< Previous20 Business Link www.blmforum.net CORPORATE HOSPITALITY Boris Johnson’s green light for business events to resume later in the year will push the region to commence event planning. However, a number of new health and safety measures will need to be considered. In July, the Government gave the go- ahead for business events, conferences, and events centres to reopen, adhering to social distancing, from 1 October. This of course relies on coronavirus infection levels remaining at current rates. With the sector worth £32.5 billion to the UK annually and representing a quarter of the 38 million international visits to the UK in 2018, the news came as a welcome relief to those working within the corporate events industry, as well as companies looking to resume their own events. While pilots will be taking place across venues to plan for the return of large-scale events and test how best to implement social distancing, guidance has been released to help hosts, event planners, venues and participants organise business events and conferences in the style required for post-lockdown Britain. Here, Business Link will consider how events must be adapted to protect the safety of guests, employees and those hired in association with an event. Government measures state that for the safe running of business events, attendees will need to pre-book and pre- register. In addition, contactless registrations systems should be introduced at venues to minimise waiting times and reduce unnecessary interaction between guests and organisers. In doing this, apps that manage registration, participant information and enable real time check-in will be useful. This will also facilitate tracing in the event of an outbreak, with organisers required to assist NHS Test and Trace. Event holders should ensure to notify attendees how their information will be collected and utilised. Entry to events will also need to be staggered to reduce queuing, and one will want to make further adjustments for queues - contemplate using outdoor space, like car parks. The digital approach will need to be extended to physical name badges and lanyards, to eliminate their handout, while gifts and papers are no longer to be offered out to guests - perhaps consider digital catalogues and brochures as PDFs instead. Ahead of the event, clear communication should be provided to brief attendees on safety protocols, explaining what is being done to prevent Be ready to make adjustments 20-21.qxp_Layout 1 04/08/2020 17:21 Page 1www.blmforum.net Business Link 21 CORPORATE HOSPITALITY COVID-19 transmission and symptoms of the virus to educate people on whether to stay home. Delegates must be informed of what is expected of them, for example no handshakes and making use of hand sanitiser, or if stands are involved, exhibitors should be advised on distancing guidelines for stand designs and hygiene measures they are to take, such as wiping surfaces. This communication will also serve to instil confidence in attendees, that suitable precautions are being taken. Furthermore, event organisers should look to limit overall capacity to maintain social distancing and, where events involve such set ups, increase spaces between exhibition booths and widen aisles. Depending on space available, steps to assess crowd density for reasonable social distancing are required. This will vary based on venue layout and usage and take into account total floorspace and busy areas. It is wise to consider how attendees will move in congestion areas and around venues to adjust the flow of guests to reduce crowds and contact. One-way systems, separate entry and exit arrangements, signage and crowd management tools like barriers may be planned for visitors to influence behaviour. Meanwhile, where seating and/or tables are part of an event, they should be spaced for social distancing. Moreover venues will need to implement enhanced cleaning procedures, with hand washing and sanitising facilities placed at frequent intervals. Organisers must also ensure to encourage use of said facilities, particularly at entry to venues to minimise transmission risk at key touching points and surfaces. Frequent disinfection should also take place, of common contact points especially, and if events are held in meeting rooms, these should be cleaned between users. Government guidance for business events also touches on occasions involving people speaking loudly for extended periods. In this case, attention would need to be paid to ventilation. In general where speaking will be promoted, steps are advised to prevent raised voices, including not using background music. Though there will be a lot to assess as events return, the timeline set out by the government will give confidence to businesses and help jumpstart planning. Requirements placed on events and the amount of new precautions that have to be examined will vary by event and venue; much more consideration will be needed for an expo over a seminar for instance. Who will be brave enough to dip their toe in the post-lockdown hospitality pool first is yet to be seen. In the meantime, until October, virtual events will remain the occasion of choice. © Shutterstock /Matej Kastelic 20-21.qxp_Layout 1 04/08/2020 17:21 Page 222 Business Link www.blmforum.net BUSINESS SERVICES © Shutterstock /ArtFamily 22-25.qxp_Layout 1 04/08/2020 17:23 Page 1www.blmforum.net Business Link 23 BUSINESS SERVICES A s companies