The importance of reputation is such that a business and its stature are often indistinguishable. Companies of all sizes have paid a high price for failing to manage their reputation: from the Royal Bank of Scotland (which lost more than £5m due to reputation mismanagement) to recent incidents with United Airlines, which costed the company $1.4bn in the stock market, it is clear that a building and maintaining flawless reputation is essential to business success.

Reputation building is a complex process that takes time, but can cover your bases by working on five of the most important things you can do to build a fine business reputation.

1. Develop a Sense of Community

No business can survive in isolation. This is especially true in the digital era, where interconnectedness and a sense of community are strong drivers of growth and success. For business owners looking to build a great reputation, this means you must do things in the community and for the community. This could include everything from attending networking events relevant to your sector to getting your name out into the local community by sponsoring sports or charitable events.

2. Get the Press on Your Side

A positive relationship with the media will give your business more exposure. To achieve this, you will have to find out which journalists have a special interest in your field and be proactive when contacting them, having a wealth of material and engaging information ready. You can start with local newspapers or radio stations, write relevant press releases when your company reaches a significant milestone, or share positive stories about your business and its involvement with the local community. Read more »

For the vast majority of business owners, attending professional networking events is an integral aspect of business management. The benefits of business networking are well established and include increased opportunities to acquire new clients, enter new markets, make valuable business connections, and generate sales leads and referrals. But despite the clear advantages, many business owners have a love-hate relationship with networking. And believe it or not, it is not only introverts who have a hard time mingling and socialising at this type of event.

If this sounds familiar, you will find it useful to read the following five pieces of advice on how to get the most out of networking events.

1. Don’t Anticipate What May Happen

It is human nature to show uneasiness about uncertainty, and in all honesty, networking events are surrounded by a great deal of unpredictability. Trying to anticipate or predict what will happen is a common coping mechanism, but it is not always the best strategy. Worrying excessively about hypothetical situations only causes increased anxiety levels and can stop you from acting naturally and spontaneously when you need it the most. Instead of becoming stressed by assuming that you will make a faux pas, remember that other attendees will also feel nervous or uncomfortable at the event. Just be yourself and admit that you are not the best at networking – this can help you find common ground with other participants!.

2. Be Selective

Business networking is about quality, not quantity. Do some research in advance and if possible try to find out who else will be attending. Once you have a few names, think about who you’d really like to meet and why. The key is to avoid trawling the room, trying to approach everyone, or handing business cards indiscriminately, but rather to focus on making a meaningful connection with a few select people. This should ease your anxiety and help you make networking beneficial for your business.

3. The Art Of Conversation

Much to the dismay of introverts, successful networking involves making conversation with strangers. It is normal to worry about not having anything to talk about, but finding a subject of conversation is not as difficult as you may imagine. Most psychologists agree that the trick is to get other people to talk about themselves, so there is no need to come up with a long list of potential conversation topics. As you encourage other attendees to tell you more about themselves and their work and show appreciation for it, revealing more information about yourself will become second nature. If you’re still struggling to strike a conversation, have a look at this list of effective conversation starters.

4. Watch Out For Body Language

When it comes to human relationships, unspoken signals are just as important as the things we say. Always make sure you have a positive body language that encourages trust: don’t cross your arms or hold them behind your back, avoid holding plates, glasses or other objects as “barriers” between you and others, don’t stand with your back to the group, and make sure your feet point towards the people you are talking to.

5. Follow Up

Often, the success of a networking event cannot be determined until it is over. The event itself is only the starting point of a potential business relationship, which means you must work on cultivating any connections you made with a follow-up email, phone call, or LinkedIn invite. Ideally, you want to get in touch within a week of the event, and your follow-up message should always be personalised and specific.

A last piece of advice: few people are natural-born networkers, so remember that it takes time to feel comfortable at these events and to learn how to make the most out of them. By using the tips listed above, you will be on your way to reaping the full benefits of networking events and turning them into fruitful business opportunities.

Sources:

(1) https://hbr.org/2016/09/when-networking-being-yourself-really-does-work

(2) https://www.forbes.com/sites/glassheel/2012/07/24/4-ways-to-ace-your-next-networking-event/#5b1ddc1c6742

(3) https://www.theguardian.com/small-business-network/2017/jan/23/psychologists-guide-networking-events-advice

(4) https://www.forbes.com/sites/carolkinseygoman/2015/04/23/body-language-secrets-for-people-like-me-who-hate-networking/2/#165145fa1231

(5) http://www.verticalresponse.com/blog/8-dos-and-donts-of-networking-follow-up/

Although entrepreneurship is at the heart of the US economy, business fail rates seem to be increasing and are currently 30 percent higher than they were in the late 1970s. There are other figures that confirm this trend: the latest US census shows that the annual business creation / business fail ratio is 400,000 / 470,000; and according to the Bureau of Labor Statistics, only half of all new businesses survive their initial 5 years, whereas the 10-year survival rate is even lower at 33 percent.

