< Previous30 Business Link www.blmforum.net MATERIALS AND COMPONENTS Need help handling your hazardous waste? Call our specialist hazardous waste team on 0345 337 5050 or visit ward.com/hazardous-waste for advice or a free quote. times will become quicker, more efficient and versatile. What companies might not consider, however, is that 3D printing can result in huge time and cost savings when it comes to repairs. From fixing equipment, to restoration projects, sometimes it just takes a single component to up the budget and result in periods of downtime. But with additive manufacturing, a company can print out the component needed, often in only a fraction of the time or cost. This also makes it ideal for conducting repairs in-house, rather than having to send away for a specific part. The downside is that schematics might not always be available. Although the manufacturing and engineering industries are facing their fair share of challenges, there are a number of hugely exciting developments and innovations in response. Disruptive new technologies and a greater push towards advanced manufacturing is making the design, development and use of materials and components better than ever before. The onus now is on securing a new talent pipeline and stemming the skills shortage once and for all. © Shutterstock /Gorodenkof f 26-30.qxp_Layout 1 05/03/2021 08:05 Page 5www.blmforum.net Business Link 31 CORPORATE HOSPITALITY While the Government’s recently announced roadmap has signalled that the end of lockdown is nigh, for the time being we are still being encouraged to work from home where possible. It is therefore not the time to drop the ball on virtual and remote employee appreciation and engagement © Shutterstock /Girts Ragelis 32 Á With staff working from home, employers must ensure to show their appreciation and continue bringing teams together in the name of maintaining morale, productivity, and building a rapport. employees Appreciating 31-33.qxp_Layout 1 05/03/2021 08:06 Page 132 Business Link www.blmforum.net CORPORATE HOSPITALITY activities. The COVID-19 outbreak has increased the need to maintain communication with staff, and boost morale, motivation, and employee recognition as a time in which remote workers can quickly become isolated as they are not physically together, missing out on small opportunities to socialise and build a rapport with other team members. When employees feel isolated, they are less likely to be comfortable working with their team members and mental health can be impacted, alongside productivity. That is why it is important to create a good environment for remote workers through virtual activities. This does not have to involve something excessive, rather simple recognition and team building events that will help you and your team connect and create a community, a happier team, which will in turn see a business benefit from higher employee retention. Recognition Recognition has long been used to reward, praise, and drive the performance of employees, but during the pandemic it is also being utilised to strengthen a workforce, lighten spirits, give hope, and boost wellbeing by making staff feel appreciated. How frequently recognition events occur is now also more important. Though it has been commonplace to wait for formal, key recognition milestones for long term contributions, be it monthly, quarterly, or annually, now that days feel like weeks, in the current climate this is not enough. It is essential to recognise smaller wins, to step up efforts so workers know you value their contributions in a stressful time, and to value these in the moment rather than at the end of the quarter. While bonuses and gifts are great, simple acknowledgements also go a long way, such as cards, care packages, emails, and highlighting employees for their work during virtual meetings. One could even send flowers, which can also be fitting for a remote work anniversary or birthday, which can feel underwhelming when experienced alone at home. Another idea being used by businesses to reward the hard work of staff and show appreciation is discounts, vouchers, and gift cards for food deliveries/takeaways. With deliveries rising in the pandemic and staff staying inside the home as much as possible, this © Shutterstock /fizkes 31-33.qxp_Layout 1 05/03/2021 08:06 Page 2© Shutterstock /New Africa www.blmforum.net Business Link 33 CORPORATE HOSPITALITY option can help those running out of fun recipe ideas and becoming exhausted with cooking - especially those balancing childcare with working. In addition, one can provide these for local restaurants to not only reward staff but support local venues. Employers could also set up a virtual wellness programme, or offer fitness classes - which also illustrates you are invested in the health and wellbeing of staff - and run online awards ceremonies. Furthermore one could offer access to online learning and development courses to show support for professional development and career progression. Team building Though team building events, key to establishing a more positive corporate culture, have traditionally involved employees coming into close contact with one another, this is now not possible. Fortunately, there are numerous virtual options that will allow employees to build positive relationships and keep engaged and connected while apart. To many, online team building will be seen as less than ideal, but it does have benefits, including avoiding