look to optimise core business functions, business services organisations, from accounting to IT to legal services, remain essential, helping improve operations, make firms more productive, and keep companies functioning. As a firm grows, business owners often look to business service providers instead of completing tasks in house to save vital time. The business services sector itself, employing 3.3 million in the UK, is experiencing its own challenges, and has certainly not escaped the impact of COVID- 19 with optimism plummeting in the sector. According to the CBI’s latest available ‘Service Sector Survey’ for the three months to May, optimism among business and professional services fell at the fastest pace since the financial crisis, following an uptick in sentiment in the previous quarter. Business volumes in the sector dropped at the quickest pace since February 2009, and looking ahead companies remain pessimistic about growth, with the CBI noting that in the quarter following its survey, firms expected the decline in business volumes to accelerate. The sector has also seen prices drop at the fastest pace since February 2012. The survey indicates that business and professional services firms have been taking advantage of the job retention scheme, beneficially impacting business costs, with costs per person decreasing at the most severe pace in eleven years. Furthermore coronavirus has seen a sharp drop in headcount, with employment falling at the most rapid rate since 2010, which is expected to pick up pace. According to the CBI, almost half of services firms reported making temporary layoffs, and twenty per cent had made permanent layoffs. Sixty-three per cent of firms meanwhile put in place remote working for most staff. The quarter also saw investment intentions deteriorate, with organisations looking to cut back on all areas of investment in the year ahead at the quickest pace since the financial crisis, whether that be training, buildings or IT, though the latter is expected to be cut to a smaller degree. Firms across the vast business services sector are facing various difficulties depending on the sub- sector in which they operate. Recruiters for instance are dealing with downsized workforces, new hires being paused and a shift to conducting digital interviews, while their ability to return to normal is dependent on the sectors they support and how quickly they return to recruiting, with shorter term contracts expected over full time. Simultaneously accountants are handling issues including client challenges The business services sector is handling fresh challenges, plunging optimism and a heightened need for digitalisation in the wake of coronavirus. 24 Á Handling 22-25.qxp_Layout 1 04/08/2020 17:23 Page 224 Business Link www.blmforum.net BUSINESS SERVICES fears, constant fast changing information, and a subsequent struggle to find the ideal way to communicate with clients, such as video meetings and webinars or regular email updates. What the pandemic has certainly highlighted is the need for business services, generally, to embrace digitalisation for the changed post-COVID world. Alev Williams, head of global business services at KPMG, has stated how it is as though three years of digital transformation have been condensed into the past few months. To digitally enable business services firms for the new reality, as noted by Williams, vision and purpose must be realigned with business priorities. There is now a chance to rethink how business services help companies navigate in a quick changing environment. A customer first approach is key here, to ensure business services continue to propel business performance. Moreover, coronavirus has shone a light on the gaps in the capabilities of business services, with those performing best holding user-experience-led design and advanced data analytics. In implementing digital transformation, business services firms should ensure to pinpoint the best opportunities that will offer a return on digital investment. Technology may be wielded to automate simple manual tasks, so employees can turn their attention to high-value work, be utilised to enhance visibility into client analytics to improve services, be used to facilitate greater client reach and maintain interaction quality through a widening variety of communication platforms, be employed for the establishment of digital products, or to simply remove businesses’ reliance on specific locations and boost agility. Those embracing digital tools and © Shutterstock /fizkes 22-25.qxp_Layout 1 04/08/2020 17:23 Page 3www.blmforum.net Business Link 25 BUSINESS SERVICES services, more capable of offering continuity of services to clients and remaining in operation in the pandemic, are in a better position to succeed in comparison to those who are low-tech, with a number of paper based processes meaning their service is reliant on a physical location and resources. With the closure of offices, and the value of remote working technology now clearer, cloud has been recognised for making the shift to home working seamless for business services. For those not utilising cloud the benefits of virtual desktops have come into play, allowing access to a desktop PC from outside the office to view its screen. Prior to the pandemic, just thirty-four per cent of SME companies in the business services sector had a remote working policy in place, while forty-eight