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Driving Sustainable Success: Integrating the Triple Bottom Line into a Continuous Change Management Framework In today's business landscape, operational excellence is vital for sustainable success, integrating the Triple Bottom Line—people, planet, and profit—into operational frameworks to ensure comprehensive achievements. This approach demands a continuous change management framework, focusing on traits, trust, time, talent, and teaching to drive efficiency and adaptability. These key areas collectively nurture a high-performance culture that boosts productivity, encourages innovation, and guarantees sustainability. By aligning skills and competencies across these dimensions, businesses not only excel operationally but also commit to ethical practices, positioning themselves as leaders in sustainable business success. Here's a detailed exploration of each skill/competence as it relates to the key categories of Traits, Trust, Time, Talent, and Teach: Self-awareness Traits: Self-awareness allows leaders to understand their strengths and weaknesses, enhancing decision-making and efficiency in managing tasks and relationships. Trust: By being open about their limitations, leaders build authenticity and credibility, which fosters trust among team members and stakeholders. Time: Leaders who are self-aware can better allocate their time to activities that maximize their strengths, leading to more efficient and effective outcomes. Talent: Recognizing personal gaps allows leaders to better identify and utilize the strengths of others in the team, enhancing overall team performance. Teach: Encouraging self-awareness in others helps team members understand their roles better and contribute more effectively, promoting personal and professional growth. Strategic Thinking Traits: Strategic thinking involves the ability to see the big picture and plan long-term, which is essential for efficient leadership. Trust: Providing a clear vision and consistent direction enhances trust as team members and stakeholders understand and align with the business's strategic goals. Time: Prioritising strategic over tactical activities ensures that time is spent on high-impact initiatives that drive significant business value. Talent: Identifies and nurtures talent that can contribute to strategic goals, ensuring that the right people are in place to execute the vision. Teach: Teaching strategic thinking empowers team members to make decisions that align with the business's long-term objectives, enhancing decision-making across the organization. Delegation Skills Traits: Effective delegation demonstrates a leader’s trust in their team and their focus on efficiency by allocating tasks appropriately. Trust: Delegating tasks effectively builds trust within the team, as it shows confidence in their abilities and encourages autonomy. Time: Proper delegation frees up leaders' time from routine tasks, allowing them to focus more on strategic planning and other high-value activities. Talent: Aligns tasks with individual team members’ strengths, ensuring that everyone is working in their area of greatest competence and interest. Teach: Teaching delegation skills to others helps create a culture of empowerment and self-sufficiency, increasing the overall operational efficiency of the organization. Financial Literacy Traits: Financial literacy is a critical trait for leaders, ensuring they can make informed decisions that affect the efficiency and profitability of the business. Trust: Transparency in financial dealings builds trust among team members and stakeholders, ensuring that everyone understands how financial decisions impact the company. Time: Efficient financial management practices save time by streamlining budgeting, forecasting, and reporting processes. Talent: Encourages the development of financial skills within the team, which is essential for effective resource management and budget adherence. Teach: Teaching financial principles helps team members understand the economic impact of their work and aligns their activities with the organization's financial goals. Time Management Traits: Time management is a fundamental trait for leaders who aim to optimize productivity and minimize wasted effort. Trust: Effective time management builds trust as it demonstrates reliability and respect for others’ time, enhancing team cohesion and client relationships. Time: Prioritizing tasks and managing time effectively are crucial for maximizing personal productivity and ensuring strategic goals are met on schedule. Talent: Teaches team members how to manage their own time effectively, enhancing overall organizational efficiency. Teach: Training others in time management techniques helps establish a productive workflow and encourages a disciplined approach to work. Innovation Traits: Innovation is a key trait for leaders focusing on continuous improvement and efficiency in business processes and products. Trust: Encouraging a culture of innovation builds trust among employees by valuing their ideas and contributions, fostering a dynamic and adaptable workplace. Time: Innovative solutions often lead to more efficient processes, saving time and resources while enhancing product or service quality. Talent: Cultivates a talent pool that is creative, problem-solving, and willing to experiment with new ideas, driving the business forward. Teach: Teaching innovation involves equipping the team with tools like brainstorming, experimental protocols, and creative thinking techniques to continually improve business operations. Process Improvement Traits: Leaders with a focus on process improvement are continually looking to enhance operational efficiency and output quality. Trust: Involving the team in process improvements builds trust and encourages a sense of ownership and accountability in enhancing workflows. Time: Streamlining processes reduces time wastage and improves operational efficiency, directly impacting productivity and profitability. Talent: Utilizes the specific skills and insights of team members to identify inefficiencies and implement effective improvements. Teach: Teaching process improvement skills allows team members to independently identify, propose, and implement enhancements, leading to a self-improving organization. Empowering Others Traits: Empowering others reflects a leader’s confidence in their team and their commitment to fostering independence and growth. Trust: Empowerment significantly strengthens trust within the team, as members feel valued and confident in their roles and decision-making capabilities. Time: Delegating authority allows leaders to distribute tasks more effectively, optimizing the use of time across the organization. Talent: Recognizes and utilizes the diverse capabilities of team members, enabling them to grow into their roles and beyond. Teach: Teaching empowerment strategies helps create a robust, self-reliant team capable of handling complex situations independently. Leadership Development Traits: Continuous development of leadership skills is essential for maintaining efficiency and inspiring others to achieve their best. Trust: Effective leadership fosters trust, inspiring team members to follow through on commitments with confidence in their leader’s guidance. Time: Investing time in developing leadership skills pays dividends in improved team performance and reduced inefficiencies. Talent: Focuses on mentoring future leaders within the organization, ensuring a succession plan that maintains and enhances organizational efficiency. Teach: Teaching leadership skills equips others with the ability to manage teams, projects, and challenges efficiently, ensuring the organization's resilience. Sustainability Practices Traits: Embracing sustainability as a core business trait ensures that operations are not only efficient but also environmentally and socially responsible. Trust: Sustainable practices build trust with customers, investors, and regulatory bodies, demonstrating commitment to ethical operations. Time: Sustainable methods can improve long-term efficiency by conserving resources and minimizing waste. Talent: Develops specialists in sustainability within the team, enhancing the organization’s capabilities in this increasingly important area. Teach: Teaching sustainability practices helps embed these values in the organizational culture, ensuring long-term commitment and innovation in environmental stewardship. Communication Skills Traits: Strong communication is essential for conveying goals, expectations, and feedback clearly and effectively, driving efficiency. Trust: Clear, open communication fosters trust by ensuring that all team members are informed and aligned with the organization’s objectives. Time: Efficient communication minimizes misunderstandings and streamlines collaboration, saving time and enhancing productivity. Talent: Ensures that team members can effectively communicate within and across teams, optimizing collaboration and efficiency. Teach: Teaching communication skills improves interpersonal interactions, conflict resolution, and information dissemination throughout the organization. Culture Building Traits: Leaders who actively shape and nurture their company culture ensure an environment conducive to efficiency and alignment with business values. Trust: A strong, positive culture builds trust among employees, leading to increased engagement and loyalty. Time: A culture focused on efficiency naturally prioritizes time-saving practices and discourages time-wasting behaviors. Talent: Attracts and retains talent that resonates with the company’s cultural values and operational efficiency goals. Teach: Teaching cultural values and behaviors ensures consistency and commitment to the organization’s ethos and operational goals. Continuous Learning Traits: A commitment to continuous learning is a trait that keeps leaders and their organizations ahead in a rapidly changing business environment. Trust: Promoting a learning environment enhances trust by demonstrating an investment in employee growth and adaptation. Time: Continuously updating skills and knowledge can lead to more efficient problem-solving and adaptation to new technologies or market conditions. Talent: Encourages ongoing development within the team, ensuring skills remain relevant and competitive. Teach: Teaching the importance of ongoing education fosters a proactive approach to personal and professional development, crucial for maintaining efficiency and innovation. Adaptability Traits: Adaptability is a crucial trait for leaders facing fast-paced industries and changing business conditions, allowing them to maintain efficiency under varying circumstances. Trust: Demonstrating effective adaptability builds trust by showing resilience and proactive management during challenges. Time: Quick adaptation to changes ensures continuity of operations, minimizing downtime and maintaining productivity. Talent: Seeks out and cultivates flexible talent who thrive under change, enhancing the team’s ability to respond to new challenges. Teach: Teaching adaptability skills prepares the team for industry shifts and internal changes, ensuring they are equipped to handle future disruptions efficiently. These detailed explanations demonstrate how integrating these skills across the five key areas—Traits, Trust, Time, Talent, and Teach—can holistically enhance business operations, fostering a robust, dynamic, and efficient organizational environment.

Improving Workplace Communication Skills with DISC Personality Assessments Unlock Effective Communication Strategies with DISC Insights for a More Collaborative and Productive Workplace Published on: 28 Nov 2024 Enhance your workplace communication skills by leveraging tools like DISC personality assessments. These assessments can help you identify areas for growth, encourage seeking feedback, and practice communication strategies that work for everyone in your organisation. Why Communication Skills Matter at Work Research shows that 42% of all workers are in roles where communication skills are more crucial than analytical, mechanical, or managerial skills. This means that, for a vast number of people, their ability to communicate effectively is far more important than their technical expertise. Telephone communication skills , for example, are essential for building relationships and resolving issues efficiently. However, learning and development strategies often neglect to prioritise communication improvement. Using DISC for Better Communication DISC personality assessments can be powerful for enhancing communication, teamwork, and collaboration. The DISC model categorises personality traits into four primary styles: Dominance, Influence, Steadiness, and Conscientiousness. Understanding these styles helps employees develop self-awareness and appreciate how others prefer to communicate. With this knowledge, you can tailor your communication to different styles, reducing misunderstandings and fostering better interactions. DISC also promotes empathy, as you start to value the strengths and working styles of your team, improving overall dynamics. Defining Communication Skills Communication skills are a broad set of abilities, including verbal and non-verbal communication, listening, and negotiation. They involve any method we use to convey information and engage with others. Effective communication requires adapting your style based on context—how you communicate with a manager may differ significantly from how you interact with a colleague. Categories of Communication Skills Verbal Communication : Clear and concise speech to convey information. Non-Verbal Communication : Body language, facial expressions, and tone. Listening : Active engagement to fully understand and respond to others. Negotiation : Finding mutually agreeable solutions to issues. Conflict Resolution : Navigating and resolving disagreements constructively. The Impact of Communication Skills at Work Strong communication skills are essential in professional settings. They improve teamwork, reduce friction, and lead to more productive relationships. Regardless of your position, the ability to communicate well can accelerate your career by making you a more effective collaborator. Even in technical roles, communication remains critical, particularly when interacting with colleagues, clients, or stakeholders. Leaders, in particular, benefit from strong communication skills. Clear, empathetic communication can improve team morale, foster engagement, and create a sense of shared purpose. Moreover, these skills extend beyond work, enriching your relationships with friends and family. Communication Skills and Workflow Efficiency Developing effective communication skills is vital for creating smooth workflows. Clear instructions, active listening, and open dialogue can streamline processes and foster trust within teams. Just as detailed procedures improve operational efficiency, consistent and transparent communication reduces errors and enhances team performance. Top 10 Communication Skills for Workplace Success Emotional Intelligence : Manage your emotions and recognise their impact on others. Humility : Show respect by acknowledging both your successes and those of your peers. Empathy : Understand and connect with the perspectives of colleagues. Active Listening : Be present and engaged to minimise misunderstandings. Authenticity : Communicate honestly to build trust. Non-Verbal Awareness : Recognise that body language often conveys more than words. Clear Language : Use precise words to avoid confusion and enhance clarity. Conflict Resolution : Tackle issues constructively, focusing on solutions. Collaboration : Work cohesively with others to maximise team potential. Recognition : Regularly acknowledge the efforts of colleagues to boost morale. Steps to Improve Your Communication Skills Take a DISC Assessment : Identify your communication style and learn how to adapt to others. Seek Feedback : Understand how your communication impacts others and align this with your DISC profile. Reflect Regularly : Analyse past interactions and consider how to improve. Invest in Training : Participate in workshops that focus on interpersonal communication, tailored to your needs. Stay Consistent : Practice your skills daily to make effective communication second nature. By improving your communication skills, you can build better relationships, streamline workflows, and contribute to a more harmonious and productive workplace. Previous Next Start Your Business Improvement Journey Our business improvement programme and smart operations provide clarity and a clear pathway forward for you and your team. Get Started

The 21st Century Customer: Who Is The Modern Consumer? Many businesses aren't meeting the demands of the modern consumer. Learn more about the 21st century customer and how your business can keep up with trends. Published on: 9 Feb 2023 Whatever the century, industry or retailer, one question remains constant: What do customers want? And perhaps even more pressingly — how can we provide it? It should come as no surprise to any business owner that what customers want and what many retailers are offering often doesn’t match up. But why is that the case? Much of this comes down to businesses failing to understand how consumer needs have changed and developed as the Fourth Industrial Revolution presses on. The 21st century customer has drastically different needs than those who preceded them. We’ll be covering everything you need to know about the modern consumer in this article including: The modern consumer dilemma The 21st century customer statistics Why understanding consumer behaviour matters How businesses can meet 21st century customer needs The Modern Consumer Dilemma Even when we’ve enjoyed the healthiest of economies worldwide – prior to the pandemic and following the economic fallout of the 2008 financial crash – many retailers haven’t felt the benefits of a healthy economy in terms of profitability. This is important because it tells us that it isn’t as simple as ‘shoppers aren’t shopping’. The reality is, as we’ve moved further into the digital revolution, discounts have obliterated margins. Even Amazon’s obsession with free shipping isn’t profitable. Other retailers have had to eat into their own margins to compete. To make the problem even more complicated, consumers are less loyal. While price points remain a factor for the 21st century customer, this isn’t their only consideration. After all, anyone can deliver a service or product for rock bottom price nowadays. It’s no longer impressive. In fact, sometimes slashing prices to the bare minimum is a warning sign to consumers that the product or service lacks quality. What instead drives modern consumer behaviour is an omnichannel experience. For most businesses that are thriving, there is a deep understanding ( and matching strategy ) revolving around the messaging and platform used for each stage of the customer journey which lets them deliver a modern customer experience. For example, a survey of American businesses showed that only 40% of them were selling on social media. While for some this may be a deliberate decision to suit the unique needs of their target audience, for many all it represents is another missed opportunity to meet the desires of the 21st century customer. Not just this, but many businesses who are using social media use it solely to upsell. They don’t tell a brand story, they don’t interact and engage. They’re a faceless machine, focused on profit only. This is despite modern consumer research showing these techniques don’t convince buyers. This is just one example of not meeting modern consumer needs. So just who is the 21st century consumer and what do they want? The 21st Century Customer: The Data Gen Y and Z makeup £264 billion of spending power in the US alone. In fact, Gen Z already represents 40% of global consumers. While consumer behaviour has drastically changed across generations, it’s these generations who have led the charge in the consumer behaviour transformation that businesses are contending with. So let’s look at what the data says about each of them to understand them better. Gen Z Consumer Behaviour Gen Z are the first truly native digital generation. They don’t know a life before the internet, social networking and smartphones. What all this has led to is consumer empowerment. This generation is hypercognitive and comfortable cross-referencing many sources of information, both online and offline. Research suggests this generational shift may be more of an influence on consumer behaviour than socioeconomic differences. McKinsey research on Gen Z revealed core behaviours that drive consumer characteristics and behaviours within this generation, but they all revolve around honesty and authenticity. These core behaviours lead to three implications for companies hoping to win big with Gen Z: Consumption is an access rather than a possession Consumption is an expression of individual identity Consumption is a matter of ethical concern. The first implication revolves around access as a form of consumption. By this we mean the emerging – and booming markets – like video streaming services, entertainment subscriptions, car ride services and more. Things that were once products are now services – for example Uber and Twitch subscriptions. Companies that understand and adapt to this consumer change will win over Gen Z. Though the concept of consumerism as a form of expression isn’t a new concept by any means, this means something different again for Gen Z. They’re eager for a more personalised experience and product, as well as happy to pay a premium for something that best meshes with their ethics. For some brands this can be as simple as embracing causes and doing their part for wider society. But for others, it will involve entirely changing their sales and marketing strategies. For example, this same study revealed a whopping 48% of Gen Z prefer brands that don’t classify items as male or female. So for fashion retailers, this generation will be groundbreaking. The final implication is perhaps the one that Gen Z is most famed for. They care. Consumption isn’t as simple as the lowest price or quickest delivery ( though both these still hold some weight ). Gen Z consumers are increasingly educated on brands and expect brands to align with causes they agree with. Not only this, but brands that remain silent are considered implicit. What all this means for businesses is that they must re-evaluate their relationship with the consumer. Businesses need to practice what they preach when it comes to marketing and ethics. Those who succeed will see Gen Z as an opportunity, not a challenge. Millennial Consumer Behaviour For millennials, the implications follow similar lines. But due to the diversity of the generation it is less clear cut. A clear trend is that the consumer is becoming more educated across all ethnicities. This education allows for more knowledgeable consumers, who are more conscious of the implications of their purchases ( although the cost of the same education that allows this enhanced insight, eats into discretionary spending! ). At the same time, key life cycle milestones are changing for millennials and this impacts consumer behaviour too. Less consumers in this generation are buying homes and more of them are waiting longer to buy homes. Similarly, marriage rates have fallen considerably for this generation across ethnicities. Research suggests the largest consumer change for millennials isn’t in customer characteristics – though they share more in common with Gen Z than with the silent generation – but in the customer experience. Millennial consumers, and indeed all consumers, expect and use a cohesive omnichannel experience. By this we mean, they use a variety of channels; websites, social media, different devices, word of mouth and more before reaching a purchasing decision. Even when it comes to the buying decision, they may opt to buy in-store after doing all their research online, or even vice versa. All this choice means businesses need to deliver the right message and experience at the right time of the customer journey to convert millennial consumers into customers. Meeting Modern Consumer Needs While Gen Z may have once seemed like a far off challenge for businesses, the same could have been said for millennials. They now make up a huge percentage of the global purchasing power and this will only continue to increase with time. Consider this fact with decreasing customer loyalty levels and an increased importance on customer service levels and you’re left with businesses who no longer match the demands of a huge amount of consumers. To meet the needs of these consumers, businesses must offer: Personalisation wherever possible Balance of automation and human Cross-platform mobility Multiple touch points Self-service Meaningful experiences Empathy Personalisation Mass production is no longer the desire. Consumers want products in the exact style, colour and specifications they desire. Companies need to offer products and services in as many possible combinations to meet these expectations. Human Contact Automation is a driving force of the Fourth Industrial Revolution and it’s great news for businesses. It’s slowly allowing employees to spend more time on creative tasks instead of mundane ones. But the companies who resonate best with the modern consumer strike the balance between automation and human perfectly. The need for the human touch is still prevalent. All this to say, when consumers want to speak to a person, let them. You can’t automate every process and modern consumers don’t want you to. Cross-Platform Mobility You should be accessible anytime, anywhere, from any device. So if your website still isn’t working on mobile or loading slowly, fix it. This lack of responsiveness and mobility will lose you potential customers. Multiple Touch Points Consumers have different contact preferences. One may prefer live chat while others prefer phone while others prefer social media. You should be available on as many as possible. Not only this, but you should be as responsive across all of them. Contacting you should be as convenient as possible. Self-Service Processes with your business should be easy. Whether that’s cancelling a subscription, changing an address or placing an order, they should all be easy for your customer to complete without need for intervention from you. When you have this aspect of your customer experience optimised, the need to contact you lowers generally. Meaningful Experiences Today’s consumer, especially Gen Z, wants to have a meaningful relationship with your business. What you sell isn’t your whole story, or at least, it shouldn’t be. Modern consumers want to know you do good so they can feel good from buying from you. Companies with a great brand story to tell such as Ben and Jerry’s do well precisely because of this emotional connection with consumers. Empathy Customer empathy is a staple of outstanding 21st century customer service. Without it, you’ll struggle to create positive, customer-centric experiences. If you lack any of the vital ingredients above, you’ll struggle to engage and sell to the 21st century customer. Keep Up with Consumer Behaviour Trends Consumer behaviour has always been a developing story, but now more than ever companies need to keep up with modern consumer trends. It isn’t enough to offer the lowest price anymore. Companies need to offer personalised, human, omnichannel experiences that reach customers on an emotional level to connect with the 21st century customer. It’s no easy feat, but those that do will be rewarded with greater customer engagement, increased profitability and increased customer loyalty. You can learn more about how your business can meet modern consumer needs in our complete guide to phone skills . Previous Next Start Your Business Improvement Journey Our business improvement programme and smart operations provide clarity and a clear pathway forward for you and your team. Get Started

