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Small businesses would prefer the carrot of greater incentives, advice and support in their efforts to become more sustainable, rather than the stick of a change in the law, according to new research from Novuna Business Finance , as nine in ten respondents admitted they needed more prompts in order to help them become more sustainable (91%). At a time when the Competition and Markets Authority (CMA) published new guidance to help businesses work together towards achieving environmental goals, after finding that businesses needed more clarity on what is and is not legal when working towards sustainability, Novuna Business Finance asked a representative sample which methods would prompt them to take action on sustainability within their business. Seven In 10 Feel Incentives Are Way Forward The results showed that the vast majority (71%) said more support and advice was the best way to encourage more sustainable activity. Over half the respondents believed that Government incentives were the best option when prompting change (52%). Better advice and guidance on how to become more sustainable was also high on the list, with two fifths looking for guides on how to improve as a business (42%). Looking at the responses by size of organisation, the proportion of leaders of smaller businesses favouring an incentive-led approach was significantly higher: 75% of smaller businesses vs 67% of larger businesses (50 employees or more). Existing Pressures Already Enough Of An Incentive The research revealed that 40% of respondents felt that current pressures were enough of an incentive to prompt action. More than a quarter said customer demands already mean they are forced to take action on their sustainability, while 22% said social pressure more generally meant they wanted to be seen to do the right thing. One in eight (15%) said they were conscious they did not want to fall behind the competition on this issue. Other pressure cited included coming from within the business itself (22%), particularly if this involved attracting and retaining staff that wanted to see change. Finally, with the ISSB recently voting for mandatory disclosure of scope 3 emissions from businesses, 18% felt that their supply change would provide enough of a prompt for them to improve their operational practices to be more sustainable. Just A Third Want Additional Laws & Fines The results showed that around a third (36%) of small business leaders felt introducing additional regulation would be the most effective way of driving action on sustainability. Interestingly, when it came to those businesses keen to see a change in the law, the research found that bigger businesses were more likely to vote for a law change than small enterprises (44% vs 32%). Joanna Morris, Head of Insight at Novuna Business Finance, commented: “From current and previous research, it is clear that businesses want to do more on sustainability – this is a given. Prompting businesses to do as much as they can to tackle climate change will involve a combination of factors – pressure from market forces, incentives and advice, and regulation. There is no silver bullet. However, from this research, we can see clear preferences for smaller businesses – pointing to areas where leaders may respond best." “Certainly, as the issue of climate change becomes more prevalent, more and more businesses are realising the scale of the challenge to be more sustainable. Resources and advice are still few and far between, and the sooner businesses have the means to understand their own situation, and how they can change meaningfully, the better. Novuna Business Finance is working with small businesses predominantly in the manufacturing, construction and agricultural sectors to support them to become more sustainable with the right resources to do it.”

Belfast’s famous 5-star Merchant Hotel has launched a new cocktail list with strong green credentials. Upholding The Merchant’s tradition of respecting the classics whilst showcasing passion and skill in crafting new cocktails, Volume V of The Cocktail Book at The Merchant Hotel features a pared back selection of 20 cocktails. The list aims to capture the zeitgeist of the cocktail scene, showcasing timeless favourites, Merchant signatures and innovative Merchant originals. Sustainability was a big focus in curating the list. Building on The Merchant’s farm to table ethos elsewhere in the hotel, every effort has been made to streamline processes to limit unnecessary waste. Each element of the drinks has a purpose; nothing is wasted. Garnishes, if present, are edible or a by-product of another drink, and are always designed to enhance the piquancy of the cocktail. For example, bartenders handcraft their own orgeat syrup for use in several cocktails, and leftover almonds are used by the chefs to make biscuits. Smaller Irish brands including Boatyard Vodka and Gin, Dunville’s Whiskey and Shortcross Poitín sit alongside longer-established premium spirits including Redbreast Whiskey, Appleton Rum, Beefeater Gin, Tanqueray 10, Woodford Reserve Bourbon and 1800 Tequila. The Merchant is famous for once selling the world’s most expensive cocktail, so it’s no surprise that a Mai Tai remains a firm fixture on the list, albeit at a much more affordable price point of £14.95; a fraction of the £750 price tag of the original Trader Vic's Mai Tai, but a stunning drink, using a premium Appleton rum, El Dorado 5-year-old rum, nevertheless. Regulars will be relieved to know that Merchant classics including a French 75 and The Sicilian, a refreshing mix of Beefeater Gin, Campari, Cointreau, orange sherbet, fresh grapefruit juice, lemon juice, orange bitters, originally perfected by The Dead Rabbit’s Jack McGarry during his time in The Merchant, remain on the list, along with a refined Boatyard Gin martini, and a Redbreast Lustau Tipperary, which are sure to be new favourites. The Merchant’s classic Champagne Negroni - a refined take on the much fabled ‘Negroni Sbagliato’ which gained popularity thanks to House of Dragons star, Emma D'Arcy last year - also features, while the ‘Presbyterian No. 2’ is the third incarnation of the original Presbyterian. The quirky name and the drink originated in Scotland and is said to have been created by a forward-thinking 19th century minister to help his congregation circumnavigate the strict rules of the Church. It was updated by Sam Ross (Attaboy, Milk & Honey) in 2008. The Merchant has further evolved the drink using Irish whiskey (Dunville’s Peated Irish Whiskey) rather than scotch. And a fun fact: perhaps surprisingly to some, ice is deemed by Merchant Cocktail Bar manager, Aaron Dugan to the most important part of any drink – creating the ‘igloo effect’, where it cools but does not dilute the liquid. The Merchant has spent years perfecting its ice and large hand carved ice cubes feature in many of their signature serves. Commenting on the launch of the new cocktail list, he said: “We are proud to unveil our new cocktail menu, which after much consideration is a refined, pared back collection of timeless drinks, Merchant classics and new innovations. When considering the selection, we wanted to create a list that was approachable and encourages conversation with our bartenders, allowing them to share their knowledge and passion for crafting world-class cocktails with our guests." “We are passionate about making our menu as sustainable as possible, and this carries through, not just in the drinks but in the menu itself, which is made from recycled paper. The menu will evolve and update twice a year to ensure we can source ingredients that are in season.” The new cocktail menu is now available in The Cocktail Bar at The Merchant Hotel, Belfast. To find out more and to book your Merchant experience, visit www.TheMerchantHotel.com

