Monthly Archives: June 2020

News

Threatscape Recognised by Microsoft as Gold Security Partner

Threatscape, the specialist cyber-security service provider with offices in London and Dublin, announced today that it has been awarded the coveted Gold Security Partner designation by Microsoft.  This recognises Microsoft partners who have demonstrated the skills and expertise to design, deploy and manage security solutions to protect enterprise-scale clients against sophisticated cyber threats.  The award acknowledges Threatscape’s continued investment in its Microsoft Security Practice, which has completed projects around the world using its team of consultants who have all been accredited to the highest level by Microsoft including M365 (MS 500) and Azure (AZ 500) security certifications.

Microsoft protects against trillions of cyber-threats per day and spends over $1 billion each year on security R&D, integrating new security technology into the products and services that organisations rely on every day. Gartner has rated Microsoft a Leader in five different security Magic Quadrants.  Aisling Curtis, Commercial Director at Microsoft, commented that “The workplace of today is agile, mobile and cloud enabled. Microsoft is at the forefront of enabling this digital transformation, and also of securing it. We are delighted to have Threatscape partner with us, and to bring their highly regarded security expertise and services to our clients”.

Dermot Williams, CEO of Threatscape, added that “Threatscape has a mission of securing the digital landscape – and for the enterprise clients we work with, that landscape is increasingly powered by Microsoft technology at the endpoint, server and cloud. Our Microsoft Security Practice has the experience and resources to design and implement effective cyber security for the largest global organisations, and our managed services ensure that security can be maintained with minimal client effort. We’re delighted that Microsoft have recognised the skills and expertise of our team with this award.”

To learn more, visit www.threatscape.com.

Business Advice, FInance, News

COVID 19 sees increased retailer focus on electronic payment solutions – but which one is right for your business?

As many non-essential retailers re-open this week, the UK can expect to see an increase in the amount of retailers choosing to only accepting cashless payments in order to reduce the spread of the virus through cash handling.

However, it is not the only reason why cashless payment methods are on the rise.  Indeed, this time last year,  the BBC reported that more than 5 million people last year led an almost cashless lifestyle.  These figures were predicted to reignite the debate over the future of physical bank branches – 405 physical branches closed last year.  COVID-19 may prove to be the nail in the coffin for widespread cash payments and many pundits now predict that cashless payments will become the new normal.  Of course, this is a challenge if you have never taken electronic payments before – but it could work to your advantage, says electronic payment solutions provider UTP Group.

While it may seem sad to bid farewell to cash, the good news for retailers is that aside from the hygiene aspect, there can be major benefits from taking mostly cashless payments, including:

  • They are typically 3 times faster than cash payments
  • They eliminate cash handling costs, with no need for cash floats
  • They are more secure and offer better management control of funds
  • They are good for cash flow, especially when the bank makes fast payments direct to your bank account

Small and new retailers should be aware that they don’t just have to go with their own bank – indeed many do this, sign up to a long contract and don’t always get a good deal.

There are a number of independent providers for electronic payment solutions, all competing for your business and often shopping around for a provider can lead to a better deal – though it isn’t advisable to shop for a payment provider on price alone.  Reliability and trustworthiness are very important, and it’s also worth exploring the various electronic payment solutions to find the right one for you – it doesn’t have to be a physical card terminal fixed to a landline.  Physical retailers will normally choose either a countertop card machine or portable card machine – but sandwich vans and market traders often choose a mobile card machine, allowing them to take payments on the go.

There are also virtual terminals, which don’t require a physical machine at all and can be accessed online (ideal for phone payments) or an online payment gateway to accept website transactions.  It’s important to discuss these options with your provider to determine which is best for you situation, what each option will cost in terms of equipment rental and transaction fees (these can vary widely), how long the contract is, and of course how quickly the provider will deposit card payments into your bank account.  For example, UTP Group offer faster processing, this allows same day funding, whereas some banks can take days between taking the payment and then crediting it to your account, a challenge for retailers who need to restock the next day.

Increasingly, suppliers don’t need to see you in person and many payment providers will simply allow you to apply over the internet.  Typically, first time retailers will have signed up with their bank and are just waiting for their contract to expire to find a better deal – but it’s best to save money first time round if you can.  If this is the first time your business has taken cashless payments, it is better to explore your options, ask the right questions and find an electronic payment provider that works well for your long term business, not just one to help you through  a pandemic.

