Tag Archives: SME

Business Research, North of England

Almost a third of businesses in Northern England at high risk due to COVID-19

Almost a third of businesses in the Midlands and the North of England are at high risk of collapse due to COVID-19 impacting on their supply chain, according to a recent report from Durham University Business School.

The report reviewed over 1.7 million businesses in these geographical areas, spread across 99 different sectors, and found that 29% of these are at high risk due to how their supply chains operate. The report also shows that around 35% of the firms are either at low or medium risk due to the potential impact of Covid19.

This report, ‘Covid19 and Supply Chains in the United Kingdom: Impact & Mitigation’, was co-authored by Professor Kiran Fernandes and Drs Atanu Chaudhuri and Manish Shukla alongside other professors from the business school’s Centre for Technology and Innovation Management (CITM).

The researchers analysed data of over 1,739,669 companies in 28 different regions across the Midlands and North of England to calculate the potential impact of the COVID-19 on the supply chains. While, many of these companies operate through global supply chains, the impact of such an external shock is felt at a local level. This was due to a number of factors like, complexity of supply chains in the region, supply chain configuration, internal and external resilience characteristics of companies, agility in managerial decision-making capability and the adoption and use of technologies.

This study reports findings on the potential impact of COVID-19 to supply chains in the North of England and mitigation and resilience strategies that can be adopted by companies to overcome impact of COVID19.

The report also provides insight into the specific sectors that are most likely to be impacted on due to COVID-19. The researchers found that industries that were at the highest risk included, real estate, food & beverage, personal services and the construction sector. Whilst companies who were less likely to be affected by the COVID-19 pandemic included, computer programming companies, management consulting, architectural and parts of the retail food sector (e.g. production and distribution of baked produce).

Professor Kiran Fernandes, Professor of Operations Management at Durham University Business School , says,

“Most companies in our region had never experienced such an external shock and therefore were not prepared with mitigation strategies for their complex global supply chains. Analysing a large number of companies using a big data approach has allowed us to better understand supply chain configurations and more importantly allowed us to identify and suggest mitigation strategies that can be adopted by supply chains across all a large number of sectors”.

Experts from the business school also reviewed a number of supply chain mitigation and resilience strategies that companies could utilise to overcome this negative impact too. In the report, six separate mitigation strategies were reviewed by professors who then identified and assigned a specific, tailored strategy for each of the 99 different sectors, in order to provide advice on how managers and business owners can navigate their company in this time of crisis.

Durham University Business School are now offering free or charge consultations for businesses with key international experts from the business school’s Centre for Technology and Innovation Management (CITM). These experts all have vast, global experience in consulting organisations in the area of operations, innovation and supply chain management.

Professor Kiran Fernandes also says,

“The Durham University Business School is part of our region’s ecosystem. It is critical and timely that we work with our regional businesses and ecosystems to ensure that our expertise can be used to make them develop both short term and long term resilience strategies that can help them not only survive but compete in the post Covid19 environment.”

If you’re interested in being put in contact with an expert from Durham University Business School for personal, tailored advice on mitigation strategies for your company, please contact the email address: Business.externalrelations@durham.ac.uk – where you will be put in touch with an expert for a free consultation.

Business Advice, Energy, News

5 top tips for business owners who want to save money and improve their green credentials

Business renewable energy specialists Opus Energy share their top tips for business owners keen to reduce their carbon footprint and save money

For business owners, managing your energy consumption is no longer just about keeping tabs on your outgoings – it’s a prerequisite for doing business. Consumer-facing companies that aren’t seen to be environmentally responsible face losing customers, while those further up the supply chain are now being asked by prospective clients to prove their green credentials.

Putting sustainability into practice should now be at the top of the agenda across every industry. Companies are becoming increasingly bold in how they communicate this to customers and stakeholders; at the end of January, The Guardian reinforced its commitment to reducing its carbon footprint by announcing a ban on advertising from fossil fuel firms.

For most business owners, however, it needn’t be that complicated. One of the simplest ways to reduce your impact on the planet and improve your bottom line is by switching to renewable energy and being smart with the energy you use. But how do we navigate the sea of information out there and find a solution that truly works for you and your company?

In this article, the experts at Opus Energy, one of the leading providers of renewable energy to businesses, gives 5 top tips on how to become more sustainable and save some money in the process. All of these can be scaled in a way that works for you – no matter what size your business is.

