Rachel Watkyn OBE https://bmmagazine---co---uk.lsproxy.app/author/rachel-watkyn-obe/ UK's leading SME business magazine Fri, 17 Apr 2026 10:31:33 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://bmmagazine---co---uk.lsproxy.app/wp-content/uploads/2025/09/cropped-BM_SM-32x32.jpg Rachel Watkyn OBE https://bmmagazine---co---uk.lsproxy.app/author/rachel-watkyn-obe/ 32 32 The April Cost Squeeze: Why Small Businesses Must Plan Ahead, Not Catch Up https://bmmagazine---co---uk.lsproxy.app/opinion/the-april-cost-squeeze-why-small-businesses-must-plan-ahead-not-catch-up/ https://bmmagazine---co---uk.lsproxy.app/opinion/the-april-cost-squeeze-why-small-businesses-must-plan-ahead-not-catch-up/#respond Fri, 17 Apr 2026 10:31:33 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=171160 For many small businesses in the UK, April has become a predictable pressure point.

For many small businesses in the UK, April has become a predictable pressure point.

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The April Cost Squeeze: Why Small Businesses Must Plan Ahead, Not Catch Up

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For many small businesses in the UK, April has become a predictable pressure point.

For many small businesses in the UK, April has become a predictable pressure point.

It’s the time of year when cost increases quietly but significantly take effect. Changes to the National Minimum Wage, adjustments to National Insurance contributions, rising supplier prices, and broader inflationary pressures all tend to converge at once. On paper, each individual increase may seem manageable. In reality, their combined impact can place a serious strain on cash flow, margins, and decision-making.
What makes this particularly challenging is that April doesn’t arrive as a surprise. It comes around every year, yet many businesses still find themselves reacting to it rather than preparing for it.
As a CEO, I’ve come to see April not just as a financial hurdle, but as a moment that reveals how well a business understands its own structure and resilience. The difference between businesses that struggle and those that adapt often comes down to one simple factor: planning ahead.
The first challenge is recognising the true scale of the impact. Cost increases are rarely isolated. A rise in the minimum wage, for example, doesn’t just affect entry-level salaries. It often creates a ripple effect across the entire payroll, as businesses look to maintain fairness and internal balance. This, in turn, affects pension contributions, National Insurance payments, and overall employment costs.
At the same time, suppliers are facing the exact same pressures. Many will adjust their pricing at the start of the new financial year, passing increased costs further along the chain. Before long, what initially appeared to be a marginal adjustment becomes a noticeable shift in the overall cost base of the business.
The risk lies in underestimating this cumulative effect. If you only look at each increase in isolation, it is easy to assume it can be absorbed. When viewed collectively, the picture changes entirely.
One of the most common mistakes small businesses make is delaying action. There is often a tendency to wait until costs actually rise before making any adjustments. By that point, however, the options become more limited and the decisions more reactive.
Planning ahead allows for a far more controlled and strategic response. It gives you time to assess your numbers properly, to understand where pressure points will emerge, and to make decisions without urgency dictating the outcome.
Financial forecasting plays a critical role here. Rather than relying on static annual budgets, businesses should treat forecasting as an ongoing process. Looking ahead to April several months in advance allows you to model different scenarios and understand how changes will affect profitability.
This doesn’t need to be overly complex. Even a simple projection that factors in wage increases, expected supplier changes, and fixed cost adjustments can provide valuable clarity. The key is to move from assumption to visibility.
Pricing is often the most sensitive area, but it is also one of the most important. Many founders hesitate to increase prices, particularly in competitive markets or when customer relationships feel fragile. There is a fear that any adjustment will lead to lost business or negative perception.
However, absorbing rising costs indefinitely is not sustainable. At some point, the business itself becomes compromised.
What I have learned is that pricing decisions should be proactive, not reactive. If you know costs are increasing in April, the conversation around pricing should begin well before then. This allows for clear communication with customers and avoids sudden or unexpected changes.
Transparency plays a crucial role. Customers are far more understanding than many businesses assume, particularly when the reasons for change are communicated honestly. Positioning price adjustments as part of maintaining quality, service, and long-term sustainability often resonates more effectively than silence followed by abrupt increases.
Beyond pricing, April is also an opportunity to reassess efficiency across the business. Rising costs naturally force a closer look at operations, and this can uncover areas where resources are not being used effectively.
It might be outdated subscriptions that are no longer needed, processes that can be streamlined, or supplier relationships that could be renegotiated. These adjustments may seem small in isolation, but collectively they can have a meaningful impact.
What’s important is that these decisions are made thoughtfully, rather than as part of a rushed attempt to cut costs. The goal is not simply to reduce spending, but to ensure that every cost contributes value.
There is also a human element to consider. Cost increases, particularly those linked to wages, can create internal expectations within a team. Employees are more aware than ever of economic pressures, and conversations around pay are becoming more common.
Handling this well requires openness and clarity. While it may not always be possible to meet every expectation, creating a culture where financial realities are understood can help build trust. People are far more likely to support difficult decisions when they feel included in the broader picture.
For small businesses, cash flow management becomes especially critical during this period. Increased costs can tighten margins and reduce flexibility, particularly if payments from customers are delayed or inconsistent.
Planning ahead allows you to prepare for this. Whether it is building a financial buffer, adjusting payment terms, or securing access to additional funding if needed, these steps are far easier to take when they are not driven by immediate pressure.
April should not be seen purely as a challenge. It can also act as a natural checkpoint within the business year. A moment to pause, reassess, and realign.
Reviewing your financial position at this point allows you to reset expectations, refine your strategy, and ensure that the business remains on track. It shifts the mindset from reacting to circumstances to actively managing them.
There is a broader lesson here about resilience. Running a business will always involve navigating change, whether it comes from economic conditions, market dynamics, or internal growth. The businesses that succeed are not those that avoid pressure, but those that are prepared for it.
Planning ahead does not eliminate challenges, but it transforms how they are experienced. It replaces urgency with control, and uncertainty with clarity.
As a female CEO, I have found that these moments are also an opportunity to lead with confidence. To make decisions that may feel uncomfortable in the short term, but are necessary for the long-term health of the business.
Too often, there is a tendency to delay difficult choices in the hope that circumstances will improve. In reality, strong leadership means addressing challenges directly, with a clear understanding of both the risks and the opportunities.
April will continue to bring cost increases. That is unlikely to change. What can change is how businesses respond to them.
Those that plan ahead, that take a proactive approach to forecasting, pricing, and operations, are far better positioned to absorb the impact without losing momentum. They maintain control over their direction, rather than being driven by external pressures.
Ultimately, the goal is not just to survive periods of increased cost, but to build a business that can adapt and grow through them.
Because resilience in business is not built in easy moments. It is built in how you prepare for and respond to the challenging ones.

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The April Cost Squeeze: Why Small Businesses Must Plan Ahead, Not Catch Up

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The EUDR: A Challenge and an Opportunity for Small Sustainable Businesses https://bmmagazine---co---uk.lsproxy.app/business/the-eudr-a-challenge-and-an-opportunity-for-small-sustainable-businesses-2/ https://bmmagazine---co---uk.lsproxy.app/business/the-eudr-a-challenge-and-an-opportunity-for-small-sustainable-businesses-2/#respond Wed, 31 Dec 2025 10:01:10 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=167696 A recent survey has revealed that nearly half (42%) of SMEs across the UK are unaware of the forthcoming ‘Simpler Recycling’ reforms, which are set to significantly impact their operations.

As a sustainable business owner, I’ve always believed that every choice we make, from the suppliers we trust to the packaging that carries our products, reflects our values.

Read more:
The EUDR: A Challenge and an Opportunity for Small Sustainable Businesses

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A recent survey has revealed that nearly half (42%) of SMEs across the UK are unaware of the forthcoming ‘Simpler Recycling’ reforms, which are set to significantly impact their operations.

As a sustainable business owner, I’ve always believed that every choice we make, from the suppliers we trust to the packaging that carries our products, reflects our values.

But the conversation around packaging sustainability is evolving quickly, and 2025 is shaping up to be a defining year for anyone in this space.

The EU Deforestation Regulation (EUDR) will soon change how every business that uses wood or paper packaging operates. Whether you export into the EU or source materials that pass through European supply chains, you’ll soon need to prove exactly where your wood came from, right down to the plot of land where the tree grew.

On paper, this is a hugely positive step. It’s designed to prevent deforestation and ensure that every pallet, crate, box, or sheet of paperboard comes from responsibly managed forests. But for small and medium-sized
sustainable businesses like mine, this new legislation brings both validation and significant Challenges.

For larger corporations, compliance may simply mean hiring dedicated teams or investing in advanced traceability systems. For smaller businesses, the impact is more personal and more complex.

Many packaging suppliers, particularly those sourcing globally, aren’t yet ready to provide the level of GPS traceability that EUDR demands. As buyers, we’re several steps removed from the original forest.

That makes collecting origin data extremely difficult. The reality is that small businesses don’t have the same resources as large corporations.

Gathering, verifying, and documenting the source of every piece of packaging takes time, money, and capacity that many SMEs simply don’t have. Even for companies like mine, built on sustainability from day one, the administrative burden is significant. There’s also a clear imbalance of power.

When small businesses ask large suppliers for detailed traceability information, we’re often met with delays and a lack of data, yet we’re still held to the same legal standards as much larger companies.

The scale of work involved in becoming compliant is immense. Every box, tag, and piece of paper now requires a documented chain of custody which for a packaging company means the majority of our products. For a small business, this isn’t just a quick compliance exercise, it’s an ongoing operational project that touches almost every department.

Teams that were once focused on creative design, marketing, or customer experience now find themselves deep in due diligence, spreadsheets, and certification systems. It’s exhausting work, but it’s necessary if we want to maintain the integrity of our sustainability commitments and continue to trade responsibly in the years ahead.

At Tiny Box Company, we’ve been reviewing what the EUDR will mean for us for months now. We’re working closely with our suppliers to ensure the data we need is being captured at source, and we’re doing our best to gain information that is verifiable.

It’s a huge effort, and at times it feels like we’re trying to rebuild the foundations of something we already thought was sturdy. But we also know that doing this groundwork now will set us up for a stronger, more transparent future.

Despite these challenges, the EUDR represents a powerful opportunity for businesses like ours. It’s a chance to demonstrate what we’ve been advocating for years: that transparency and traceability are not just ideals, but achievable and necessary goals.

For those already committed to sustainability, this regulation provides a platform to prove it. Having verifiable data about our packaging doesn’t just satisfy compliance requirements, it builds trust with our customers, who increasingly care not just about what a product is made from, but where it came from.

The EUDR is also encouraging more meaningful conversations between businesses and suppliers. To meet these requirements, we’ll need closer collaboration and greater openness, which can ultimately strengthen relationships and lead to more resilient supply chains. Over
time, this transparency can help shift the market, rewarding those who operate responsibly and pushing lagging suppliers to catch up.