How to Value a Business Valuing a business is a fundamental process in the realms of finance, investment, and strategic decision-making. Whether you're an investor seeking profitable opportunities, a business owner contemplating a sale, or a stakeholder interested in the company's future, understanding the worth of a business is crucial. However, the journey to determine a company's value is fraught with complexities and challenges. This article explores why valuing a company is essential, the methodologies involved, and the problems encountered in the process. Why Value a Business? Selling a Business: Valuing a business when selling it ensures fair pricing, attracts serious buyers, supports negotiation, highlights growth potential, and provides a solid foundation for future planning. Investment Decisions: Investors need to ascertain whether a company is undervalued or overvalued to make informed buying or selling decisions. Accurate valuation helps in identifying lucrative investment opportunities and avoiding potential losses. Mergers and Acquisitions: For companies involved in mergers, acquisitions, or divestitures, knowing the accurate value of a business ensures fair transactions and helps in negotiating the right price. Financial Reporting and Compliance: Companies are often required to value their assets for financial reporting and compliance with regulatory standards. This helps in maintaining transparency and credibility with stakeholders. Strategic Planning: Business owners and managers use valuation to assess the company's performance, plan for growth, and make strategic decisions such as expansions, restructuring, or entering new markets. Raising Capital: For businesses seeking to raise funds through equity or debt, a clear understanding of their value is essential to attract investors and negotiate terms effectively. Business Valuation Methodologies There are several methodologies to value a company, each with its own set of principles and applications. The choice of method depends on the nature of the business, industry, and available data. EBITDA Multiples Principle: Valuing a company using EBITDA involves assessing its earnings before interest, taxes, depreciation, and amortisation. Process: To value a company using EBITDA, calculate EBITDA from net income by adding back interest, taxes, depreciation, and amortisation, apply an industry-specific multiple to derive the Enterprise Value, and adjust for net debt to determine the equity value. Use: EBITDA valuation is used to estimate a company's fair value in mergers and acquisitions, evaluate investment opportunities, report operational performance, assess debt servicing capability, and set strategic performance benchmarks. Price-to-Earnings (P/E) Ratio Principle: The Price-to-Earnings (P/E) ratio is a valuation metric used to measure a company's current share price relative to its per-share earnings. Process: Valuing a company using the P/E ratio of another similar company involves applying the comparable company's P/E ratio to the target company's earnings to estimate its market value. Use: The P/E ratio is used to compare the valuation of companies. A high P/E ratio might indicate that a company's stock is overvalued, or investors are expecting high growth rates in the future. Conversely, a low P/E ratio might suggest that the company is undervalued or facing difficulties. Discounted Cash Flow (DCF) Analysis Principle: The DCF method values a company based on the present value of its projected future cash flows. Process: Estimate future cash flows, determine the discount rate (usually the company's weighted average cost of capital), and calculate the present value of those cash flows. Use: This method is widely used for companies with predictable and stable cash flows. Comparable Company Analysis (CCA) Principle: This method values a company by comparing it to similar companies in the same industry. Process: Identify a peer group of companies, calculate valuation multiples (such as Price/Earnings, EV/EBITDA), and apply these multiples to the target company's financial metrics. Use: Useful for valuing private companies or when future cash flows are difficult to predict. Precedent Transactions Analysis (PTA) Principle: Values a company based on the pricing of similar companies in past transactions. Process: Identify relevant past transactions, calculate valuation multiples, and apply these multiples to the target company. Use: Commonly used in M&A transactions to determine fair market value. Asset-Based Valuation Principle: This method values a company based on the value of its underlying assets. Process: Sum the fair market value of the company’s assets and subtract its liabilities. Use: Typically used for companies with significant tangible assets or in liquidation scenarios. Problems in Valuing a Company Valuing a company is not without its challenges. The process can be affected by a multitude of factors that introduce uncertainty and complexity. Unpredictable Market Conditions: Market volatility can significantly impact valuation metrics and future cash flow projections, making it difficult to arrive at an accurate value. Data Availability and Reliability: Access to reliable and comprehensive data is crucial for accurate valuation. For private companies, obtaining detailed financial information can be challenging. Subjectivity in Assumptions: Valuation involves making several assumptions about future growth rates, discount rates, and market conditions. These assumptions can be highly subjective and vary among analysts, leading to different valuation outcomes. Complex Business Models: Companies with diversified operations, multiple revenue streams, or complex business models can be challenging to value due to the difficulty in isolating and accurately projecting individual components. Regulatory and Legal Factors: Changes in regulatory environments, tax laws, and legal disputes can affect a company's financial performance and, consequently, its valuation. Intangible Assets: Valuing intangible assets such as intellectual property, brand reputation, and human capital is inherently challenging due to their non-physical nature and difficulty in quantification. Economic Cycles: Economic downturns or booms can skew valuation metrics, making it essential to adjust for cyclical variations to avoid over- or under-valuation. Practical Tips for Better Valuations Diversify Methods: Using multiple valuation methods can provide a more comprehensive view of the company's value. Cross-referencing results from DCF, CCA, and PTA can highlight discrepancies and provide a more balanced valuation. Stay Updated with Market Trends: Regularly update valuation assumptions to reflect current market conditions. This includes staying informed about industry trends, economic indicators, and regulatory changes. Ensure Robust Data Collection: Invest in systems and processes that ensure accurate and comprehensive data collection. Reliable financial data is the cornerstone of any accurate valuation. Engage External Auditors: Periodic reviews and audits by external parties can enhance the credibility of the valuation. They provide an independent verification of the assumptions and methodologies used. Consider Scenario Analysis: Conducting scenario analyses can help understand the impact of different variables on the company's value. This involves creating best-case, worst-case, and most-likely scenarios to see how changes in assumptions affect the valuation. Valuing a company is a critical yet complex endeavour that requires a deep understanding of financial principles, market conditions, and strategic factors. While various methodologies provide frameworks for valuation, the inherent challenges and uncertainties necessitate a cautious and informed approach. By recognising and addressing the problems in valuation, stakeholders can make more accurate and strategic decisions, ensuring the sustainable growth and success of businesses in an ever-evolving economic landscape. Understanding the intricacies of company valuation not only empowers investors and business owners but also strengthens the foundations of financial markets and corporate governance. As we navigate through dynamic economic environments, the pursuit of accurate and reliable company valuations will remain a cornerstone of sound financial practice. 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What is Annex SL? The Backbone of Modern Management Systems Annex SL, devised by the International Organisation for Standardisation (ISO), serves as a unifying framework for management system standards. It provides a standardised structure and terminology, simplifying integration and enhancing efficiency across quality, environmental, and other management systems in diverse industries. Published on: 11 May 2023 In the ever-evolving landscape of modern business, navigating the complexities of quality management, environmental sustainability, and organisational efficiency can be a daunting task. Enter Annex SL - a guiding light amidst the fog of disparate management systems . While its name might not immediately ring a bell, its importance in harmonising various management standards cannot be overstated. Annex SL serves as the linchpin, offering a unified framework that streamlines processes, fosters integration, and drives organisational excellence across industries. The Origins of Annex SL To truly appreciate the significance of Annex SL , one must understand its genesis. It emerged from the need to consolidate and harmonise the myriad management system standards developed by the International Organisation for Standardisation (ISO). Before Annex SL, each ISO standard operated independently, leading to duplication of efforts and confusion among organisations striving for compliance. The Unified Framework Annex SL provides a common structure and language for developing ISO management system standards , facilitating seamless integration and interoperability. This standardised framework encompasses key elements such as context, leadership, planning, support, operation, performance evaluation, and improvement. By adhering to Annex SL principles, organisations can align their management systems effortlessly, fostering consistency and efficiency. Key Components of Annex SL High-Level Structure (HLS): Annex SL introduces a standardised high-level structure for management system standards, ensuring consistency and coherence across different disciplines. This common framework simplifies implementation and facilitates the integration of multiple management systems. Core Text: Annex SL incorporates core requirements that are common across various management standards. These include principles such as understanding the organisation's context, leadership commitment, risk-based thinking, and continual improvement. By embedding these core elements, Annex SL promotes synergy and alignment among management systems. Standardised Terminology: Annex SL promotes the use of standardised terminology, enhancing clarity and communication among stakeholders. This common language fosters comprehension, collaboration, and knowledge sharing across different management disciplines. Advantages of Annex SL Adoption Integration and Compatibility: Annex SL enables organisations to integrate and align their management systems seamlessly. By adopting a unified framework, businesses can streamline processes, eliminate redundancies, and enhance operational efficiency. Simplicity and Consistency: Annex SL offers a simplified and standardised approach to management system implementation. The common structure and core requirements promote consistency and clarity, making it easier for organisations to understand, implement, and audit multiple management systems. Performance Enhancement: By embracing Annex SL principles such as risk-based thinking and continual improvement, organisations can drive performance excellence. The emphasis on context, leadership commitment, and stakeholder engagement fosters a culture of accountability, innovation, and customer focus. Annex SL: A Pathway to Excellence Annex SL serves as a guiding beacon for organisations seeking to navigate the complexities of modern management. By embracing its principles, businesses can transcend silos, enhance collaboration, and unlock the full potential of their management systems. Annex SL isn't merely about compliance; it's about fostering a culture of continuous improvement and organisational excellence. As industries evolve and challenges grow more complex, Annex SL remains a steadfast companion, guiding organisations towards resilience, sustainability, and success. Embracing Annex SL isn't just a choice; it's a pathway to excellence in the ever-changing landscape of business. Previous Next Start Your Business Improvement Journey Our business improvement programme and smart operations provide clarity and a clear pathway forward for you and your team. Get Started

Manage and operate your business like you're going to sell it Course Preview Run your business as if you're preparing to sell it. Are you a small business owner working tirelessly to grow your company but not seeing the results you deserve? If so, you’re not alone. Learn to think like a shareholder, not an employee, and create the life you want. Discover the right way to grow your business. Enroll Today P.S. Act now to save thousands of pounds and reclaim valuable time for yourself and your family. This course is part of a comprehensive business operations improvement programme. Learn More Thanks for submitting! We'll get back to you shortly. Testimonials "I’ve been running a small construction company with a dedicated team of eight for 22 years and always felt I should be making more money than I was. Paul has been helping me improve my estimating, scheduling, and tracking to create bigger margins and improve productivity. He clearly relates project delivery performance to business financials. Most importantly, Paul is helping me plan what to do with the business next. I have always wanted to make my company more profitable and potentially create something to sell or leave as a legacy. Paul is driven, very patient, and knowledgeable. I believe that if I persist, I will finally achieve mastery." Tracy, Construction Company Owner Clear net profitability goals and execution plan Real accountability Holistic approach improving every business area Market Share Increased by 10% Instructions Increased by 69% Listings Increased by 73% Mitch Mitchison, Estate Agent General Manager "I would highly recommend Paul to anyone running a business where personal interaction with customers is important and where they want to improve that engagement in a meaningful and effective way." Martyn Russell, Estate Agent Owner "I can highly recommend Paul for his business coaching skills as it goes well beyond what was originally expected. Paul cares about our Business, they have improved staff engagement, raised our service levels, and improved enquiry levels." Kerry Newstead, Estate Agent Partner "The coaching has helped us to recognise more opportunities on the calls, we are much more aware now of how a call can be managed more profitably." Davinder Gharial, Estate Agent Business Owner "Paul contributed to us winning the ‘Best Estate Agent Guide – Exceptional’. The staff that engaged with the service really saw the benefits in improved call outcomes.

< Back Accruals Accruals are accounting adjustments made for revenues and expenses that have been incurred but are not yet recorded in the financial statements. This concept is central to accrual accounting, which recognises economic events regardless of when cash transactions occur. Key Points of Accruals Revenue Accruals: Income that has been earned but not yet received or recorded in the accounts. For example, if a company provides goods or services in December but will not receive payment until January, the revenue should be recorded in December to align with the period in which it was earned. Expense Accruals Costs that have been incurred but not yet paid or recorded in the accounts. For instance, if a company receives a service in December but will not pay for it until January, the expense should be recorded in December to reflect the true cost of operations for that period. Importance of Accruals Matching Principle: Accruals support the matching principle of accounting, which states that expenses should be recorded in the same period as the revenues they help to generate. Accurate Financial Reporting: Ensures that financial statements accurately reflect all earned revenues and incurred expenses within the accounting period, providing a true view of the company's financial position and performance. Periodicity Assumption: Helps in dividing financial activities into specific periods, making it easier to compare performance over different timeframes. Common Types of Accruals Accrued Revenues: Revenues for goods or services that have been delivered but not yet invoiced to the customer. Accrued Expenses: Expenses for goods or services that have been received but not yet paid or invoiced. Accrued Interest: Interest that has been earned but not yet received or paid. Accrued Salaries and Wages: Employee compensation that has been earned but not yet paid. Examples Accrued Revenue Example: A consultancy completes a project in June but invoices the client in July. The revenue is accrued in June. Accrued Expense Example: A company uses electricity in December but receives the bill in January. The expense is accrued in December. Journal Entries For Accrued Revenue: Debit Accounts Receivable Credit Revenue For Accrued Expense: Debit Expense Account Credit Accounts Payable Accruals are vital for achieving an accurate and fair representation of a company’s financial status, ensuring compliance with accounting standards such as the UK Generally Accepted Accounting Principles (UK GAAP) or International Financial Reporting Standards (IFRS). Previous Next