The rising importance of environmental, social, and governance aspects for small businesses now means that having a sustainability expert on its board of directors is no longer a ‘nice to have’, but rather a ‘must have’. A survey of over 1,000 small business leaders (nationally representative and multisector) by Novuna Business Finance asked respondents about what they regarded as essential roles on the board of directors to guide the strategy of the business. The results showed that two in five (40%) business leaders regarded having a sustainability expert as essential, second only to a board director with financial expertise (42%). Small business leaders were more likely to value sustainability expertise then they were other areas including marketing (38%), digital or IT (38%), operations (33%), product development (27%), or legal (26%). The results showed that there were a number of sectors where business leaders required sustainability expertise above anything else. These included the hospitality and leisure sector (48%), real estate (50%), and manufacturing sectors (41%). Such expertise was also particularly highly valued among larger small businesses (11-50 employees – 46%, 51-100 45%), and businesses that have been established for more than 10 years (46%). Sustainability a key part of business strategy From a strategic point of view, the results suggested that leaders saw sustainability as a core part of their business’s future. The research found that 92% of small business leaders could point to tangible business benefits from prioritising sustainability. One in five (22%) business leaders said prioritising sustainability prompted them to think longer term about the business and the introduction of more innovative ways of working (18%), whilst a similar proportion (21%) reported a reduction in business costs. Around one in six (17%) said prioritising sustainability had made them more attractive to external investors. Among the key benefits was a significant reduction in waste, cited by 37% of business leaders, as well as overall public perception and being seen to do the right thing (34%). Joanna Morris, Head of Marketing and Insight at Novuna Business Finance commented: “A decade ago, a small business focusing on sustainability would have a competitive marketing edge. Today, it has become more than that. It has become paramount for all companies to integrate ESG into the core of everything they do. With the rising importance of sustainability, and the sharp increase in demand from investors, consumers, supply chain partners, government regulators, and employees, it makes sense to have sustainability experts sitting on the board of directors of a company. “For sustainability strategy and policies to be effective, a seat at the table is only the start. In order for net zero targets to be met, and for meaningful action to take place, sustainability must be embedded into all parts of an organisation, with long-term investments and strategic partnerships. Novuna Business Finance supports organisations who are serious about sustainability, helping drive growth that is good for both the business and planet.”

Over three quarters (78%) of UK small business owners say that sustainability is at the forefront of their business strategy, but their efforts are being hampered by the cost associated with implementing “green” business infrastructure. The SME Insights Report , which surveyed over 1000 UK small business owners, found that over half (57%) of small businesses said that financial cost is a drag on their sustainability efforts. Not having enough time (26%), a lack of knowledge or experience (25%) and limited interest in sustainable options from customers (16%) were also cited as affecting their goals. As small businesses are being forced to compromise environmental practice in favour of keeping costs for services and products affordable for customers, only 13% say that they have been able to achieve their goals. Taylor Rutter, a Contract Carpenter based in Northamptonshire said “Adding a sustainability offering to my work would definitely help with getting more work in the future, especially given that the issue has come into the fore over the past few years." “As for it being feasible, it would be at quite a cost to upgrade all of my essential kit. If I'm entirely honest, I'm not looking forward to when the time comes to upgrade my van to fully electric for a few reasons - the initial cost, charging points, planning journeys accordingly, future maintenance costs, possibly downsizing the van to accommodate being fully electric." “For self-employed people like myself, making drastic changes to make the business ‘sustainable’ doesn’t always feel possible. Sustainability feels like a luxury - and in this economic environment, even the basics can sometimes be difficult to cover.” Sarah Jordan, Owner and Founder of sustainable clothing brand Y.O.U underwear, said “To be honest it's tough being a small, sustainable business. As a starting point, costs are so much higher across everything you do. Whether it's sourcing sustainably and ensuring full transparency through your supply chain, paying living wages, or supporting charities as part of your business model (or all of those), each has a very real impact on margins and therefore profitability. “It often doesn't feel like a level playing field and with customers feeling the pressure at the moment too, as well as frequently having expectations around price, it's certainly a tough space to be in. It is, however, also a very motivating one when we get great feedback from customers and see the difference we're making.” Beyond sustainability, the report revealed other pressures on the sector. Half (48%) of SME owners believe the rising cost of living is the most glaring challenge facing their business. Over half (63%) say that rising taxes, interest rates, and inflation are eating into profit margins. A quarter (26%) of small business owners believe that they will be forced to cease trading if the outlook for their business does not improve - a potentially detrimental blow to the UK economy. Alan Thomas, UK CEO at Simply Business commented: “The government has an ambitious climate commitment to cut the UK economy’s greenhouse gas emissions by 2030 and achieve net zero by 2050 but findings from our SME Insights Report shows that SME owners are finding it increasingly difficult to embed more sustainable practices." "The UK’s 5.6 million small businesses account for over 99.9% of the firms operating in the country and contribute trillions of pounds a year to the economy. As a result, small businesses will play an integral role in the UK meeting their sustainability goal but they will need government support to do this." "If the government is serious about its commitment to its sustainability milestones in 2030 and 2050 it needs to realistically consider small businesses, the role that they play and what ultimately the support they need to get to where they want to be.”

