CONNECTING BUSINESSES ACROSS THE UK
Anna
www.paramountmedia.co.uk
JAN / FEB 2023 Issue 10
07808 012 735
Qs@fabformwork.co.uk
Downsizing : the smart way of cutting business costs
How the metaverse will impact customer service
South West
Can franchising get you out of a career rut?
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Issue 10 Paramount Media
Welcome
Contents
Page 5 Over half of customer facing businesses will have to raise prices without governemnt energy support Page 6 Presenteeism - What is it and how can employers spot it? Page 8 Can franchising get you out of a career rut? Page 12 Staying on the right side of the law : Six tips for UK Van drivers Page 14 How the metaverse will impact customer service Page 15 Financial future of global USB market Page 17 Government urged to back britains innovative entrepreneurs and small businesses to restore UK to growth Page 19 Experts reveal factors in the workplace that could be increasing staff turnover Page 21 Experts reveal 5 tips to get back into fitness after christmas break Page 23 Supply chain issues & staff shortages : Six handling equipmenmt essentials to maximise efficiency within your business Page 25 New year resolutions could help Brits retire almost a decade earlier than planned Page 28 Why the sussexes may be good for the royal family Page 30 Downsizing : The smart way of cutting business costs Page 31 Parenting advice site promotes understanding and nurturing of ADHD in children
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Over half (51%) of businesses with customer-facing premises such as shops, hairdressers, nurseries, cinemas and gyms will be forced to raise prices if the Energy Bill Relief Scheme (EBRS) scheme is not extended, risking even higher rates of inflation and a further squeeze on consumer’s wallets. The new research comes from comparison service Uswitch for Business ahead of news that details of the new scheme will be announced in the House of Commons today. Uswitch for Business is advising firms to check they understand the terms of any new energy deal before signing and aren’t falling out of contract - which could lead to overpaying by as much as 50%, according to Uswitch market insight. The Energy Bill Relief Scheme (EBRS) is a government scheme that offers businesses a discount on their gas and electricity costs, introduced for an initial period of six months from 1 October 2022 to 31 March 2023. The revised scheme is expected to offer help with bills for a further year, until March 2024. Eligible businesses don’t need to apply for the discounts but should check if they believe it has been applied incorrectly by their supplier. It’s important to note the level of discount on bills will vary depending on contract, tariff and date it was agreed. Last week, the Chancellor explained that any future support post March, while at a lower level and cost, would be designed to help them transition to the new higher price environment and avoid a cliff edge in support. The new scheme is expected to cost £5bn, compared to £18bn previously. One in five (20%) public-facing businesses such as hotels, beauty salons and gyms, say they will need to take equally drastic action such as closing some operations, downsizing or restructuring the business, and more than one in seven (13%) said they will have no option other than to reduce overall staffing[1]. Indicating that UK business is set for a deep freeze, over seven in 10 (71%) of business decision makers agree that the cost of energy means they will have to postpone making hiring decisions[4]. while one in eight (12%) also said they will miss payments to their suppliers without ongoing support.[1]. Over four fifths of customer-facing businesses (81%) have heard of the Energy Bill Relief Scheme[2].Despite this, just 38% know that the scheme is due to end in March 2023[4]and less than half (44%) say that they understand how it affects the price of the energy that businesses pay[3]. The research is a stark reminder of the soaring cost of gas and electricity – cited by more than one in two (55%) business leaders as their biggest concern.[6] Jack Arthur, business energy expert at Uswitch for Business,comments: “The new reduced business energy support will likely be a blow to millions of struggling businesses. “This decision, originally expected in December, is likely to most impact many smaller businesses that are much relied on by the public and are unable to shield themselves from further cost pressures. “It’s important to note that the current level of Government support is tied to the type of energy contract that the business has secured and the date it was agreed. “To ensure all businesses are on the right tariff for their commercial needs, it’s important to consider how they buy and use gas and electricity. “Any business looking for a new deal must ensure they understand the terms of their contract before signing. They should also be reminded to check their contract end date as failing to secure a new agreement can add eye-watering costs to a business' energy bill.”
Business
OVER HALF OF CUSTOMER-FACING BUSINESSES WILL HAVE TO RAISE PRICES WITHOUT GOVERNMENT ENERGY SUPPORT
What causes it and how can employers spot it?
Presenteeism: What Causes it and How Can Employers Spot it? Despite the pandemic throwing attitudes towards working whilst unwell into sharp focus, presenteeism in the workplace is still increasing, costing employers huge amounts of money. Deloitte found that the cost of poor mental health of employees had risen from £42 billion in 2017 to £45 billion in 2020 – mainly due to the rising rates of presenteeism. According to other research, around 35 workdays in the UK are lost per worker every year to presenteeism. Apart from the cost to businesses, there is also a high cost for the employees themselves. Presenteeism, if left to fester, can cause a toxic work environment where stress and overworking are not only rife but seen as a sort of badge of honour amongst employees. Presenteeism can also hide other problems amongst workers, including poor mental health and burnout, which will lead to even more problems in the long term, such as increased staff turnover and prolonged absences. With some insights from Vicky Walker, Director of People at Westfield Health, we’ll discuss what presenteeism is, why it’s so common, and how to spot it in your employees. What is presenteeism? Briefly, presenteeism in the workplace is when employees show up to work but are not productive due to mental or physical health problems that prevent them from doing their job. It’s commonly associated with the idea of being ‘chained to your desk’ and showing up no matter how poor you feel because it’s perceived to reflect well on your character. Why is it common in the workplace? Some research suggests that unconscious bias in managers plays a part in presenteeism, which may cause them to favour workers who show up early and leave late. This is partly down to the ‘mere-exposure effect’, a psychological phenomenon suggesting that just being in the office and around other people will help employees build stronger rapport with their co-workers and thus be more likely to get raises. The ‘halo effect’ further contributes to this, which is the idea that being present and talking to colleagues leads them to make the mental link that the employee must also be a hard worker and deserving of rewards. For the employees themselves, it can also be common to harbour an ingrained fear that a lack of physical presence in the office will harm their prospects. Predictably, this disproportionately affects younger workers and those in junior positions who feel more pressure to prove themselves. How is hybrid working affecting presenteeism? Rather than putting a stop to presenteeism, the rise of hybrid working has only moved it out of the office and online instead. In fact, the CIPD’s 2022 Health and Wellbeing Survey discovered that levels of presenteeism are higher for employees who work from home (81%) vs those in a workplace setting (65%). This is due to many employees feeling like they need to be available whatever the time and answer emails or work messages long past the end of their working day. According to a 2021 NordVPN Teams survey, UK workers have increased their working week by 25% since before the pandemic, logging off at around 8 pm each evening. Other research found that in 2020 almost a quarter of UK workers felt that they had to go out of their way to prove that they were working every day, with many taking fewer breaks (15%) or no breaks at all (12%). The longer work hours have contributed to heightened stress levels amongst UK workers. Between 2020-1, the Health and Safety Executive (HSE) reported that 822,000 workers were suffering from work-related stress, anxiety, and depression. The ‘always-on’ culture of working online has only enabled presenteeism and continuing to work despite worsening mental health. How do you spot presenteeism, digital or otherwise? There are many warning behaviours to watch out for that will point towards presenteeism. -Employees minimising their struggles and/or illnesses -Coming into work when they are unwell -Arriving/logging on early and leaving late -Working through lunch or not taking full breaks -Responding to emails and messages late at night -Changes to interpersonal relationships -Becoming withdrawn or disengaged If one employee displays presenteeism, it can spread to their co-workers as they feel the pressure to be present as well, which can soon affect the whole workplace and create a stressful environment. For example, if employees respond to a colleague taking a day off sick with the insinuation that they’re overplaying their illness or are ‘weak’, it could be a sign of a culture of presenteeism that urgently needs addressing. How can you help your employees? As a business owner or HR Manager, investigating why presenteeism is occurring in your workplace is the best place to begin. You should commit to a top-down evaluation of what’s important in your workplace and look into ways to measure productivity outside employees’ physical presence, for example, through tangible outputs or whether your employees are completing their work on time. When taking active steps to stop it, health and well-being need to be a top priority. Employees should be able to feel comfortable admitting if they’re struggling or need time off for their health. Managers should lead by example, ensuring to log off on time and not send emails or messages to colleagues outside work hours. Demonstrate to employees that help can be available when they need it through implementing workplace well-being services, especially for those who work remotely. Recently, some companies in the UK have also been trialling a four-day to discover whether it can boost productivity and improve well-being. So far, the trial is showing positive results, with 95% of the companies reporting either the same or improved levels of productivity. Creating a healthy and happy workplace is vital for your business's long-term goals. It will not only improve productivity and reduce costs incurred through presenteeism, but it will also help your business to attract and retain employees, and result in better outcomes as a whole.
