Great British Brilliance: From 15 to 67 Medals in 20 Years

Historic. Epic. Astonishing. Dazzling. Awe-inspiring. Extraordinary. Mesmerising. Heroic.

Words seem so inadequate when trying to describe what most of us are feeling about Britain’s performance at Rio2016.

The spirit of the Brazilian Olympics started like a slow burning flame. It was most likely sparked here back home on Day 2, when 21-year-old Adam Peaty, won gold for the 100m breaststroke. Then on the same day, Jazmin Carlin, won a silver medal in the 400m freestyle. The days that followed fanned that Olympic spirit flame until it became wilder and swept more and more of us along with it. There was something for everyone – action, drama, thrillers and lovestories – all unfolding live by the second, and it was addictive.

On the second last day of the Games, when we were already gasping at the dreamy results, we were in for more treats:

First, Liam Heath won Gold in the men’s kayak 200m sprint.

… Shortly after that, Vicky Holland was awarded a Bronze medal after her gruelling race in the women’s triathlon,

… then boxing flyweight, 33 year old Nicola Adams, won Gold – becoming the first British boxer to retain an Olympic title in 92 years.

… Next came Bianca Walkden, with a Bronze medal, beating Morocco’s Wiam Dislam.

… Then came one of the highlights for millions around the globe: possibly the greatest TeamGB athlete of his time, Mo Farah ran to clinch his incredible “Double Double”. Witnessing this sporting icon trip and then get back up to take the men’s 5,000m gold medal, was enough to bring many to tears. Indeed, Mo Farah made Olympic history by winning the 5,000m and 10,000m in both the London and Rio games.

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Mo Farah wins the 5,000m and 10,000m Mens track events, achieving his “Double Double” gold

But there was more to come. Team GB women’s 4 x 400m relay, won a bronze medal – Ceilidh Doyle, Anyika Onuorh, Emily Diamond and Christine Ohuruogo bringing it home in style.

Super heavyweight boxer Joe Joyce’s silver medal brought the total medal count for Great Britain to an outstanding 67, second in the world to the USA – even beating China, and smashing a 108-year-old national record for most medals won.

Compare that to the 15 medals won in 1996 – which included a solitary gold medal won by Sir Steve Redgrave and Sir Matthew Pinsent, who won the men’s coxless pair in the Atlanta Games.

… That’s a mere 20 years gap between 15 and 67 medals.

Have a look at the detailed TeamGB Rio Olympic 2016 medal table here.

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Great Britain’s medal takings at the Olympic Games Rio 2016 – BBC

For any nation competing, success at the Olympics demands a focussed plan and sufficient funding to implement this plan. Funding is essential to nurture athletes from a young age, through specialist training programmes, by providing subsidies, research, facilities, equipment and expert trainers.

In Britain, the establishment of the National Lottery was pivotal to this plan to succeed, and it started funding the World Class Performance Programme – which was implemented in 1997, after the 1996 Atlanta Olympics result. The British have increased spending on Olympic sports from £5m a year before the 1996 Atlanta Games – when the UK came 36th in the medals tables, to £350m (€410m) by Rio 2016, where it came second.

Regarding focus: The Olympics is a competition where you need to be the best in the world to even qualify. Being a Jack of all Trades and a Master of none is simply not an option here.

After the 1996 Olympics, it was decided to concentrate funding and focus only on sports that we performed in. This decisive move, that caused much controversy worked. By focussing on what British teams had an advantage at already, they already had a foot on the road to a medal. The Brits also concentrated on sports are not hugely popular or widely played – this gave them more of a chance of a medal with less competition – pretty clever “niche market” strategy.

In 2006, the year after London won the right to host the 2012 Games, UK Sport became responsible for all performance funding, which is reflected in figures that have risen from just under £60m for Sydney to the current total for Rio.In essence, every citizen has donated £ 1 per year to the training of this team.

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After an heroic battle, British champ Andy Murray beat Juan Martin del Porto to win gold in the Men’s Singles tennis event

Rio Olympics – the connections that will keep giving:

On the day of the opening ceremony of the Rio Olympics, UK trade minister Lord Price said in his speech at British House in Rio that the Olympic Games reminded us all that we are equals united by sport, and that this extended to other areas. He wanted Brazilian investors to know that the UK was “open for business”. He had lead the first trade mission to Argentina in May, before the brexit result was announced, and had said at the time that the growing economies of Latin America offered huge opportunity for British business.

UK suppliers won contracts in excess of £ 150m for the Rio Games, confirming that small firms are keen to trade with South America. FSB national chairman, Mike Cherry has said that the number of small businesses exporting to the continent have increased by 50% over the past five years.

Latin American countries have expressed an interest in striking free trade deals with the UK in the wake of Britain leaving the EU, and Brazil’s foreign minister, José Serra, said last month he would look to open negotiations via Mercosur, the five-member trading bloc.

With our team’s commendable behavior and performance throughout the Games, the cultural diversity in the team and diverse talents represented, Britain has really made it clear to the rest of the planet that this small Great island is Ready to do Great Business with the world.

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Team Great Britain – Thank You from every one of us, united as a nation, claiming our place on the podium at the Greatest Show on Earth

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

 

 

 

 

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Email Marketing Basics for your Business

One could not have failed to have noticed that the festive season is upon us once more, bringing with it the annual year end frenzied product push. Our team at Akoni thought it particularly relevant to highlight ways in which your business can optimise your email marketing to maximise sales from existing subscribers or prospective client bases.

