< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk TAX James Pinchbeck, partner at Streets Chartered Accountants, considers the importance of family businesses focusing on fortitude. O ne of the key characteristics of many family businesses is their often-exceptional resilience to cope with the challenges faced. Whilst in the past such challenges may have included one-off situations, even a crisis, we now seem to have moved to a time where we appear to have a number of challenges affecting or impacting businesses. Whilst typically the quality or mindset of resilience might have served them in good stead in the past, perhaps it’s time now for family and owner managed businesses to focus more on fortitude. Being resilient, that is bouncing back or persevering, might be good in the short term, but perhaps fortitude, having the motivation, drive and determination to succeed might be better in the longer term. All businesses, including family ones, have and are dealing with the impact of recent and current events, be it Brexit, the pandemic or the conflict in Ukraine. We should really take into greater account and consideration the growing impact that environmental changes are having in terms of extreme weather conditions, floods and fires, which previously were rare and uncommon to now being more typically the norm and sadly an everyday occurrence. In light of these events businesses, like all of us, are seeing rising costs, pressures on cash and the cost of finance. Whilst household incomes are being squeezed, so too are business margins and working capital. Like many families, family businesses will no doubt be focusing on the finances, cutting their cloth accordingly and looking after the pennies, even make do and mend. A focus on maintaining margins, safeguarding working capital, effective debt collection is also bound to be given greater importance. So too is any decision around any capital investment or new or re-financing. Perhaps though the area not being focused on is developing the motivational mindset, drive and determination not only to work through the situation but to come out of it stronger. A lack of focus could be down to too great a focus on the here and now, more the operational day to day challenges as opposed the medium to longer term strategy. Whilst a work ethic is commendable and can be often harnessed and shared by all, employees, managers and directors alike also need, even crave, a sense of direction and purpose along with a game plan. Such a plan need not be a long-winded business plan, it could and perhaps more ideally needs to be short with a clearly and easily communicated direction of travel to include strategic intent and vision along with measurable outcomes – even rewards. Ideally such a plan should inspire, even excite those charged with making it happen, creating goals and aspirations. As ever and not least in challenging times effective business communication is often key to success. This should not just be for the family members engaged in the business, it should include the wider workforce. Certainly, in times of uncertainty or change, there is a real danger communication becomes less or less effective. Given the challenges faced, perhaps it might be worth as a family business reviewing how the running of the business and decision-making affects or impacts you and the wider family. With growing pressures, it might be good to review individuals’ roles and responsibilities, when, where and how you consider or discuss the business. You may also want to consider the need for and benefit of seeking external advice, or taking on a Non-Exec Board member or Chair to draw on their knowledge and experience. Whilst previous generations may have weathered the storm and have been resilient, the pace of change along with the impact of more global events outside our control really do seem to point to family business owners needing to draw on their fortitude. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk OFFICE SOLUTIONS I n today’s fast-paced business landscape, effective communication and seamless collaboration are paramount to achieving success. The advent of advanced communication and collaboration tools has revolutionised the way teams interact, share ideas and work together. From startups to multinational corporations, businesses of all sizes are recognising the value of these tools in streamlining operations, boosting productivity and fostering innovation. Traditional office setups often relied on face- to-face interactions and cumbersome email threads for communication and collaboration. However, the rise of digital transformation has led to the development of sophisticated tools that transcend geographical barriers and enable real-time interactions. Modern messaging platforms facilitate instant messaging, file sharing and collaboration within dedicated channels. These platforms enable quick decision-making and reduce email clutter, clearing your desktop while providing an accessible hub for discussions. Video conferencing is one of the most useful tools for enabling meetings, regardless of the number of participants or their locations. They enhance engagement and understanding, making them ideal for team meetings, client presentations and remote work scenarios. Virtual whiteboard spaces can be used while meetings take place for brainstorming, ideation and collaborative visual planning. These platforms encourage creative thinking, help teams organise concepts visually, and ensure that nobody’s best ideas get lost to the ether. While communication programs connect teams anytime and anywhere, collaboration tools such as project management software support better teamwork and efficiency. Project management tools with a multitude of organisation functionalities assist in setting deadlines and tracking progress. They can also provide transparency into project status and encourage accountability, with every task and employee linked into a virtual desk for overseeing operations, whether from a single screen or web of devices. Document collaboration software can then direct everyone’s focus and creativity to the same task in real-time. Many platforms are available which allow multiple team members to Comms, Collabs, and DMS Businesses can redefine teamwork, streamline operations, and empower innovation by utilising advanced communications, collaboration, and document management solutions, as we explore. 