For more information, visit: https://www.utpgroup.co.uk/

News

The Pure Group (Pure Commercial Finance) Launch New Division

The Pure Group, heading Pure Commercial Finance and Pure Wealth Management, has now launched its newest division, Pure Structured Finance.

The London-based company will aim to target higher-value transactions and more complex debt structures than Pure Commercial Finance, targeting higher-end deals.

Andrew Hosford has co-founded the brokerage alongside Ben Lloyd, Founder of Pure Commercial Finance, and will head it up as Managing Director after leaving his 9-year role as Director of Voltaire Financial.

Andrew’s background involves dealing with more complicated debt arrangements, longer-term deals such as six-year regeneration programmes, convoluted ownership structures and legal borrowing entities from across the world, in addition to dealing with institutional lenders and equity partners.

The brokerage will cover a wide spectrum of transactions at all levels of debt, including bridging, development and mezzanine finance, commercial and residential investment and equity.

Andrew Hosford, Managing Director of Pure Structured Finance, says:

“This is a great opportunity in terms of being able to create something different within the industry. I’m looking forward to joining forces with Ben who shares the same views of the industry with me in terms of relationships and getting the best for our clients.”

Other key members of staff include Harry Hodel, founding member and Director who previously worked at Westbrooke Alternative Asset Management and Fiduciam, Lewis Peach, Relationship Director and Krystal Jevons, Group Operations Director.

The company currently holds five employees and expects to take on more members of staff later in the year.

Ben Lloyd, Director of The Pure Group, says:

“We had been in discussions with Andrew for quite some time, so were naturally very happy to reach an agreement with him to come in and launch Pure Structured Finance with us as head of the business. He brings a wealth of experience and his reputation in our industry is outstanding.”

The expansion comes after a bumper year for the group, launching Pure Wealth Management earlier this year and Pure Commercial Finance being named Best Commercial Broker at the Bridging and Commercial Awards 2019, as well as being nominated for three of their 2020 awards.

Diversity in Tech, Tech Education

International Women in Engineering Day (23rd June) – Your little girl could be the next Ada Lovelace!

As a parent, if your child says they want to be a footballer when they grow up, then after-school football coaching sessions might be the first port of call. And for active pre-schoolers with dreams of performing on stage one day, dance classes are a great way to burn off excess energy and nurture that passion. But what future career paths lay ahead of children who show an affinity for technology?

We’ll let you in on a little-known secret – there are more than you think!

Today it’s International Women in Engineering Day. In celebration, we’ve spoken with Grant Smith, Vice President of Education for kid’s coding specialist, Code Ninjas, about the range of future opportunities available to girls – and boys – and why parents should encourage them to explore their love of tech from a young age.

Creative industries – graphic designer, architect, marketing professional.

The UK’s creative industry contributed £101.5billion to the UK economy in 20171, and much of that is down to the demand for digital creative professionals, like video game designers and videographers. Children that are more creative – the ones who love an afternoon of finger painting or Playdough modelling – could actually be cultivating a long-term goal of a career in the creative sector. But understanding the fundamental systems that operate in their field is just as important as their natural flair for creativity.

All of the occupations listed above demand an ability to utilise digital tools confidently. Exposing your child to these digital skills as early as possible will help them stand out from competitors once the time comes for them to enter the workforce.

Healthcare and public services industries – doctor, nurse, teacher.

All healthcare professionals utilise some form of technology-driven system in their daily role. And as technology continues to advance, almost on a daily basis, teachers are expected to keep up with the digital resources that schools use to deliver their curriculum.

Training to become a doctor, a nurse, a paramedic, a primary school teacher or any other public service role takes a lot of dedication. If your child is passionate about helping others – whose child hasn’t wanted to play doctors and nurses after a sibling has taken a tumble? – then encouraging an interest in STEM subjects, and exploring this interest early on, means they’ll be equipped with some of the initial knowledge required before the word ‘university’ has even been mentioned.

Corporate industries – banker, CEO, accountant.