Neil Kitching Scottish Enterprise Green Heat Neil Kitching of Scottish Enterprise Discusses Green Heat The Scottish Enterprise, a government body, has been focusing on "Green Heat" to accelerate the transition to sustainable heating systems. Through incentives and investments, it promotes using renewable heat sources like solar, heat networks, and biomass. These efforts support Scotland's goal of net-zero greenhouse gas emissions by 2045. The Scottish Enterprise's drive towards Green Heat contributes to energy efficiency, job creation, and the fight against climate change, demonstrating a successful model of green economic growth. Paul Well, welcome to today's Rethink What Matters podcast, where we're all about aligning the economy with the ecology with everyone in order that we can improve business performance, create stronger families and a greener, cooler planet. And today, I am joined by Neil Kitching. Neil is the energy specialist for Green Heat and Water Technologies, supporting a low carbon economy in Scotland. Also supporting Scottish companies to take advantage of opportunities of the green heat revolution. Separate to that, separate to the work with the Scottish Enterprise, Neil is the author of Carbon Choices , on the common sense solutions to our climate and nature crisis. Welcome, Neil. Neil Thank you, Paul. That's a comprehensive introduction. Paul Okay. Great. Great. Neil Green Heat is just a small part of our support. But yes, we're also encouraging companies to have net zero plans. We think climate is obviously very crucial to the future of the economy. So we're now encouraging all companies that we give a grant to either have a net zero plan or be working towards a net zero plan. And so that's now a condition of awarding a grant to a company. And if they don't have a next year plan, we will work with them and support them in that journey to create one. So it's a really strong move forward. We're also encouraging companies to have net zero plans. We think climate is obviously very crucial to the future of the economy. So we're now encouraging all companies that we give a grant to either have a net zero plan or be working towards a net zero plan. And so that's now a condition of awarding a grant to a company. Paul Okay. And does that involve them going through the scopes one, two, and three then? Neil Definitely scopes one and two and encourage them to look at scope three as well, that's right. Paul Right. And how is that assessed then? Is it just that they have to have a plan or are there certain criteria that you you're looking for in their net zero plans? Neil We're trying not to make it too mandatory because there's so many different schemes out there. We have our own mechanism that we can support them with. Or they can adopt one of the current methodologies that are already out there. The methodology they use isn't so important. It's the fact that they're considering net zero and working towards it, that's really important to us. Paul Okay. Are there any examples you could give us? Something that that you'd be looking for? I mean, you could have a plan. You can say I'm doing something. But is there something you might be looking for specifically that shows they're actually serious about their net zero plans. Neil So the first year, I guess, a lot of it's based on trust. We will ask the company; do you have a net zero plan? Are you working towards a net zero plan? Of course, it's very easy for them to say, “Oh yes. Of course, we're working towards a net zero plan.” And we might accept that in the first year. But obviously, if they come back to us and ask for a grant again, and they've said they're working towards a net zero plan. We would be asking to see a copy of it before giving any future grants. So this is a journey that something will ramp up and tighten over time. Paul Right. What was your journey to working for the Scottish Enterprise and, you know, getting involved in green heat? Have you always been interested in green heat? Neil I don't think I knew what green heat was until about eight years ago. So, yes, where I studied geography at university. Then I believe I was trained to be an accountant in London and I worked as an accountant for twenty years. In a career which was alright, but I didn't feel terribly fulfilled. So I then made a big step – change to Scottish Enterprise, working in the sustainable development policy team. And that's where I really learnt all about sustainability, and all these different technologies. So a really good place to be. And then I moved into the energy team and I've been working on green heat for the last few years. So, yes, bit of a change. Paul I think you've been there for about fifteen years or so. Neil That's right. Yes. Paul And how have you, over those fifteen years, what's been your impression of the importance or the interest in green heat over those fifteen years? Have you seen a significant change in the last few years? Neil It's been a massive change. So when I started working in sustainability, the big thing was how do we change our energy use because at the time it was from coal and it was quite dirty. And gas, as I mentioned earlier, was deemed to be quite clean relatively. So nobody talked about heating because they all thought heating is done by gas and that's okay. So there's been massive change. Scotland now has one hundred percent equivalent renewable electricity. And that's been a massive change in ten years. One of the fastest changes in any grid anywhere in the world. Scotland now has one hundred percent equivalent renewable electricity. And that's been a massive change in ten years. One of the fastest changes in any grid anywhere in the world. But now we're realising that that's not enough got to tackle transport, and that's probably been being done primarily through electrification, electric cars. But the big elephant in the room is heat where eighty-five percent of our homes are still heated by fossil gas and, you know, that's got to change. Paul Could you tell us a little bit more about what green heat means to you? Neil Green heat. So that's any heat for heating our homes, heating our businesses that doesn't involve emitting carbon emissions to the atmosphere. So there's quite a few different types of green heat. The most obvious are things like heat pumps also heat networks and biomass heating. So there's a number of different technologies. But basically it's moving away from burning natural gas or what I call fossil gas and also from burning fuel oil and other things that are damaging to the atmosphere. Paul So it's also solar panels and it's, you know, such renewables, it's wind as well. Neil In terms of green heat, it would be solar thermal panels for heating hot water. We don't include solar PV and wind, which is using electricity, we don't include that in our definition of green heat, but obviously it's all part of our green, low carbon future. Paul Okay. Let me just understand that a little bit more then. So why would solar PV and wind not be a part of green heat? Neil So we were looking at the way we heat our buildings, not the way we generate our electricity. So that's the distinction. Paul That's an important distinction. Right? Neil And it's important because we use more energy to heat our buildings than we use generating and using electricity. So heat is a kind of hidden emissions that people don't seem to be too aware of, but it's bigger than electricity. We use more energy to heat our buildings than we use generating and using electricity. So heat is a kind of hidden emissions that people don't seem to be too aware of, but it's bigger than electricity. So just by decarbonising electricity grid and creating a hundred percent renewable or low carbon electricity, that's not going to solve our climate problem. We also need to solve our transport emissions, our agriculture and the way we heat our buildings. Paul Should we talk a little bit about heat pumps and the Scottish Enterprise’s view of heat pumps? Neil Yes. I think the first thing to say about heat pumps is they're not a new technology. They were invented over a hundred years ago. Most of us have a heat pump of sorts in their homes already because fridges are basically a heat pump. Some people say it's a heat pump in reverse, but it's the same technology. And then in countries like Norway and Sweden and now France, heat pumps are being rolled out at scale. And yet in Britain, we seem to be laggards and we still seem to think that heat pumps are some strange new novel technology that's maybe a bit strange. Paul You're right. You're right about that. It just come across like that. Neil Yeah. So the problem in Britain is I guess it is down to policy. And just an accent to geography. So UK benefited from access to fairly cheap natural gas from the North Sea. And as a result, we relied on that for decades. And it kind of enabled us to build houses to a fairly poor energy efficiency standard because it was still fairly cheap to heat them. And we got lulled into that. That's very different from countries like Denmark. So they went through the oil crisis the same as we did in the 1970s. We then developed the North Sea Oil and North Sea Gas and the Danes didn't have access to that. And so they went down the heat network route. They've been busy installing heat networks through their cities, towns and even villages from the 1970s onwards. And we just didn't do anything like that here. UK benefited from access to fairly cheap natural gas from the North Sea. And as a result, we relied on that for decades. And it kind of enabled us to build houses to a fairly poor energy efficiency standard because it was still fairly cheap to heat them. And we got lulled into that. That's very different from countries like Denmark. They went down the heat network route. They've been busy installing heat networks through their cities, towns and even villages from the 1970s onwards. And we just didn't do anything like that here. Paul Right. And so is Scotland able to operate differently to England, if you like, in the way that it sets these. I think the one of the challenges is this spark gap, isn't it, the spark spread? The difference between the cost of electricity and the cost of gas, and that's the challenge that the heat pumps face. Other is the pricing set differently in Scotland than it is to England? Neil So great question. It's a complicated landscape. So most heating issues are devolved. So the Scottish government has a lot of authority and powers around say creating heat networks and giving subsidies and grants and creating a good business environment for heat pumps and heat networks. But there's a couple of big things that are across the UK. So one is running the gas pipeline, the gas grid that's all UK. And also the price of electricity and gas is – and taxes on it are all from central government so it's a bit of a complicated picture. But you mentioned the spark spread that is fundamental. And just to explain what that means, that's difference in price between gas and electricity. And in Britain for a number of years, gas, as I mentioned earlier, has been very cheap. And electricity has been reasonably expensive and made even more expensive by treasury taxes. A lot of environmental taxes were put on electricity, but not on gas. And I think that stems from the time when if you go back ten years, when we're burning coal for electricity. Electricity was actually higher carbon than gas was and gas was considered, at that time, to be relatively good and relatively low carbon. But that situation's completely reversed now. So the gas has stayed at the same carbon intensity but the intensity of the electricity grid has plummeted through all the new renewables and nuclear. And so it's an anomaly that we tax electricity and we barely tax gas. So the gas has stayed at the same carbon intensity but the intensity of the electricity grid has plummeted through all the new renewables and nuclear. And so it's an anomaly that we tax electricity and we barely tax gas. Paul I know that I think in the UK, there is that's that that they're looking at that. I think it's called REMA, the Review of Electricity and Market Arrangements. And I believe that this is to be decided this year and come into force October or November 24 in England anyway. Where hopefully this spark spread will be addressed. Neil Hopefully, I think that would apply across the whole of United Kingdom Okay. But if you compare that with countries like Norway that I mentioned earlier and France in those countries, electricity is relatively cheap. And so Norway from hydro power and France from nuclear power. And in countries like Norway, they don't have such an extensive gas network. So the spark spread there is much lower. And there's a direct correlation between the spark spread and the deployment of heat pumps across Europe. So it's fundamental. Heat pumps are brilliant, but you're fighting an uphill battle at the moment to try and deploy them because gas is still relatively cheap. Paul The competition is gas, isn't it? And if, you know, these heat pumps can be two, three, four hundred percent efficient. But if gas is two, three, four times the price, then, you know, you're not getting anywhere. Are you? So they've got to be playing on a level of electricity and gas. They've got to be priced same so that we can make this move over to clean heat, you know, heat pumps. So that's good news. And I know that you yourself have installed a heat pump as well. Neil Yes. So I was looking at my carbon footprint. And the biggest thing that I can affect is the energy use at home. And so I ordered a heat pump. I was helped by Home Energy Scotland with advice and then with a grant north of our loan. Paul So let me just-- I mean, sorry, just to interrupt. Is that something which anybody in Scotland can apply for then? Neil Any household, that's right. So there's a £7,500 grant. In England and Wales, there's boiler upgrade scheme and that would offer a £5,000 grant for heat pumps as well. So I went through the process, got three quotes from installers and mine was a bit complicated because I wanted solar panels and the battery as well. Paul Right. And then air source or ground source? Neil An air source heat pump. So it's a box in the wall outside the house. Paul Yeah. Okay. And tell us more. I mean, how did it go? How's it going? Is it all completed now? Neil It's all completed. It was installed in November. We were allegedly plunged into a cold snap last December, if you remember. But our house was kept warm. Even by a seven kilowatt eight-foot heat pump, which, you know, doesn't sound very much, but that's enough because you run it for more hours a day than you would a gas boiler. And as I said earlier, the price of running a heat pump versus gas would be fairly comparable. But there's two or three tricks that you can employ with heat pumps, which brings the price crashing down. And I estimate that my energy bill now is a half of what it was before. So maybe £2,500 before, which was in line with the national average under the price cap. And this year, my estimate is my total energy bill that's electricity for heating, lighting, hot water and appliances will be £1,200. So I could perhaps explain a little bit why that is because that might surprise your listeners. Paul Yeah. Please do. Did you say, but it was half the price, is that half the price against gas as it was before? Neil What I'm saying is my total energy bill electricity and gas is halved. I no longer have a gas bill because the gas has been disconnected from our house. My total energy bill electricity and gas is halved. I no longer have a gas bill because the gas has been disconnected from our house. Paul All right. Okay. So please, yes, tell us the tricks. Neil Three tricks that reduced the bill: cheaper overnight tariffs and fire up the heat pump during the cheap rates, having solar panels, having the battery. It’s really three tricks . One, with electricity you can move to cheaper overnight tariffs . So companies like Octopus. So the first thing I did was try to fire up the heat pump as much as possible during the cheap rates and then try and not use it during the expensive rates. So that reduced the price a bit. But also having the solar panels that obviously provides some free electricity to the house, so that helps a bit. But I think, yes, even more importantly is having the battery . So in the summer, the batteries charged up for free from the solar panels. And then that's used to run our electricity in the evening. So that works really well. But in the winter and this is a bit that people might not be familiar with. We managed to charge the battery overnight cheap rates. So come the morning, the battery is fully charged and then that'll help to run the heat pump during the day, producing most of the electricity required for the heat pump. So instead of paying thirty-five pence unit for my electricity for the heat pump, I'm paying twenty pence unit. And so that's a big saving. And so you put all these things in combination in a rather complicated way, and my energy bill has halved. That’s a really important message. Paul That's a very important message. It's a great case study to have on this podcast. And I think we're going to be building on this, you know, in other podcasts as well. So that's great. Thanks very much for sharing that, Neil. So let me just get back a moment though. So you are taking some electricity off the grid still, obviously, to power the pump. You've got the solar panel charge in the battery, but the battery does that drive the pump as well? Neil So the battery can be used to provide electricity to the house, which includes running the heat pump, running your shower, running your oven, your lines. Paul Okay. All things. Sometimes you've got a car battery in your head. But how big is this battery? Neil It's fifteen kilowatt hours capacity. It's three batter(ies) stacked in each other. They're in the garage. They're quite discreet. Paul Okay. And aesthetically, how pleasing or otherwise, if I may be so bold to ask, is your heat pump? Neil So I think it looks quite good. It's a box. It's a metre and a half wide and a metre and a half tall and with a fan on it. And it's at the back of our house, you can’t see it from the front of the house. But to me, it's not an issue. It's almost completely quiet, and we expect the same noise as a fridge. Paul So you can easily see how they could be on the side of every house. I mean, it's not a big deal. Neil Most houses could have a heat pump. I think one issue is you really need to have a hot water tank. And so some modern houses have been built without hot water tank, so you need to find space for that. That could be in your house, it could be in your garage. Paul Right. Could it be next to the heat pump? Neil It could be next to the heat pump. Normally, it'd be indoors. You really want it to freeze. Paul Yeah. Extra insulation required. Okay. So That's a really great case study. It's really good to hear that's working for you. And you have the grants. So you have a grant? You mentioned three things. A grant, there was something else, an incentive and a third thing? Neil I got a grant and also interest free loans. I think that was the two things. Paul Those are two things. Grant and interest free loans. Brilliant. And overall then, the capital expenditure – was it reasonable or, you know, are you going to get your money back? I know it's cheaper for you now. I mean, does the business case stack up? I mean, environmental is obviously a no brainer. Neil I think the first thing to say is, yes, it's all about cutting your carbon emissions. There's no point at us all burning gas and frying the planet. So to some extent, to push back on the question, does it stack up financially? Because we have to do this, yes. But obviously, that's a bit of a dream world. Everybody lives in real world where they are interested in money. Without the grants, no, it wouldn't stack up at present for retrofitting a house because you're having to do quite a bit of work around the house. With the grants, I think it will pay back, but it's going to take eight to ten years would be my estimate. But yes, it's got a bit complicated because of the heat pump, the solar and the battery and they all intermingle with each other, so it's quite hard to single out what's cost effective, what isn't Paul Okay. But it's a great system, great setup, really is. Neil It's a great setup. And, you know, businesses can install heat pumps in their premises as well and that's something through work that we're trying to encourage. Paul Yeah. Businesses absolutely. I mean, you know, a solar panel with a battery and a heat pump. Just seems like a brilliant solution. Neil When you drive around, you see so many businesses with large roofs, warehouses, and you just think ideal for solar panels. Paul We've got the solution. We've just got to put all the bits of the puzzle together, and part of that is going to be policy and incentives and grants, just to get people over the hump of getting it installed. Then obviously, the more people to take it up, the cheaper it will become. Yeah. We've got the technology, haven't we? You know, we've got the solution. We've just got to put all the bits of the puzzle together, and part of that is going to be policy and incentives and grants, just to get people over the hump of getting it installed. Then obviously, the more people to take it up, the cheaper it will become. Neil So the Scottish government's got strong policy in this area. So from 2024, the plan is to ban the installation of new gas boilers in new buildings – domestic and commercial buildings. And so developers will then have the choice of low carbon technologies, which is likely to be heat pumps or heat networks in the more built up areas. So there's changes coming quite quickly. So from 2024, the plan is to ban the installation of new gas boilers in new buildings – domestic and commercial buildings. And so developers will then have the choice of low carbon technologies, which is likely to be heat pumps or heat networks in the more built up areas. I believe England and Wales are likely to do the same a year later. And then there's tentative proposals to ban the replacement of gas boilers in existing homes perhaps in 2030 onwards, but that legislation has not yet been agreed. But you can see the direction of travel. Paul Absolutely. Fantastic. Let's talk about heat networks. I don't think they get talked a lot. People don't tend to talk about heat networks that often, I don't think. It’s more of a community oriented solution, isn't it? But I think it is something which is again, invaluable, because that just works better when more people are doing this together. So could you explain, please, what a heat network is? Neil So heat network is a system of insulated pipes run under the streets into individual houses to provide your hot water and then heat is supplied from a central source. So heat network is a system of insulated pipes run under the streets into individual houses to provide your hot water and then heat is supplied from a central source. So if we go to Copenhagen, because I've visited there and been shown how it all works there. We have one integrated network covering the entire city, ninety-eight percent to the population, the city of – I'm not sure what it is, one and a half million to two million people. It was very impressive. It's been built out over the last thirty, forty years. And initially, it was capturing the waste heat from the coal power stations. And also from energy from waste incinerators. And then gradually, these coal power stations have been closed down. And they're now providing the heat still from energy from waste but also from standalone biomass incinerators. And there's some solar thermal input to it and some heat pumps. So they're diversifying the heat sources into that system. So that's a very impressive setup. They've decarbonised their heat across the entire city. Paul So it's like just delivering hot water like cold water gets delivered then. Neil It is, but it's in large insulated pipes, quite specialist technology. Paul But you turn your tap on and hot water comes out? Neil No. You don't turn your tap on because this is feeding into your radiator. So it's all in a sealed system. Paul We're not turning a tap on and hot water's coming out because this hot water is obviously feeding radiators. But in theory, we could turn the tap on and hot water would come out in a similar way to the cold water? Neil I think there'd be health and safety issues over that, I would say. Paul Yeah. I'm not suggesting anybody does this. But it is that kind of idea, this hot water's coming out from the ground, supplied sort of centrally, if you like, from obviously our community network. What a great idea. Didn't the Romans do something like this? I bet they did if we look hard enough. Neil The Romans did, but on a very small scale and only for a few privileged people. Paul Yeah. They used to heat their floors like that, didn't they? I think? You know, what a brilliant idea, really? It's not even rocket science, is it that? And this is the sort of thing we do when we need to. You know? Once we realise that we haven't got an endless amount of energy, then, you know, we start being sensible about the way we waste it. Don't we? So it's a great idea. Neil That's right. Paul Do you have any more examples, Neil? Of this of green heat in Scotland? Neil Yes. So in Scotland, the Scottish government's been very supportive of heat networks. There's grants to help pay some of the capital costs. And I'll just give a few examples because everyone's been a little bit different. So there's one in Sterling near where I live, and that's taking the waste heat from the sewage works. The water – wastewater flowing into sewage works is relatively warm. Not warm enough to heat your homes. But it's warmish water that then goes through heat pump to be boosted up to seventy degrees centigrade to be then put into the heat network. That makes heat pump heat network more efficient. So my heat pump at home is taking tap water at ten to fifteen degrees whereas the one at Sterling is taking warmer water. And that makes the whole process more efficient and effective. So that's one example. And then at Queen's Quay in Glasgow. It's a really good example of a large water source heat pump that's taking water from the Clyde. It's title there, the River Clyde. And again, that water is warmer, particularly in winter than the air. So again, that's more efficient than an air source heat pump. And there's a big energy centre there built by Renfrewshire Council and that's then heating houses, a nearby college and the plan is to then take it to the nearby hospital. So big plans for expansion there. Another example is at Seafield on the outskirts of Edinburgh. In that case, it's taking the waste heat from an energy from waste plant. So that's very like the example I gave in Copenhagen. And a final one is the AMIDS scheme again near Glasgow. That's a bit different. It's taking again the sewage water from the Scottish water sewage plant. And rather than hitting it up, essentially, it's taking the water that's maybe fifteen to twenty degrees pumping it through pipes. This time, they don't need to be insulated because it's not seventy degrees. It's fifteen to twenty degrees. The water goes into the nearby buildings. And then there's a heat pump in the individual building to heat it up to the required temperature. So that's a different model and, you know, one that's quite exciting. You know, Scottish Enterprise is out there helping companies think about all these different technologies and solutions. Paul So we're joining the dots up, isn't it? Where's that waste heat and how can we get it, you know, keep it and put it somewhere useful? Neil Yes. Well, you also got waste heat from data centres, from the London underground, from supermarkets, you know, the fridges give out an awful lot of waste heat. So there's a lot of sources out there. Paul And how unique is that solution you gave just then to Scotland? Neil That one I was just talking about is certainly unique in United Kingdom and there's only a handful across Europe. So yes. That's new. Paul What was the name of that one again? Neil AMIDS. Paul AMIDS. Okay. Great. Brilliant. Neil, it's been such a pleasure talking to you, such an insight into the Scottish Enterprise and your approach to green heat there. And thanks very much for sharing your time with us. Neil Thank you, Paul. That was a good conversation. Thank you very much. Paul Brilliant. Thank you again. Previous Next

< Back Book Value Book value is an accounting term that represents the value of an asset as recorded on the balance sheet. It is calculated as the original cost of the asset minus accumulated depreciation, amortisation, or impairment costs. For a company, book value refers to the net asset value of the company, calculated as total assets minus intangible assets (such as goodwill) and liabilities. In essence, book value can be seen from two perspectives: Asset Perspective : Original Cost : The initial cost paid to acquire the asset. Depreciation/Amortization : The reduction in value of the asset over time due to usage and wear and tear. Net Book Value : The value of the asset after accounting for depreciation/amortisation. Formula : Book Value of Asset=Original Cost−Accumulated Depreciation/Amortization Company Perspective : Total Assets : The sum of all assets owned by the company. Intangible Assets : Non-physical assets such as patents, trademarks, and goodwill. Liabilities : The company's debts or obligations. Net Book Value (or Equity) : The value remaining after subtracting liabilities and intangible assets from total assets. Formula : Book Value of Company=Total Assets−(Intangible Assets+Liabilities) Book value is often used by investors to gauge whether a stock is undervalued or overvalued by comparing it with the market value of the company. If the book value is higher than the market value, the stock might be considered undervalued, and vice versa. Previous Next

Business Coaching for Hotels and Hospitality Increase your revenue and market share with help from our Hotel and Hospitality business productivity experts. Whether you’re an independent B&B, a franchised hotel or even a campsite, we can help. Our hospitality business operating system helps you increase your market share and revenue through increasing your business productivity. Operational Excellence for Hotels and Hospitality The long-term success of your hotel or hospitality venue is dependent on operational excellence and outstanding customer service. Without either, your business will struggle to succeed long-term. We know the success of every business comes down to their staff members. This is particularly true for the hospitality industry. We’ll help you implement a better organisational structure to empower your staff. Allowing them to share the ideas and innovations that can help your business thrive with the people who can make those ideas reality. Our hotel business productivity strategy helps you set clear, tangible goals to bring driven results. We’ll help you bring consistency to your brand to ensure you deliver an outstanding service, every single time. Sales and Service Training for Hotels Sales and service training for hotel staff ensures professional phone etiquette , enhancing guest experience. It increases booking rates, resolves inquiries efficiently, builds guest loyalty, and fosters a positive reputation, driving repeat business. Hospitality Business Operating System Every hotel runs a little differently. It’s the unique quirks and traits of each hospitality establishment that make it such a memorable experience for your guests. We understand this and help you consistently deliver an outstanding customer experience for every single guest. Our hotel business consultants focus on helping you flawlessly execute your unique way of working, so you can achieve operational excellence. At the same time, we’ll also help you grow your market share and revenue with our business intelligence solutions. See hotel business coaching case study . What Your Hotel and Hospitality Business Coach Delivers ● More engaged, motivated employees ● Positive work culture ● Increased revenue and profitability ● Improved efficiency ● Increased competitive advantage ● Consistently outstanding customer service Get in Touch Tell us about a challenge or question you have. First name* Last name* Company name Email* Submit

< Back Allocations Allocations refer to the process of distributing financial resources or costs to various departments, projects, or cost centres within an organisation. This practice helps in tracking and managing expenditures, budgeting, and assessing the financial performance of different parts of the business. Allocations can include: Budget Allocations: Distributing the overall budget across different departments or projects based on their needs or strategic importance. Cost Allocations: Assigning indirect costs, such as overheads or administrative expenses, to specific departments or products to determine their true cost and profitability. Resource Allocations: Assigning financial resources to different investment opportunities or business activities to maximise returns and achieve organisational goals. The aim of financial allocations is to ensure that resources are used effectively and that financial performance is accurately measured and reported. Previous Next