34 Áwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link OFFICE SOLUTIONS © stock.adobe.com/ tippapatt East Midlands Business Link www.eastmidlandsbusinesslink.co.uk OFFICE SOLUTIONS © stock.adobe.com/ Malambo C/peopleimages.com BLUEPRINT INTERIORS DOWNLOAD OUR OFFICE REFURB GUIDE | WWW.BLUEPRINTINTERIORS.CO.UK simultaneously access and annotate documents, reducing version control issues and expediting content creation. Expanding outwards from there, cloud storage solutions allow teams to store, access and share files from anywhere to anyone, enhancing accessibility and preventing data loss. Through every stage of planning, design, development or editing, employers and managers are empowered to keep tabs on all workers and projects they’re responsible for. With these communication and teamwork enablers, progress information and updates are available with a few clicks any time during the working day, through an easy-to-use and centralised organisation system. But managing documents efficiently is equally paramount for businesses seeking to streamline operations and maintain a competitive edge. Document management software (DMS) has emerged as a vital tool for organising, storing, sharing and collaborating on documents in a focused and secure manner. DMS is designed to capture, store, manage and retrieve electronic documents and files. Unlike traditional paper-based methods, it transforms the way organisations handle information, offering a digital ecosystem where documents are easily accessible and securely stored. This reduces the reliance on physical storage – which can only make work more stressful, confusing and precarious – but also streamlines document-related workflows and enhances collaboration. With DMS, documents are typically organised using folders, tags and metadata, making it easy to locate and retrieve files. It provides a centralised repository for storing various types of documents, such as text files, spreadsheets, presentations, images and PDFs. Crucially, this software incorporates powerful search capabilities that allow users to find documents quickly using keywords, phrases or metadata. This minimises the time spent searching for specific files, enhancing overall productivity. Automated document-related processes, such as approval workflows, notifications and task assignments, save even more time by reducing manual intervention and accelerating business processes. Version control ensures that multiple iterations of a document are tracked and maintained. This feature prevents confusion and enables users to access and collaborate on the most recent version of a document. Security is a top priority, safeguarding sensitive documents www.eastmidlandsbusinesslink.co.uk East Midlands Business Link OFFICE SOLUTIONS © stock.adobe.com/ gstockstudio GET PEOPLE BACK TO AN OFFICE THEY NEED WE CREATE AGILE, PEOPLE FOCUSED, PRODUCTIVE WORKSPACES through access controls, encryption, and user authentication mechanisms, making them safer from unauthorised access and ensuring compliance with data protection regulations. Compliance and accountability are further secured by in- built maintenance of audit trails for document activity, recording who accessed, modified or shared a document and when. The best practices for using communication, collaboration and DMS programs in business are a toolkit in themselves. It’s key to first define the purpose of each communication channel and encourage team members to use them appropriately. This prevents information overload and ensures that discussions remain focused and relevant. You should also assess your organisation’s document management requirements and select a DMS solution that aligns with your goals. If you’re navigating a significant transition from paper-based systems or existing digital solutions, plan and execute a smooth migration of documents. Remember that you can always tailor new software to your organisation’s specific needs by configuring metadata, access controls and workflows, however your process worked before. Slight changes or learning curves may be necessary, but providing comprehensive training to any staff using these tools will maximise its benefits in saving time in the long run. Use collaboration tools to create a central repository for project-related information, documents, and resources. This eliminates the need to search through multiple platforms for critical data, and focuses check-in needs on work tasks at hand. In this case, schedule regular team updates and meetings using video conferencing tools; they are invaluable for keeping all team members informed, aligning goals and addressing any concerns promptly. When collaborating on documents, make use of version control features to avoid confusion and ensure everyone is working on the most up-to-date content. Exploring integrations between communication, collaboration and DMS will help all your teams automate tasks and streamline workflows. Linking project management software with messaging platforms can trigger notifications for task updates, just as a simple place to start. But there are myriad possibilities for blending the benefits of these applications, as long as proper training, communication of difficulties and regular maintenance are upheld at all times. East Midlands Business Link www.eastmidlandsbusinesslink.co.uk NET ZERO I mproving energy efficiency across operations, facilities and supply chains is as good a starting point as any to significantly reduce emissions. Everyday tech such as appliances and vehicles can be upgraded to more energy-efficient models – traditional incandescent or fluorescent lights to LED lighting for example. Switching to appliances that do more and last longer with less consumption, whether in office spaces, manufacturing facilities or other operational areas, can lead to substantial savings on energy output and the ensuing bills. For businesses with a fleet of vehicles, optimising routes and promoting fuel-efficient driving