per cent were required to create one because of the pandemic. With IT in the spotlight, thanks to COVID-19, digital transformation will be a key priority. However with business services firms frequently dealing with a client’s business and financial information and confidential data, leveraging digital technology also comes with increased risk of cyberattacks and heightened impact if there is an attack. A hasty digital transformation will add to potential cybersecurity issues. Ahead of the virus it was already clear that business services, decision makers especially, needed to become more tech literate and that the sector was facing change ready to alter business models, practices, jobs and functions. Back office functions are being replaced by technology and AI, and data technology and process technology are changing service models and income opportunities, while making a sector already involving highly skilled individuals require these more so, causing subsequent recruitment and retention issues with a growing need for digital skills. On a more positive note, coronavirus has seen a rise in altruism with many business services firms offering free services to help companies ‘bounce back’. For example thousands of professional and business services advisers have signed up to offer free online advice to small businesses through the Recovery Advice for Business scheme. Supported by the government and hosted online by Enterprise Nation, advice includes bespoke, specialist assistance from accountancy, legal, and advertising to marketing, recruitment and digital to help businesses adapt. © Shutterstock /lovelyday12 22-25.qxp_Layout 1 04/08/2020 17:23 Page 426 Business Link www.blmforum.net ACCOUNTANCY REVIEW T he accountancy sector contributes tens of billions of pounds to the UK GDP and employs getting on for a quarter of a million people nationally. The sector didn’t get to achieve figures such as these by shirking developments in technology. One of the latest to impact the profession is cloud accounting which, according to a report from Sage, sixty-seven per cent of accountants say makes their job easier. It’s particularly widespread among larger companies and, at present, twenty-eight per cent of UK accountancy firms have nearly all their clients online. The profession has always been early adopters of technology, a trend echoed by the wider financial sector. Indeed, no accountant in this day and age would still use a manual ledger to prepare a financial statement. Sometimes, older technologies are still employed in the workplace to avoid the expenditure of an upgrade, but when it SMEs In these uncertain times, a company will need their accountant now more than ever. Safeguarding 26-28.qxp_Layout 1 04/08/2020 17:25 Page 1www.blmforum.net Business Link 27 ACCOUNTANCY REVIEW comes to financial statements, a manual ledger is simply an inefficient process. Even the most basic accountancy practice will at least use a simple spreadsheet to keep and maintain account books from which a financial statement will be extracted. But advances in technology has made this process as simple as imputing data and then clicking a single button. Compared with the time-consuming tedium of a manual ledger, it just makes sound business sense to move with the times. It isn’t just a matter of more efficient processes to consider, but greater security, transparency and flexibility. Yet as technology has progressed, so too have the demands placed on accountants by their clients increased. Now accountants aren’t just expected to provide financial services and bookkeeping, but also serve as business advisers turning them into a one-stop shop for clients. Considering how many clients a practice might have – all of them with increasing demands – you can imagine that an accountant wouldn’t be able to keep up with it all. Unless, of course, they utilise digital communications and financial solutions. For example, features in online accounting software allows accountants to provide remote access to clients. Thanks to video conferencing technology and apps such as FaceTime and, more recently in the COVID-19 pandemic, Zoom, they can also hold quick meetings and updates with clients without the client needing to take time out of their schedule to pop down the office. And with the myriad of messaging apps available at one’s fingertips, it’s a simple matter to field questions and queries on- the-go. Moving with the times has been a mantra for the accountancy sector these last few years as a number of shakeups have been introduced to streamline and simplify matters and bring the sector and its clients into the digitally-focussed modern world. General Data Protection Regulation (known better as GDPR), which came into effect on 25 May 2018, is a legal framework that sets out guidelines of collection and processing of personal information from individuals that live in the European Union. Basically, it sought to modernise the practices of handling client data in the digital age, something that most business need to be cognizant of, but one which profoundly affected the accountancy sector. There was also Making Tax Digital (MTD), the government’s initiative to streamline the tax return process for businesses that came into effect this year. Since it was first announced in the Spring 2015 budget, there has been much said 28 Á © Shutterstock /ZozerEblola 26-28.qxp_Layout 1 04/08/2020 17:26 Page 