leadership

A Leadership Shift for 2021

By Stevan Jackson, Vistage Private Advisory Group Chair, West Midlands


“Leadership is the art of getting someone else to do something you want done because he wants to do it
.” President Dwight D Eisenhower

 

There are as many definitions of leadership as there are commentators on the subject, but the quote from ‘Ike’ is one of the most succinct.  Much is made of the nature/nurture argument, about whether leaders are born or made.  The most obvious answer is that some people find leadership a more natural state of mind than others but that doesn’t necessarily make them better leaders than those who must work at it a bit more. History is littered with examples of charismatic leaders who have led their followers to an outcome that has been neither what they wanted or needed. There is no black art in leadership, it can be learned, practised, and polished by anyone who is prepared to make the effort, as with any other aspect of our professional life. Never has that been more obvious to the current generation of business leaders.

 

What this pandemic has done is remind us that we live in a world where uncertainty is permanent. COVID-19 has required business leaders to adapt to leading in different ways that demand certain skills and approaches. In my Vistage practice, I see leaders responding daily to the challenge of leading their teams in new ways. Considering the importance of employee engagement on business outcomes, leaders must invest in their leadership knowledge and skills to get the best of out of their teams. That has always been true and is not confined to the exceedingly difficult challenge we face.

 

Here are seven areas that every business leader could focus on to improve performance:

 

1. Model the way

To model the way, leaders need to be clear about their personal values and philosophy and express them in a way that leaves no doubt about what they believe in. Exemplary leaders set a personal example for others by their attitude and behaviours. They always deliver on their promises and commitments and live the values they champion.

 

2. Inspire a shared vision

Effective leaders create a compelling vision – where we are going and how we are going to get there together – that people can buy into and use to guide their attitudes and behaviours.  Through inspiring vision, leaders can challenge others to transcend the status quo, visualise positive outcomes in the future, communicate them to other team members and play a full role in achieving the company’s desired outcomes.

 

3. Challenge the process

Challenging the process means being curious, willing to change the status quo and step into the unknown.  It includes being willing to innovate, grow and improve. Exemplary leaders are like pioneers – they experiment and try new things. They are willing to take calculated risks and are not afraid to fail – from which comes learning and improvement. 

 

4. Show empathy

If employees feel that leaders care about them, they will be more engaged and more inclined to give of their best. Outstanding leaders are highly effective at building trust within their teams by showing empathy and promoting collaboration. Teamwork and cooperation come from listening closely to diverse points of view and treating others with dignity and respect. Empathetic leaders encourage their people to make informed choices and then support the decisions their teams make. Empathetic leaders create an environment where people can feel good about their work and understand how it contributes to the greater community. A survey of 15,000 business leaders by Development Dimensions International found a link between enhanced empathy and leadership performance.

 

5. Care about your people (and show it)

Research in the UK has found that “stress, depression or anxiety” were responsible for 44% of all cases of work-related ill health and more than half of all working days lost. There is evidence that these issues are exacerbated in times of crisis, which is why effective leaders make it a priority to encourage and promote the physical and mental wellbeing of their staff. This can include simple actions such as ringing isolated employees regularly and asking, ‘how are you – what can I do to help?’  Focussing on employee wellbeing can create an engaged and healthy workforce. In companies with this culture, employees tend to enjoy better relationships with their bosses, higher personal wellbeing, and more job satisfaction.

 

6. Celebrate success

It is natural for people to want support and for their work to be recognised.  Effective leaders are highly attentive to this need and are willing to give praise to people for a job well done. Using authentic celebrations and rituals to show appreciation and encouragement to others is essential and can lead to improved collective identity and community spirit.

 

7. Communicate, communicate, communicate

The key to effective team-working is communication – especially with a dispersed workforce. In that regard, team meetings to agree objectives, to expose disagreements and resolve them by open discussion are essential. These are real hallmarks of effectiveness. This is a good point at which to reflect on how often do you participate in team meetings and how well led are those team meetings?  Even teams that hold regular meetings will achieve little if there is too great a power gradient between the leader/s and members of the team. Effective leaders will allow themselves to be challenged and respond in a constructive way to contribute to the personal development of their team members and for the sake of business improvement and better outcomes.

 

There is unwavering pressure on leaders to figure everything out alone and uncertain times call for agile leaders. That’s why Vistage are proud to provide a platform where high-performing business leaders can safely talk about their challenges, fears, questions, and opportunities with peers and make better decision; grow their business and have a better work-life balance. After all, “not one of us is as clever as all of us”. In this pandemic, that could be the difference between thriving or just surviving. For more information about Vistage please contact me at [email protected] 

consultancy management banks

Driving Creativity and Innovation

Situated in Southfield, Michigan, Banks & Company is a full-service management consultancy firm focused on the management of issues and relationships, strategy around a data-driven approach using advanced analytics and innovation that speaks to technology and creative solutions to address complex problems. After receiving his award with CEO Monthly, we caught up with Lloyd Banks to find out more.

Since 2013, Banks & Company has worked alongside municipalities, corporations and non-profits delivering strategies, resource development and coalition building solutions. To start, Lloyd offers more insight into the values of the firm and some of its specialisms.

“Collectively, we aim to provide the highest integrity and credible global solutions to thought leaders that will drive creativity and innovation throughout the organisation. At all times, it is our goal to meet and exceed client expectations. Since we were founded, no major changes have occurred to the business, but the statements have broadened to be more encompassing of who and what we represent as a company. As the operator of a full-service public affairs company, we are experts in government relations, lobbying services, public relations, and marketing for other organisations.”

In the field of management consulting, Banks & Company regularly come up against a number of similar competitors in the region. However, as Lloyd goes on to explain, the firm like to act as problem solvers to retain the business of some of its clients.