Start small

Implementing more sustainable practices into your business needn’t break the bank. In fact, there are plenty of small steps you can take that, when measured over time, end up going a long way. For example, did you know that turning the office heating down by 1°C you can reduce your annual heating bill by up to 8%? So, if your business spends £500 a month on energy, that small turn of the dial would save you £480 each year – the equivalent of one month’s energy.

Similar savings can be made across other aspects of your business. Take electricity costs for lighting as another example: leaving the lights on in the meeting room never seems like a big deal – but, by using motion sensitive lighting you could save enough energy to make up to 300 cups of tea.

Likewise, using energy-efficient lighting can save businesses about £1,500 a year.

Another tip is to have a company-wide switch off policy. While it may seem trivial, leaving 50 computers on overnight for a year would create enough CO2 to fill a double decker bus – and cost your business £1.76 a day.

Company cars: Choose the right vehicle

While a lot has been said about leveraging the benefits of car-pooling and subscription-based mobility services, the use of cars for some companies is an unavoidable part of doing business. If your business offers company cars to your employees, it pays to ask yourself the right questions when deciding on what vehicles to go for. How long will your drivers be on the road for and what distances will they be covering? Will they be driving in city centres where Clean Air Zones are in place? And if they were to drive an electric vehicle (EV), would they have access to charging points along the way?

Taking all of this into consideration is key in saving money and reducing emissions, as it can make a huge difference in determining the correct type of vehicle necessary.

It’s also crucial that you look at the whole life costs when choosing a vehicle. It’s easy to focus on the headline sticker price – this is often the case when looking at EVs which in the past have carried a heftier price tag – but there are many other costs involved, from taxes and insurance to fuel and vehicle depreciation. So, when you add all of these up, you might find that switching to an EV fleet isn’t as expensive as you thought.

What’s more, EVs are becoming increasingly affordable, so there’s never been a better time to think of making the switch. They offer two solutions at once: reducing exhaust-related emissions and reducing the use of fossil-derived fuels. By switching your business-use vehicles, including fleet vehicles, to EVs, you can make a drastic cut your carbon footprint.

Use a smart meter

The UK Government estimates that installing energy efficiency measures could reduce the energy costs for SMEs by between 18% and 25%. One such example of this is the smart meter, which gives SME owners access to vast quantities of real-time data-related insights into how and where they use their energy. This transparency allows businesses to be smarter and more energy efficient, providing them with an easy way to be more sustainable.

Smart meters are also the backbone of the Smart Grid, which will play a significant role in the UK Government’s commitment to reducing carbon emissions to net-zero by 2050 by ensuring that supply and demand are always in balance. For companies looking to be proactive in their efforts to cut their carbon footprint and play their part, the smart meter is a savvy move.

Invest in renewables

If you’ve already switched your energy supply to a more environmentally friendly tariff or provider, why not look into generating your own renewable power? If you are able to, installing solar panels are a cost-effective way of ensuring the energy your office or building uses is completely renewable.

Making this switch to renewable energy can reduce not only your environmental impact but contribute towards the wider decarbonisation across the UK’s electricity network. It’s also a way for your business to diversify, by bringing in a new stream of revenue. If done right, it can be low effort, high impact and great for the environment.

Think long term

When it comes to saving money through sustainable practices, it’s crucial that we train ourselves to think long-term, rather than simply thinking about immediate gains. The change associated with moving towards sustainability can often be a deterrent for business owners, as there is a perception that these come at a large cost. But making small changes really can pay off in a big way, both for the environment and your bottom line.
Every business is different, but by taking inspiration from the tips above and combining this with your own research, you should be able to find ways that work for you and your budget.

Education, News, North of England

Durham University announces new Wilson Institute for Small Business and Entrepreneurship as part of record alumni donation

Durham University have announced today that they have received a transformative donation from alumnus Charles Wilson and his partner Dr Rowena Olegario, to launch a new Wilson Institute for Small Business and Entrepreneurship at Durham University Business School.

The Wilson Institute will provide entrepreneurs and leaders, especially in small and family businesses, with insightful and practical support to develop those businesses to full potential. The Institute will have a specific focus on servicing business leaders and business ideas in the local region at every stage of development: supporting ‘start-up, scale-up, and smart-up’ activities.

Professor Stuart Corbridge, Vice-Chancellor and Warden of Durham University, says,
“This is an extraordinary and hugely welcome demonstration of support for the University’s mission from two very distinguished friends. Philanthropy is changing the game for students at Durham and this record donation will leave an indelible and enabling legacy for the benefit of generations to come.”

