The Scotsman reports that a new partnership has been established between the UK Government, Glasgow City Council and the Smart Things Accelerator Centre (STAC). The aim is to transform Glasgow into Europe’s largest smart tech innovation hub. It involves a £2.5m investment into a state-of-the-art facility called “the beyond” at SkyPark, Finnieston. The plan is to create an innovation leader in smart technologies. This will focus on industrial, lifestyle, health and sustainability technologies. Industry executives from major organisations such as Dyson, Plexus, Meta, Blackberry, Motorola and Volvo Cars are supporting the plans. The partnership projects that as many as 100 companies will be up and running by the end of 2024. A representative of Glasgow council said: “We will empower Glasgow’s start-ups to hone their technologies here and then compete internationally – bringing a great number of new jobs and careers in this sector.”
iBOSS Comment: iBOSS works with clients throughout the UK. If you are considering setting up a hi-tech/smart-tech business in Glasgow, or elsewhere, and need help with the logistics and/or funding of such an operation then give Phil a call on 07876 503830. Or you can e-mail him at phil@theiboss.co.uk for a free consultation on how we can provide the services you need.
According to a recent report, more than 60% of board directors are willing to take on additional risk next year. A survey found that many directors’ appetites for risk has been boosted by a number of factors. These include the prospect of falling interest rates and the availability of more ‘distressed’ sales. There is also a ‘feeling’ that prices for takeover targets are dropping. This has made deals more attractive and affordable, particularly in the case of distressed purchases.
Having said this, the survey also shows that some 18% of directors expect to become more cautious. The main reasons for this apparent fall in risk appetite are inflation and political instability. Despite being prepared to consider increased risk, directors have particular concerns about tensions in the Middle East and Ukraine. There is also worry about the risk of recession in major global economies.
iBOSS Comment:
Whilst this item applies particularly to larger corporations, if you are considering business acquisition, especially if it is for the first time, then come and talk to us at iBOSS. We have broad experience of supporting both individuals and companies in this kind of project. Call Peter on 07770 866 955 for an initial consultation or e-mail him on peter@theiboss.co.uk.
It is reported that Companies with a poor Customer Service record could face fines under plans being considered by the Government. The proposals, developed by Commons Leader Penny Mordaunt, aim to give regulators more power to address bad customer service. They include measures to tackle “drip pricing”. They will make it easier for consumers to change and cancel contracts. MP John Penrose supports the plans. He said “Making the consumer king or queen means we all get better deals. If we don’t like something, we can vote with our feet and take our business elsewhere.” He added: “It’s the simplest, most profound way of handing power back to citizens.”
iBOSS Comment:
Sounds like a good and potentially popular move. It remains to be seen whether it works. If attaining a satisfactory level of customer service has become a problem in your business, then give us a call at iBOSS and benefit from our experience. Just call Phil on 07876 503830 for a free consultation on how we can help.
At iBOSS we help our clients to build up a rapport with their customers. This way we ensure that our clients get to really understand their customers’ business needs before providing options and solutions. As part of this service we are pleased to offer clients a free, one hour, no-strings consultation. In this we will review with you the organisational needs of your business. Simply call us on 07876 503830 or e-mail phil@theiboss.co.ukto take advantage of this offer.
The team at iBoss have increasingly become involved in projects that extend beyond their planning and advisory services. One recent example of this arose when we were approached by a Partner in charge of a specialist division within a prominent Law Firm. His employers offered him the opportunity to hive out his division, which was achieving annual billings of circa £4m, as it was decided that the service offering was one that the Law Firm, for strategic reasons, wanted to exit.
The Partner was keen to explore the opportunity but first wanted to ensure that this was a viable business opportunity. He also wanted to understand what terms could be agreed and what funding would be required for the new proposed Legal Firm. In order to be able to do this he engaged iBoss to prepare a Business Plan and Financial Forecasts. Once prepared, he discussed with two of the directors of iBoss how best to negotiate and structure a deal that would be acceptable to both parties. Fortunately with a willing buyer and willing seller the focus on the deal was not purely based on financial considerations but how a smooth transition of live client cases could be handled.
Once the Heads of Terms had been agreed the biggest challenge the Partner faced was how to set up the new business at the same time as he continued to run the existing division. In this respect the iBoss directors experience was such that they were able to become actively involved in setting up the new business, whilst the Partner continued his commitments to his existing firm.
Setting up a new solicitor’s practice has many challenges, not least of which is obtaining an offer of Professional Indemnity Insurance [PII], which is a pre-requirement, of applying for Solicitors Regulatory Authority [SRA] and SRA approval, which in turn is a pre-requirement of opening a bank account for a new solicitors practice. Both parties were keen to conclude a deal as quickly as possible, whilst the ‘regulatory’ matters were being dealt with and a plan was agreed to start the process of putting in the new place the infrastructure that would be required to ensure a smooth transition of clients cases.
Whilst one iBoss director focused on the ‘PII, SRA and funding requirements, the other iBoss director project managed the move to new office premises, IT software and hardware requirements, existing employee transfers, new staff recruitment and contractual requirements etc.