Okay, so your daughter – or son – is probably less likely to grow up with aspirations of preparing profit and loss reports, but many do show early on that they’re going to grow up one day to lead and inspire people. Ada Lovelace was only 12 years old when she first became interested in flight and the economics of air travel.

All visionaries and leaders require the convenience of technology to reach their goals – and the world still needs more female CEOs. In the UK, only six women hold positions of power at the UK’s top 100 firms2. Despite more girls than ever showing an interest in STEM subjects, only 26% opt to study these at university3. By exposing your daughter to the wonders of STEM skills early on, you’re equipping her with the ability to truly stand out from the crowd.

“First and foremost, it’s crucial that children are given the opportunity to just be children – to have fun and explore STEM education in a safe environment. During lockdown, families are spending more time than ever before at home, which provides a fantastic opportunity for parents to recognise their children’s passions and encourage exploration of those. Try free gaming software or online tutorials that teach children the basics of coding – a digital language that covers so much more than just how to play video games. Coding teaches children how to communicate effectively, how to work as part of a team, and how to have confidence in their own abilities. You never know, you might have the next Ada Lovelace in the making.”

For free coding activities that your child can work through at home, visit blog.codeninjas.com

1 Creative Industries Federation, 2019, Global Talent: Securing the future workforce of the UK economy.

2 Hampton-Alexander Review, 2019, Improving gender balance in FTSE Leadership.

3 WISE, 2019, Campaign for gender balance in science, technology & engineering annual re

News, Property, Property Buyer News, Regional News, Wales News

Redrow reopens sales centres in Wales following Government guidance

Leading Welsh housebuilder Redrow will reopen its sales centres and show homes in Wales to buyers and existing customers from 22nd June, following new guidance issued by the Government to reopen the housing market across the country.

Redrow’s sales centres and show homes in England reopened for appointments on the 18th May, following the reopening of the housing market there. New guidance now also allows the opening of sales offices and show homes in Wales and permits viewings of vacant properties to take place and for previously stalled transactions to complete. From today (19th June), customers can book appointments to visit a local sales centre in Wales from Monday onwards via Redrow’s website. Customers may also visit without an appointment, as non-essential retail also reopens across the nation at the start of next week.

Redrow has developed robust plans for its workforce and customers which include stringent social distancing protocols, rigorous cleaning regimes and a range of physical measures to reduce the spread of Covid-19. This includes several already fitted adaptations to sales centres and site facilities. Redrow has produced videos for both customers and construction employees which offer clear guidance so both fully understand the new processes in place.

John Tutte, Executive Chairman at Redrow, comments: “We are pleased that the Welsh Government’s updated guidance now permits the reopening of our sales centres and show homes across the country. This will allow existing customers already midway through the process to recommence their property transaction and for new customers to make appointments to view and reserve a new home. We are now able to better support our customers throughout their Redrow journey.

“Our aim has been to create a new Redrow way of doing things for colleagues, customers and partners, which reflects best practice when it comes to social distancing and reducing the spread of Covid-19. Sales centres and show homes in England reopened for appointments in mid-May and, as restrictions have gradually eased, customers may now also visit us on an impromptu basis. This process has gone smoothly due to our preparedness and carefully considered processes, and we aim to replicate this approach in Wales.”

Alongside the robust procedures in place to support customers wishing to physically view developments in Wales, Redrow has also invested heavily in technology to enable a smoother virtual transaction. Through their My Redrow customer portal, buyers can view different developments and plots online, select chosen plots and even select and review optional upgrades to their home. Last year, Redrow launched an online reservation service which also now allows buyers to legally complete the reservation of their new home online, further minimising the need to spend hours in sales centres. This service allows customers to read and review all documents from the consumer code and warranty information, through to a series of pre-reservation legal documents, at their own pace and in their own home.

Summary of process for customers entering a sales centre:

  • All customers are advised to book an advance appointment for viewings and meetings at Redrow developments in Wales, but may also arrive without one if they so wish.
  • Appointments for the 22nd June onwards can be booked via the development page on redrow.co.uk now
  • Sales consultants will always remain two metres away from the customer and will be situated behind a protective screen in the sales centre.
  • Sales consultants will guide customers through any collateral or documentation via iPads connected to TV screens, allowing customers to view imagery and plot availability with ease and without handling documents and tablets.
  • Customers will visit show homes unaccompanied following a briefing.
  • Hand sanitiser will be available throughout the sales centre and all customers will receive an overview of Redrow’s comprehensive safety measures at the start of all appointments.
  • A thorough cleanse will be performed after each appointment.

