boats on ocean

Bringing Yachting Concepts to Life

Concept Yachts is a firm anchored in providing innovative, high calibre solutions and services across the maritime industry, with the company priding itself on its ability to craft cutting-edge, one-of-a-kind yachts that bring together the sophistication and elegance of traditional design with the modern technology one would expect from a modern vessel. Yacht & Marine Solutions CEO of the Year 2023 – UK awardee, Kevin Viles is at the helm of this endeavour and his duties include steering the company’s vision, driving its strategy and initiatives, and ensuring that its series of tried and tested values are present across every element of the operation. We have the pleasure of catching up with CEO and awardee Kevin, who tells us more about the business and its distinction within the industry.

Built on the four pillars of innovation, craftsmanship, sustainability, and client-centricity, Concept Yachts possesses an unbridled commitment to push boundaries, crafting vessels that radiate a meticulous attention to detail and unmatched quality, all while minimising its environmental footprint, maximising its use of eco-friendly materials, and surpassing every expectation had by its loyal client base. Since its establishment in 2003, these values have remained true, shifting to manage industry demands.

As the leader of Concept Yachts, Kevin’s style of leadership is defined by guidance and collaboration, having shifted gears from an initially directive approach through to the inclusive and participatory style that today values input from those across the business. There are multiple reasons for this stylistic evolution, such as the invaluable feedback of his fellow team members and inspiration drawn from leaders and mentors from a host of industries. Kevin’s introduction to leadership as well as having to successfully traverse the tides of the ever-changing maritime industry have necessitated this more agile, and ultimately successful, leadership approach.

This has proven necessary, as the boatbuilding team cater to a host of clients across the industry, such as luxury yacht manufacturers, shipyards, and owners who are looking for a vessel boasting exceptional craftsmanship. The approach needed in serving this array of clients is thus complex and multi-faceted, and the team distinguish themselves from the competition in three main ways, by wholly embodying expertise, flexibility, and a client-centric approach. It is the fusion of these factors which comprises Concept Yachts’ unique selling point, with this dedication positioning the business “as the premier choice for clients seeking excellence and reliability in boatbuilding team supply within the maritime sector”.

Driving this success is the team, described by Kevin as being at the “heart of our success, playing an instrumental role in shaping the firm’s achievements and reputation”. All of this hard work and dedication has nurtured an internal culture that is defined by a shared commitment to the areas of excellence, innovation, and teamwork, with Kevin expertly playing his part by reinforcing this culture, leading from the front, promoting transparency, and engaging regularly with the team to listen to their diverse perspectives and foster an entrepreneurial spirit that empowers individuals to take ownership and contribute meaningfully.

Across the industry at present, there are several challenges that have spurred on proactive and adaptable strategies, with one such example being the cyclical nature of the marine market, whereby significant periods of downturn are experienced due to a variety of factors that can impact demand. To remedy this issue, the company has expanded its services to exceed traditional yacht building, with the ‘Concept Industrial’ brand being introduced to support work on larger contracts with the defence, offshore, and renewables industries, weakening the impact of these market fluctuations. Other issues include a skills shortage and an increase in sustainability/environmental regulations, which is why diversification remains steadfast for Kevin and the team.

Throughout his tenure, Kevin’s journey as CEO has been met with both challenges and remarkable opportunities aplenty, with a particularly notable moment being the acquisition of a shipyard in Hampshire, UK, which served to significantly enhance the company’s capabilities and allow for a dedicated production space and the facilitating of smoother operations. In a similar vein, the company acquired ‘the nearly 50-year-old yacht brand’ ‘Southerly Yachts’ which enabled the tapping of a new segment and an increased customer base, and its joint venture in partnership with ‘Infinti Yachts’, bringing to the market the Infiniti Powercat 60 with the state-of-the-art dynamic stability system.

Challenges inevitably surfaced however, particularly regarding the managing of organic growth and sustaining a self-funded business model. Kevin explains, “Navigating organic growth while maintaining quality, innovation, and meeting increasing market demands has been a balancing act. The need to allocate resources efficiently and sustainably scale operations, without compromising on our core values, has been a continuous challenge.” Manoeuvring through such difficulties has aided Kevin exponentially in developing his role, as a more visionary outlook was required while guaranteeing a consistent level of operational excellence and financial security was attained.

Looking ahead to the next 12 months and beyond, a series of exciting initiatives are in the pipeline for Concepts group of companies, with a particular emphasis being placed on expanding the availability of sustainable solutions, such as the designing of next-generation, entirely electric propulsion passenger ferries as well as hybrid car ferries. These endeavours are driven by this dedication to sustainable practise, and as Kevin describes, “These vessels will not only offer eco-friendly transportation alternatives but also showcase our dedication to pioneering technology in the maritime sector.”

An increase in the undertaking of defence contracts is also set to come to fruition in 2024, with the team able to further showcase their expertise by designing and manufacturing specialised vessels, contributing immeasurably to the UK’s defence initiatives through tailored services that rigorously adhere to even the most stringent of specifications. Moreover, there are plans to open new offices in the USA and Europe, expanding Concept Yachts reach and underpinning this commitment in the areas of diversification, innovation, and sustainability.

For Kevin personally, his plans remain largely unchanged, driving growth, innovation, and stellar leadership within the business, beginning with him further deepening his knowledge of the wider sphere, staying abreast of new and exciting technologies, the trends dominating the market, and the shifts making waves within the industry. By continuing to enhance his capabilities as leader, the team is further strengthened, motivated, and plan to spearhead initiatives. Identifying new opportunities is key in solidifying the business’ position. Kevin hopes to achieve this on a global scale, exploring avenues such as international collaboration, breaching new markets, and establishing the brand on a worldwide scale.