Email marketing is the most powerful tool of a marketer – it is easy to measure ROI and is a tool that enables business to reach the customer directly. It is often mistakenly assumed in marketing that a measurement of deliverability is simply the proportion of emails that were ‘accepted’. If an email does not bounce back or is not rejected, it does not necessarily mean that it has been delivered.

Delivery rate is a calculation of mail sent minus the volume that bounced. However, this is quite misleading as it doesn’t take into account the emails that are simply filtered into spam files or are ignored. Overall, deliverability is making sure you are doing what you can to put yourself in the best position to be actually seen by your subscribers, says Tom Corbett of Experian.

70 per cent of mail sent globally being considered spam by Internet Service Providers (ISPs), which have developed settings which the customer can adjust to suit their unique inbox preferences. These filters massively reduce the volume coming to an inbox. However, the interpretation of spam differs according to personal preference. As a result, what is becoming increasingly important is personalisation in email communication – making your email wanted is the key to a successful email campaign.

Know Your Client

Up to date research into customer behaviour and market analysis will show you where and how you should target your audiences effectively. This will help hone your campaign and make sure it appeals to the right group. This is the most important step in any marketing campaign by far, as everything starts here.

Make Customers Feel Special

Creating a feeling of belonging to an exclusive club or a select group is an extremely effective marketing tool. People are naturally competitive, and want to be made to feel special, the chosen ones – more superior. By making sure that your clients are given VIP passes, or exclusive prices or a top-class service reserved for a few, you are immediately tapping into a very powerful psychological tool by stroking their ego’s, catching their attention and creating a bond.

A Clear, Simple Message – Repeated

Know what your company does, what they stand for and why the customer needs your product. Get your branding right. Keeping to the basic core with simple, direct messages.Repeating the lines that are part of your branding core, that won’t change and are easily associated with your brand will create a sense of familiarity and a sense of trust for your customers. They will think of your brand when they hear similar words, or catch phrases. Own your taglines.

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Always focus on the customer. Personalised campaigns are becoming more and more essential.

Well Presented

Employ a designer or use the templates provided in tools available. Design is essential as we are all far more likely to read visuals than words. Make sure that you tap into this, as getting simple elements like the colour tone wrong can have expensive consequences. Watch spelling and grammar.

Regular Emails

Keeping in touch with customers on a regular basis is important. It reinforces the notion that your company is reliable and trustworthy. Keep postings or mail drops to the same time on the same day. Be aware that too many emails a week can lead to engagement fatigue – making your company an enemy as opposed to friend.

Strong Call to Action

It’s all very well having a clear email selling you something, but people need instructions. The Call to Action is the moment a potential target takes the bait – the conversion of effort to profit. Tell people what you want them to do, very short, sharp and clear, containing a verb – three words maximum. “BUY NOW” or “ENTER HERE”

Sense of Urgency

The sense that this offer is only available for a short period of time certainly makes it more valuable. Some emails have an actual clock feature that counts down the time till the offer expires. It puts incredible pressure on the customer, which is effective.

Choosing the Right Business Tools

There are many examples of excellent products out there which offer top class  email marketing software (MailChimp,  ConstantContact, Campaignmaster) through to all-in-one CRM and Sales package tools such as Hubspot, Salesforce and Pipedrive . It’s imperative to find a solution that fits your brand’s unique needs and requirements. When you are starting out, here are some key items to take note of and factor in before settling on a CRM system:

  • Does it offer support? What are the hours that support is offered in?
  • Is there training offered as part of the package? If not, how much extra will this cost?
  • Does it integrate easily with your current systems?
  • Find out how pricing scales, the longer you use it, and the more features you engage – especially regarding database size. Are there add-on features available or do you have to upgrade for more features or additional contacts? Are there hidden fees? Limits of messages sent a month? Charges to add users?
  • Find out if the software is designed for use by both sales and marketing. How it will better align sales and marketing teams? Ask for examples of how each team can use it. Get your marketing and sales teams to sample different tools before deciding on one.
  • Does the platform manage full customer life cycles, or only leads and prospects? You want to be able to engage and nurture contacts throughout the entire life cycle. After all, the best customer you can get is the one you already have.
  • Ask about email deliverability, specifically the vendor’s inbox and deliverability rate.
  • Is data available to track and assess progress?
  • Ensure the software offers mobile optimised landing pages and forms, as well as responsive email templates. Do you have additional mobile technology needs? It is essential that the software can meet your mobile requirements.

There is no replacement for personal engagement with clients. People want to see that they are valued and can trust your service if they engage it. That is what marketing comes down to – convincing the your client base that your product is better than the next. Try and humanise your email communication as much as possible – making your email wanted is the key to a successful mail programme.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

 

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Brexit, the US Election and British Business

After a seemingly endless trail to these fraught US elections – which have featured more turbulence, twists and turns than a series of Game of Thrones – businessman Donald Trump has become the 45th President of the United States. Indeed, 2016 will go down in history as one of the most volatile financial years ever. With the uncertainty of Brexit dangling over their heads like the Sword of Damocles, hundreds of Britain-based SME’s are now facing the impact of “Trumponomics” on top of Brexit uncertainties.

As expected, the dollar immediately plummeted after Trump’s victory, and may be unstable for a while. The US economy may take time to settle before changes start to kick in. The main European markets ultimately ended the day up – as such the expected meltdown did not occur. Experts are saying that radical change is unlikely to happen immediately – which is good news for stock markets. How the US economy reacts over the next few years will be interesting to watch, however.

Trump’s victory speech certainly soothed some fraught nerves, and towards the end of the day many markets were calmer. The President Elect spoke of healing and uniting the nation, he offered his thanks to Hillary Clinton for her service and hard work over the years, and talked about global relations.