Planet Friendly Packaging Josh Pitman of Priory Direct Discusses Planet Friendly Packaging Planet-friendly packaging offers numerous benefits, including reducing environmental impact, minimising waste, conserving resources, meeting consumer preferences, complying with regulations, and enhancing brand reputation. So welcome, everybody, to today's podcast, our Rethink What Matters podcast. And today, we are going to be talking about planet friendly packaging . And so this is a really important subject, as I'm sure you know, everybody is going to be aware of and I'm joined today by Josh Pittman of Priory Direct. Josh Hi there! Thanks very much for having me, Paul. Paul Brilliant! Thanks again for joining us, Josh. So, whether it's natural resource depletion , environmental conservation, waste reduction, pollution and litter, greenhouse gas emissions, microplastic contamination, energy consumption or climate change mitigation, planet friendly packaging can really help our cause. So I'm really excited and really pleased to have this conversation with Josh today. So perhaps Josh, you can introduce us please, to yourself and Priory Direct. Josh Yeah, cool. I'm Josh. I’m Managing Director over here at Priory Direct and we're a sustainable packaging retailer. Essentially, we’re on a mission to minimise the impact of e-commerce, with the view of making it a really sustainable industry. And we feel that packaging has a huge part to play there. It’s one of the big causes of waste and impact from e-commerce. But it's also, because of that, one of the huge enablers in which we can reduce the impact of e-commerce operations. It can make goods handling, goods transport more efficient and it can reduce a lot of wasted material. And downstream waste and pollution that you alluded to there as well. Packaging is a necessary evil that actually can be a great enabler for good, and I think all of us are seeing how much packaging is being consumed with distance retail. Even if you just take a walk down your local street on recycling day, hopefully, you'll see the quite a lot of recycling bins ready for collection for the packaging materials and actually if you look in your normal bin the vast majority of what's going in there is packaging material. I think that's why it's been the elephant in the room at the minute. There's a huge amount of discussions being had around it and there’s also a lot of good that can be done in that space. " We’re on a mission to minimise the impact of e-commerce, with the view of making it a really sustainable industry. Packaging is a necessary evil that can actually be a great enabler for good." Paul Brilliant! Absolutely, I think it’s something businesses and users can think about equally. Businesses obviously coming to you as your customers. What packaging is the best packaging to use and then the users as well. I’m just curious, Priory Direct, is any story behind the name? Josh Well, actually, yeah. My dad started the business in 1989 in a small priory in Orpington. And that's where the Priory Business Group was created. Essentially, I started the e-commerce operation for Priory, selling labels that match with eBay and Amazon. So with the address still in, we sell them and they're really convenient for frequent sellers. So essentially, we supply 21,000 businesses in the UK with their packaging and they range from Sally and Hership with an e-bay shop who’ll be a sole trader typically from a residential address. They will be running an e-commerce operation. And you’ll be very surprised as to how big some ecommerce operations get from those sorts of situations. We have some customers that turn well over a million pounds from residential address by selling things online and their packaging choices in some ways are no less important than those of the bigger retailers. And that ranges up to Tier 1, Tier 2 retailers like Vivo, Barefoot, like H&M and we have integrated supply chain solutions. We help them minimise the impact of their supply chain from end to end and we manage the inbound supply chain for their packaging and the choices they make around packaging materials. We try and help them form their operations as to where they make reductions in waste - wasted time and material and also reductions of carbon footprint through more efficient choices. “We help them minimise the impact of their supply chain from end to end and we manage the inbound supply chain for their packaging and the choices they make around packaging materials. We try and help them form their operations as to where they make reductions in waste - wasted time and material and also reductions of carbon footprint through more efficient choices.” Paul Okay. Excellent, excellent. Let’s get into some of the challenges that you and your customers will you need to face. Sustainable packaging then, the materials that you’re using there - bio-plastics, compostable materials, I guess they’re more challenging to use as packaging material. Josh Yeah, I guess, inadvertently, you’ve touched on a minefield there which is bioplastics . For me, we’ve got a real, kind of a strong view on that. And plastic has a negative sentiment swing in the consumer's eyes and there is no doubt about it that we have material problem with plastic consumption, plastic waste in particular. So the key the key issue when it comes to plastic is its recyclability and its downstream handling. For instance, we consume around 600 million, sorry, 600,000 tonnes of soft plastic LDPE (Low Density Polyethylene ) packaging a year in the UK. Now, all that 50% is for consumers and 50% is commercial. But the total recycling capacity in UK for LDPE is around 210,000 tonnes. So at very best, a third of that packaging will get recycled, but only 10,000 tonnes of that capacity is dedicated to municipal market, to consumers and households and the rest of that is industrial. So soft plastics, when they end up in consumer hands, don't get recycled. It's a fact. Not only because there isn’t enough capacity for it, but also because there isn’t curb side collection, there isn't an infrastructure available. So in terms of environmental issues, choosing plastic as an e-commerce retailer just is very, very hard to justify because that material will be single use. It’s very, very unlikely to end up back into the circular economy to be reused. And so it's an issue. And the reason bioplastics, a lot of people say, “Oh, it's OK because using a bioplastic.” Well, the truth is that bioplastics are made by growing a monocrop and then converting from ethanol into polyethanol into sugars. There's an awful lot of upstream processing. There's an awful lot of land and water dedicated to making that product. And essentially, without the infrastructure to recapture and repurpose it, it's no better than using a fossil fuel based plastic derivative. In fact, the carbon footprint associated with making it is higher than that of a carbon fossil fuel oriented plastic. So it's a real challenge that one. From my point of view, in terms of sustainable packaging, there are environment versus sustainability confusions and you know, if you actually monitor just carbon footprint then in some cases there are perfect legitimate applications for plastic. But environmentally, it's very, very poorly handled by our infrastructure and isn’t recycled. "For instance, we consume around 600,000 tonnes of soft plastic LDPE packaging a year in the UK. So soft plastics, when they end up in consumer hands, don’t get recycled. It’s a fact. Not only because there isn’t enough capacity for it, but also there isn’t curbside collection, there isn’t an infrastructure available." Paul I think sometimes people don't probably just have to do what they know is right, you know. Maybe the green solution isn't as green as everybody thinks and people just got to go with what they know is best, the best thing to do and that might be, on the face of it, the thing which is less eco-friendly and what not. Josh Yeah, we’re big advocates actually, for paper based products, paper based packaging. More than 95% of paper and pulp-based packaging in the UK gets recycled. We have some of the highest recovery rates for paper based packaging products in Europe. We've got great infrastructure there, so the choice is quite simple. There are easy solutions available and then they know that they're going to be recycled, recovered and reused. And it's curbside available. So it's an easy choice. Paul Suppose sometimes paper isn't an alternative to plastic? Josh Well, I mean, the big challenge paper has is it's heavy and bulky, you know. And so there are some big commercial applications where high volume consumption justifies plastic and based upon a carbon footprint point of view. The big elephant in the room from an e-commerce perspective is that the material choice of packaging pales into insignificance into the footprint in which it is applicated. So what I mean by that is if you pack a very small item in a very large piece of packaging, it means you need more vans on the road, more journeys, there's more material to recycle, more collected weight, more shifted weight. Actually by focusing on how packaging interfaces with the courier network, that's what you can have the biggest reduction in carbon footprint emissions. And really, things like final mile drop density, consolidation of shipping journeys and right sizing packaging, you know they're hugely more impactful than choosing one paper versus another or plastic over paper. The plastic debate is really an environmental one and it's clear cut. If you want those materials to not do harm, choose ones that biodegrade naturally and/or are readily recycled. Paul Part of working with you, obviously, you'd be discussing that with them. So the functionality then of the sustainable materials, is that also an issue? I mean do they bend? And do they cut? Do they fold? And do they, as you mentioned, they're bulkier, so I suppose that's a consideration as well, isn't? Josh Yeah, from an e-commerce perspective, actually there are great solutions and there aren't many drawbacks to using paper mailing bags . You know, we've got 2000 stock products that your average customer and end user could easily make sustainable choices. And they would fit and apply to the majority of business use cases. We've even done some weird and wacky ones like we supply a tungsten carbide drill bit manufacturer with a trapezoid hard board solution with paper strapping on it. Now that's carrying up to like 55, 75 kilos, per dispatch. And you know these things are drill bits they’re seriously tough bits of care. Yeah, and that was one that they were originally using – hard, plastic casing to send. And actually there was a paper based solution. It just took a little bit more engineering to get it right. “From an e-commerce perspective, actually there are great solutions and there aren't many draw backs to using paper mailing bags. You know, we've got 2000 stock products that your average customer and end user could easily make sustainable choices. And they would fit and apply to the majority of business use cases.” Paul Where are the trends at the moment regarding people just wanting to use sustainable packaging, its cost or its functionality because they know their customers want sustainable packaging? Josh In the past, say, being more sustainable, arrow is pointing this way. Making more money arrow is pointing this way. And you know it was very tough to try and find a journey between the two. Now in some applications in packaging, you can drive for more efficiency and that reduces cost. And so hey, we're going in the same direction that works. But nowadays, because consumers are following more conscious brands, because that e-commerce experience is the modern storefront, if I buy from a brand that I aspire to be aligned with, that I really like and that item arrives in poorly presented piece of single use plastic, it can ruin the brand perceived value. And so I think people and businesses in particular are waking up to the fact that consumers will not accept that and that it looks negative on the brand and it damages their brand perception. And so finally that commerciality and sustainability team to align, which is very exciting from our perspective. Actually businesses are having to make ethical decisions that are being driven by the consumer and that's really exciting. Paul Yeah, I was going to ask about that actually, touched on a point that you mentioned earlier, that what are the policymakers doing? What the government is doing to encourage the use of sustainable packaging? Josh Yeah, I mean, I'm a big advocate for legislation, because I think, if you look at businesses, ultimately they often exist to deliver shareholder value. You know you are kind of dreaming if you believe that a lot of big things is going to take that step. We are great at triple bottom line business, but we're a family owned and run business. We have much tighter attachment to the impact we're having in the world, and I think we're conscious about it. But a lot of businesses aren't going to make that step. And that’s their legislation or consumer opportunity. So what's actually being done now? There are two things that I think are sort of fairly relevant. One is the plastic packaging tax and essentially that is a £220 a tonne levy for any plastic packaging product that is under 30% post-consumer waste. Now the majority of plastic packaging can be made-up to 80% post-consumer waste so it's a very small step in the right direction. But essentially what it does is it starts creating more demand for recycled plastic, which hopefully creates an opportunity for recyclers, creates money into that market and helps us build a recycling infrastructure. So that's kind of cool. The second one is a scheme called packaging recovery notes, PRN's . And that is for every tonne of a material a large business uses, they have to buy a recovery note as an extended responsibility for creating that material. “One is the plastic packaging tax and essentially that is a £220 a tonne levy for any plastic packaging product that is under 30% post-consumer waste. But essentially what it does is it starts creating more demand for recycled plastic, which hopefully creates an opportunity for recyclers, creates money into that market and helps us build a recycling infrastructure.” And the money they spend on those recovery notes is invested in recycling, and the notes are only produced every tonne of a material that's recycled. So it's a bit hard to wrap the head around, but essentially you think of supply and demand. The less recycling that's going on relative to the amount of material being consumed. The less recovery notes there are for the number of tonnes being used and therefore the price of these goes up really high and that suddenly means that a lot of money is being generated for recycling businesses for them to invest in infrastructure. In principle, the idea is great it means that the more recycling you do with the material, the lower cost it is to use that material because there's less friction associated with the with the PRN's. The big knock on effect of this is essentially, the businesses that are playing for their PRNs, plastic is much, much more expensive, in the region of £300 a tonne, versus paper which is about £10 a tonne because paper is readily recyclable. So for every tonne of the material that big business is using, they're actually, if you look at the extended responsibility, the cost of paper is no longer hugely prohibitive over plastic, which it used to be. Paul It just brings me on to really thinking about certifications and testing. Are there any certifications or testing associated with sustainable packaging? Josh Yeah. I mean really more to do with sustainable business practise. So like ISO 14001 is a great one and it's a waste management system and it helps people audit and manage their materials and FSC and PEFC are really reliable markers. So if you're looking for whether that paper has been sourced from a sustainable forest. And what I mean by that is that it's grown as a crop. There's no natural habitat being destroyed and it's harvesting and it's essentially a properly stewarded and managed forest space, so those are great markers. And climate neutral. So the climate neutral marker is a great one and that's an accredited market that has an application that you have to go through in order to use it on your packaging. One thing that's of interest is that a lot of people think that having printing on packaging, et cetera, is less recyclable. But from a paper based product, it makes no difference whatsoever. Unless it has a laminate. So we've got a very shiny surface or it's got plastic laminate applied. Those are the things to look out for. Paul I did want to ask about that actually. I've recently heard that you know receipts. You know, they've got an ink on there, which is quite toxic. Josh Yeah. So I mean, that's one of our innovations as well, that we're really proud of is we've created BPA (Bisphenol A) free thermal labels part of our Priory Elements range. And it's a big story. I'm really glad you asked. So we will have seen BPA free on drinks boxes. You guys probably have seen that. And the reason we're using BPA free plastics in our drinks boxes is because biphenyl is a carcinogenic plastic that emulates oestrogen, so it accumulates in the body and it can disrupt our oestrogen levels. And essentially all receipts and all traditional thermal labels, which are the address labels you receive your e-commerce goods on, have a BPA coating. And that's why you shouldn't really touch or interact with receipts, because of that bit of BPA can be absorbed through your skin. But the wider problem with e-commerce is that those thermal labels are being recycled with the box they're stuck on, so they get water poles and then the pulp is filtered out the water and the water is flushed into our waterways containing microplastics and BPA. And essentially that accumulates in our environment we then start imbibing the BPA from the foods we eat and the water we drink, and all of a sudden, cancer rates are going up, we're all having problems with our oestrogen levels, so we've created a label that's got a vitamin C coating, which naturally biodegrades, oxidises naturally in nature and doesn't create single use microplastics. Paul Just speaking about end users then let's go with end users. To start off with it, are there 1, 2 or 3 things, perhaps they should be looking for when they receive a package in the post, from Amazon or from wherever it might be to see if the packaging that they've received is planet friendly? Josh OK. So I mean from my perspective, the first pillar is right size. OK, if you've got lots of padding and void filling there, it's not the right item to be sending that in and that's a fact. It involves wasted material, but more importantly, wasted space in this project. So is it right sized? Does it wrap around or form or not where there’s a padding? Is it recyclable? Is it made of a single material that you can easily recycle yourself and is it clear for you how to recycle it? If it isn't, then that's not part of the circular economy. The next time that material is going to be needed, we're going to need to make some more of it. So is it recyclable? OK. And then finally, is it single use? Is it single material? Forgive me. Is it single material? So we really try and avoid dual material. So plastic combined with paper is not so good. So really you want to have a mono material item so that it is fully recyclable and easy to handle downstream. Josh And I would say, I would like to say Paul about the triple bottom line nature of our direct account. So I know that a lot of your subscribers are businesses and there's a couple of things that I think I feel really, really strong about is about making sustainable choices as a business, but also using your platform as a business as a vehicle for good. And we've launched our charity rewards and our partnership with 1% for the Planet. And our partnership with Rainforest Trust and all of the back of those ideas, the Rainforest Trust Partnership has now protected over 6,000,000 square metres of rainforest. The Priory Elements range are sold in partnership with 1% for the Planet. So 1% of all turnover, not profit of those items goes to planet saving charities. And our charity rewards because our customers the ability to give 1% back over everything they spend to one of our four charity partners. And in the last 12 months, that's raised over £44,000 for charity. What I would like to impart to your viewers, your subscribers, your customers, is that the loyalty that you can drive through customers that buy into that messaging and fully join you on your journey is worth the investment. And we're just very lucky that our customers and demographic are very aligned with that and go for it. The Rainforest Trust Protection that has replaced the free gift of the checkout. It costs the same to the business, but it's been immensely positive and the 1% for the Planet partnership. They're one of the best organisations we've interfaced with. It makes that product more compelling. You know, for all of the smaller businesses that can't afford to brand their own packaging when they choose Priory Elements, it talks about it being planet friendly. It's got the 1% for the planet marker on there. It shows their customers they've made a sustainable choice. “(It is about) making sustainable choices as a business, but also using your platform as a business as a vehicle for good. The loyalty that you can drive through customers that buy into that messaging and fully join you on your journey is worth the investment. And we're just very lucky that our customers and demographic are very aligned with that and go for it.” Paul OK. All right. Well, that's, you know, been such a great insight into planet-friendly packaging, Josh and how Priory Direct works. Josh Pleasure, Paul. Thanks very much. Paul Cheers, then. Thank you. Bye-bye. Josh Bye Contact Details Website: https://www.priorydirect.co.uk/ Instagram: https://www.instagram.com/priory.direct/ LinkedIn: https://www.linkedin.com/company/priory-direct/ YouTube: https://www.youtube.com/priorydirect Facebook: https://www.facebook.com/PrioryDirect Twitter: https://twitter.com/priorydirect Previous Next

Revenue Intelligence for Hotels In today's competitive landscape, hotels need to embrace revenue intelligence to stay ahead and adapt to evolving consumer preferences and market trends. Published on: 5 Feb 2015 Revenue intelligence in the hotel industry encompasses the strategic analysis and utilisation of data to optimise revenue streams and enhance profitability. It involves leveraging various metrics and insights to make informed decisions across departments, from pricing strategies to marketing campaigns. In today's competitive landscape, hotels need to embrace revenue intelligence to stay ahead and adapt to evolving consumer preferences and market trends. Conversational intelligence plays a vital role in revenue intelligence for hotels, especially in the realm of guest interactions. By harnessing conversational data from customer interactions, such as inquiries, feedback, and reviews, hotels can gain valuable insights into guest preferences, satisfaction levels, and pain points. This intelligence can inform personalised marketing initiatives, service improvements, and upselling opportunities. Whether through direct conversations with guests at the front desk or through online platforms and chatbots, harnessing conversational intelligence enables hotels to build stronger relationships with guests, ultimately driving loyalty and revenue growth. Recent research carried out by Awardaroo revealed that 57% of hotels neglected to do a simple thing that would transform their booking levels overnight and reduce reliance on costly third party booking agents. Do you address your customers as ‘Sir’ or ‘Madam’, or are you striving to get ahead? Companies getting the edge in their customer service are recognising the benefits of familiarity when addressing their customers. Our Business Coaching for Hotels will ensure you never miss another business opportunity. Recent call content analysis highlighted some surprising results We reviewed the call content of 50 calls to different city based hotels further to our blog ‘Is your front desk a proactive front desk or are your teams suffering from complacency and missing valuable bookings?’ and found that in 57% of calls the call handlers failed to offer their name to the caller. Give your name and enhance trust When a call handler offers their name to a caller it enhances and promotes trust. If your caller has a name and a personality to talk to, you can make that leap from a faceless organisation to another human being; they become more willing to open up, meaning you have a better chance of being able to help. It gives the caller implied permission to ask you questions and opens up the ability to relate to the person on the other side, increasing empathy and understanding between the parties. In addition to all of these benefits of knowing a call handler’s name there is one, even more significant benefit: A caller knowing a call handlers’ name legitimises the call handler’s request to know the name of the caller. Use their name and make a difference This is something that surprisingly every hotel in our survey failed to do on every call. Yet, it is the one thing that can make the biggest difference to the direction and content of your call. This technique, used extensively in other industries and recognised for its ability to drive emotional attachment increases the likelihood of the caller becoming a paying customer. By treating the caller as an individual and using their name you are telling the caller ‘your business matters to us’. It enables you to change the dynamics of the call; Instead of sitting in a more ‘servant like’ relationship, you change the relationship to a more interdependent one. This inter-dependency enables your staff to ask more questions and propose alternatives more freely, demonstrating a higher level of customer service and increasing the likelihood of a reservation being made, as well as increasing the likelihood of referred business. Previous Next Start Your Business Improvement Journey Our business improvement programme and smart operations provide clarity and a clear pathway forward for you and your team. Get Started

