How industry experts can share tips to help you navigate market challenges

Industry experts can offer invaluable advice to help you tackle market challenges. By sharing their insights, you can gain practical strategies to navigate the competitive landscape effectively.

Understanding Market Dynamics

Navigating market challenges starts with understanding the market dynamics. This involves analysing current trends, consumer behaviour, and competitor strategies. Industry experts can provide a clear perspective on these elements, helping you make informed decisions. Consumer behaviour is a critical aspect. Understanding what drives your customers’ decisions allows you to tailor your products and services to meet their needs. Experts often have access to comprehensive market research and can interpret data in a way that highlights key insights. This information can be pivotal in adjusting your marketing strategies and product offerings. Competitor analysis is another crucial area. Knowing what your competitors are doing, their strengths, and their weaknesses helps you position your business more effectively. Industry experts can provide you with detailed analysis and strategies to differentiate your business, ensuring you stay ahead in the market.

Leveraging Professional Networks

Building and maintaining professional networks is essential for business growth. Engaging with a professional speaker bureau can connect you with industry experts who share their knowledge and experience through speaking engagements. These connections can offer fresh perspectives and innovative ideas that you might not have considered. Professional networks also provide opportunities for collaboration. By partnering with other businesses or experts, you can gain access to new resources and markets. Collaboration can lead to innovative solutions that help you overcome market challenges. Networking events and conferences are excellent places to meet potential partners and learn from industry leaders.

Adapting to Technological Advances

Keeping up with technological advancements is vital in today’s business environment. Industry experts can guide you on the latest technologies and how to integrate them into your business. Whether it’s adopting new software, using data analytics, or exploring artificial intelligence, expert advice can streamline your operations and enhance productivity. Technology can also open up new market opportunities. For example, e-commerce platforms can expand your reach, and digital marketing can increase your visibility online. Experts in these fields can provide you with practical tips on how to leverage technology effectively. They can also help you avoid common pitfalls and ensure a smooth implementation process.

Enhancing Customer Engagement

Customer engagement is key to business success. Industry experts can offer strategies to improve your interaction with customers, ensuring they remain loyal and satisfied. One effective method is personalisation. Tailoring your communication and offers to individual customer preferences can significantly enhance their experience. Another important aspect is customer feedback. Experts recommend regular feedback collection to understand customer satisfaction and areas for improvement. This can be done through surveys, social media interactions, or direct communication. Acting on this feedback shows customers that you value their opinions and are committed to providing excellent service. Engaging content is also crucial. Experts can advise on creating compelling content that resonates with your audience. This could include blog posts, videos, or social media updates that provide value and keep customers interested in your brand.

Embracing Market Research

Market research is a fundamental tool for understanding your business environment. Industry experts often emphasise the importance of thorough research to identify opportunities and threats. By regularly conducting market research, you can stay informed about changes in consumer preferences, emerging trends, and potential risks. There are various methods for conducting market research. Surveys, focus groups, and online analytics are some of the tools that can provide valuable insights. Experts can guide you on the best practices for each method, ensuring you gather accurate and relevant data. This data can then be used to make strategic decisions that align with market demands. Market research also helps in understanding your brand’s perception. Knowing how your brand is viewed by the public allows you to adjust your marketing strategies to enhance your image. Experts can assist in analysing this data and providing recommendations for improvement.

Strategic Planning and Execution

A well-thought-out strategic plan is essential for navigating market challenges. Industry experts can help you develop a comprehensive plan that includes clear goals, actionable steps, and measurable outcomes. This plan should be flexible enough to adapt to changing market conditions yet structured to keep you focused on your objectives. Strategic planning involves setting short-term and long-term goals. Experts suggest starting with a vision of where you want your business to be and then breaking it down into achievable milestones. This approach keeps you motivated and provides a roadmap for success. Execution is as important as planning. Industry experts can offer advice on efficient execution strategies, ensuring that your plans are implemented effectively. They can also help you identify potential obstacles and develop contingency plans to address them.

Financial Management

Effective financial management is crucial for business stability and growth. Industry experts can provide insights on budgeting, investment, and cost control. Understanding your financial health allows you to make informed decisions and avoid unnecessary risks. Budgeting is the foundation of financial management. Experts recommend creating a detailed budget that outlines your income and expenses. This helps in monitoring cash flow and ensuring that you are allocating resources effectively. Regularly reviewing and adjusting your budget based on actual performance is also essential.