While a Trump presidency is likely to add to global economic uncertainty, analysts believe the impact on the UK economy will – at least in the short term – be limited. Capital Economics has left its forecasts for UK growth unchanged 1.5pc in 2017 and 2.5pc in 2018 following the US election result. Outside the EU, the USA is the UK’s biggest export market, with a fifth of UK goods and services sent to the world’s biggest economy, equivalent to 6pc of UK gross domestic product (GDP). But Jonathan Loynes, an economist at Capital Economics, argues that there are several reasons why a Trump presidency would not be as painful for the UK, as it might be for other European countries. He sights factors such as the plunge in the value of the pound following Brexit – ultimately helping the UK to regain it’s competitiveness; a weaker dollar against low yielding currencies could help the pound to “find a floor”, easing concerns about runaway inflation. He also added that the political consequences for the UK, due to our good relationship with the US, plus the bonus that the UK has already had its “revolution” against the establishment, as positive factors. Brexit inspired the Trump vote, while mainstream politicians in the euro-zone – especially France, Italy and Germany – will be looking on with considerable unease while populist parties take encouragement from the events that have unfolded in the US and teh UK.

Britain’s main stock index, the FTSE 100, recovered from it’s early-morning slump, gaining 0,7 percent, while Germany’s DAX was up 0.5 percent and France’s CAC-40 gained 0.5 percent. This pattern has echoed the reaction to the Brexit vote – only it happened much faster: complacency, surprise and panic followed by swift recovery. Maybe Trump will prove to be less controversial than he has promised? Let’s hope so.

Practically speaking, there is a bit of breathing space before all these policy changes would come into being. In a Brexit scenario, the process of leaving the EU will take two years before it is phased in. The US president is sworn into office in January 2017, after which policies that President Trump has mentioned in his campaign will need to be passed by the Senate – and his revolutionary policies may or may not be approved by the extremely conservative administration in place.

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Extraordinary times call for caution and sensible business practice.

In terms of practical advice for businesses, it is crucial that they use this period to renegotiate, reassess and re-strategise to manage all foreign exchange risks. Many companies buying US dollars have already shortened the length of their forward contracts significantly, dropping these from an average of 90 working days per contract to less than 70 days, in anticipation of financial upheaval. Some 75 per cent of the earnings of the UK’s largest 100 companies come from overseas with many reporting their results in dollars. If we are faced with a situation where the pound becomes weaker, the knock-on effect may be felt down entire supply chains.

It is also on businesses to make sure that these supply chains are performing super-efficiently and cost effectively. It is a good idea to try and renegotiate future deals with one’s current suppliers, or in some cases, seek new suppliers who can offer the best possible deals.

It seems that UK business owners are relentlessly carrying on with business as usual. Given the difficult economic conditions in the recent past and the unpredictability of the future, business owners here have come to believe that with a combination of new technology available (i.e. access to effective ways to market their products online and many business tools) together with their own hard work, an innovative approach and good business management, there is every chance  of succeeding in this economic climate. After all, small businesses are essential to the economy of the UK, and the government knows it. Trump is all about business, hence the world is all about business as never before.

One part of Britain that will have their eye firmly on developments in the USA is Wales. For 70 years the US has been Wales’s top investor, accounting for 40% of the foreign money invested in it, and therefore the ramifications of the Trump administration’s economic policy are of massive interest there. Around 275 US companies are employing 48,000 people operating in the region – a significant chunk of the economy. Welsh exports to the USA are around £2.7bn while imports from the US to Wales are valued at £0.6bn.

Theresa May’s diplomatic message to the President Elect was that Britain and the USA have had an enduring and special relationship based on the values of freedom, democracy and enterprise in the past. The USA has been a close ally of the UK, with British foreign policy being closely coordinated with the US.  This special alliance has been strengthened by close cooperation through the World Wars, the Korean conflict, the Persian Gulf War, in Operation Iraqi Freedom, and in Afghanistan, and through trade agreements such as NATO. The two countries are in constant contact on foreign policy issues and global problems.

After Trump’s election result was confirmed, the UK government has made it clear that it is open to beginning a new trade relationship with the US. Keeping an eye on the business ball but adopting an optimistic outlook, wouldn’t it be excellent if trade relations with the US were favourably negotiated for Britain – offering new and favourable markets as an alternative, or an addition, to existing European markets after Brexit kicks in?

As long as businesses are prepared for the inevitable ups and downs ahead by having various risk mitigation plans, including buffers and insurance strategies for padding, there is a great chance that the effects of these upheavals can be minimised – even optimised.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

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Onwards and Upwards: StrongJones renames itself Akoni

There are many advantages to being involved in the very first stages of a startup: the buzz of pitching to potential investors; the pressure to innovate and invent new and improved product on a regular basis; the kick of meeting new recruits to the Dream pretty much every time you see each other. You form a formidable posse knowing that each of you has a common belief in the vision of your startup’s success.

Ours is a startup company in the earliest phase of development. The idea behind the business is feasible – we’ve proved that with our model works well: we’ve identified our target market, and it looks promisingly large enough to sustain a business – in fact the more research we do, the better it looks. No doubt changes will be made and pretty much every aspect of the company will be revised and reviewed many times until perfected, but the point is, the ball is in motion, and it’s direction is being determined by our little team. 

As part of the development process, we’ve been trying out names for our startup. We’ve all been looking at the market reactions to the original name, StrongJones, and we’ve been engaging in much “new name” banter. This has lead to much team hilarity, as you can imagine – but it has also lead to much thought about our brand essence, and where we are heading.