In summary, Kevin tells us, “My aim is to continue leading Concepts Group of companies towards greater heights, leveraging my experience, expertise, and passion for the maritime industry. By driving innovation, fostering a strong team culture, and strategically positioning the company for sustained growth, I aspire to build upon our current success and pave the way for an even more impactful and prosperous future.” With this dedication in toe, Kevin Viles has solidified himself as being a worthy recipient of this award, and we wish him and the entire team at Concept Yachts the best of luck for the future, and eagerly await the innovative solutions they pioneer next.

For business enquiries, contact Kevin Viles from Concept Yachts on their website – conceptyachts.com

man in suit smiling for photo

Maintaining the Utility Services Essential to Modern Life

For the last decade, Sapphire Utility Solutions Ltd. has been providing award-winning services to several important sectors, including clean water, wastewater, gas, digital networks, and highways. Over the years, it has become the partner of choice for many clients, having earned a strong reputation for its exceptional work. Here, we speak to Founder and CEO Michael Patel to find out more about the company in the wake of his success in winning CEO of the Year, Lancashire, in the CEO of the Year Awards 2023.

Having worked for several larger contractors in the past, Michael established Sapphire Utility Solutions in 2013, aiming to create a company that would provide a more flexible and tailored service to its clients than his previous employers. His mission was to act as a catalyst for change, introducing new ways of thinking, approaches, and technologies in order to meet the ever-changing needs of the utilities sector.

In its earliest years, Sapphire Utility Solutions primarily subcontracted to larger Tier 1 contractors, but Michael’s vision was for the company to operate as a Tier 1 in its own right. In working to achieve this goal, he risked alienating the contractors that the business was currently working for. To avoid this, Michael planned to continue supporting them whilst identifying and bidding for areas and contracts that they were not pursuing. This approach enabled Sapphire Utility Solutions to secure multiple main contracts, whilst maintaining its strong relationships with existing contractors.

Having operated as a subcontractor for six years, Sapphire Utility Solutions had worked tirelessly to develop its systems, processes, and capabilities. Eventually, it was awarded its first main contract with United Utilities, a company that provides water and wastewater services to the northwest of England. This served as a solid foundation for it to win further opportunities. Today, the company holds six main contracts with United Utilities.

By maintaining direct relationships with its clients, Sapphire Utility Solutions has gained a far deeper understanding of their needs than its competitors, enabling it to better tailor its offerings to support them in achieving their business objectives. For example, utilising a key account management approach, Michael personally led the evolution of the operating model in delivering wastewater activities with United Utilities. Through this, he has helped the company to significantly enhance both its customer experience and regulatory performance.

Since establishing Sapphire Utility Solutions, Michael has been working to achieve his overall strategy for business growth, which was to initially serve as a leading supplier focused on wastewater and highways drainage works, then to expand its capabilities into other complementary sectors. In line with this strategy, Michael has been working to expand the services offered by Sapphire Utility Solutions and increase its client portfolio in order to reduce its reliance on United Utilities. As a result, whilst United Utilities accounted for more than 80% of the company’s revenue in 2018, this figure has been significantly reduced to less than 50%.

Whilst he is proud to have been at the helm of Sapphire Utility Solutions and its success in the last decade, Michael understands that the business would not be where it is today without its workforce. Over the years, his focus has been on creating a high-performing and diverse team, fostering opportunities for everyone. Today, the company operates with a directly employed workforce that genuinely represents a cross-section of society, led by a leadership team that consists of 40% ethnic minority and female employees.

In addition to this, with people at the heart of Sapphire Utility Solutions, Michael has worked to ensure that all staff members feel heard and have a voice. For this reason, he set up an employee forum that consists of elected representatives from across the business who encapsulate the team’s diversity. Michael meets with them every month to hear their ideas and understand any issues or challenges that directly impact the company’s senior leadership decision-making processes.

“We treat people as individuals,” Michael adds. “Everyone has their own life story, their own personal situation. We respect that and collaborate with our employees to deliver a working environment that helps them to fulfil their potential.”

To achieve this, Michael invests heavily in training, aiming to provide his team with the opportunities and support they need to truly excel in their roles. He is wholly committed to facilitating their personal and professional growth and development. He explains, “We wanted to take a completely different approach to people management and talent development. We want people to work for us not because they’re the finished product but so we can help them develop. We’re focused on empowering our people to be the best they can be.”

Moreover, if Michael’s passion for employee development is strong, his desire to ensure the personal wellbeing of each worker is indestructible. Many members of the Sapphire Utility Solutions team have received accredited mental health training, and every employee is provided with free 24/7 access to counselling services to help them deal with any issues they are facing. On this, Michael shares, “Mental health is so important, and we want to ensure our whole team can be open about how they’re feeling and what they’re thinking. What our people think lies at the centre of our business, shaping the way we progress.”

To dig deeper into the extent of Michael’s excellence as a leader, we also speak to his daughter, Shanaz Patel, who currently works as Payroll Manager at Sapphire Utility Solutions. She believes that her father is truly committed to looking after his team and emphasises his commitment to providing opportunities to those who may otherwise struggle to find employment.

“He is a keen advocate of Apprentice schemes and supports offenders, ex-military, and the long-term unemployed, realising that they all have potential if given the right tools and help,” Shanaz explains. “Mental health is a huge subject for my father, who initiated many schemes within Sapphire that help all employees. They have access to personal counselling at any time and are encouraged to look after their mental health as a priority.”