“Naturally, our approach has always been about helping an organisation see how we can solve their problems. Firstly, we seek to understand the problem before then demonstrating how our services can help immediately in a short-term way. With the help of our dedicated team, we have a process that ensures a very efficient onboarding process. Weekly client check-ins, regular client activity reporting, budget tracking and quarterly reviews also help ensure objectives are being met. But, ultimately our most unique selling point is the fact we are proactive, and we anticipate needs to enhance relationships through government relations and so forth.”

Regarding the internal culture in place, much of the firm’s success can be attributed to the dedication and commitment of its staff members, which Lloyd is keen to highlight.

“The company culture here is a vibrant one with everyone full of energy, possessing can-do attitude and a spirit of entrepreneurship. The team are a critical part of the client delivery model. Without the support of my team, I would not be as successful. The entrepreneurial approach and attitudes of those working for Banks has allowed us to satisfy the demands of our clients.”

Similarly, in recruitment we look for individuals who will fit into the firm’s culture as Lloyd goes on to explain. “Recruitment is a very strategic process and to make sure we find the right kind of talent we cast the net as wide as possible. Additionally, we like to focus our network on referrals.”

Finally, Lloyd discusses the challenges the firm has faced in recent years before outlining some of its plans for 2021 and beyond. “Many challenges are not always respected in your hometown. Having been working on strategy to open up other markets, it makes sense for me to go in this direction as it is my goal to be a global player in the public affairs space. Currently, the industry is great and there is plenty of work for everyone, the challenge however is location, and it is important to expand.

“Looking ahead, I want to grow and be positioned as a thought leader in the industry. Naturally, my success and elevation will have a direct impact on my company and team members. The more recognition I receive, the more opportunities I will have for my company. Not only do I plan to run and operate a multimillion-dollar company, but I also want my team members to have a huge stake in that financially. In five years, I plan to be operating successfully in at least two more markets while on the path of doing international work.”

Investment economy business

Innovative Investment Services from Sterling Chairman

Qatar not only possesses the distinction of being one of the world’s fastest growing economies, but it is also a highly successful example of a diversifying, robust market with ever-expanding infrastructure. It is in this nation blessed with remarkable economic development that Investment House has made its name. A regulated investment banking firm, Investment House offers the whole spectrum of investment advisory services for corporate entities and individuals like. The firm is led by Managing Director Mr. Mohammed Bin Ahmed Al-Suwaidi, who is this month’s recipient of the title of Chairman of the Year, 2020. Join us as we find out more about the firm and the man responsible for its success.


Led by the visionary leader HH The Emir, Sheikh Tamim Bin Hamad Bin Khalifa Al Thani, and under the wise counsel of HH the Father Emir, Sheikh Hamad Bin Khalifa Al Thani, Qatar has prospered and risen to a position of great distinction and honour on the global stage. It is against this backdrop of huge success that Investment House has established itself as one of the leading investment banking services in Qatar. Since the firm’s inception in 2001, Investment House has become an active partner in contributing to Qatar’s ongoing story of success and unprecedented growth. Growth has also been a key factor in the success experienced and achieved by Investment House itself. The growth of the company has been built on a bedrock of the values, the wise recommendations, and the valuable advice of Mr Khalid Bin Ahmed Al Suwaidi, who is behind this successful story. His contribution and strategic vision helped Investment House to move to the next level, and emerge as one of the major players in the investment sphere both locally and regionally.


Today, Investment House is an outstanding Qatari regulated investment banking firm, offering the whole spectrum of investment advisory services for corporate entities and individuals. Its services range from investment banking and real estate investments, to M&A advisory services, private equity, asset management, and brokerage services. The mission of Investment House is to offer innovative and valuable investment solutions to its clients in all local, regional, and international markets through a competitive investment and financial services portfolio in accordance with the principles of Islamic Shariah. The values of integrity, excellence, trust, and commitment also lead the work that the firm does. Investment House upholds the highest standards of professionalism, credibility, and transparency in all aspects of the work carried out.


Investment House is also committed to excellence at every level. The firm is dedicated and devoted to delivering unparalleled excellence in providing investment banking solutions, and developing asset and wealth management services and products that meet the ambitions of the investors. The firm’s unwavering commitment to its customers is founded on the high standards of trust that drives all the interactions. What stands the firm apart from the competition is being one of only two regulated investment firms licenced by the Qatar Central Bank. Investment House also boasts flexibility in providing investment solutions and investor products to every client. The service delivery model means that Investment House listens to clients’ needs, and then tailors funds and investment structures.


Clients take many forms at Investment House, but include family offices, HNWIs, corporate entities, and governmental institutions. Investment House also offered its financial advisory services to Power Bank LLC, a new international bank established in the Qatar Financial Centre, which aims to be a major global investment bank focused on the energy sector.. Power Bank was founded and led is promoted and led by Mr Khalid Bin Ahmed Al Suwaidi, the founder and Chairman of the Board of Directors, as well as being a prominent regional and well-known banker who has more than thirty five years of accumulated experience in the banking sector.


Ensuring that executive-level and top-level relationships are as strong as they can possibly be is the recipient of the title of Chairman of the Year 2020, Mr Mohammed Bin Ahmed Al-Suwaidi. Joining Investment House in early 2020, Mr Al-Suwaidi has one of the most impeccable track records as a business leader, which is strengthened and compounded by more than thirty years of progressive and diverse experience. Drawing on every ounce of his experience, expertise, and understanding, Mr Al-Suwaidi delivers exceptional service to every client that he works with, or whom Investment House partners with.


Al-Suwaidi’s key competencies span the various sectors of finance, investment, people management and development. His background is well-supported by high-level qualifications, training, and skills gained and developed throughout a career that has been built over the course of more than four decades. Having gained no small amount of hands-on experience in providing wise leadership to companies under his care, Mr Al-Suwaidi is undoubtedly one of the best-placed individuals to lead Investment House to new success.


Positioning Investment House in the local market may not have been in the beginning of the firm’s existence, given that it was then the only investment firm licenced by the Qatar Central Bank that is not part of a banking group in Qatar. The firm’s competitors rely on their banking customer base, network, and contacts, whereas Investment House required a lot of time and energy to gain the trust and confidence of customers and investors.