What are The Benefits of a Shorter Working Week? Shorter working week: Increased work-life balance, improved productivity, better health, enhanced job satisfaction, and attraction of top talent. Promotes well-being and allows more time for personal pursuits. A shorter working week, typically referring to a reduction in the number of hours worked per week while maintaining full-time employment, can have several benefits. Here are some of the key advantages associated with a shorter working week: Improved work-life balance: One of the primary benefits is that it allows individuals to have more time for personal activities, hobbies, family, and leisure. It can lead to a better balance between work and personal life, reducing stress and improving overall well-being. Increased productivity: Counterintuitive as it may seem, reducing working hours can actually lead to increased productivity. With fewer hours, employees tend to be more focused, motivated, and efficient during their working time. The need to complete tasks within a shorter timeframe can drive individuals to prioritise, work smarter, and find innovative solutions. Enhanced physical and mental health: A shorter working week can have positive effects on health. Employees have more time to engage in physical activities, exercise, and relaxation, which can contribute to improved physical fitness, reduced stress levels, and better mental health. Reduced work-related stress can also lower the risk of burnout and related health issues. Increased job satisfaction and employee morale: Offering a shorter working week is often seen as a valuable employee benefit. It can boost job satisfaction and morale, as employees appreciate having more time for personal pursuits. This, in turn, can lead to higher levels of employee engagement, loyalty, and retention. Attraction and retention of talent: Companies that offer a shorter working week can attract and retain top talent. In a competitive job market, providing a better work-life balance can be a compelling factor for candidates when choosing between potential employers. Enhanced creativity and innovation: Having more time away from work can stimulate creativity and innovation. Engaging in diverse activities and experiences outside of work can inspire fresh ideas, perspectives, and problem-solving approaches that can benefit the individual's work performance. Environmental benefits: A shorter working week can contribute to reduced commuting time and energy consumption. Fewer working days mean fewer cars on the road, resulting in reduced traffic congestion and lower carbon emissions. This can have a positive impact on the environment and promote sustainability. It's important to note that the benefits of a shorter working week may vary depending on the specific circumstances, industry, and individual preferences. Implementing such changes requires careful consideration, planning, and coordination to ensure that productivity and operational needs are met effectively while supporting the well-being of employees. Previous Next Unlock Healthy Business Growth Discover strategies to enhance profitability, cultivate a greener and more sustainable business model, and elevate overall well-being. GET STARTED

How To Grow Your Estate Agency In thinking about how to improve your Estate Agency or Letting Agency, it’s worth considering what generates the most complaints, generally, when customers use their local High Street Estate Agency or Letting Agency. Published on: 3 Jan 2019 In thinking about how to grow your Estate Agency or Letting Agency, it’s worth considering what generates the most complaints, generally, when customers use their local High Street Estate Agency or Letting Agency. As an Estate Agency, how well do we manage customer satisfaction in these areas of our business? Communication and Records Keeping Marketing and Advertising Instructions, Terms of Business, Commission and Termination In House Complaints Handling As a Letting Agent, how well do we manage customer satisfaction in these areas of our business? Management Communications and Record-Keeping Tenancy Agreements, Inventories and Deposits In-house Complaints Procedure By looking at these areas through the eyes of your customer, you can identify opportunities for improved business performance . How to grow your estate agency: work on the basics All things need to start with the basics, you need to make sure those are in place first. If this was easy, everybody would have the basics in place, but they don’t. In any endeavour getting the basics right is where 80% of the results are. Then the last 10% or 20% is what marks out the champions from the rest. From eating, to living, keeping fit, to playing a sport, climbing a mountain, running a business, running an Estate Agency and Letting Agency, what basics need to be place? How much time is given to considering this in your business? Does everybody agree what they are? How are these basics being measured? 5 Estate Agency basics when taking a call: Greet the caller nicely, with a welcome, a nice a “Hello” and offer of help. This first impression matters. The caller will be stressed, they’ll need a cool, calm and confident call handler. If you’re rushed, you’ll lose this caller and potentially their friends too. Show real and genuine interest in the caller and their situation. They need to feel you’re there for them first, not yourself and your properties. Agents should give their name when taking a call. We see this alone improves call outcomes. The agent feels a greater sense of ownership and the caller higher levels of trust. Take contact details carefully, confirming spelling when needed. Be sure to record their situation and desired goals completely. Ask if you can help further at the end off the call. This can catch missed opportunities and helps to avoid the agent putting the phone down too quickly on the caller. The basics need define a minimum level of customer service, not job function or property requirements. Growing your Estate Agency is like growing any business You need more valuations, with an increased conversion rate, increased instructions, on higher fees, using you more than once, who refers you to family and friends. If you did that, within days and weeks your business would be on a different and much improved trajectory. Attract more valuations Increase valuation conversion rate to instructions Increase your fees (by not discounting them in the first place) Get customers to use you again (keep in touch with them on anniversaries etc) Increase viewings Increase your referrals, and back to 1) As you can see, there is a virtuous circle there. Increasing referrals is the easiest form of marketing. How can you achieve that? When did you last run a customer satisfaction survey? Maybe a while ago. Without that survey, it’s harder to develop that virtuous circle. Awardaroo can help you grow your estate agency with our business improvement coaching, customised for your industry. Previous Next Start Your Business Improvement Journey Our business improvement programme and smart operations provide clarity and a clear pathway forward for you and your team. Get Started

4 Benefits Of Being a Customer Centric Business Companies have always created value for their customers but those with more than a simple customer focus have created real and long-lasting business value. Published on: 13 Dec 2018 Companies have always created value for their customers but those with more than a simple customer focus have created real and long-lasting business value. Today customer-centricity means much more than before, referring to business and digital transformation, customer engagement and customer experience management. However this is more than just people, process and technology, it’s about the culture of the company, how the company sees itself, its employees, partners and suppliers within a bigger, rapidly changing picture driven by the “connectedness” of everything and everyone. What does a high-performance company culture look like? Corporate social media and a customer centric culture Social media has created a knowledgeable and powerful customer-base so companies must improve their customer understanding to create an unrivaled customer experience that maintains and extends their competitive advantage. Using social data to create a more personalised customer interaction will be at the heart of customer centric service, moving from a product-centric to a customer centric business. The future of corporate social media is customer centricity, becoming more customer centric is key. Social media has changed the way customers behave. Achieving a deeper customer understanding from social data is important in implementing a customer centric model. A customer-centric culture will improve customer satisfaction levels leading to increased referrals, customer lifetime value and more positive reviews. Customer centricity is built on an employee centric culture To be a customer centric business you need to be employee centric first. Establishing ways to engage your workforce, bringing their day to day experiences of delivering value to your customers into your decision making processes will help to create the right customer service focus. You need the most engaged, loyal, and customer-centered employees like that of Disney, Virgin and Zappos. The customer centric business sees suppliers, partners and employees as customers too interacting and dealing with the company as they do. The internal customer is also key. For an exceptional customer experience to be delivered externally, employees need to show the same dedication to internal customer service too. They need to feel valued by each other, supported by the organisation and with a shared vision of success, including with the senior management team. This high performance corporate culture needs to be aligned with the business strategy. So while a highly engaged and motivated workforce is essential for achieving the strategic objectives and goals if it’s not properly aligned you’ll pulled in the wrong direction. For example if the goal was to sell more to existing clients or deliver your services at a lower cost than your rivals. The adjustment from product, job or work focus to a customer behaviour focus may take some time so to mitigate the impact of that, employees need to be on-board with the change, feel a part of it, rather than have it imposed on them. If they do not feel engaged, they will not feel any ownership. This, then, requires the senior team, management to set a corporate goal of engaging with the workforce, motivating them and creating the high-performance company culture they desire. Managing customer centric innovation requires a focus on delivering market leading customer satisfaction, from reviewing the current product or service definition to the teams behind delivering an extended customer lifetime value. Benefits of Customer-Centricity Establish cost saving opportunities. By delivering your products and services more efficiently you can identify hidden cost saving opportunities. Delivering your product or service right first time, in the minimum time frame, makes your company more productive. Identify opportunities for growth In getting closer to your customers and your market you’ll discover new ways to sell or promote your services, new niches you could target to raise revenues. Evolve a differentiated service and a unique competitive advantage Your company will have its own way of doing business, you may not know just what your customers like about the way you work, the way you deliver your value. What makes you unique to your customers, why did they buy from you? If you don’t know or your customers don’t recognise it themselves, then being customer centric will help you develop and promote your unique competitive advantage. Build a productive company culture A focus on customer service will create a more rewarding company to work for, a more rewarding company culture. It is hard to find a top performing company that does not have its employees’ well being, training, support and involvement as an important focus of their operations. By becoming customer-centric, you become more empathetic. You can use customer empathy to better understand your customers and deliver better customer experiences. Ultimately, allowing your business to get ahead of the competition by doing so. We Can Transform Your Business If you’d like to enjoy the benefits of customer-centricity mentioned above, we can help. We’ll transform your company culture to make it a place your employees love working. They’ll be more productive and deliver better customer service, putting you miles ahead of the competition. Previous Next Start Your Business Improvement Journey Our business improvement programme and smart operations provide clarity and a clear pathway forward for you and your team. Get Started

What are Bioplastics and How are They Used? Bioplastics are a type of plastic derived from renewable sources, such as vegetable fats and oils, corn starch, straw, woodchips, food waste, etc. Bioplastics are a type of plastic derived from renewable sources, such as vegetable fats and oils, corn starch, straw, woodchips, food waste, etc. They differ from traditional plastics, which are made from petroleum. There are various types of bioplastics, including those that are biodegradable, those that are not, and those that are made from both renewable resources and non-renewable resources. There are two main categories of bioplastics: Polylactic Acid (PLA): This type of bioplastic is made from fermented plant starch (usually corn). PLA is biodegradable, and products made from it will decompose into water and carbon dioxide in industrial composting facilities. Polyhydroxyalkanoates (PHA): PHA is produced by certain bacteria that feed on glucose or starch. It's both biodegradable and compostable, making it an attractive alternative to traditional plastics. Usage of bioplastics spans across a variety of sectors, including but not limited to: Packaging: Bioplastics are often used in packaging applications. This can include anything from bags to wrapping films to beverage bottles. PLA, for example, is commonly used in the packaging industry. Agriculture: Biodegradable bioplastics are used in agriculture for applications such as mulch film. This film is laid over soil and degrades over time, reducing the need for physical removal and disposal. Consumer Goods: Some manufacturers are starting to use bioplastics in consumer goods, such as electronics, toys, and even car interiors. Medical: Biodegradable bioplastics are used in the medical field for things like sutures, drug delivery devices, and supportive scaffolds for tissue engineering. While the use of bioplastics can have environmental benefits, such as reducing dependency on fossil fuels and decreasing greenhouse gas emissions, it's important to note that not all bioplastics are biodegradable , and even those that are may require specific conditions to break down properly. Therefore, recycling and waste management systems need to adapt to ensure these materials are properly handled at the end of their lifecycle. Previous Next Unlock Healthy Business Growth Discover strategies to enhance profitability, cultivate a greener and more sustainable business model, and elevate overall well-being. GET STARTED