Another positive outcome is that it’s forcing all of us to reconsider how much packaging we really need. When every gram of wood or paper must be traced to its origin, using less suddenly makes both environmental and financial sense for a lot of businesses.

At Tiny Box Company, we’ve already begun rethinking our designs and processes to reduce complexity, choosing materials that are easier to trace and verify. It’s a continuous process to improve what we’re doing and how we work.

It’s easy to see why some small businesses might feel overwhelmed- the paperwork, the data management, the coordination across global suppliers. But once these systems are in place, the benefits will start to show. We’ll have cleaner data, fewer weak points in our supply chains, and greater confidence in the materials we use.

In time, the hours invested now could translate into reduced risk, smoother audits, and a stronger story for customers who value transparency. The EUDR may feel daunting, particularly for small sustainable businesses that are already trying to do the right thing.

But it’s important to see this as an opportunity to align values with verifiable action. It’s a reminder that sustainability is something that can be measured, proven, and improved upon.

Knowing where our packaging comes from isn’t just about compliance. It’s about integrity and accountability, about running a business that truly understands what it’s selling and where its products come from.

Read more:
The EUDR: A Challenge and an Opportunity for Small Sustainable Businesses

]]>
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The EUDR: A Challenge and an Opportunity for Small Sustainable Businesses https://bmmagazine---co---uk.lsproxy.app/opinion/the-eudr-a-challenge-and-an-opportunity-for-small-sustainable-businesses/ https://bmmagazine---co---uk.lsproxy.app/opinion/the-eudr-a-challenge-and-an-opportunity-for-small-sustainable-businesses/#respond Sat, 15 Nov 2025 13:36:04 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=167112 As a sustainable business owner, I’ve always believed that every choice we make, from the suppliers we trust to the packaging that carries our products, reflects our values.

As a sustainable business owner, I’ve always believed that every choice we make, from the suppliers we trust to the packaging that carries our products, reflects our values.

Read more:
The EUDR: A Challenge and an Opportunity for Small Sustainable Businesses

]]>
As a sustainable business owner, I’ve always believed that every choice we make, from the suppliers we trust to the packaging that carries our products, reflects our values.

As a sustainable business owner, I’ve always believed that every choice we make, from the suppliers we trust to the packaging that carries our products, reflects our values.

But the conversation around packaging sustainability is evolving quickly, and 2025 is shaping up to be a defining year for anyone in this space.

The EU Deforestation Regulation (EUDR) will soon change how every business that uses wood or paper packaging operates. Whether you export into the EU or source materials that pass through European supply chains, you’ll soon need to prove exactly where your wood came from, right down to the plot of land where the tree grew. On paper, this is a hugely positive step. It’s designed to prevent deforestation and ensure that every pallet, crate, box, or sheet of
paperboard comes from responsibly managed forests. But for small and medium-sized sustainable businesses like mine, this new legislation brings both validation and significant challenges.

For larger corporations, compliance may simply mean hiring dedicated teams or investing in advanced traceability systems. For smaller businesses, the impact is more personal and more complex. Many packaging suppliers, particularly those sourcing globally, aren’t yet ready to provide the level of GPS traceability that EUDR demands. As buyers, we’re several steps removed from the original forest. That makes collecting origin data extremely difficult.
The reality is that small businesses don’t have the same resources as large corporations. Gathering, verifying, and documenting the source of every piece of packaging takes time, money, and capacity that many SMEs simply don’t have. Even for companies like mine, built on sustainability from day one, the administrative burden is significant. There’s also a clear imbalance of power. When small businesses ask large suppliers for detailed traceability information, we’re often met with delays and a lack of data, yet we’re still held to the same legal standards as much larger companies.

The scale of work involved in becoming compliant is immense. Every box, tag, and piece of paper now requires a documented chain of custody which for a packaging company means the majority of our products. For a small business, this isn’t just a quick compliance exercise, it’s an ongoing operational project that touches almost every department. Teams that were once focused on creative design, marketing, or customer experience now find themselves deep in
due diligence, spreadsheets, and certification systems. It’s exhausting work, but it’s necessary if we want to maintain the integrity of our sustainability commitments and continue to trade responsibly in the years ahead.

At Tiny Box Company, we’ve been reviewing what the EUDR will mean for us for months now. We’re working closely with our suppliers to ensure the data we need is being captured at source, and we’re doing our best to gain information that is verifiable. It’s a huge effort, and at times it feels like we’re trying to rebuild the foundations of something we already thought was sturdy. But we also know that doing this groundwork now will set us up for a stronger, more transparent future.

Despite these challenges, the EUDR represents a powerful opportunity for businesses like ours. It’s a chance to demonstrate what we’ve been advocating for years: that transparency and traceability are not just ideals, but achievable and necessary goals. For those already committed to sustainability, this regulation provides a platform to prove it. Having verifiable data about our packaging doesn’t just satisfy compliance requirements, it builds trust with our
customers, who increasingly care not just about what a product is made from, but where it came from.

The EUDR is also encouraging more meaningful conversations between businesses and suppliers. To meet these requirements, we’ll need closer collaboration and greater openness, which can ultimately strengthen relationships and lead to more resilient supply chains. Over time, this transparency can help shift the market, rewarding those who operate responsibly and pushing lagging suppliers to catch up.

Another positive outcome is that it’s forcing all of us to reconsider how much packaging we really need. When every gram of wood or paper must be traced to its origin, using less suddenly makes both environmental and financial sense for a lot of businesses. At Tiny Box Company, we’ve already begun rethinking our designs and processes to reduce complexity, choosing materials that are easier to trace and verify. It’s a continuous process to improve what we’re doing and how we work.

It’s easy to see why some small businesses might feel overwhelmed- the paperwork, the data management, the coordination across global suppliers. But once these systems are in place, the benefits will start to show. We’ll have cleaner data, fewer weak points in our supply chains, and greater confidence in the materials we use. In time, the hours invested now could translate into reduced risk, smoother audits, and a stronger story for customers who value transparency.

The EUDR may feel daunting, particularly for small sustainable businesses that are already trying to do the right thing. But it’s important to see this as an opportunity to align values with verifiable action. It’s a reminder that sustainability is something that can be measured, proven, and improved upon.

Knowing where our packaging comes from isn’t just about compliance. It’s about integrity and accountability, about running a business that truly understands what it’s selling and where its products come from.

Read more:
The EUDR: A Challenge and an Opportunity for Small Sustainable Businesses

]]>
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Asking why vs. saying yes: the generational divide in the modern office https://bmmagazine---co---uk.lsproxy.app/opinion/asking-why-vs-saying-yes-the-generational-divide-in-the-modern-office/ https://bmmagazine---co---uk.lsproxy.app/opinion/asking-why-vs-saying-yes-the-generational-divide-in-the-modern-office/#respond Mon, 06 Oct 2025 08:50:05 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=164561 As a member of Generation X, I grew up in the workplace with a simple rule: if your boss asked you to do something, you said “yes” and got on with it.

As a member of Generation X, I grew up in the workplace with a simple rule: if your boss asked you to do something, you said “yes” and got on with it.

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Asking why vs. saying yes: the generational divide in the modern office

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As a member of Generation X, I grew up in the workplace with a simple rule: if your boss asked you to do something, you said “yes” and got on with it.

As a member of Generation X, I grew up in the workplace with a simple rule: if your boss asked you to do something, you said “yes” and got on with it.

That was the culture of the time. We didn’t often stop to ask whether the process made sense, or if there was a better way of completing the task.

Today, I see something different from my younger colleagues. Generation Z, now entering the workforce in increasing numbers, is far less likely to nod along silently. Instead, they ask “why?” Why do we use this system? Why is the meeting structured this way?

At first glance, these questions can feel like pushback. For Gen X managers, who were trained to value quiet diligence, this may come across as defiance. But the truth is more nuanced — and, I would argue, more constructive.

Gen Z grew up in an era of instant information and constant change. They are used to finding answers at their fingertips and have little patience for “because that’s the way it’s always been done.” They expect clarity, purpose, and context. And in a world where businesses must adapt quickly, that perspective can be invaluable.

That’s not to say this cultural difference doesn’t create friction. Sometimes a task simply needs to be done, without a lengthy debate about its rationale. As leaders, it’s part of our role to balance the need for explanation with the need for execution.

But I’ve come to see that Gen Z’s instinct to ask “why” isn’t laziness or resistance — it’s engagement. They want to understand how their work contributes to the bigger picture. They want to know their effort has meaning and what they’re doing is worth it. And when we take the time to provide that context, we often uncover inefficiencies, redundancies, and opportunities that my generation might never have questioned.

There’s also a broader cultural element at play. Gen X entered the workforce at a time when job security often depended on keeping your head down and doing as you were told. If you chose to question the process or the decision this could be seen as rocking the boat or stepping on your colleagues toes. Gen Z, by contrast, has grown up in an environment where questioning authority is not only permitted but often expected — in education, in politics, and certainly in the digital world where hierarchies are flattened by access to information.

Gen Z are growing up in a time where they have been told to question everything. They’ve been told to speak up and challenge opinions and, if they disagree with something, they are encouraged to share their view.

This mindset shows up at work. When a Gen Z employee asks “why,” they are applying the same critical thinking skills they’ve used since childhood. To ignore that impulse is to waste one of their greatest strengths.

Still, integration isn’t effortless. I know some managers can feel drained by the constant need to explain. Some complain that the “why” slows progress and that they feel it undermines authority. Not every question deserves a long answer, and not every project can wait for debate. The skill, I think, lies in setting clear boundaries: encouraging curiosity while making it clear that, once a decision is made, then you need to get on board and move forward as a team.

What I’ve also noticed is that this divide isn’t as rigid as it seems. Many Gen X leaders are starting to adopt the “why” themselves, realising it’s a powerful tool for innovation. And many Gen Z workers are learning that sometimes the best answer to “why” is simply “because it needs to get done.” The cross-pollination of habits is, in fact, creating a healthier workplace culture.

So perhaps the divide isn’t really about “yes” versus “why” at all. It’s about timing. Gen X instincts push us to act swiftly, to deliver, to get results. Gen Z instincts push us to pause, to question, to refine. Both are essential. Execution without reflection can become stagnant and prevent a business from progressing whilst reflection without execution can become paralysis. The best organisations will be those that join together.

As an employer, I no longer see “why” as a challenge to authority. I see it as an invitation to think differently — and in today’s business environment, that’s not a threat. It’s an opportunity. When Gen X discipline meets Gen Z curiosity, we get something more than compliance or critique. We get progress.

That doesn’t mean the adjustment is always easy. There are and will continue to be many challenges that we will struggle with. I struggle with the shift, especially when it comes to attitudes toward work-life balance. When I started out, it was an unspoken expectation that you stayed late, worked weekends, and went the extra mile without much thought of reward. For many in Gen Z, those assumptions simply don’t apply. They value clear boundaries, and they are unapologetic about protecting their personal time. To a Gen X employer who grew up in a culture of long hours and sacrifice, this still catches me off guard but on reflection, perhaps they have something to teach us here too. Learning when to switch off, to set limits, and to enjoy a healthier balance is not a weakness.