In this article we offer seven tips that can help US entrepreneurs launch a successful business.

1. Focus on strategic planning

Many entrepreneurs fall into the trap of investing most of their time and resources into planning and running successful operations. However, concentrating all efforts on the day-to-day running of a business often leads to missing the forest for the trees. To avoid that, you should ensure business strategy (whereby mid and long-term goals and action plans are defined) is a top priority and underpins all business operations.

2. Create and nurture an organizational culture

When it comes to achieving long-term business success, a strong organizational culture is as important as strategic planning. Contrary to popular belief, organizational culture is not the exclusive prerogative of large firms, as it also plays a key role in the success of small businesses by permeating every aspect of their operations with motivating values and a compelling mission.

3. Look after existing customers

Although this may seem an obvious suggestion, the truth is that many new businesses tend to focus their efforts on acquiring new clients, and sometimes do so at the expense of existing ones. A 2015 Customer Experience Index revealed that as few as 1 percent of all US companies deliver customer service that is rated as excellent, therefore missing an opportunity to turn existing customers into loyal advocates who generate new leads on their behalf.

4. Build a winning team

To put it simply: your team should be as strong as your overall business plan. Team building should be done in the initial stages of a business operation instead of as an afterthought. Moreover, it should guide the recruiting process to ensure that the personalities and skill set of team members are a perfect match to the company’s organizational culture. Don’t limit yourself to recruiting staff who have the right experience, but also look for those who enthusiastically share your vision and believe in your business concept. Read more »

The notion of corporate culture and its impact on the business world have been discussed since the 1980s, but despite its popularity among businesspeople and academics, the concept remains hard to define given its abstract character.

Corporate culture could be defined as the set of behaviours, beliefs, corporate strategies, attitudes, practices, processes, and standards shared by members of an organisation. It could be said that corporate culture is “the way things are done” within an organisation, usually as a reflection of the company’s mission, vision, and values. Corporate culture may even be embodied in a logo, but often goes beyond that and encompasses staff and executives’ feelings, expectations, and thought processes.

However, some are sceptical about the role that corporate culture plays in organisations, claiming that it can be double-edged sword used as a control mechanism to stifle individuality. This begs the question “Is corporate culture still relevant today?”

The answer is yes, for two main reasons:

1- Corporate culture evolves over time as a result of the cumulative actions and characteristics of the individuals that make up a company, building on the company’s history and developing as a reflection of the company’s identity. This means it cannot simply fade in the background, as it will always remain a crucial part of a business raison d’etre. Moreover, a well-defined organisational culture can help build a stronger brand image and reinforce the idea that a company is committed to high quality standards that are coherent with its identity.

2- Corporate culture plays a key role in a company’s success. A 2015 survey showed that more than more than 50% of  top executives believed corporate culture had a direct effect on productivity, growth, value, and profitability. Improved staff morale and retention are typically higher in businesses with a healthy culture. In the UK, the 2016 Great Place To Work report highlighted how workplaces with a strong corporate culture score higher in terms of employee well-being, since in these companies there are clear strategies in place to ensure the working environment is conducive to satisfaction and productivity. Read more »

Small businesses account for over 99 per cent of the UK’s private sector. 2017 presents some attractive small business opportunities to discerning entrepreneurs, here we give you some of the top ten small business ideas for this year.

1. Brexit Consultancy

Regardless of which form Brexit eventually takes, it is clear that the move will affect multiple aspects of the country’s social, legal, and economic life. Businesses of all types and sizes will certainly welcome sound advice about how best to tackle the ramifications of Brexit, so professional Brexit consultancy firms are likely to become one of the most in-demand industry sectors in the coming years.

2. Social Media Consultancy

Entrepreneurs with knowledge of digital marketing, social media, and business can take advantage of the unparalleled growth of these sectors with minimal investment. Social media consultancies can focus on delivering training, providing management services, or both, and can easily be run from home or remotely.

3. Co-Working Spaces

The rise in the number of start-ups, remote workers, and freelancers has translated into a need for suitable working spaces that offer flexibility and first-class business services. Co-working spaces are popping up all over the UK as an alternative to traditional offices and their popularity is only expected to grow, both in London and in other regions.

4. Shared Living Spaces

Shared living spaces offer the convenience and quality standards of a hotel along with a convivial and homely atmosphere. This is an attractive proposition for certain segments of the population (particularly millennials, young professionals, and digital nomads) who may find that accessing the traditional housing market is difficult or not suited to their needs and lifestyle.