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Vicky Walker, Director of People at Westfield Health
Want to remain in your chosen sector but feel stuck in a rut? Franchising could provide the answer. Unlike starting a business from scratch, becoming a franchisee is a proven, predictable way for you to take control of your career whilst simultaneously increasing your levels of personal and professional satisfaction. And, although a franchise will have its own vision, mission and values, you have the opportunity to invest in a business which aligns with your own ethics and career ambitions. The beauty of franchising in a nutshell is that you are ‘in business for yourself but never by yourself’. This means you will have access to essential training, ongoing support and business management from your franchisor, designed to help you to flourish in your new role. For those feeling isolated in their employment or stunted in their development prospects, the idea of constant collaboration, strategic mentoring and operational best practice is understandably seductive. With a staggering 60% of new, independent businesses failing in the first three years1, it is no wonder budding entrepreneurs are wary of making the leap from a steady, albeit staid, career into business ownership. Here again is where franchising comes into its own. By sharp contrast, 80% of new franchise businesses succeed in the first five years, with around 710,000 franchisees bringing in more than £15 billion for the UK economy each year2. There are around 48,000 franchise units in operation in the UK, and 93% of franchise owners say they profit from their business3 – proving an investment in a franchise can not only transform your lifestyle, but your finances too. And, as the owner of your very own business, you’ll be able to have more flexibility around when you work, improving that all important work-life balance. Out of the rut and into the stars Sometimes, we think we’re in a career ‘rut’ when really we’ve fallen out of love with an industry or profession entirely. In this situation, even a forward step with a new company, a promotion or an increased salary can feel like a sideways one. If you find that’s the case then perhaps it’s time to consider a new career entirely? Franchising can help you to make this seemingly enormous move relatively easily. As most franchisors will proudly tell you, there’s often no requirement for you to have previous business experience in their area. This isn’t a cause for concern as full training is provided, along with access to systems, marketing strategies and customer service journeys that have been tried, tested and refined for years or, in some cases, decades. All you have to do is bring the passion, energy and willingness to learn and a commitment to follow the model. People from all walks of life have gone on to find their career and financial freedom through franchising – from former businesswomen turned business coaches, to primary school teachers who have come to own their very own baby sensory classes. Bloom Baby Classes is just one example of a flourishing franchise which helps its franchisees to reach their full potential. Continual development If you’ve hit a wall because your employer won’t – or can’t – invest in you, and that’s a hard boundary for you, then you could well be the kind of person suited to business ownership. Franchise systems have built-in development tracks for franchisees which you can take advantage of. As a franchisee you should discuss your career plans and goals openly with your franchisor, working with them on a one-to-one basis to ensure you feel fulfilled in your role. When setting goals, why not try the SMART method? The acronym, which stands for specific, measurable, agreed-upon, realistic, time-based goals, helps individuals to reach achievable milestones through an established working timeline. Understand precisely what you want to achieve, who it will benefit and how you will measure the goal, making sure your target has a deadline. Improving your career requires commitment, regular evaluations and motivation – ensuring your goals are in line with these considerations will help you steadily grow as a franchisee. Planes, trains and automobiles Want to know one of the best things about owning your franchise? You can ditch the commute. With the right franchise, being the boss of your own business means you can decide where you run it from – at home in your slippers or outdoors in the sunshine. And the benefits don’t end with no commute. You’ll often find travel time slashed and time away from home more or less a thing of the past. For some, the absolute icing on the cake when starting a new venture from home is being able to kiss goodbye to those dreaded office politics. Growing your franchise from home also allows you to have the working set-up that best suits you. In an office you can be subject to office chitchat, uncomfortable desk chairs and a strict dress code whereas at home you will have free rein to create an environment that helps you increase your productivity. Whilst a perk to working in a communal office is the interaction with other people, this can be transferred to your new structure – just head to a local coffee shop or take time during the week to catch up with friends and loved ones if you want some company instead. Working from home can also do wonders for your health, allowing you more freedom to exercise or move your body if you are in need of a break during the day. People problems? Have you ever thought your career is in a rut because of the people you work with? The very act of joining a franchise network enters you into a community of like-minded professionals, all of whom are singing from the same hymn sheet and share the same common goals and aspirations. From joint ventures that make a difference in your local community to sharing advice and encouragement to overcome any roadblocks along the way, being part of a franchise network ensures you’re never alone. And as well as having colleagues on hand to help overcome challenges, you’re now part of a network – often referred to as a franchise family – who will champion your successes and be your biggest cheerleaders as you reach key milestones. As the owner of your business, you will also be in charge of who joins your team and can foster the same kind of collaborative environment. Managing, and working within, a group of people who hold the same vision and values will make it much easier to help your franchise grow. A good franchisor will understand that communication is key – in a successful franchise partnership, there should always be an open channel for ideas and feedback, positive and negative, to flow. Building and maintaining a great relationship with the head office team of your brand is essential for your own personal development as well as the growth of your business. If you’re hoping to turn your owner-operator franchise into a management model (in line with the franchisors’ growth plan) or expand into multiple territories, being an active and engaged member of your network is a must. Reciprocity is a great mindset to have – give a little, get a lot. This level of support isn’t limited to established franchisees either, as many franchisors have a ‘buddy’ system or mentoring programme in place for new members from day one. The work-life conundrum Post pandemic, many people’s priorities or realisations about what they want for their lives have changed. Instead of a relentless 9-5, Monday-Friday slog, as a franchise owner you often have the freedom and flexibility to design a work-life balance that truly suits you and your family, from no longer missing key celebrations to not having to take holiday to cover family admin such as medical appointments or school activities and having the time to pursue other passions. Being the owner of a franchise can add to your quality of life. This ability to exercise more control over your work schedule will inevitably lead you to focus on your personal life more than you ever could as an employee, with the understanding that in general, any hours lost can be made up at evenings and weekends. But do be careful – the complete absence of structure to a working day can mean your productivity levels slip. To ensure this doesn’t happen, stick to some form of routine and have a to-do list for every day – you’ll be surprised how much more you can get done. As with any business, you’ll get out what you put in. To make the most of this new opportunity, prioritise both work and play by utilising business plans and key strategies supplied by your franchisor. And remember, the numbers don’t lie, so monitor your results against your business plan on a monthly basis and if things aren’t going to plan, this would be the first area in which to look for cracks. In most cases, there’s literally no limit to what you can achieve, and many women go on to build multi-unit, multi-territory business empires with the support and guidance of their franchisor. Whatever the rut you find yourself in, it’s highly likely that franchising can offer you a solution. 5 ways becoming a franchisee can help develop your career: 1. Your skillset will develop whilst on the job 2. There will always be a variety of new opportunities for you to explore 3. You will have access to a support network who will help you achieve your ambitions 4. It allows you to change your role whilst still doing what you love 5. You can have a better work-life balance whilst building a profitable business.