The generational divide is not just about asking “why” versus saying “yes.” It’s also about rethinking what it means to work well, and to live well. As much as Gen Z has to learn from us, we have just as much to learn from them.

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Asking why vs. saying yes: the generational divide in the modern office

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Why Meeting People Without an Agenda Matters https://bmmagazine---co---uk.lsproxy.app/opinion/why-meeting-people-without-an-agenda-matters/ https://bmmagazine---co---uk.lsproxy.app/opinion/why-meeting-people-without-an-agenda-matters/#respond Fri, 19 Sep 2025 11:34:04 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=163815 In today’s fast-paced, hyper-connected world, meeting new people has never been easier.

In today’s fast-paced, hyper-connected world, meeting new people has never been easier.

Read more:
Why Meeting People Without an Agenda Matters

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In today’s fast-paced, hyper-connected world, meeting new people has never been easier.

In today’s fast-paced, hyper-connected world, meeting new people has never been easier.

LinkedIn messages arrive in your inbox, networking events seem to appear every week, Zoom calls can introduce you to someone on the other side of the country—or even the world—social media groups create communities based on shared interests, and casual introductions from friends or colleagues happen more often than we realise.

It is almost effortless to expand your network, and the advice we are constantly given is to take advantage of every opportunity. The reasoning is simple: the more people you know, the more doors will open. And there is certainly truth to that, but it is only part of the picture.

The real value of connecting with others does not lie in how many business cards you collect or how many LinkedIn connections you can boast about. It lies in the depth of those relationships, in the human bonds you create when you meet someone without a hidden agenda. There is an overlooked flaw in the way many of us approach networking. Too often, when we meet someone new, there is an unspoken question lingering just beneath the surface: “What can this person do for me?” At first glance, it seems practical. After all, business is about leveraging relationships, is it not? We want our connections to be useful, to help us grow, to open doors to opportunities we might not otherwise access. But when every interaction is filtered through that lens, we risk missing the most valuable part of connecting with another person: the chance to truly see them.

People have a remarkable ability to sense when they are being “worked” rather than genuinely engaged with. Conversations become mechanical, cold, and transactional. They feel one-sided and forgettable, leaving both parties with little sense of fulfilment. The energy that makes people remember you, the spark that forms a meaningful bond, is missing. It is not the job title, the network, or the resources that make someone memorable—it is the humanity they bring to the interaction, and the humanity you reciprocate.

Meeting someone without an agenda means showing up as a human being first, before any professional or personal objectives. It means allowing the conversation to exist for its own sake, not as a stepping stone towards a goal. When you shift your mindset from “What can I get from this person?” to “Who is this person, and what can I learn about them?” everything changes. You begin to ask questions not to extract value but to understand experiences, choices, and perspectives. You listen not to find the perfect opening for your own pitch, but to hear the story unfolding in front of you. You share parts of yourself without expectation or calculation, simply because sharing is part of connecting.

This approach to networking can feel unfamiliar at first because our society often equates efficiency with effectiveness. We are taught to maximise every moment, every conversation, every introduction. There is a pressure to quantify interactions in terms of return on investment—whether it is a potential client, a job lead, or an influential contact. But this way of thinking overlooks the long-term, often unpredictable benefits that come from relationships rooted in genuine curiosity and mutual respect. The most meaningful connections, the ones that stand the test of time, rarely begin with immediate transactional value. They grow slowly, nurtured by shared experiences, laughter, and trust.

The surprising thing is that when you let go of the agenda, opportunities often appear in ways you could never have predicted. People you meet without any expectation of gain may later become collaborators, mentors, friends, or allies in ways that feel completely organic. Because the relationship was not forced or calculated, it is stronger, more resilient, and more authentic. Opportunities arise not because you asked for them, but because trust and mutual respect have been established. People are far more inclined to help, recommend, or partner with those they feel genuinely connected to, and these connections are built precisely in the spaces where agendas are absent.

In a world dominated by efficiency and strategy, it can feel counterintuitive to meet people without an explicit goal. But the truth is that the depth of our human connections cannot be forced. Genuine engagement takes time, patience, and openness. It requires the willingness to enter a conversation without a checklist, without a mental tally of what you might gain. It asks for vulnerability—the willingness to be seen and to see others, without expectation. And when we embrace this approach, we find that the value of these interactions often far surpasses anything that could have been calculated.

Meeting someone without an agenda also transforms how we experience our own lives. We begin to see people not as resources but as complex, fascinating individuals with unique stories and perspectives. We notice the richness in diversity of thought, in lived experience, and in the ways different people navigate the world. Our empathy deepens, our listening skills improve, and we develop a genuine appreciation for human complexity. We start to approach relationships with curiosity instead of calculation, with generosity instead of strategy, and with openness instead of caution.

The next time you find yourself in a conversation with someone new, pause before letting your mind run through the familiar questions of utility and benefit. Try simply showing up as a person meeting another person. Let the conversation unfold naturally, allow curiosity to guide your questions, and give the other person room to share without interruption. Listen with full attention. Respond with honesty. Share your experiences without expecting reciprocation. In doing so, you create the conditions for a connection that is both meaningful and enduring.

Some of the most rewarding relationships in life begin this way—not with a calculated goal, not with an immediate payoff, but with genuine human connection. Over time, these relationships often lead to opportunities, collaborations, and friendships that feel effortless precisely because they were never forced. The paradox is that the more we stop trying to “use” connections, the more valuable those connections become.

Ultimately, meeting people without an agenda is not just a networking strategy—it is a way of engaging with the world that prioritises humanity over utility, curiosity over calculation, and connection over convenience. By approaching interactions in this way, we open ourselves to relationships that are richer, deeper, and more transformative than anything we could have engineered. The next conversation you have could be the start of something remarkable—if you let it happen without trying to control it.

Read more:
Why Meeting People Without an Agenda Matters

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The £100k Tax Trap: Why More Professionals Are Questioning the Value of Earning More https://bmmagazine---co---uk.lsproxy.app/opinion/the-100k-tax-trap-why-more-professionals-are-questioning-the-value-of-earning-more/ https://bmmagazine---co---uk.lsproxy.app/opinion/the-100k-tax-trap-why-more-professionals-are-questioning-the-value-of-earning-more/#respond Thu, 24 Jul 2025 08:52:56 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=161551 Taxpayers stand to save both money and headaches in 2025 by committing to better tax practices in the year ahead, according to leading audit, tax and business advisory firm Blick Rothenberg.

A few weeks ago, I was reading an article in The Times that explored a lesser-known quirk of the UK tax system—one that’s quietly influencing the decisions of high-earning professionals across the country.

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The £100k Tax Trap: Why More Professionals Are Questioning the Value of Earning More

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Taxpayers stand to save both money and headaches in 2025 by committing to better tax practices in the year ahead, according to leading audit, tax and business advisory firm Blick Rothenberg.

A few weeks ago, I was reading an article in The Times that explored a lesser-known quirk of the UK tax system—one that’s quietly influencing the decisions of high-earning professionals across the country.

It looked at the growing number of individuals choosing to structure their income to avoid crossing the £100,000 mark. At first glance, that might sound counter intuitive.

Surely earning more is always better? But what the article revealed—and what many of us are starting to understand more clearly—is that past a certain point, the financial reward for working harder or taking on greater responsibility can begin to diminish significantly. It’s a fascinating and somewhat troubling shift, and one that resurfaced in my mind over the weekend during a discussion with a group of friends.

The conversation wasn’t necessarily about salaries or tax, but as we spoke about career growth, financial planning, and what people’s next steps were, it came up again: that moment when earning more doesn’t always feel like moving forward.

There is a specific point in the UK income tax system—at £100,000—where the rules change dramatically. Not only do you start paying 40% tax on anything earned above that threshold (as part of the higher rate band), but you also begin to lose your tax-free personal allowance entirely. For every £2 you earn over £100,000, £1 of your personal allowance is withdrawn.

By the time your income reaches £125,140, it has been completely removed. This creates an effective marginal tax rate of 60% on the income earned between £100,000 and £125,140. In other words, for every extra pound earned in that band, you’re only taking home 40 pence. I’ve realised that for many people, this is a startling realisation.

What’s perhaps even more surprising is the psychological impact this has. As business leaders and professionals, we’re often driven by a desire to push forward, to do better, to take the next step—whether that’s in the form of a promotion, a larger project, or an increase in pay. But when the financial incentive becomes disproportionate to the effort, responsibility, and stress required, it creates a moment of pause. Should I say yes to that extra work? Is the reward really worth it?

And perhaps most crucially, could I be financially worse off for doing more?

This is especially relevant to a group now commonly referred to as HENRYs—High Earners, Not Rich Yet. Now I didn’t know who this group was when it was brought up over the weekend but it turns out these are individuals typically earning between £70,000 and £120,000, often working in demanding professional roles, raising families, paying mortgages, and contributing

significantly to the economy. On paper, they’re doing well. But the reality can feel very different. Rising childcare costs, higher interest rates, and escalating living expenses are squeezing everyone including this group, which is supposedly leading many to feel stuck between ambition and affordability. The £100,000 tax cliff only adds to that pressure, creating a sort of ceiling that feels artificial, and at times, punitive.

This isn’t just a financial issue; it’s also a cultural and operational one for businesses. If we know that employees may feel demotivated or discouraged from progressing because of how the tax

system affects their take-home pay, what does that mean for retention and progression? Are we unintentionally limiting talent growth by failing to recognise the true impact of taxation beyond the headline rates? And what can employers do to better support their teams in navigating these thresholds?

It starts with awareness. Too often, salary discussions focus solely on gross income, without consideration for how tax structure, benefits, student loans and allowances affect real-world outcomes. Employers need to understand that, for many professionals, crossing that £100k line isn’t a simple milestone—it’s a tipping point. For those managing compensation, offering more thoughtful payment packages that incorporate elements like pension contributions, flexible benefits, or tax-efficient perks can make a significant difference. It’s not just about paying people more, but about helping them make the most of what they earn.

As someone who has spent much of my career advocating for transparency and sustainability in business, I find this situation troubling. Our tax system should be designed to encourage success, not to discourage people from progressing. When individuals start to avoid promotions or extra responsibility because of what it will cost them financially, we’re heading in the wrong direction. I’ve always believed that contribution to society—whether through taxes, employment, or innovation—should be celebrated and supported. But that contribution must also feel fair and proportionate.

The truth is, the people most affected by this threshold are not the ultra-wealthy. They are the business owners, department heads, consultants, and professionals who work long hours, take on significant risk, and support others around them. Penalising them through overly complex and harsh tax rules sends the wrong message. It says: stay where you are. Don’t stretch. Don’t strive. And that’s something we can’t afford—economically or socially.

There’s no easy fix. Tax reform is complex. Talking openly about the realities professionals are facing is the first step. We should feel able to question systems that no longer serve us and to push for smarter, more compassionate frameworks that encourage ambition, reward responsibility, and support the middle layer of our workforce—not just those at the very top or bottom.