The assets under management at Investment House have grown circa four times in less than one year, and the customer and investors base has also grown by two times in the same period. Though there have been challenges, the firm’s expertise and experience, as well as Mr Al-Suwaidi’s leadership, have seen it become a leader within the industry.


Looking to the future, the firm is planning to offer a large panel of thematic funds, both locally and regionally. Global and local REIT funds are expected to be offered in the market in the second half of 2021, and the company also has access to off-market real estate opportunities in Qatar and in some European countries. Investment House is intending to launch in second quarter of 2021 its first dedicated real estate fund in co-management with one of the leading real estate funds and asset managers in Europe. It is an exciting time for the firm and for Mr Al-Suwaidi as he oversees this new period of growth and success. Both the firm and its Chairman are outstanding, and the success that has been achieved is fully deserved.


For more information, please visit: www.invhouse.com/en 

Equity stock market chain

Reaching For The Top Spot

Headquartered in London, Carrhae Capital is an independent investment partnership, which aims to deliver high quality risk-adjusted returns derived from investing in publicly listed companies operating within Emerging Markets. Since the firm’s inception, the team at Carrhae have enjoyed a meteoric rise to success, thanks to its award-winning leader Ali Akay who recently received the accolade CEO of the Year, 2020 – the United Kingdom. We profiled both Carrhae and Ali to discover more about the extraordinary accomplishment they have achieved over the last decade.

Carrhae Capital is a London-based boutique emerging markets asset manager, which oversees in excess of US$ 550 million across hedge fund and long only equity products. The firm was founded in 2011 by Ali Akay, following a successful investment career as a portfolio manager at SAC, HBK and Goldman Sachs Principle Strategies.

Named after a famous historic battle between the Roman Republic and the Parthian Empire in 53 BC, the lessons learned from this encounter are applied by Ali Akay when investing in distant emerging markets and serve as a reminder of the risks of investing without thorough knowledge; “proceed with humility and caution, always keeping our ears to the ground for sage local advice.”

With this investment philosophy in mind, in the long-run Carrhae aspires to be a top-tier investment in its clients’ portfolios, whichever product they select. Carrhae’s investment approach has led to its hedge fund winning numerous awards for its performance in its class, and the returns of the long only equity product being in the top percentile amongst its peer group.

As emerging markets continue to increase their role in financial and economic activity and businesses become more international, Carrhae’s products should be setup to outperform. Encouraged by the increasing opportunity set for the firm and the pedigree of its investment team, Aziz joined in 2019 as CEO to focus on business development, executing its marketing business plan and strengthening the firm’s client relationships. However, his association with the firm goes back to its inception, when he supported the founding team in raising its initial capital while working at Goldman Sachs.

Being a seasoned financial professional he draws on his extensive experience and relationships accumulated at bulge bracket investment banks, hedge funds, as well as private equity investment experience to enhance the awareness of the firm, its products and its team to both investors and high calibre talent.

The success of a boutique asset management firm is driven not only by its ability to provide a superior investment proposition, but also ensure its clients receive the highest standards of service delivered by a proficient interface. In servicing and prospecting clients, it is becoming ever-more important to provide deeply transparent data and analytics to better evaluate each product’s value addition and its appropriateness. As CEO, Aziz emulates the diligence, integrity, humility and collaboration of Carrhae’s investment team to build trusted relationships, provide a high-level of service and effectively represent its products and information.

Looking ahead to what the future holds, both Aziz and the team at Carrhae will continue to exceed the expectations of clients, as they works towards their goal of being a -tier investment in their clients’ portfolios in the years to come.

For more information, please contat Aziz Faqir at www.carrhaecap.com 

Diversity in business

Why Diversity Is the Key to 2021

By Thom Dennis, CEO at Serenity In Leadership

There is an increased appetite for real change following one of the most divisive and difficult years in decades. It has never been so important to get inclusion and diversity of race, gender, sexual orientation, physical disability and social differences right. Thom Dennis, CEO at Serenity In Leadership, tells us ten reasons why diversity is so vital and may well be the key to healthier times in 2021.

  1. DIVERSITY INCREASES AWARENESS AND CURIOSITY. Learning about, recognising and respecting your own and other cultures enables us to understand different perspectives and gives greater insight into varying attitudes and beliefs.  Foster curiosity to fight against ignorance and prejudice.  Encourage your team to be courageous; be curious, practise active listening and demonstrate empathy for a different way of thinking and show them exactly how that is done.

  1. DIVERSITY PROMOTES INDIVIDUALITY. Culturally rich environments teach us that everyone is unique, and we differ not just because of our race, gender, ethnicity, sexual orientation, age, physical abilities, religion, socio-economic status etc., but because of our life experience and personality. And all of those differences are what make us interesting. When we celebrate our differences, it is easier to find commonality and create a more accepting environment where people feel comfortable to be themselves.

  1. DIVERSITY CREATES A HEALTHIER ENVIRONMENT. A workplace lacking in diversity and inclusion will detrimentally affect mental health and have a direct causal relationship with feelings of resentment, anxiety, anger and injustice.  A business not only has to prime the engine with a diverse mix of good promotion candidates but must ensure they have a truly equal opportunity for promotions, not just once but all the way to the executive suite for a healthy, diverse workplace.

  1. DIVERSITY IS GOOD FOR BUSINESS. Responsible, resilient workplaces embrace inclusion, diversity and equality, having a direct positive effect on productivity in the workplace, helping businesses and employees By aligning business objectives with the meeting of human needs, companies can tap into powerful ways to facilitate change. As McKinsey’s have noted, diverse companies are far more likely to outperform their less diverse peers.