As a consequence, it has been unanimously decided that StrongJones no longer suits us, we have moved on. Our target market is More in so many ways. We need a name that is more inclusive – more accessible and more current, after all our target market is professional, money-savvy, forward thinking and innovative.

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OLD LOGO AND NAME: StrongJones is being replaced with the more up-to-date name, “Akoni”

 Out with the old, and in with the new

We have decided on “Akoni” as our new business name (in case you were wondering, Akoni is pronounced: [ 3 syll. a-ko-ni, ak-oni ] ahKOW-Niy- †). Akoni is often used in the Hawaii as a name derived from the longer version Akonani – however its language of origin is Latin, it being a variant form of the English male name Anthony. Akonani, Akoni and Anthony all mean (more or less) the same thing: “inestimable or priceless”.

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NEW LOGO AND NEW NAME: Akoni means “Invaluable”

Akoni has been born out of a real need to help SME owners to find a better way to maximise the cash savings they have worked so hard to accumulate. The driven and experienced team is headed up by Felicia Meyerowitz Singh, no stranger to the finance world. Felicia, chief tech genius, Panos Stavvos, and experienced banking industry advisor, Yann Gindre, met whilst studying at London Business School, and have managed to set up an experienced and skilled team, bringing in Duncan Goldie-Morrison as the chairman. One could hardly wish for a better grouping of capable business brains whose combined extensive experience covers global and UK banking, insurance, financial accounting and systems and technology, data analysis and especially SME businesses.

So – watch out for the next steps in our Akoni evolution. This is a startup now – but just you wait. Akoni will make an enormous difference to SME businesses across the UK – and further afield – in the near future. In the meantime, the team behind the new name will keep those innovative ideas coming, because they’re passionate about making Akoni a success.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

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Big Data, Small Data and SMEs

Data is vital to strategy and insight in the business world today, and in the future. But what exactly are Big Data and small data, and how are they useful to small business?

What is Big Data?

Big Data refers to massive sets of “raw” data (numbers, letters, symbols) that are too large or complex to store in traditional processing applications. What makes Big Data a massive challenge is how to organise, interpret and utilise this deluge of “chaotic” information most effectively – without this it is of little value.

The term, “Big Data”, was actually coined the 1990’s, and is different to other data because it has certain features – known as the three Vs:

  • Volume on an unprecedented scale, and this is increasing continuously. The global technological per-capita capacity to keep information doubles every 40 months. Since 2012, 2.5 Exabyte of data is generated every day;
  • Velocity – the speed in which it comes in;
  • Variety – the range of sources it comes from. Data is gathered from a myriad of sources: mobile devices, cameras, software, microphones, wireless networks, remote sensing, radio-frequency identification readers – and the cheaper and more accessible these become, the more data there is.

Big data is associated with large companies, however, in many cases it could equally benefit SME’s, simply due to the agile nature of these types of businesses. Even the most potent insights are valueless if your business cannot act on them in a timely fashion. Smaller businesses have this advantage, being suited to act on data-derived insights with speed and efficiency.

In the online gaming industry, for example, SME’s are already running Big Data technology within their enterprise without even thinking about it as such. Bookmaker WinUnited has put in place a MongoDB open source non-relational database from 10gen to bring its gambling products together and help it to better update betting odds in real time. This allows them to service customers and update their information as it happens – essential qualities that define this industry.

By running Big Data through a hosted service such as MetaMarkets, the small business can benefit from immediate insight – which needs to be acted upon, and used timeously to be of value. If SMEs collaborate with a channel partner, such as Splunk, they can take advantage of some of the most effective methods to gain necessary data insight, while gaining a deep level of industry expertise. This ensures the business maximises revenues, is able to strategize and develop new products as the market feedback reflects consumer needs. It all depends on how much the SME has to spend and why what the purpose of the data is for.

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Data is useless if one is not able to interpret it, and use it effectively.

Small Data is the new Big Thing for SME’s

Small data is data that one can comprehend easily. In a way, it’s the old “data” – much more accessible, understandable and actionable for everyday tasks than Big Data. Small data is essentially what will shape our future, because where Big Data is all about predicting the future by sifting through millions of data points, small data is really all about the causation of the data, the reason behind the actions – why things happen.

Customer behaviour insight

Small Data is invaluable in SME Marketing, Client Relations and Customer Retention fields, because it clearly and quickly shows trends in product preferences which can help decipher consumer thought processes. This information is used by these departments to predict what products will be popular, how to drive sales in their target market, and gain customer loyalty by delivering to the needs of the consumer, in the right place at the right time, in the right packaging. Small data can also help to indicate where the company should be developing new product and drive their branding strategy, and therefore increase profits while lowering risk.

Even small data sets from CRM platforms, social media or email marketing programmes can also provide much-needed insight to help businesses understand customer behaviour patterns and showcase trends. Google Analytics offers free data analysis. Hootsuite, Sprout Social’s Sprout Insights, Salesforce Marketing Cloud and Moz Analytics are a few tools to consider which offer great insight into social media behaviour – all aids in helping to understand the client, hone the product delivery and gain insight into product suitability.

Learn about your SME, and gain foresight

Many companies simply want to do better analysis with the data they already have. If one’s company has been operating for a year or more, there is a likelihood that a ton of big data exists in the company records. Information from sales ledgers in various forms such as Excel or QuickBooks provide data sets and interpretable statistics to cross-reference with other information in the company provided by the Marketing and CRM departments, for example. By learning about the way in which your company behaves, one can start to predict trends and prevent potentially damaging scenarios from occurring.

