10 Quick tips on Juggling Parenting and Business

All of us with families have the constant struggle of balancing our work and family life.   Even when we are passionate about and consumed by our work, it is something we continuously think about and consider how to maximise, to focus on the important aspects of both.   Here at Akoni we have the same dilemma and thought we would note a few  helpful tips in navigating this lifestyle.

1. Family and Business can work – don’t give up on your dream

Focus on the positives – think about how your career or your business is benefiting your family.  As long as you prioritise what you need to achieve and mange your time and to get the balance right, you will feel more confident with yourself and your decisions.  A happy mom or dad means a happy family.

2. Prevent Chaotic Mornings and Evenings

You don’t need to be in your office every morning before sunrise, in fact most entrepreneurs say having morning breakfast with the family helps the children to feel happy.  If they aren’t happy then you may feel frustrated and this will have a knock-on effect throughout your day.

3. Perfection is not expected

Particularly for women, the perfect house you had before children doesn’t need to still be perfect, rather keep on top of you household chores with some of the tips below and allow yourself time to be with your children, the condition of your house can take priority once your children have gone to college and when you will have time to appreciate it more! For all us, don’t worry about perfect time keeping take 5 mins on the way into work to stop and get yourself a latte or a juice, or just walking to work instead of driving or taking public transport can give you a chance to recharge.

4. Consider Hiring help

Hiring help in the home is a great alternative to bringing balance back into the work-life scale we all battle on a daily basis.
A survey recently found that one in three British Households now employs someone to help with chores, spending £26 billion a year on help in the home. Not everyone can afford full-time help – even a bi-monthly cleaner will help you feel a little more in control. You can also devise a system for tackling housework to help you handle this seemingly never ending task. Get your children to pitch in – small children as young as 3 can help with household chores. Share tasks with your partner – you have both had a long day, share the workload at home.

5. Spend Quality time with your children

Making time for your family and children is crucial and allows you to nurture your family dynamic. Create activities that regular fit into your schedule and avoid talking about work or checking emails and messages during these times. Ask older children for their activity suggestions and try to meet their needs. In the end it doesn’t really matter what you do as long as you are enjoying time together.

6. Designate a “no work zone” in your home

Depending on the layout of your home – find a no work zone.  The lounge is usually a good place to relax with a glass of wine or cup of tea after a long day, put your feet up and chat to your partner, play with your children, or watch a movie together.  If you have a strict no work zone within your living room, it will stop the need to bring your laptop or phone with you leading to you not completely relaxing or engaging with your partner or children.

7. Create time boundaries

Be disciplined and set time limits to check emails and make phone calls, things you can do whilst your children are sleeping. Try to avoid multi-tasking, especially when spending time with your children.  A good rapport with co-workers is great and beneficial, however you can have this without numerous email exchanges, extended lunches and casual internet surfing. Focus on your tasks at work and use breaks and lunchtimes for chats with co-workers, thus enabling you to have more time with your family once you are at home.

8. Don’t overlook the benefits of childcare

There is no way you will be able to do your job properly if you are worried about your child’s wellbeing whilst you are at work. Find childcare that both you and your child will be happy with.  Obtain recommendations from friends and families or online forums, write a list of important criteria and schedule time to meet carers or visit nurseries.

9. Be fully engaged

Your priorities and time management rely on you to be fully engaged. If you look at your email whilst you are having breakfast with your children, this will create a half-heartedness engagement with both your children and your work.  Ideally aim for your complete presence in all situations. Rather use the time you have specifically set aside to check emails, speak to colleagues and spend time with your children, helping you to be more focused and more productive.

10. Know when to unplug and how to relax

Limit your screen time to first thing in the morning or intervals during the day which you have decided are the best for your daily tasks. Again rather have time allocated to checking emails and working so that you know you can be 100% focused on these tasks and know that after that is done you allow your self to action anything that requires immediate attention. Do the activities which relax you – sports, running, having a long bath, spending quality time with your partner. If you don’t unplug, you will find your daily tasks will then overlap important family time and you will not be fully engaged in either.

It is important that we all feel we are spending the most possible time with our family. We hope the above pointers helps you to balance out your business and family over this festive season. Enjoy the seasonal break!   If you have any time off,  focus on presence and if you don’t, remember that your children and partner will appreciate any time you are able to give them.  Aim  to fully recharge during quieter moments, reflecting on moments of priority and importance, in order to start afresh in the new year. 

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

 

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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