  1. DIVERSITY PROMOTES NEW THINKING. A diverse group of people are more likely to have ideas which are distinct from each other, and diverse viewpoints allow for more creative solutions to problems. Recent research suggests that diverse companies make better, bolder decisions and are more likely radically to innovate. As a result they can gain a competitive edge by anticipating such things as trends in consumer demand and consumption.

  1. DIVERSITY UNITES US. Diversity brings society together and unites a range of perspectives, encourages inclusivity and equality, and promotes harmony and unity. Diversity creates space for us to gain awareness, educate, integrate, evolve and include.

  1. DIVERSITY LEADS TO BETTER UNDERSTANDING. ‘Othering’ is the process whereby negative characteristics are attributed to someone because they are deemed different and are labelled as not fitting in. The opposite to that is wanting to learn about someone else’s differences to educate ourselves and to reduce our unconscious biases.

  1. DIVERSITY PREVENTS BULLYING. Successful diverse environments promote inclusivity and help prevent social problems such as bullying. Power differentials are a breeding ground for othering and bullying. Active, genuine inclusion is the most effective way of eliminating dysfunctional, power-play and bullying behaviour.

  1. DIVERSITY REDUCES STEREOTYPES. Understanding, accepting and embracing people’s differences will reduce stereotyping – a critical threat to diversity. Stereotyping can be unconscious (known as an unconscious bias), whereby we type cast because of assumptions or generalisations about someone which relate to their differences from others. Check yourself and your team for unconscious biases by encouraging self-awareness.

  1. DIVERSITY PROMOTES RESPECT – The more time spent interacting with people different to us, the stronger our understanding, acceptance and relationships become, and ultimately our respect for one another. A visible commitment to diversity and inclusion during the crisis is also likely to strengthen a company’s global image.
WFH Fatigue tiredness

Keeping Your Team Connected and Beating Work From Home Fatigue

By March, most of the UK will have worked from home for a full year. For many this will have been completely out of the ordinary and a real shock to the system. Even after a year, for those without the setup or intention of working remotely, this will be having a real impact.

The working from home guidance has been reinforced with the introduction of a new lockdown. Some may have just been used to going back to the office and this news will come as a blow. For many, a clear boundary between work and home life will be increasingly difficult to maintain.

With ‘work from home fatigue’ now becoming a very real concept, Sam Hill, Head of People and Culture at BizSpace shares tips on how business leaders can help to combat this unique form of burnout in a very different type of workplace.

 

1. ENSURING THE PURPOSE OF WORK IS CLEAR 

Without any physical interaction and the reward from actually being in an office, it can be difficult to really nail down the reason for getting up and working from the next room – aside from the money. It is vital that every member of the team is aware of what they’re doing and why they’re doing it, aside from simply logging the hours and getting through the day. Senior management, team leaders and line managers must be communicating this from the top down through the likes company-wide communication, keeping teams updated on business progress, any wins, challenges and opportunities. 

This communication then needs to filter down through the hierarchy with each level of the team being aware of how their work contributes to the overall goal of the company. No role in a team is obsolete and everyone contributes to the success of the overall goal and defining this purpose, more now than ever before, is vital to give your team a sense of purpose and being.

 

2. CREATE A HEALTHY CULTURE THROUGH GOOD COMMUNICATION

Maintaining good and open communication is a vital part of this strategy to managing the fatigue of working from home. The success of most businesses is rooted in the comms approach throughout. Many office workers across the country may be living alone, in shared accommodation or having to juggle the added pressures of being at home more often, like childcare for example. 

All of this can lead to feeling a sense of isolation from the team and the company, something that can come as a real shock to the system. While many won’t have a choice but to be working from home, team leaders could encourage the use of instant messaging like Slack and Google Chat. While daily huddles and weekly catch-ups with a line manager/mentor using a mixture of video and voice calls help to keep updated and on top of targets, with managers offering a steer and guidance. Keeping this constant open door to communication can replicate that feeling of being in the office where teams can so easily communicate and celebrate wins with each other. Offering that sense of gratification can go a long way to ensuring that the team feels valued while segregated. 

 

3. TRUST YOUR TEAM AND MEAN IT 

The traditional working hours are now no longer ‘normal’, with many of us now juggling responsibilities from home that we didn’t have to during the working day, like childcare etc. This can lead to a feeling of needing to prove that all work is being done, leading to overworking and in turn, burnout. Thousands of us are defined by the 9-5, taking lunch at the same time each day and having a physical presence in front of colleagues to prove we are actually working. At home, we don’t have this way of ‘proving’ ourselves externally. 

To combat this and prevent a team that is working over capacity, team leads must show that they trust their team, they can do this by being flexible and less formal, where meetings are required, keeping these streamlined and avoiding typical lunch hours or times early in the morning where some may be taking advantage of the new hours. Setting attainable and broad deadlines with a lot of notice will allow flexibility and give enough time to be met.

 

4. CLEAR DEADLINES AND PRIORITIES ARE IMPORTANT

When delegating work, be absolutely clear of the deadlines and what the top priorities are. For the more inexperienced members of the team, being in the office has a monumental impact on their progression and will allow them to pick up skills and lean on peers for guidance. As a team leader or manager, making workload priorities explicit from the offset and checking in once a week on progress can help to guide the workload without micromanaging and guide those that may need more of a steer.

 

5. ENCOURAGE MOVEMENT TO BRING THE TEAM TOGETHER

Taking a break from the dining room table or home office is key to keeping a clear and focussed mind throughout the day. Workers are likely to be spending more time at their screens with no need to leave the house, whereas heading out to get lunch is the norm when in an office setting. WIth longer nights, we must get the most out of the short amount of daylight we have. But how do you ensure your team is not neglecting their own need for fresh air and daylight?