Trio of new partners at LCF Law

Three new partners have joined an expanding Yorkshire law firm that has recently reported double-digit growth. LCF Law has appointed Rebecca Ridley, Liam O’Neill and Ellie Foster, who have 60 years combined legal experience. Rebecca has spent the last 14 years working at well-known Leeds firms, and most recently working at KPMG Law. Keen for a fresh challenge, Rebecca joins LCF Law’s corporate team, which works with businesses of all sizes. Rebecca said: “I’ve always had a real sense of justice and enjoy negotiations, as well as successfully navigating deals for clients. Guiding clients through a transaction process, as well as advising on business restructures, succession planning, employee ownership schemes and much more, is a real privilege. “I’ve led large-scale business sales for corporates over the years and I also particularly enjoy working for owner managed businesses, helping them to solve problems and achieve their goals.” Liam joins LCF Law’s personal law team in Ilkley and brings more than 26 years’ experience to the role, most recently working at Harrogate-firm, Berwins. Liam said: “I’ve known Neil Shaw, who heads the department at LCF Law, for years and know what a great team he has built. “Now was right time for me to make the move, and I look forward to continuing to help clients with wills, probate, trusts. I’m also keen to continue my disputes work, supporting both the personal and disputes teams dealing with errant trustees and mediating will disputes for example, bridging the gap between these two areas of the law. “I also look forward to building on my relationships with other professional advisors across Yorkshire.” Ellie joins LCF Law’s family law team from Harrogate-based Raworths and previously worked for two Leeds based firms. Having completed a masters degree in chemistry, Ellie moved into law in 2001, training at a London law firm. Ellie said: “I wanted to work with people going through a difficult time in their lives, which is why the family side of law appealed to me. Helping clients who are separating or divorcing, arranging pre and post marital agreements and dealing with disputes between people who have previously lived together, to ultimately resolve their issues, is very rewarding. “I have particular expertise in the financial aspects of divorce, and dealing with very complex high net worth cases, both mediating and taking court action when necessary. Every legal case I work on needs forensic analysis and a logical approach, especially when dealing with complicated financial matters and pensions of divorcing couples. “I have helped clients to obtain English pension orders, when their divorcing spouse lives abroad, and relish the opportunity to help clients when it comes to pension division, which is often an overlooked and undervalued area.” Ellie is a member of Resolution, the largest membership organisation for family justice professionals and is a Resolution trained mentor, as well as being a trained collaborative lawyer. She has been recognised by the Chambers Guide and Legal 500, which are both independent guides that rank legal professionals. LCF Law’s managing partner, Ragan Montgomery, said: “All three new partners are not only highly experienced lawyers, but they really care about their clients and have longstanding relationships that results in plenty of repeat work and recommendations. We look forward to working with Rebecca, Liam and Ellie as we continue to strengthen our 145-strong team.”

Hull solicitors step up to sponsor city’s Freedom Festival

Andrew Jackson Solicitors is to sponsor Hull’s Freedom Festival 2024, bringing world-class performances, installations, music and more to the city between Wednesday 28th August and Sunday 1st September. Founded in 1874, Andrew Jackson Solicitors LLP delivers high-quality legal services across East Yorkshire, nationally and globally. Their sponsorship of Freedom Festival is a perfect complement to their 150th year celebrations. Mark Pearson-Kendall, Managing Partner of Andrew Jackson Solicitors, said: “We are thrilled to be a major sponsor of the Freedom Festival 2024. This partnership is a perfect way to celebrate our 150th anniversary. For a century and a half, we have been dedicated to serving our community and our clients with integrity and excellence. Supporting Freedom Festival allows us to give back to the city and region that have supported us throughout the years.” Jo Hawkes, interim CEO of Freedom Festival Arts Trust, said: “We are incredibly grateful to Andrew Jackson Solicitors for their generous support. Their sponsorship will help us elevate the festival experience for everyone involved and allow us to continue bringing world-class art to the streets of Hull for everyone to enjoy.”

Engineering Services Group enters electricity transmission and distribution market with acquisition

Renew, the Leeds-based Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, has acquired Excalon for a total consideration of up to £26m.

The acquisition allows Renew to expand into the electricity transmission and distribution market. 

Excalon, based in Salford, is an infrastructure contractor specialising in the provision of high voltage and extra high voltage infrastructure to the UK electricity sector. Excalon has a number of long-term frameworks with electricity Distribution Network Operators (DNOs) across the UK.

The UK electricity DNO market is regulated by Ofgem and operates in 5-year control period funding cycles. The RIIO ED2 cycle commenced in April 2023 with the latest determination of funding set at £22.2bn.

Entering this market allows Renew to access both the opportunities in ED2 as well as the upgrade of the grid that is required to support the UK’s zero carbon generation and renewables sector. 

Paul Scott, Chief Executive Officer of Renew, said: “This acquisition broadens Renew’s exposure to another critical UK infrastructure market, presenting tremendous long-term growth opportunities. It is consistent with our stated strategic objective to expand into new complimentary sectors that have high barriers to entry coupled with resilient attributes.