Use data to gain a competitive edge

Barclays provides a free service to SMEs, whereby the business can review their market positioning – which includes a downloadable report based on your postcode, constituency or the region the company operates in. The report includes a breakdown of consumer spending in your region; income and age bands of spending growth; turnover of businesses, analysis of the largest sectors, and commentary on the broader economic situation and impacts on small business. This can be extremely useful in terms of marketing and product development, for example.

Xero, the SME cloud-based accounting platform provider, recently launched Xero Signals, giving small business access to an unprecedented level of data, launching initially for New Zealand, with more countries due to follow. It claims to represent a true signal of the state of the country’s small business economy, based on aggregated data from almost 10,000 businesses. This is incredible industry knowledge if your sector is involved in finance, for example, where cutting edge tools are essential.

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Trend spotting. Data is essential to gain insight, gain foresight and maximise profits in business of any size these days.

In the very beginning, most young SME’s probably just need a good quality CRM system, (Hubspot, Salesforce) or ERP (such as Oracle or Sage) if it’s bigger or more complex, and a proper customer contact strategy. Don’t be fooled into spending vast amounts on over-specced software and data-systems providing which are unnecessarily complicated for one’s small company. Upscale as you grow – your needs will change – but it is essential to take advantage of small data to drive strategy and profit in today’s business world.

A word of advice: An SME needs to understand clearly what it’s objectives are (i.e. to understand competitors / geographies or customers or increase prospect pipeline or sales etc) before launching into data analytics, because otherwise the process can become incredibly confusing and complicated – and fascinating – and one can waste valuable time searching and gaining very little.

At the end of the day, the aim of data is to enable companies to make clearer business decisions and plan for the future – and this is definitely possible using both Big Data and small data for SMEs. It all depends on what the purpose of using the data is, and whether you have a budget. Both are incredibly valuable and essential tools to have in business today. Always remember though: it’s not what knowledge and information one has, it’s what you do with it that counts.

What are your experiences using new FinTech products? We would love to hear from you, please post your comments or or get in touch via our website: Akoni

About Felicia Meyerowitz: I am passionate about technology and innovations in financial services adding value to Small and Mid-size business in a practical way. I work as a co-founder at Akoni, aiming to bring innovation to the key asset within all enterprises – cash. Follow me on @Feliciatedx.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

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6 Reasons Why Professionals Want to Work at SMEs

Statistics show that the SME sector continues to grow: 58.3% of small companies plan to take on staff over the next six months, up from 56.7% last year and just 48.9% the year before. There is no doubt that the future of business rests on the bedrock of upcoming SME’s. Small companies are vital to the economy’s growth – and even more so now after Brexit. It is not surprising, therefore, that the perks of working for a small business are being noticed by the best of the jobseekers.

When Linkedin conducted its latest Job Job Satisfaction Survey, it found that 87% of professionals that took part were keen to work for a startup or small business (employing 10 or less than 10 employees), rather than at larger companies. The survey questioned more than 10,000 professionals and over 3,500 employers worldwide. 

There were some surprises amongst the statistics: the survey found that 45% employees of small businesses were Very Satisfied or Fulfilled at work; that SME’s had some of the most loyal employees possible – 3 out of ten 10 wanted to stay where they were for the rest of their lives. Just over one in three small business employees were willing to take a wage cut to work at a startup or small business, and 77% say they would recommend their small business to their friends and family as an employer.

It was found that being able to align one’s values with one’s employers values was crucial to job satisfaction. Salary and promotional opportunities are key motivators for professionals today. Another major factor was work/ life balance (see our previous blog on this) which topped the list – even before salary – for people over 40.

So – why is it so desirable to work for a startup or small business?

1. Small business are perceived as being more flexible – “more human” – when it comes to making demands on their employees. If one is part of a small team, each member matters more – to get employees performing at their best, it is important that they are supported in their work. Working from home, flexible hours, bringing kids or dogs to work – there is often a way of making challenges into advantages for the business and the employee, with a bit of creative thinking.

2. Get ahead – much faster. Because each person in a small company is relied upon from the get go,  taking on further responsibility as the company expands, and therefore your rise through the ranks is quicker. Your talents are also more noticeable because there aren’t another hundred of you doing the same job.

3. Hard, but satisfying work: It goes without saying that you are expected to produce the goods – and often for less – but there are such great rewards. To be involved at the start of a small business is always a good thing – you will ride the wave of success, and be a part of the financial wealth when that comes.

4. Culture fix: Most small businesses are very picky when it comes to new employees – and for good reason. Apart from having to have the appropriate skill set, the candidate also needs to fit into the company culture. Creativity and genius flows in a safe place to innovate and conceptualize – and everyone’s different personalities need to gel, for maximum results. Each company has it’s own quirks and fitting in comfortably with these are essential.

5. Broaden your skill set: In small companies there is more likelihood of learning new skills and possibly even working across different departments. Sometimes everyone needs to “muck in” to finish a presentation for a deadline or cover for someone who is off on leave. You’ll see how the business operates as a whole, and develop transferable skills.

6. You can make a big difference: In an a small business it is hands-on. The chance to grow and to be there as the company develops, is exciting. Many people feel satisfied in their jobs at SME’s because they’re able to see real, tangible results of their work.

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Small business may be the most attractive employment option to professionals, yet it struggles to reach the right talent. Social media and an online presence can help boost your profile in the right places in order to overcome this challenge. Image: Pexels.com

Interestingly, SME owners who took part in the same survey said that they found it difficult to attract the talent they need, because of competition from larger organisations in the job market. They battled to become noticed.