Using instant messaging, a social chat can be an escape for many employees to talk about everything that isn’t work. Encouraging a weekly thread where the team can share photos of their week and something they have done might be a nice way to encourage people to do more other than stay in the house. Apps like Strava that track exercise can also be a great team building activity that encourages movement. Creating a leaderboard for the amount of miles each person logs in exercise outside should encourage competition amongst the team. It doesn’t have to be strenuous exercise either, so whether they’re walking or in a wheelchair, riding or running, it encourages the team to get outside and spend time away from the screen.

small business

How the Pandemic has Unlocked a New Customer Base for Small Businesses

During lockdown in the UK, there was no question that SME businesses and local traders were hit hard. Around 80 per cent of small and medium-sized enterprises in the UK have seen a revenue impact in the last few months, due to the impact of the Covid-19 crisis and the subsequent lockdown.

Despite this, many local businesses have made it through extremely testing times and now have a stronger, and more loyal, customer base than ever before. In the height of lockdown, many consumers began to see it as their duty to help support local businesses and see them thrive against all odds.

There were various ways in which people supported, and are still supporting, local businesses such as pubs, bars, and cafes. In one survey, 36% of people said that they’d supported local enterprises by utilising their takeaway/delivery services and 30% said they had purchased vouchers; 29% said that they had recommended their favourite businesses to friends and family, and 20% said that they’d donated to a few online fundraising initiatives.

Evidently, people were willing to make the shift to shopping local at the beginning of lockdown and, thanks to this, many small traders have a thriving new customer base. The question now, as we move forward into uncharted territory, is how can traders retain, and capitalise on, this customer base? Read on to discover our top five tips.

 

1. Use your delivery experience as a new marketing channel

In the initial phases of lockdown, most small businesses were prompted to adapt their business. For many, this meant offering online delivery options instead of in-person services. Even though people are able to visit places in person once more, it’s important that you continue to offer an alternative, as this could also work as a new marketing channel for your business.

Omnichannel marketing is the concept of providing customers with an integrated shopping experience, including both online and in-person shopping. During times when many people are still dependant on ordering products online, work to solidify your brand as the go-to home delivery service in the area, and your business will continue to grow. To create a truly memorable delivery experience, consider compliment slip printing as a way to add a personal touch for customers.

 

2. Create an agile strategy and be ready to adapt

In one survey, it was revealed that 28% of SME businesses doubted their ability to sustain their supply chains, while 24% were concerned about being able to successfully retain their employees. Evidently, a new strategy is needed for the majority of local businesses in the UK. You may have been able to stay afloat thanks to customer loyalty during the initial stages of lockdown, but chances are, that was partly because your business proved to be adaptable and you acted fast, thinking on your feet.

No one knows what the coming months will bring, so the ability to be flexible is essential for all local businesses. Listen to your customer base, respond to their needs and create an agile strategy around them rather than sticking to your pre-lockdown best practice.

Although it can be hard to budget for all of the small-business-essentials, your strategy should involve a marketing budget that allows you to interact with your customer base, keeping loyal customers engaged while attracting an even wider following.

 

3. Consistent communication is key

As your customer base has seen you through some difficult months, it’s likely that you already have a healthy social media following and consumers have been staying in the loop with everything you have on offer. So, what are the next steps?

Use your social media to keep people engaged. Be sure to consistently communicate with them and let them know all the exciting things that you’ve got coming up. By asking your followers to share your messages further, you’ll be able to reach a much wider customers base, so now is the perfect time to run social media competitions in which you ask your followers to share a post and tag their friends.

Communication is also essential right now because big changes could happen at any point. Don’t leave your customers in the dark. Instead, always be clear on your opening hours, delivery options, and any special promotions that you’re running.

 

4. Express gratitude through loyalty schemes and offers

One of the best ways to capitalise on the customer base you were able to cultivate throughout the early stages of lockdown, is to show gratitude and thank them for their unwavering loyalty. What better way to do so than implementing a rewarding loyalty scheme? Not only will this retain valuable customers, but if you incorporate it into your marketing efforts it will attract new potential customers to come and reap the rewards of choosing your business. 

 

5. Share your story

Finally, remember to maximise one of the main reasons why local customers chose to support you throughout lockdown instead of a much larger corporation: the emotion and ‘realness’ of a small, community-based business. Share your lockdown story with your customers and don’t forget to thank them for the part they played in it.

Did your business step in to help others within your community during times of crisis? If so, incorporate that uplifting story into your marketing efforts and remind people that by supporting you, they’re not only helping one small business thrive but playing a real part for their community.

 

The future is unclear, but by being flexible, engaging your customers, and putting effort into both your digital and print marketing, you will have the tools to continue to build your business up. Independent businesses rely on their loyal customer base, so be sure to put your customers at the centre of your strategy.

5 Daily Habits You Should Follow to Become Successful in 2021

Former US Navy Seal William H. McRaven said, “If you make your bed every morning, you will have accomplished your first task of the day.”

McRaven’s book is aptly named Make Your Bed. As well as earning a place as #1 bestseller, it is also thought as one of the greatest self-help guides out there. Making your bed might seem silly — you might think that nobody will see it, it’s a waste of time, or you’ll only be sleeping in it again anyway. But that is a negative outlook, others looking to improve their life might say “absolutely”.

Consider this: do you think that Bill Gates, Alan Sugar, and Mark Zuckerberg wake every morning, don their favorite and most powerful suit, and leave their bedroom with an unmade, messy bed? The answer is no. Did you know that you spend around one-third of your day in your bedroom? It only makes sense that making your bed would help relieve stress and create a tidy and more pleasant environment to be in.

So, now that you’ve found something to do for the first several minutes of your day, let’s take a look at the rest. We’ll look at the top five daily habits carried out by successful people — after all, if you can’t beat them, you might as well join them. The new year is the perfect time to implement new steps into your routine and change yourself for the better.

 

Being productive

Work hard, play hard? No — work smart, play hard. Don’t make anything more difficult for yourself than it needs to be. Use your time wisely and assess what you’re doing. Weigh up the benefits that completing a task has.

Think about it: people may wrongly assume that the CEO or director of their company doesn’t have time to speak to anyone. However, they most likely have more time than others, prioritizing important tasks and avoiding wasting precious time on things that won’t yield a valuable return.

