You can donate any whole pound amount between £1 and £20. Texts will cost the donation amount plus one standard network rate message, and you’ll be opting into hearing more from us. If you would like to donate but don’t wish to hear more from us, please text FIRTREENOINFO instead. **Cheques are made payable to Essex Wildlife Trust and sent to Fundraising Team, Abbotts Hall, Maldon Road, Great Wigborough, Colchester, CO5 7RZ. Your donation will be used for the purpose of purchasing Fir Tree Wood, protecting it as woodland in perpetuity and ensuring it is managed as a woodland habitat. Should we not reach our appeal target, or the sale of the land is unable to proceed, funds raised through this campaign will be used to further enhance our conservation work in Danbury Ridge. If we exceed our target, we will be able to increase our impact and invest further resources into the management and restoration of woodlands across the Danbury Ridge area. Donate today Fir Tree Wood is under threat of being sold and divided into plots. Please help us secure this woodland’s future. Your donation will ensure this mosaic of habitats across Danbury Ridge are managed together for wildlife and Fir Tree Wood is protected as woodland. Registered Charity No. 210065. Love Essex • Love Wildlife
So if you’d like to be an active part of the next issue, rather than be on the outside looking in, contact Editor Peter Richardson on 01206 843225 or 07778 067614 – or email him at peter@pjrcomms.co.uk www.businesstimeinessex.co.uk BusinessTime in Essex is now the largest and most successful regional B2B print and online magazine in the country, with an ever-growing number of the county’s businesses using it to promote their message. Find out more from our media/info pack at www.businesstimeinessex.co.uk Quite simply, the best and most cost-effective of 25,000 decision-making, business-focused readers across Essex, in print and online, every issue
Brockwell, part of the Business Coaching team on the Essex County Council-funded Group2Grow programme, said: “After placing a full-page advertisement in BusinessTime in Essex, promoting the Group2Grow Business Coaching Programme, we saw an immediate response in terms of website hits as well as applications to join the programme (which is 100% funded by Essex County Council). If you are considering investing in print advertising, BusinessTime in Essex is highly recommended. BusinessTime in Essex does what it says on the tin - promotes business in Essex!” The magazine works for you! Expert legal services and independent financial advice in Essex www.teeslaw.com Expect more care and expertise for all your commercial needs Call us on 01245 904 627 Business Time Expert legal services and independent financial advice in Essex www.teeslaw.com Expect more care and expertise for all your commercial needs Call us on 01245 904 627 Business Time
Sarah

Historic birthday for one of the oldest law firms in the East of England

ALEADING law firm, with offices across Essex and Suffolk, is celebrating 260 years of legal excellence.

Throughout 2024, Ellisons Solicitors will be hosting events and fundraisers to mark the historic milestone. Celebrations will include working with the local community, fundraising to support two specially-picked charities, and a huge amount of festivities across Ellisons' five offices in Bury St Edmunds, Colchester, Chelmsford, Ipswich and Frinton-on-Sea.

Guy Longhurst, Managing Partner at Ellisons Solicitors, said: “Reflecting upon Ellisons’ momentous history is always a delight. We are so proud of our firm, our people and the clients we support each and every day. Anniversaries, for many of us, are times to celebrate what we have achieved together. A big focus for us will be supporting the

charities, clubs and associations in the communities we work and live in. This is something that has always been important to Ellisons, throughout our very long history.

“We are truly grateful for the success Ellisons has enjoyed over the years. Now, with 300 colleagues, 29 partners and a leading training programme to support the next generation, Ellisons continues to go from strength to strength.”

Ellisons Solicitors has a rich history dating back to 1764 when it was founded by William Mason, a scrivener (copyist) who resided in Colchester. Over the years*, Ellisons Solicitors has evolved through mergers, expansions, and strategic partnerships, adapting to modern business structures while maintaining a commitment to client

Tips to help a new business survive

ARECENT report indicates that Essex had more new businesses in 2023 than in any previous year to date (see page 5). There was, however, an increase in businesses being dissolved.

So, how do you turn your passion into a successful business?

Federation of Small Businesses (FSB) has been supporting ambitious entrepreneurs to start, run, and grow successful small businesses since 1974. Here are FSB’s top tips for starting a new business:

1) Do your research

Build a picture of your target audience and create a survey to understand how they interact with products or services in your industry. Define your unique selling point and do a ‘SWOT’ analysis to understand your strengths, weaknesses, opportunities, and threats.

2) Decide on your structure

The structure you choose will impact how much tax you pay, the level of risk to personal assets, and your access to business finance. There isn’t a requirement to register a business, but you must notify HMRC.

Here are the six most common business structures:

• self-employed (sole trader)

• limited company

• business partnership

• a Limited Liability Partnership (LLP)

• a social enterprise

• an unincorporated association.

3) Brand your business

Your name and brand identity say a lot about who you are as a business. Use the research you did about your industry, competitors and market to help you decide a name, logo and branding. Trademarking this can help protect your intellectual property. The government website explains the process and you can also check if something has already been trademarked.

4) Write your business plan

Your written business plan should include a brief description of your business, objectives, strategies, sales, marketing and financial forecasts.

5) Figure out your finances

Some things to consider:

• open your business bank account

• do you need an accountant?

• write your terms & conditions and decide how to invoice customers – FSB Legal Hub can help

• how will you finance your business idea? –FSB members can access FSB Funding Platform.

6) Work out where you’re working from

Whether you plan to rent an office space, open a shop, or run your business from home, you’ll have a few things to consider:

• are you insured?

• do you have planning permission?

• will you pay council tax or business rates?

• there is a legal requirement to carry out a risk assessment if you are an employer or if you are self-employed and your work poses a risk to the health and safety of others.

7) Set up your technology

service and employee satisfaction.

Many of the anniversary events will focus on community contributions – a core focus at Ellisons - including supporting local law clinics and raising funds for the Brain Tumour Charity and Essex Wildlife Trust in memory of Joe Brightman, a Partner at Ellisons who sadly passed away last year.

Ellisons Solicitors continues to expand in the East of England. Most recently, it moved to new offices in Bury St Edmunds, Colchester and Ipswich. In 2022, the firm was awarded the Education in Business Award at the Suffolk Business Awards for its commitment to training excellence and developing current and future employees. In 2023, the firm became a certified Great Place to Work.

Launching a new business can be hugely rewarding. But there are no guarantees it will survive. Ann Scott, Essex Development Manager at Federation of Small Businesses (FSB), offers some tips to maximise the chances of staying the course.

Finding the right tech set up for your new business is important. Some things to consider:

• what will you be using your computer for?

• where will you be working from?

• is it built for business?

• do you have the right protection?

• how much storage is needed?

8) Market your business

The world of marketing and social media can seem overwhelming, so these tips may help you start:

• create a marketing plan

• launch your website

• level up your social media

• get noticed online

Issue 31 | Spring 2024 | www.businesstimeinessex.co.uk 77
Guy Longhurst, Managing Partner at Ellisons Solicitors.
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