Many SME’s don’t have a specific brand – they often grow fast and are so busy managing this, that their very persona is never honed. This is an essential step in the growth of a successful small business – if you don’t know who you are – what your authentic core values are – how are customers or top drawer job-seeking professionals going to find you? Providing happy employees the brand marketing tools to sing your praises over social media, small businesses can really make an impact in all the right areas.

Times are changing – a grand job title is not much of a motivator any more. Compensation, work-life balance and opportunities for advancement rank as the three major motivators amongst job-hunters. They want to be contributors who can make a positive impact on a business, hopefully learning new skills in the process. That is why SME’s are attracting the talent they deserve, and shall continue to do so.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

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Inspiring Women in Tech: Ada Lovelace, first Computer Programmer

Another worthy addition to our blog series on Inspirational Women in Tech, today we focus on Ada Lovelace – as today is  Ada Lovelace Day, which was started in Britain in 2009 as part of #DayoftheGirl. At Akoni we are inspired by women in technology and hope to see more women enter the sector drive innovation – just as she did.

Rejected at birth by her father, the famous poet, Lord Byron, who was only interested in being a father to a son, the one-month-old Augusta Ada Byron was whisked away to her maternal grandmother’s home in Kirkby Mallory, by her mother, Anne Isabella Milbanke.

There, she was largely brought up by her maternal grandmother, Lady Milbanke, who doted on her. The young Lovelace was encouraged to pursue her love of science and mathematics by her mother, as it countered the “insanity” that she had potentially inherited from father.

The young child was fragile, even suffering a bout of measles which left her paralysed and bedridden for an extended period of time. During her recovery period, the young Ada decided that she wanted to invent a way of flying. The twelve year old Ada went about this task with a clear and systematic plan. She investigated the construction of wings, studying the anatomy of birds, exploring different materials (oilsilk, wires and feathers) to build these out of – drawing on her mathematical skills to calculate the right proportions. Steam would be used in the final stage. Ada produced a fully illustrated book, “Flyology” which mapped out the entire project, illustrating her findings and inventions with plates. Perhaps she told Babbage about this production – he used to affectionately refer to her as “Lady Fairy”. She was clearly an individual, not afraid to go against the grain from the start.

Her tutors in mathematics and science included some of the best brain around – William Frend, William King, Augustus De Morgan and Mary Somerville. De Morgan said that she was “an original mathematical investigator, perhaps of first-rate eminence“. It was Mary Somerville, who became a great friend to Ada, that introduced her to Charles Babbage, a mathematician, philosopher, mechanical engineer, inventor of the concept of a programmable computer.

Babbage introduced her to his prototype machine – the Difference Engine, which entranced her. Impressed by Lovelace’s mathematical and analytical abilities, he asked her to translate the Italian mathematician Luigi Menabrea’s article on his latest machine – his Analytical Engine.

In her extensive notes on the article, Lovelace emphasised the difference between this machine and previous calculating machines – regarding this latest machine as a breakthrough, with massive potential because of its ability to be programmed to solve problems of any complexity.

Her notes also included, in great detail, a method for calculating a sequence of Bernoulli numbers using the Analytical Engine – which could have run correctly if it had been built. Based on this algorithm, Ada Lovelace is now widely considered the first computer programmer, and her method is recognised as the world’s first computer programme.

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Portrait of Ada by Margaret Sarah Carpenter 1836

Lovelace held imagination and intuition in high regard, integrating them into her scientific and mathematical explorations and concepts. Her “poetical science” led her to ask human questions – “basic assumptions” about the Analytical Engine and future inventions – how society and individuals would relate to technology as a tool.  She valued metaphysics as much as mathematics, viewing both as tools for exploring “the unseen worlds around us”.

The remarkable Augusta Ada King-Noel, Countess of Lovelace (née Byron), died of uterine cancer in 1852 at the age of 36, leaving behind three children and her husband, William King-Noel, 1st Earl of Lovelace. 

Lovelace’s astonishing intelligence, her original thought and the fact that she accomplished so much in an era when women were not given much credibility or voice was remarkable. Her self-belief from an early age is exactly what many young girls need more of today – a value that the Akoniteam admire and encourage.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

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#timetorebalance: Your Work/ Life Depends on It

As a small business owner, you are most likely a Jack of All Trades and a Master of Most. Managing your business often implies that you multitask and cope with production crises, cashflow nightmares and so much stress that you never sleep properly. Well – this is National Work Life Week, and having been a small business owner myself, I understand why it is necessary to create a national campaign around Work/Life Balance – because SME owners are far too busy and stressed to notice it otherwise!

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Here are some tried and true tips I have practiced – hopefully you’ll find them useful too. Listen Up – it’s time to take stock, #timetorebalance:

Remember why you started your company in the first place. You spend a large percentage of your life working – you go through stress and sacrificing many things for your SME to succeed. You need to remember the passion that lead you to getting it off the ground. Keep coming back to that. That is what will get you up in the morning.