 

Document your goals

One of the biggest errors people make when trying to achieve something is not setting clear goals. And we don’t mean grabbing the nearest pen and note pad to jot down a few empty and meaningless goals to make it seem like you’ve got a plan.

Start by compiling a list of realistic and actionable goals. You don’t need to sit and fret over a 15-year plan — you could set goals for the day, week, or month. Ticking them off will give you a clear idea of where you are and where you want to be. 62 percent of successful people focus on their goals every day.

 

Early riser

So, we know that successful business leaders don’t leave their bed a mess, but what time do they get up? It should come as no surprise to learn that those who do well in life get up early on a morning.

Virgin Media owner Richard Branson begins his day at 5:45 am. This may seem super early, but this is nothing compared to Apple’s CEO Tim Cook, who gets up at 3:45 am. When the rest of the country has begun to wake up, both of these men have made a considerable dent in their to-do list, as well as exercising and responding to emails.

Rich Habits: The Daily Success Habits of Wealthy Individuals author Thomas Corley carried out a study which involved over 200 self-made millionaires. He found that 44 per cent were awake for three or more hours before officially starting their workday.

 

Keeping healthy

There are many different ways you can maintain a healthy body. In Corley’s study mentioned previously, he recognized two constants: a lack of junk food and a regular, structured amount of exercise. This can be running, lifting weights, or yoga — whatever you prefer. Plus, this will make you more competitive and fill you with motivation.

 

Motivated to achieve self-improvement

Now ask yourself, if you don’t believe in yourself, how can anyone else? This can range across many different things in your life but starts with what you do every day. We’re all tempted to get in from a long day at work and sink into a Netflix rabbit hole. But what benefit do you really get from that?

There’s no denying that this time could be used to consider how you can spend time to improve yourself. The successful ones among us will perhaps be reading something beneficial to their development — 88 per cent of rich people spend around 30 minutes reading non-fiction each day.

 

Of course, we’re not guaranteeing that following these five steps will land you in the C-suite of a major corporation, but it might be enough to set yourself on the track to success.

Pay-Day

The CEOs Sacrificing Salaries in a Time of Crisis

The COVID-19 pandemic has affected the economy and job market in a way many of us have never seen before. Some organisations have been forced to close with no re-opening dates in sight. Others have sadly gone into administration. Businesses in the supply chain have seen an impact on their bottom line due to contract cancellations and postponements. As a result, over 170,000 UK workers have lost their jobs.

With the effects of a damaged economy set to be felt for generations to come, a lot of focus has been placed on wealthy individuals and their ability to help out. Many conversations have focused on the likes of Jeff Bezos, whose personal wealth increased by $48 billion during the pandemic, and wealthy company CEOs who earn, on average, 117 times more than their workers.

A number of these company chiefs are leading by example and sacrificing a percentage – sometimes 100% – of their salary to help their companies ride the coronavirus storm. People management organisation Impact International has compiled data on the CEOs and chairpersons who have sacrificed income. Here, we discuss the trends and delve into the sectors with the highest number of salary-sacrificing leaders.

 

CEO salary sacrifice: the key findings

The data focuses on CEOs who have publicly stated they will be giving up some or all of their earnings. It found that, of the CEOs who have sacrificed income to help their businesses during COVID, 41% have given up 100% of their base salary. A further 32% have given up between 50–99% of it.

CEOs in the struggling aviation and hospitality sectors are leading the way, making up 32% of all leaders sacrificing salaries. Fashion and retail businesses form a further third, while the final third is made up of the entertainment, travel services, electric, financial services, automotive and vehicle for hire industries. The highest average donation comes from the financial services sector at $4.15 million. The largest total pledge amount comes from CEOs of media organisations, totalling over $10 million.

 

Who is sacrificing their salary and why?

Leading the way is Disney’s Executive Chairman, Bob Iger, who has given up his entire salary for a year. The company’s CEO, Bob Chapek, has taken a 50% cut, while its executive-level staff will take 30% cuts. Disney has seen huge success in its streaming platform, Disney+, which currently has 10 million subscribers. The company has, however, experienced shortfalls with its theme parks closing.

Aviation and hospitality businesses are amongst the hardest-hit by the pandemic. That’s why it’s encouraging to see leaders in these industries sacrificing their income for the sake of their businesses. The three Airbnb founders have given up their salaries for six months. While the business was required to lay off staff, it pledged to pay them 12 weeks’ salary and finance their health insurance for up to a year. Clearly, these executives have been on leadership training programs!

Delta Airlines’ CEO Ed Bastian has similarly given up 100% of his salary for six months, while Heathrow Airport’s John Holland-Kay will only accept 25% of his pay. Arne Sorenson of Marriott announced in March he would be forgoing his salary for the rest of 2020 and that his senior executives would be taking a 50% pay cut. Online travel provider Booking Holdings’ CEO Glen Fogal, meanwhile, is halving his salary. John Zimmer and Logan Green of Lyft, and Mark Hoplamazian from Hyatt Airlines, made smaller contributions of one month of their salaries.

 

Is sacrificing salaries enough?

While these company leaders deserve praise for doing the right thing and sacrificing often large portions of their wages, there is still some criticism. For many of these CEOs and company leaders, their bonuses and additional compensation far outweigh their salaries, and few have committed to giving up this additional source of income. One leader who has also given up this additional income is Ralph Lauren, executive chairman and chief creative officer of his namesake organisation. The fashion mogul is giving up both his 2020 bonus and fiscal 2021 salary, which equates to around $11 million.

There’s also the question of net worth, which is often factored into conversations around wealth and financial support. All these donations come to an average of just 2.7% of net worth. However, it’s also worth noting many individuals’ net worth does not equate to money in the bank. Instead, much of it is tied up in stocks, shares and investments.