Shanaz also mentions that her father is hugely popular amongst both his employees and the community. With genuine compassion that goes beyond supporting people in the workplace, Michael builds affordable housing in his local area through another company that specialises in construction projects. She adds, “Our family would be so delighted to see him get recognition for everything he has achieved because he has done so much and helped so many people.”

In light of his outstanding accomplishments, both in business and beyond, it is truly no surprise that Michael Patel has been awarded the title of CEO of the Year, Lancashire, in the CEO of the Year Awards 2023. In the years to come, there is no doubt that he will continue to lead Sapphire Utility Solutions Ltd. to success, with ambitious plans for growth and to achieve carbon neutrality by 2035. We wish him and his team the best of luck in all their endeavours.

For business enquiries, contact Michael Patel from Sapphire Utility Solutions Ltd. on their website – sus.co.uk

How the Cost of Living Crisis is Prompting a Rise in Settlement Agreements

Introduction

As we navigate through the current cost of living crisis, its impact on the world of employment is becoming increasingly evident. Rising costs across the board are not only straining household budgets but also creating significant operational challenges for employers. This financial strain, coupled with job insecurity, is prompting a notable shift in the employment landscape. One such change is the escalating prevalence of settlement agreements.


Employers, grappling with escalating operational costs, are resorting to settlement agreements as a means to mitigate financial risk and ensure business continuity. At the same time, employees are often accepting these agreements out of a desperate need for financial support in these uncertain times.

With the cost of living crisis showing no signs of abating, the trend towards settlement agreements looks set to continue. As such, it’s crucial for both employers and employees to understand their rights, obligations and options when entering into these agreements.


Understanding Settlement Agreements

A settlement agreement iis a legally binding contract between an employer and employee. This contract typically stipulates that the employee will not pursue any legal claims they may have against their employer, usually in exchange for a financial sum or other benefits. These agreements are designed to bring an end to an employment relationship in a way that protects both parties, avoiding the potential costs, stress, and uncertainty of litigation.

Employers might propose a settlement agreement in various circumstances. One common scenario is during redundancies or business restructuring, where the employer wishes to avoid potential disputes over unfair dismissal. Settlement agreements can also be proposed when there’s an ongoing performance or disciplinary issue that hasn’t been resolved through the usual processes.

Additionally, these agreements can be used to resolve workplace disputes amicably, such as conflicts between colleagues or disagreements over terms of employment. In all these cases, the aim is to provide a clean break, allowing both the employer and the employee to move on without the risk of future legal action.

The Recent Rise of Settlement Agreements

Recent data indicates a noticeable increase in the use of settlement agreements, reflecting the changing dynamics of the workplace. While specific numbers can vary depending on the industry and region, there has been a general trend towards more employers utilizing these agreements as part of their HR strategies. This uptick can be attributed to various factors, including economic uncertainty, changes in employment law, and shifts in workforce demographics.

For instance, one report found that 40% of UK employers had seen an increase in the use of settlement agreements over the past two years. Similarly, a survey conducted by the Chartered Institute of Personnel and Development (CIPD) revealed that 56% of public sector organizations and 52% of private firms had used a settlement agreement in the last year.

These figures underscore the growing relevance of settlement agreements in today’s employment landscape. As the workplace continues to evolve, it is likely that these agreements will play an increasingly important role in managing employee relations and minimizing legal risk.

The Impact of the Cost of Living Crisis on Employment

The ongoing cost of living crisis is having a profound impact on both employers and employees, leading to a surge in job insecurity and financial strain. As the price of essential goods and services continues to rise, households are finding it increasingly difficult to make ends meet.

For many, wages simply aren’t keeping up with inflation, and this is causing significant financial stress. This isn’t just a problem for individuals – businesses are also feeling the pinch as they struggle with higher operating costs and decreased consumer spending.

Job insecurity is another major issue stemming from the cost of living crisis. Many companies, particularly those in sectors hardest hit by rising costs, are having to make tough decisions about their workforce. Some are resorting to layoffs or reduced hours, while others are struggling to offer competitive salaries or benefits. 

This uncertainty is leading to an environment where both employees and employers are looking for ways to navigate these challenging times. It’s in this context that settlement agreement solicitors are becoming a more common tool, offering a potential solution for businesses needing to restructure and for employees seeking some financial security in uncertain times.

Navigating Settlement Agreements During a Financial Crisis

If you’re an employee facing a settlement agreement, it’s crucial to understand your rights and take certain steps to ensure the best possible outcome. First and foremost, remember that a settlement agreement is a legal document, and once signed, it can be challenging to contest. Therefore, before signing anything, it’s advisable to seek independent legal advice. Many employers will contribute towards the cost of this as part of the agreement.

The negotiation process is a key aspect of reaching a settlement agreement. As an employee, you should know what you want out of the agreement and set clear objectives for negotiations. This can include aspects such as the financial sum, references for future employment, and any confidentiality clauses. Additionally, consider non-monetary terms that might be important to you, such as an agreed reference or an announcement about your departure.

It’s also important to remember that the agreement must be mutually beneficial – if the employer does not see value in the agreement, they are unlikely to agree to it. Lastly, never feel pressured into signing a settlement agreement. You have the right to take your time, seek advice, and negotiate terms that work for you.

CEO Feb 2024- Cover

Issue 2 2024

CEO Feb 2024- Cover

Welcome to the February 2024 issue of CEO Monthly.

As always, CEO Monthly is dedicated to providing the latest news and features across the business world to our readership. By sharing knowledge, insights, expertise, and success stories from around the globe, we aim to inspire individuals and promote positivity in a world that is in a constant state of evolution.