Tools for SOP Management: Streamlining Processes with Digital Solutions Explore how workflow automation, document management systems, and compliance tools simplify SOP creation, approval, and monitoring, ensuring operational excellence and regulatory compliance. Managing Standard Operating Procedures (SOPs) efficiently requires the right tools to ensure they are consistently up-to-date, accessible, and compliant. Workflow management tools play a crucial role in streamlining the SOP lifecycle—from drafting and approval to implementation and monitoring. In this section, we explore how workflow management, along with other digital tools, enhances the overall SOP management process. 1. Workflow Management Tools Workflow management is a critical element of SOP management that ensures each step in the SOP creation, approval, and execution process is carried out efficiently and consistently. By automating and tracking workflows, organisations can reduce bottlenecks, improve compliance, and ensure that SOPs are being followed and updated as necessary. Benefits of Workflow Management for SOPs Automation of Processes : Workflow managemen t tools allow organisations to automate the entire SOP lifecycle, from the creation and review stages to final approval and implementation. This ensures that each step is completed by the right person at the right time, reducing the risk of delays or errors. Example : When drafting a new SOP, the system can automatically route it to the appropriate subject matter experts (SMEs), compliance officers, and department heads for review and approval. Visibility and Tracking : Workflow management provides visibility into the SOP process, showing where each document is in the approval chain, who has reviewed it, and who needs to take action next. This transparency helps teams stay on top of tasks and avoid missed deadlines. Example : A project manager can track the progress of an SOP in real-time and receive notifications if a task is overdue or a stakeholder has not completed their assigned review. Accountability and Compliance : With built-in audit trails, workflow management tools help ensure compliance by documenting every action taken during the SOP process. These logs can be critical during audits or inspections, demonstrating that all SOP-related activities were completed properly and on time. Example : During an internal audit, the system can generate a report showing the dates, individuals involved, and steps completed for each SOP’s review and approval process. Popular Workflow Management Tools for SOPs Monday.com : This workflow automation tool allows teams to create custom workflows for SOP creation, review, and approval. With built-in notifications and task management, Monday.com helps keep the entire team on track during SOP development. Asana : Asana provides a robust platform for managing complex workflows, assigning tasks, setting deadlines, and tracking the progress of SOP-related activities. It also integrates with other tools like Google Workspace, making it easy to collaborate on SOP documents. Process Street : Specifically designed for workflow automation , Process Street allows organisations to create, automate, and monitor SOPs and other recurring processes. It offers checklist-style task tracking to ensure that all procedural steps are followed and AI Workflow Automation . How Workflow Management Enhances SOP Effectiveness Streamlined Approvals : Workflow tools automatically route SOPs through the approval process, ensuring that reviews happen in a timely manner and that no step is skipped. This minimises the time it takes to get new or updated SOPs approved and implemented. Clear Accountability : Workflow management systems assign tasks to specific team members, ensuring that everyone knows their responsibilities and that actions are completed on time. Scalability : As organisations grow, managing a large number of SOPs can become challenging. Workflow management tools scale with the organisation, ensuring that the SOP process remains efficient and compliant, even as more documents and stakeholders are added. By integrating workflow management tools into SOP processes, organisations can significantly improve the speed, accuracy, and compliance of their SOP management, ensuring smoother operations and stronger adherence to internal and regulatory requirements. 2. Document Management Systems (DMS) A Document Management System (DMS) is an essential tool for organising, storing, and managing SOPs. A DMS ensures that SOPs are easily accessible, securely stored, and properly versioned, while allowing authorised personnel to make updates or changes as needed. Benefits of Using a DMS for SOPs Centralised Storage : A DMS serves as a single repository where all SOPs can be stored and accessed by authorised employees. This eliminates the risk of employees using outdated or incorrect versions of SOPs, as everyone has access to the latest approved version. Version Control : A DMS tracks every change made to an SOP, ensuring that there is a clear version history. This is crucial for maintaining accountability, as it allows you to track who made changes, what was changed, and why. Access Control : Role-based access ensures that only authorised personnel can edit SOPs, while others can view or download the latest versions. This prevents unauthorised modifications and enhances document security. Popular DMS Solutions for SOP Management Microsoft SharePoint : A popular platform for document management, SharePoint offers version control, collaborative editing, and integration with other Microsoft tools such as Word and Teams, making it easy to manage SOPs across departments. Google Workspace (formerly G Suite) : Google Docs and Google Drive provide simple, collaborative platforms for drafting, reviewing, and storing SOPs. With Google Workspace, teams can collaborate on SOPs in real-time, leave comments, and track revisions. MasterControl : Specifically designed for regulated industries like pharmaceuticals and manufacturing, MasterControl provides robust compliance features, audit trails, and version control. It also includes tools for document approval and training tracking. By using a DMS, organisations can streamline the storage, accessibility, and control of SOPs, ensuring that employees are always working with the most up-to-date and compliant documents. 3. Collaborative Writing Tools Creating an SOP often requires input from multiple stakeholders, including subject matter experts, compliance officers, and managers. Collaborative writing tools make it easier to draft, review, and finalise SOPs in real-time, ensuring accuracy and alignment across departments. Benefits of Collaborative Tools Real-Time Editing : Multiple stakeholders can work on the same document simultaneously, providing feedback, making changes, and ensuring that the SOP reflects the input of all relevant parties. Commenting and Suggestions : Collaborative tools allow users to leave comments and suggestions directly within the document. This improves the review process by enabling clear communication about changes or potential issues. Version History : Most collaborative platforms automatically track changes, making it easy to review previous versions or revert to earlier drafts if needed. Popular Collaborative Writing Tools Google Docs : Google Docs allows teams to collaborate in real-time, add comments, and suggest edits. It also tracks version history, so teams can see who made changes and when. Microsoft Word (Office 365) : Integrated with SharePoint or OneDrive, Microsoft Word in Office 365 offers real-time co-authoring, version control, and commenting features, making it a robust tool for creating SOPs collaboratively. Confluence : Atlassian’s Confluence is a knowledge management tool that allows teams to collaborate on documents, track changes, and organise SOPs within a broader knowledge base. It’s particularly useful for larger organisations or those with complex document needs. Collaborative writing tools ensure that all stakeholders can contribute to the creation of SOPs in an organised and efficient manner, improving both the speed and accuracy of the SOP development process. 4. Workflow Automation Tools Workflow automation tools help streamline the SOP creation, approval, and distribution process. Automating workflows ensures that SOPs move through each stage of development efficiently and that nothing falls through the cracks. Benefits of Workflow Automation for SOPs Automated Approval Process : Workflow tools can automate the approval process by routing the SOP to the necessary reviewers and approvers. Once the SOP is approved, it can be automatically published and distributed to the relevant employees. Task Management and Notifications : These tools can send notifications and reminders to team members responsible for drafting, reviewing, or approving an SOP, ensuring deadlines are met and tasks are completed. Tracking and Reporting : Workflow automation tools provide a clear audit trail, showing who has reviewed, approved, or updated an SOP. This helps ensure accountability and compliance, especially in regulated industries. Popular Workflow Automation Tools Trello : Trello is a simple and visual task management tool that can be used to track the progress of SOP development and approval. It helps teams manage deadlines, assign tasks, and collaborate efficiently. Asana : Asana is a more robust project management tool that allows teams to automate workflows, track tasks, and manage complex projects, including SOP creation and review cycles. Monday.com : Monday.com offers workflow automation and task tracking features, making it easy to manage the entire SOP lifecycle, from drafting to final approval and distribution. Workflow automation tools ensure that SOPs move through the creation, approval, and implementation process efficiently, reducing bottlenecks and improving accountability. 5. Training Management Software SOPs often require employees to undergo training to ensure they understand and can apply the procedures correctly. Training management software helps track employee training, certification, and compliance with SOP requirements. Benefits of Training Management Tools Tracking Compliance : These tools track which employees have completed training on specific SOPs, ensuring that only qualified personnel are performing certain tasks. This is especially important in regulated industries where compliance with safety, quality, or regulatory standards is critical. Training Assignments and Certifications : Training management software allows managers to assign specific training modules based on employee roles and responsibilities. After completing the training, employees can be certified, with the system tracking when recertification is required. Integration with SOPs : Many training management systems integrate with DMS platforms, automatically linking training modules to relevant SOPs. This ensures that employees are always trained on the latest version of the SOP. Popular Training Management Tools TalentLMS : A cloud-based learning management system, TalentLMS allows organisations to create and manage SOP training programs. It tracks employee progress, certifications, and training completion, making it ideal for organisations with frequent SOP updates. Adobe Captivate Prime : Adobe’s LMS offers a robust platform for managing employee training on SOPs. It supports SCORM-compliant content, tracks learner progress, and integrates with other document management systems for seamless SOP training. Litmos : Litmos is another popular LMS that provides features such as course creation, certification tracking, and reporting on training compliance. It’s widely used in industries where ongoing training and compliance are critical, such as healthcare and manufacturing. Training management tools ensure that employees are not only aware of SOPs but also understand how to apply them, supporting consistent, compliant operations across the organisation. 6. SOP Compliance and Audit Tools Maintaining compliance with SOPs and auditing their effectiveness is a critical aspect of SOP management, particularly in regulated industries. Compliance and audit tools help track adherence to SOPs, document non-compliance, and ensure that processes meet industry standards and legal requirements. Benefits of Compliance and Audit Tools Automated Compliance Tracking : These tools automatically track whether employees are following SOPs and highlight instances of non-compliance. They can integrate with other systems, such as DMS and training platforms, to provide a complete picture of SOP adherence. Audit Trails : Compliance tools maintain detailed audit trails, showing who accessed, modified, or approved each SOP. This helps organisations demonstrate compliance during internal or external audits. Regulatory Reporting : For organisations subject to regulatory oversight, audit tools can generate reports that show SOP compliance metrics and flag any gaps that need to be addressed before an audit. Popular Compliance and Audit Tools MasterControl : Designed for regulated industries, MasterControl provides robust compliance tracking, audit trails, and document control features, making it easy to manage SOP adherence and regulatory reporting. ZenGRC : ZenGRC is a governance, risk, and compliance platform that helps organisations track SOP compliance, manage audits, and ensure adherence to industry standards and regulations. AuditBoard : AuditBoard offers comprehensive audit and compliance management tools, allowing organisations to monitor SOP compliance, document non-compliance, and prepare for regulatory audits. By using compliance and audit tools, organisations can ensure that SOPs are not only implemented correctly but also meet all regulatory requirements, reducing the risk of non-compliance and improving overall operational governance. 7. SOP Integration with Business Intelligence (BI) Tools To evaluate the performance and effectiveness of SOPs, organisations can leverage Business Intelligence (BI) tools. BI tools analyse data from various systems (e.g., DMS, workflow, compliance tracking) to provide insights into how well SOPs are functioning and where improvements are needed. Benefits of BI Tools for SOPs Data-Driven Insights : BI tools collect and analyse data on SOP adherence, process efficiency, and performance metrics. This helps organisations make informed decisions about which SOPs need to be revised or optimised. Custom Dashboards and Reports : BI tools can create custom dashboards that display real-time data on SOP compliance, training completion, and audit results. These reports provide actionable insights for managers and compliance teams. Predictive Analytics : Advanced BI tools can use predictive analytics to identify trends and potential areas of non-compliance before they become issues, allowing organisations to take preventive action. Popular BI Tools for SOP Analysis Tableau : Tableau is a leading BI tool that allows users to create visual reports and dashboards based on data from various systems, including SOP compliance and performance tracking tools. Its user-friendly interface makes it easy to generate insights and communicate findings. Power BI : Microsoft Power BI integrates seamlessly with SharePoint, Office 365, and other Microsoft tools, making it an excellent choice for organisations that already use Microsoft products for SOP management. Power BI helps organisations analyse SOP performance and compliance data in real-time. Qlik Sense : Qlik Sense offers advanced data analytics capabilities, allowing organisations to analyse SOP performance, identify process bottlenecks, and generate reports on compliance metrics. By integrating SOP management with BI tools, organisations can continuously monitor the effectiveness of their procedures, identify areas for improvement, and ensure that their processes remain aligned with business goals. Conclusion The right tools are essential for efficient SOP management. From document control systems and collaborative writing platforms to training management software and BI tools, leveraging technology allows organisations to streamline the entire SOP lifecycle—ensuring accuracy, compliance, and effectiveness. By investing in these tools, businesses can optimise their SOP processes, reduce risks, and improve operational efficiency across the board. 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Understanding the Sustainable Value Framework by Stuart L. Hart and Mark B. Milstein The Sustainable Value Framework by Stuart L. Hart and Mark B. Milstein offers a holistic, stakeholder-engaged approach to sustainability, emphasising value creation, innovation, and integration into core business strategies for long-term success. A Deep Dive into the Sustainable Value Framework Sustainability has become an increasingly important concept in the world of business and economics. As global environmental and social challenges continue to mount, the need for sustainable practices has never been greater. In response to these challenges, scholars and practitioners have developed various frameworks and models to help organisations navigate the complex terrain of sustainability. One such framework that has gained prominence is the Sustainable Value Framework, as conceived by Stuart L. Hart and Mark B. Milstein. This article explores the Sustainable Value Framework, its origins, key principles, and its significance in the context of sustainable business practices. The Pioneers: Stuart L. Hart and Mark B. Milstein To fully grasp the Sustainable Value Framework, it's essential to understand the minds behind it. Stuart L. Hart and Mark B. Milstein are renowned scholars and thought leaders in the field of sustainable business. Both have made substantial contributions to the development of sustainable business models and strategies. Stuart L. Hart is the Samuel C. Johnson Chair in Sustainable Global Enterprise and Professor of Management at Cornell University's Johnson Graduate School of Management. He is widely recognised for his pioneering work in the area of sustainable business strategies, particularly for his concepts of "green" and "reverse" business models. Hart has received numerous awards for his contributions to the field and is a sought-after speaker and author on sustainability and business strategy. Mark B. Milstein is another prominent figure in the realm of sustainable business. He is the Director of the Center for Sustainable Global Enterprise at Cornell University's Johnson Graduate School of Management. Milstein's research and teaching focus on sustainable business strategies, corporate sustainability, and sustainable supply chain management. His work emphasises the practical implementation of sustainability in organisations. Together, Hart and Milstein have had a profound impact on the development and understanding of sustainability in the business world. Their Sustainable Value Framework is one of their key contributions. The Sustainable Value Framework The Sustainable Value Framework is a strategic tool developed by Stuart L. Hart and Mark B. Milstein. It provides a holistic approach for organisations to integrate sustainability into their core business strategies. This framework is designed to help companies create value while simultaneously addressing environmental and social issues. It builds on the idea that sustainability is not just about reducing negative impacts but actively creating positive outcomes for society and the environment. Key Principles of the Sustainable Value Framework Holistic Perspective: The Sustainable Value Framework starts by encouraging organisations to take a holistic view of their operations and impacts. It emphasises that sustainability should be embedded in every aspect of a company's activities, rather than being treated as a peripheral issue. This approach recognises that sustainability is not just a compliance requirement but a strategic opportunity. Value Creation: The central tenet of the framework is value creation. Hart and Milstein argue that by addressing sustainability challenges, companies can create long-term value for themselves and society. This value can be financial, but it also includes social and environmental dimensions. In essence, they propose that sustainable business practices are a win-win for companies and the planet. Stakeholder Engagement: The Sustainable Value Framework highlights the importance of engaging with a broad range of stakeholders. This involves listening to and collaborating with employees, customers, suppliers, communities, and regulatory bodies to gain a comprehensive understanding of sustainability challenges and opportunities. This approach fosters better decision-making and helps build trust. Innovation: Hart and Milstein stress the significance of innovation in the pursuit of sustainable value. They argue that companies need to embrace innovation in products, processes, and business models to address sustainability challenges effectively. Sustainable innovation not only reduces negative impacts but can create new markets and revenue streams. Integration: The framework underscores the need to integrate sustainability into the core of an organisation. Sustainability should not be a standalone department or initiative but should be embedded in the company's culture, strategy, and operations. It should be a part of the organisation's DNA. Significance of the Sustainable Value Framework A Strategic Approach to Sustainability: One of the key contributions of the Sustainable Value Framework is its focus on integrating sustainability into an organisation's strategic thinking. This is in stark contrast to the traditional view of sustainability as a compliance or philanthropic effort. By emphasising that sustainability can drive innovation and long-term value, the framework encourages businesses to see sustainability as a competitive advantage. Triple Bottom Line Benefits: The framework emphasises the triple bottom line—economic, social, and environmental performance. It underscores that companies can simultaneously improve their financial performance, contribute to social well-being, and reduce their environmental footprint. This resonates with a growing awareness that businesses can no longer afford to ignore their social and environmental responsibilities. Stakeholder Engagement and Collaboration: The Sustainable Value Framework underscores the importance of stakeholder engagement and collaboration. This approach not only helps companies identify sustainability risks and opportunities but also fosters a sense of shared responsibility. Collaborative efforts involving various stakeholders are often more effective in addressing complex sustainability challenges. Long-Term Perspective: By focusing on value creation rather than short-term profits, the framework encourages a long-term perspective. This is critical in a world facing pressing environmental and social issues, as short-term thinking can exacerbate problems. Long-term thinking also aligns with the interests of investors who are increasingly concerned with sustainability. Applicability Across Sectors: The Sustainable Value Framework is not limited to a specific industry or sector. It is flexible and adaptable, making it applicable to a wide range of organisations, including corporations, non-profits, and government agencies. This versatility has contributed to its widespread adoption. Create value while addressing pressing challenges While many businesses view sustainability as a cost, Hart and Milstein argue that when we look at it through the right business lenses, sustainability can, in fact, help organisations create value while addressing pressing challenges. They call this 'sustainable value' and present it in a two-by-two matrix within their framework. The vertical axis of this matrix represents time, with the present at the bottom and the future at the top, while the horizontal axis represents the organisation, with an internal perspective on the left and an external perspective on the right. Hart and Milstein propose that most businesses generate value in the four quadrants defined within this matrix. Starting with a straightforward business perspective, without considering sustainability, the authors describe the following: Lower Left Quadrant (Internal and Near Term): In this quadrant, value is created by managing costs and reducing risk within the organisation. It's about efficiency and cost reduction. Lower Right Quadrant (External and Near Term): Here, maintaining legitimacy and enhancing reputation with external stakeholders is key to value creation. Building credibility with stakeholders is essential. Upper Left Quadrant (Internal and Future): Businesses create value by innovating and repositioning themselves in response to changing conditions. This involves continually developing products and services of the future. Upper Right Quadrant (External and Future): Addressing external dimensions of future performance, such as charting a growth path and trajectory, creates value by tapping into new markets or offering innovative services. These four quadrants represent one way to understand how businesses create value for their shareholders. Now, let's apply a sustainability overlay to this business lens: Lower Left Quadrant: Engaging employees to find ways to reduce waste and use resources efficiently can significantly lower operating costs, reduce risk, and engage the workforce. Lower Right Quadrant: Engaging with the value chain to develop products stewardship and extend the life and value of products and services can enhance reputation and legitimacy, ultimately creating more value. Upper Left Quadrant: Applying a sustainability lens can drive innovation and reposition the business to develop sustainable competencies and identify skills, products, and services required in a resource-constrained society. Upper Right Quadrant: Charting a sustainability vision for the future and communicating it clearly can facilitate competitive imagination, provide guidance on organisational priorities, and identify new markets and unmet needs. Businesses can use this framework to evaluate their activities in each of these quadrants, identifying imbalances and opportunities for action. By developing a set of initiatives to balance their portfolio of activities, they can create new value while addressing sustainability challenges. This is Hart and Milstein's Sustainable Value Framework, a valuable tool for businesses looking to embed sustainability into their strategy. Conclusion The Sustainable Value Framework, developed by Stuart L. Hart and Mark B. Milstein, offers a compelling approach to sustainability in business. By emphasising the creation of value, engagement with stakeholders, innovation, and integration into core strategies, this framework has become a guiding light for companies looking to navigate the complex landscape of sustainable business practices. As the world continues to grapple with environmental and social challenges, embracing the Sustainable Value Framework can help organisations not only survive but thrive in the age of sustainability. It is a powerful reminder that doing well and doing good can go hand in hand. Previous Next Start Your Business Improvement Journey Our business improvement programme and smart operations offer clarity and a well-defined pathway for you and your team to move forward confidently. Get Started

6 Benefits of an Employee Rewards and Recognition Scheme Motivate and inspire your employees with an employee rewards and recognition scheme to improve staff wellbeing and professional productivity Published on: 3 Dec 2020 A robust employee reward and recognition scheme that makes your employees happier and more motivated will increase employee productivity . After the pandemic, the Office for National Statistics predicts “large falls in output per worker”. When employees return to the office sometime next year, it will take more than the ability to work flexibly to motivate them. After months of pressure to adapt our working and personal lives, employers should embrace the opportunity to make work more meaningful for employees than it was before. This year, the pandemic has stretched employees’ wellbeing and mental resilience to the limit. A survey by MIND in June 2020 revealed that 60% of adults said their mental health had worsened during the lockdown, while health experts talking to HR News predict that workplace burnout will rise next year. Recognising and rewarding people as part of a broader engagement strategy is one way that businesses can make their staff feel happier, less lonely and more fulfilled as work normalises. In a survey by Perkbox of 1,532 UK employees, 42% said receiving greater recognition for their work would make them happier in 2021. Starting a company wellness program will show your staff that you care about their wellbeing and recognise the value they bring to the organisation. What are rewards and recognition? Employee rewards and recognition is a scheme employers use to recognise the contribution people have played in the success of the business. Inc defines a reward system as programmes “set up by a company to reward performance and motivate employees on individual and group levels ”. The reward is often monetary and increasingly used by small businesses to “lure top employees in a competitive job market”. Programmes that combine employee recognition with rewards provide more of a psychological, less tangible benefit, says Inc. Examples include events, spontaneous recognition like the privilege of a ‘duvet day’ or a more extended lunch break, and formal ‘Employee of the Month’ programmes. How do reward and recognition schemes work? Organisations with the best reward and recognition schemes have tailored them to the people in their business, including demographics. The scheme fits their organisational culture and values, with goals aligned to their growth strategy. Here are just a few employee recognition programme types that companies provide: Colleague thank yous – a mechanism that enables colleagues to nominate those who have performed at their best. Social media recognitions – colleagues use apps to recognise people and display their achievements publicly. Awards for living up to core values – programmes that recognise where people have lived up to the company’s values. End of year awards – where the Chair or CEO rewards top performers, e.g. for customer service. Long-service awards – fewer people are staying at companies for a long time, but these traditional awards are still a good way of rewarding long-serving staff. The benefits of employee rewards and recognition Reward and recognition schemes tell employees that they are valued, motivating them to support the business and its values. Here are six further benefits of employee rewards and recognition schemes: 1. Better staff retention Schemes give employees a vested interest in remaining loyal to the business. It costs £12,000 to replace an employee in an SME, according to Accounts & Legal, so it’s worthwhile giving them a reason to stay. 2. Increased staff engagement Employees will go the extra mile when the going gets tough – even when the gain is not monetary. A survey by McKinsey shows that organisations can “achieve a 55% improvement in engagement by addressing employees’ need for work recognition through nonfinancial means”. 3. Improved collaboration They give staff an incentive to work together as a team to get things done, and the rest of the organisation benefits from such harmony. 4. Easier staff hiring Social media recognition spreads the word that your company is worth working for, making it easier to attract new talent when the time comes. 5. Higher customer satisfaction Happier employees will provide better customer satisfaction and make the business more productive, helping you to weather the difficult times. 6. Increased workplace productivity After the pandemic, the Office for National Statistics predicts “large falls in output per worker”. A reward and recognition scheme that makes your employees happier and more engaged will make them more productive. What makes a successful reward and recognition programme? Providing rewards and recognition does not have to be expensive or complicated, but it works best if it’s an inclusive part of an organisation’s culture, as these examples show. The Institute of Internal Communication (IOIC) magazine Voice interviewed Selfridges’ head of internal communication Scott Lynch at the start of this year. He talked about the success of a ‘fun community’ where Selfridges people, not management, choose their own quarterly ‘surprise and delight’ moments, such as giving away free waffles and ice cream. The idea not only engages staff and makes them happier, but it’s good PR, too. “Externally, you can see our team culture reflects our store experience,” said Lynch. In India, Zubin Dubash, COO of entertainment company Semaroo, introduced an online Digital Mavericks Awards (DMA Awards) when he noticed employees putting in more hours during lockdown than before. He told Free Press Journal he wanted the rewards and recognition programme to motivate the team and help them to stay engaged and connected. The games-and-entertainment based scheme celebrates top performance each month and enables staff to both give and receive awards. According to Dubash: “The DMA has helped immensely in creating motivation and recognition in a challenging remote working set-up.” Previous Next Start Your Business Improvement Journey Our business improvement programme and smart operations provide clarity and a clear pathway forward for you and your team. Get Started

A Brief History AI Workflow Automation Defined The Benefits The Challenges Building The Team Integration Strategies Real World Applications The Future of AI Conclusion In This Article Smarter AI Workflow Automation: What You Need to Know A Brief History Businesses are continually seeking ways to streamline operations, enhance productivity, and stay ahead of the competition. One of the most transformative solutions emerging in this quest is Smarter AI Workflow Automation. This powerful fusion of artificial intelligence and automation is reshaping industries, redefining roles, and setting new standards for efficiency. But how did we get here, and what does the future hold? Let’s embark on a journey through the history, benefits, challenges, and the multifaceted world of AI Workflow Automation. A Brief History: From Manual Processes to Intelligent Automation The concept of workflow automation isn’t new. Long before the advent of AI, businesses sought ways to automate repetitive tasks to save time and reduce errors. Early automation relied heavily on rigid, rule-based systems that could handle straightforward, predictable processes. Think of assembly lines in manufacturing or basic data entry tasks in offices. However, these systems had limitations. They lacked the flexibility to handle exceptions or adapt to changing circumstances. The real game-changer came with the integration of artificial intelligence. As AI technologies like machine learning, natural language processing, and computer vision advanced, they began to breathe intelligence into automation. This evolution allowed systems to learn from data, make informed decisions, and handle complex, dynamic workflows that were previously the domain of human workers. Today, AI Workflow Automation stands as a testament to decades of technological progress, offering businesses the ability to automate not just tasks, but entire processes with unprecedented efficiency and adaptability. What is Smarter AI Workflow Automation? At its core, AI Workflow Automation involves using artificial intelligence technologies to automate and optimise business processes. Unlike traditional automation, which follows predefined rules, AI-driven systems can analyse data, recognise patterns, and make decisions that mimic human intelligence. Key Components: Data Integration: Seamlessly connecting various data sources to provide a unified view. Intelligent Decision-Making: Leveraging machine learning algorithms to make informed choices. Process Orchestration: Coordinating multiple tasks and workflows to achieve a desired outcome. Continuous Learning: Adapting and improving processes based on new data and insights. By integrating these components, AI Workflow Automation not only handles routine tasks but also enhances decision-making, predicts future trends, and continually optimises operations. The Benefits: Why AI Workflow Automation is a Game-Changer Implementing AI Workflow Automation can bring a myriad of benefits to organisations across various sectors: 1. Increased Efficiency and Productivity Automating repetitive and time-consuming tasks frees up employees to focus on more strategic and creative work. This shift not only boosts productivity but also enhances job satisfaction by reducing burnout. 2. Cost Savings By minimising manual intervention, businesses can significantly reduce labour costs and operational expenses. Additionally, automation reduces the likelihood of errors, leading to fewer costly mistakes. 3. Enhanced Accuracy and Consistency AI systems maintain high levels of precision, ensuring that tasks are performed consistently without the variability inherent in human performance. 4. Scalability AI Workflow Automation can easily scale to handle increased workloads without the need for proportional increases in staffing, making it ideal for growing businesses. 5. Improved Decision-Making With access to real-time data and predictive analytics, organisations can make more informed decisions, anticipate challenges, and seize opportunities proactively. 6. Better Customer Experience Faster response times, personalised interactions, and efficient service delivery enhance customer satisfaction and loyalty. The Challenges: Navigating the Roadblocks While the advantages are compelling, implementing AI Workflow Automation is not without its challenges: 1. Initial Investment and Costs The upfront costs of integrating AI systems can be substantial, encompassing software, hardware, and the necessary expertise to implement and maintain the solutions. 2. Complex Integration Seamlessly integrating AI automation with existing systems and workflows can be technically challenging, often requiring significant customisation and testing. 3. Data Quality and Management AI systems rely heavily on high-quality data. Inaccurate, incomplete, or biased data can lead to poor performance and unreliable outcomes. 4. Skill Gaps and Training Organisations may face a shortage of skilled professionals who can develop, manage, and optimise AI-driven workflows, necessitating investments in training and talent acquisition. 5. Security and Privacy Concerns Automating workflows that handle sensitive data raises concerns about data security and privacy. Ensuring compliance with regulations and safeguarding information is paramount. 6. Change Management Transitioning to AI Workflow Automation requires significant changes in organisational culture and processes. Resistance to change from employees can hinder successful implementation. Building the Right Team: Collaborative Efforts for Success Successful AI Workflow Automation initiatives require a multidisciplinary team that brings together diverse expertise: 1. Data Scientists and AI Specialists They develop and fine-tune the algorithms that power the automation, ensuring that the system can learn and adapt effectively. 2. IT and Software Developers Responsible for integrating AI systems with existing infrastructure, ensuring seamless operation and addressing technical challenges. 3. Business Analysts They identify the workflows that will benefit most from automation, align AI solutions with business goals, and measure the impact of automation initiatives. 4. Project Managers Oversee the implementation process, coordinate between different teams, and ensure that projects stay on track and within budget. 5. Change Management Experts Facilitate the transition, address employee concerns, and foster a culture that embraces automation and continuous improvement. 6. Cybersecurity Professionals Ensure that the automated workflows are secure, protecting sensitive data and maintaining compliance with relevant regulations. Integration Strategies: Making Smarter AI Workflow Automation Work for You Integrating AI Workflow Automation into your business involves careful planning and strategic execution. Here are some key strategies: 1. Assess and Prioritise Workflows Start by identifying the most suitable processes for automation. Look for workflows that are repetitive, rule-based, and time-consuming, yet critical to operations. 2. Ensure Data Readiness Prepare your data by ensuring it is clean, well-organised, and accessible. High-quality data is the foundation of effective AI-driven automation. 3. Choose the Right Tools and Platforms Select AI automation tools that align with your business needs, are scalable, and can integrate seamlessly with your existing systems. 4. Adopt a Phased Approach Implement automation in stages, starting with pilot projects to test and refine the system before scaling up to broader applications. 5. Focus on Change Management Engage stakeholders early, communicate the benefits clearly, and provide training to ensure smooth adoption and minimise resistance. 6. Monitor and Optimise Continuously Regularly review the performance of automated workflows, gather feedback, and make necessary adjustments to enhance efficiency and effectiveness. Real-World Applications: Smarter AI Workflow Automation in Action AI Workflow Automation is making waves across various industries: Healthcare Automating patient scheduling, billing, and data entry allows healthcare professionals to focus more on patient care. AI-driven diagnostic tools also assist in early detection and personalised treatment plans. Finance From fraud detection to automated customer service, AI is revolutionising financial operations. Streamlined loan processing and risk assessment improve both efficiency and accuracy. Manufacturing Predictive maintenance, inventory management, and quality control are enhanced through AI automation, reducing downtime and ensuring consistent product quality. Retail Personalised marketing, supply chain optimisation, and automated customer support enhance the shopping experience and operational efficiency. Human Resources Automating recruitment processes, employee onboarding, and performance evaluations saves time and ensures a more consistent and unbiased approach. The Future of Smarter AI Workflow Automation: What Lies Ahead As AI technologies continue to advance, the potential for workflow automation will only grow. Here are some trends to watch: 1. Hyperautomation Combining AI with advanced automation tools to handle increasingly complex and interdependent processes, creating end-to-end automation across the organisation. 2. Explainable AI Developing AI systems that not only make decisions but also provide understandable explanations, fostering trust and transparency in automated workflows. 3. Edge AI Bringing AI processing closer to the data source, enabling real-time automation and reducing latency, particularly valuable in industries like manufacturing and healthcare. 4. Integration with IoT Leveraging the Internet of Things (IoT) to collect and analyse data from connected devices, enhancing the capabilities of automated workflows and enabling smarter decision-making. 5. Ethical AI and Governance Emphasising ethical considerations and robust governance frameworks to ensure that AI automation is fair, unbiased, and compliant with regulations. Conclusion: Embracing the Smarter AI Workflow Automation Revolution AI Workflow Automation is not just a technological advancement; it's a paradigm shift that redefines how businesses operate and compete. By automating and optimising workflows with intelligence, organisations can achieve unprecedented levels of efficiency, accuracy, and agility. However, success requires careful planning, the right team, and a willingness to navigate challenges. As we move forward, embracing AI Workflow Automation will be key to unlocking new opportunities, driving innovation, and sustaining growth in an increasingly digital world. Whether you're a small startup or a global enterprise, the time to harness the power of AI-driven automation is now. Are you ready to transform your workflows and propel your business into the future? AI Workflow Automation Defined The Benefits The Challenges Building The Team Integration Strategies Real World Applications The Future of AI Conclusion