Challenges in the housing market are set to continue, with extreme care needed to navigate the next few months, a leading accountant has warned. Property owners, sellers, buyers, landlords and tenants are all affected by turbulence in the sector, said Tom Young, associate director at Hampshire accountancy firm HWB. Tom points to a range of factors suppressing market activity including stubbornly high inflation, rises in mortgage rates, declining house prices and rental yields, and potentially tighter constraints on lending. At the same time, there remain opportunities to mitigate some of the pressures with the correct advice and a careful plan of action, he said. Concerns have continued to grow since the latest Bank of England data painted a subdued picture of mortgage lending and home buying. While inflation persists at 6.7%, disposable income has become lower for millions of people and those with higher mortgage rates are seeing their cost of living rise still further. “The cost of borrowing is now at its highest level since the 2008 financial crisis,” said Tom, a property sector specialist. “The combination of the increased cost of living and mortgage rates has led to many individuals deciding to pay off lump sums of their mortgages rather than move. This has contributed to the decline in the housing market and prices." “On the face of it, lower house prices may seem like good news for prospective buyers but not if it is offset by higher mortgage payments." “We’re already seeing the level of mortgage arrears at a seven-year high, a clear indication of pressure on affordability, and the number of new mortgage loans declining markedly.” There are signs that rates may be close to a plateau, with the Bank of England keeping interest rates at 5.25% in September 2023 after 14 successive increases since December 2021. This has prompted some mortgage lenders to cut fixed rates for two and five-year terms. Tom said: “It’s therefore possible that buying a home could become more affordable in future but, at the moment, prices have generally not decreased enough to balance out the higher interest rates. We are certainly seeing an increase in enquiries from people looking to mitigate property sector pressures." “Many of those who took advantage of the Stamp Duty holiday during Covid will now be renewing their mortgage terms and be faced with a steep increase in repayments." “And owners of highly geared properties, where the level of debt versus equity is high, could end up with the pain of negative equity. We’re also seeing mortgage providers becoming more stringent before they approve loans, carrying out additional checks on risk profiles and requesting cash flow forecasts while they ‘stress test’ the ability to make repayments.” Tom said that some prospective buy-to-let (BTL) landlords, if they have equity backing and can ‘ride the storm’ of higher interest rates, could purchase properties at favourable levels at a time when prices are falling. “But they should factor in the risk of a squeeze on rental yields if tenants struggle to keep up rent payments,” he said. “It’s inflation and the overall cost of living that is making this such a challenging time in the market.” Tom added that one way BTL landlords can mitigate the risk of mortgage interest is by purchasing the property using a company or incorporating an existing portfolio. “Companies do not incur the same restrictions on claiming mortgage interest against rental profits as individual landlords,” he said. “It is therefore worth running the calculations to ascertain whether it is best to purchase the property as an individual or in a company." “There are many other factors that should be taken into consideration. For example, mortgage rates for individuals tend to be lower than that offered to a company and you have to consider Stamp Duty Land Tax and Capital Gains Tax. The best advice is to engage a tax adviser to run the calculations. Our message overall is that if you are worried about a property transaction during this time of market uncertainty, an independent expert is best placed to help.” HWB Chartered Accountants, based at Chandler’s Ford, near Southampton, advises individual landlords and property developers on the ever changing aspects of accounting and tax legislation.