It’s not about avoiding tax or gaming the system. It’s about designing a fairer one—where effort and reward stay in healthy proportion, and where success doesn’t have to come at a loss.The £100k tax trap is just one example of where policy and lived experience are out of step. But it’s an important one. And for many professionals—whether they realise it yet or not—it’s already shaping decisions, shifting career trajectories, and redefining what success looks like.

As leaders, we owe it to our teams, and to ourselves, to understand that impact—and to think creatively about how we support ambition, not stifle it.

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The £100k Tax Trap: Why More Professionals Are Questioning the Value of Earning More

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“Did You Mean That Like That?” Conversations – Recognising Unintentional Bias in Business https://bmmagazine---co---uk.lsproxy.app/opinion/did-you-mean-that-like-that-conversations-recognising-unintentional-bias-in-business/ https://bmmagazine---co---uk.lsproxy.app/opinion/did-you-mean-that-like-that-conversations-recognising-unintentional-bias-in-business/#respond Tue, 01 Jul 2025 12:36:55 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=160546 Let me start with this: most bias isn’t loud. It doesn’t storm into the room or make a scene. It’s subtle. It hides behind compliments, casual comments, and unspoken assumptions. And that’s exactly why we need to prioritise talking about it. In today’s workplaces, many of us genuinely want to be inclusive. We pride ourselves on being

Let me start with this: most bias isn’t loud. It doesn’t storm into the room or make a scene. It’s subtle. It hides behind compliments, casual comments, and unspoken assumptions. And that’s exactly why we need to prioritise talking about it. In today’s workplaces, many of us genuinely want to be inclusive. We pride ourselves on being

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“Did You Mean That Like That?” Conversations – Recognising Unintentional Bias in Business

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Let me start with this: most bias isn’t loud. It doesn’t storm into the room or make a scene. It’s subtle. It hides behind compliments, casual comments, and unspoken assumptions. And that’s exactly why we need to prioritise talking about it. In today’s workplaces, many of us genuinely want to be inclusive. We pride ourselves on being

Let me start with this: most bias isn’t loud. It doesn’t storm into the room or make a scene. It’s subtle. It hides behind compliments, casual comments, and unspoken assumptions. And that’s exactly why we need to prioritise talking about it. In today’s workplaces, many of us genuinely want to be inclusive. We pride ourselves on being

self-aware, open-minded, and fair. But bias isn’t always about conscious discrimination. More often, it shows up in the small things — in who we make eye contact with, who we defer to in conversation, or whose ideas we quietly overlook.

Bias doesn’t just live in hiring practices or performance reviews — it creeps into how we speak to each other, who we trust, and who we assume holds the authority in the room. And even when it’s unintentional, it’s no less powerful. In fact, that’s what makes it so difficult to address.

These small moments shape workplace culture. They influence how people feel — whether they feel heard, respected, and seen. And they have real consequences. Over time, they impact who gets invited to the table, who feels comfortable speaking up, and ultimately, who progresses.

What makes this even more complicated is how hard it can be to call out. When bias is subtle or unconscious, raising it can feel awkward or even risky. You’re often left wondering if you’re being too sensitive, or worse, made to feel like the problem for pointing it out.

I’ve experienced it firsthand. I’ve been in business conversations where I was leading the discussion — until my husband joined me. Suddenly, the conversation shifted toward him, as if the authority had walked in with him. I’ve had visitors to my company assume someone else — usually male — must be the owner. These aren’t isolated incidents. And I know many others, across genders, ages, and backgrounds, have similar stories.

Unintentional bias doesn’t discriminate. It affects women, yes. But it also affects younger professionals who are spoken down to, older colleagues who are overlooked for being “outdated,” introverts mistaken for lacking confidence, and people from diverse ethnic or socioeconomic backgrounds whose voices may not fit the dominant culture of the room. It doesn’t always come from malice. Often, it comes from familiarity, habit, or a lack of exposure to difference.

Sometimes the bias shows up in meetings — where the same voices are heard over and over, while others remain on the margins. Sometimes it shows up in casual conversation — when assumptions are made about someone’s role, capability, or priorities. And sometimes, it’s in who we turn to for validation, feedback, or final decisions.

The challenge with these forms of bias is that they can feel so ordinary. They’re not big enough to warrant a complaint, but they chip away at people’s sense of belonging. When you experience these moments repeatedly, they become exhausting. You start to anticipate beingoverlooked, dismissed, or misunderstood. And that anticipation can hold people back from contributing, taking risks, or even staying in a role long-term.

So, what can we do?

First, we can listen more carefully. Not just to what’s being said, but to who is saying it — and who isn’t being heard. We can be aware of patterns: are certain people regularly interrupted?

Are some ideas dismissed until repeated by someone more senior or familiar? Second, we can challenge our own assumptions. Before making a judgement about someone’s ability or credibility, ask yourself: am I basing this on evidence, or on a stereotype I haven’t questioned? Am I hearing this person clearly, or filtering their voice through a bias I didn’t realise I had?

Third, we can be more intentional about inclusion. That means actively inviting quieter voices into conversations, giving credit where it’s due, and making space for different communication styles. It also means acknowledging when we get it wrong — and being open to feedback without defensiveness.

And finally, we can keep the conversation going. It’s easy to treat bias as a box to tick or a workshop to attend. But real inclusion is a daily practice. It’s built in every meeting, every interaction, every decision.

These efforts don’t have to be perfect to be meaningful. Sometimes it’s just about pausing before reacting. If someone raises a concern, instead of getting defensive, we can respond with curiosity: “Can you tell me more about what you noticed?” That small shift — from defensiveness to dialogue — can make all the difference.

It’s also helpful to understand that addressing bias doesn’t mean pointing fingers. It’s not about blame. It’s about learning. We all have blind spots. We’ve all absorbed messages, assumptions, or social cues that we didn’t even realise were shaping our thinking. The goal isn’t to be flawless — it’s to be willing to reflect and grow.

Leaders in particular have a crucial role to play. The way they handle feedback, distribute opportunities, and model inclusive behaviour sets the tone for the whole team. But you don’t have to be a manager to make a difference. Every one of us contributes to the culture we work in. Inclusion is everyone’s responsibility. Creating a more inclusive workplace doesn’t require sweeping reforms or complex HR

initiatives. It begins with awareness. With slowing down, paying attention, and having the humility to admit we all have blind spots. It’s in how we speak, who we notice, and whether we’re really listening.

Because when people feel seen and valued for who they truly are — not just who we assume they are — we create a workplace that works better for everyone.

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“Did You Mean That Like That?” Conversations – Recognising Unintentional Bias in Business

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The Power of No: Why, When and How to Say It https://bmmagazine---co---uk.lsproxy.app/opinion/the-power-of-no-why-when-and-how-to-say-it/ https://bmmagazine---co---uk.lsproxy.app/opinion/the-power-of-no-why-when-and-how-to-say-it/#respond Fri, 09 May 2025 13:31:55 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=158438 Workers’ wages outstripped the pace of inflation for the first time in over a year in July, helping ease the strain on households who have suffered from an erosion in their real pay.

Running a small or medium-sized business often means navigating a constant stream of demands. From emails requesting your insight to acquaintances seeking introductions, and charities asking for your time or support, it can feel like your attention is endlessly divided.

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The Power of No: Why, When and How to Say It

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Workers’ wages outstripped the pace of inflation for the first time in over a year in July, helping ease the strain on households who have suffered from an erosion in their real pay.

Running a small or medium-sized business often means navigating a constant stream of demands. From emails requesting your insight to acquaintances seeking introductions, and charities asking for your time or support, it can feel like your attention is endlessly divided.

In a culture where responsiveness and openness are often equated with professionalism, saying yes becomes the path of least resistance. Yet, for business leaders determined to protect their time, energy, and strategic direction, the real skill lies in saying no—and saying it well.

Saying no is frequently misunderstood. It’s not about being obstructive or aloof, nor is it a rejection of collaboration or community. Rather, it’s about making deliberate choices that safeguard your capacity to lead effectively. Every yes you give represents a commitment of your most finite resources. Every no, when delivered with thought and care, becomes a conscious investment in your focus, priorities and long-term goals.

For entrepreneurs and SME leaders, the impulse to say yes often stems from positive traits: generosity, ambition, and a genuine desire to help others. These qualities are admirable. But when left unchecked, they can lead to burnout, distraction, and missed opportunities. The business landscape is littered with well-intentioned leaders who agreed to too much, too often, and lost sight of what really mattered.

Warren Buffett famously observed that “the difference between successful people and very successful people is that very successful people say no to almost everything.” This quote is repeated so often because it speaks to a difficult truth: the path to real success is paved not just with action, but with discipline. The ability to discern what to engage with—and what to walk away from—can make all the difference in a business’s trajectory.

So how does one know when to say no? It begins with clarity. Clarity about what your business is trying to achieve, what your own role should focus on, and what success looks like over the short and long term. From there, it becomes possible to assess new requests through a personal decision-making filter. My own framework revolves around five key questions: Will this make me money? Will it help a large number of people? Will it support the business in future, even if not immediately? Am I repaying a favour to someone who has supported me? And finally, do I have a genuine moral obligation to do this?

Not every decision needs to tick all five boxes, but a strong yes to even one of them often justifies the time. If a request doesn’t align with any of them, it’s likely a no. Importantly, this is not about judging the merit of the request itself—many will be entirely reasonable and well-meaning—but about understanding whether it fits with your current mission and capacity.

Many SME leaders will be familiar with the kinds of scenarios where this filter proves valuable. A former colleague asks you to provide ongoing mentorship for free, even though your team urgently needs your guidance. A well-connected acquaintance wants you to co-host a webinar series that could enhance your profile, but would require weeks of preparation during your busiest season. A charity you admire invites you to speak at their fundraising event, but you arealready committed to another cause. Each of these examples might appeal to your sense of goodwill or ambition—but that doesn’t mean they are right for you, right now.

The next challenge, of course, is how to say no without damaging relationships. This is the part that many of us find difficult. We worry about appearing unkind, ungrateful, or disinterested. But the reality is that when you say no with respect and clarity, most people will understand—and many will admire your decisiveness. It helps to be direct, but warm. A simple statement such as,

“Thank you for thinking of me, but I need to focus on existing commitments at the moment,” is usually more than sufficient. Avoid over-explaining or apologising excessively, as this can inadvertently undermine your message. If you can offer an alternative, do—perhaps by suggesting someone else who might be able to help, or recommending a more suitable time to revisit the idea. And always express appreciation. A heartfelt thank you shows that you value the connection, even if you cannot say yes this time.

Over time, saying no becomes easier. It evolves from an uncomfortable act into a confident expression of self-awareness. As you begin to say no more often, you may notice that people start to respect your time more—and that your own sense of focus and control improves significantly. When you do say yes this will carry more weight, because people will know they are considered and genuine.