We hope that all of our readers have had a prosperous start to 2024. Just one month into the new year and CEOs will already have been getting stuck into exciting projects with their teams. Top tactics for success are expected to include introducing new products or services, increasing marketing and sales, entering new markets, and investing in new technologies. This will be alongside continuing to celebrate their successes, because there is a lot to be shouting about!

From Canada to America to England to Germany to Australia, we’re excited to be showcasing our award-winning CEOs from across the globe. They are accomplishing outstanding work within their respective industries, whether leading: a charity donation platform changing the world for the better; the distribution of vegan-friendly and cruelty-free products that make people feel good; the creation of advertisements that resonate with real people; or contributions toward the future of the aerospace industry!

We share the most inspirational stories to give you some food for thought and we hope you find them to be intriguing and insightful. We wish you a brilliant month ahead and look forward to welcoming you back again soon for our March issue.

Business Integrity

Ten Reasons Why Integrity Will Be Vital to a Business’s Success in 2024

Integrity goes far beyond having strong moral principles. We make better decisions when we stand by our values, are honest about our objectives and act with transparency. Having integrity means conquering challenges whilst understanding and taking into consideration the impact our decisions have on others and acting beyond our own personal gains. Thom Dennis, CEO at Serenity In Leadership, offers us ten reasons why, after a tumultuous last five years, integrity is all the more vital for success in 2024.

  1. Integrity Equals Responsibility. Being responsible, even when it’s difficult and being able to question the impact of our decisions, having high standards and possessing critical problem-solving thinking are traits of an attuned and accountable leader. AI is a good example. Good leaders of the future will stay on top of AI advancements while keeping a firm grip on what needs to be done to still value what it means to be human.

  2. Integrity Leads To Honesty. Trust is built on honesty, and both play a large role in having integrity. The Workforce Institute found 63% of employees and business leaders believe trust must be earned, so companies that consistently operate with honesty and transparency will be highly valued.  Trust has been an issue in 2023.  COP28 is a prime example where a conflict of interest was raised as a concern with news that hosts The United Arab Emirates planned to use meetings about the summit to pitch oil and gas deals to foreign governments.

  3. Integrity Means Choosing What Is Right, Even If It Isn’t Easy. Making a decision may mean doing what is right, even if it doesn’t come with gratitude or recognition. It could also be making a tough decision that may upset others but is still what needs to happen. Integrity goes hand in hand with resilience and strength of character, but in the case of bad news always comes with a compassionate delivery.

  4. Integrity Enables Us To Stand Up & Be Counted. Integrity reduces instances of people turning a blind eye or sitting on the fence. Being a passive bystander, for instance is not OK. This means injustices can be accounted for and resolved and a culture of support and openness is fostered. Respecting other’s values, time, and identity is a foundation of integrity and having this integrated into workplace culture can generate support and collaboration and put an end to conflict and unpleasant behaviour. The younger generations are showing themselves to be largely better at standing up and being counted. The rest of us need to learn from them.

  5. Integrity Fosters Accountability. Many of us are noticing bad habits creeping in such as not accepting responsibility for mistakes or letting things fall through the cracks which can create distrust and discontent. The Global Integrity Report found that 42% of respondents reported unethical behaviour being tolerated when coming from a senior employee or high performer. Taking accountability for actions and decisions reduces conflict and builds trust.

  6. Integrity Prioritises Equality & Equity. Giving everyone the space to express themselves respectfully, asking for collaboration of diverse ideas and points of view, and being equal and fair improves company outcomes, workplace satisfaction and the success of individuals.  When we walk in someone else’s shoes we can begin to understand the impact of our decisions. Many a CEO could do with trying the role and pay of a shopfloor worker.

  7. Integrity Is Dependability. Being dependable and having a reputation for being so, means return business and loyal staff.  Ensuring commitments are consistently honoured to a high standard, being someone you can count on and being trusted to do what is expected of you will go a long way in 2024.

  8. Integrity Shows You Are In Touch With Your Core Values (& Living Them). Integrity is aligned with a deep connection to core values, living by a moral code and remaining ethical and purposeful. Shortcuts and unethical practices can offer short-term gains, but they lead to long-term negative consequences and loss of trust.

  9. Integrity Increases Respect. Upholding a fundamental commitment to treating others with respect ensures different opinions are heard, encourages fairness, creates a better work culture and means that you too are more likely to be treated with respect.

  10. Integrity Develops Authenticity. Authenticity separates bad leaders from great ones.  Being true to who you are and what you stand for means congruence when looking in the mirror, speaking your truth to others and taking action, all the while being self-aware.
Handshake while job interviewing

Appealing to Ideal Candidates – A Comprehensive Talent Checklist

By Ryan Jackson, founder and CEO of Culture First Recruitment

In an ever-evolving employment landscape it’s imperative for businesses to attract the right talent, despite the methodology being less than cut and dry. With the growing need for organisations to adopt a strategic approach to recruitment, it’s vital that well considered strategies are put in place, so that the roles available appeal to the best candidates. Ryan Jackson, founder and CEO of Culture First Recruitment explores a talent checklist that can help businesses do just that:

Clear and detailed job descriptions

The cornerstone of attracting the right talent lies in crafting clear and detailed job descriptions and it’s essential to articulate the roles, responsibilities, and expectations for each position. Surprisingly, many organisations overlook this and it’s crucial to make your business stand-out-from-the-crowd. Apply the same level of focus and strategy to this area of your business, equal to that for your sales and new client generation, and you will reap the rewards.