All measures meet Government guidance.

Cybersecurity

Maturing approach as Cyber Threat Intelligence pays dividends

Written by Anthony Perridge, VP International at ThreatQuotient 

In the battle to protect businesses from relentless attempts at infiltration, theft and disruption by cybercriminals, knowledge is power. Over recent years, this fact has been formalised through the growing adoption of cyber threat intelligence (CTI) With the creation of teams and implementation of CTI programmes, organisations aim to build a proactive defence posture and stay one step ahead of adversaries. The 2020 SANS Cyber Threat Intelligence survey sponsored by ThreatQuotient, analyses the state of play in cyber threat intelligence worldwide, indicates that we are entering an exciting period. CTI shows strong signs of maturing and cementing its place in the cybersecurity arsenal. 82% of survey respondents say their CTI activities are delivering value. We are also seeing organisations become more strategic about how they implement the intelligence process and a growing recognition of the value of collaboration with the wider threat intelligence community. The following are my key highlights from this year’s research findings.

CTI is coming of age

There were twice as many respondents to this year’s survey compared to 2019 and more respondents than ever before reported that they are operating a CTI programme in their organisation. 85% overall said that they had some form of CTI resource, with nearly half (49.5%) having a formal, dedicated team. A further 27% have shared responsibility with staff drawn from other teams, while 9% have a solo CTI analyst. This is a welcome sign that CTI is accelerating as a component of companies’ cybersecurity strategies.

Also encouraging was the fact that the percentage with a dedicated team has risen steadily in the past three years. Investment in headcount is on the rise, indicating that businesses are committing to CTI for the long term.

In-house teams are not going it alone, either. 61% of respondents said CTI tasks are handled by a combination of in-house and service provider teams, an increase of 54% in 2019. This combination of external resources and internal expertise means organisations can better understand and address the threats they face.

Organisations are becoming more strategic about CTI

At the start, and the heart, of an effective CTI programme are clearly defined intelligence requirements (IRs). These identify the specific questions and concerns to be addressed by the programme to ensure the right data is collected and the appropriate focus is placed on the relevant threat areas by analysts. They are critical in providing the business-specific context for CTI programmes so that they deliver the most valuable outcomes for that organisation.

So it is encouraging that this year’s survey found the percentage of respondents reporting that they have clearly defined intelligence requirements has jumped 13.5%, from 30% in 2019 to 44% in 2020. Another positive sign is the growth in the number of contributors to CTI requirements – there was more input from security operations teams, incident response teams and C-Suite executives, showing that a diverse group of stakeholders is helping to drive both the tactical and strategic direction of the CTI programme. The next stage in maturity will be to see more regular and structured reviews of intelligence requirements, as most still review IRs on an ad hoc or unknown basis.

Intelligence sources, automation and management advances – but more to be done

When it comes to collecting data to answer the intelligence requirements, there has been a jump in the percentage consulting both open source feeds and those from CTI-specific vendors. There has also been an increase in organisations producing threat intelligence data in-house to complement externally sourced data – more than 40% of organisations said they both produce and consume threat intelligence data.

With this wealth of data at their disposal, the survey asked how organisations process high volumes of intelligence to gain actionable insight, and the degree of automation used to lift the burden from CTI teams. The survey shows that automation is still some ways off, with the majority of processing tasks completed either manually or semi-automated. While basic tasks such as data de-duping are commonly automated, more complex activities, such as reverse-engineering samples are a manual undertaking for 48% of respondents.

In CTI management, the picture is slightly better with more organisations reporting automation in SIEM platforms and CTI management platforms. As CTI continues to prove its value, we would anticipate seeing more automation and tuning of tools to fit the context, priorities, and specific threats that businesses face. This supports analysts to focus their efforts where human evaluation is most effective and respond more proactively to threats.