The number of first-time buyers in Scotland fell by 14% between January and August 2023, compared to the same period in 2022, according to the latest Bank of Scotland First-Time Buyer Review. This fall is not as sharp as the picture for the UK overall, where first-time buyers fell by 22%. First-time buyers in Scotland still accounted for half (50%) of all home loans agreed between January and August this year, the same proportion as in the same period in 2022 and 2021, as activity in the wider housing market slowed. Various challenges in the housing market, including increases to mortgage rates and periods of lower availability of mortgage deals - will have impacted many first-time buyers in recent months. Inflation has become a further barrier to saving a deposit – an aspect of new home ownership that was already difficult for many, considering the average deposit needed is now £38,871. Graham Blair, Mortgages Director, Bank of Scotland, said: “Scotland offers some of the most affordable places for those looking to buy their first home, with Inverclyde, West Dunbartonshire and Ayrshire the most affordable places in Scotland and the UK overall." “While lenders are ready to help – we provided around £5.5 billion in lending to first-time buyers in the first half of this year – it doesn’t change the fact that those buying their first property continue to face challenges. While the average deposit raised has dropped slightly compared to last year, at nearly £39,000, it is still a sizeable amount to get together and, overall, first-time buyer numbers fell in the first half of this year, compared to last year." “However, the expected further fall in house prices this year - alongside stronger income growth - may somewhat offset higher interest rates, which will be welcome news to first-time buyers. Overall, Scotland continues to be a great option for first-time buyers, with the average first property coming in at just under £100,000 less than the UK average.” While the number of first-time buyers has fallen between January and August of this year compared to the same time last year, a large number got on the ladder over the previous two years as, post-pandemic, buyers took advantage of low interest rates and government help available at the time, including Land and Buildings Transaction Tax relief and Help to Buy schemes. This means that, between January and August this year, the average number of people entering the property market for the first time was 22% higher than ten years ago.

Less than one-in-seven digital households (12%) have reduced or plan to reduce their spending on home broadband, mobile connectivity or streaming according to the latest EY Decoding the digital home study – which surveyed more than 2,500 UK consumers on their attitudes toward technology, media and telecoms experienced in the home. Almost half of UK respondents (49%) have not taken any measures cited in the study to reduce spending on connectivity content and home technology in response to the cost-of-living crisis. Despite growing concerns among some households about rising broadband and streaming/pay-TV prices (cited by 67% and 56% respectively), perceived value-for-money remains consistent year-on-year and has risen substantially in relation to content from broadband providers (55%, up from 42% last year) and smart home products (39% vs. 35% last year). This positivity is compounded by increased enthusiasm for premium broadband offerings, with 35% of UK consumers willing to pay more for good customer service and back-up connectivity (34%). Turning to streaming services, 37% of respondents would be willing to pay more to access all content via a single platform. Praveen Shankar, EY UK & Ireland Managing Partner for Technology, Media and Telecoms (TMT), says: “Despite persistent inflation and the cost-of-living squeeze effecting disposable incomes, our research shows that UK consumers are prioritising spending on home broadband, mobile connectivity or streaming services, although perceived value-for-money remains front of mind." “Whilst spending on these services is currently holding firm, it’s vital that service providers take steps now to ensure they can continue to offer compelling propositions that are flexible and reflect consumer priorities. For example, there are clear opportunities for service providers to differentiate themselves in a competitive market with increasing appetite for premium broadband offerings, good customer service and network reliability.” Uptake of new services and smart home tech stalls While the study highlights the resilience of the digital home, new services and emerging smart home products are still challenged by the pressure on household spending. Nearly half of UK households say the economic climate has made them less likely to pursue new connectivity and content experiences (44%) and adopt new technologies and gadgets for the home (43%). And 62% say pressure on finances has made them more likely to shop around for the best connectivity or content deals. Similarly, penetration rates of more sophisticated home tech remain low. None of the 17 devices or products featured in the study (including smart security and digital home assistants) are currently owned by more than one-in-three households, and adoption levels are only increasing slightly year-on-year. Notably, trust in the brand was ranked as the No.1 factor influencing consumers when choosing a smart home device (46%), followed by an attractive one-off or monthly price (39%). Platform overwhelm in a competitive streaming market Competition between streaming services continues. As more services enter the market, there are signs of decision fatigue with almost half (48%) agreeing that they are faced with too much choice across platforms. Meanwhile, 17% of streamers indicate that they have canceled at least one monthly subscription in the previous 12 months, with 14% planning to cancel one or more in the future. The competitive landscape and spending pressures both feed into these decisions, with 54% citing cost savings as a reason to cancel. Network reliability fails to show material improvement The study further highlights that network reliability continues to be a key pain point for consumers. One-in-four respondents (22%) say they regularly experience an unreliable home broadband connection. Perceptions around mobile data are more concerning: despite increasing 4G and 5G coverage levels, 24% indicate that they experience an unreliable mobile connection often or very often. Overall, just over a third of households (35%) rank improving the reliability of their connection as the biggest service improvement their provider could make. Adrian Baschnonga, EY Global Technology, Media and Telecoms Lead Analyst, says: “Streaming providers need to be as agile as possible when pricing and positioning their packages if they are to cut through an increasingly crowded landscape. Meanwhile, connectivity providers should take steps to address persistent issues around reliability, whether by educating customers around how to maximize signal strength or providing more proactive support during network outages. Better levels of brand trust will be critical to smart home providers if they are to accelerate adoption of new technology for the home.”