Clear definition of who you are seeking aids candidates’ understanding and ensures that your efforts are focused on people possessing the right skills and qualifications. Today, candidates seek more than just a job and are looking for an inclusive and dynamic environment place to work. Emphasising your company’s culture, vision and values therefore can significantly influence the decision-making process for them. Be sure to communicate this via the various touchpoints such as your website, social media and recruitment materials, to highlight the uniqueness of what you’re offering.

Competitive and desirable packages

Offering competitive salaries and added benefits is a fundamental aspect of attracting the right candidates. Research industry standards and make sure that what you are offering not only aligns with, but exceeds market expectations which in-turn will enhance employee satisfaction and retention. Other things to consider in terms of perks and benefits, are hybrid working and performance related rewards, gym membership, retail shopping discounts, an end of year celebration, an extra day off for a birthday, voluntary workdays, flexible working, sabbaticals or nomadic working policies that offer people more freedom are becoming more widely used. By doing this, your people will feel empowered and you will see them go over and above in their day-to-day working efforts.

Harness word-of-mouth

Harness the power of word-of-mouth and encourage your current employees to share their experiences about working with your business or organisation. This offers genuine insights into the workplace culture and can have a huge influence on candidates who are researching your company.

Personal and professional growth

Talented individuals are often motivated by the prospect of personal and professional growth. So it’s important to clearly communicate the opportunities for possible career advancement. This is likely to include things such as training programs, mentorship initiatives, and tailored career development plans which will all contribute to the appeal of your company to ambitious candidates.

Streamlined processes

A prolonged recruitment process can discourage top candidates who may opt for another position if things are taking too long. Make your hiring processes and procedures efficient and effective by responding promptly to applications, conducting timely interviews, and providing clear communication throughout. Doing this can leave a lasting impression on candidates and don’t forget to gauge feedback from them wherever possible.

Adopt diversity and inclusion

Creating a diverse and inclusive workplace is not only ethical but also crucial for attracting a broad range of talented people. Why not display your commitment to this by featuring it in your recruitment materials or on your website or through PR, and emphasise the value of the variety of perspectives and approaches across your teams. In the competitive world of talent acquisition businesses now more than ever, must adopt attraction strategies to position themselves as desirable employers. It’s also important to remember that the task is not just about filling positions; it’s about building a team that propels your organisation and contributes to its ongoing success.

Ryan Jackson
Happy people, laptop and meeting, marketing team and workflow

Can Leaders Admit Company Errors, But Also Keep Their Job?

  • Mistakes can harm an organisation but also the CEO’s job security, therefore many CEOs don’t admit errors when they happen
  • However, this risks leaders not learning from these errors, and the organisations not changing their practices too
  • New research from emlyon business school shows how leaders who collectivise errors are more likely to keep their jobs, as well as make amends for these errors too.

Leaders making mistakes can be costly not only to the organisation, but also to their own job security, which makes it difficult for them to admit when there’s been an error. However, new research from emlyon business school shows that there are some techniques CEOs can use to frame these mistakes, in order to ensure they keep their jobs, but also make changes in their organisation.

When there is this clear trade-off between admitting a mistake and potentially losing power and control in the organisation, it is important that CEOs use their language effectively to create a safe space for themselves in the organisation – but how can they do so?

This is the specific research question that Vincent Giolito, Professor of Strategy and Organisation, and Damon Golsorkhi, Professor of Strategic Management at emlyon business school, both looked into. To do so, the researchers conducted 21 in-depth interviews with CEOs and board chairs leading 900,000 people in large financial firms in Europe.

The researchers interviewed the CEOs and board chairs on strategic errors in the organisation, and how they were approached by senior management, as well as the dialect and narrative behind the communication of these errors to all stakeholders. Interestingly, the researchers found a number of key themes for framing these errors that CEOs used.

When discussing key errors with severe economic and/or reputational consequences for the firms and important strategy changes, many CEOs stated that there was a process in which communication follows. First the CEO will acknowledge and diagnose the error, then they will dramatize it to put it into context for stakeholders, and then they will showcase the solution and how they are capitalising on this error to make changes.

“Leaders make errors, they are human too. But, unfortunately an error at the top-level can be costly for both the organisation and them personally. Hence why many leaders often refuse to acknowledge they have made an error of judgement or a mistake publicly, as doing so risks their own position of power.”, says Vincent Giolito. “It is important that CEOs understand how to frame these issues, otherwise organisations will never move forward, and will simply keep replacing CEOs every time there’s an error”.

There still is, however, a lack of job security for many CEOs who do follow this path and admit these errors, hence why there are a number of tactics that CEOs used when communicating this path to their stakeholders, in order to keep them on their side.

Firstly, the researchers say that it is important to collectivise the issue, using terms like ‘we’, or ‘us’ when discussing the mistake and how to change to it, then there is less blame placed on one person – usually the CEO. Secondly, the researchers use the term, ‘temporalise’, which refers to CEOs showing that the error generates from the organisation not adapting or changing quick enough, and how there is a simple solution to solving the errors – adapting to today’s world quicker.

Thirdly, the researchers say that CEOS should generalise the issue, and showcase how all firms in the industry are making the same mistakes, it’s not a firm-level error, but one that many are facing too. And finally, CEOs should isolate the issue, and show that the error is an isolated incident and a rare one, not to happen again. 

“There are plenty of examples in both politics; where leaders refuse to acknowledge wrongdoing to keep their party in power, in sports; where managers do not admit errors to keep their job roles, or in business; where CEOs don’t own up to bad investments because of the risk of the sack.” Says Damon Golsorkhi. “However, in the grand scheme of things these leaders are likely causing more harm to the organisation, as a refusal to admit errors means there’s little to no attempt to learn from them. CEOs must learn how to balance both through good communication”.