Measurement is proving a challenge

Another sign that an approach is maturing is when focus shifts from operational considerations around what tools and teams can do, to measuring the effectiveness of their actions. Here the survey found that there is still some way to go. While a resounding 82% of respondents find value in CTI, only 4% had processes in place to measure effectiveness. However, the growing rigour in identifying clear intelligence requirements can offer a good starting point here. Once these are set, goals can be set based on answering the IRs through the CTI programme.

Collaboration is critical

Perhaps the most encouraging finding from the SANS Cyber Threat Intelligence survey is confirmation that collaboration is being embraced as a core component of security programmes. 45% reported membership of an Information Sharing and Analysis Centre (ISAC) which is a high percentage, given that they are not available in all verticals or territories. The main benefits noted are timely and relevant threat information and the ability to network with contacts at other member organisations.

Now, more than ever, the uncertain cyber and physical environment and new threats emerging out of the disruption of COVID-19 pandemic mean that intelligence analysts need to share best practice data and strategies to overcome threats.

Ultimately, the 2020 SANS Cyber Threat Intelligence survey offers robust evidence that CTI is increasing in adoption and is proving its worth to a greater number of organisations than ever before. When threat intelligence is effectively collected, integrated, automated, prioritised and shared between analysts and wider stakeholders, organisations become more agile and effective at addressing the threats they face. We are in an exciting period for the industry, where organisations can see real, measurable impact from their accelerating investment in CTI teams and tools and we look forward to seeing further evidence of success in next year’s survey.

News

No Second Chances

Written by Nick Pike, Chief Revenue Officer, Vizibl

Innovation in procurement technology has not moved on much in the past decade, however the impact of COVID-19 and supply shortages expected as a result have certainly focused minds and shone a light on procurement sourcing. In fact, according to the UN’s Deputy-Secretary-General, Amina J. Mohammed: “Companies should focus on scaling up production, making sure supply chains are reliable.”

Finding the route to the ‘new normal’

What we are seeing is that organisations are trying to get a handle on the route back to the ‘new normal’ and emerge out of this crisis stronger than before. This means we will see a couple of years of real accelerated change, in fact according to Arvind Krishna, CEO of IBM, COVID-19 is likely to push companies to speed up their adoption of modern technologies like artificial intelligence and cloud.

For many procurement and supply chain professionals, the dramatic events of the last couple of months – including lockdowns, quarantine, production stops – were a wake-up call. Following the firefighting mode during the pandemic, companies have realised that they can no longer afford to be unprepared for such an event in the future.

Building resiliency into the supply chain

Securing the supply chain to ensure that it is not negatively impacting the ability to meet customer commitments will be crucial. CPOs & CSCOs will want to know if there are any supply chain issues so they can quickly source alternative solutions. They also want to know what projects they need to prioritise following the crisis because, compared to earlier in the year, priorities have more than likely changed.

CPOs will be keen to understand what key projects they need to undertake to drive the organisation’s revenue and success. Outside of this, CPOs & CSCOs will also be looking at how to extend and enhance their supply network and how they can better understand their dependence on that network. Ultimately, short term they will be looking at how they transform their supply chain risk management processes and build in resiliency to not only survive but thrive.

To this point, Deloitte recently published an excellent overview around managing supply chain risk during COVID-19, and I would highly recommend this report to anyone involved in developing improved supply chain practices for their business.

Resiliency will be the post COVID-19 watchword

This need for resiliency provoked us to develop a bespoke version of our Vizibl Supplier Collaboration and Innovation solution (Vizibl Resilience) that focuses on the need for companies to address these issues. We expose the critical projects that customers need to work on in the supply chain and have easy to use dashboards to be able to report critical information to the Board.

It is important to ensure that everyone is sharing information in an efficient way rather than individual-by-individual via email or phone. Businesses need to have the right collaboration technology to underpin their procurement sourcing, to solve problems faster. For many CPOs working remotely with their teams, perhaps for the first time, this level of shared visibility is vital.

Vizibl Resilience ensures that all communication, actions, and results from vendors working throughout the supply chain are captured in real-time within a single, easy-to-navigate platform. Dashboards give the leadership team transparency around where the business is at in any point in time on any number of projects. This enables the organisation to identify any issues within those projects and quickly triage those that need attention.