After a tumultuous past few years for businesses, even the smallest increase in supplier or software cost or change in strategy can impact a company’s profitability; every penny counts. Although business owners are familiar with ‘being online’ and tend to dabble with a mix of marketing tactics, experts say businesses should be using digital marketing strategically in order to save costs and raise revenue. Following a 1400% increase in interest for the search term ‘business cost savings’ between March to June 2022, digital marketing and website development specialist, Fishtank Agency , highlights five ways you can save costs as a business online: 1. Create A 12-Month Strategic Marketing Plan With A Set Budget/Limited Expenses Developing a marketing strategy that aligns with your overall business plan and objectives is essential to building resilience. Understanding your target audience, their wants and needs, and your own goals and key performance indicators (KPIs) as a business will not only give you clarity and results but also save you money. Planning 12 months ahead helps avoid future uncertainties and reduces the risk of failure. It allows time to coordinate tasks and distribute responsibilities, such as thorough research and visual graphic creation. You can utilise a number of organic marketing tactics to build brand awareness, an audience and ultimately new customers. An essential organic component of this strategy is content marketing. Creating and posting valuable, relevant and meaningful content is a great free way to increase your brand awareness, trust and authority, leading to increased lead/sales generation. Using a mix of the below techniques is recommended to achieve the best results: A consistent flow of social media content (organic) Monthly email newsletters Advice-led blog posting Search Engine Optimisation (SEO) Building backlinks from high authority websites 2. Choose A Hosting And Maintenance Partner That Offers Flexibility Choosing a provider that regularly monitors and suggests suitable plans based on usage not only protects you from inflation but gives you the flexibility to adjust your package depending on your needs. You want a contractual agreement with a price promise for 12 months minimum to protect you and your business as the cost of living rises and other expenses increase. For example, in manufacturing, you will often find at least one period of the year where traffic is expected to ramp up significantly. This can be driven by classic product-related seasonality (e.g. sun cream in Summer) or marketing offers to inflate demand, and your website will need to be able to handle any spikes in traffic. By partnering with an agency that regularly reviews your package and suggests ways to improve the service provided, you could look to save or reallocate funds elsewhere. This relates to hosting and any monthly or annual agreement your business may be contributing to, such as website maintenance, CRM software, etc. 3. Take Advantage Of Organic Social Media And Email Marketing Despite social media platforms bringing in 29.37 billion pounds in revenue – the marketing tools themselves are free, unlike many traditional marketing methods (print marketing, tv and radio advertisements etc.). Using organic social media content that can be packed with clickable links is also a cost-effective alternative to increasing website traffic and goal conversions, which can save on any extensive pay-per-click (PPC) budgets. Social media marketing is quick, easy and time-efficient. You can build a community of followers and gain consumer trust by providing bucket loads of resources all in one place within minutes. The platforms also allow you to humanise your brand and partner with influencers and key stakeholders. Key things to remember when managing social media for a business: Create a social media strategy based on your target audience Put together a content plan looking at key awareness days, products and services, User Generated Content (UGC), testimonials, FAQs, behind the scenes and more Schedule your posts to save time using tools like Hootsuite, Tweetdeck or Buffer Measure results using Google Analytics as well as internal social media analytics Keep an eye out for industry trends using social listening tools and Google Trends Create engaging social graphics using Canva or if your budget allows, reach out to a graphic designer for some creative direction 4. Strengthen Relationships With Suppliers And Customers With Case Studies And Connecting On Social Media By building a bank of case studies and sharing this insight across social media (tagging relevant stakeholders), you can reduce the cost of marketing efforts as it is a free and organic way to build trust and brand awareness with your audience. It not only makes your customers feel appreciated and special, but it also allows your brand to reach businesses it may not otherwise have. By engaging with your customers and suppliers on social media, you are building credibility with potential new customers that are not following your content yet; essentially, you can reach a wider audience at no expense. When writing case studies, link back to customer and supplier websites and focus on target search terms. This will support the improvement of website authority and visibility online, and Google keyword positioning will improve, increasing website traffic. To do this, use tools such as Google Search Console, Google Analytics, Moz and Google Trends to carry out your keyword research and ensure you are targeting the most relevant keywords or phrases. 5. Increase Digital Reach And Rank Higher In Organic Search Results With Traditional SEO Traditional SEO practices are one of the top ways to increase keyword rankings and reach while simultaneously trying to maximise the marketing budget. Spending money on PPC advertising and Google Ads can quickly become expensive, especially in competitive industries. Building a solid organic search presence with relevant content and strong website optimisation can be a great way to still appear at the top of the first page of Google. Users often ask Google very specific questions – and if your website gives them direct answers to those questions, the search algorithm will reward that. Support that with in-depth on-page optimisation, perfecting your meta descriptions and alt tags, and you could find yourself with a featured snippet (highlighted excerpts of text that appear at the top of a Google search results page in what is known as ‘Position 0’) or top position. Whether you use an agency to help with your SEO or invest in an internal resource to manage search presence, this strategy, in the long run, works out much cheaper than a search ads campaign that you have to fuel with money every single month. Jacy Yates, Account Manager at Fishtank Agency, summarised: “Digital marketing helps businesses of all sizes become more visible online. Whether it’s through social media, a website, or other means, digital marketing tactics can make a significant difference to a business’s marketability and profitability.” “The above tips on how you can save costs as a business online show the cost benefits of digital marketing; the key to using them is to have the right talent in-house or to find a compatible business partner in a digital agency you can trust.”