Consequently, once the PII, SRA approval and bank account where opened a successful completion of the ‘hive out’ was achieved very shortly afterwards. The practice was able now to ensure that no client was impacted by the agreement and a smooth transition was achieved to the delight of the both exiting Partner and the Law Firm.
This was an unusual project in so far as it required a number of component parts being put together but not necessarily in what would be regarded as the normal order. The focus was to make the opportunity work for the exiting Partner who was very excited about running his own business and he was very pleased with the outcome.
If you have a project whether straightforward or one that may require a more ‘out of the box’ approach, then the team at iBoss would be happy to have an initial discussion on a no fee/no obligation basis.
For more details of this project, contact Phil Jones on 07876 503830 or e-mail him at phil@theiboss.co.uk . For information on the full range of services that we offer visit our web site at www.theiboss.co.uk or give us a call on 0800 093 5240.
An article in the Daily Mirror highlighted that research carried out for Santander has found that working through the COVID-19 pandemic has led to negative mental health effects for a third of small business owners – while two in five are questioning whether they want to continue running their business. Around 40% of women reported an impact on their mental health, compared to less than a third of men.
Small Business Owners Report iBOSS Comments:
My first thought on this was how difficult these times are for all small business owners. Then I wondered how accurate the stats to be for men? Research has shown that men are more likely to be less forthcoming when admitting, what by them, can be perceived as a weakness. Admitting to being under stress can often fall into that category.
The real truth of the matter is that there’s a large amount of business owner’s male and female under a lot of stress in the current climate. There are many excellent mental health professionals out there that give direct support to helping you personally through difficult times. There are also business professionals that can step in and support you and your business by offering a fresh approach and taking some of the strain. Most business consultants have at some time in their career been through difficult periods and have felt the stress of ‘how do I get out of a difficult situation’? Those that have come through the other side will tell you they sought help in one form or another.
The trouble is a lot of people going through this stressful time only see professional help as an additional cost. The real question is at what cost will this continued stress eventually bring to yourself, your family, and your business?
For more help and advice on how you can relieve stress from your business contact phil@theiboss.co.uk
Remember if you really are suffering from mental health issues and you need extra professional support I would urge you to call the samaritans or look online at the mind website for help.
Small business success report shows ‘it’s good to talk’
iBOSS loves to give free business advice to all our clients. This is our advice today!
A report in Business and Money highlighted that Allica Bank had commissioned a new study, the SME Guide to Success, revealing that SMEs’ prospects of success depend to a large extent on engagement and interaction with external institutions and resources. Chris Weller, chief commercial officer at the business lender, remarked: “In the UK there is a wealth of external advice and support for small businesses and we urge every company out there to tap into the external resources around them.”
iBOSS free business advice Comment:
There is no doubt that business networking groups like The Business Community and Collaborate as an example in the East Midlands region, are a rich source of information. These Groups help to promote business whilst also giving tremendous support to each other. These groups often have professional business advisors who can also provide direct help to new business start-ups or established companies that in these difficult times may very well need a fresh approach or are even considering remodelling of their business. Although business owners may have excelled in their given industry, they still in these unprecedented times may need a business review on how to maintain or better still, increase business profit.
Contact us today if you would like to join the next meeting or get a FREE business advice consultation from us!
Business support is high in demand right now. An article in The Times has highlighted that those self-employed and over 65’s have been particularly affected by the COVID-19 pandemic – with those in both camps faring even worse.
A recent survey commissioned by IPSE found that while the average income of freelancers fell 25% during lockdown, some saw income fall as much as 80% leading to many small firms collapsing. The sad fact is that a number of these businesses may have possibly been able to continue to trade if they had access to the right business advice. So often businesses either do not think to seek support or know where to turn to get help in difficult times likes this or worse still they leave it too late to get the potential help they need.
If you are one of those businesses facing that potential situation then iBOSS is happy to see if we can help. It’s good to talk!
Articles in the Mail, Express and the Times have all highlighted that a survey by insurance group Simply Business revealed that 17% of small businesses believe they would not survive a new lockdown. Not only that a total of 62% said they were less confident about their company’s long-term outlook. A meagre 5% of respondents think they would cope better. If a company genuinely believes their business is really struggling, then one suspects that they must be already making plans to shelter their business through the storm. If not it maybe already too late. In the particular case of SME’s battening down the hatches can often mean not spending any money on good advice or marketing. In the first instance the cost of good advice may very well end up saving you thousands or even your company and in the second if you don’t continue to market your business prudently your customers may very well already think you no longer are around!
This week I sat in on a network meeting where Ruth Cozens from SEMLEP – South East Midlands Local Enterprise Partnership gave us an excellent update regarding a new grant-funding scheme. It launches this month to help SMEs recover from the impact of COVID-19. The £20m fund, will distribute grants of between £1,000 and £5,000 and will be administered by growth hubs led by Local Enterprise Partnerships. Understandably there will be huge interest and demand from SME’s. £20m does not go a long way these days! At iBOSS we help SME’s the best way to start a business, turnaround a business or grow your business during difficult times.
