Monthly Archives: April 2024

Sport

Victor of ‘prestigious’ British golfing tournament Jake Potter:   “It’s the biggest win of my career so far”

Kent’s Jake Potter emerged victorious at Copt Heath Golf Club in Solihull, marking the 43rd edition of the Peter McEvoy Trophy.

After an intense competition, Potter managed to capture the biggest win of his young career, narrowly beating second placed Alex Wells and Jack Peters in third, with a score of 208 from three rounds.

The annual competition is one of the most prestigious junior golf events in the country, giving the chance for top British, Irish and international prospects to showcase their abilities. It has often been cited as a defining moment in the careers of many golfing legends including Justin Rose and Lee Westwood, careers which Potter will certainly take great inspiration from.

 

Speaking with Growth Consultancy Champions (UK) plc, the 17-year-old said: “The first round was obviously tough in the rain, I was on the late side of the draw which made the last few holes difficult but I managed to remain solid throughout.

“I made a good few pars through the tricky first four or five holes, and then put a good run together over the last few holes and maintained a great score to win.

“It’s the biggest win of my career so far.”

 

The Englishman’s best moments came in the form of two eagles and a birdie on hole seven, as well as setting the groundworks for tournament victory by hitting the green with a 336-yard drive on hole eight in the third round.

 

Potter emerged as the tournament’s frontrunner, and went into the final afternoon of play with a four-shot lead. When asked if this made for a nervy lunchtime, he said: “It was obviously better than a one, or two shot lead I can tell you that, but no it wasn’t the most comfortable lunch though!”

He continued: “My short game really bailed me out today. I hit a few loose drives on that back nine, but I managed to get the ball up and down well.

“My best shot was definitely on the back nine, the second into 15. I got my birdie back, I’d just bogeyed the hole before, and getting that birdie on the five was important.”

Unlike previous tournament winner and his good friend Jack Lee, Potter doesn’t plan on enrolling in a US College. Instead he intends to continue playing in the amateur circuit for the next couple of years before turning pro.

 

When asked about Lee and his plans going forward, Potter said: “Jack (Lee) is a brilliant player, winning the Peter McEvoy Trophy back-to-back over the last two years. He’s a good friend of mine.

“For me, I just want to play as well as I can really, and get as many wins in the bank as possible. This is a good start.”

The competition’s final scoreboard can be seen here.

Creative News

Five Interior Design Tips to Create a Relaxing Home

The strain that many of us feel as we grapple with the challenges of everyday life come into sharp focus this month.

April marks Stress Awareness Month and marks an opportunity to look at ways of reducing the strain many of us feel.

And according to one leading expert there’s no better place to start than home when it comes to stress busting techniques.

Kate Conrad, senior interior designer at luxury homeware retailer Madison & Mayfair, said: “Creating a zen and peaceful home can be the first step to reducing stress in all areas of your life.

“When faced with issues related to stress, being able to relax in the comfort of your own home can often take a small yet welcome weight off your shoulders, supporting you in dealing with your anxieties.”

Here Kate shares her top five interior design tips that can help to transform your home into a more relaxing space.

 

Use natural colours

“As a base, a neutral colour palette can set the tone of your home”, says Kate. “This can instantly create a more soothing ambience.

“In fact, neutral earthy tones have the ability to provide comfort, adding a serene touch to your decor. From sandy hues to soft greens, your home would feel instantly elevated and like a breath of fresh air”.

 

Use soft textures

“In order to soften your decor to achieve that ‘zen’ feeling, ensuring that the materials in your home are subtle and muted can make a large difference”, says Kate.

“Natural materials, such as clay pottery, wooden panelling or a sisal rug, would provide interesting yet subtle changes in texture with a more organic feel”.

 

Be smart with storage

“A messy, cluttered space is very hard to be perceived as relaxing, which is why having a declutter is important if you want to feel more zen in your home.

“Utilise storage effectively and you can keep a tidy home with lots of calm, open space. Ottomans and shelving units are practical ways to make use of the space you have available.

“A key tip is making sure your entryway is free from clutter, creating a welcoming first impression that sets the tone for the rest of your home”.