Not all family businesses are alike, and there are multiple ways to highlight their strengths through the brand. Here are four ways to build a brand strategy around a family business. There are recognised benefits to being a family business: a sense of personal connection, trust and responsibility. Many firms have discovered the value of the family at the heart of what they do, and use it successfully in their branding. Here are four common approaches for incorporating family ownership in a brand strategy. Could you shape your messaging along one of these lines, and tap into some of the advantages? Michael Gough shares his thoughts on how to build the family narrative into the brand. Building Trust Trust is the most significant association people have with family businesses. They’re built from the ground up, which takes personal investment, commitment and hard graft. They are run with care, pride, and a long-term mindset, so that they can be passed on to the next generation. That’s a valuable story to be able to tell, especially in sectors where trust has been damaged in the past. Take C Hoare & Co, one of Britain’s oldest banks. It has been successfully passed on through 11 generations of a single family, which suggests good stewardship and wise investment. You don’t have to have a history going back that far to be able to amplify the trustworthiness of your firm through its family ownership. Even as a brand new venture, you can highlight how you are putting your name to it and have a personal reputation to uphold. Anyone can talk about trust, but one advantage of a family business is that you can express exactly what makes you trustworthy, such as strong family bonds, pride or tradition. The Value Of Heritage Firms with a long family legacy are able to draw on tradition as part of their branding strategy, and it immediately sets them above the competition. It’s distinctive, unique, and speaks of continuity and craftsmanship. Emphasising a family history can be particularly useful to brands that trade on a particular skill or craft that is passed on from one generation to another. William Grant & Sons describe themselves as ‘independent family distillers since 1887’. They are very deliberate in specifying that their Glenfiddich distillery is ‘family run’, not just ‘family owned’ – a nuance identified through careful market research in their export countries. This is something we always recommend as an agency: asking your customers what they think about a company can reveal all kinds of useful insights, both positive and negative. Heritage is built over time, and is never part of a brand at the start. It’s possible for a company to have a heritage to draw on without realising it, as it is taken for granted. Or they might recognise it but not know how to make it part of their brand. Company anniversaries can be a good opportunity to assess the value of a family heritage and incorporate it into their messaging. Ongoing Relevance History and heritage matter more in some sectors than others. In some businesses it might even be a hindrance. It’s hard to imagine a tech company trading on being a family business – it might suggest inertia or a failure to move with the times. For those reasons, some will choose not to bring their ownership to the foreground. This is not inevitable, and some brands have successfully used family business messaging to talk about innovation. The German stationer Staedtler is still run by the descendants of their founder, Johan Sebastien Staedtler, who started the company in 1835. For them, this legacy is one of constant advance and invention. They can innovate with confidence because they have done it so many times before, and have deep expertise in bringing new ideas to market. It’s a brand that looks to its past and finds a “pioneering spirit” that inspires the future. Character And Values A fourth approach is to talk about the values that the family hold and how they are expressed through the business. This can be especially powerful when talking about corporate social responsibility, charity initiatives or sustainability. Linking these activities to the family gives them authenticity. The outdoor brand Patagonia was founded by Yvon Chouinard and his wife Malinda, and is jointly owned by the couple and their two children. Patagonia has world-leading sustainability goals, and it can ground these ambitions in Chouinard’s roots as a surfer, adventurer and nature enthusiast. Family character doesn’t need to be radical. Warburton’s bakery uses its founding family very publicly to talk about an obsession with quality. Clarks shoes reference their founders’ Quaker values of modesty and integrity and prefer not to draw too much attention to any single individual. Which Approach Works For You? In summary, there is more than one way to create a brand strategy around a family business. You can use it to build trust or tap into your history. It can balance heritage and innovation, or express company values. It’s important to consider these approaches, and review your brand to see if it is performing the way you would like. After all, one disadvantage of longstanding family businesses is that it’s possible to coast on a reputation, and not notice if it isn’t resonating with audiences the way it used to. About the Author - Michael Gough is the Strategy Director and co-founder of the brand and design agency Sparks Studio. He helps established businesses with rich histories and complexity to re-establish their relevance, to connect with changing audiences and express what matters now. He also hosts the podcast Why It Matters, a series of conversations with leaders who are passionate about something that is at risk of being overlooked.

