< Previous30 Business Link www.blmforum.net FAMILY BUSINESS F amily businesses are at the core of the UK’s economy; they make up 90% of all businesses and are responsible for over a third of the UK’s GDP. The importance of family businesses for the UK’s economy is unquestionable, and there is no doubt a family business is a valuable resource, but a very challenging type of business too. This type of business clearly comes with a series of benefits and advantages. Unfortunately, every advantage comes with its counterpart of disadvantages that could potentially jeopardise the business. First and foremost, a family run business gives you the opportunity to spend more time with family and loved ones and as family members are generally brought up together, raised in the same environment and with the same up bringing, this means they will most likely share the same values in addition to the same family pride and commitment to the business that often translates to great work ethics. Family members are usually emotionally attached to the business and will do all that is in their power to help out. However, as much as spending more time with your loved ones sounds like a good idea and working with them sounds like a dream come true, there might be times when working with family can become a big problem. Because you are family and because you are emotionally attached to the business and each other, you are very passionate, and passion sometimes means conflict. When family members don’t share the same views on a particular matter, issues might be more difficult to resolve and they can even spill over into family time and threaten family relationships that would otherwise stay undisturbed. It might be appropriate to set strict rules and boundaries, and commonly agree not to discuss any business-related topic outside business hours and especially during family time. Family members will be more motivated and willing to make sure the business stays successful and within the Family businesses are the backbone of UK’s economy and represent an incredibly valuable resource for the country’s GDP. However, due to the delicate and intimate nature of the relationships behind them, family businesses are not an easy endeavour to embark on. first Family 30-33.qxp_Layout 1 04/04/2022 16:07 Page 1www.blmforum.net Business Link 31 FAMILY BUSINESS family, and partners of the business are more likely to have common long-term goals along with the same willingness to achieve those goals. Unfortunately, the willingness to keep the business alive out of devotion and attachment might also have the exact opposite effect and doom the business to fail. Family members, descendants who inherit the business, might not have the same drive and passion about the business as the previous generations, they might be sticking with the business only because they feel morally obliged to, but will not put any dedication into the job, which might mean the end of the business itself. Family members will also be more inclined to trust each other, making the work environment much more relaxed and authentic, but also much more flexible and versatile. Family members will trust each other to carry out different tasks, even ones that are not part of the role they cover; most of the time, family businesses go back to several generations which means members of the family have been raised within the business and have a lifelong amount of experience. But if family run businesses are 32 Á © stock.adobe.com/Chaay_tee 30-33.qxp_Layout 1 04/04/2022 16:07 Page 232 Business Link www.blmforum.net FAMILY BUSINESS extremely dynamic and flexible, they might also lack an internal structure and inside rankings that other companies usually have. The inability to identify a precise leadership or a management strategy can lead the business to chaos; it might seem inappropriate to have someone in charge, or some people might emerge more than others and identify themselves as leading figures, however, this unstable dynamic will reflect on the quality of the business and will cause internal and external problems. When a business stays within the family for multiple generations, that business acquires value and insight; multigenerational means the younger generations will have different views and inputs that will help the business adapt to the changing times and grow even further. Sadly, older generations, parents and grandfparents, might be reluctant to trust the younger generations and could, either deliberately or unconsciously, undermine the authority of their relatives creating great conflict between them. While hiring family members is at the core of a family business, when it comes to non-family hires business owners must be very careful not giving the prospect employees the wrong idea. Family hires might be seen as nepotism and create an unhealthy environment that can lead non- family employees to be reluctant to join the business. Finally, when it comes to family businesses, the biggest problems tend to