can both reduce transportation-related emissions. If you adopt electric or hybrid vehicles, this has the extra benefit of giving a boost to public opinion of your business as you work to decrease your carbon footprint. As you can see, reducing emissions is in any business owner’s best interests, and not just for the good of our planet. Even basic improvements like upgrading boilers or refrigeration systems contribute to their better performance, less wasted energy, and less wasted money. In the finer details of process optimisation, such as saving water where possible, or integrating processes that waste heat with processes that need it, there are ways to make the most of every resource. Looking into where inefficiencies lie can also be a valuable time saver, as aforementioned with vehicle route optimisation, or merely in cutting maintenance needs by updating machinery or appliances. Use data analytics services and energy management software to monitor your processes moment by moment, and you may be surprised where improving energy efficiency can be combined with savings you never realised were possible. Transitioning to renewable energy sources like solar, wind, hydroelectric and geothermal can drastically reduce a business’s carbon footprint. Installing solar panels, wind turbines, and investing in offsite renewable energy projects are common strategies. These generate naturally renewable clean energy, reducing reliance on harmful sources which sometimes masquerade as ‘green’ power (see black, brown or grey hydrogen). The move to renewable isn’t necessarily the easiest. Many of its sources, such as solar and wind, The business case for going green 38 Á Energy efficiency improvements, renewable transitions, and innovative partnerships can pave the way towards a greener, more successful future. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link NET ZERO © stock.adobe.com/ doidam10 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk NET ZERO are intermittent in nature as they depend on weather conditions and time of day. Maintaining a stable and reliable energy supply requires effective energy storage and grid management solutions to carry on working through variations in energy production. Integrating variable renewable energy sources into the grid requires careful planning to ensure stability, manage energy flow fluctuations, and address technical challenges related to voltage control and frequency regulation. All of this also goes without mentioning the high levels of funding and space needed to build these energy expansions, especially on a large scale. Balancing the need for renewable energy expansion with concerns about land use, ecosystem impacts and aesthetics can be complex, and not all communities are supportive of renewable energy. Engaging with the local populace is crucial in the interests of transparency when developments will create noise or visual pollution, or other disruptions in daily life, particularly while construction takes place. But sharing plans doesn’t need to be a chore, and can become a powerful opportunity to celebrate your efforts in clean energy and fossil fuel reduction. There are also lucrative marketing opportunities here when communication and promotion are handled skilfully. Another image-boosting opportunity comes from investing in carbon offset projects, initiatives designed to compensate for any unavoidable greenhouse gas emissions by reducing or preventing them elsewhere. Certain ventures like this can be arresting in their emotional and visual impact, with perhaps the most effective being reforestation or afforestation. You’ve likely heard about the former’s efforts to restore damaged or levelled forests mentioned before. While you may be less familiar with the term afforestation, this simply means planting new trees in previously unwooded areas. Trees act as ‘carbon sinks’, storing the substance as they grow. Using free land space to plant more trees means they can absorb more CO2 from the atmosphere through photosynthesis. Carbon capture and storage or CCS www.eastmidlandsbusinesslink.co.uk East Midlands Business Link NET ZERO © stock.adobe.com/ zhikun sun projects are an especially intriguing and rewarding solution, containing carbon dioxide before it can pollute the atmosphere. This can be done by ‘capturing’ CO2 in a multitude of ways, including cooling and injecting gases through absorbent material, removing carbon from fossil fuels before burning, or by igniting fuels with oxygen and creating an easy to capture stream of concentrated CO2 and water. Industrial processes or power plants can then inject the captured chemical underground for long-term storage, preventing its release into the atmosphere. For big industry-involved businesses, this is an impactful way to cut greenhouse gas emissions by actively removing them as an ecological risk. Projects that promote waste reduction, recycling and composting work to reduce emissions associated with waste decomposition in landfills, while energising employees and local communities alike to pitch in. Recycling programs, community clean-up events and composting initiatives can each provide education and resources to anyone in the vicinity of your operations, and encourage them to bring these practices into their daily lives. Some carbon offset projects also prioritise social and community benefits on an international scale, such as providing clean drinking water, improving health and education and supporting livelihoods where funds and resources may be scarce. In industrial sectors, using advanced technologies and lean manufacturing principles can minimise waste, energy consumption and emissions, and these can be increased in power through partnership too. Your business may choose to work with its peers to promote the use of reusable containers and bags, or offer discounts and incentives to customers who bring their own containers in retail fields. In these ways and more, collaborating with other organisations, stakeholders and even local laypeople can pool resources. This is the best way to share knowledge and expertise that will accelerate the journey to net-zero, and grow your own success as a welcome bonus.Next >