What are the unique challenges and rewards of marketing a family business? Nicola Stamford, a specialist family business marketeer, shares her thoughts. According to the Institute for Family Business, family-owned businesses in the UK employ 14.2 million people, generate a quarter of our GDP and pay £196 billion in tax. They are the backbone of our communities, forging the way for socially responsible, sustainable living. Yet all too often they remain low profile. As a marketing specialist who has worked with family businesses for over 20 years, I’m on a mission to stop them hiding their light under a bushel! In my experience, marketing family businesses offers unique opportunities, inspiration and rewards. The Family Factor By their very nature, family businesses have a head start when it comes to marketing. Think about what ‘family’ means to you – love, warmth, happiness, care, support… Subconsciously we tend to translate these positive feelings across to family businesses. Finding out that a company is family owned gives it a human face and helps to engender a sense of trust. If a family business harnesses this effectively, it can be extremely powerful. However, it’s not enough to simply add the words ‘A family business’ to your strapline… For the family factor to bring true competitive advantage, the essence of family needs to run through everything you do – from your values and working culture, to your customer service and community action. As well as having a positive impact on all the people directly involved in your business, this generates great news stories to share in your marketing materials. In my experience, many family businesses struggle with this and are nervous about blowing their own trumpet, instinctively wanting to ‘keep it in the family’. But highlighting the great things you’re doing as a company can make all the difference when it comes to winning and retaining customers. The key is to get your brand voice right and communicate in a way that makes it clear you’re still a humble, values-led organisation that puts people first. If, like many of the family businesses I work with, you see your employees as an extension of your family, make sure you build internal comms into your marketing mix. Show people how important they are to you through clear, open communication, regular get-togethers, celebrations and rewards. A loyal, energised workforce with shared values, unified purpose and a strong sense of belonging sits at the heart of successful family businesses. Tradition For Today Brand storytelling is a key part of effective marketing and there are few businesses with a better tale to tell than a family business. Whether you’re the fourth generation to run your company or a young couple just starting out, you have a unique family story that will resonate with customers and employees. Making this the cornerstone of your marketing can give you a distinct competitive advantage, making your business more credible, authentic and memorable. Having said that, respecting your history doesn’t mean living in the past. You might want to stay true to tradition, but just because your company dates back to the last century it doesn’t mean your marketing should! Marketing platforms have evolved rapidly in recent years and family businesses – however steeped in history – have to be willing to embrace change. Traditional media like TV, radio and newspaper may still play a part in your marketing strategy, but be open to the power of social media, blogs, email marketing, SEO, podcasts, video, display ads, paid social ads… If this all sounds daunting, why not consider getting advice from an agency that has particular expertise in marketing family businesses? They will be able to get under the skin of your business, bring a new perspective to your brand, suggest innovative approaches and help you grow. Ultimately, however you go about marketing your family business, the key is to adapt, innovate and tell your story to the world. In our increasingly impersonal digital lives, I believe that the personal touch of family businesses has never been more valued. The opportunities are huge – we just need to capitalise on them. About the Author – Nicola Stamford is the Founding Director of Big Bamboo, a Yorkshire-based marketing agency that supports family businesses. Find out more here www.thebigbambooagency.co.uk

Trillions of texts are sent every day (we’re going to define text messaging as a wide catch-all for SMS and chat apps such as WhatsApp, Viber etc.) and it is a technology we are very comfortable with. However, it took a long time before it found regular use in getting content from businesses and organisations (of all types, shapes and sizes) to clients, members, prospects, team members etc. These days, it is commonplace for people to receive SMS from businesses, with the content fulfilling a variety of uses. However, there are many messaging channels available to organisations today, and it never takes long for industry experts to jump up to say that one channel is better than another for this, but not that etc. Confusion is understandable. With conflicting judgements/views and without the assistance of somebody from the business messaging space to offer guidance, it is little wonder so many businesses ignore all hype and noise around messaging and just stick to what they always have. Using email. Spending a truckload of cash on digital ads. This needs to change. James Williams, Director of Programmes, Mobile Ecosystem Forum (MEF) explains more. Dump Digital Advertising For Messaging Literally hundreds of billions of dollars a year are spent on digital ads but if you have a look into the conversion rate statistics for them, they tend to be on the ‘sub-optimal’ side in general. SMS is far more effective. And then move up to richer messaging channels such as WhatsApp and RCS (or more accurately RCS Business Messaging, RBM) and the effectiveness increases yet further. So how come digital ads, in all their flavours combined, are doing a far better job than business text messaging in attracting (in particular) marketing spend? No matter how small, any company can sign up for very fast and easy to send digital ads. The leading providers are quite literally household names but the same can most definitely not be said of the top business messaging companies – the likes of Twilio, Infobip, Sinch. All from the world of mobile messaging will know of those names but very few civilians will. Combined, just those three carry billions of messages each month for enterprises around the world yet the average person does not recognise them. So, knowing who to actually go to is an issue. Hard To Know Where To Go In theory, the providers of mobile services (mobile handsets, internet connectivity etc.) to billions of people and enterprises globally would be the first port of call for any business looking to communicate more effectively with their own clients. But pick a mobile operator and go to their website and search for business messaging solutions. You won’t find many offering a clear path to sign up and easily take advantage of the powers of business text messaging. Mobile network operators the world over, are primarily there to offer great service to their subscribers. To ensure the likes of you and I can make and receive mobile calls, send and receive SMS text messages to friends, colleagues and loved ones, receive mobile internet service and roam with partner operators abroad when on holiday or on business. They are not set up with an army of specialist salespeople well versed in dealing with marketing experts. In fact, it’s not uncommon for messaging sales teams of even the largest operators with millions of subscribers to number way less than a dozen. It’s not their area of expertise or focus but operators have something most companies can only dream of – stellar brand presence and recognition. Partnerships Are The Future Most people will be able to name a mobile phone operator in their home country. Brand strength is absolutely there in spades. Meanwhile, companies like Twilio, Infobip and Sinch have spent years developing and refining not just the messaging technology but the knowledge of how to truly interact with all types of enterprise stakeholders. The dedicated business text messaging companies (often alternatively called aggregators or CPaaS providers) have built up huge libraries of data about how best to communicate in the most effective manner at any given time with practically any person on the planet (who has a mobile phone). That is experience that cannot be gained overnight, even if you are a Vodafone or Orange or China Mobile of this world. The key therefore to unlocking the full potential of business messaging surely has to be partnerships. Every single mobile network operator on the planet should seek an amazing partnership with a company expert in the area of business messaging. No need to reinvent the wheel or waste any time. White label a great omnichannel solution offering from a business messaging player, leverage their sales expertise. That experience they’ve gained in front of people from every industrial sector you can think of, is the key to unlocking real value.