Building supply chain innovation

Of equal importance to visibility, collaboration and control is building innovation into the supply chain.

If we look at an industry such as telecommunications and take Vodafone as an example – historically, generating revenue for the business has been very network bandwidth-orientated. Now Vodafone and its peers are required to build additional services on top of these networks, enabling them to differentiate. We are working with Vodafone looking at the new projects and innovations which are coming from their suppliers such as Huawei, Google, Nokia and establishing how Vodafone can bring those to market faster. We have been helping them to identify which ones are aligned to their business goals and how they can accelerate these projects.

Removing costly duplication

But what we have seen historically is that as companies start to do this, so duplication creeps in. Often, we find that a very similar project is happening in a different part of the organisation at the same time. By deploying Vizibl, we are able to shine a light on the duplication and show that elsewhere in the organisation there are two or three projects which are the same or very similar, which could be brought together.

While saving money is one aspect, the other aspect is about getting various project teams to collaborate and get projects to market faster.

No second chances

In just a few months, COVID-19 has triggered sweeping changes in how we all do business. This massive scale disruption created a succession of different supply chain issues. These issues are not necessarily new, but what has changed is that, going forward, not being prepared for such issues is no longer an acceptable position. With supply chains firmly in focus boards are pushing for a more proactive approach and level of insight and visibility.

Now the CEO will be asking the CFO, COO and CPO: is the supply chain prepared? During the pandemic, companies scurried to secure supply. During recovery, the CPO needs to initiate measures that lead to preparedness. They’ll be no second chances for CPOs going forward. This means being prepared must be an integral part of sourcing and supply chain management.

News

After Men’s Health Week and a Gradual Release from Lockdown, is it time to take a deeper look at Men’s Mental Health?

This year’s Men’s Health Week coincided with limited easing of the lockdown restrictions which have been in Wales since March.  As we emerge from lockdown, many are calling for male mental health to be prioritised – and that’s not a moment too soon, says life coach Jason Bishop.

Men are twice as likely to die from COVID-19, but that’s not the only pressure that men have faced during the pandemic, whether it’s the mental stress of being with family 24/7, restricted incomes due to furlough or job loss, or trying to juggle home working with childcare and even new teaching responsibilities.  The pandemic and lockdown has been challenging for both men and women – but men are already at the greatest risk.  Just take a look at the statistics from Men’s Health Forum:

  • Over three out of four suicides (76%) are by men
  • Suicide is the biggest cause of death for men under 35
  • Men are nearly three times more likely than women to become alcohol dependent
  • Men are more likely to use (and die from) illegal drugs
  • Men are less likely to access psychological therapies than women.

Jason Bishop, a South Wales life coach who works exclusively with men aged 25-35, says:

“The added pressures of lockdown have been stressful for both sexes, but men and women handle stress differently.  Women tend to pick up the phone and natter to their pals, putting the world to rights.  Men are taught to ‘be strong’, to ‘man up’ and our phone calls with other men tend to be short and functional, and conversations about our worries often don’t indicate how serious the issue is.  Indeed, over half of men would prefer to talk about their health with their barber than with their doctor.

“With pubs, barbers and gyms closed during lockdown, many of the outlets which allow men to even superficially share their burdens with other men have been unavailable.  This is concerning.  However, the positive thing is that lockdown has given men time to reflect and realise that living with stress, unhappiness and frustration simply isn’t working for them.  We need to let them know that their mental health matters, that lives can change and help is available.”

Working with a support group called Andy’s Man Club in Cardiff, as well as being a one on one life coach, Jason works with men, giving them the tools, support and advice to move through their stress to create a more abundant, happy life – and hopes that his work on and offline will help more men to discover that there is another approach.  He says:

“In my own life, it took me hitting rock bottom, falling into alcohol addiction and nearly dying before finally admitting I needed to look at my mental health.  I’d struggled with anger and grief for years  – coming back from the precipice, I learned new skills and tools to help me change my outlook, reduce stress and actively create the abundant life that had always eluded me.  Now I share those tools with other men, helping them set goals, transform relationships (with partners, employers and habits) and create a life and a career that works for them.”