problems and hurdles that arise when organising in person team building activities, like high expenses, location choice and accessibility. An easy and quick option is planning virtual lunches. Alternatively you could organise online tours, group workouts to break up the workday, coffee talks, and happy hours to let employees bond, blow off steam, and build social relationships on top of professional ones. One could even go a step further by sending goodies to people’s homes for such events. For a virtual happy hour for instance, cocktails could be delivered to employees. Online cooking and crafting sessions, classes, or competitions are also popular for bringing the team together, with a number of businesses recently organising group Pancake Day events in the spirit of this. Fun challenges can also offer a good, light-hearted method of team building when working remotely, such as tracking steps, as can quizzes and game nights where you have to work in teams. There are a plethora of services that can run these events for you, including murder mysteries, Pictionary, or scavenger hunts. 31-33.qxp_Layout 1 05/03/2021 08:07 Page 334 Business Link www.blmforum.net FINANCE There are many challenges and potential pitfalls to overcome for businesses as the pandemic continues to depress the economy. Although some of these issues have arisen as a direct result of the coronavirus crisis, the outbreak has exacerbated many pre-existing financial burdens, making difficult trading conditions more hostile for businesses. One of the biggest threats is that going forward cashflow is weak as outstanding and uncollected invoices build-up and there’s a halt the movement of products and services is halted. In the wake of so many lockdowns, many businesses have been more cautious and have made cost- saving measures – such as searching for cheaper suppliers or letting go of some suppliers altogether. Elsewhere, companies have lost contracts and longstanding clients as other companies seek to reduce overheads or have been forced to shutter their operations in the wake of the outbreak. On its own, this weaker cashflow would be a major hindrance, but it comes amidst an already established culture of late payments that has pervaded the corporate world for years. A study from the Federation of Small Businesses (FSB) shows that sixty-two per cent of small businesses have been subject to late or frozen payments in the wake of the outbreak. Only ten per cent of those firms surveyed have agreed to payment terms with clients, meaning most of this fresh wave of poor practice has not been formally signed-off by creditors or debtors. Indeed, late payments contribute to 50,000 insolvencies every year, costing the economy £2.5 billion. If it was an issue that businesses Filling the gap 36 Á 34-37.qxp_Layout 1 05/03/2021 08:08 Page 1www.blmforum.net Business Link 35 FINANCE 34-37.qxp_Layout 1 05/03/2021 08:08 Page 236 Business Link www.blmforum.net FINANCE were contending with before the outbreak, it’s only been heightened in this ‘new normal’. However, there are ways in which a company can secure funding to cover the gap in cashflow posed by late invoices. Chief among these is invoice finance. This is the simplest means of releasing cash tied up in a businesses’ outstanding invoice. It sees a business sell its invoices to a third party who will advance some of the funds it is worth up front for a cut. Thousands of businesses already rely on this kind of financing to maintain a healthy cash position, whilst others use it to take back control of cashflow issues that arise from late and unpaid invoices – more so since Perhaps the biggest draw is that businesses can be paid most of an invoice within forty-eight hours instead of the typical thirty-day period specified on most invoices. Of course, this is far from the only finance solution businesses can draw from. Asset-based finance is a specialised method of providing companies with working capital and term loans that use accounts receivable, inventory, machinery, equipment and real estate as capital – essentially, any loan to a company is secured by one of that company’s assets. This option is commonly used to pay for expenses when there are gaps in a company’s cashflow, but it is also frequently used for start-up financing as well as refinancing existing loans, financing growth, mergers and acquisitions, as well as management buy- outs and management but-ins. Although it’s not suited to meet every business requirement, it can prove useful for those that have stretched their credit limits with vendors and reached lending capacity at the bank. Companies can also take out loans to fill the gap and bolster cashflow, though some companies may already be at their limit with their banks or otherwise don’t meet the requirements for securing loans with traditional lenders. In these situations, companies can turn towards alternative lenders and finance providers. Private equity, for example, is where investors provide long-term equity capital 34-37.qxp_Layout 1 05/03/2021 08:08 Page 3www.blmforum.net Business Link 37 FINANCE © Shutterstock /Number141 1 investment in a company in return for either shares, a percentage stake in the business and/or, sometimes, a seat on the board. Although many businesses might be loath to dilute their ownership, private equity does offer a good option of raising capital for businesses that aren’t ready to list on the stock exchange. Another form of private