Strong leadership is more important than ever in these trying times. Leading by example and taking pay cuts to alleviate the burden on businesses and employees is to be applauded. While it could be argued that leaders can afford to donate more, it’s good to see altruism in effect. After all, great changes start with small steps in the right direction.

Workplace cleanliness

UK Workers Are Neglecting a Major Workplace Need

2020 has been a strange year for businesses and workplaces around the world. With the majority of us working from home for at least part of the year, workers have no doubt gained a new appreciation for a dedicated office space away from home – or, if nothing else, for the top-quality office chair as opposed to the spine-shattering kitchen chair of their makeshift home office.

Not only are we craving that distinct work-to-life separation in our lives once more, but many of us are missing our colleagues in a social way too. According to one survey, during COVID-19’s work-from-home requirement, Brits placed “work” as their second-most-missed thing – ahead of friends, shops, and even pubs. This isn’t a surprise, given Britain’s workers have previously admitted to deeming a good company culture to be their top work concern.

In fact, according to a review by Fulcare of 4,999 employee reviews across a number of businesses on Glassdoor, the top three workplace considerations mentioned in employee reviews were:

  1. People (880 mentions)
  2. Pay (720 mentions)
  3. Culture (499 mentions)

But, perhaps shockingly given the year we’ve had, UK workers are worryingly neglecting to mention a key concern within the workplace – the very concern that saw us all working from home – in hygiene and cleanliness. In the same analysis, concerns of “mess” were only voiced 20 times; noting a workplace as being “clean” or not featured just 22 times; and issues of “hygiene” were mentioned just once across the data.

Does this mean the UK’s workplaces are so clean and tidy that workers feel comfortable? Or are we turning a blind eye to a major workplace need?

 

A worrying lack of concern

If workers aren’t flagging concerns of cleanliness at work, is this a point in favour of the UK’s squeaky-clean workplaces? You would expect so, especially given the numerous requests for workplaces to up their cleaning requirements to help combat COVID-19.

But in truth, workplaces can be a breeding ground for bacteria. According to one report, the average office work desk contains far more dirt than the average toilet seat – 400 times more, in fact. Furthermore – and certainly one to consider in this COVID-19 era – touch-based transmission accounts for 80% of common infections. In a world of trendy open offices, this should certainly feature in workers’ minds when they look around their workspace.

Could it be that workers are simply taking cleanliness and hygiene at face value, even with a pandemic still at the forefront of our minds? It is easy to see why. For many people, so long as something looks clean, it is clean – which might be why an otherwise-clean looking keyboard can house around 7,500 bacteria and avoid being considered for a more than monthly clean by over half of workers.

This neglectful comfort is put into practice too, with 26% of workers eating lunch at their desks one to three times per week. 11% confessed to not cleaning their desks after, and 38% admitted to only binning wrappers and such after. Without attention to thorough cleaning habits, this behaviour could become costly for workplaces and workers alike. Just a quick wipe down with spray and blue roll would see employees’ desks kept in clean and hygienic condition after a working lunch!

 

The cost of careless cleaning

With so many people seemingly happy with a visually clean environment assuring them that surfaces are hygienic, why should workers rank hygiene with company culture and pay? Well, one report prior to the pandemic found that poor hygiene – and the resulting sickness it can spread through a workplace – costs UK businesses an eye-watering £1.56 billion every year.

Plus, it isn’t a case that UK workers aren’t aware of this potential pitfall. According to Elite Business Magazine, 46% of British workers suspected their unclean workplace had contributed to making them ill, and 68% placed a lack of hygiene in their workplace as a reason for their sickness. 48% suspected uncleaned desk phones as the germ-carriers of the office – rightly so, given that in another survey, only 28% of workers noted their desk telephones were cleaned at all.

 

Workers should be more concerned

Of course, it goes without saying that people ought to be more worried about cleanliness and hygiene during and after the pandemic. But why else should this feature much more highly on a worker’s list of company desires?

Fidelis Group points out several benefits to a clean and tidy workplace, including a great impression for clients, increased productivity, and safeguarding employee’s health. When “people” rank so highly in employees’ reviews of their workplaces, it seems logical that protecting the people around them should factor in too. Increased productivity leads to a better display of work, providing a stepping stone to a promotion – nailing the “pay” desire too.

It’s clear that cleanliness and hygiene in the workplace can often be overshadowed by ambition and company culture. But, for the benefit of those around us, our own health, and indeed our productivity levels on our quest up the corporate ladder, being more attuned to how clean our workspaces are is vital.

Handloom

How Tech Can Transform the Fashion Industry’s Supply Chain

As the fashion industry has grown over the years, with more people shopping for garments and more clothing options than ever before, companies have had to show how quickly they can adapt. In the constantly evolving industry, brands everywhere have to stay up to date with the latest technological innovations so that their supply chain can keep up with an ever-growing demand. Luckily, technology is helping the industry along the way. High-tech, efficient, and sustainable supply chains are now more realistic than ever.

The revenue from the fashion sector increases year on year. By 2025, predications state that revenue will reach over £30 billion in the UK. The largest chunk of that revenue is generated by apparel sales, followed by footwear and accessories. Consumer interest in clothes shopping is not slowing down. As this accelerates, it leaves us to question how fashion supply chains can keep up with the demand. 

 

Technological solutions

Consumer demand paired with increased costs and a move away from local resources has led to more complex processes in the fashion industry. Many factors must be considered for fashion companies to minimise waste while keeping their customers happy.

The good news is that tech and fashion can work in unison to keep up with customer demand. Technological supply chain solutions allow fashion companies to update their processes regularly while ensuring that their supply chains are safe, transparent and efficient. This is no small trend—50 per cent of large global companies are set to be utilising artificial intelligence, advanced analytics and the internet of things (IoT) in their supply chain operations by 2023. There are many ways in which tech is helping fashion keep up with the ever-growing demand. Here’s how technology-fuelled fashion supply chains are becoming more efficient than ever.