Learn to delegate. You won’t believe how liberated you’ll feel when you hand that work that you hate doing and aren’t very good at anyway to someone who specializes in it! Now you can concentrate on what you are best at, and this will be much more rewarding and enjoyable. By delegating, you will lower your stress levels. Use tools and apps to cut down on one’s workload and money spent on travel and outsourcing significantly. Here is a range of some that may be useful:

  • Cash management and accounting tools such as Xero, Freshbooks, Quickbooks, Sage are the most widely used, and all are excellent products, well worth investing in. (Have a look at our Akoni blog on Cashflow Tips for SMEs for some more on this subject).
  • Try Skype, Google Hangouts, ClickMeeting for online meeting and webinars. These can be used to conduct webinars, teleconferencing, online meetings and presentations. No more travelling out of town or even across town – saving you money and time.
  • Asana is a task and project management productivity tool for team collaboration and communication that eliminates the use of email. Free for up to 4 users. With Asana, you can set up projects, and tasks within projects. Add staff or clients to tasks and projects to keep everyone up to date.
  • Apps like Producteev and Harvest let you see how you’re spending your time, what’s on target and what requires follow-up.
  • Pocket – this allows you to store videos, articles or anything else you find of interest. It’s all in one place and ready to look at when you have time.
  • Evernote – one of the most popular apps for managing a to-do list and keeping notes. It even has an app to make it faster to read blog posts and articles by showing them in a simple format.
  • WorkflowMax: An end-to-end time tracking and invoicing solution, seamless integration with Xero Accounting software.
  • Hootsuite for social media management
  • For some more interesting tools, have a look at useful tools for SMEs

Learn to set boundaries. If you are open about realistic timings at the beginning of each project, explaining why you need that time to do a good job, your clients are far more likely to understand – because they need the best quality product you can deliver.Turning down work is hard, but is it worth taking on if you and the client are going to be dissatisfied with the result? Your reputation may suffer, which affects future work and client relationships.

Write things down. In this age of electronics it sounds archaic, but often the simple task of writing down ideas and thoughts or tasks that you think of suddenly will reduce your stress levels. Write a  TO DO list before lights out. It clears your head, and facilitates sleep, knowing that you will have your list when you wake up. Same goes for those 2am thoughts – write it down and there is a good chance you’ll get to sleep again.

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Activate your brain and body. Your body can’t take stress for extended periods without it having often serious health consequences. Find something that you enjoy doing. The brain and body benefit far more if you practice an activity you prefer instead of dreading your training sessions. Yoga, running, lifting weights, walking – just get out and do something fun. Your brain needs blood flow to function at it’s best, and different environments are stimulating.

Family is important.  As a small business owner, speak to your employees about what they would suggest in terms of flexible hours and/or the option to work from home. Being flexible in one’s approach will have benefits all round: happier employees, better quality work, you’ll attract quality talent when recruiting and your clients will ultimately benefit from dealing with a motivated company. Have a look here for some more tips as an employer.

Remind yourself what success is. Ian Sanders, author of Juggle: Rethink Work, Reclaim Your Life and Mash Up says,I recommend creating a personal dashboard where you set out the things you want in life and the reasons why you are doing them. You should write down all the things that are important to you, whether it is making money, creative stimulation, spending time with your kids or playing tennis. These are your definition of happiness and success. Then you can monitor this regularly to see how you are doing.” 

In this frenetically-paced age, it is important to keep your eye on what Really matters – your health, your happiness, your family and your goals in life. Enjoy what you do, otherwise change it. A frazzled, crabby and stressed business owner is not going to be any good to anyone. You owe it to your family, your staff and clients to be the Best Version of You possible. And that means gaining perspective by getting away from work every now and then – really make an effort to unplug from all those digital devices, look up at the sky and B-R-E-A-T-H-E deeply. Your life depends on it.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

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Women on Top: Positive Effects on Business

Democrat candidate for the US presidency, Hillary Clinton, has said in the past that she wants to be known as the “Small Business President”. During her impressive performance on Monday’s extraordinary Presidential Debate, she made it clear that she was determined to make to small business a priority, should she be elected to office. Clinton vowed to make “starting a small business in the United States as easy as opening a lemonade stand”, which certainly spoke to a wide economic sector and a significant voting body.

Clinton has a personal affinity with the small business owner, afterall, her father was one. He owned as small printing business, and it provided for the family. “ When my dad ran his small printing business—he printed drapery fabrics in Chicago—it put food on the table; it gave us a good, solid, middle-class home and lifestyle. And I don’t think it’s old-fashioned to say that’s what I want for every family that wants to work for that here in our country today.”

If she takes over the reigns from Obama, Hillary Clinton’s strategy for promoting the growth and support of small business in the USA will be made up of several exciting features, many of which the UK government can relate to. (see http://www. great business.gov.uk/).

Her strategy includes, briefly: more accessible funding; streamlining the process of the licensing startups; revising taxes for small business; and incentivising healthcare benefits for small business employees; opening up new markets and promoting trade; providing recourse for small businesses that get “stiffed” – or aren’t paid by their dues (Trump is famous for not paying his contractors); by providing incubators and training and support for business owners; and making the government more user-friendly, making a 24-hour response time to small businesses with questions about federal regulations and access to capital programs, standard.

Back on this side of the ocean, Theresa May has been vocal in her support of small business since becoming the UK PM. She recognises that Britain’s 5.4 million small and medium sized businesses provide people with jobs, put food on families’ tables and underpin the strength of our economy and listening to, and working with smaller firms is the answer to building an economy.

Like Clinton, May is keen to promote the global expansion of UK small business elsewhere, and Brexit provides UK small business with a golden opportunity to do just this. “I also want those firms, across all the sectors of our economy, to be able to take advantage of the opportunities presented by Brexit, such as exporting to new destinations.”

The British Prime Minister has recently disbanded the business advisory group, which was set up by Cameron during the 2010 coalition, with a view to making the body more representative. The new members, Number 10 has said, will come from business big and small. This is another example of May showing her support of SMEs, and has been welcomed by small business leaders including the Federation of Small Businesses, saying that they hope for a larger voice now that the Brexit negotiations are taking place.