The researchers say that this study can serve as an inspiration for top executives, on how to frame and proactively manage the errors in the organisation, acknowledging them but also learning from them in an effective way. The researchers state that organisations should develop a narrative approach for errors and failures in order to keep CEOs credibility, job security and power. 

Navigating The Challenges Of E-commerce Financing

Launching an e-commerce business can be exciting yet daunting, especially regarding financing-related concerns.

Most e-commerce entrepreneurs self-fund at the beginning by using personal savings, loans from different sources, or credit cards. However, as the business grows, more working capital is often needed to scale up operations.

If you’re an e-commerce entrepreneur, as you continue with doing business, you may encounter unique financial struggles. The goal is to understand them and find solutions to surpass them to move forward. Here are some common financial challenges e-commerce businesses like your face and the effective ways to resolve them. Read on.

Access To Capital For Growth And Scaling Up

Many online businesses struggle to find the financing needed to grow and scale up operations. Venture capital and angel investors often favor established companies with proven traction, while banks hesitate to lend to start-ups as they perceive it risky.

A solution to the abovementioned problem is having a business credit line to hire more staff, invest in technology, expand warehouse space, and take other steps to boost revenues.

Managing Cash Flow Fluctuations

E-commerce companies can experience dramatic swings in cash flow, especially during peak seasons like the holidays. Increased sales and order volumes stretch resources and can lead to backorders and out-of-stock days.

A credit line as a form of ecommerce business funding helps by giving flexibility. It lets businesses buy more products before busier times of the year, so they don’t run out of stock. And it helps by covering short periods when there might be insufficient money.

High Customer Acquisition Costs

Winning and retaining customers is essential but expensive for e-commerce firms. Digital marketing efforts like email marketing, paid ads, search engine optimization (SEO), and so on require significant costs.

Customer loyalty and retention save tremendous marketing dollars, yet only some customers naturally become repeat purchasers.

Creative yet budget-friendly company promotions like cash back, free shipping, or free products after a certain number of purchases incentivize customers to keep coming back. Referral programs that reward existing customers for bringing in friends also show promise. But again, these programs take time and skill to execute well.

Supply Chain And Inventory Challenges

Managing global supply chains and inventory levels smoothly is difficult, especially for smaller e-tailers. Unpredictable customer demand, production delays, and shipping snafus constantly threaten to create stockouts or excess inventory. Yet maintaining adequate selection and keeping products available for prompt delivery is imperative to remain competitive.

Experimenting with new suppliers involves major risks, too. Long production runs, and minimum order quantities lock up precious working capital while product quality remains unproven.

With access to an extra capital buffer via business loans, sellers can carry more safety stock to hedge against stockouts amidst supply uncertainties.

Currency Fluctuation Risks

Cross-border e-commerce involves exposure to currency exchange rate swings. Sudden currency moves can shrink margins on international sales. Strategic financial instruments like currency forwards help hedge these risks.

Currency forwards allow locking in an exchange rate for a future date—protecting against sudden moves that devalue international revenue. Options contracts establish floor exchange rates while allowing upside participation if rates move favorably. Nonetheless, these hedging tools have upfront premium costs and margin deposit requirements that tie up operating capital.

Strategies For Overcoming Financing Challenges

You may encounter financial difficulties as you venture into your e-commerce business, but there are still options that you can use to overcome those challenges. Continue reading below to learn more.

  • Exploring Financing Options

Online sellers should consider ecommerce business funding, such as having loans, grants, and investors to fund growth. Explore different lending institutions to compare which one has the best rates. Given that different loan providers have distinct requirements, examining diverse financing options enhances the likelihood of securing approval.

  • Community Crowdfunding

Asking customers to donate or invest small sums can raise capital. Backers may get rewards like discounts. Moreover, crowdfunding brings capital to grow while connecting with engaged supporters. But retailers need transparency about how funds get used and how the business is doing.

  • Optimizing Inventory Efficiency

Accurate demand forecasting prevents overstocking and stockouts. Seasonal inventory adjustments ensure optimal turnover. Favorable supplier payment terms and strategic ordering contribute to efficient working capital management.

  • Streamlining Supply Chain Processes

Supply chain software enhances visibility and automates tracking of inventory, shipments, and orders, improving efficiency. Adopting lean principles eliminates waste. Continual improvement ensures adaptability to market changes.

  • Fraud Detection And Prevention Tools

Securing transactions is paramount in e-commerce. Implementing multi-factor authentication and advanced encryption protocols enhances security. These measures protect online transactions and customer data.

Transparent communication of security measures, coupled with proactive responses to potential fraud incidents, builds and maintains customer trust.

Implementing the abovementioned strategies helps e-commerce businesses manage financial challenges. They strengthen e-commerce companies’ foundations for long-term success in a competitive market.

Final Thoughts

As an online entrepreneur, to succeed in this competitive market, you must clearly understand your finances, create a realistic budget, manage cash flow, track and analyze the market, explore financing options, and the like.

Having a successful e-commerce business isn’t only gaining profits but also being able to address financial challenges that go along the way. Seek professional advice when necessary.

Motivated Team

How to Keep Your Team Motivated in 2024

Managers and business owners have been told how to keep their employees motivated throughout the New Year after the festive break.

Business specialists at TelephoneSystems.Cloud have named five ways to keep teams stimulated and working hard throughout 2024.