228 Business Link www.blmforum.net ACCOUNTANCY REVIEW and written about the downsides, but the initiative does bring several advantages for accountants, by creating a new standard for record keeping and driving fundamental change in how accountancy works across all business sectors. Embracing MTD means that firms are futureproofing their clients’ businesses by providing real-time analysis reports as well as being able to review a business’ funding options and implement accurate forecasting. Say this of MTD, it’s in line with what modern businesses require, whether they admit it or not. More recently, one of the biggest accountancy challenges to overcome has been related to coronavirus. Any business owner will already be aware of the necessity and importance of financial statements. These financial statements are used by banks and financial lenders, regulators, investors and credit bureaus and ratings agencies, and these statements inform the financing decisions that can literally make or break a company. However, with the pandemic having seriously impacted many companies’ revenues, assets, expenses and contracts in one-way shape or form, businesses have been left in a precarious position where financial statements are concerned. The issue is that, given a global pandemic took the global economy by surprise, there is a dearth of official advice and guidance regarding the financial reporting of the pandemic’s impact on a company. The issue is in how companies can report their financial statements to correctly and clearly convey the impact of coronavirus on their business. That’s a concern for the present but future statements will need to show true growth in revenue and profitability rather than just a recovery from a year in which the pandemic struck. These are major obstacles that businesses have been forced to contend with. Unfortunately, there’s no one source a company can turn to that has all the answers. The good news, however, is that while your accountant won’t have every answer, they will still be able to provide vital guidance and support. They will also be able to help a company make some key adjustments to the way they’re reporting operations this year. As always, an accountant is an invaluable source to your business. As they continue to adopt new ever more innovative technology and respond to the global pandemic, they will help to navigate companies through the mire. © Shutterstock /NicoElNino CHARTERED CERTIFIED ACCOUNTANTS KEEPING BUSINESS ON THE UP… We pride ourselves on providing a pro-active, friendly and accessible service. • Accounts and Tax Returns • Tax Planning and Book-Keeping • Audits and Business Advice • To find out how to get your business on the up visit www.dextersharpe.co.uk Offices in Boston, Bourne, Horncastle, Lincoln, Louth, Skegness & Spilsby 26-28.qxp_Layout 1 04/08/2020 17:26 Page 3www.blmforum.net Business Link 29 SUPPLY CHAIN MANAGEMENT © Shutterstock /Pand P Studio B usinesses must be able to guarantee the quality and security of products throughout the supply chain, from manufacturing, through the warehouse, to their final destination. With desires for increased traceability, efficiency and greener supply chains under consideration, deeper implementation of various technological developments throughout the supply chain is on the horizon. Digitising the supply chain, unifying corporate systems, and employing new digital technology are a priority in supply chain management, to create a smart, connected, responsive, transparent, and efficient system free from silos. The future is certainly in the cloud, with companies moving away from supply chain software involving potentially expensive computing infrastructure on premise. Offering flexibility, scalability, and a wide geographical reach, being accessible from almost anywhere, supply chain cloud computing, including Software as a Service (SaaS), is increasingly important. Provided over the internet, cloud-based systems allow easier information and data sharing with suppliers and customers in the supply chain. Though it is by no means new, the Internet of Things (IoT) is also seeing serious growth in supply chain management, in part thanks to falling costs of IoT devices. With the IoT and sensors, companies can boost visibility, keep track of equipment, inventory, and deliveries continuously in real time and automate stock replenishment. For example, sensors in transport can present live tracking updates on shipping, conditions and delivery, or on trucks themselves provide an understanding of driver behaviour and the impact of traffic on arrival time, while in warehouses one can gather more information on inventory management, see inventory levels at any time and prevent stockouts. It is when joined with cloud-based visibility and analytics platforms that tracking technologies like sensors are able to truly transform supply chains, to collect information without human intervention, and convert raw data into insights that analytics and data scientists can share with decision makers to monitor performance, improve productivity and operational efficiency. Helping make supply chains more transparent, IoT is enabling the sending supply chains As we look at the rest of 2020 and beyond, AI, Internet of Things devices, and eco-friendly practices will continue to rise in importance in supply chain management. 30 Á Smart 29-31.qxp_Layout 1 04/08/2020 17:27 Page 1Next >