Charles Wilson says,
“Rowena and I are delighted to be supporting Durham University and the Durham Inspired campaign. Durham is making an incredible difference to the North East, the UK, and within the wider world; we are pleased that our support will assist the University’s objectives in each of these areas.”

Professor Susan Hart, Executive Dean of the Faculty of Business, Durham University, says,
“In establishing the Wilson Institute, we are seizing a unique opportunity to enrich the forward-thinking enterprise ecology in the region, stimulating business creation, scale-up activity, and beneficial economic development across the North East and beyond.”

James Ramsbotham CBE, DL, Chief Executive of the North East England Chamber of Commerce, says,
“Businesses in the region will welcome news of this development at Durham with open arms. I am positive that the Wilson Institute will provide the world with yet another window into the North East economy and provide North East business with a wide-open front door into this leading Business School on our doorstep.”

The Institute is part of a record £7.5M donation from Charles Wilson and partner Dr Rowena Olegario which will also launch the Durham Inspired – North East Scholarships programme which will support students coming from low-income backgrounds from the region, and endowment for the University’s Institute of Hazard Risk and Resilience (IHRR) – a research Institute co-founded by Wilson in 2004 which supports research and practice in areas related to global natural disasters.

An endowment of £2M, including matching donations to the programme, will be used to inspire and support exceptional young minds from across the region to reach their full potential at Durham University, regardless of financial means. The Scholarships programme will support 20 students each year from low-income backgrounds from the North East, empowering and enabling local students to study for foundation, undergraduate, and/or masters level qualifications, whilst also pursuing vital leadership and development experiences offered at Durham.

The donation towards the IHRR will increase the Institute’s ability to produce leading, front-line research which helps professionals around the world to protect, save, and recover thousands of vulnerable lives and communities every year. The donation will enable Durham University to promote, share, and network new research and best practices with industry leaders, policy makers, and practitioners working in areas related to natural hazards.

The overall donation will have a transformative impact on the future of a vast number of low-income students who will now have additional financial support to attend the University, the research that the Institute for Hazard, Risk and Resilience is able to conduct and disseminate, and a huge impact on entrepreneurs and small businesses by launching the Wilson Institute.

The University are also delighted to recognise the contribution this gift will make towards its wider Durham Inspired campaign, chaired by former Saatchi & Saatchi CEO Worldwide, Rob Senior, which seeks to support the next generation of inspiration and leadership through Durham University.

Rob Senior, Chair of the Durham Inspired campaign, says
“The Durham environment allows exceptional students and researchers to test drive their full potential in so many ways, but some need a little extra support to reach that potential. As one student put it recently: “we often have all of the fire, but not enough fuel”. This landmark donation is an inspiring response to those underlying needs and will help Durham to remain a truly world class institution.”

News of the donation was formally announced at a major Durham Inspired campaign event at Durham Castle on 20 Feb 2020 by contemporary Durham University graduates of Charles Wilson, William and Hilary Russell – the current Lord and Lady Mayor of London.

News, Technology

AUTTO upgrades automation platform to turn Excel spreadsheets into automated databases

AUTTO, the simplified automation provider, has today announced that it has expanded the capabilities of its automation platform to give users a quicker and easier way to build and manage data tables. AUTTO added the new functionality following customer demand – extending the use of the platform from the creation of individual workflows to allow the rapid development of bespoke automated systems. The functionality is available now to new and existing customers.

AUTTO users can now create automated workflows using up to 18 different capabilities or ‘actions’- such as emails, forms and E-Sign. The new addition of data tables enables users to move beyond creating individual workflows to creating interconnecting workflows that update in real-time. Instead of using traditional, static spreadsheet platforms in insolation, users can build and manage data sets within AUTTO. Whenever the data table is updated, AUTTO automatically updates the data set across a user’s workflows in real-time, facilitating a more systematic and complete approach to workflow automation.

“For too long, organisations have been struggling with disparate processes – managing their business on excel spreadsheets, e-mail and ‘cut and paste’ with all the limitations that involves,” said Ian Gosling, CEO and founder of AUTTO.

“The ability to create and manage live data tables within the AUTTO platform is a game changer for our users – providing a more complete solution that extends the power of automation through organisations.”