be succession and exit plans. In the UK, 43% of all family businesses don’t have a succession plan and out of those only © stock.adobe.com/Kzenon 30-33.qxp_Layout 1 04/04/2022 16:07 Page 3www.blmforum.net Business Link 33 FAMILY BUSINESS Printing|Copying|Graphic Design LOGOS | BRANDING | BUSINESS STATIONERY FLYERS & POSTERS | BROCHURES | NEWSLETTERS A0 COPYING & SCANNING | OS MAPPING CAD & PLAN PRINTING | PRINT FINISHING High Quality Print & Design in Lincolnshire N 01522 546118 E sales@lincolncopycentre.co.uk www.lincolncopycentre.co.uk 12% are able to reach the third generation. A lack of a clear succession plan, in case of an exit from the business owner, can lead to serious internal arguments and fights within the family that can severely harm the business and lead it to failure. In most cases the business either ends up in the ownership of only one member or ended. A family business is a great resource and a wonderful source of revenue for not just families, but entire economies. However, it is extremely important to enter a family business with a clear plan, about internal dynamics, management, outlook, and succession; make sure all the members of the family are on the same page and your business will be ready to flourish. © stock.adobe.com/potstock 30-33.qxp_Layout 1 04/04/2022 16:07 Page 434 Business Link www.blmforum.net CORPORATE HOSPITALITY Appreciating 34-36.qxp_Layout 1 04/04/2022 16:08 Page 1www.blmforum.net Business Link 35 CORPORATE HOSPITALITY Often when we think of corporate hospitality our minds drift to those events organised for clients, to thank them, build and strengthen relationships with them. Though these occasions are certainly important for businesses and their success, just as vital are corporate hospitality events for employees, who can frequently be left feeling underappreciated. It is critical to take care of employees, to ensure they enjoy where they work, maintain a positive relationship with them, and corporate hospitality is one way to do this. After all, a happy workforce usually means happy customers. While providing events and entertainment for staff can simply seem like an extra expense, they present a wealth of opportunities and benefits - especially when done right - and are only more important now where increased remote working can see significant disconnect, isolation arise and employee engagement lost. Such benefits include the chance to improve a company’s culture, its internal image and morale through recognising, thanking and rewarding employees for their hard work and contribution to the business’s success, and bringing them together to make them feel a part of a team, whether that be via a party, awards ceremony, or other event. Employee-focused events are prime for From improving communication to building loyalty, if you are not planning corporate hospitality events for employees, you are missing out on numerous benefits. 36 Á © stock.adobe.com/Tyler Olson 34-36.qxp_Layout 1 04/04/2022 16:08 Page 236 Business Link www.blmforum.net CORPORATE HOSPITALITY team building; fun, social occasions that connect employees and departments who might not have much chance to interact and get to know each other in the workplace or because they work remotely. These events allow them to enjoy themselves and win tasks together. They also offer an opportunity to collaborate with new people, perhaps with fresh ideas and skillsets. The bonds formed translate back to the office, strengthening communication, building cohesive relationships, trust and respect, helping people work with one another more efficiently. By doing these events in an informal environment too, barriers can be broken down and leaders and employees can connect, bridging a gap that often exists in the workplace. Activities like escape rooms are a good option, in which employees will solve puzzles and riddles together, engaging them, enhancing cooperation as well as strategic thinking. Team building events can also help identify potential leaders, showing the interpersonal qualities of staff. Events for employees also provide time to free staff from workplaces and virtual fatigue, to promote wellbeing - something only increasing in importance in today’s world. An event centred on wellness, encouraging staff to focus on their mental health, offering a boost of physical exercise, unique activities, and time for team building will be highly appreciated - plus the better a business’s workplace wellbeing, the less employee absences. Events could range from yoga to sessions on mindful meditation and stress management, to more casual fun activities that will invigorate employees and give them a moment to relax. In addition, just as corporate hospitality is a sound way to build loyalty amongst clients, the same can be said for staff. At a time when employee retention has become more vital than ever, and people are less likely to stay with a company for years, it is essential to show a business is a good place to work that values its staff, and