< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk FINANCE who makes use of their own personal disposable finance and defers to their own judgement about making an investment. Angels would normally take an equity stake in a business in return for providing equity funds. As well as capital, angels can also provide valuable experience, knowledge and contracts, making them especially attractive to early stage businesses or smaller businesses looking to scaleup. Every investor is different and will therefore provide differing amounts, but typical investments range from between £10,000 and £500,000, though deals of up to £2 million have been known when angels group together in syndicates. Although angels are one of the most significant investors in start-ups, that shouldn’t deter more established firms from making enquiries. It’s important to keep in mind that securing an angel can be a difficult and protracted process, as well as being harder to research and contact compared with a private equity firm. As we have already explored, capital is often sought to help fund management buy-outs (MBOs) where a company’s management team purchases the assets and operations from the current business owners. From a manager’s perspective, an MBO is an attractive option as it allows them to take the reins and enjoy greater control and freedom owning the business rather than serving as an employee. It’s equally advantageous from a seller’s point of view as it allows corporations to shed non-core divisions or for company owners to retire. A typical MBO will see a management team pooling resources to acquire all or part of the business they manage, and this financing is often comprised of personal sources, private equity and seller financing. A management buy-in (MBI), on the other hand, is where an external management team acquires a company and replaces the existing management team. In an MBO, the management team is a known quantity and therefore has a greater understanding of their business and its employees, but an outside management team will need to become acquainted with a company’s operations, as well as build up relationships with clients and staff. Faced with an end to government financial support schemes, rising energy costs, continuing uncertainty surrounding the Russian invasion of Ukraine and the cost of gas – and all that on top of a worsening late payment epidemic – it can be easy to succumb to doom and gloom. It’s simple to point out what’s wrong, harder to look for workable solutions. Yet seeking financial help and advice shouldn’t be difficult. There’s a plethora of financial experts across our region there to offer guidance and solutions to keep businesses afloat. © stock.adobe.com/Olivier Le Moal 28-30.qxp_Layout 1 06/09/2022 10:26 Page 3www.eastmidlandsbusinesslink.co.uk East Midlands Business Link EDUCATION AND TRAINING W ith the cost of living crisis in full swing, businesses are seeking ways to improve their efficiency. Internal training could be the answer. In training staff internally, businesses can diversify their staff and job roles, as well as increase the opportunity for development and new ideas. Training is an exceptionally valuable resource to a business. In a recent survey, 56% of UK workers stated that they would leave their current role if their workplace stopped providing training. 31% of those surveyed had in fact left a position after experiencing this. In house training generally means that one employee is used to run a training course for other employees of the same business. This usually involves the use of the company’s own expertise, resources, and unique perspective. This can be at their workplace, or at an external venue. This provides many benefits to both employers and employees. However, in house training can be difficult for businesses to justify, given the time away from other duties required to develop and run these programmes. So, what are the key positives derived from taking the in- house training plunge? key skills With soaring inflation and the cost of living, training staff may feel like a painful expense – but training staff internally is likely to be cheaper than trying to recruit someone perfect for the role, especially in the current climate. The cost of 32 Á © stock.adobe.com/Pixel-Shot 31-33.qxp_Layout 1 06/09/2022 10:27 Page 1 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk EDUCATION AND TRAINING Contrary to popular belief, in house training can be cost effective. If multiple employees need training, it allows all employees to attend at once, rather than training them individually. This also reduces travel costs and expenses, as the training could be held in-office or somewhere close by, meaning that mileage or even hotel bills do not have to be considered. It also means that new starters could be trained from day one, rather than waiting until an external trainer is available, thus increasing the productivity of the new employee early on. Employment of internal training allows businesses to put their own stamp on training courses. It means that trainees can be educated in the unique product, way of thinking and, or working that makes the business successful and distinctive. This helps to promote a group mindset, and a consistent way of working. It also means that all employees can be highly educated on the product or service they provide, increasing their understanding and ability to utilise their own services. In