How to Write a Small Business Sustainability Plan for Improved Profitability Writing a Small Business Sustainability Plan is crucial for improved profitability. Sustainability measures reduce operational costs, enhance brand reputation, and attract eco-conscious customers. It demonstrates forward-thinking, adapting to a changing market while fostering responsible business practices, ultimately resulting in long-term financial gains and resilience. In today's world, sustainability is not just a buzzword; it's a critical aspect of business success. Small businesses are no exception to this rule. Implementing sustainability practices not only helps protect our environment but can also significantly improve profitability. Crafting a small business sustainability plan is the first step towards achieving this dual goal. In this blog post, we'll guide you through the process of creating a sustainability plan with a primary focus on enhancing profitability. Define Your Sustainability Goals Before you can improve profitability through sustainability, you need to establish clear sustainability goals. Start by considering what sustainability means to your business. Is it reducing waste, conserving energy, sourcing eco-friendly materials, or all of the above? Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Assess Your Current Environmental Impact An essential step in writing a sustainability plan is to evaluate your current environmental impact. This includes assessing your energy consumption, waste production, water usage, and carbon emissions. A sustainability audit can help identify areas where you can make improvements. Identify Cost-Saving Opportunities Once you've assessed your environmental impact, look for opportunities to reduce costs through sustainability. For example, investing in energy-efficient appliances or optimising your supply chain to reduce transportation costs can have a direct positive impact on your bottom line. Calculate ROI on Sustainability Investments Before making any sustainability investments, calculate the return on investment (ROI). Consider the upfront costs and the potential savings over time. Many sustainability initiatives require an initial investment, but they can lead to substantial long-term savings. Employee Engagement and Training Engage your employees in your sustainability efforts. Employees can provide valuable insights and support in implementing sustainability measures. Consider providing training to make them aware of the importance of sustainability and how they can contribute. Supplier Engagement Engaging with your suppliers is another crucial aspect of a sustainability plan. Work with your suppliers to source eco-friendly materials or products, reduce packaging waste, and streamline your supply chain. This can improve sustainability and reduce costs. Waste Reduction and Recycling Waste reduction is a key component of sustainability. Implement recycling programs and reduce waste by using sustainable packaging, composting, and reusing materials when possible. This not only benefits the environment but can also save on disposal costs. Energy Efficiency Improving energy efficiency can lead to significant cost savings. Upgrade lighting, heating, and cooling systems, and consider renewable energy sources like solar panels. Small changes can lead to a more sustainable operation and lower utility bills. Marketing Your Sustainability Initiatives Communicate your sustainability efforts to your customers. Consumers are increasingly choosing businesses that prioritise sustainability. Use your sustainability plan as a marketing tool to attract eco-conscious customers and differentiate yourself from competitors. Monitor and Adjust Your sustainability plan should be dynamic and subject to continuous improvement. Regularly monitor your progress and adjust your strategies as needed. You may discover new cost-saving opportunities or areas for further environmental improvement. Conclusion A well-crafted small business sustainability plan can enhance both your environmental footprint and your profitability. By setting clear sustainability goals, identifying cost-saving opportunities, engaging employees and suppliers, and continuously monitoring your progress, you can create a roadmap to sustainable success. In the process, you'll not only benefit the planet but also your bottom line. Embrace sustainability, and your small business will thrive in an increasingly eco-conscious marketplace. Previous Next Start Your Business Improvement Journey Our business improvement programme and smart operations offer clarity and a well-defined pathway for you and your team to move forward confidently. Get Started

The Power of Daily Habits: 50 Practical Ways Business Owners Can Achieve Success in Business, Life, and Well-being Discover 50 actionable daily habits that can help business owners increase profitability, improve relationships, and maintain their health and well-being. As a business owner, finding the balance between building a profitable business, maintaining strong relationships with family and friends, and taking care of your health and well-being can feel like juggling multiple spinning plates. Yet, the secret to mastering this balance lies in the daily habits we cultivate. Small, consistent actions can lead to significant transformations, both in business and in life. In this article, we’ll explore 50 actionable habits that can help you implement positive changes. You don’t need to adopt all 50—simply choose one or two that resonate with your goals and lifestyle. Additionally, breaking bad habits that hold you back is just as important as building good ones. By focusing on a few key habits and eliminating negative ones, you can make meaningful strides toward a more profitable, healthier, and happier life. 1. Mastering Morning Routines for Daily Success How you start your day greatly impacts your productivity and mindset. Create a consistent morning routine that sets you up for success, including physical activity and time to set priorities. Action: Start tomorrow by waking up 30 minutes earlier, engage in a 10-minute physical activity, and write down three key priorities for the day. 2. Building a Personal Vision Statement for Motivation Your personal vision statement is a powerful tool for staying aligned with your long-term goals. Write a clear statement outlining your vision for life and business, and review it regularly. Action: Dedicate 20 minutes this week to drafting or refining your personal vision statement and keep it where you can review it daily. 3. The Power of Consistency in Achieving Goals Success comes from small, repeated actions. Build daily routines that align with your long-term business and personal goals, focusing on consistency rather than intensity. Action: Choose one small habit today (e.g., 15 minutes of focused work on a key project) and commit to doing it every day for the next week. 4. Using Habit Stacking to Improve Productivity Link new productive habits to existing ones to make them easier to adopt. For example, review your business goals while drinking your morning coffee. Action: Identify one new habit you want to adopt and link it to an existing daily routine, like reviewing goals during breakfast. 5. Time-Blocking Techniques to Maximise Efficiency Time-blocking ensures focused work periods by scheduling specific blocks of time for tasks. Use this method to avoid distractions and manage your time more effectively. Action: Block out 2 hours tomorrow for deep work on a key project, setting a timer and eliminating distractions during that time. 6. Developing a Reading Habit to Stay Ahead in Business A daily reading habit can sharpen your skills and keep you informed about industry trends. Commit to reading for a set period each day. Action: Schedule 15 minutes each day this week to read an article or chapter from a book relevant to your business. 7. Creating a Daily Reflection Practice for Self-Improvement End each day by reflecting on what went well and where there’s room for improvement. This allows for continuous learning and adjustment. Action: Before bed tonight, write down two things that went well and one thing you could improve on for tomorrow. 8. How Journaling Can Help You Track Progress Daily journaling helps clarify thoughts, track progress, and problem-solve. Make journaling a daily habit to stay focused on both personal and business goals. Action: Spend 10 minutes at the end of the day journaling about your successes and challenges. 9. The Impact of Regular Exercise on Business Performance Exercise boosts energy levels and mental clarity, which directly impacts your productivity and decision-making. Action: Set aside 20 minutes today for a quick walk, stretch, or workout to refresh both body and mind. 10. Balancing Work and Life Through Daily Habits Establish boundaries between work and personal life to prevent burnout and enjoy more meaningful personal time. Action: Schedule a dedicated hour tonight for family or personal activities, turning off all work notifications during that time. 11. Developing a Growth Mindset with Continuous Learning Commit to learning something new every day to nurture a growth mindset, which is essential for business and personal success. Action: Sign up for a webinar or listen to a 10-minute podcast on a topic that interests you this week. 12. The Role of Daily Gratitude in Business Leadership Gratitude fosters a positive mindset and strengthens relationships. Make it a habit to express gratitude daily. Action: Send a thank-you note or message today to someone who helped you recently in business or life. 13. Establishing a Digital Detox Habit to Improve Focus Too much screen time can harm focus and productivity. Schedule regular breaks from digital devices to reset and refresh. Action: Set a daily reminder to take a 30-minute break from all screens today, using the time to relax or reflect. 14. Incorporating Mindfulness into Your Daily Routine Mindfulness helps you manage stress and stay present. Incorporate mindfulness practices like deep breathing or meditation into your day. Action: Take 5 minutes today to sit quietly, close your eyes, and practice deep breathing. 15. How to Break Bad Habits and Build Better Ones Identify habits that are holding you back and replace them with positive, aligned actions. Action: Choose one habit you want to break (e.g., checking emails first thing in the morning) and replace it with a positive habit (e.g., reviewing your goals first). 16. The Importance of Daily Goal Setting for Long-Term Success Daily goal-setting keeps you focused on priorities and aligned with your bigger vision. Action: Write down your top three goals for tomorrow before going to bed tonight. 17. Making Time for Self-Care: A Business Leader's Guide Self-care prevents burnout and ensures that you can perform at your best. Build daily self-care activities into your routine. Action: Block 30 minutes today for a self-care activity, such as reading, exercising, or taking a relaxing bath. 18. Using Affirmations to Build Confidence and Drive Positive affirmations reinforce a success-driven mindset. Incorporate them into your morning routine for a confidence boost. Action: Write down one positive affirmation today (e.g., "I am capable of achieving my goals") and repeat it to yourself every morning for the next week. 19. Creating a Daily Checklist to Stay Organised A daily checklist helps you stay organised and ensures you don’t forget important tasks. Action: Create a checklist tonight of your top five priorities for tomorrow and check them off as you complete them. 20. Developing Financial Discipline Through Daily Habits Review your finances regularly to stay on top of cash flow and ensure long-term financial health. Action: Spend 10 minutes today reviewing your personal or business finances, looking at cash flow, expenses, and savings goals. 21. The Role of Networking in Daily Business Success Networking should be a daily habit to build relationships and open up new opportunities. Action: Reach out to one contact in your network today—whether it’s following up after a meeting or simply checking in. 22. Building a Habit of Empathy in Professional Relationships Empathy fosters strong, trusting relationships. Practice active listening and understanding in every interaction. Action: During your next meeting, focus on listening without interrupting. Reflect on how this changes the interaction. 23. How to Use Daily Debriefs to Improve Team Performance A quick daily debrief helps improve team performance by reflecting on the day’s work and planning for tomorrow. Action: Set aside 5 minutes at the end of each workday to discuss what went well and what could be improved with your team. 24. Fostering Creativity with Daily Brainstorming Sessions Daily brainstorming keeps your creative muscles sharp and leads to innovation and growth. Action: Spend 10 minutes brainstorming new ideas for your business today, even if they’re outside the box. 25. The Importance of Regular Feedback in a Business Setting Giving and receiving feedback regularly improves communication and helps with continuous improvement. Action: Offer constructive feedback to one team member today, focusing on positive reinforcement and opportunities for growth. 26. Daily Meditation for Mental Clarity and Focus Meditation helps you manage stress and maintain focus. Make it a daily habit to meditate for mental clarity. Action: Set aside 5-10 minutes today to meditate or engage in a mindfulness practice to clear your mind. 27. Time Management Habits of Highly Successful People Successful entrepreneurs manage time effectively through habits like prioritising tasks and minimising distractions. Action: Identify your top three tasks for tomorrow and schedule them during your most productive time of day. 28. How to Build a Habit of Active Listening in Conversations Active listening builds better relationships and improves communication, both in business and personal life. Action: In your next conversation, focus entirely on the other person’s words without interrupting. Reflect on how this changes the interaction. 29. Turning Procrastination into Productivity Identify your triggers for procrastination and develop strategies to turn idle time into productive moments. Action: Set a timer for 10 minutes today and work on a task you’ve been putting off. This small step will help overcome procrastination. 30. Creating Work-Life Boundaries Through Routines Establish boundaries between work and personal life by setting work hours and sticking to them. Action: Turn off work notifications at a designated time this evening and dedicate the rest of your time to personal activities. 31. Leveraging Social Media Habits for Professional Growth Use social media strategically to build your brand, engage with your audience, and grow your network. Action: Spend 10 minutes today engaging with your audience on social media by responding to comments or posting valuable content. 32. The Importance of Hydration and Nutrition for Daily Performance Staying hydrated and eating well keeps your energy levels high and your mind sharp, which directly impacts productivity. Action: Drink an extra glass of water today and plan a balanced meal with whole foods to fuel your body and mind. 33. How a Daily Learning Habit Can Transform Your Career Commit to learning something new every day to stay ahead in business and improve personal development. Action: Spend 15 minutes today reading an article or watching a video on a topic relevant to your business or interests. 34. Cultivating a Positive Mindset Through Daily Affirmations Positive affirmations help you develop a mindset geared toward success. Use them daily to build confidence and drive. Action: Choose one positive affirmation (e.g., "I am capable and driven") and repeat it to yourself each morning. 35. The Power of Rest: How Sleep Habits Drive Success Sleep is essential for maintaining focus, creativity, and decision-making abilities. Prioritise getting enough rest each night. Action: Set a goal to go to bed 30 minutes earlier tonight to ensure you get at least 7-8 hours of quality sleep. 36. Building Trust in the Workplace with Consistent Actions Trust is built through consistent actions over time. Follow through on promises and be transparent with your team to build a culture of trust. Action: Identify one promise or commitment today and ensure you follow through on it to build trust with your team. 37. How to Establish a Habit of Prioritising Critical Tasks Prioritise high-impact tasks at the start of each day to ensure you focus on the work that moves your business forward. Action: Identify the top three most important tasks for tomorrow and schedule them in the morning when your energy is highest. 38. How Successful Entrepreneurs Build Productive Daily Habits Study the habits of successful entrepreneurs and apply their strategies—such as early rising, focus sessions, and goal-setting—to your own routine. Action: Research the daily routine of one entrepreneur you admire and try to implement one of their habits into your routine this week. 39. Building Relationships Through Consistent Communication Regular communication strengthens relationships with your team, clients, and partners. Make communication a daily priority. Action: Reach out to one person in your professional network today for a quick check-in or follow-up. 40. How to Use Micro-Habits to Build Long-Term Success Micro-habits are small, easily achievable actions that build momentum. These small steps lead to long-term success when practiced consistently. Action: Choose one micro-habit (e.g., reading for 5 minutes or taking a short walk) and incorporate it into your day starting tomorrow. 41. Integrating Reflection into Your End-of-Day Routine End each day by reflecting on what went well and what could have been done better. Regular reflection helps you grow and improve continuously. Action: Take 5 minutes at the end of today to write down one thing you did well and one thing you’d like to improve tomorrow. 42. How Small Habits Can Lead to Big Changes Small daily habits, when compounded over time, lead to significant changes. Focus on small actions that contribute to your larger goals. Action: Pick one small habit that aligns with a bigger goal (e.g., walking for 10 minutes if fitness is a goal) and commit to it every day this week. 43. Creating a Habit of Accountability in Team Settings Regular check-ins and setting clear responsibilities build a culture of accountability within your team. Action: Set a daily check-in with your team to ensure everyone is aligned and held accountable for their tasks. 44. How to Leverage Daily Habits for Better Decision Making Build a habit of taking time to reflect or seek input before making major decisions. Thoughtful decisions often lead to better outcomes. Action: Before making a key decision today, take 5 minutes to pause, reflect, and gather input from a trusted colleague. 45. Daily Learning: Staying Current with Industry Trends Dedicate time each day to staying informed about trends and changes in your industry. This keeps your business competitive. Action: Spend 15 minutes today reading about the latest trends in your industry or reviewing competitor updates. 46. Using Vision Boards to Stay Focused on Business Goals Create a vision board with images and affirmations that represent your long-term business and personal goals. Reviewing this daily helps keep you motivated. Action: Spend 30 minutes creating a vision board that reflects your long-term goals and review it each morning for motivation. 47. Developing Patience Through Mindful Daily Practices Patience is essential for making better decisions and leading effectively. Use mindfulness practices to cultivate patience daily. Action: The next time you feel impatient, take a deep breath and pause for a moment before reacting. Reflect on the situation mindfully. 48. How Delegating Tasks Can Become a Daily Habit Delegation frees up your time for high-priority tasks. Make a habit of delegating daily tasks that don’t require your direct involvement. Action: Identify one task today that you can delegate to a team member, and trust them to handle it. 49. Building a Habit of Celebrating Small Wins Celebrating small victories keeps morale high and motivates you to keep going. Acknowledge and celebrate daily achievements, no matter how small. Action: At the end of today, identify one small win (e.g., completing a difficult task or finishing a project) and celebrate it with your team or by rewarding yourself. 50. How Journaling Can Clarify Business and Life Goals Journaling helps clarify your thoughts, process challenges, and track your progress. Use it as a tool to refine your personal and business goals over time. Action: Spend 10 minutes journaling today about your current business and life goals, focusing on what you’ve achieved and where you want to go next. Previous Next Start Your Business Improvement Journey Our business improvement programme and smart operations offer clarity and a well-defined pathway for you and your team to move forward confidently. Get Started