 

 

Bring in elements of nature

Kate discusses the importance of ensuring your home incorporates touches of nature: “Having plants in your home can effectively inject positivity into your home, fostering an environment for resting and recovering.

“Indoor plants can also boost productivity, creating a much more motivating and encouraging space. The added natural colours can provide the soft touches to invite a serene theme within your home, along with being the perfect decorative pieces that don’t risk overwhelming your space”.

 

Use soft lighting

“It is very important to perfect the lighting in your home when trying to achieve a zen space to relax in”, adds Kate. “With warm toned lamps scattered around the room, as well as soft candlelight, you can nurture an inviting atmosphere effortlessly.

“Find lamps with neutral or textured bases to add the natural touches to your decor, and also avoid blocking any natural light sources with furniture, ensuring the windows can breathe as much light into the room as possible”.

Absence Management, Mental Health, Mental Health at Work, News

Navigating stress and burnout in Operational Research

April is Stress Awareness month, an annual event organised by the non-profit organisation Stress Management Society to increase public awareness about stress, often seen as a modern-day epidemic.  In this article we explore the rise of stress in the workplace and offer tips for how organisations can support staff dealing with stress and burnout.

A global report[i] last year suggested that stress and burnout are the greatest risk facing organisations in 2024. The Workforce Resilience Council’s international SOS’ latest annual risk outlook highlighted that 80% of senior risk professionals predict that burnout will have a significant impact on employees this year.

In January, the chief executive of the charity, Mental Health UK, Brian Dow warned the UK risks becoming a “burnt-out nation” with a “worrying number of people” taking time off due to poor mental health caused by stress[ii].

 

According to the Health and Safety Executive (HSE)[iii] , 1.8 million workers suffered from work-related ill health in 2022/23, with about half of the cases down to stress, depression or anxiety. What’s more, stress comes at a major cost for businesses –  a report by Deloitte[iv] in 2021 estimated the annual cost of poor mental health to UK employers has increased by 25% since 2019, up to £56 billion per year.

 

Stress levels in Operational Research

Stress can place immense demands on employees’ physical and mental health and affect their behaviour, performance and relationships with colleagues and, in the field of operational research, professionals have the propensity to suffer stress.  In Operational Research, people are working at a high academic level solving complex issues.  The demands of modelling, optimisation, and simulation, combined with the need to stay abreast of industry advancements, can create an intense work environment. Tight deadlines, high expectations, and the responsibility of providing actionable insights for real-world challenges contribute to the pressure cooker that OR professionals often find themselves in.

Additionally, the nature of the job, which involves intricate mathematical work and addressing multifaceted problems, can lead to mental fatigue and exhaustion over time. Burnout not only affects individuals but can also hamper overall team dynamics and the quality of output. Therefore, organisations need to ensure they have robust strategies and processes in place to mitigate the risks of stress and burnout.

 

Navigating stress and burnout in the OR world

 Stress is something most people feel at one time or another when dealing with the challenges of life. The NHS[v] highlights that during periods of stress the body releases a hormone called adrenaline (often called the “fight or flight” hormone), which usually gives people a boost or motivates them to act quickly. While sometimes this can enhance a person’s performance, it can be damaging if stressful periods become the normality.

 

What are the signs of stress to look out for? 

 The HSE[vi] highlights that if employees acting differently, it can indicate they are stressed. The signs for managers to look for in teams include arguments at work; higher staff turnover; more sickness absence; decreased performance and more complaints and grievances. Other signs are a change in how someone thinks or feels such as mood swings; being withdrawn; loss of motivation, commitment and confidence; and increased emotional reactions such as being more tearful, sensitive or aggressive.

 

Emma Capper, UK Wellbeing Leader at employee benefits firm, Howden Employee Benefits & Wellbeing said, “The key is being able to spot these signs and put the right interventions in place early is essential to preventing issues from escalating. Most jobs involve some level of stress, but when the impacts are compounded by lack of support and resources, tight deadlines and long hours, burnout can be the result.”