“This is a highly regarded business with a strong track record in this specialist sector, and I am delighted to welcome the management and staff of Excalon to the Renew family.”

Global Banking School makes Wellington Place move

Global Banking School (GBS), part of Global Education (GEDU), has moved into its new Leeds campus at MEPC’s Wellington Place. The higher education provider has completed its move from its previous, smaller base at St George House Campus to 1 Wellington Place, where it has taken the entire four-storey building comprising of 26,000 sq ft of space. GBS delivers vocational, undergraduate, and postgraduate programmes across a range of industries including finance, accounting, business, construction, tourism and healthcare. It has ten campuses across London, Manchester, Birmingham and Leeds, with its Leeds location opening in 2022. It now has a total of over 30,000 students across the UK, with further campuses in Dubai and Malta. GBS is relocating to improve its student experience, including through higher-quality learning spaces, better transport links, proximity to food and drink outlets and outdoor spaces. Students will also benefit from being co-located with some of the UK’s leading financial companies relevant to their studies. Previously office space, 1 Wellington Place received approval for change of use as a training facility in November 2023. The new space includes classrooms, with upgraded technology features including floor box charging, IT suites and student support services, and dining facilities. James Kenney, Deputy CEO of GBS, said: “Studying in a brand new, state-of-the-art facility, located alongside leading businesses within professional services, finance, and more, gives our students unparalleled collaborative opportunities to launch their careers to new heights. “At GBS, we’re committed to providing the highest quality of education to all our students, regardless of where they choose to study, so ensuring they all have access to the best possible learning locations right across the UK is critical. “This is a prime location, with links to public transport, car parking, bike storage and is located just off major roads including the A1, M1 and M62, making it easier than ever for our Leeds students to commute each day. “GEDU is changing lives through education, and GBS is proud to be doing this at all our campuses across London, Manchester, Birmingham, and Leeds.” Paul Pavia, Head of Development at Federated Hermes MEPC, the developer and asset manager behind Wellington Place, said: “Wellington Place has firmly established itself as an outstanding business hub in Leeds city centre. We’re now excited to expand on this success by being home to such a well-regarded higher education provider. “GBS is helping to develop the business leaders of the future, many of which could potentially remain at Wellington Place amongst the leading organisations based here. “Not only does 1 Wellington Place provide top-quality learning spaces, but students will also benefit from strong transport links, brilliant onsite activities and events, and plenty of opportunities to network and socialise at our range of bars, restaurants, and cafes. It’s a fantastic environment to both learn, thrive and have fun, among some of the very best in business.”

The Build Chain raises £1.7m

Doncaster-based The Build Chain has raised £1.7m through a mixture of angel investors, industry investors, and the Finance Yorkshire fund managed by Anticus Partners. Following a successful pilot scheme and nationwide rollout in 2023, The Build Chain is forecasting strong growth in 2024 and beyond. It will use this latest round of investment to recruit more experienced individuals into the business in key areas such as technology, operations, sales, and finance. The solution connects sub-contractors and SME housebuilders in need of materials with independent merchants, improving and creating efficiencies throughout the supply chain. By enabling sub-contractors and SME housebuilders to submit a single enquiry for required materials which is automatically delivered to suitable merchants, The Build Chain removes the need for buyers to spend time finding suppliers, contacting them manually, and chasing quotes. In the next year, The Build Chain aims to expand the platform to other audiences in the construction industry. A marketplace area of the platform is being developed to allow Tier 1 and Main Contractors to offer works packages via the platform and sub-contractors to bid for work. Neil Sheldon, CEO at The Build Chain, said: “We’re delighted to have reached this next stage of growth in our journey to transform the procurement process in the construction industry. This investment will allow us to scale up, achieve extended growth, and begin creating efficiencies throughout the entire built environment supply chain. “Our successful platform launch last year has driven over £7 million in quotes to independent merchants across the UK alongside saving contractors time and money. We can now begin to expand these successes to other user groups with benefits for the whole industry.” The Build Chain was assisted throughout the investment process by Freeths Solicitors and Cerelo Advisory.

Family-owned Yorkshire insurance brokerage firm acquires Scottish business

Bradford-based insurance broking and risk management company TL Dallas has reached an agreement to acquire Marsh Commercial’s business in the Highlands and Islands of Scotland, and is expected to complete the deal in August this year.

As part of the agreement, TL Dallas will acquire Marsh Commercial’s teams in Elgin, Inverness and Kirkwall, adding to its existing business in the Highlands and Islands.

Group MD Polly Staveley said: “The acquisition of Marsh Commercial’s business in Elgin, Inverness and Kirkwall represents a significant milestone for TL Dallas, as we continue with our strategy to serve local businesses with local teams, whatever their size. We see this as a major growth region for our business.”