This mindset also has a powerful effect on your team. By modelling boundaries and intentional decision-making, you encourage those around you to do the same. In a business environment where overwhelm is increasingly common, this example can be transformative. Your business benefits, your people benefit, and ultimately, so do your customers and clients.

Leadership isn’t about doing everything—it’s about doing the right things, at the right time, for the right reasons. That means being selective. It means embracing the power of no, not as a rejection of opportunity, but as a tool for growth.

So the next time a request lands in your inbox and you feel that familiar pull to agree, take a breath. Run it through your filter. Ask whether it serves your business, your values, or your strategic direction. And if it doesn’t, say no. Kindly, clearly, and without guilt.

Because in business—as in life—every no to the wrong thing is a yes to something better.

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The Power of No: Why, When and How to Say It

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The Rural Recruitment Struggle: Finding the Right Staff Outside the City https://bmmagazine---co---uk.lsproxy.app/opinion/the-rural-recruitment-struggle-finding-the-right-staff-outside-the-city/ https://bmmagazine---co---uk.lsproxy.app/opinion/the-rural-recruitment-struggle-finding-the-right-staff-outside-the-city/#respond Mon, 31 Mar 2025 10:15:03 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=157085 Hiring the right staff has always been a challenge for businesses, but for small businesses operating outside major UK cities, the struggle is even more pronounced.

Hiring the right staff has always been a challenge for businesses, but for small businesses operating outside major UK cities, the struggle is even more pronounced.

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The Rural Recruitment Struggle: Finding the Right Staff Outside the City

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Hiring the right staff has always been a challenge for businesses, but for small businesses operating outside major UK cities, the struggle is even more pronounced.

Hiring the right staff has always been a challenge for businesses, but for small businesses operating outside major UK cities, the struggle is even more pronounced.

With talent gravitating towards urban areas, rural and small town businesses often face difficulties attracting and retaining skilled employees. The challenge isn’t just about finding people but is about finding the right people, those with the right skills and experience who are also willing to work outside of the city.

Unlike in cities, where job seekers are abundant, rural businesses often have fewer applicants for open roles or applicants that are perhaps not quite as experienced as the role may require.

Many skilled professionals move to urban areas for better career prospects, leaving businesses in smaller towns and suburban areas with a restricted talent pool. This issue is further exacerbated by the fact that many job seekers are unaware of opportunities available outside of major hubs. With large job boards and recruitment firms often focused on metropolitan areas, smaller businesses in rural locations struggle to gain visibility among potential employees. Even when vacancies are advertised, they often receive fewer applications, limiting the choice for business owners who require skilled staff.

Transportation challenges add another layer of difficulty for rural small businesses. Many job seekers hesitate to accept roles in rural locations due to limited transport links. Unlike cities, where you have plenty of options for public transport making your commuting relatively easy, rural areas often lack consistent and reliable transport options. This makes car ownership almost essential, which is of course not always an option. Even those who do drive may be put off by the idea of a long and potentially costly commute. Additionally, rising fuel prices and the general cost of living in the UK mean that many employees are reluctant to take jobs that require significant travel.

Even in cases where businesses find suitable candidates, wage expectations can create further obstacles. Larger companies in cities can afford to offer higher salaries, along with attractive benefits such as private healthcare, gym memberships, and generous pension contributions.

Small businesses operating on tighter budgets may struggle to match these incentives, making it difficult to attract top talent. Additionally, many job seekers expect remote or hybrid working options, which are not always feasible for roles that require a physical presence. This puts rural businesses at a disadvantage when competing for skilled workers. Beyond salary concerns, generational preferences also play a role in recruitment challenges.

Younger workers, particularly Millennials and Gen Z, often prioritise jobs that offer flexibility, career progression, and include a vibrant work environment. Many view rural jobs as limiting in terms of networking opportunities and career advancement, leading them to favour roles in urban areas where professional communities are more established. To address these challenges, small businesses must adopt innovative and strategic recruitment approaches. One of the most effective ways to expand the talent pool is by offering hybrid or fully remote roles. While not all jobs can be performed remotely, businesses that provide flexible working arrangements will have a greater chance of attracting skilled professionals who prefer to live in cities but are open to working for a rural employer. Even allowing employees to work from home a few days a week can make a position more appealing which does mean that as a business you have to start to adapt to the idea of hybrid working, although this may be attractive to applicantants it is usually not attractive to the business itself.

For roles that require a physical presence, businesses need to find creative ways to make their job offers more attractive. While it may not be possible to compete with city based salaries, employers can provide alternative perks, such as flexible working hours, additional holiday allowances, or professional development opportunities.

Another crucial strategy is investing in local talent through training and apprenticeship programmes. Businesses can partner with local colleges, universities, and government funded initiatives to provide skills development opportunities. Apprenticeships, in particular, offer a way for businesses to train employees from within the community, ensuring a steady pipeline of skilled workers. By nurturing talent locally, businesses can reduce reliance on city based hires while also strengthening ties with the community.

Employer branding is another key factor in attracting staff. Many small businesses underestimate the importance of marketing themselves as great places to work. In today’s digital age, having a strong online presence is essential. Businesses should leverage social media, company websites, and networking events to showcase their work culture, employee success stories, and career growth opportunities. A well crafted employer brand can help change perceptions and position a business as an attractive employer, even if it is located outside of a major city.

Government support and policy changes could also make a difference. Businesses should stay informed about government grants and funding opportunities that support workforce development in rural areas. Engaging with policymakers and industry associations can help ensure that the challenges faced by rural employers are recognised and addressed.

While hiring in rural areas will always have its challenges, small businesses that invest in local talent, enhance their employer branding will stand a much better chance of attracting and retaining the right staff. Cities may continue to dominate the job market, but with the right approach, businesses outside urban centres can still compete and thrive. By focusing on creative recruitment strategies, offering attractive incentives, and working together as a community, rural businesses can turn their hiring struggles into opportunities for long-term success.

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The Rural Recruitment Struggle: Finding the Right Staff Outside the City

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The Four Day Work Week: A Game Changer or Just a Trend? https://bmmagazine---co---uk.lsproxy.app/opinion/the-four-day-work-week-a-game-changer-or-just-a-trend/ https://bmmagazine---co---uk.lsproxy.app/opinion/the-four-day-work-week-a-game-changer-or-just-a-trend/#respond Thu, 06 Feb 2025 14:24:11 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=154879 The traditional five day work week has been the standard for over a century, but recent shifts in the workplace culture and employee expectations have sparked interest in a shorter work schedule.

The traditional five day work week has been the standard for over a century, but recent shifts in the workplace culture and employee expectations have sparked interest in a shorter work schedule.

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The Four Day Work Week: A Game Changer or Just a Trend?

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The traditional five day work week has been the standard for over a century, but recent shifts in the workplace culture and employee expectations have sparked interest in a shorter work schedule.

The traditional five day work week has been the standard for over a century, but recent shifts in the workplace culture and employee expectations have sparked interest in a shorter work schedule.

The concept of a four day work week gained traction, with companies across the globe experimenting with different models to boost productivity, improve employee well-being, and even reduce operational costs. While some businesses have reported great success, others have encountered challenges. So, there’s a question as to whether the four day work week is really a sustainable choice.

One of the most significant benefits of a four day work week is the improved work life balance it offers employees. By working fewer days, employees have more time to spend with family, put time into their personal hobbies, or simply relax and have down time.

Companies that priorities a work life balance can see increased job satisfaction among their employees when adopting the idea of a four day work week. Thinking about this from a business owners’ perspective this could lead to a lower turnover rate and a more engaged workforce that are able to work more efficiently and work to a higher standard. In today’s market there is especially high competition to gain the best skilled employees for your team and offering an additional day off could make a company more attractive to top talent.

It may sound counterintuitive, but studies have suggested that working fewer days can actually enhance productivity. Microsoft Japan experimented with a four day work week and saw a 40% increase in the productivity of their employees. The reasoning for this was simple: when employees had less time to complete their work, they had to focus more, eliminate distractions, and work more efficiently.

For companies, implementing a four day work week can translate into significant cost savings. Fewer office days mean lower electricity bills, reduced office supply usage, and even savings on amenities. However, it would be silly to ignore the flip side of this and see how it could cost your company significant losses. While some industries could thrive under a four day structure, others may struggle. Customer service, healthcare, retail, and other sectors that require constant availability may find it challenging to operate on a reduced schedule meaning customers may become dissatisfied and choose to go elsewhere for their goods. You could stagger employee schedules to help manage this although that may prove a challenge when dealing with operations and not fully resolve the issue.

I’d say one of the most appealing qualities of a four day work week would be to attract and retain top talent that is proving to be a major challenge for employers. Offering a four day work week can be a significant incentive for potential hires. It demonstrates that the company values their employees’ work life balance and is willing to innovate to create a better workplace.

Although there are some pros to the idea of a four day work week and it’s sounding pretty positive at the moment there are some issues with the reality.

One of the biggest challenges of implementing a four day work week is the need to condense your current 40 hours into four days. A reality of this would be longer work days which could be mentally exhausting for your employees, longer working days could have the opposite effect of a shorter work week and cause decreased concentration leading to lack of productivity.

In some cases, companies implementing a four day work week reduce employee salaries to reflect fewer working hours. While this isn’t always the case, it can be a drawback for workers who rely on a salary that reflects full time pay. Any company that wishes to consider a four day model would need to be transparent about salary adjustments and ensure employees are not unfairly penalised for working fewer days. Some businesses choose to maintain salaries while reducing hours, but this would require careful financial planning to ensure this is sustainable for your business.

While many companies report increased productivity, not all businesses see the same benefits. Employees can feel rushed to complete their tasks in fewer days, which could lead to a higher stress level when thinking about work which may lead people to decide that a company with a four day work week isn’t for them.

Many businesses operate on a five day schedule and some a seven days to meet customer demands. Reducing the work week could create gaps in customer service, leading to client dissatisfaction which would create a strain on the customer relationships that we work hard to maintain. Businesses need to carefully consider how reduced hours may impact their client relationships.

The answer isn’t black and white. The success of a four day work week depends on the industry, company culture, and how well the transition is managed. Some businesses could thrive under this model, whilst others may struggle to maintain efficiency and customer satisfaction.

However, the growing conversation around flexible work arrangements suggests that change is inevitable. Hybrid work models, remote work, and reduced-hour schedules are already reshaping our traditional employment structures. Organisations that prioritise flexibility and employee well-being will likely have a competitive edge in attracting and retaining top talent.

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The Four Day Work Week: A Game Changer or Just a Trend?

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What I’ve learnt this year – My 7 Top Tips – Sharing my mistakes so you don’t have to make them https://bmmagazine---co---uk.lsproxy.app/opinion/what-ive-learnt-this-year-my-7-top-tips-sharing-my-mistakes-so-you-dont-have-to-make-them/ https://bmmagazine---co---uk.lsproxy.app/opinion/what-ive-learnt-this-year-my-7-top-tips-sharing-my-mistakes-so-you-dont-have-to-make-them/#respond Thu, 26 Dec 2024 12:03:34 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=153218 Woman,Sitting,Down,,His,Face,Unsettled.,At,The,Computer,Desk

2024 has been a year of navigating for a lot of businesses in the UK. Navigating an election year with the subsequent budget announcement, a later Black Friday and Christmas than usual, a recession, a cost-of-living crisis, and a multitude of internal issues that require consideration from a business owner. Navigation brings failure, but it also brings learning.