house training removes the need for unnecessary mixing, as those training them are people with whom they would already be interacting. Moreover, courses can be delivered online, via platforms such as Microsoft Teams. These sites allow screen sharing for easy demonstration and have a hands-up function to allow employees to easily ask questions. As many businesses continue to operate on a hybrid basis, this could seamlessly integrate into everyday operations. Whilst taking a day out for training will result in some lost productivity, an employee who is unskilled or incorrectly trained could result in a long term lack of productivity as the potential for mistakes and having to rectify them increases. Furthermore, businesses miss out on the opportunity to upskill employees and help them to develop new skills. This helps the business to stay current and provides the opportunity for diversification of thinking and business approach. This could entail a training programme of creative problem solving, technical knowledge implementation, and out of the box thinking. As well as 31-33.qxp_Layout 1 06/09/2022 10:27 Page 2www.eastmidlandsbusinesslink.co.uk East Midlands Business Link EDUCATION AND TRAINING increasing business productivity, it stimulates employees and motivates them to take on other responsibilities. This has the dual benefit of making them less interested in looking elsewhere. So how can a business put together an effective training programme from scratch? Firstly, it is important to conduct an analysis of the performance gaps within the organisation and base the training around this. This can be done through an ongoing analysis of managerial attention. It is imperative that regulatory and legal requirements are covered in training, and are regularly reiterated to employees, such as health and safety training. This maintains compliance and quality assurance and reduces the likelihood of legal concerns over employee and customer safety. Secondly, combining in person and online methods provides the flexibility and safety of online learning, whilst being able to have someone physically present for more challenging sessions. Recorded video sessions could also provide flexibility for employees to go through and open at their own pace, which means that there would not need to be a significant workforce drop for a period. However, it should be noted that this is not always a good replacement for hands on learning. A survey found that 33% of office workers preferred to learn by doing, whilst being guided by an expert. Training should be seen as fundamental to business growth, given the potential it provides for honing and exploring new talent and ideas for expansion. Investing in the ability to provide internal training could save the huge cost of hiring training services, as well as provide the opportunity to take stock of the workings of the business, and how they could be improved. Whilst developing a new training initiative could involve significant up-front effort, as well as the potential to hire a training manager, it will likely provide massive savings long term, as well as ensuring that all new starters are properly trained from day one. Ultimately, internal training promotes consistency within business operations, which could mean significant streamlining of work and communications internally. © stock.adobe.com/Right 3 31-33.qxp_Layout 1 06/09/2022 10:27 Page 3In an ideal world, we would anticipate burnout and illnesses so that we have time to make changes to try to prevent them. However, nine times out of ten we don’t realise we are in the ‘burnout phase’ until it is too late, and therefore from my own personal experience of having to learn the hard way, I have put together ten of my top tips for avoiding burnout… 1 Be self-aware - No one knows your body and mind like you do, so if something doesn’t feel right, you feel off or are aware that you are heading towards the danger zone, then the first rule is recognising this, so that you at least have a fighting chance at doing something about it to turn it around, before it’s too late. 2 Be realistic - Following on from tip number one, we would ideally manage our stress every day, sleep like babies and live an ultra-healthy lifestyle, wandering around with smug looks on our faces knowing that our bodies are temples and nothing can touch us. However the reality is we are all just doing the best we can and our best is all we can do, so as long as we are taking steps in the right direction and not putting unnecessary pressure on Fiona Duncan-Steer, founder of RSViP Business Networking Agency, offers useful tips on avoiding burnout. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk NETWORKING Ten tips on how to avoid burnout in a busy world on the mind and body. It’s pretty simple to click the off button once in a while and enjoy being in the present moment, but rarely do we allow that space and time for it - factor it into your day even for just an hour. 6 Say no - Being a people pleaser to the detriment of oneself is not a badge of honour to wear proudly and will only end in tears, as you continue to say yes to everything and everyone who wants a piece of you. You are only human and have one life to live, so live it for you and not for others. Granted there will be friends and family, or work colleagues and staff that you have or want to be there for from time to time, but keep boundaries in place and only do what you feel you are able to do and don’t be afraid to say no once in a while without the need for explanation. 