Alistair Fraser, CEO, Commercial and Corporate at Marsh, added: “I am pleased that TL Dallas, with its strong presence in Scotland’s Highlands and Islands where it serves personal customers and SMEs, will be the new custodian of our offices there. As the UK’s leading risk and insurance specialist serving SME clients in over 40 offices, Marsh Commercial will continue to serve SME clients in Scotland through its offices in Aberdeen, Dundee, Edinburgh, Glasgow, Oban, and Perth.”

TL Dallas first expanded into Scotland in 1993 when it opened an office in Shetland, drawing on its experience in the shipping and textile industries. In 2000, the company opened a second office in Falkirk, before expanding into both Glasgow and Edinburgh in 2011. Edinburgh is also the city where its founder, Thomas Lessels Dallas (great-grandfather of MD Polly Staveley) started his business career in commercial shipping insurance, before founding TL Dallas in Bradford in 1919.

TL Dallas is a fourth-generation family firm, owned by its management and staff and it has been in business for more than 100 years. It is one of the largest, and last remaining truly independent insurance broking firms in the UK, and has offices spanning the UK from Shetland to London. The company has a team of over 165 and provides a full range of commercial and personal insurance services including corporate, small to medium enterprises (SME), trade credit, demolition, farming and agricultural, health and care, books and collectables and private client.

Fewer job vacancies, but no weakening in wage growth, says BCC

There are fewer job vacancies, and employment levels are rising – but that hasn’t yet resulted in any noticeable weakening of growth in real wages, says Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce. She said: “This would suggest that competition for skills is still strong, and the substantial cost pressures of wages and interest rates will continue for longer. The rise in the number of economically inactive is also a cause for concern. “The BCC’s election manifesto is clear that better skills planning is needed across the UK to boost productivity and growth.  We must improve the training of staff, unlock the talent of people who have stopped looking for work and find ways to support the long-term sick back into employment. “Getting the strong economic growth we all want to see will only be possible when the skills and workplace challenges are resolved.”

ABP funds new £100,000 D-Class inshore lifeboat

UK port operator ABP has given £100,000 to fund a new D-Class lifeboat to mark the 200th birthday of the RNLI. The boat, being built at the RNLI’s Inshore Lifeboat Centre in Cowes on the Isle of Wight, will be named ABP One. Henrik L. Pedersen, ABP’s CEO said: “Safety is of paramount importance to ABP and this is a value we share with the RNLI. We deeply value to work done by RNLI volunteers to save lives and raise awareness around water safety. I am proud to say that many of our colleagues are part of these lifesaving crews and we are delighted to be able to support their mission with the purchase of this new lifeboat.” Jamie Chestnutt, Engineering and Supply Director, said: “The RNLI’s relationship with Associated British Ports is long-standing. I am delighted to see this partnership go from strength to strength with a continued focus on providing our crews with best-in-class facilities, as seen at Barry Dock’s new Lifeboat Station, the sharing of crucial water safety messaging, and now with a lifeboat, aptly named ABP ONE. It’s partnerships such as this that allow the RNLI to continue to save lives at sea.” ABP will also drive awareness around water safety, which has included sharing stories of ABP colleagues who volunteer with the RNLI, running a water safety poster competition for families and distributing floating keyrings to mariners and colleagues.

Frontier Software support Festival of Work

Frontier Software support CIPD Festival of Work at ExCel London on 12th and 13th June 2024. The Festival of Work, organised by the Chartered Institute of Personnel and Development (CIPD), returns for its sixth year bringing together the latest insights, trends, and innovations in HR, L&D, and internal communications. The event includes over 150 inspirational speakers and experts, sharing their knowledge and expertise on a wide range of topics, from employee experience, learning and development, to personal wellbeing. The festival floor is a must-visit destination, with over 170 exhibitor stands showcasing the latest innovations, cutting-edge workplace technology, business management tools and services. Visitors can expect to gain valuable insights, network with peers and discover new solutions to drive business success. Whether you’re looking to enhance your skills, stay up-to-date on industry trends, or find new corporate solutions, this event is not to be missed. An experienced and trusted provider, Frontier Software has been delivering innovative HR software solutions for over 40 years. Their extensive product range is continually being developed to meet the complex demands of HR professionals. The Frontier Software comprehensive suite of integrated software modules is designed to provide personalised employee interactions, striking the perfect balance between organisational and individual needs. With highly configurable automation tools, you can tailor your HR processes to fit your unique business requirements. Real-time data is always at your fingertips, empowering users to make informed and accurate decisions. Furthermore, the ChatHR feature enables seamless, conversational interactions between employees and your HR database, streamlining employee engagement and support. Visit Frontier Software at the Festival of Work to learn more about HR and/or Payroll cloud-based solutions, and outsourced payroll processing services for organisations of every size and sector.