5. Meal Subscription Services

Not only British consumers are becoming more aware and knowledgeable about their food choices, but they are also increasingly requiring convenience when it comes to their meals. Meal subscription services are an interesting and versatile niche that can cater to the demands of savvy consumers. For higher chances of success, you could choose to focus on specialty meal delivery (e.g. gluten-free, vegan, Japanese, organic, etc.).

6. Craft Alcoholic Beverages

The UK’s craft beer market has been experiencing important growth for over seven years, and the prospects for independent brewers continue to look good. Breweries, microbreweries, and craft beer subscription clubs are some options worth exploring, but don’t feel you should limit yourself to beer. The production of craft liqueurs and spirits are also a business idea with much potential for success.

7. Sugar-Free Drinks

The UK’s controversial sugar tax will be implemented in 2018, and this presents a wealth of business opportunities for entrepreneurs who are willing to capitalise on alternative and / or sugar-free drinks. Parallel to the introduction of the sugar tax is an increase in the number of health-conscious consumers, and both factors can contribute to the success of businesses that focus on the production of healthy sugar-free beverages.

8. Jive Dancing Lessons

Search engine statistics reveal that over the past two years there has been a surge in the number of people interested in taking jive lessons. This dance style is definitely experiencing a revival thanks to its ability to combine opportunities for socialising with chances to get fit and build confidence in a leisurely way.

9. Big Data Analytics

Businesses today have a wealth of online data at their disposal, but finding ways of making sense of huge volumes of data is not always easy. This is precisely why offering big data analytics solutions and applications to companies involved in finance, insurance, and retail can be a highly profitable business opportunity.

10. InsurTech

Providing technology solutions tailored to insurance companies is another potentially successful business idea for tech-minded entrepreneurs with a passion for innovation and a thorough understanding of how to connect consumers with insurance firms.

Small and medium-sized businesses are an important component of the UK’s industrial structure. According to the Federation of Small Businesses, their numbers have been growing steadily over the past two decades, reaching a record high of 5.4 million in early 2015. In recent years there has been a shift in the focus of business activity within the UK economy, whereby the country’s default organisational forms in the private sector gravitates towards SME’s.

However, and despite the obvious rise in the percentage of SMEs operating throughout the country, these businesses face major challenges when it comes to staying competitive in the long term. This is why one can never underestimate the importance of having a solid business model that is capable of bringing long-term value to your business.

A bullet-proof business model can help create and maintain value and define how a company will relate to its clients. This article offers some useful considerations regarding the best ways of future-proofing your SME business model.

Make It Innovative

In a recent study, researchers at the IESE Business School and at the University of Pennsylvania found that on the whole, novelty-driven business models yielded better results than efficiency, service, and cost-oriented models, in particular when innovation was specifically applied to business exchanges. Researchers also found that there still is room for improvement in the UK context, as the study referenced above revealed that only 25 per cent of interviewed firms could indeed be defined as innovation-driven. Read more »

Regeneration projects are designed to improve living standards, lifestyle opportunities, transport links and business investment in areas of London. Current regeneration projects scheduled to begin between 2016 and 2018 are expected to boost the London economic outlook by providing jobs, business floorspace and improved public transport.

Six key regeneration projects include:

Old Oak Common: located within the Park Royal Opportunity Area, Old Oak Common is in West London near Vauxhall Nine Elms, White City, Park Royal and Earls Court. With residential housing and business commercial spaces to secure, the site will benefit from a new transport super-hub station combining London Overground stations with HS2 and Cross-rail. Investors will be interested in the sale of the development upon completion and lettings income.

New Covent Garden Market, Nine Elms: 115,000 sq ft of commercial accommodation within this mixed-use development is designed to act as a gateway to the Battersea opportunity area. Property values (predicted to grow by 140 per cent) include commercial property next to the coveted Northern Line extension – vastly improving the speed and efficacy of transport links to central London. The development is due to start in late 2015, early 2016, and complete in 2017. With the nearby New Covent Garden Market trading fresh produce close by, this area is also bound to attract restaurant and hotel investment.

The Silvertown, Royal Docks – London: The Silvertown Partnership commercial building zone will be completed in 2018. Offering over 50 acres of commercial space the area is sure to be popular with businesses seeking purchase near the world-class Excel Centre, the London City Airport and The Royal Dock. The new Crossrail station (and links to HS2) for the Excel Centre will be a 5 minute walk away (when completed), making The Silvertown a choice business spot within the buzzing financial area comprising Canary Wharf and Greenwich. For larger investors, there is still the chance to become a major equity partner in this £1.8 billion pound development.