 

Tips for managing stress and burnout in the workplace:

 Howden has put together a free guide for tackling employee stress and burnout, which organisations can download by visiting: www.howdengroup.com/uk-en/employee-burnout. Here are some of the top actions they suggest:

 

  1. Invest in line manager training– managers are the first line of defence and training them to spot the early signs of stress is imperative.
  2. Speak to the affected employee – find out more about the reasons behind stress and burnout. It could be related to the workplace (volumes, pressures, and prioritisation), home life (having young children or caring for an elderly relative) or something else. A good understanding of the issues means that line managers, HR or employers can help.
  3. Train mental health first aiders– these are dedicated people within the organisation who employees can go to for practical support and advice.
  4. Introduce Wellbeing Action Plans– when a mental health condition is identified set up a plan. This tool allows line managers to help employees – and employees to help themselves.
  5. Offer flexible working – Making reasonable adjustments at work for an employee suffering with their mental health is important and employees have a legal right to ask for changes to be made to their job or workplace. Hybrid, part-time, flexi-time or condensed hours may support a better work-life balance.
  6. Use free resources– there is a wealth of information readily available. For example, the mental health charity, Mind has free resources which can be shared with managers and employees, including guidance for managers on how to support staff experiencing a mental health problem.
  7. Mind and body sessions– introduce sessions on mindfulness, massages or stress management techniques, plus encourage exercise which is a great stress reliever. Discounted gym membership or suggesting activities such as lunchtime walks or company-wide fitness challenges to support teamwork and collaboration are a great idea. Line Managers could also adopt walking 1-2-1s as a way of supporting physical activity whilst checking in with employees.
  8. Check and promote what’s already available– Critical Illness, Private Medical and Group Income Protection policies often offer a range of services that provide mental health support for employees when they need it most. Most also offer Employee Assistance Programmes (EAPs) which are designed to support the physical, mental and financial wellbeing of employees, that include telephone and often face-to-face counselling.

 

In embracing Stress Awareness Month, organisations can take proactive steps towards fostering healthier work environments. By initiating conversations, implementing supportive measures, and utilising available resources, companies can pave the way for enhanced well-being and productivity. Let’s turn Stress Awareness Month into a catalyst for meaningful change in how we address stress and burnout in the workplace.

For more information on Stress Awareness Month, visit: www.stress.org.uk/national-stress-awareness-month.

—

References

[i] https://www.strategic-risk-global.com/people-risk/burnout-is-the-greatest-risk-facing-organisations-in-2024-how-to-tackle-it/

[ii] https://www.theguardian.com/society/2024/jan/22/mental-health-uk-burnt-out-nation#:~:text=Mental%20Health%20UK’s%20chief%20executive,are%20complex%2C%E2%80%9D%20he%20added.

[iii] https://press.hse.gov.uk/2023/11/22/hse-publishes-annual-work-related-ill-health-and-injury-statistics-for-2022-23/

[iv] https://www2.deloitte.com/uk/en/pages/consulting/articles/mental-health-and-employers-the-case-for-investment.html

[v] https://www.nhs.uk/every-mind-matters/mental-health-issues/stress/

[vi] https://www.hse.gov.uk/stress/signs.htm

Business Advice

Mergers and acquisitions: a guide for buyers and sellers

ACTIVITY across the mergers and acquisitions sector remains strong, despite the economic challenges many businesses still face.

 

But the most recent data indicates the number of deals taking place has been down in recent years.

 

According to official Government stats in Quarter 3 last year (July to Sept 2023) the total combined number of domestic and cross-border mergers and acquisitions (M&A) involving a change in majority share ownership was 362.

 

This was 117 transactions fewer than Quarter 2 (Apr to June) 2023 (479).

 

The value of inward M&A (foreign companies acquiring UK companies) in Quarter 3 2023 was £5.4 billion, £0.7 billion higher than the previous quarter (£4.7 billion), but lower than all other quarters post-2020.

 

At Dropjaw Ventures, I’ve noticed a huge amount of activity in the mergers and acquisitions space in recent years. We are witnessing and experiencing significant demand from managers , directors and shareholders – all looking to exit their businesses as they seek to move on to fresh challenges and or lifestyle changes. On the flip side there is pent up demand from buyers looking for accelerated growth from a drive in organic sales and via acquisition of complementary organisations.