7 Ways to Improve Happiness at Work A happy workplace is associated with improved health, increased creativity, and productivity. Work environments with happy workers are more harmonious and positive. Moreover, such people put in more effort beyond their job descriptions and are more committed to their work. Published on: 25 Aug 2022 The latest ‘Work Happiness Score’ study from Indeed found that only one-third of UK workers are generally satisfied with their jobs. Almost one in four survey respondents said that being unhappy at work makes them unable to find enjoyment in other areas of their lives. What are the happiest and unhappiest job sectors? Workers in education are most likely to be happy, followed by those in aerospace and defense. Property workers are the unhappiest, followed by those in management and consulting and those in the automotive industry. A fifth of workers are unhappy at work, and one in 10 (11%) start feeling unhappy less than six months into a new job. Considering these stats , it’s no wonder people feel overworked, stressed, and unhappy. You’ll spend 30 to 50 hours at work each week, so why not make it enjoyable? We’ll be discussing seven ways to improve happiness at work! What are the benefits of building a happy workplace? A happy workplace is associated with improved health, increased creativity, and productivity. Work environments with happy workers are more harmonious and positive. Moreover, such people put in more effort beyond their job descriptions and are more committed to their work. The following are ten benefits of happiness at work for both employers and employees: A higher level of productivity Enhanced creativity A better quality of life and improved health Workplace stress is reduced Motivated A higher level of satisfaction at work Reduction in turnover A higher rate of retention Workplace accidents are reduced Cost-savings in health care How important is it to build a happy workplace? Employees’ happiness is critical in determining their productivity and satisfaction at work. Furthermore, it enhances a company’s image and helps it retain its employees for a long time. The importance of happiness at work cannot be overstated. Despite this, the concept of happiness at work has only gained prominence in the last few decades. Prior to that, employers focused primarily on their businesses, trade relations, and profits. In recent years, researchers have begun realizing the importance of employee happiness , and employers are also starting to pay attention. Many institutions now offer courses on “happiness.” Some of these courses, such as “The Science of Happiness” by EdX, teach people how to be happy at work and in their daily lives. Thus, we need to ask why we don’t correlate happiness with work. As a part of our culture, we have been taught that we must support ourselves financially and be responsible members of society. The vast majority of people go to work out of obligation, not because they are happy to do so. The workplace is rarely seen as a place where people seek happiness. Instead, we perceive them as places where we exchange skills and time for money to support ourselves. Generally, humans strive for happiness in their personal lives by maintaining relationships or achieving their wants and dreams. However, happiness can also be achieved at work. As opposed to popular belief, work does not have to be boring or unfulfilling. 7 ways to improve happiness at work When you feel good and happy at work, peace of mind and a work-life balance can be achieved. It has been shown that people who are happy at work are more productive and perform better overall. The following are seven steps employers can take to foster positive emotions at work: Embrace Employees’ Strengths The importance of reminding workers of their strengths and how they contribute to a project’s success cannot be overstated. It is recommended that this happens on a regular basis, especially during feedback sessions. Continually expand their responsibilities and duties to match their strengths, so they feel like they are making progress. Although weaknesses need to be addressed, they should be viewed as opportunities to acquire future skills. Those who are happy utilize their strengths in all areas of their lives. Find a creative way to incorporate your employees’ strengths into their day if their work doesn’t naturally draw upon those strengths. Consider adding a small plant to the break room or common space if appreciation of beauty is one of their top strengths. According to studies, people who work in offices with windows report greater work satisfaction than those in offices without windows. Building Relationships At Work Healthy relationships are a major indicator of happiness, so encourage your employees to connect with their coworkers. This also boosts their mood. It isn’t necessary for employees to socialize with them outside of work (although having a work friend contributes to greater job satisfaction), but simply engaging in a water cooler conversation can create a friendly atmosphere. Create a workplace culture where employees are willing to eat lunch with their colleagues rather than at their desks alone. According to a German study, people who eat lunch alone are more likely to suffer from stress than those who have social lunches away from their desks. You might see a significant rise in employee productivity if you cultivate relationships as a virtue. A Reward And Praise System If your employees have achieved outstanding results, you might want to consider giving them a raise. Sometimes employees rewrite their job descriptions to highlight just how much more they do now than when they were first hired. When determining what is fair, this should be considered, along with the cost of replacing that person with someone with the same skills and experience. Pay raises should be applied without gender bias and err on the side of generosity. Ultimately, what matters is the happiness of your employees, who will find fulfillment, job satisfaction, and inspiration in their work. Remember, a happy employee is a productive employee. Work satisfaction is highly correlated with being appreciated. You can build trust, loyalty, and commitment among your employees by recognizing them regularly for their efforts. Everyone is more productive, creative, and well-adjusted when appreciated, so let’s start with you. Gandhi once said, “Be the change you wish to see in the world.” Work-Life Balance An effective method of ensuring that employees are satisfied at work and won’t leave for greener pastures is by ensuring that this balance is achieved. Besides fair pay raises, here are the top four things you can do to help: Rewards and incentives Perks and benefits Initiatives for career advancement and training Maintaining a work-life balance Getting your employees to appreciate the fact that there isn’t a perfect ‘work-life balance’ is one of the easiest ways to foster work-life balance . Identifying what works best for them and their daily schedule is the first step. Strive for a realistic schedule, not a perfect one. Depending on the day, they might be more focused on work one day and their hobbies the next. It takes time to achieve balance, not just one day. Ensure that your employees are concerned about their physical, emotional, and mental health. Find Meaning Work is viewed differently by each employee. If they perceive it to be boring and meaningless, it will feel that way. It is possible, however, that they can find greater satisfaction and gratification from their efforts if they reframe their work as a service or a way to improve the world. For instance, a custodian at a high school may see their work as tedious and insignificant, or they may see it as helping students and educators stay healthy and safe in a growing environment. Your job as a boss is to foster a culture that promotes creativity, openness, and a platform for everyone to express ideas and criticism freely. Encourage Workers To Be More Creative How closely linked is creativity to happiness? It is important to create a creative environment that enhances both of them. This is what Teresa Amabile, a Harvard researcher, discovered. What can you do to cultivate a creative environment? The following are some tips: Ensure that participants are involved in problem-solving and decision-making. Minimize the number of meetings. Don’t let your ideas dominate. Make sure that your employees’ goals are in line with those of your company. Organize Wellness Challenges And Programs There are numerous benefits for employers and employees regarding wellness programs and challenges. Employee engagement and employee health can both be improved through these programs. Your workplace can significantly benefit from wellness initiatives such as step challenges, fitness challenges, and bike-to-work schemes. This can have a significant impact on company culture and employee satisfaction. The office is more fun when you work with friends. This helps you and your colleagues feel like you’re all on the same page. Your team will be able to connect on a more personal level with their coworkers if there are ongoing fun events at regular interval. In order to get people mingling, your best bet is to organize offsites. But, you can also arrange Happy Hour once a month or half-day Fridays in the summer. Beach days with the team are magical in the summer! Becoming a supportive manager Using Robert Half Management Resources ‘ four tips, managers can help employees achieve a healthier work-life balance. Understand what motivates your employees. Every individual has different goals regarding work-life balance. Ask each employee their objectives, and then decide how you can help. Some employees may benefit from working remotely a couple of days per week, while others may prefer to work differently daily. Flexibility and open-mindedness are important. Lead by example. Those around you follow your lead. Whenever you send emails or work long hours on weekends, your staff thinks that is what is expected of them. Employees should be informed of their options. Most employers highlight work-life balance initiatives to prospective job candidates, but they don’t communicate those initiatives to current employees. Keep your employees informed about their options regularly. Discuss parental leave options with soon-to-be parents as well. Keep up with the latest developments. Staying on top of emerging trends in work-life balance is crucial. An employee’s current work environment may not be a good fit a year from now. Provide in-demand benefits and keep your work-life balance initiatives fresh. Also, consider implementing a work-life balance program. Flexible workplaces = happy workplaces Flexible work schedules are often cited as an explanation for those who achieve a successful balance between their work and personal lives. Research has shown that employers have been allowing workers more flexibility with their schedules and work locations in the past seven years. Ken Matos, lead researcher and senior director of employment research and practice at Families and Work Institute, explained that employers continue to struggle with fewer resources for benefits that incur a direct cost. The company has prioritized providing employees with a broader range of benefits to suit their individual needs and improve their general well-being. Employers can benefit from flexibility in the long run. The Society for Human Resource Management’s president and CEO, Hank Jackson, has said that employers must provide flexible work options to remain competitive and attract and retain top talent. As Chancey pointed out, work-life balance means different things to different people due to our different life commitments. Choosing a balanced lifestyle is a very personal choice in our always-on world. Only you can decide what works for you. Conclusion: Most of us spend a large part of our waking hours at work; shouldn’t that time be enjoyable and fulfilling? Create a happy workplace by building trust, incentivizing wellness, and appreciating employees. 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John Dyson of Winslow Adaptics on Technical Obsolescence. Learn about Technical Obsolescence with John Dyson of Winslow Adaptics Technical obsolescence refers to the state when a technology or product becomes outdated or irrelevant due to the emergence of newer, more advanced alternatives. In today's fast-paced world, technological advancements occur at an unprecedented rate, rendering once cutting-edge devices obsolete in a short span. The rapid evolution of technology often leads to shorter product lifecycles, creating a challenge for consumers and industries alike. Technical obsolescence impacts various sectors, from consumer electronics to industrial machinery, as companies and individuals must continually adapt to stay relevant. It highlights the need for continuous innovation, adaptability, and strategic planning to navigate the ever-changing landscape of technology and avoid being left behind. Paul Hi, John. Thanks very much for your time today on this podcast. I'm really looking forward to this. We're going to be talking about technical obsolescence. John Yeah, looking forward to it. Paul You know, looking at your website, so you're working with defence, medical, aviation, rail space, you know, automotive as well. And so if you could tell us a little bit about Winslow Adaptics? John We're involved in in a market that has traditionally been involved with solving obsolescence so as you mentioned the kind of sectors that we're involved in. You know these are not kind of markets wherein your smartphone lives. These are markets which perhaps are not as Internet connected and they don't have so many risks in that term. "But there is a complete infrastructure which is dedicated as we are to solving the problems along the maybe 10, 20, 30, even 50 year lifespans on these pieces of equipment . And that's what we do. We've kind of built a business around solving obsolescence problems. So we are always competing with design engineers to do a re-design of their own product." But what happens when, let's say, in a situation where a chip is not available? So they think, well, we redesigned the board for the new chip. The problem that's going to occur there is that if they have stock of half-build or they have other components, you know, just in time, ready to be built. They’re going to have to scrap some of that equipment. So that's one thing, the scrappage. And secondly, there’s this problem downstream with repair and overhaul that actually, suddenly, it’s a different board. So they've got two different versions of the board, this one won’t work with that one. And this component, obviously the original component that caused the redesign is not available. So the first version of boards can no longer be repaired. So what we're doing, essentially by providing an adapted solution is giving this solution, we'll go into the past and into the future. "So we go into the past and repair it or overhaul it. We go into the future and do the same thing when the time comes with the future modules. Without actually having this sort of further obsolescence problem made out of a redesign." Paul So presume you have a customer, a potential customer could come to you and say, “John give me some advice. What's the best thing to do here? Should we do a redesign or can you breathe new life into this with what’s currently there today? And you could do the cost-benefit analysis for me. John There were times when redesign is, I don’t want to say that that's a bad solution. There are times when redesign is the right thing to do. I was having a conversation with somebody I know who was involved in obsolescence in the train, the railway industry. So we're talking rolling stock here and he was saying to me that they have contracts that maybe last… So this is a manufacturer has a maintenance contract that lasts for a period of time. And throughout that time, they might have an approximate period of time when they do a redesign. Like you’ve probably seen them in the trains. We have a lot of trains. So we have refurbished trains that come from somewhere else. So quite often, halfway through this lifespan of the rolling stock, there's a sort of redesign. So what we've seen recently is USB sockets creeping into trains. You know, Wi-Fi has appeared, digital communications have appeared the top telling you where the train is going. "A lot of things that are done perhaps mid time through the life of the rolling stock so it's a good place to redesign. But at the same time, the other 15 years I decided that redesign. It's a constant obsolescence to be dealt with." Paul Just give us a typical scenario, the customer then, somebody who might come to this problem might have and how you have helped them in the past. John Sure. So, a typical thing for us would be we have an Adaptics program, which is something where a customer would come up to us and say that this chip that I've been using in this assembly, whatever it is or some electronic assembly, this chip no longer available. It could be that it's obsolete, so it's permanently not available. Yeah, and it could be that it's temporarily obsolete. So it's got a diminished supply maybe for 52 weeks like the semiconductor crisis that we had, which to many companies will be as good as obsolete. So they will come to us and we would say, we would scour the market, we would find you know, honestly without being too complex, we would find a similar chip of some kind, maybe a different footprint, maybe a slightly different technology and we would design an adapter which would mean that that chip would actually work on the old board. "we would find a similar chip of some kind, maybe a different footprint, maybe a slightly different technology and we would design an adapter which would mean that that chip would actually work on the old board." Paul Right. John And the key thing here is, it would work on the old board, and the one previous to that, the board in the future. This is compatibility forwards and backwards, which really means that people are not are not wasting and not scrapping stock and we're keeping the repair and remanufacture process is going in the future as well. Paul The main thing that is driving this for you is what has always been driving is that these products are becoming older and can be less efficient. Are all the drivers for the business changing as we go into the 21st century? It's all about ESG, isn’t it? And it's all about reducing impact on the environment? John Yeah, I mean, we've seen a huge change here because what we've been doing really, what Winslow has been doing for the last nearly 50 years was always just the right thing to do for us, which was, you know, making components available for people to continue to improve the longevity of the product. What we kind of realised, the way the world has turned, is that actually, that's the only way that we should be working. We should be doing this. Whether we're making smartphones or making radar, you know, we should be making that kit last as long as possible. Paul I think that circular economy really fits. You're fixing things, you're making them last longer, you're breathing new life into them. So obviously, then that means those resources don’t come out of the ground, energy doesn’t get used in making that stuff again. John You know, where we find the biggest problem with this kind of service that we offer, that people are still putting their heads in sand, if you like. So they’re still thinking, it probably won’t happen to me. I’ll probably be okay and have it will probably be back on stock by the time I need it. Really what we're suggesting is people just face it, face the reality. Be prepared for that reality even if it doesn't happen because it's all easier to do it when there's no pressure. So yeah. Talk to us. Talk to people like us before you actually hit that problem. That's an important message, I think. Think about it first. "You know, where we find the biggest problem with this kind of service that we offer, that people are still putting their heads in sand, if you like. So they’re still thinking, it probably won’t happen to me. I’ll probably be okay and have it will probably be back on stock by the time I need it. " Paul So to what extent can your customers get a good understanding of when things are going to fail? Is that part of the specifications? John I think certain elements of obsolescence are predictable. So you know you see a chip company, an integrated chip manufacturer is taken over by another one. What’s going to happen? There's going to be a rationalisation of the ranges of one or the other or both of those two companies. They wouldn’t have come together if there wasn't some kind of sort of cooperation potentially between the two, so you can expect some obsolescence there. You can expect technology changes along the way. You know, perhaps less so in critical environments than in smartphones, but it does. So you can see where the new technology comes along, maybe the old stuff is going to get obsolete when new manufacturing techniques come along, maybe others are going to go obsolete. We're seeing now at the moment in 2023 that the chip crisis where people is saying it’s coming to an end. People are saying that the actual chip sales are going to go down this year. Now that in itself is another opportunity for obsolescence to creep in because you know what the chip manufacturer is going to be looking for if profitable lines. And the ones that sell 300 components, somebody making some weird old thing from the 1980s, they're not going to be there, you know? So you can see there's a predictability about the patterns that are occurring in the semiconductor industry. So be aware of those. There are even software programmes out there, there are many different software programmes out there that might uncompile information of last time buy dates and so on for semiconductors. So there are ways, things people can do to mitigate that risk before the inevitable happens and they get stuck without chips. You know, what's interesting? I've done a spring to early summer period of exhibitions around the country. And I found that everybody who was involved in electronics in some way, whether it's procurement, design, you know or project managing have all been really excited, genuinely excited to speak to us about what we're doing because whether they have a need for the moment they support the principle. Like, they can see the reasons why we're doing what we do and why we might, at some point in time in the future, be able to help them. Paul I understand that you’re also involved with the International Institute of Offsets Management, have I got that right? John Now, what these are, these are professionals that are involved in industry, in very often, primes in the sectors that you mentioned. So these are the top tier people and they're all involved in in coming together, a networking together to sort of discuss the solutions and problems that they’ve had. But also there’s qualifications, there's a structure of members, meetings and we’re having a conference in October in 2023. So it’s this great opportunity to learn from others rather than making your own mistakes and the systems that they put into place, more particularly, as I was talking earlier on about monitoring upcoming obsolescence and dealing with it in a structured, predictable way. There’s a system whereby they can come along, if they're interested to come to a meeting, free of charge. The first meeting is free. There are lots of different ways to join, and obviously as I mentioned, the conference that's going on. So lots of things I can do. They can go and find a website which is iiom.org which is their website. Paul Right John Or hopefully, we can share or they can get in touch with me on LinkedIn or whatever and I can share details with them. Paul I was thinking, you know, if somebody's watching this, how can they think to themselves, how can I give John a call because we haven't checked our end of life or end of support or grievance on our kit, how would we do that? Could they come to you and find out about that? John Sure they can. You know, one of the great things about this obsolescence community that we work in, is everybody is keen to share information. We’re not in competition with each other. So there is good information sharing sort of situation. And if people come to me and they want to know something, I can’t help them with or I don't know necessarily know the answer, I will know somebody who does. I can. "one of the great things about this obsolescence community that we work in, is everybody is keen to share information. We’re not in competition with each other." Paul OK. John So I would encourage people, if they’re interested to find out more, to get in touch with me, and I'll find them the answer. Paul Brilliant. Sound excellent. Just to get back to those original reasons - efficiency, increased risk, security risk, lack of competitiveness, increased maintenance costs and lack of compatibility with other systems means that this needs to be something that every company, every IT, every electronics company really needs to have on its radar in some shape or form. And is there a document that would have within the IT department that is likely the end of life document or the end of service document or the upgrade document? John There is you know there is within this sort of training. From the IOM, the Institute and there are obsolescence management plans, sort of most engineering companies, there's some kind of quality standard that's been established with decades. You know, the obsolescence standard is something newer. And it's something that, perhaps, less companies have but it’s something they really should have. We're talking earlier a little bit about ESG. It links in to the ESG Systems, principles of the corporate in particular. So it's just about longevity and about doing the right thing by the world. Paul So an obsolescence management plan could a be really key document that organisations could go look for. Say, OK, what kit we’ve got? How old is it? What we're going to do with it? What's the life expectancy? How can we make it last longer? And if they haven’t got one, maybe you have got to prepare it for them? "an obsolescence management plan could a be really key document that organisations could go look for." John Yeah, I think so. It's a great, clear opportunity at the moment because lots of people are looking for jobs following the great reset, if you like, if that's the thing. They're looking for jobs that support more sustainability and just general interest in the welfare of the world and obsolescence is a great place for that. You know, there's an opportunity for them to grow. It's a growing market. It's a great opportunity for new people to come into the industry and really take it on and bring us some enthusiasm. I think that would be great. Paul Is it an area of industry, of expertise that is getting missed by a good number of companies? John I think it is. I think you know obviously lots of people have had a difficult time like it's not been an easy place to be in electronics or in manufacturing for that matter over the last three years. And I think that that puts everybody in a position where they’re on the back foot. Maybe staffing has been reduced. Maybe they’re not in the best position to be planning upfront. So I think there is a possibility that there's more people or more companies in that situation than you would expect. Paul Right. They could use this service. Brilliant. So just give us your contact details then please, John. Your website address or e-mail John OK so yeah, website is winslowadaptics.com W-I-N-S-L-O-W adaptics.com Paul Brilliant. And if anyone wants to contact you directly? John They can have my e-mail address if they want. johnd@winslowadaptics.com . Paul That’s been really insightful, really helpful to speak with you, John, about this. To learn more about it. And just want to thank you again for your time in this podcast. John Thank you very much, Paul. See you later. Paul Bye Previous Next