“Men’s Health Week will hopefully remind men that they are important too.  If they don’t want to go back to their pre-lockdown life, they don’t have to.  Every man deserves to be in a career that supports them mentally as well as financially, and to live a life that is about their health and happiness, not just their responsibilities, although sometimes it is also about changing your mindset and core beliefs.  Life coaching offers a safe way to explore possibilities for change, and support to make those changes in a positive way.”

To learn more about Men’s Health Week, visit: https://www.menshealthforum.org.uk/

To learn more about Andy’s Man Club, or to enquire about coaching, contact Jason on 07494 677126 or visit his website: http://www.contentedlifecoaching.com/

COVID-19, FInance, News

Personal planning tips for business owners in light of the pandemic

One of the most commonly heard expressions at the moment is “it’s a strange world in which we live”. It certainly is, and so it is more important than ever to plan effectively. Here Andrew Moorby, Managing Partner of MHA Tait Walker and Head of the Teesside office has some personal planning tips for business owners.

For business the changes have been monumental, rapid and totally unexpected. The Government’s reaction to the problem has certainly helped with measures such as staff furloughing, tax deferrals, and the guaranteed loans – but these will have a limited life.

We are already seeing HMRC taking a much stricter stance on tax deferral requests. We now find ourselves trying to cope with getting back to work where we don’t know what the “new norm” will look like. Most analysts are predicting a V-shaped recovery.

This means that the issues will be significant but relatively short-lived. Clearly there will be some sectors where the recovery shape will differ or where the impacts are for a much longer period, but the predictions, for most us, are that we should plan for this V-shaped recovery.

If we assume that this is correct, what should we be doing or not now doing? The following are some issues to consider as part of your planning;

Cash is undoubtedly King.

Ensure you maintain forecasts showing what you need to survive, but also what you will need to take advantage of any upturn. Rapid growth will require significant working capital.
Remember to speak to your funders early so that you have the cash when it is needed. Make sure that any repayment plans, including deferred taxes, give you the headroom to expand. You should also make sure that you truly understand the nature of the current problems.

The downturn has been so abrupt that we have limited data to truly assess what is working and what isn’t. Many businesses are now coping with home working and flexible hours for the first time. What are the true impacts of this, how can it be made better, is it always the best solution? Take time to truly understand the data, don’t simply go with your gut reaction, and plan accordingly.

All change

The only thing we can be certain about at present is that things are going to change.
That’s why it’s important to ensure that you build an agile business that can deal with change and benefit from it. In particular, view your technology base to ensure it is fit for your future plans.

The redundancy word is inevitably rearing its ugly head as we approach the end of the furlough scheme. The obvious answer to many is to cut staff and therefore reduce headcount and cost. This may be the right answer for some, but don’t simply take the easy options.

Whilst on the face of it letting staff with less than two years’ service is the easy option, it is important to consider what the business really needs. Ensure that you retain those staff who can best help the business move forward and take advantage of the upturn. These may not be the people who have been with you the longest.
Consider alternative options. If you want to keep your entire team together but need to reduce costs, will the team agree to a temporary reduction in their salaries rather than having to make people redundant? That way your team is there and ready when the upturn comes.

In the last recession many firms laid off their trainees/apprentices or stopped taking on new ones. When the recession started to ease, however, they had insufficient experienced junior staff to take advantage of this. As stated above if, as expected, this is V-shaped recovery you may need those experienced junior staff relatively soon.

For several years now employers have highlighted, despite the stresses and strains placed on the economy from issues such as Brexit, that the key concern was their inability to recruit and retain sufficient quality staff to take their business forward. Again, take care that you don’t let good staff leave now only to find yourself short of quality people in the near future. Recruiting new staff can be a lot more expensive than retaining the good ones you already have.

Non income generating areas of a business may seem like easy targets. Areas such as marketing and HR play an essential role for successful businesses, particular those that want to grow, win new customers and look after their team.

Our staff are our key asset

They will be feeling uncertain and vulnerable, so no matter what you have to do make sure you communicate regularly and effectively. Now is the time to truly assess our future needs and to make some difficult decisions. The best management will balance future needs with current problems rather than simply taking the easy option.