As automation is shaping up to be one of 2020’s key trends, AUTTO continues to invest in the development of its platform, regularly adding new actions and functionality based on customer feedback and general market trends. However, many SME organisations have yet to embark on their automation journey with a recent report placing the SME adoption rate of automation at a mere 4% in contrast to a 28% adoption rate for enterprises.

“The SME market is already using automation in its marketing and accounting functions, however, automation’s capabilities extend far beyond this,” continued Gosling.

“What we expect for 2020 is a greater understanding of the need to weave automation into the fabric of business. Our work with customers through our AUTTO-mation consultations has shown time and time again that automation saves time, money and reduces the stress involved in managing day-to-day operations.”

Business Advice

6 ways your SME can thrive during the Christmas season

It’s that time of year again. For some, it may feel like it’s been creeping up for a while, but for others, Christmas can really feel as though it’s come out of the blue. For SME owners, the festive period can be a particularly stressful and overwhelming time, with demanding customers, increased workloads, and the added pressure of having to contend with out-of-office suppliers and financial dependents. Research from last year found that 53% of small business owners in the UK worked over Christmas, and 18% of those worked more than 18 hours straight a day.

With this in mind, Opus Energy, renewable energy provider to businesses, has shared its advice to combat burnout over the festive season and ensure your business continues to operate smoothly.

Managing tighter budgets effectively

End-of-year bonuses, annual donations to charities, lower sales – budgets always feel tighter at this time of year. The best way to deal with this is to plan for it. Start setting a small amount of money aside right from the beginning of the year, and create a special account for it, so you know you can’t touch it. Preparing financially for the holidays over the course of the entire year will make your financial strains a thing of the past.

Making the most of increased sales and customer traffic

If you own a storefront, the holidays can be the craziest time of the year, with a heavier footfall and demanding customers, often with urgent requests. Be prepared by hiring part-time holiday employees to cover the rush. Any extra money you spend on staff can easily be made up in sales, thanks to better and more attentive customer service.

Consider utilising the extra sales by running promotions over the holiday period. Convince your customers that now is the time to spend their money on exactly what you’re offering. Perhaps it’s a holiday sale, or a buy-one-get-one-free event – word-of-mouth promotion can make a huge difference to your sales figures over the festive period.

Improving cashflow

The Christmas period and the first few weeks of January are often a critical time for small businesses, not least because many managing directors, clerical assistants and finance department staff are on holiday over Christmas and the New Year. As a result, payments often don’t get made, cheques don’t get signed and small businesses often experience real problems with cashflow at this time.

During the festive period, many business owners often resort to costly bank overdrafts to see them through or, worse still, the company credit card, both of which can exacerbate their weak cashflow positions in the short term. To avoid this, try to forecast potential financial problems to ensure you, or your staff, aren’t caught short this Christmas.

You should also make sure you send invoices to your customers as soon as possible to avoid delayed payments. Make extra effort to follow up debtors earlier on, as the chances of receiving payment become increasingly less likely the closer to Christmas you get.

Working with reduced business hours

It doesn’t matter what industry you’re in, you will inevitably be clocking in fewer hours around Christmas, due to statutory holidays and employee vacation time.

The best thing you can do to prepare for this slow period is to account for it in your business calendar. If that means you need to adjust your sales targets for the rest of the months of the year to make up for that reduction, factor that in as well. It can do wonders for your wellbeing to go into the holidays knowing you don’t have to achieve unrealistic goals between December 24th and January 2nd.

Dealing with distracted employees

It’s the time of year when we all have extra things on our plates. Your employees may be spending company time planning the party they’re hosting, or making their shopping list, resulting in lower productivity. Why not offer more flexible working options, so they can get things done that they might have otherwise tried to do at their desks?

Don’t forget to thank your employees for their efforts over the holiday season, especially if a Christmas party isn’t on the agenda this year. For budget-friendly ways to say thank you, check out our tips here.

Combat your personal stress

Having to worry about not just your own income but also your employees’ during a slow period can be hard on a business owner. The regular responsibilities remain, but the personal responsibilities also begin to pile up, which can lead to an overwhelming situation.

Make sure to take time for your own self-care, whether it’s meditating, exercising, Christmas shopping, or just leaving early to have dinner with friends or family. It can clear your head and put you back in the holiday spirit. Remember, it’s your Christmas too so try to switch off where possible during this festive season.