 

Acquisitive growth is driven by buyers who are typically looking to achieve five things;

 

  1. Acquire market share in current markets;
  2. Gain access to new geographical or vertical markets;
  3. Secure access to scarce resources such as skilled people and or intellectual property;
  4. Reduce the amount of competition within their market place;
  5. Leverage their own infrastructure to create enhanced earnings per headcount.

 

Buyers are always looking for bargains and compelling transactions, whilst sellers are always looking to maximise shareholder value and returns for their years of hard work and rewarding the risks and sacrifice.

 

One of the biggest traits I have  come across over the past decade of advising on transactions is their model of ” Death, Debt and Divorce”. If a buyer smells one or more of these issues in a transaction, it becomes more of a predatory buyer looking for a great discount and increased preferential terms due to the need for the seller to exit quicker. Setting and managing the right expectations is crucial to establish early in the process and sets the precedent moving forward. Don’t be on the back foot from the start.

 

Within the UK technology space ( Managed Services Providers (MSPs) and professional services market the legal, accountancy and estate agencies the market is especially buoyant, with significant consolidation driving increased levels of interest and transactions. Over the past few years we have advised many buyers and sellers guiding them to a “win, win”  transaction by following some simple and proven processes which we can share some of those first all important steps with you;

 

My three golden rules if you are a buyer are:

 

  1. Be clear on your target acquisition motives and criteria;
  2. Consider if you are ready for an acquisition- anyone can acquire a company but consider , how you would fund it, the cultural fit and who would be responsible for the integration
  3. Have a clear idea of how you would deal with the distraction of the search for companies, the initial sifting, setting up and managing those all-important first meetings. Remember, first impressions count as sellers have generally lots of choice on if and who they want to sell to.

 

And, if you are selling:

 

  1. Start with the end in mind and prepare now even if you still feel that you are 1-3 years away from a potential sale
  2. Document all of your internal processes in a target operating model so it’s clear on what and how you run your business
  3. Maintain clean, clear and comprehensive records and statistics around revenue, margin and customer growth, revenue per headcount, HR and regulatory requirements

 

Buying and or selling a business can be a daunting, challenging and emotional time which needs to be managed carefully. It can also be distracting from time away from actually running your company.

 

If any of these points resonate with you and for an initial discussion, please email me on roy.shelton@dropjawventures.co.uk  or call me on 07977 237284.

Business

Connectus expands nationwide reach with second acquisition in six months

BUSINESS managed service specialists Connectus has acquired tech specialists IT For Growth, it can be announced today.

The deal is the second in the space of five months and forms part of an “aggressive strategy for growth” which Connectus has planned for 2024 and beyond.

By acquiring the Grimsby-based firm, Connectus, which has offices in Salford and Doncaster, will be able to extend its reach into North East Lincolnshire.

This will allow them to connect to more customers boosting the plus 500 plus client base they are already servicing across the north of England and in the Midlands.

Announcing the acquisition, Roy Shelton, the CEO of Connectus, said: “This is another major chapter in the story of Connectus. As we continue to scale, we will continually explore potential acquisitions to ensure we can provide our range of fully managed services to as many businesses as possible.

“This acquisition will allow us to extend into North East Lincolnshire and beyond. The MSP space is experiencing huge consolidation at the moment and as we continue to remain focussed on sustainable growth and outstanding customer services. As a result we will be aiming to complete several more transactions this year.”

The deal comes five months after Connectus acquired Mango Tech. Outlining his future vision for Connectus, Mr Shelton added:

“At the heart of the service Connectus delivers is the Connect- Protect-Collaborate mantra. We can now extend these principles into new areas, offering clients cutting-edge and industry leading services. We have an ambitious growth plan, which is focused on delivering quality outcomes to businesses that mitigate cost, lower complexity and reduce risk. This acquisition will further help to deliver that.”