E-Commerce, ECommerce, News, Retail, Technology

The future is ecommerce – and businesses need to check their speed

Richard Wheaton, fifty-five London, discusses the implications for the future of retail – and notes that speed for e-commerce website owners is crucial

The recent quarterly GDP figures were a stark yardstick of the economic impact of coronavirus. The UK has a far larger services sector that many other countries and so, with social distancing, the impact has been greater. As people return to the High Street there are hopes of a bump to the economy but hopefully no further bump to the daily infection rate. Yet, as was recently acknowledged by the CEO of M&S Steve Rowe things would ‘never be the same again’. He commented ‘the trend towards digital has been accelerated and changes to the shape of the high street brought forward.’ Indeed according to data from IMRG Capgemini Online Retail Index online retail sales in the UK jumped by 32.7% year-on-year in May, the highest increase since March 2008. The genie is out of the bottle for ecommerce and businesses will need to change their thinking to succeed.

While physical stores will compete with each other on offers to lure customers in or attractive window displays, for ecommerce it is all about the digital customer experience. A critical component of this is fast mobile site speeds. The rise of customer expectations and the increasing use of smartphones have combined to highlight the importance of fast-loading and responsive mobile sites. With screen times sky-rocketing throughout the country during lockdown, this importance has grown exponentially.

Milliseconds make Millions

This was the context for the new report fifty-five was commissioned to undertake with Deloitte Digital by Google, titled ‘Milliseconds Make Millions’, in which we were tasked to truly quantify the impact of speed on a wide range of site metrics. We analysed mobile site data from 37 retail, travel and luxury brands across Europe.

Surprisingly, a comprehensive study had not been published before, due to the challenges of producing a sufficient amount of comparable data across several brands to create statistically robust findings. Our analysis shows how site speed factors can affect a range of commercial measures, and how to apply these insights across different sectors. One of the challenges in discussing site speed is that the range of terminology, metrics and dimensions can be confusing for busy executives and digital managers to digest and use to make decisions. We monitored over 30 individual metrics, and reduced them down to a concentrated list of four factors that have the most measurable impact on commercial performance. The results are a real wake up call to brands to put mobile site speed at the heart of their thinking.

Retail

With a 0.1s improvement in site speed in the four areas identified, we observed that retail consumers spent 9.2% more, a significant uplift. In particular speed on product pages is vital, there is an increase of 3.2% from Product Listing Page to Product Detail Page, and a 9.1% increase when progressing to Add to Basket. These findings are based on 20.5m user sessions across 15 retail brands.

Travel

Travel brands have been particularly hard hit during this crisis and will want to do everything they can to win customers when business can resume. We looked at the actual journey a customer takes through the travel conversion funnel progression. With a 0.1s improvement in site speed in four key site speed metrics, we discovered an uplift culminating in a 2.2% increase in check-out completion. A 2% increase was identified at the add-ons stage where travellers are configuring their trips i.e. adding speedy boarding, selecting plane seats or purchasing car hire. So we would suggest that site speed has its greatest impact in the customisation & ancillary purchases steps of the funnel, after the visitors have chosen their base options, and so travel brands may need to prioritise the optimisation of this section of their user journey. These findings are based on 7.4m user sessions across six brands.

Luxury consumers

Out of all verticals studied, the data shows that luxury consumers are the most sensitive to speed improvements. Although design and brand values are key to luxury sites, the flows to key pages like “Contact Us” are greatly increased (a massive 20.6%) when the key site speed metrics were improved by 0.1 seconds. There was a highly significant 40.1% increase in users moving from product detail to add to basket and longer sessions also recorded through the entire browsing journey. For luxury retailers, use of the “Contact Us” and “Book an Appointment” functionality of their sites are proxies for buying intent, as opposed to actual e-commerce transitions on high-street retail and travel sites. These findings are based on 2.1m user sessions across 10 luxury brands.

Businesses – now hugely reliant on e-commerce – need to therefore make site speed a priority and adopt a mobile-first mind-set; introducing the right processes and allocating resources to constantly monitor and optimise their site speed. Our report outlines seven key recommendations for businesses to prioritise site speed.

With ecommerce becoming more critical to businesses than ever before, they need to act now to put this crucial metric at the heart of their thinking. Things may ‘never be the same again’ but businesses that embrace the new reality and adapt to the needs of their customers are best placed to succeed.