Victoria Jennings Owner and founder of Bloom Baby Classes
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Call to Government to protect lives, save millions and bolster UK economy
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Business News
Life is a journey that starts and ends with family
Steve Lomax Mortgages & Financial Services
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Staying on the Right Side of the Law: Six Tips for UK Van Drivers
Jonathan Beadle Commercial Manager Van Ninja
A recent survey found that there are over 4.1 million vans on UK roads today. If you’re driving a van for business or personal use, certain rules of the road must be obeyed. Whether you’re looking to buy a van for the first time or considering van leasing, it isn’t as simple as simply starting up and driving away – even if you’ve long since passed your test. With some insights from Jonathan Beadle a van leasing company Van Ninja, we outline the essential rules and regulations for UK van drivers – so there’s no need for driving fines and racking up costly penalty points. 1.Licence to Thrill Prospective van drivers must be aware of different van weights and what this means for licence requirements. Legally, if you’ve passed your test after January 1997, you’re permitted to drive any van up to 3500kg. For vehicles above this threshold, you’ll need to pass additional tests to have higher categories added to your licence. This will also apply if you need to tow a trailer behind your van. Driving without the correct licence can result in a £1000 fine and 3-6 penalty points. 2.Carry That Weight Drivers should also be aware of the van’s ‘design gross weight’ or ‘laden weight’ which refers to the maximum weight it can be loaded. This is inclusive of cargo, fuel and any passengers who may be in the vehicle. The figure should be stipulated on the vehicle identification number plate (VIN). Weight distribution is also important as any goods should be spread throughout the payload area with the heaviest cargo secured in place as low as possible and held in place with straps or cages where necessary. A £300 fine could be incurred if found in breach of these rules. 3.Driving Restrictions One of the more confusing aspects of UK van law is the driving time restrictions which apply depending on the weight of your vehicle. For vans weighing less than 3.5 tonnes, rules state that you are limited to driving no more than 10 hours on a single day – not including rest or breaks. For vans exceeding 3.5 tonnes, you are limited to nine hours a day, though this may be increased to ten hours per day twice a week. 4.No Need for Speed? Also be aware that stricter speed limits apply to vans than the ordinary car which can cause confusion for drivers. Typically, vans are allowed to travel 10mph less than cars while the 30mph limit still applies in built-up areas. Single carriageways are limited to 50mph, dual carriageways 60mph and 70mph on motorways. This applies to all vehicles weighing up to 3.5 tonnes while those above have speed limiters fitted in line with current legislation. 5.Free Parking Many van drivers may have delivery requirements, so should be aware of drop-off zones. Vertical double yellow lines indicate that loading and unloading is not permitted at any time while single yellow means that there are time restrictions in place. Look out for designated loading bays which outline where it is safe to unload. 6.Tax and Insurance Much like any car, vans must be taxed annually and the same applies for MOT on vehicles over three years old. Commercial insurance cover may also be required to protect any tools or raw materials you leave in your vehicle unattended. If you’re looking to make a foray into the van market, it pays to be savvy about UK laws and regulations. Vans can be a joy to drive and an essential tool for your business. Load up and hit the open road with peace of mind.
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Credit to source http://wearekura.com/
The customer service sector has changed dramatically in the last few years, with the growing popularity of ecommerce and social media being a driving communicator between brands and customers. With technology advancements occurring regularly, it is no wonder companies are finding new and wonderful ways to connect with their customer bases. Once advancement is the rise in the metaverse - augmented reality (AR) and virtual reality (VR). From virtual learning environments to 3D modelled products, the internet is changing the customer experience. Here, we will explore some of the impacts that the metaverse will have on customer service and the customer experience. Brand interactions One way the metaverse will start impacting customer service is through the interactions consumers will have the brand before, after, and during purchases. The metaverse can offer an immersive shopping experience from the comfort of your living room – including diagrams and model creations of products. There might also be the opportunity for customers to walk through a shop without having to leave their home, as well as interact with virtual shopping assistants throughout. These can be robotic assistants who can answer a range of commonly asked questions or hologram-projected assistants who regularly monitor the “shop floors”. Businesses can also use the metaverse to contribute to a virtual economy and drive loyalty. The introduction of the metaverse has also seen intangible additions, such as cryptocurrencies and the creation of non-fungible tokens (NFTs). NFTs can be used to increase customer interaction and promote loyalty schemes to specific brands, improving the customer experience. Personalisation As with social media, the metaverse has a great opportunity for brands to increase customer personalisation and targeted marketing. The reality capabilities of the metaverse means that brands can design their own interactive and immersive worlds which represent their brand identity in a way that traditional marketing, such as video ads, cannot do. This can be personalised down to the customer’s own home – showing them how your products will look within their own environments. This is crucial as 80% of customers are more likely to buy from a brand who offers a tailored experience and what can be more personalised than bringing brands and 3D products into their home? Better support The metaverse can also help expand your company’s omnichannel support. Omnichannel support is the ability to communicate with customers and handle complaints through multiple channels – whether this be live chat, email, phone call, or another form. By adding metaverse capabilities, you are offering your customers a wider range of communication points and improving the customer experience. This will offer your customers face-to-face human interaction, no matter the location. The quality of customer service, and complaints handling, you can offer might also be improved by the introduction of the metaverse. In fact, a study has shown that the information a human can store is 70% greater when using augmented reality (AR) than not, meaning that your company could make a significant difference to your customers by using the metaverse. The metaverse allows you to demonstrate solutions, products, and discuss troubleshooting easier than a lengthy email correspondence might. Provide training Further quality can be provided through internal use of the metaverse. Virtual reality can be a useful tool when it comes to company training, such as customer service agencies or company sales teams. Adopting augmented learning environments means you can teach new recruits from multiple locations and monitor their progress. By improving your training programmes, you can make sure that customers are handled with the best care possible. Better service training can improve your customer’s satisfaction – leading to happy, and loyal, customers. And outstanding customer service can actually lead to a rise in the desire to buy, with consumers spending 17% more after good interactions with customer support. Whether it is in-house, from your employee’s house, training or bringing the shop to the customer, the metaverse can improve the customer experience tenfold. The quality and speed of customer service can be improved through the introduction of these different realities and by offering a new way to connect, more customers can experience brands in exciting and innovative ways.