Commenting, Jonathan Cozens, the CEO of IT For Growth, said:

“I’m delighted to confirm this acquisition. Connectus demonstrated to me that the support, growth and long term development of our customers are of the highest importance to them. They offer a notably better support level than we can deliver at our current size. Although we have been very successful at delivering a first class customer experience over the last seven years, the limited size of our team means we don’t have the breath strength in depth to deal with the size of the opportunity around our client base and the local area.“

“Connectus’ superior scale means they will be able to provide an ongoing technology partnership for your business as you grow. Their track record in enterprise IT systems means they can advise from a position of authority on how best to achieve the commercial outcomes you want, regardless of intended size.”

IT For Growth has helped scores of small to medium businesses looking to improve and grow their income. They specialise in enterprise business support and business workshops which deliver structured training systems which enable firms to make the correct choices for their business and deliver optimum growth.

Gaming, News, Technology

Creative marketing agency launches innovative gamification tournament offering £10,000 project win to brands

With the evolution of consumer habits comes the need for innovation in marketing strategies. Research has found over 80% of marketers believe that creative effectiveness is one of the most influential factors in the overall success of a campaign [1].

Creative marketing tools such as gamification are becoming increasingly popular for brands as ways to improve customer engagement, increase brand loyalty and for customer acquisition. Gamification is the application of typical elements of gameplay to encourage engagement with a brand, product, or service. It can come in many forms including quizzes, filters, polls, instant wins, and even multi-level games.

Award winning creative and performance agency, TrunkBBI, are offering drinks and hospitality brands from across the globe a chance to win a £10,000 budget toward a gamification project of their own in 2024.

The agency recently landed the 2024 European Content Awards for FMCG campaign of the year as well as Mobile campaign of the year, for their work with Greene King IPA and Jack Daniel’s, where they utilised creative technologies to leverage consumer engagement and make an impact for the brands.

Launching on Monday 15th April, Disruption Derby is a four-week-long tournament where drinks and hospitality brands can compete with four different games that will be released weekly. Brands will battle to climb to the top of the Disruption Derby leaderboard for the chance to win their own gamification project with the award-winning team at TrunkBBI.

How gamification can benefit your brand

As a marketing tool, gamification has emerged as an innovative approach known to engage current customers to improve product trial and brand loyalty. Not only that, it can also provide an opportunity to strengthen perceptions of your brand and stand out from competitors.

The benefits of gamification to drinks and hospitality brands are extensive. It not only allows brands to create a more engaging and immersive experience for customers, but in turn will increase customer loyalty and drive sales in an industry that can often suffer with marketing saturation.

Gamification has proved to boost customer engagement extensively. A recent YouGov report found that consumers said that they were 56% more likely to click on a gamified ad than a standard ad [2]. Highlighting the positive impact that gamification can have on engaging the evolved consumer for brands, ultimately, driving sales.

Win a gamification project for your brand with Disruption Derby

Disruption Derby is an exciting gamification tournament campaign where brands will compete for the chance to win £10,000 towards a gamification project, starting in the drinks and hospitality sectors. Hosted in the virtual ‘Beta’ building, the competition invites employees from drinks and hospitality brands to compete in four different games.

The campaign will run for four consecutive weeks from the 15th April, with one game being released each week, allowing users to play and gain points to compete to reach the top of the leaderboard.

These games are:

  • Health and Safety nightmare
  • Going Viral
  • Financial Difficulty
  • Executive Decisions

Each game is inspired by addictive fan-favourite gamification mechanics from over the years including infinite runner​, jumper, snake and flick​. These mechanisms are just a flavour of what the winning brand can use as part of their gamification project with TrunkBBI.

In order to win the £10,000 budget, brands will need to enter the Beta building and climb the corporate leaderboard by playing these four fun-filled games. You’ll be battling it out against other brands and their marketing teams, so conquer the competition by totalling up the highest score at the end of the four-week tournament.

As well as the £10k grand prize, there are also opportunities to win spot prizes of smaller budget pots along the way.

For your chance of winning, climb to the top of the leader board here.