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What I’ve learnt this year – My 7 Top Tips – Sharing my mistakes so you don’t have to make them

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Woman,Sitting,Down,,His,Face,Unsettled.,At,The,Computer,Desk

2024 has been a year of navigating for a lot of businesses in the UK.

Navigating an election year with the subsequent budget announcement, a later Black Friday and Christmas than usual, a recession, a cost-of-living crisis, and a multitude of internal issues that require consideration from a business owner. Navigation brings failure, but it also brings learning.

So, what have I learned in this year of navigation? My first top tip: Keep the fun! For the first three quarters of this year I was absolutely miserable. By the end of Q3 I was ready to quit, because of continual staffing issues, huge rising costs without room for price increases and the general turbulence of the economy and having to constantly try to stay ahead of it. But then I realised that life is too short. We need to lighten up and try to bring the fun element back in. These thigs are going to be happening around you either way. You can choose to face them with a terrible attitude or grin and bear it.

Second, learn the difference between being kind and being nice. I’ve been guilty so many times in the past of feeling sorry for an individual and putting their individual needs before those of their colleagues and the company. It never pays. If people aren’t pulled up on their bad behaviour, you are giving them implicit consent to continue that behaviour, and the problem always gets worse.

My third learning is making sure that everything is measurable. You have a photographer, for example. What is their output requirement? For every project, for every month, for every person in the company, you need specific targets that are quantitative.

Four – go after low hanging fruit. When times are good, it’s easy to pad the team out with ‘nice to haves’. When we’re headed into a year of increased wage costs and a huge increase in employer’s NI, do we really need these roles? Is the salary at least adding that money back to the bottom line, either directly or indirectly? If not, do we need that role or could it be incorporated into another role? We know individuals can fill their day or become acquainted with a certain workload, so it doesn’t mean people aren’t working hard, but the question must be asked. Are these jobs a ‘nice to have’ or necessary for the functioning of the business?

My fifth learning is what Tony Robbins always says – you must take time out to work on the business and not in the business. You can become so entangled in the day to day weeds that it becomes difficult to stop, pull back and look at the higher level work that demands its own focus. I’m spending the quiet time between christmas and new year to really strategise on how we can reach new markets.

Sixth: the most difficult (for me, at least.) Procedures, procedures, procedures. Most entrepreneurs (including myself) hate procedures, but without them, you leave the company vulnerable to risk after risk. If any member of staff is taken out of the business, are there enough procedures for someone to step seamlessly into the role? Does their role have clear, step by step guides and expectations set? This is something that needs to be set up for every job role. This will also support tip four. When you know what goes into a role, you can measure how necessary each task is.

And finally, my seventh top tip. Either trust your staff or let them go! There is no point in hiring staff to do a job and then micro managing them. If you surround yourself with good people, they should know more than you in their chosen field. Let them get on with the job.

It’s been a really tough year, but the reason for stagnation in growth this year is due to me, as the leader. Yes, the market is tough, I mean really tough, but it’s down to me as the leader to navigate that. Half of the work of a leader is being able to hold the mirror up and recognise your failings, and then rather than beat yourself up over them, look to the team around you to compensate for some of those shortcomings.

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What I’ve learnt this year – My 7 Top Tips – Sharing my mistakes so you don’t have to make them

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The Reluctant Leader: A Powerful Shift in Business Leadership https://bmmagazine---co---uk.lsproxy.app/in-business/advice/the-reluctant-leader-a-powerful-shift-in-business-leadership/ https://bmmagazine---co---uk.lsproxy.app/in-business/advice/the-reluctant-leader-a-powerful-shift-in-business-leadership/#respond Fri, 25 Oct 2024 07:20:07 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=150963 Many of the challenges faced by businesses today are complex, multifaceted and interconnected – requiring a combination of human ingenuity and technological capabilities to solve. 

In today's competitive business landscape, successful leadership is often portrayed as assertive, visionary, and highly ambitious. However, an equally powerful yet often overlooked archetype is the reluctant leader.

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The Reluctant Leader: A Powerful Shift in Business Leadership

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Many of the challenges faced by businesses today are complex, multifaceted and interconnected – requiring a combination of human ingenuity and technological capabilities to solve. 

In today’s competitive business landscape, successful leadership is often portrayed as assertive, visionary, and highly ambitious. However, an equally powerful yet often overlooked archetype is the reluctant leader.

These individuals do not actively seek leadership roles but are thrust into them because of their expertise, integrity, or sense of responsibility. Despite their initial hesitation, reluctant leaders often prove to be exceptionally well-suited for complex, people-centric environments, where ethical leadership is highly valued.

A reluctant leader is someone who has stepped into a leadership role, not out of ambition or desire for power, but because of a necessity within the team. These leaders will usually shy away from leadership, preferring to focus on their specific areas of expertise. However, when their environment demands strong leadership and the absence of a suitable alternative becomes apparent, they feel compelled to take on the role.

I believe that when creating your working environment, you need to think of what will help your employees feel as though they are supported and part of a team. Unlike more assertive leaders who may prefer to dictate direction, reluctant leaders will prefer to work with their team in a way that fosters collaboration, empowering employees to contribute more actively to decision-making. I find this helps me lead with an open mind so we can find solutions as a team.

I never saw myself as a leader. I never really thought I would become a business owner either, but when you go to the bank with your business proposal or when you are standing in front of potential investors, you are rarely thinking about the possibility of you having employees that you are responsible for. I started Tiny Box Company because I knew there was a gap in the market for sustainable packaging. There needed to be a company that offered smaller businesses the option of ordering without a minimum order quantity. I never thought about how 17 years later, I would have 100 employees looking to me for direction and answers that quite honestly, I don’t always have.

For some, leadership comes naturally, however, for many of us who, if possible, tend to avoid the spotlight, then sometimes leadership can be a struggle, especially at the beginning while you are still finding your bearings. Becoming a leader demands that you learn a new set of skills, one being the ability to have hard or sometimes awkward conversations with staff members.

I remember one of the first awkward conversations I had to raise with an employee. We had an employee that was putting in for overtime, which was fairly normal, however, we soon realised that this employee had been exaggerating the extra hours worked and had actually joined forces with an employee of a business next door who had been doing the same thing. This employee had overlooked that we had CCTV, so naturally, I asked to see the footage and had to confront the employee with it. For me, this was one of the first uncomfortable conversations I had to have as a manager, and I remember feeling incredibly nervous beforehand and not feeling much better afterwards. In fact, afterwards, I felt unequipped to deal with conversations like that. It was not in my nature, although over time, I have gotten better, and now I remind myself of one of my favourite sayings, “suck it up Buttercup” and tell myself it is part of the gig, so you need to get on with it.

When you are in a leadership role, it is critical to remember that your behaviour filters down through your team. You need to remember that people look to you, especially as the CEO. I know my senior managers often look to me for guidance on how to run their departments or manage their team, so making sure that I am leading by example is key.

I think one of the hardest parts for me has been realising that your employees are not always going to be your friends. You need to be firm but fair and be kind but still be able to have those awkward conversations if needed. One of your new job roles is going to be keeping your team together and keeping everyone on track for the greater good of the business. Steve Jobs said, “You know who the best managers are. They’re the great individual contributors who never ever want to be a manager.” Sometimes you must step up because you know you can get the job done. You may have never seen yourself as a leader, but as soon as you step up to the role, you must acknowledge the responsibility that comes with it. Becoming a leader pushed me out of my comfort zone and forced me to become comfortable with the uncomfortable.

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The Reluctant Leader: A Powerful Shift in Business Leadership

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Perception is your reality https://bmmagazine---co---uk.lsproxy.app/opinion/perception-is-your-reality/ https://bmmagazine---co---uk.lsproxy.app/opinion/perception-is-your-reality/#respond Tue, 03 Sep 2024 08:10:21 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=149064 The owner of Pepco, Poundland and Dealz, the European discount retail brands, has pledged to “protect prices” after reporting a 17.5 per cent rise in first-half revenue driven by new store openings.

Perception is a powerful force that influences how we view the world and, in turn, how the world views us. Today's environment is saturated with social media and influencers covering all areas of the market, leading to perception becoming even more critical for a brands success.

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Perception is your reality

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The owner of Pepco, Poundland and Dealz, the European discount retail brands, has pledged to “protect prices” after reporting a 17.5 per cent rise in first-half revenue driven by new store openings.

Perception is a powerful force that influences how we view the world and, in turn, how the world views us. Today’s environment is saturated with social media and influencers covering all areas of the market, leading to perception becoming even more critical for a brands success.

How you see the world around you is your reality, and while you have some control over this, it’s important to recognise that everyone filters their experiences differently. Judging someone based on their perception of the world overlooks the complexity of their personal experiences and biases. Our individual perspectives are deeply personal and often differ significantly from those of others.

Perception extends into every facet of life, including business. How you perceive your brand may not align with how your customers see it. Their perception is often influenced not just by your branding, but also by their personal experiences. For instance, I grew up with a heavy drinker in my family so I know I’m hypersensitive to the smell of alcohol, while others might not notice it at all. Personal filters affect how people perceive businesses.

The way you brand your business is crucial to how your customer base perceives you. Customers are often more perceptive than businesses give them credit for; they notice even slight changes in packaging or shifts in your social media presence. To maintain trust, your branding needs to be clear, consistent, and aligned with the image you wish to project out to the world. If your branding is inconsistent, it can create confusion and mistrust among your customers, which can deter them from engaging with your business.

Rebranding is an option if your business evolves, but it’s vital that any new branding strategy fits seamlessly with the image you’ve worked to build. A mismatch between your brand’s message and its presentation can lead to a breakdown in consumer trust.

When it comes to perception, you need to spell it out for your customers. If you position your business as a value brand, it’s essential to make this unmistakably clear in every aspect of your branding. People naturally follow patterns and associate certain visual cues with specific types of brands. For example, if your logo resembles a luxury retailer like Harrods, but you claim to be a discount brand, customers will find it hard to believe your positioning. This disconnect between brand and customer can create confusion and lead to mistrust, as customers may perceive your brand as disingenuous. Clear, consistent branding that aligns with your market position is key to establishing credibility and maintaining customer trust.

Consider the case of Poundland in 2017, when the company began raising prices beyond its traditional £1 model. This change sparked a backlash because customers had a clear perception of what Poundland represented—a store where everything cost £1. The sudden shift led to confusion and a sense of betrayal among customers, who felt blindsided by the change, especially when they were spending their hard-earned money. This shows the importance of maintaining a consistent brand message to uphold customer trust.