How the Metaverse will impact customer service
Universal Serial Bus devices, which are commonly referred to as USBs, are among the most widely used computer peripheral devices in the world. USB ports act as connecting points that allows peripheral devices like cameras, camcorders, mice, consoles, printers, scanners, and hard drives to communicate with a host such as a computer or a mobile phone. The concept of USB standardized the connection of peripherals to PCs for both information transfer and power and is now found on a variety of devices. Increased demand for smartphones, tablets, laptops, and PCs, as well as the introduction of IoT and AI applications, are the primary drivers of the global USB key industry. The increased adoption of these devices, as well as technological advancements, has resulted in an increase in data traffic and a huge demand for data storage. As a result, there is a greater demand for compact, efficient USB devices with higher storage capacity. A USB flash drive, also known as a key, is a portable USB electronic data storage device that is quickly becoming a popular tool for storing and sharing digital data. U3 flash keys may come empty or with preloaded software to assist users in copying and safeguarding data. It has a storage capacity ranging from 128 kilobytes (KB) to 128 gigabytes (GB) and can be used to store music and audio, as well as digital documents, photos, and software. Another factor driving the global USB key market is the growing number of Internet users, which results in increased vulnerabilities. Businesses and individuals are using USB key technology to improve and protect their data and privacy. According to usbcafe.com, data stored on a USB device can still be recovered even after formatting the device, and the industry is currently focused on overcoming these privacy concerns by enhancing the storage security functions of these devices. When a USB key is inserted into an electronic device, it acts as a control panel, contributing to the security of the access points by preventing unauthorized users from accessing the data stored on them. USB key technology has several advantages, making it one of the most widely used technologies in the world as well as the primary factor driving the growth of the USB devices market. Although USB media such as hard drives and flash drives make things easier for users, they can compromise security. The easy accessibility and portable nature make them vulnerable to data leakage, theft, and loss. Most users routinely transfer sensitive data to a USB drive without encryption. Further, compromised USB drives can have an impact on corporate networks by inadvertently introducing malware. Therefore, it is essential for maintaining a secure network to control access to portable devices, removable media, and USB storage. Given the need, data privacy legislation and standards, such as advanced encryption standards (AES), are driving the demand for encrypted USB keys. USB flash drives, also known as thumb drives, include a switch that enables write protection, making it impossible to modify or delete existing data or add new files to the device. Some USB flash drives include additional features such as encryption, which requires the user to enter a password to prevent unauthorized access to data on the device. Because of the presence of key industry players, North America currently holds the largest share of the global USB key market. Europe’s strict data privacy regulations and the tremendous growth of the IT sector are making Europe’s presence felt in the USB market as well. Europe anticipates being a driving force in the deployment of secure flash memory devices. The Asia-Pacific region experiences an increased adoption of smartphones and cameras propelling the market forward. In addition, the Android and iOS operating system segments have captured significant market share in the global USB key market. The transition to USB Type-C (USB-C) connections, which offer enhanced capabilities and performance, is growing in demand to meet future connectivity demands across all industries. The type A connector segment currently holds the largest market share but the adoption of USB-C in smartphones, laptops, and cars is being driven by its ability to ensure fast charging while simultaneously transferring data and video. It offers higher power and higher data transmission facilitating a smooth connection with computer devices. The market is confident that USB Type-C connections will continue to gain popularity and adoption even if the demand for conventional USB technology fades. According to Research and Markets, the global USB device market was valued at $35.3 billion in 2021 and is expected to reach $65.8 billion by 2028, growing at a 9.3% compounded annual growth rate (CAGR) between 2021 and 2028. Challenges Facing The Industry The COVID-19 pandemic and its ongoing impact have been a major challenge for every industry over the last two years. Because of lockdown measures, semiconductor businesses suffered as production ceased while demand soared. A new wave of digital transformation and distributed workforces has increased demand for mobile devices and laptops. USB media use transistor semiconductors to retrieve and store a user's data. Although the semiconductor industry recovered more quickly than expected this year, it still faces significant challenges, with global semiconductor sales growth slowing significantly in the second half of the year. The market will likely recover in the second half of 2023. Furthermore, tensions between the United States and China continue to have an impact on the global supply chain, putting additional pressure on both markets. The Russia-Ukraine war also hampered global economic recovery, causing a surge in commodity prices and supply chain disruptions that impacted many markets around the world. Furthermore, the growing number of other portable devices such as smartphones with large built-in memory poses a major growth challenge for the USB market. The demand for more DRAM in smartphones is being driven by features like AR/VR, higher resolution displays, and camera requirements. According to one study, new smartphone brands, mostly Chinese, have been the primary forces behind the trend toward advanced memory configurations in smartphones, and the average RAM capacities of these brands are significantly higher than the industry average. Further, average ROM or Flash Storage capacity in smartphones has increased noticeably along with the integration of higher RAM configurations. Increased security concerns present another problem. The usage of USB devices soared because of their small size, wide availability, low cost, and portability but these characteristics have also attracted attackers. With new USB ports and connections, the market has access to increased speed, power, and adaptability. They also come with a complex range of capabilities and features that must be taken into account when selecting the right peripheral for different applications.