Encouraging development amongst teams by offering incentives such as promotions and pay rises will remind employees of their value.

Managers should also allow for open and honest discussions to encourage others to speak about any changes or feedback they may have.

Another way to keep employees motivated is to implement new technologies and offer support in the form of training and industry tools to keep creativity flowing.

Juliet Moran, founder of TelephoneSystems.Cloud said: “After the festive break there might be a bit of a hurdle to face when it comes to getting your team motivated.

“It’s important to implement several strategies in the workplace to encourage motivation from the first day back and continue throughout the year..

“Offer active support and set annual objectives for teams to optimise workload once they’re back.

“Managers should also encourage honest feedback from their employees and actively implement any changes to acknowledge experiences from the past year that can be adapted.

“By investing in the latest industry technologies, employees will have the space and ability to embrace creativity whilst working to boost productivity.

“And by offering incentives such as promotions and pay rises to reward and recognise good work and valued employees, your team will feel appreciated and motivated to continue contributing the best they can.

“Here at Telephonesystems.cloud, our staff get a bonus of 50% of the profits every year, showing our commitment to our team and how hard they work.”

Here’s how to motivate your employees in the New Year:

1. Invite honest feedback

Sit down with your team and invite an open and honest discussion about any changes that could be made in the new year, based on experiences from last year. Create a welcoming and casual environment to encourage employees to speak freely about any feedback and new changes they would like to suggest. Take on board these observations and consider implementing them into the workplace.

2. Encourage development

Remind your employees of their value and how their efforts throughout the past year have helped to shape the company. Actively rewarding hard work with promotions and pay rises will help keep your teams motivated throughout the year and encourage them to continue contributing to the bigger picture.

3. Offer active support and resources

After the festive break, it’s important not to set expectations too high for the first few days back. Offer up active support and productive resources such as additional training and industry tools to help others get up to speed.

4. Set annual objectives

Set clear objectives for the upcoming year so employees can optimise their workload throughout each quarter and understand priorities. Setting these expectations and goals will help your team settle back into work in a productive manner whilst staying focused.

5. Implement new technologies

Consider introducing some of the latest technologies into the office to foster an efficient workspace and encourage employees to feel engaged. Bringing in innovation can boost team creativity and motivate them to excel.

Roman Semiokhin: How a Change of Mindset Can Make a Successful Entrepreneur

With a wealth of experience in a variety of different sectors including the tech and gaming industries, Roman Semiokhin has a unique appreciation of the integral importance of mindset in commercial success. This article will explore some of the most important mental shifts entrepreneurs can make to position themselves for success.

Have Confidence and Self-Worth

Nothing is more off-putting than a victim mentality. In business, people see entrepreneurs through the lens of how they project themselves. Successful businesswomen and men never underestimate their value and worth, which is not measured merely by education, experience and credentials. Rather, a person demonstrates their true value by showing the world precisely what they bring to the table, utilising every bit of their talent, inner grit and savvy and embracing their worth.

Embrace Challenges

Business leaders face new challenges each day, making decisions on the spot based on the facts before them rather than being paralysed by their fear of making a mistake. To cultivate an entrepreneurial mindset, inexperienced founders must not only rise to and embrace challenges but also actively seek them out.

Entrepreneurship is about trial and error to a large degree, and mistakes are a natural by-product. Nevertheless, it is important for entrepreneurs to appreciate that mistakes are a huge growth opportunity, providing some of life’s most valuable lessons.

Humans innately prefer the familiar. However, it is only by challenging themselves that people achieve great things. The more an entrepreneur steps outside their comfort zone, putting themselves in challenging situations, the more skills and confidence they build.

Live With Intention

Many people drift through life, forging relationships and finding employment haphazardly without any real sense of their true potential or what they want to do with their life. However, to be successful in business, an individual needs to act with intention, plotting a course towards their life goals and sustaining efforts and motivation over the long haul.

Great business leaders have self-belief, recognising their own potential to make it big. In everything they do, they stop and ask themselves: ‘How does this help me build the kind of life I want to live?’

Living with intention is a shift in thinking that empowers people, encouraging them to identify and step away from things that pointlessly sap their energy, time and resources.

Create Value

Rather than focussing solely on profits and losses, great business leaders strive to create value for customers, switching from a ‘lack’ mindset to one of abundance. The more value a business can offer customers, the more they will keep coming back and recommend the business to others.

Businesses become profitable by identifying and satisfying the needs of customers. To be sustainable, businesses must not only maintain high levels of customer satisfaction but also simultaneously seek out new ways to create value for customers, improving their products and developing new ones that fulfil a need in people’s lives.

Read Every Day

Successful business leaders are never content with the way things are, constantly pushing the boundaries and advancing their skillsets. They consistently invest in self-improvement, be it reading motivational quotes or embarking on a learning programme to further their knowledge and skills.

Great entrepreneurs are committed to becoming the best version of themselves, learning new skills and devouring books. Bill Gates cites reading as the main way he learns new things and tests his understanding, while even Metaverse proponent Mark Zuckerberg concedes that books allow people to fully explore a topic and immerse themselves in a deeper way than most media today.

Remain Adaptable

Many of today’s biggest organisations started life as very different entities. Take for example Twitter, which started life as Odeo, a podcast network; or Flikr, which was originally an online roleplaying game called Game Neverending. One of the most important questions an entrepreneur can ask themselves is whether to stay the course or pivot. Adaptability enables entrepreneurs to leverage emerging trends, embrace innovation and capitalise on market disruptions by staying open to new approaches and ideas.