7 Find your sanctuary - Appoint a safe space for yourself, somewhere you can go near or far that makes you happy and feel grounded and at peace. This can be someone else’s home (as long as you know them!), a particular park bench, a village you like to visit or your greenhouse -wherever you can escape to for even ten minutes to readjust, recuperate and rest before going again. ourselves (which could cause more stress) then that is good enough. 3 Prevention is better than cure - This age old saying is a good’n and one which still stands today, given that living a healthy, relatively stress free lifestyle has been scientifically proven to give a better quality and longer life span, so be aware of what you put into your body, keep moving, drink plenty of water, get outside every day in the fresh air and nourish yourself with whatever it is you need – every day. 4 You are what you eat - I’m totally guilty of skipping meals when on the go. Back-to-back meetings are the norm these days, or being too tired to cook dinner in the evenings, so plan ahead. Meal prepping is great for the busy worker during the week, or sign up to a meal delivery service that takes all the hard work away from you, to ensure that you still get all the goodness into you without the effort attached to it. 5 Turn it off - Whether it’s your phone, the television, radio, social media - turn it off. Have a break from it and ‘digital detox’ as they say. Now more than ever we are continually ‘connected’ and this can have all kinds of negative results 34-35.qxp_Layout 1 06/09/2022 10:28 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link NETWORKING Fiona Duncan-Steer, RSViP - www.fionaduncansteer.com www.rsvipnetwork.co.uk We all need to recharge and holidays are a great way of doing this, but aren’t always attainable or regular, so allocate your own local safe space and sanctuary and visit once in a while when you recognise that you need to recharge your batteries. 8 It’s good to talk - Communication is everything, so keep talking. Whether it is to your loved ones, hairdresser, therapist, or a stranger at the bus stop - having a natter works wonders for the mind, so get whatever it is off your chest as fast as you can and don’t let it fester. Famous activist Maggie Kuhn once said: “Speak your mind, even if your voice shakes.” Wise words. 9 Balance the scales - It’s easier said than done, but work life balance is so important now more than ever, with the rat race we live in, the external stresses of the world around us and the fact that we are connected to everything happening on a daily basis - constantly. It is exhausting and so ensuring that we give ourselves as much ‘rest and recuperation time’ as we do ‘on the go time’ is super important for our mind, body and souls and to ensure a blissful night’s sleep. 10 Do what makes you happy - Life is too short to spend hours and hours per day in a job you dislike, or spending time with someone that makes you unhappy - making even just small changes can offer huge results on your happiness, so if you’ve been procrastinating then ask yourself why? What is holding you back from taking that leap? No one ever regretted making the change they were once scared to make that resulted in them being happier than they were before. 34-35.qxp_Layout 1 06/09/2022 10:28 Page 2 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk OFFICE SOLUTIONS BLUEPRINT INTERIORS DOWNLOAD OUR OFFICE REFURB GUIDE | WWW.BLUEPRINTINTERIORS.CO.UK fit-out As many businesses look to rejuvenate their offices to create a workplace more suited to current working habits, establishing the right team to ensure a seamless project is key. A seamless 36-39.qxp_Layout 1 06/09/2022 10:30 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link OFFICE SOLUTIONS © stock.adobe.com/Jacob Lund GET PEOPLE BACK TO AN OFFICE THEY NEED WE CREATE AGILE, PEOPLE FOCUSED, PRODUCTIVE WORKSPACES T he world of work has changed drastically over the past couple of years thanks to the pandemic, which has seen a desire to rethink the office, to repurpose this space to better suit the current needs, practices, and wellbeing of employees, to create a more attractive environment that staff want to be in after many happily completed their roles from home. With hybrid and flexible working styles growing post-lockdowns and being offered to draw in new employees in an ongoing talent shortage and ‘the Great Resignation’, many businesses are thus looking to re-design and fit-out their offices. These alterations are frequently involving reducing the space provided for standard desks in favour of an open plan design with agile areas to anticipate changing needs so staff can better control their environment to their requirements, bolstering productivity and satisfaction. Bookable working spots, specialised task-driven zones and informal spaces - especially collaborative areas as the office becomes more of a place to unite staff and boost company culture, alongside focus spots - are being incorporated for the modern office, while innovative, modular furniture and reconfigurable spaces, with flexible screens for example instead of strict walls, are all being included under new office designs. When reformatting workspaces to create the ideal office for today, business owners and leaders might assume this is a hands off