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Credit to source SEOONROCK
Financial Future of Global USB Market
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Delegates at the National Enterprise Network Annual Conference have called on the government to prioritise support for the country’s small and micro businesses, entrepreneurs and side hustlers as the UK’s the best chance for economic growth. The conference, held at Barclays Canary Wharf HQ, saw more than 200 businesses and leading industry experts, including Enterprise Agencies, Chambers of Commerce, LEPs, Growth Hubs and specialist training providers, come together to discuss how the power of enterprise could be best harnessed to boost the UK economy. Debates focused around the need for the government to back the country’s small business sector if the UK is to avoid recession and achieve economic growth. Comprising six million entrepreneurs, small businesses account for 50% of the country’s GDP, 50% of its growth and 75% of its innovation. Opening the conference, Alex Till, chair of NEN which represents over 92,000 businesses, said: “Research shows that business start-up activity and support provides £6.80 (GVA) for every £1 spent. If this investment generates such a high rate of return, we are looking to the government for a strategy to develop that support in order to take the UK economy forward.” Martin McTague, National Chair of the Federation of Small Businesses, said it was critical the government put small business at the heart of their economic growth strategy. “If we are going into recession and they are relying on the big corporates to pull us out, they are relying on the wrong market. In recessions, all corporates do is shrink. The only people that rescue economies from recession are the small businesses, the entrepreneurs who are prepared to take risk in to try to turn their business around.” Andy Chamberlain, IPSE’s director of policy, said he hoped the new government would find inspiration from small businesses for a ‘big idea’ to help win votes by coming forward with an exciting package to encourage citizens with side hustles in a recession. Speaking in a panel debate Small Business Commissioner Liz Barclay said she was concerned that small and micro business are not far enough up the government agenda because the government lacked experience and knowledge in the sector, but she was seeing the ‘green shoots’ of change. And she encouraged the sector to speak with ‘one voice’ giving government a consistent message on the benefits of small businesses. New research on the small business sector commissioned by NEN was revealed at the conference by Shared Intelligence, raising concerns that recent changes in the business landscape and fragmented funding was putting vital small business support at risk. Lisa McCance, director, Shared Intelligence said: “There is no national strategy relating to entrepreneurs and enterprise support for smaller and micro sized businesses. There are three core issues: businesses don’t see geographic boundaries, it is a postcode lottery as to what is available because the offer is fragmented and the offer is not consistent. “Enterprise agencies are the consistent players to nurture talent – they provide the independent, experienced and knowledge-based advice on a day to day basis which provides mentorship, support, encourages growth and enables survival.” She added that increasing the business support available to ethnic minorities was the ‘untapped unicorn’ of increasing growth – with the right support, the contribution of ethnic minority businesses to the UK economy could increase four-fold from £25bn to £100bn Dr Liz Cameron MP, chair of the All Party Government All Party Parliamentary Group for Inclusive Entrepreneurship, said she wanted to see an inclusive entrepreneurship eco-system at the heart of government policy going forward. “There are some six million small businesses in the UK often operating through our high streets. We know the barriers faced by entrepreneurs are huge, but they are the pulse of our economy, providing an essential element of our entrepreneurial economic system right across the UK.” Will Hobbs, chief investment officer for Barclays, explained that history was clear about the triggers for successful economic growth – it relies on innovation and productivity underpinned by a culture of diversity which encourages tolerance of new ideas, enables high levels of education and has a degree of liberal democracy ensuring power doesn’t reside in individuals with vested interests but in broader organisations. “Capital needs to be mobilised and policy needs to be developed,” he told delegates. “And we can only speculate on what the next big innovation will be which stimulates growth – it may be Artificial Intelligence or quantum computing, or something smaller – both the shipping container and the invention of the excel spreadsheet created major change in economic development. We cannot bet on a specific tech but on the human capacity to innovate, which is almost infinite.”
Source: National Enterprise Network
Government Urged to Back Britain's Innovative Entrepreneurs and Small Businesses to Restore UK to Growth
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There are many factors to consider when it comes to staff turnover – but while some may be inevitable, such as retirement, a change in career, or even moving away, others can be controlled. Employee wellbeing experts Loopin have highlighted six of the major factors in the workplace that could lead to a high staff turnover, from lack of opportunities and purpose, to overworked employees, all of which contribute to huge employee turnover costs. Little opportunity for growth Not providing any opportunities for employees to progress can cause them to feel stuck in their roles and feel as though their hard work and commitment aren’t recognised. A different company that can offer a role of higher authority will eventually become more appealing after plenty of time in the same role – not only for income but to further demonstrate their skills. Offering promotions for existing employees rather than hiring externally is one way to provide opportunities for growth. Communication is key in this instance to ensure that staff have clarity on how they need to perform in order for this to be possible, for example, a checklist of targets over a realistic time frame – this way, both you and the employees can assess how close they are to the next step. Alternatively, providing relevant training courses for staff allows them to educate themselves and stay up to date with the sector, thus being an excellent opportunity for growth. Lack of feedback Offering feedback to employees is a small implementation that can go far – not only does it show recognition, but it’s also a huge factor that can help them succeed. Regular 1-1s are an excellent opportunity to provide feedback, as it gives employees the chance to address any areas they are particularly struggling in. As an employer, the purpose is not to provide top-down performance feedback, assess the company’s performance, or evaluate the status of certain projects. Instead, the employee needs to take centre stage. You should ask questions to discover more about their goals and ambitions, as well as any concerns or pain points. Micromanagement Micromanagement can have huge implications that can drive employees away. Not only does it limit creativity, but it also implies that you don’t trust employees to make the right decisions on their own. Micromanagement can also lead to burnout, which not only affects productivity and company success, but the employee will likely consider joining a company that offers a more supportive approach to management. n summary, it is wise to avoid micromanagement. Although it can be daunting to let go of projects, delegating to your team members will allow employees to feel valued, trusted and therefore, confident to complete the task. Seeing your employees complete these tasks will help you to see their skills first-hand and allow for timely feedback. Managing expectations instead of tasks is essential to zone out of the micromanagement phase and offer more freedom to employees. Therefore, ensure that before the task is given to a team member, you have made clear your thoughts and goals on the task at hand. This enhances communication between yourself and the employee and allows them to have clear structure before you trust them with the task. Lack of flexible working Flexible working options offer a practical solution for employees. It can help those using unreliable public transport, those who need to take their children to school, or those with pets, to name a few. Implementing flexible working options where employees can be more autonomous and set their own schedules offers a healthier work-life balance; without it, employees may turn to a different company that does provide this benefit. To incorporate flexible working into the organisation, you can start by selecting the core working hours in which every employee must be present – but outside of this, employees can decide when they start and finish. On top of this, switching to a hybrid workplace where employees split their time between the workplace and working remotely can increase productivity and allows them to use their time more efficiently – not to mention, it’s an attractive factor to job-seekers. Overworking employees Of course, there may be times when employees will have additional responsibilities. Particularly whilst many companies are making significant redundancies, resulting in employees having a bigger workload. However, managers must monitor the workload of all employees and find ways to protect them from burnout and stress caused by unavoidable workloads. Without doing so, staff are more likely to search for another role that offers a better work-life balance. On the other hand, employees must have enough work and understand their contribution to the make-up of the organisation’s overall mission, vision, and success. This is another area where regular 1-1s are particularly useful. You can use this time to ask questions to your employee about how they are finding the workload and alter it based on their answers. Additionally, a preventative employee wellbeing strategy is key to understand how employees are feeling. It’s crucial to offer early support to employees who are feeling stressed, burnt out, or disengaged, which could be related to their workload. Feeling undervalued and unappreciated Free lunches and table football are great, but they barely scratch the surface when it comes to creating a culture where employees feel appreciated, cared for, and understood. If employees feel their work is not valued and their contributions go unnoticed, they are likely to lack motivation and may consider leaving their current role for a job that is more rewarding and enjoyable. Understanding an employee's concerns, values, needs, and hopes for the future is crucial to retain your top talent. Efforts should be made to communicate and understand individuals' needs and inspirations, so their hard work can be recognised in a way that has the maximum impact. A spokesperson from Loopin commented: “It’s vital that employers consider the reasons for high employee turnover, particularly if they are due to factors that can be prevented in the future. This requires spotting signs at the earliest opportunity and having a true understanding of employee concerns. High staff turnover not only affects the efficiency of a business, but also comes at a huge cost to businesses too. It’s essential to understand the reasons why past employees have left to prepare for the foreseeable and secure future business success.”