How can you keep up with the ever-changing requirements of digital marketing? We spoke to Cristina Plamadeala from who shares her thoughts below. “I have found that the The Golden Circle concept outlined in Simon Sinek’s book, Start with Why is a huge help. By applying the three Gold Circle principles to digital marketing, businesses can create a more impactful message that connects with their audience.” Principle 1 The first principle is why refers to the purpose or the reason behind a business’s existence. This could be the business’s values, mission statement, or the problem they are trying to solve. Businesses that communicate their why effectively can create an emotional connection and build brand loyalty. Principle 2 The second principle refers to a business’s approach to achieving its goals. How can the strategies, tactics, and tools be used to reach the target audience? Businesses that communicate how effectively can demonstrate their expertise and develop trust with their target audience. Principle 3 The third principle is what refers to the products or services that are offered. Communicating their features, benefits, and unique selling points effectively can differentiate a business from its competitors and persuade potential customers to take action. Let me share approaches can you take to fire up your online presence. Social Media Marketing Whichever Social Media platform(s) you choose, the aim is to showcase your brand’s personality and connect with people on a personal level. For example, your WHY is a new product launch, the HOW is to use LinkedIn and design engaging content. The WHAT is focusing on how your product solves a particular problem potential customers have. Using hashtags can increase the visibility of your social media posts. To help you reach the right people research the most effective hashtags – and deploy them consistently across e.g. Instagram and Facebook. Targeting the right audience. Instagram, for example, has robust targeting options that allow you to narrow down your audience based on demographics, interests, and behaviour. By targeting the right audience, your ads will be seen by the people most likely to be interested in your product/service. Email Marketing Email marketing involves sending helpful emails to your subscriber base in order to build relationships and promote your products or services. Email marketing is a cost-effective way to reach your target audience and build customer loyalty. One of the key tactics for email marketing, is to create compelling subject lines. The subject line is the first thing the subscribers will see in their inbox, and it can determine whether or not they open your email. A good subject line should be attention-grabbing and give subscribers a reason to open your email. Generally, a ‘does what it says on the tin’ subject line is much better than something obscure and unclear. Again, by referring back to the WHY and WHAT of the Golden Circle, you’ll be able to create subject lines will resonate with your audience (and work for your business). Personalising your emails is another effective tactic for email marketing. By addressing the subscribers by name and tailoring the content to their interests, you can make them feel valued and increase the likelihood that they will engage with your emails. Search Engine Optimisation (SEO) Search Engine Optimisation (SEO) involves optimising your website or landing pages to rank higher in search engine results pages. One of the key strategies for SEO is thorough keyword research. By identifying the keywords and phrases that your target audience is searching for, you can create content that is appropriately optimised. This increases the visibility of the landing pages in search results, drives organic traffic, and maximises conversions. Creating high-quality content is also important for SEO. Also, by creating content that answers the audience’s questions and provides value, it can increase the credibility of your website. Your content should be inspired by the WHY and WHAT of your ‘Golden Circle’. Pay-Per-Click (PPC) Advertising With Pay-Per-Click advertising you pay for ads appearing on search engine results pages or social media platforms. It’s important to target the right keywords. I’ve found that the ‘Answer the Public’ tool is a good way to identify the keywords. And by using them you can ensure that your ads are seen by people who are most likely to be interested in your products or services. Compelling ad copy is also important for PPC success. The ad copy should be attention-grabbing, informative, and persuasive. Tailor your ad for each platform as they all have slightly different requirements. Ads, in particular, should address the WHAT, specifically WHAT you can do to help solve your customers’ problems/challenges. Always focus on what is in it for the customer. "By regularly analysing your ad performance and making adjustments to your targeting, ad copy, and bidding strategy, you’ll improve the ROI of your campaigns and drive more conversions. Good luck as you fire up the next phase of your digital marketing campaign."