keep connections strong to keep the best team. Inviting staff to corporate events makes them feel more involved and appreciated and positively influences employer-employee relationships. A company known for its well-planned internal events can also be a draw for new candidates. Furthermore, organising corporate hospitality events outside of the workplace, even the most forward thinking and impeccably designed ones, is a great way to encourage creativity, and establish an atmosphere for new ideas and inspiration. Travelling to a new location presents a chance to stimulate the mind and help people think outside of the box. However, remember to choose a location that suits all team members. In choosing what sort of event to plan for employees, it is important to consider your goals, what you expect to achieve as a result of the event. Are you simply looking to offer some respite after a tough year, boost morale, reward staff, celebrate a milestone, or organise fun team building that doesn’t lead to the classic eye roll from hesitant participants? From parties to game nights to awards ceremonies, charity events, barbecues, outdoor adventures, treasure hunts, and inflatable courses, there are a wide variety of events to throw for employees and activities to choose from. Whatever you select it should reflect your objectives, brand, and be delivered in an engaging way that doesn’t end up being forced fun. One might be concerned over cost, and indeed company events are often the first thing cut when looking to save money, but by setting a budget success can be secured. Events can be as intimate or magnificent as you desire. © stock.adobe.com/Jacob Lund 34-36.qxp_Layout 1 04/04/2022 16:08 Page 3LINCOLN PROPERTY & BUSINESS INVESTMENT EXPO Well targeted, professional events aimed at the Construction, Property, Business, Investment, Finance, Professional Services and related B2B markets. The events have everything you require for a great day of networking and business generation. Face2face route2market – the opportunity to meet more potential clients in one amazing cost effective day, than it would take months out on the road. For further Information contact tina@businessshowsgroup.co.uk Register now businessshowsgroup.co.uk 27th April 2022 The Bentley Hotel Newark Road South Hykeham Lincoln LN6 9NH Exhibition & Network - Property & Construction related industries - FREE TO ATTEND 37.qxp_Layout 1 04/04/2022 16:09 Page 138 Business Link www.blmforum.net AUTOLINK Lotus Eletre 38-41.qxp_Layout 1 04/04/2022 16:13 Page 1www.blmforum.net Business Link 39 AUTOLINK Lotus Eletre The all-new and all-electric Lotus Eletre is a striking and progressive Hyper-SUV – the first of a new breed of pure electric SUVs. It takes the core principles and Lotus DNA from more than 70 years of sports car design and engineering, evolving them into a desirable all-new lifestyle car. The Eletre is 4WD, has a battery capacity that’s over 100kWh and with power from 600hp. A 350kW charger will deliver a 400km (248 miles) range in just 20 minutes. The car’s target maximum WLTP driving range is c.600km (c.373 miles). It also comes with the ability as standard to accept 22kW AC charging which, where available, reduces the time plugged in. The Eletre takes Lotus interiors to an unprecedented new level. The performance-oriented and technical design is visually lightweight, using ultra-premium materials to deliver an exceptional customer experience. Shown with four individual seats, this is available to customers alongside the more traditional five-seat layout. The Lotus Eletre is on sale now across global markets, with first customer deliveries in 2023 starting in China, the UK and Europe. Zero With the Government clamouring for Net Zero targets, we thought it might be a time to look at some future contenders coming into the electric vehicle market, to see what vehicles we might look forward to driving later this year or in early 2023. Net Audi A6 e-tron concept Like the Audi A6 e-tron concept that was exhibited in 2021, the A6 Avant also has an exclusively electric drive system based on the forward-looking PPE platform, developed under Audi’s leadership. At the same time, it represents a new design concept with the same dimensions as the A6 Sportback e-tron. The Audi A6 Avant e- tron concept exterior model that is making its debut in March 2022 is not just a simple design exercise. Its lines and elegant proportions preview future Audi production models and offer clues about how dynamic and elegant the electrically-powered luxury class will look. For its part, the PPE technology will ensure that what the car’s lines imply is translated into a standard of dynamic 40 Á Audi A6 e-tron concept With the Government clamouring for Net Zero targets, we thought it might be a time to look at some future contenders coming into the electric vehicle market, to see what vehicles we might look forward to driving later this year or in early 2023. 38-41.qxp_Layout 1 04/04/2022 16:13 Page 2Next >