Why gamification works

The team at TrunkBBI have launched numerous gamification campaigns that have had significant success for brands. Having recently won the mobile and FMCG content campaign of the year awards at the European Content Awards, TrunkBBI know how to ensure gamification projects deliver on key marketing and business goals for brands within the sector.

TrunkBBI developed Top Tackler for Greene King, garnering over 30,000 players. Players redeemed 180,000 free drinks and other prizes as part of the game, totalling 20,000 game plays.

Additionally, working closely with Slim Chickens and Pepsi Max, TrunkBBI created the Christmas Impossible game. In the first month alone, there were over 4,000 game downloads and more than 8,500 plays. As well as this, 5,000 vouchers were issued to redeem in-store.

Game-changing solutions like this are proven to drive new customer acquisition and improve customer loyalty. Gamification also offers endless opportunities for partnerships with retailers and suppliers.

Hannah Evison-Frost, Managing Director at TrunkBBI commented: 

“The Disruption Derby tournament seeks to demonstrate not just the excitement that gamification can inject into a brand’s identity, but also the tangible benefits it brings in boosting customer loyalty and driving sales.

Through the fun-filled competition, drinks and hospitality brands can have a first-hand experience of how engaging gamification can be and envisage the significant impact that it can have on their own marketing efforts.

We’re really excited to be offering the chance to win a £10,000 equivalent gamification project, and demonstrate why we’re an award-winning team in this space.

Ultimately, it’s about helping brands navigate the changing tides of consumer preferences by equipping them with the tools to stand out and resonate effectively with today’s consumers.”

To play Disruption Derby and be in with a chance of winning £10,000 towards a gamification project, visit here. To enter, head to the Disruption Derby page here. Terms and conditions apply.

News, South West, South West England News, Technology

City College Plymouth Wins Bid to Join Pioneering ‘Skills for Nuclear’ Network”

City College Plymouth has successfully secured a place in a groundbreaking program aimed at training individuals for careers in the nuclear industry.

The College has been approved to join the National College for Nuclear (NCfN) network, establishing itself as one of only two providers in the South West. Together with Bridgwater & Taunton College, it will play a key role in providing the necessary skills for individuals to support the development of the expanding nuclear sector.

The NCfN is a cornerstone of the Government’s response to nuclear skills provision, and the College will help meet the capacity and capability employers in the sector need. The College had to go through a rigorous process to win the right to be part of the network.

It means that by September the College will deliver a nuclear skills suite of programmes that meet the needs of our local, regional and national organisations across both the defence and power generation (civil) nuclear sectors.

The UK’s nuclear sector is growing rapidly, with numbers in the civil and defence workforce estimated to double over the next 20 years, bringing around 80,000 additional jobs across the UK.

The Government has recognised an urgent need to ramp up recruitment activity in the sector, but also that developing people’s skills in a wide range of disciplines which feed into the nuclear sector is needed if demand is to be met.

 

Jackie Grubb, Chief Executive of City College Plymouth, said the programmes would focus on the careers and jobs within the nuclear sector, providing students with access to world-class learning opportunities that enhance their skills relevant to the industry.

She added: “City College Plymouth actively collaborates with the defence sector, equipping this essential workforce with the necessary skills for safeguarding our nation’s at-sea security. Recognising the critical role played by our nuclear submarine fleet, the College is committed to providing comprehensive training covering all aspects of this highly sophisticated machinery, including its intricate nuclear power system.

“As a proud member of the National College for Nuclear network, we will gain valuable insights into the specific requirements for delivering both nuclear-related skills and comprehensive expertise to meet the demands of our defence sector. We will be able to exchange best practices through working closely with Bridgewater & Taunton College to ensure that our workforce is thoroughly prepared and capable of addressing the challenges posed by the evolving needs of our national defence.”

 

Andy Berry, Principal & CEO of Bridgwater & Taunton College said: “It is an incredibly exciting time for the nuclear sector in the South West. City College Plymouth joining the National College for Nuclear significantly strengthens the response to the civil and nuclear defence projects. Working together, FE can respond to the growing need for high-skilled people in the nuclear sector. We have a long-established close working relationship with City College Plymouth, and we are delighted they have become a member of NCfN, which will take it to the next level as we continue to collaborate on exciting skills challenges.”