It’s also important to acknowledge that customer perception can be stubborn, often influenced by your brand name or initial messaging. For instance, at Tiny Box, despite our efforts to communicate to our customers that we actually have a much broader product range than just boxes, many customers still perceive Tiny Box Company as selling only boxes. As a company we have to continue to work on this and ensure our customers are aware that we can provide them with any packaging need. This highlights the challenge of shifting ingrained customer perceptions and the need for ongoing, clear communication for your customers.

Perception is not just a passive experience but an active force that shapes businesses success. By recognising the unique filters through which your customers view your brand, and by ensuring consistency and clarity in your branding, you can align customer perceptions with your intended image, fostering trust and loyalty in the process.

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Perception is your reality

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Finding clarity in your business https://bmmagazine---co---uk.lsproxy.app/in-business/advice/finding-clarity-in-your-business/ https://bmmagazine---co---uk.lsproxy.app/in-business/advice/finding-clarity-in-your-business/#respond Sat, 20 Jul 2024 16:22:51 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=147594 New research shows that despite the fact that UK entrepreneurs generate £950bn in annual revenue, entrepreneurs in the most innovative regions are struggling to access the funding they need to grow.

Every week, when I take business clinics, eager entrepreneurs ask a wide variety of questions, such as “Should I take Investment?”, “Should I expand into the International market?”, “Should I start employing staff?”, “Do I need to invest in a CRM system?”, “should I hire a Social Media agency?”.

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Finding clarity in your business

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New research shows that despite the fact that UK entrepreneurs generate £950bn in annual revenue, entrepreneurs in the most innovative regions are struggling to access the funding they need to grow.

Every week, when I take business clinics, eager entrepreneurs ask a wide variety of questions, such as “Should I take Investment?”, “Should I expand into the International market?”, “Should I start employing staff?”, “Do I need to invest in a CRM system?”, “should I hire a Social Media agency?”.

The list goes on.  But if you drill down, all such questions come back down to the same fundamental question.  Where do you want to take your business?

It seems the most fundamental question, that affects every decision you make as a business owner, never gets given much time and attention.

Would you jump in your car with no road map or sat nav and hope to get somewhere vaguely that you wanted to, without having a clue about the route?  Unless you love driving (or you’re a glutton for punishment!) you’d probably want to do a bit of research on the route first.  So why don’t we do it in business?

One of the main reasons is because business owners don’t want to dream big enough due to limiting beliefs or imposter syndrome. Others think “let’s just see where it goes”, or entrepreneurs think putting a plan together is too much work, especially if it involves lots of numbers and spreadsheets. So a plan never gets created.

But here’s the problem.

Frustrations start to occur because you then see other entrepreneurs on social media looking to be far more successful than you.  How did that happen?  How did they get there, whilst you’ve been working your butt off, focusing 7 days a week?

What did they do differently?

Chances are, they had a plan!  Nothing super detailed necessarily, but they had a clear vision of where they want to take their company or career and the steps they then need to take to get them there.

Many of the most successful entrepreneurs will suggest to “Begin with the end in mind”.  I.e. in x amount of time what will be the end goal of the business.  Will you want to sell for retirement, or will you want to build quickly and sell to a bigger organisation, so you can start on the next venture, or do you plan to just run the business as a lifestyle business?

The main thing here is to be really honest with yourself about what you *actually want*. If the idea of a multinational,billion pound empire appeals to you, but you also like to spend your weekends in the pub with your mates, and travel is not really your thing, would you actually take that opportunity if it came knocking at your door? Or would you prefer a work life balance where you run a smaller empire with less pressure and less travel?  It also means being really honest about your personality and capabilities, and what you enjoy.  This is so much more important than comparing yourself to others on social media and wrongly believing that everyone around you is making a huge success of their career, whilst you appear to be stuck or drifting.

If you don’t know where to start in gaining clarity, then a great starting point is not to focus solely on financial goals, but focus on the *experiences* you would like to have during your lifetime.  If travel is really important to you and financial independence, then a business focussing on an international nomad lifestyle would be a great move.  A business drifting to taking on premises and more and more staff may not be so conducive if nomadic travel is the experience you want to have.  If you want to experience your children growing up and being “present” then a business or career that can accommodate that would allow you to fulfil your dreams.  And that’s ok!  So many entrepreneurs I speak to actually give a visible sigh of relief when we talk through the fact that it is your life journey and no-one else’s, so if you want to have just a lifestyle business that affords the experiences you want to have, the only person stopping you is you.  But if you want a billion pound empire, that’s ok too, so long as you’re doing it for you and not because your mum / dad / partner / hairdressers wife’s second cousin think that’s what you *should* do.

Once you have real clarity on where you want to take your business, the rest slots into place.  On any decision, you simply ask “does what I am suggesting, or thinking about fit in with the overall vision I have?”  You can then also focus on the skills you need / want to develop, in order to achieve the experiences, you are now focussing on.

I have a vision board in my office, which consists of a collage of pictures that all represent the experiences I want to have.  Friends and family are important to me, so any business decisions I make, I keep them in mind. I also want a house abroad, somewhere hot!  That is also kept in mind when making business decisions, as is running operations as ethically as possible.  Yes, I would like my empire to grow significantly, and I have a 3 year forecast.  But it is all within the constraints of staying ethical and true to myself, my friends and family – and of course that villa in 30 degrees!

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Finding clarity in your business

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Why is nobody already selling my idea? https://bmmagazine---co---uk.lsproxy.app/columns/why-is-nobody-already-selling-my-idea/ https://bmmagazine---co---uk.lsproxy.app/columns/why-is-nobody-already-selling-my-idea/#respond Mon, 03 Jun 2024 15:40:34 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=145720 Starting a business often begins with a spark of inspiration. There are some of us who naturally find new opportunities in everything we see, we think, "What if there was a solution to this problem?" or "How could this be easier for people?" This curiosity then leads us to innovative ideas and potential business ventures.

Starting a business often begins with a spark of inspiration. There are some of us who naturally find new opportunities in everything we see, we think, "What if there was a solution to this problem?" or "How could this be easier for people?" This curiosity then leads us to innovative ideas and potential business ventures.

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Why is nobody already selling my idea?

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Starting a business often begins with a spark of inspiration. There are some of us who naturally find new opportunities in everything we see, we think, "What if there was a solution to this problem?" or "How could this be easier for people?" This curiosity then leads us to innovative ideas and potential business ventures.

Starting a business often begins with a spark of inspiration. There are some of us who naturally find new opportunities in everything we see, we think, “What if there was a solution to this problem?” or “How could this be easier for people?” This curiosity then leads us to innovative ideas and potential business ventures.

A lot of the time when we have new ideas, our natural first step is jumping on Google to see whether there’s already a business out there providing the consumers with the product or service. We want to see whether it’s worth further investment before taking any steps forward. The initial Google search then leads to questions like what to do if there is a business out there, or if there isn’t, what your next step should be. What if someone had previously failed at it? Does that mean you give it up too?

When you’re trying something new it’s quite common to have intrusive thoughts and I think we all know what that feels like. They can distract you and hugely impact the decisions you make, it’s important not to let them prevent you from moving forward.

So, what if your idea is something that isn’t already a product and never has been?

If you find yourself with a brand-new idea it can be both exciting and daunting. You could ask questions like, “Why is nobody selling my idea already? Is there a reason? Will anyone understand it?”

If the product isn’t already on the market, it could simply be that no one had the idea for it, or more likely it could be that someone did and they saw the same problem that you’re seeing, but they didn’t do anything about it. Some people have the idea but never act on it and leave the opportunity out there for someone else.

Your first step is going to be conducting thorough market research. Even if you can’t find a direct competitor, there may be indirect competitors or similar products on the market. You want to look at what solution they are providing their customers with. Market research is going to help you understand the potential demand and gaps in the market that your idea can fill.

Sharing your ideas can be daunting, especially when thinking about whether anyone is going to understand what you’re talking about. You want to share with people who support you, but know that they might not tell you if they think the idea is going to fail.

Something you do need to remember is that you don’t want to give your idea away if it’s not been protected, either by a non-disclosure agreement being signed, trademarking, patenting or copyrighting your idea, designs and names. If initially, these things haven’t been done, try and give a rough outline of the idea but nothing too detailed.

You’ll need to research and find a similar product to yours so you can find an estimated price point to determine whether people would pay that amount for this product. You’d also want to know what a similar product is selling for in another country if you wanted to take your idea global.

No matter what the idea is, bringing a non-existent product to market is a challenging but rewarding journey and you should persevere with it.

But what if your idea has already existed and previously failed, what do you do next?

If someone already tried your idea and it failed, it doesn’t necessarily mean your idea is doomed from the start. If you find out your idea had previously failed, you need to do your research and find out what caused the idea to fail.

Conducting market research is going to be the starting point for you. You want to be thorough with this to find out why the idea failed, what the market was like when they launched the idea, what their marketing strategies were, and whether the product simply didn’t get the momentum it needed to launch.  Once you’ve got this research you can use it to see how you could avoid the same mistakes and improve your approach.

Whether the idea is new or not you need to perform your own market research to validate the demand for your product or service, making sure the idea is useful and fulfils a purpose. An easy way of getting market research is going to be for you to engage directly with your potential customers through surveys, interviews, or focus groups.

Focus groups can be particularly useful for gathering detailed feedback and suggestions as these groups will be filled with strangers, asking family or friends for their opinions sounds like a good idea although, they usually won’t be completely honest with you which is what you need.

You need to use your research to define demographics, preferences, and buying behaviours to tailor your product and marketing strategies effectively. Once you know who you’re selling to you need to make sure your idea is clear and easily understandable, ensure your idea addresses a specific pain point or problem that potential customers are facing. The more pressing the problem, the higher the demand will be for your solution.

By validating your idea, protecting it, developing a solid business plan, and staying focused and resilient, you can turn your innovative concept into a successful business venture. Richard Branson said, “There is no greater thing you can with your life and your work than follow your passions.” If you have passion for what you’re doing, it will help drive you and your ideas.

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Why is nobody already selling my idea?

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Dragons’ Den – Are we in or out? https://bmmagazine---co---uk.lsproxy.app/columns/dragons-den-are-we-in-or-out/ https://bmmagazine---co---uk.lsproxy.app/columns/dragons-den-are-we-in-or-out/#respond Wed, 24 Apr 2024 14:54:29 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=144348 One of the most common questions I get asked by other business owners is whether getting investment from Dragons through Dragons' Den guarantees success, and whether the experience is as daunting as it appears.

One of the most common questions I get asked by other business owners is whether getting investment from Dragons through Dragons Den guarantees success, and whether the experience is as daunting as it appears.

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Dragons’ Den – Are we in or out?

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One of the most common questions I get asked by other business owners is whether getting investment from Dragons through Dragons' Den guarantees success, and whether the experience is as daunting as it appears.

One of the most common questions I get asked by other business owners is whether getting investment from Dragons through Dragons’ Den guarantees success, and whether the experience is as daunting as it appears.

So, here’s my experience.