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Strong women at the top (l – r, above – below): Scotland’s Nicola Sturgeon, UK PM Theresa May, Angela Merkel, PM of Germany and US Presidential candidate, Hillary Clinton. (Pic source: http://atlanticsentinel.com/wp-content/uploads/2016/07/Nicola-Sturgeon-Theresa-May-Angela-Merkel-Hillary-Clinton.jpg)

According to a recent new study, a third of British women in business have felt that they had been positively affected by strong women leaders. Clinton, along with PM Theresa May, Scotland’s Nicola Sturgeon and Germany’s adept Angela Merkel, amongst others, are having a marked effect on women worldwide – and on business in the UK. Crunch’s operations director, Justine Cobb, said “It’s fascinating to see that the female business community in the UK is feeling buoyed by the rise in female political leaders.”

This group of political heroines are leading by example and this is translating into economic growth in the UK. Backed up by the data collected, Crunch found that the number of women starting their own businesses had grown 42 per cent since 2010, and almost a third of all the new businesses are now founded by women. Obviously, a third is still someway to half, but at least the progress is in an upward direction.

In times of economic uncertainty, it is clear to see how valuable competent role models are, and how they can become catalysts for change in society. With inspired examples of what is possible in one’s sight, it is easier to set positive changes in our personal lives motion. The sooner that female leadership is normalised in society, the better for young girls around the world. Let’s hope that the “Small Business President” becomes just that. The small business community is watching the race for the Oval Office in hope – and with bated breath.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

 

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British SMEs: Beating the Brexit Blues

SMEs were the focus of much attention from both sides of the Brexit campaigns, and there is no surprise why. These businesses are the bedrock – the wheels and cogs – that keep our economy going.

According to government figures, SMEs accounted for 99.3% of all private sector businesses at the start of 2015 and 99.9% were small or medium-sized businesses. SMEs employed 15.6 million – 60% – of all private sector employment in the UK, making their contribution to the economy enormous. Did you know that the combined annual turnover of SMEs was £1.8 trillion or 47% of all private sector turnover in the UK? Rather impressive stats.

As a previous SME owner myself, I must confess that I was absolutely gutted when the Brexit referendum results were revealed, and wondered how many of my fellow SME business owners would be affected by the predictions of a full-on recession.

But what is heartening news is that there have recently been some surprisingly upbeat post-Brexit surveys and barometer results published – it seems that SME owners are rallying against the forecast economic doom and gloom:

According to the September 2016 Owner Managed Business (OMB) Barometer from Bank of Cyprus UK, over half (51%) of business owners and small businesses expect revenues to increase in the next 12 months, with a mere 15% disagreeing.

Commenting on the research findings, Nick Fahy, Chief Executive of Bank of Cyprus UK said that despite the general post-Brexit blues, the UK’s business owners and small businesses remain optimistic about their prospects. There was an immediate reaction to the Brexit news, but that the nation’s vital bedrock of businesses – the shopkeepers, family-owned businesses, the small and medium business owners and the independent traders have remained stable. It was vital that the UK government kept the SMEs in mind when negotiating the best deal with the EU, as to fail to do so would let down the British people.

What was quite noteworthy in the survey, was that 55% of small business owners did not think that the UK’s Brexit trade negotiations would necessarily boost key activities – sales, export, commercial opportunities, customer base and talent pool – for their businesses. It seems that many businesses are UK based and UK focused, while others may be trading/ or planning to expand their business to with non-EU customers.

One could say that the massive fintech revolution that has taken place in the UK could be spurring these statistics on. New York, Singapore, Hong Kong , Australia are the fintech hubs outside the UK, and may be making trade with the EU less vital in that sector.

If the UK government emphasized the positive advantages of trading with the UK, creating incentives such as an attractive tax regime, and geared-to-growth regulations, this would certainly drive this industry forward and set the UK up as a more competitive option than Europe to international traders and investors.

Another huge bonus was that, according to the same survey, a large portion of SME owners (45%) believed that the UK economy was in good shape, with a 28% saying they didn’t agree.So much for the doom merchants and nay-sayers. The overwhelming feeling is that British SME owners are doing what they are best at, and simply carrying on regardless, making the best of the situation.

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So far, so good. Brexit is not having quite the negative effect we thought it would on SMEs. Google Images

In another recent survey  conducted by CitySprint, that over half the SME businesses that thought that their businesses would suffer post Brexit have now changed their minds, and believe in a more positive outcome. Two-thirds of the respondents reckoned they were in a better place than they were this time last year.

The fall in the Pound may have resulted in better exporting deals for SME that trade internationally. This has encouraged overseas buyers to snap up British-made goods, because they are available at a lower price.

City AM also recently reported that two large banks – JP Morgan and Morgan Stanley – had adjusted their outlook to a more positive one, following news that the services purchasing managers’ index (PMI) soared from 47.4 to 52.9 in August. Results below 50 indicate economic contraction – and two consecutive contractions indicate a technical recession. This recent result was an unexpected outcome – and one that showed that the economy is much more resilient than expected.

The two Morgans have now revised their expectations for the UK economy, Morgan Stanley saying that it can now predict that the UK will avoid a technical recession, to grow by 1.9 per cent this year. The bank had previously foreseen the economy shrinking by  0,4% in the third quarter, but it now foresees growth of 0.3 per cent. Which is a very positive result after all Britain has been through.

With more than half a million new businesses being created every year on this little island, we are right up there with the best nations in the world in terms of resilience, innovation and enterprise. As the Brexit blues clear, the doom-mongers are being pushed to the sidelines. Backed by more-positive-than-expected predictions from the financial sector, SMEs have every right to feel buoyant and bullish about the future British economy.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.