 

Jenny Ashworth, Managing Director at the National College for Nuclear said: “We are delighted to welcome City College Plymouth to the NCfN family. At such an exciting and vital time for the nuclear and zero carbon sectors, we are thrilled to build upon the NCfN network with such a pioneering and dynamic institution such as City College Plymouth. We look forward to working closely with the team there to further build upon our ability to build a competent and agile workforce for the sector”.

 

The Government has also launched a campaign called Destination Nuclear, working with partners to fill critical skills gaps in the nuclear industry. The ambition is for nuclear power to generate a quarter of the UK’s electricity by 2050.

Plus, the Government has recently announced that one of the UK’s ballistic submarines, HMS Victorious, will be modernised in Plymouth by Babcock International under a new £560m contract. The move – announced by Defence Secretary Grant Shapps – will create around 1,000 jobs in the region.

 

Image credit:  Plymouth Hoe by Jay Stone

Awards, Business News, Events

Wales Business Awards finalists announced

Chambers Wales South East, South West and Mid has today (16 April) announced the finalists for the Wales Business Awards 2024.

Hundreds of businesses of all sizes and from all sectors across the country entered to be in with a chance of winning a prestigious accolade and 49 companies have been named as finalists across 11 categories.

Leading the pack with two nominations each are Cardiff firms Genesis Biosciences and Ogi, North Wales’ Adferiad Recovery and Idlewild Animal Sanctuary, Penarth-based business Finalrentals, Swansea manufacturer Waterless Limited and four businesses from south-east Wales: Arian Care, Hexa Finance Limited, Otium Concierge and Peter Jones ILG.

The winners will be revealed at the awards ceremony on 16 May at the Vale Hotel & Resort, with broadcaster Andrea Byrne returning as host. One finalist will also receive the ‘Wales Business of the Year’ award during the evening.

Paul Butterworth, CEO of Chambers Wales South East, South West and Mid, said: “The Wales Business Awards are a showcase for the best Welsh business has to offer and we would like to congratulate our very worthy finalists who have made amazing contributions to working practices, customer relationships and the economy over the last year.

“The awards continue to be a launchpad for businesses and are a fantastic opportunity to celebrate together their achievements that make such a huge difference to the Welsh economy.”

Tickets for the ceremony can be booked by visiting https://my.cw-seswm.com/calendar_detail.html?eid=5403BE1C-3C52-4CB7-BCCB-EE463470FDD9.

Business, Energy

How Running Costs Are Affecting Small Businesses

Small businesses face many challenges, not least of which are spiralling running costs that can often threaten their very survival. These costs encompass a wide range of expenses, from rent and utilities, to staffing and inventory, each carrying its weight on the balance sheets of small businesses.

As margins are squeezed and profitability becomes harder to maintain, understanding the impact of these costs and seeking innovative solutions to mitigate them has never been more crucial.

The Rising Tide of Expenses

For many small businesses, rent is one of the most significant fixed costs, with prime locations demanding premium prices. Coupled with the increasing rates of business taxes and insurance, the financial burden can be substantial. Moreover, the fluctuating costs of utilities such as electricity, gas, and water only add to the uncertainty and complexity of financial planning. These variable expenses, sensitive to both market conditions and consumption patterns, require constant vigilance and management.

Utility Costs: A Variable Challenge

Utilities, in particular, represent a category of running costs that can fluctuate wildly, influenced by external market forces and internal consumption habits. The volatility of energy prices, for example, can have a direct impact on a business’s operating costs. When wholesale prices rise, small businesses often find themselves facing increased energy bills, which can erode profits and disrupt cash flow. 

During these periods, it’s important for business owners to understand how much they’re spending each month on utilities and take control of their energy bills. Getting a smart meter for business can help with tracking energy use. Smart meters automatically send regular readings to energy suppliers, and with some suppliers, this means that businesses using smart meters can track their energy use online. Tracking energy use in this way is an essential first step in managing utilities more effectively. 