Leadership

6 tech solutions to enhance your SME

Recent studies have shown that as many as 65% of small and medium sized businesses are losing time and money through failing to adopt technology and use it to its full potential.

Although the large majority of SMEs use the internet for business purposes, including online banking and emailing customers, many of these owners have admitted to not possessing basic digital skills and knowledge beyond this. This is despite a proven correlation between digital skills and a high business turnover.

So why wouldn’t an SME want to adopt a few simple tools to help streamline their business processes? In this article, Opus Energy, renewable energy provider to businesses, shares its top 6 tech solutions for helping business owners save both time and money.

1. Get a project management tool

Being able to stay on top of your workload is important, but when you’re juggling twenty different tasks, it’s easy to lose track of where you are.

There are lots of handy online tools to help you manage projects more efficiently. For example, Trello and Asana use the Kanban methodology, a production-line style approach which enables you to see what work you need to complete, and when.

This can help you stick to deadlines, keep your priorities organised and ensure nothing gets forgotten or dropped.

2. Make the most of the cloud

It’s been argued that the one of the biggest impacts on businesses over the last few years has been the introduction of cloud technology, but not everyone is reaping the benefits yet.

In the past, people would use programs on their computers or building servers to do their work, but cloud-based software allows the same programs to be accessed through the internet. As long as you have an internet connection, you can complete your work anywhere, when it suits you.

Cloud software like Office 365 allows multiple users to simultaneously collaborate on the same document, without creating multiple versions.

Users can see changes in real-time, including who has made what changes, which saves time as you don’t have to wait for other people to finish editing before you can start.

At the same time, it’s easier to protect sensitive information and prevent data loss with cloud-based software. For example, Office 365 has advanced security features to safeguard your data. From encrypted emails to mobile device management and threat intelligence, you can be confident that your data and intellectual property is well protected.

3. Train yourself and your employees online

As a small business owner, it’s vital to continue to develop and expand you and your team’s knowledge, whether that be in your specific sector, or more general business updates. In an ideal world we would attend all of the seminars, meetings and training events possible, but these can be costly and time consuming.

However, self-paced training and online business training programs, which are often free or low cost, are the ideal way to expand your know-how.

There are various business training resources that will cover everything and anything you need to research and educate yourself on, so get familiar with these tools and pick the right options for you and your team. Don’t forget podcasts either; they can be a great source of entertainment, but they are also a viable tool for education, and you can listen at any time, even on the commute.

As a business owner, it’s important to think about developing your leadership skills to help your business grow – and unproductive commuting time is an ideal time to use technology to expand your skills. 

Serial award-winning turnaround CEO Peter Ryding recently created ‘VIC Your Coach‘, a new online leadership coaching system for CEOs AND their employees.  The system coaches leadership skills with small, bite-sized tips and short, snappy videos on over 200 business topics, delivering useful, actionable advice on your handheld device. Peter explains:

“For years, blue chip organisations have paid me to mentor their leaders, boost profits and increase business turnover.  The internet has allowed me to create a coaching system that anyone can access for a fraction of the cost – meaning the same strategies, advice and tips I use to support top CEOs can now be easily accessed by the smallest start-up.”

4. Share your calendar with everyone and anyone

Finding a time that works for you and a supplier, a new client or even a lunch date with friends can often be an exercise of email tennis, with dates and times suggested back and forth over email for weeks before anything is set in stone.

Using online calendars will allow others check your availability for meetings. This not only takes the management of your calendar out of your hands but will save everyone a lot of admin time and hassle.

5. Digitalise your invoices

When it comes to getting paid, the easiest way to track and log your finances is online. There are currently several companies offering similar invoicing services, so businesses need to do their research to ensure that the chosen system will complement their working methods and will be adaptable to their business.

In fact, a digitalised and streamlined online invoicing service may be an appropriate alternative for your business that allows you to manage your billing process quicker and more proficiently.

6. Track every second of your time

Whether or not you bill customers and clients by the hour, there is much to be gained from keeping track of where you and your team’s time goes each day. This not only ensures you bill those who pay by the hour, but helps you spot where you can be more time efficient, and which tasks are taking up too much of your time.

Like bookkeeping tools, there are many of these time-tracking tools available so be sure to select one which will integrate easiest into your day to day activity.

It might not be possible to adopt all of these solutions for your business, and some may not be relevant. But for businesses, time is a great commodity; freeing some up and saving money can go a long way to building a more lucrative and sustainable business.