Honestly, I never applied to the show, and I never would have done, for several reasons.  Firstly, my own lack of confidence and secondly because we weren’t desperate for the money. We’d started an eco-gift packaging online business but at the time my ex-business partner, Robin had applied for the show, without telling me may I add we hadn’t begun trading. 

He thought he was doing a good thing, as he’d realised fairly early on that radio was his passion far more than packaging, but not wanting to let me down, he thought he would find me new business partners.

A surprise call from the BBC one morning, asking me what we wanted the potential investment for, left me raising eyebrows across the office as Robin mouthed “Blag it, I’ll tell you after.”  So, I did.  We needed stock, new premises, or at least that’s what I told the BBC researcher!

Before I really understood what was happening, we were sent for screen tests in London and then asked for a full business plan. The business plan was easy – numbers are my comfort zone.  Being in front of the camera much less my comfort zone.  Somehow, we passed all stages though and suddenly we had a film date in May 2008 at Pinewood studios.

We arrived at the studios at 7am on the day of filming and went straight into hair and makeup.  We were then placed in the Green Room with all the other entrepreneurs being filmed that day and told to wait. We waited all day.  At 5pm our BBC runner told us that filming had overrun and that we were to go home.  We would be called back.

Relief was mixed with frustration on the way home, along with doubts as to whether we’d actually get a call back.  But a week later we were back in hair and makeup and back in the Green Room…waiting.

We waited all day again, and then finally, last of the day, we were called into the Den.  We walked in to 5 unsmiling faces and were met with no pleasantries.  Straight into the pitch. Robin, the professional presenter suddenly got hit with nerves and the first clip aired by the BBC is me looking at him puzzled, wondering why he was struggling to speak!

The pitch did not go well.  The viewer sees 10 minutes tops.  We were actually in the Den close on 2 and a half hours, and it was brutal. Duncan Bannatyne was particularly brutal accusing me of being on a crusade, was told the business idea was pathetic and that his young daughter could make better products.  What no-one showed on air was that Duncan had sat picking the box throughout our presentation so of course the paper was going to peel off.

Half an hour into the pitch, I thought we had completely blown it.  We didn’t have anything that the Dragons look for – we had nothing patentable or design protected, we had no trading history and very few barriers to entry.  Anyone with a vague idea of how to run a website could easily set up as a competitor.  By this point we had been trading 5 months and had proven the concept, but we had no protection for our fledgling start-up.

In hindsight it sounds ridiculous, but because I thought we had no chance of getting investment, I had never thought of what the reality of taking investment would look like, and what impact it would have on us.  So, when Peter Jones and Theo Paphitis proposed that they would like to invest, I was so shocked, I didn’t know how to respond (insert my puzzled face from earlier.) They offered £60k for 40% of the business. We accepted on the spot.

The BBC crew commented afterwards that entrepreneurs who are successful are normally very pleased and that I didn’t look ecstatic. That’s because I was still trying to work out how it had happened!

What many people don’t realise is that whilst the Dragons may agree to invest on camera, this is only a provisional yes and subject to lengthy due diligence. Either the dragons, or I could pull out at any stage before completion.

I’m often asked how long the Dragons are involved. Very rarely is the investment in any form of loan.  It’s like shares in any other company and therefore the dragons are involved until an exit strategy is agreed, often in the form of selling the company on, or the original entrepreneurs buying the dragons out at a later stage.

The upside of being successful on the show is that you have an 8–10-minute free marketing pitch in front of an initial audience of 4 million viewers.  More than could ever be achieved without a huge advertising budget.  I couldn’t think of a better way to showcase your business in the UK whilst not having a huge budget behind you.

However, it’s a risky strategy.  The editing of those 2 ½ hours in the den is down to the BBC who are, after all, making TV and therefore things will be edited for “entertainment” purposes.  You have no say therefore on how you are going to come across, and if the dragons hate your product or service, it could be an uphill struggle post airing to gain credibility from other potential investors.

Neither does investment from the dragons mean instant success or a sudden opening of that “little black book” of contacts.

After our pitch was filmed, we were invited to a meeting with Peter’s and Theo’s teams, to talk about the way forward. It was decided at the end of the meeting that the Dragons were going to forward me the money and leave me to run the business with little interference.  This was honoured on both sides.  

Last valuation of Tiny Box Company was £15m.  Their return on initial £60k investment, if we were to sell? 9,900%.  And that doesn’t include the annual dividends.  Of course, that assumes we could find a buyer willing to pay that amount, and whilst gulping at the ROI, bear in mind that of 10 investments the dragons make, 9 are statistically likely to fail.

Would I do Dragons Den again? Yes, but I would go in having done a lot more research and making sure I was confident in my company valuation first. It’s also important to go in knowing what you expect the Dragons to bring to the table… after all, you’re looking for a partnership. 

Read more:
Dragons’ Den – Are we in or out?

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My Imposter Self and Me https://bmmagazine---co---uk.lsproxy.app/columns/my-imposter-self-and-me/ https://bmmagazine---co---uk.lsproxy.app/columns/my-imposter-self-and-me/#respond Fri, 22 Mar 2024 13:01:39 +0000 https://bmmagazine---co---uk.lsproxy.app/?p=143266 It was December 30th, and the honours list was announced on the news. I’d been given a tip off that I may have been included in the 2024 list, so as soon as the news was announced, I went to check the full list and see if my name was there. Nothing. I was gutted, but reasoned that I was not worthy enough to deserve such a title.

It was December 30th, and the honours list was announced on the news. I’d been given a tip off that I may have been included in the 2024 list, so as soon as the news was announced, I went to check the full list and see if my name was there. Nothing. I was gutted, but reasoned that I was not worthy enough to deserve such a title.

Read more:
My Imposter Self and Me

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It was December 30th, and the honours list was announced on the news. I’d been given a tip off that I may have been included in the 2024 list, so as soon as the news was announced, I went to check the full list and see if my name was there. Nothing. I was gutted, but reasoned that I was not worthy enough to deserve such a title.

It was December 30th, and the honours list was announced on the news. I’d been given a tip off that I may have been included in the 2024 list, so as soon as the news was announced, I went to check the full list and see if my name was there. Nothing. I was gutted, but reasoned that I was not worthy enough to deserve such a title.

But then a strange thing happened. I started getting messages through congratulating me on my OBE. Had I told people who I didn’t remember telling? If so, this was going to be awkward. But no, more messages came through. What were they seeing that I wasn’t? I re-checked the list and realised I was looking at 2023 list. See? Not the ‘super-brain’ that some people perceive and clearly not worthy if I can’t even check the right year.

I went to the 2024 list and there, under the OBE section was my full name. An OBE for services to sustainability, ethical business growth and exports.

Suddenly I felt really uncomfortable. As more congratulations came in, far from celebrating, I sank further and further into the sofa, not knowing how to respond.

My husband asked what was wrong and I just mumbled about feeling ‘so uncomfortable’ and that people would think I’m a fraud, just like my parents. My husband, ever the practical one said, “ Well just give it back then, if it’s going to make you miserable”.

That got me thinking! Why do we, as women, not want to own our achievements? The more I talked to other women about this, the more I realised that women generally don’t want to own our achievements – that it makes us feel uncomfortable to our very core. Squirmy, even.

Women really do have the unique skills of juggling multiple tasks; looking after children, family, the house, friends, work,and it has been proven time and time again that female-led businesses are actually more profitable. So not only do we have greater “soft” skills, but we are also able to turn that into profit.

Chatting to my colleagues about the situation, I asked the men in our team outright if they ever felt imposter syndrome and it was an overwhelming yes, but they just don’t talk about their emotions in the same way. So we ALL have it (unless we are a sociopath/psychopath or just extremely confident).

This has left me questioning what sort of message we are sending to younger generations. If we can’t recognise that we are more than capable, the younger generations will be mirroring our behaviour and with the compound effect of social media, their confidence will be even more eroded.

So, I am now going to “own” my achievements.

I am a multi award winning entrepreneur (including the Everywoman Natwest Entrepreneur of the Year 2020), the most successful female entrepreneur to have gained investment from Dragons Den to date, and now the proud owner of an OBE. Phew, that wasn’t so hard!

My journey here has been that of a typical entrepreneur (yes, I fit all the classic psychometric definitions of an entrepreneur), where there have been unbelievable highs and equal lows in both my personal life and in business.

My life began with a shaky start, being the result of an extra-marital affair, and ending up in a children’s home for the first few years, before my real father agreed to marry my mother and took on my two half sisters as well. What should have been a happy ending was fraught with difficulties as the three parents (step father, mother and real father) all had their own demons and subsequent mental health difficulties. This led to a house of domestic abuse, both physical and emotional, with the added difficulties of my parents believing they were entrepreneurs. The only problem was that neither parent could focus on one thing and as a result every single business was a flop, leaving a trail of debt. The solution? To move house and start again. By the age of 18 I had lived in 10 different houses and umpteen schools, the shortest period being one school for 6 weeks.
Needless to say, my education suffered, but despite being a rebel teenager way older than my actual years, I scraped enough O Levels and A levels to get to university.

I thought I wanted to be an Accountant, but after a week of being on the Graduate Management Training Program at John Lewis, working in accounting, I realised I’d made a terrible mistake. On the grounds that I had no attention span and was unable to sit still for more than 30 seconds without talking to anyone or thing that would listen (including plants, desks, computers), sitting down all day crunching numbers could not have played less to my strengths.

Part of being a successful entrepreneur is being able to understand your own strengths and weaknesses, and whilst this can be incredibly painful and also ego crushing, it is essential in order to ensure you surround yourself with the best people to compliment your weaknesses.

The problem was, I was a slow learner and still thought I could do a “normal” office job. So I moved into treasury. That didn’t end well either.

Fortunately someone at a software company saw something in 23 year old me and put me in tech support. I got to solve problems all day and was in my element. For a few months. The familiar boredom then set in, so I moved into training tech. Much more me. For a few months. The tech company management were forward thinking though and moved me into demonstrating tech systems (ERP) and then they paid me to travel all over the place internationally, to talk to people about systems. I loved it.

Until I couldn’t do it any more due to long term health issues that I won’t bore you with. After losing everything and hitting rock bottom, I figured I had nothing further to lose so may as well try my own company, selling boxes. I found a business partner who was out looking for a box in a gift shop, and the next thing I knew, we were heading to Dragons Den, with no trading history, nothing patentable and no experience of running a business. A recipe for success surely!

Surprisingly, after being absolutely slated in the den, being branded pathetic and on a crusade, two dragons felt sorry enough for me that they decided to invest. Peter Jones and Theo Paphitis took 20% each for a £30k investment each.

That was 2008 and since then the company (Tiny Box Company) has grown from strength to strength, but with an equal number of disasters, including the first warehouse catching fire, the website being badly hacked, a flood that ruined a huge amount of stock and 3 bouts of cancer that meant I had to step away from the helm.

But we’ve survived all this and are now back on the up (hopefully, fingers crossed)

Read more:
My Imposter Self and Me

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