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Experts reveal factors in the workplace that could be increasing staff turnover
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After much needed time to relax with family and friends over Christmas, getting back into your routine in the new year can be quite the challenge, specifically when it comes to working out. In fact, research shows that one third of Brits admit to doing no exercise at all in December, so it’s vital to start the preparation early. However, it doesn’t need to be so difficult – experts at Fitness Volt have highlighted five tips to ease yourself back into a workout routine after the festivities. Set specific times Scheduling your workout time is a simple yet effective step. Getting back into the right frame of mind after the Christmas buzz is just one of the ways you will have to readjust, and it can certainly take its toll on you. So, without a gym schedule, it’s likely that you will make plenty of excuses to not partake in any exercise. Consider your day-to-day schedule and choose your workout slot based on where you have the most free time – this way, you can mentally prepare yourself as well as avoid any excuses that you are too busy. Plus, a planned exercise slot will ensure that your workload won’t take over, as it’s a given that you will be getting back into a busy work routine, too. Don’t overexert yourself While pushing yourself is usually encouraged in fitness, it’s sensible to not push yourself to the extreme, particularly after some time away from exercise. Whether it’s weightlifting or cardio, doing too much exercise can lead to overuse injuries including muscle strains and tendon injuries, thus making you a lot less capable of meeting your fitness goals. After some time off, it’s natural to not be able to lift as heavy or run as far – so it’s crucial to not let it discourage you, as you will soon gain your ability if you stay consistent with your exercise. As well as this, overdoing it can lead to a burnout in the early stages and make you dread a workout as opposed to enjoy it. If you feel yourself giving up, try to commit to five minutes and finish your workout if you don’t feel capable of doing anymore; but with this five-minute rule, it will likely motivate you to do more. Personalise your workout Fitness lovers aren’t necessarily all gym-goers. In fact, there’s plenty of ways to workout which don’t involve the gym – and this is key for making it an enjoyable part of your routine again. If you’re a nature enthusiast and wish to do more cardio exercises, go for a run – or even a walk – at your local beach, local park, or even around your neighbourhood. Alternatively, if you’re into strength training but don’t enjoy the gym atmosphere, invest in equipment such as dumbbells and kettlebells to work out from the comfort of your own home. Partner up Finding a friend with similar fitness goals is beneficial for many reasons, one being that it acts as motivation after some time away. For the days that you don’t feel like exercising, a fitness partner can motivate you to get ready and get it done – plus, during a workout, your partner can even push you to take it to the next level, such as lifting a slightly heavier weight or increasing the incline setting on the treadmill. Having a partner can also keep you accountable to stay on track of your fitness plan, and recognise any goals that are yet to be met. Better yet, it makes it a time to socialise so that you look forward to it more, not to mention your partner can spot you to make your workout safer. Set short term goals too It’s always important to think of the long-term result; doing so allows you to plan your workout and figure out which exercises are best suited to your needs. However, having only a long-term goal can become frustrating when you aren’t seeing progress straight away, and can even result in you to give up completely – which is especially easy to do when you’re trying to get back into your routine. Therefore, it’s vital to set goals over shorter timeframes that are manageable, as well as not just focusing on your appearance. For example, you may wish to become stronger, so a short-term goal for the end of a month could be to increase your squat load by 20 kilograms. A spokesperson from Fitness Volt has commented: “When it comes to Christmas, the last thing that needs to be on our minds is working out – it’s a time that we wish to be spending with family and friends, and it’s important to make the most of that. However, it can be difficult to find our motivation to get back into it from some time off. Thankfully, there are simple steps that can increase your ambition again as well as make your workout more enjoyable to ensure that you can stick to your fitness routine in the new year and, as a result, enjoy the Christmas festivities without feeling guilty.” The research was conducted by Fitness Volt which is a comprehensive online resource dedicated to Strength Sports, from healthy eating to exercise and everything in between.