 

Artificial intelligence 

Artificial intelligence (AI) is transforming the way that fashion supply chains function. AI allows fashion companies to process massive amounts of data to find out faster than ever which products are seeing the most interest or the highest purchase rate at any given time. This really speeds up the supply chain process and allows manufacturers to know where to focus their resources. For example, if there’s a surge in demand for women’s sport shoes, brands can adapt. The benefits of AI in this respect can be seen both in the warehouse and in the product designing stage. 

 

Cloud-based technology  

A successful and efficient supply chain largely comes down to excellent communication. Cloud technology is revolutionising the way that different elements of fashion supply chains function and communicate. These cloud-based systems allow employees at every stage of the supply chain to document and share crucial information.

 

Automated supply chains

Automating your supply chain by creating a web of working parts that are controlled by technology has become essential for tracking and reporting on your products. With the fast-paced nature of online shopping, an automated supply chain is essential for big brands to keep up with consumer demand. Fashion brands have to deal with changes in order or returned parcels, which runs smoother with an automated supply chain. 

 

Wearable tech

Another innovation that has helped the smooth-running of fashion supply chains everywhere is wearable tech. For big fashion brands, wearable tech is often utilised in warehouses and distribution centres, allowing for increased communication and efficiency. There are many ways in which wearable tech helps out – from in-house communication to real-time data sharing. It offers employees the ability to map the warehouses at a quicker speed. Communication and data gathering can happen on the go, negating the need for staff members to be tied to their computer screens. 

 

Supply chain transparency

These technological innovations improve the efficiency of fashion brands’ supply chain processes. But they also make it easier for brands to be transparent about their practices. This is particularly important when appealing to younger shoppers. Generation Z and millennial customers prioritise ethical practices more than any previous generation. 54 per cent of generation Z shoppers and 50 per cent of millennials are willing to spend up to 10 per cent more on sustainable and ethical products. 

Technology is helping fashion brands everywhere produce clear and transparent reports on their supply chains. This is beneficial both for the brand themselves and the ethical consumer. 

By utilising tech in new and innovative ways, the fashion industry is able to modernise its supply chains and keep up with ever-increasing consumer demands. The next few years are set to bring more efficient, transparent, and ethical supply chains than ever before. 

 

Change

New Year, New Business: How Will Your Company Adapt?

2020 was a tough year for business in the UK, having to adapt to a new way of working as the new world ground to a halt. 2021 was perhaps anticipated as the year where things would return to normal but as the government has enforced a new lockdown, it seems that we will be bringing parts of 2020 into the new year. This is a time where businesses will sink or swim, building on what they learnt last year, and making lasting changes to their business models.

There is no doubt that the COVID pandemic has brought a profound impact to the business world. Some previous models of business are now completely redundant and entire sectors were obliterated overnight. Offices shut and working remote. Firms have had to furlough staff or let them go completely. Financially, the effect of the crisis has resulted in the prediction that a fifth of all small businesses will collapse in the UK. Although this is a bleak prophecy, the aftermath of crises often leads to a new period of creativity, inspiration and growth.

The COVID period has allowed firms to reflect on their business models and ensure they are fulfilling their founding purpose. Businesses unable to pivot and alter their model are likely to suffer, whereas firms that are willing to adapt and innovate are likely to see success, Firms will have to redefine their corporate personality – how will your business adapt this year?

Three of Future Strategy Club’s business advisors share their tips on how businesses can adapt and make permanent change to solidify their corporate position in the new year.

 

Justin Small, Founder of Future Strategy Club:

“Business owners and managers will have faced innumerable challenges over the past year. Business leaders don’t just need advice, but a hands-on approach to see their firm through the second year of the pandemic. An outside consultant can bring a fresh perspective to businesses looking to make a change this year, integrating a new, more flexible ethos to firms who are looking for the best way to accommodate new business models. Consultants talk to other consultants and these peer-to-peer conversations help to share the knowledge of experts who have dealt with previous crises, such as the 2008 crash, that can now be applied to the pandemic. A highly skilled CRO or transformation expert could be the difference between growth and capitulation in 2021, and thanks to Future Strategy Club, you no longer have to pay through the nose to get this help.”

 

Gurtej Sandhu, former Digital Director at The Times and Future Strategy Club advisor:

“2020 taught us lessons as we asked the question of what matters for businesses, and this will continue this year. Will they be dependent on an office? Will demands for talent change? Businesses will need to change how they operate and communicate and continue to take advantage of the situation. There may be an opportunity for much needed structural reorganisation – the process of sharing ideas is important and needs to be considered. The culture of companies is also being reviewed, and changes can help to future-proof firms as we move forward. COVID has really made leaders think about productivity and encouraged them to strip back to reveal what matters.”

 

Gareth Tennant, former Head of Intelligence for the Royal Marines and Future Strategy Club advisor:

“COVID has brought the importance of planning for disruption and contingency into the spotlight. Leaders needs to build resilience in their organisations by having an all-encompassing strategy. It’s cliché, but every crisis is an opportunity. Some firms have found an increased demand for their services. The organisations who were able to adapt are the ones who have thrived in this period. There are two pieces of advice I would give; the first is to consider the future shocks that may occur. Ride the wave of success now, but do not be complacent and think that your firm is now invulnerable to future dynamic shock. Secondly, I would say that firms should be more value driven. A lot of people have suffered during this period and I think we may emerge into a world where our societies are far more driven by social value, rather than just fiscal value. It is important now to be magnanimous with our success and empathetic to others around us.”

Businesses are definitely facing a tough year, but companies that are willing to learn and adapt are likely to survive, and even thrive. With the leanest talent, a nimble business plan, and a sense of comfort regarding the unknown, firms will come out of this period feeling more prepared and stronger than ever.

Future Strategy Club is a members club of over 250 of the UK’s most experienced c-level consultants and leading creative talent – offering organisations a continuous and dynamic outside-in stream of robust thinking and strategic guidance to identify, plan and execute the necessary change required to solve complex innovation and transformation challenges.