finance is an angel investor – a high net worth individual who makes use of their own personal disposable finance and makes their own decision about making an investment. Angels would normally take an equity stake in a business in return for providing equity funds. As well as capital, angels can also provide their experience, knowledge and contracts, making them especially attractive to early stage businesses. Every investor is different and will therefore provide differing amounts, but typical investments range from between £10,000 and £500,000, though deals of up to £2 million are becoming more commonplace as angels group together in syndicates. Although angels are one of the most significant investors in start-ups, that shouldn’t deter more established firms from making enquiries. It’s important to keep in mind that securing an angel can be a difficult and protracted process, as well as being harder to research and contact compared with a private equity firm. Although securing finance of one form or another is a way in which companies can strengthen cashflow, there are other options such as reducing overheads and operating costs and downsizing. Depending on the company and, indeed, the severity of the financial shortfall, this approach may be pursed independently or in conjecture with invoice financing or a loan. In this current financial climate, with the effect of the pandemic, and with the end of the furlough scheme forcing many employers’ hands, a lot of businesses may soon be looking at redundancies as a necessary way to improve and increase their cashflow. Payroll is often the biggest expense for a business so, in times such as these, it’s often one of the first places bosses or financial advisors will look at to save money. It’s a simple but effective method – a company can save tens of thousands of pounds a year by letting staff go, be that through shuttering whole departments, or consolidating multiple job roles into one. Although nobody wants to lose their jobs, it’s often necessary for companies to take such measures to stay afloat and to continuing trading through this period of increased economy strain and uncertainty. However, it’s worth noting that there are other ways to cut payroll costs without letting staff go – such as cutting salaries, turning full-time staff into part-timers, cutting bonuses, enacting leaves of absences and shortening the working week. The coronavirus crisis remains an unprecedented and challenging time for businesses. As well as bringing its own unique set of challenges, it has also heightened many existing issues, making cashflow problems a more pressing challenge for businesses. In many cases, it has forced companies to take drastic measures to remain afloat and continue to navigate the ‘new normal’. Solutions include invoice financing and securing loans, be that from traditional lenders, from private equity providers or alternative finance, and making cost cutting measures in-house, such as redundancies. In any case, there exists expert advice to help inform business decision making so companies can make the best decisions to bolster cashflow and continue trading. 34-37.qxp_Layout 1 05/03/2021 08:08 Page 438 Business Link www.blmforum.net LEGAL SERVICES and the law Can businesses make vaccination mandatory? How best should the issue be handled? The law is murky. Vaccination 38-40.qxp_Layout 1 05/03/2021 08:11 Page 1www.blmforum.net Business Link 39 LEGAL SERVICES © Shutterstock /Halfpoint W ith the UK and our region looking to come out of lockdown this year, and with a vaccine finally synthesised, we may well be looking at a return to normalcy for businesses. One contentious issue, however, is that of the vaccine itself. With many businesses desperate not to face another lockdown, it may be tempting – and even common sense – to enforce a strict vaccination policy at work. After all, is this now business leaders in our region doing their best to halt the spread of COVID-19? The legal advice suggests otherwise, and enforcement of vaccination could end up leading to claims of discrimination! Currently, vaccination against COVID- 19 is not compulsory, with the Government leaving it up to businesses to decide the ethics and feasibility of mandatory vaccination policies in their workplace. After months of lockdown restrictions, companies will be eager to reassure customers and clients that they operate a ‘COVID-19 safe’ environment. However, Howes Percival is warning employers to tread carefully and obtain specific legal advice regarding the implementation of any workplace vaccine policies. Simon deMaid, Partner and employment law expert at Howes Percival commented, “While the need for vaccination policies in the workplace may seem premature. The expected trajectory of the vaccination rollout will lead to more instances of employers asking for or even requiring employees to receive the vaccine.” Issues regarding vaccination will be specific to each employers’ circumstances, their business sector, and the individual circumstances of their employees. While employers are entitled to suggest that staff get vaccinated, if an employee refuses, great care needs to be taken to avoid potential discrimination claims. Ultimately, it is a commercial decision for each employer to take based on the level of risk they are prepared to take. However, employers should bear in mind that, a “no jab, no job” policy is too 40 Á 38-40.qxp_Layout 1 05/03/2021 08:11 Page 2Next >