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Experts Reveal Five Tips to Get Back into Fitness After a Christmas Break
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Supply Chain Issues & Staff Shortages: Six Handling Equipment Essentials to Maximise Efficiency Within Your Business
Supply chain issues have affected businesses in every industry, both across the UK and globally. Some experts predict the continuation of backlogs and shortages for up to at least another year as the impact of volatile global markets continues to have an effect.Most recently, industrial action at the UK’s largest container port in Felixstowe threatens further delays in the movement of goods. Adding more pressure to this are the labour shortages that have hit businesses across the public and private sectors, with 75% of companies struggling to hire staff according to recent research by the British Chambers of Commerce (BCC). The hospitality industry has been particularly badly hit, with a recent joint survey by UK trade bodies finding that 45% of operators have had to cut capacity and trading hours due to staff shortages, costing them £21 billion in lost revenue. The right labour-saving and handling equipment is vital to help overcome these delays and staff shortages. Manual handling jobs are made easier and quicker to complete, therefore keeping your business running smoothly. Not only this, but under the Manual Handling Operations Regulations 1992 it is your legal obligation to minimise manual handling in the workplace where possible. There are many different kinds and categories of handling equipment, but here are some of the most essential across different industries. 1.Hand-operated trucks Hand trucks and platform trucks are among the most common types of hand-operated trucks, made up of a frame, platform, and wheels. They are also one of the most versatile pieces of labour-saving equipment and can be applied for many different uses. From the capacity, to the style, material or even wheel type, hand and platform trucks come in a variety of specifications according to the setting they are intended for and what needs transporting. Trucks with swivel wheels, for example, can easily navigate tight corners in offices and school buildings, those with larger weight allowances may find more use in industrial settings. In such settings where heavy items need moving around, the space around a site or existing machinery might not always be appropriate for electric or drivable trucks. In this case, the varying features of pallet trucks can prove useful in allowing your staff to do more without overexerting themselves. Foldable platform trucks are also available for facilities or areas short on space, keeping the floor neat and clear of hazards when they’re not in use. In 2021,19% of all workplace accidents were related to lifting and handling, so using the right equipment is an important health and safety matter as well. This is especially true in industries that involve the manual handling of heavy items. In the construction industry, for example, there tends to be higher rates of reported musculoskeletal disorders than in any other similar industry. Using the correct handling equipment ensures a working environment where the risk of back strain or other injuries is minimised. 2.Shelf and container trollies In the hospitality industry, lifting and handling-related injuries are the second-most common workplace injury, so it’s important to make sure you’ve got the right equipment to minimise the physical effort of staff. Shelf and container trollies are a very efficient way of moving items to where they need to go. Hotels and other accommodations, for instance, rely heavily on quick turnover when it comes to housekeeping. This can be even more difficult in the face of the severe staff shortages mentioned above. Making the routine processes as easy and swift as possible is of the utmost importance for the well-being of your people. Container trucks and trollies can be used to move heavier items around such as food and beverage deliveries and bed linen. Shelf trollies, meanwhile, can be used to easily move smaller items like cleaning equipment and room supplies. The healthcare industry is another sector which can benefit from the versatility of trollies. Moving objects and equipment throughout the facility, hospital, health centre, etc. safely and securely is paramount. This can be aided by the use of trollies specifically designed to house hazardous materials or transport medical equipment like oxygen cylinders. 3.Pallet trucks Pallet trucks or pallet jacks are another important piece of equipment where goods are primarily transported on pallets, such as in warehouses and distribution centres in the logistics industry. They feature two forks to grip onto the pallet and a hydraulic system which means they can be used by hand and with minimal effort, moving large quantities or heavy loads around different areas in a time-efficient way. Electric-assisted pallet trucks can offer an even easier way for workers to move large loads. 4.Drivable trucks The other main types of industrial trucks used across the UK are motorised or fully drivable. This can include equipment like forklifts, sideloaders, and order pickers. Some are designed solely for the movement of materials and others both load and stack. For example, if you have a small space with a stacking system, sideloaders are specially designed to easily navigate narrow aisles and store items at height. Stackers are another type of bulk material handling equipment that lift items off the ground and onto shelving. While they do a similar job to forklift trucks, stackers are less expensive to run and are thus a more cost-effective solution for small to medium applications. Before investing, you’ll need to ensure that the truck you choose is appropriate for your space and the type of materials you’re working with. When you have the correct equipment, it can speed up warehouse operations and help to keep fragile items transported and stored safely. As a result, waste from damaged products can be reduced. In addition to this, putting these systems in place can improve safety, especially in industries such as warehousing and logistics where improper storage is a leading cause of accidents. 5.Electric drive-powered tugs Whatever the industry sector, if your business often moves heavy-duty loads, electric drive-powered tugs may be a better solution for increasing efficiency. Using electric batteries, these programmable tugs can push, pull, and steer wheeled loads around and are useful for moving large items across inclines or declines. Drive-powered tugs allow for easy movement and require little physical effort from your workforce, meaning processes can be completed more quickly and thus increase productivity. Apart from saving the energy and effort of your staff, the reduction of manual handling also has the benefit of reducing the risk of injury. Tugs are a higher value investment, but they are well worth it for the advantages they bring to your operations. 6.Conveyor systems If your facility works with large quantities of items, it’s best to use equipment that is designed to move items in bulk, simultaneously. Conveyor systems are a good example of this and can be either manual or motor-driven. While both can increase labour efficiency and improve packing and dispatch times, motor-driven belts provide a greater degree of control for when items need to be moved across inclines or declines. This also reduces the risk of injuries amongst your staff and makes the facility an overall safer workplace. Conveyor systems are also customisable, coming in a variety of types according to what they transport and where they need to be installed. Some of these include belt conveyors, gravity roller conveyors, or flexible conveyors for a system that can adjust size as the business’ needs change. This is not an exhaustive list of handling equipment, however, the types featured here are some of the most used and important for warehouse operations regardless of what industry you work in. It’s never been more important to help your workforce maximise their time and energy by introducing labour-saving equipment that assists with handling and mobility. It’s also important to stress that there are many more benefits aside improving productivity. As both employers and employees continue to prioritise welfare, implementing the right equipment can help staff feel safer and more able to complete their tasks, leaving them happier and your facility to run like a well-oiled machine.
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New survey reveals that cash-strapped Brits are prepared to give up takeaways, nights out, takeaway coffees, TV subscriptions and more in 2023. A new survey by Unbiased has revealed that Brits are determined to tackle the Cost of Living Crisis head on and plan to make financial New Year’s resolutions this year that could enable them to retire almost a decade early, save a nest egg, put a deposit on a home or achieve other financial goals. The survey reveals that: 47% of Brits plan to give up takeaways 40% will stop eating out and going to the pub 30% intend to use their car less (an average saving of £103 per tank of petrol) A quarter of Brits vow to give up subscription boxes (saving £15 each on average) 32% say they will give up buying takeaway coffee (saving an average of £25 per month) 22% plan to give up drinking at home (saving an average of £36 per month) Only 27% of Brits are debt free Unbiased is a financial services platform that has helped more than 10 million people make confident financial decisions. Their survey shows that Brits could save up to £500 per month by making money-saving lifestyle choices and with expert financial advice, the savings could grow to a considerable pot. If a 30-year-old put £500 per month into a pension for 30 years, assuming government tax top-up and 5% compound returns, they would amass a fund of £511,787 - enough to retire at 60, or earlier. 23% of the UK plan to cancel their gym membership, saving an average of £40 per month, whilst 22% say they won’t buy tickets to sports matches. With the average Premiership match ticket costing £125, that’s a considerable saving. Unbiased has this advice, “Financial New Year’s resolutions are a priority this year, but rather than seeing it as a series of sacrifices, look at it as a way of making positive changes to lay the foundations for a more secure future. Taking control of your budget and seeking good financial advice can be life-changing.” Almost a quarter of the population says that they plan to save by not going to festivals. With a 2023 Glastonbury ticket costing £325 + booking fee and the long weekend at the festival adding a few hundred pounds to that amount, experts at Unbiased suggest that this lump sum could be directed towards financial goals. The Unbiased research also shows that 66% of Brits spend money on subscription services we don’t use, and this is as much of a problem for pensioners as it is for 18-29-year-olds. Unbiased says “Even a small saving can make a big difference if you make it habitual. Do you need all those subscription services? Set up a transfer to a savings account of a small amount (try for £20 or £30) from the account your salary goes into. Set it for the same day your salary goes in so that you are putting something away before you get a chance to spend it. Small but regular amounts will soon build up. “ Grandparents might consider cancelling unwanted subscriptions and paying those regular amounts into a grandchild’s ISA - those contributions will grow, and the grandchildren won’t pay inheritance tax on them. For example, a grandparent who gifts £1,000 per year to a ten-year-old child into a 5% savings account would be accumulating £34,719 for them for their 30th birthday. For a full financial health check to see how much more you could save each month, talk to an independent financial adviser. With more than 27,000 trusted and regulated financial advisers, a platform like unbiased.co.uk is a great place to start.” The survey shows Brits are acutely aware of their finances at the moment, with 72% saying they know what their bank balance, incomings, and outgoings look like on a daily basis. “This is really encouraging,” say Unbiased. “You have to know and understand your finances in order to make a positive change.” Unbiased recently entered into a two-year partnership with Samaritans to help reduce the negative impact of money worries on the nation’s mental health. Samaritans are accessible at all times over the holiday period and 2023, for everyone in need.