Alexandra Palace – For smaller investors the iconic Alexandra Palace is in need of regeneration and requires around 50% of the building funding to restore the Palace to commercial glory, once again. For approximately £100 million this Grade II listed property, originally opened in 1873, is to be converted into a four storey hotel. Famous for the south-westerly views which take in almost all of London, the hotel is expected to attract top clientele, providing an excellent, regular turnover. For a chance to own the ‘People’s Palace’ and a slice of history, a small investor might see this regeneration project as a worthwhile investment. Read more »

Countless factors influence the success of a new start-up. When starting a business, location can be just as important as the type of service or product being sold. Cities provide different environments to help entrepreneurs and businesses succeed, as well as a range of supports. A state’s business environment including access to skills and business-friendly tax policies also play a major role. The following are just some of the best cities to start a business in the Western United States.

One of the best cities to start a new business is Chattanooga, Tennessee. The city places fourth on WalletHub’s 2015 list of the Best Cities to Start a Business, and ranked second in terms of access to essential resources for start-ups including skills, affordable office space, financing and other business supports. The study used 13 unique metrics that ranged from the average five-year survival rate of businesses and educational attainment of the available labor force to the affordability of office space and access to business financing. Access to high-speed broadband internet, business incubators, educated employees and government incentives helped make Chattanooga one of the best places for start-ups to succeed, according to WalletHub.

Chattanooga is Tennessee’s fourth largest city and is located in the state’s southeast. The city is strategically located close to major economic centers in the U.S South. It is within 120 miles (190 kilometres) of Atlanta and Knoxville, and is also within a day’s drive Nashville and Birmingham, Alabama. Chattanooga also sits close to three major interstates – I-25, I-75 and I-59. The city is the home of the University of Tennessee at Chattanooga and Chattanooga State Community College, and has a diverse economy that includes manufacturing and service industries. Several major companies have a presence in and around Chattanooga, including Amazon.com, DuPont, BASF, Norfolk Southern, Coca-Cola, and Volkswagen. Read more »

Regeneration Projects: Central England

A 2015 study carried out by the National Institute of Economic and Social Research revealed that the UK is on its way to becoming the second largest economy in Europe, with key indicators including total GDP and purchasing power continue to rise. Moreover, economists at the Centre for Economic and Business Research have predicted that by 2028, the United Kingdom could rank among the world’s top three largest economies, ahead of giants like Germany and Japan. This level of economic growth is partly the result of a long-term development strategy that has been designed by the UK Department for Trade & Investment and implemented by the Regeneration Investment Organisation. Regeneration projects are a fundamental part of the UK’s growth and development strategy, and this article looks at some of the key projects that are currently underway in Central England.

Worcester Growth Corridor

In the near future, Worcester will offer world class investment opportunities thanks to the £300-million regeneration project known as the Worcester Growth Corridor. This initiative aims to redevelop nearly 300 hectares of space along the M5, creating opportunities for investment in commercial, residential, and mixed-use real estate. A total of 8 sites will be redeveloped, the first being the Worcester Technology Park, which will primarily provide first-class business accommodation to companies in the advanced manufacturing, clean technologies, and agri-food sectors.

Overall, it is expected that this project will help create more than 6,800 permanent jobs in the local area. This regeneration project will be carried out in various phases over a period of 15 years, and its estimated delivery date is Q4 2024.

Priors Hall Park, Corby

With a GDV of over £1,200 million, the Priors Hall Park project is one of the most ambitious regeneration projects currently taking place in Central England. The project covers an area of more than 500 hectares in Northamptonshire, and will result in the construction of over 5,000 sustainable homes and of commercial premises, including office and industrial space. This project capitalises on Corby’s strategic location, as the town offers access to 75 per cent of the country’s population with just a 2-hour drive. Read more »

Mississippi’s capital and largest city, Jackson is also the largest economic center in the state. Home to major electrical equipment and machinery, processed food, and metal product industries, with numerous major companies based in the city including Ergon, Cal-Maine Foods and Trustmark.

Offering affordable business premises, excellent business services and easy access to financing, Jackson is one of the best places to do business in the United States. The city also provides businesses with excellent transportation links, including one of just two international airports in Mississippi. It is also at the cross-roads of major railway lines and interstate highways, including the I-20 and I-55. According to WalletHub’s 2015 list of best cities in the U.S. to start a business, Jackson ranks fifth out of 150 cities across the country. In the same national ranking, Jackson was fourth in terms of access to resources including office affordability, employee availability and financing accessibility. Mississippi also ranks high for doing business. The state ranked in the top 10 states for doing business, as well as sixth in terms of overall cost of doing business and third for competitive labor costs by the Area Development Magazine in 2014.  Read more »