process, leaving it to an office manager and fit-out company. Though this may be true and work fine in some instances, for those who are really seeking to produce a workplace that 38 Á 36-39.qxp_Layout 1 06/09/2022 10:30 Page 2 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk OFFICE SOLUTIONS puts people first, that truly reflects a company’s vision, values, and culture, you will need most of the senior leadership team to contribute to the process, as Blueprint Interiors notes. The workplace consultants and commercial office interior fit-out specialists advise establishing the right team to achieve your aims, and this starts with the internal team to ensure a successful project. With a large number of things to consider when renovating your office, from reconfiguring a new layout to conforming to health and safety rules, as the firm states, the input and visionary insight from the senior team is “critical” to the workplace consultancy process it follows that defines your fit-out plans from start-to-finish, making sure that the project is running smoothly, on time, and to budget. With this, then, a strong leader is necessary: select a project lead to become the internal point of communication for all project stakeholders as well as for your chosen office fit-out company. This person must have the time to take on this role, which comes as a big responsibility, and the skills and characteristics to help keep things moving seamlessly, including strong organisational, communication, and interpersonal skills and a deep understanding of a company and the departments within it, its values and culture. To further establish the best team for your project one will also need a finance manager, responsible for dealing with the financial side of your office fit-out, from procurement to grants, capital allowances and other government financial incentives such as the super- deduction tax break enabling you to claim against desks and office chairs, computers, associated computer equipment, servers, solar panels, EV charging points and more equipment. Your finance manager will need a keen understanding of the myriad payment, contract, and finance options. Blueprint Interiors also suggests involving a ‘people person’, perhaps from HR or marketing and communications, to be the voice guaranteeing your corporate culture is imbued in all aspects of your new office. This person will additionally oversee change-management initiatives and keep constant communication between wider staff, the internal fit-out team, and the external fit-out company to ensure employees are central to every decision made. Also advised is a specially selected project steering group; those who will take part in workshops with workplace consultancy teams, and report back with information and knowledge gained. Usually incorporating one or two of the aforementioned roles, this group will also involve a select group of other team members. To form the perfect internal team, choose those with enthusiasm who want to create a great place to work and will become advocates for the project with peers. With a solid team, different ideas on work requirements, budgets, and deadlines can be pooled together for an effective fit-out. With the internal team organised, it’s time to focus on the external fit-out team, consisting of agents, specialists and consultants that businesses themselves do not have. This can involve those to source yourself, and those the fit-out company will provide. Businesses will likely need an external project manager, to help navigate contract and construction law, while interaction with one’s landlord will be necessary if undertaking any serious structural or cosmetic renovations, which may require a ‘License to Alter’ from your landlord. Furthermore, a principle designer is a legal requirement for companies 36-39.qxp_Layout 1 06/09/2022 10:30 Page 3www.eastmidlandsbusinesslink.co.uk East Midlands Business Link Video marketing done right. Glowfrog is a professional video company producing premium-grade business videos and specialising in corporate video production. T: 01332 492 465 E: hello@glowfrogvideo.com W: www.glowfrogvideo.com undergoing an office fit-out, to verify that the fit-out company are mitigating the risks to health and safety in the design of an office. This person will visit the office site regularly to establish potential hazards, access restrictions, accident mitigations, et al. Then there is the design and fit-out partner, who will help in every stage of your office fit-out. It is where most of your office fit-out spend will go, so make sure to shop around, look at a company’s past projects, case studies, and reviews to get a sense of their work and request a consultation meeting. Overseeing the work to rejuvenate your office can take significant time and resources, so ensure to also select the best time and set a realistic timeframe to renovate your office to help with this process. Look to minimise disruption to your business, staff, and customers. Before any changes are made and throughout the project, ensure to clearly and regularly communicate with staff, to prepare them for the alterations, and also enable them to help you with their own ideas. While redesigning an office can be a major expense for a company, the right fit-out will increase staff productivity, satisfaction, and improve your brand image. © stock.adobe.com/Photographee.eu 36-39.qxp_Layout 1 06/09/2022 10:30 Page 4Next >