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New Year resolutions could help Brits retire almost a decade earlier than planned
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Why The Sussexes may be good for the Royal Family
As we digest and make sense of the contents of Harry’s Spare, Bob Sheard, co-founder of brand design business, FreshBritain believes The Sussexes may actually be a good thing for the Wales/Windsors in the long run, though it might be hard to look beyond the current fall out. Bob Sheard applies his branding building expertise to the issue: “If the royal family are serious about modernising, and they really should be, then they should view the Sussexes as potential agents of modernisation. They should observe them as they push boundaries, doing things that royals haven't done before, all while keeping a cool head and playing the long game, despite the clear and present difficulties the Sussexes pose. They will see how these actions land and learn from their mistakes and their triumphs. “That approach is nothing new, it’s a tried and tested one in business, particularly among brands such as Speedo, Nike and Salomon when they want to test out innovations and gain a competitive edge. They create a sub brand, and by doing this, any mistakes stay confined to the sub brand so that they don’t endanger the mothership brand. New Coke bombed with the general public because it failed to follow this rule of thumb and the experiment did great harm to the main Coca-Cola brand." He concludes: “If we think of the Sussexes as a sub brand of the royal family, then in a scenario where the Sussexes fail or come under fire, they become a royal shield that armour plates the core brand. But when the Sussexes succeed, their invention can be gradually adopted by the core brand with the result that the monarchy finds itself perpetually adjusted and modernised.”
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The cost-of-living crisis is taking its toll on businesses. Now, more than ever, you should start thinking about ways to reduce your business costs. One of the biggest business expenses is rent, and it doesn’t look like it’s getting any cheaper. According to Statista, industrial and office rents are expected to grow the most between 2022 and 2026. Whether you have an office or a brick-and-mortar store, it’s worth asking yourself whether you really need all that space. If the answer is “no”, then you should consider downsizing. It’s a great way to cut down costs and improve your business’s efficiency without compromising on the quality of your products and services. Here are our top downsizing suggestions. Change your location The bigger your space is, the higher your rent is. Of course, location and other factors also determine the rent, therefore this rule might have some exceptions. When renting a big office or a commercial space, not only is your rent higher, but so are your other expenses. Having more rooms to heat up, some of which are not even in use all the time, increases your utility bills, especially with the rising gas prices. If you decide to rent a smaller space, make sure that the new location is accommodating to your current customer base and that the rent corresponds with what you’re getting. It’s also wise to consider that moving to a more central location can bring in a new customer base and more revenue. Even if your rent isn’t significantly cheaper, the income from the increased traffic to your new location will make up for it. Share your space Sharing your current space is a great way to cut down business costs and can also bring in a new audience to your business. However, it’s important to carefully select the company you’re sharing your space with - the more aligned with your values and services it is, the better. By sharing your rent, utilities, and other costs with another business, you’re greatly reducing your expenses. Use storage containers Storage containers are the perfect downsizing option for businesses of all sorts. If you’ve moved to a smaller space in order to save on rent but still have items that need to be stored somewhere, such as desks and chairs, an onsite or offsite storage container for rent will help you keep them organised. This option is cheaper than renting a large office or retail space and will also remove all the clutter from your eyesight, helping you be more focused. Storage containers are incredibly useful for businesses that are constantly on the move and don’t want to be tied to one particular location. With flexible lease agreements, you can upscale or downsize your businesses depending on your needs, knowing that your business supplies are stored safely and at a fixed price. Small and medium businesses with not many employees who are able to perform their work remotely might not even need an office space at all. Nevertheless, there might be certain business supplies, such as paperwork and stationery, that needs to be stored in a secure location, and storage containers can help with that. Large businesses and enterprises can also benefit from them. Many retailers, wholesalers, and logistics businesses have to allocate a large proportion of their budget to warehouses. They tend to be more expensive and often at inconvenient locations. Storage containers are a cheaper and more convenient option. Downsizing is a great way to weather out some of the economic headwinds and shield your business against the rising inflation. Given the options, consider what’s best for your business and your customers.
Downsizing: The Smart Way of Cutting Business Costs
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Parenting advice site promotes understanding and nurturing of ADHD in children
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KiddyCharts, a parent advice site that provides a wealth of free resources, is promoting the importance of understanding and supporting neurodivergence in kids. The online platform seeks to promote awareness of ADHD in children and advise parents on suitable support measures. ADHD is a mental health condition affecting both children and adults, with common symptoms including restlessness, acting on impulse, and a lack of concentration. Nevertheless, it's common for children to go undiagnosed until adulthood as these behaviours are masked or simply dip under the radar. KiddyCharts founder Helen Neale, speaking on ADHD in children, said: “ I have ADHD and so I am more than aware of the misconceptions that can accompany it, particularly around children's behaviour. Our aim at KiddyCharts is to ensure parents, teachers, and other primary caregivers have the resources necessary to support diagnosed children as they continue to learn and grow.” Neale added: “Our resources are designed to foster development in children while also making caregivers more aware of the neurodivergent condition and how it might manifest.” One key message that the platform aims to promote is to not force ADHD children into doing something they cannot do, but support them in reaching the heights that the sometimes forgotten positive ADHD traits make more likely. There is nothing more demoralising for a child that wants to do something, but their ADHD brain is pushing against that. It is integral to a child's success in education and beyond to work alongside them showing support and co-operation. The exact cause of ADHD is unknown. However, society now widely considers ADHD to be a genetic condition as it has been shown to run in families. It has received more awareness over the past decade and has been noted for the positive behaviours it also promotes in children – such as creativity, empathy and drive. It is because of this that neurodivergent children tend to work in support roles, as creatives, and even reach Olympic heights when they enter adulthood. For example, did you know Michael Phelps, David Beckham, Lee Mack, Rob Beckett, Tom Hanks, and Mel B from the Spice Girls all have ADHD? To find out more about KiddyCharts, or to download their resources, head to their website or app.