Labour Costs and the Quest for Efficiency

Staffing is typically a substantial cost for small businesses. With the minimum wage in the UK on the rise, small businesses must navigate the delicate balance between having a large enough workforce to meet the business’s demands and managing payroll expenses. The challenge is compounded by the need to invest in training and development, ensuring that employees are skilled and motivated.

To mitigate these costs, many small businesses are exploring automation and digital tools that can streamline operations and reduce the need for manual labour. From automated inventory systems to customer relationship management (CRM) software, technology offers a pathway to efficiency and cost reduction.

Inventory and Supply Chain Pressures

Inventory management is another area where costs can spiral. Holding too much stock ties up valuable capital, while too little can lead to stockouts and lost sales. The volatility of supply chain costs, including transportation and raw materials, adds another layer of complexity. 

Small businesses must be adept at forecasting demand, managing suppliers, and navigating the uncertainties of global trade dynamics. This is another area where businesses that commit to tracking and monitoring, as well as keeping robust records, will see benefits in the long term. 

Navigating the Challenges

The landscape of running costs for small businesses is complex and fraught with challenges. Investment in innovation and strategic management, leveraging technology and embracing digital tools, will help small businesses to weather the storm of rising running costs in the long term.

A proactive approach to financial planning, alongside a keen eye on market trends and cost-saving opportunities, can make all the difference. It’s about being nimble, resourceful, and, above all, resilient in the face of adversity. The road ahead for small businesses is undeniably challenging, but with the right strategies and tools, it is possible to thrive even in the most difficult of economic climates.

Recruitment

Sought after skills boost for North and Mid Wales

SP Energy Networks and specialist training provider Busnes@LlandrilloMenai have partnered to deliver sought after skills to would-be energy sector recruits across North and Mid Wales.

The companies are jointly running a new overhead line training course which will see trainees gain experience needed to work on the electricity network and help them apply for roles across a range of businesses in North and Mid Wales who support SP Energy Networks and deliver energy related services.

The course, launched earlier this year, aims to train overhead line personnel over a 22-week period using a mix of classroom based electrical theory and in field practical training with up to 70 people expected to benefit over the course of two years.

Once training is complete, the overhead line craftspeople will be able to apply their training by working in the electricity networks industry.

Liam O’Sullivan, Licence Director of SP Energy Networks, said: “Our communities are at the heart of everything we do and we’re committed to recruiting and training people within these communities.

“Our work with Busnes@LlandrilloMenai and our dedicated contractor service partners has allowed us to open a new overhead line training course. This means we will have a wealth of trained experts on hand to support us across all of North and Mid Wales in the event of power cuts or bad weather, while also supporting with the delivery of our ED2 business plan.”

On meeting with the new trainees, he added: “It’s been fantastic to see how engaged the students are with the course and to join them on a day of training. We have no doubt many of them will be helping us out in the not-too-distant future and we hope to see even more recruits join the next course running this summer.”

The overhead line training course is delivered at Busnes@LlandrilloMenai’s Centre for Infrastructure Skills and Technology (CIST) at Llangefni, a specialist centre providing a programme of accredited training developed hand in glove with commercial partners alongside regional and national stakeholders.

Gwenllian Roberts, Executive Director of Commercial Development at Busnes@LlandrilloMenai, said: “The training resources we’ve developed with SP Energy Networks are already delivering skilled overhead line craftspeople.

“As our partnership develops and grows we hope that it will deliver a skilled local talent pool equipped to meet SP Energy Networks’ regional operational needs and indeed the needs of the regional economy more widely.

“In practice, this means that our partnership is equipping people from across North and Mid Wales with the training, skills and knowledge to respond to the needs of industry.

“This collaboration builds on a long-standing relationship with SP Energy Networks and I’m delighted to have this opportunity to showcase CIST, our specialist training centre, and to discuss how we can further develop this commercial relationship.”

This is not the first time a course like that has been offered by SP Energy Networks. Back in 2013, a similar course was run by the network operator training a total of 35 trainees.

Over a decade later and 25 of those trainees are still applying their trade today, with two having started their own businesses that help and support SP Energy Networks’ service partners.