Think Big

Great success can only occur when someone has ambition and is inspired to chase their dreams. Rather than being paralysed by the fear of failure, great entrepreneurs fully embrace their passion. Big thinkers typically have a considerable edge over their competitors, as the sky is the limit for a founder who recognises the possibilities for their business.

Since the dawn of commerce, the concept of thinking big has been an integral part of the entrepreneurial mindset. However, in the current business landscape – where disruption, advancement and innovation are becoming increasingly essential for success – the idea of big thinking has taken on a new significance, helping business leaders to see the bigger picture, inspiring them to take risks, enabling them to attract top talent and creating a sense of satisfaction for both themselves and their teams.

For more information about this topic, visit Roman Semiokhin’s website: https://romansemiokhin.com

business girl heads a colossal corporate company alongside the executive chief

Female CEOs Issue Less Debt Than Their Male Counterparts

Female CEOs issue less company debt than male CEOs, because women are often more risk-averse than their male counterparts and therefore less likely to get the company into financial difficulty, according to new research by Durham University Business School.

The study also showed that the younger the CEO, the more pronounced the findings are, with younger female CEOs very conservative in their debt issuing, in contrast to younger male CEOs, who are more likely to rack up arrears.

Conducted by Dr Yeqin Zeng, Professor of Economics at Durham University Business School, alongside Qi Zhu, Central South University Business School, Yuxuan Huang, Hunan University Business School, and Cheng Yan, Essex Business School, the study examined the effects of a CEO’s gender on a company’s debt structure.

To do so, the researchers examined data from the S&P 1500 – the market index of US stocks – from the years 1993-2021. Using over 28,000 firm observations in this period, the researchers were able to monitor the changes in CEO appointments and over time, as well as the debt structure of each firm, and whether or not this changed dependent on the CEO’s gender and age.

The researchers found that for female CEOs, the average value of borrowed capital was 2.7% lower, as well as the average value of investing or trading in financial markets by 2.9% compared to companies with male CEOs. The researchers state that women’s risk-averse nature is likely the reason why. 

Younger CEOs, the research suggests, are more likely to have more extreme results compared to older CEOs because the potential rewards for risk-taking are higher.  This means male CEOs are more likely to take chances due to potential for a higher reward, whilst female CEOs are less likely to take the chances due to the potentially higher risks to their careers and companies.

“Over the past 20 years we’ve seen an increase from just 0.5% of CEOs in the S&P 1500 being women, to 7% in 2021.” says Dr Zeng. “Clearly it is a positive that the gender split of CEOs is on the up, but it makes for interesting new challenges for firms when they look at how their company is structured and performs. Our findings show that typically, female CEOs are less likely to get the company in debt, whilst men are more likely to be riskier CEOs”.

Interestingly, the researchers also found that the influence exerted by the CEO’s gender is much more pronounced when the level of market competition is higher, and the risk of litigation is higher too – due to the heightened risks and rewards. The researchers also found that the CFO’s gender has much less of an impact on how the firm structures it’s debt – it is the CEO’s gender that really matters.

The researchers say that these findings clearly show that gender does have an impact on how firms perform, and the decisions the wider company enacts on behalf of the CEO’s decision-making. The researchers say that this gives food for thought to companies when they are looking to hire their next CEO, giving them opportune time to manage their debt structuring too before doing so.

For more information, to speak with Dr Zeng or to receive the research paper, please contact Peter Remon at BlueSky Education – [email protected] +44 (0) 77 235 228 30.

Personalisation In Client Gifting: Making Every Gift Count

When it comes to client gifting, one size doesn’t fit all. Going the extra mile and making each present count is vital in a personalization-driven world. After all, a thoughtful, individualized gift could create a lasting impact on your clientele and improve your relationship with them.

Imagine receiving a mass-produced gift package from a company. How would you feel? Chances are, it won’t evoke any emotions or make you feel valued as a client. Now, what if you received a curated one that reflects your hobby, personal taste, or a shared experience with the sender? This shows that the sender took time and effort to choose the perfect present for you.

So, how can you ensure that your client gifting program stands out from the rest? Let’s explore some tips that’ll help you achieve it. 

1. Understand The Preferences Of The Client

Customizing your gift starts with knowing your client’s tastes and interests. Studying their preferences, favorite pastimes, and social media profiles could help you gather insights. Are they a golfer, a coffee addict, or an art lover? Understanding what makes your client tick lets you choose the best gift for them.  

For example, if your client is a coffee lover, a subscription to a gourmet coffee delivery service or a sleek coffee brewing set could make the perfect gift. On the other hand, if your customer loves golfing, consider getting a set of personalized golf balls. This considerate gesture shows that you cherish their individuality and take the time to customize your present.

2. Think Outside The Box

When it comes to client gifting, creativity goes a long way. Why don’t you think outside the box instead of settling for the same generic gifts everyone else is sending? This way, you prove that you’re willing to put the extra effort into making your present stand out.

Do this by choosing unique and memorable gifts to make an impact. Let’s say you plan to find the best thank you gifts for clients. Why not send a charcuterie board with cocktail-scented candles, gold foil matches, and wine stoppers? This set could be an excellent choice for celebrating, perfect for showing appreciation to your clients.

Another out-of-the-box option is an experiential gift. This could be tickets to a live concert, a spa day, or even a cooking class with a renowned chef. These types of gifts not only show your thoughtfulness but also provide an opportunity for your clients to create lasting memories.

3. Consider The Event

When selecting a gift, it’s essential to consider the occasion or event. Is it a milestone celebration for your client’s company, a holiday season, or simply an appreciation for their continued partnership? 

During the holidays, consider a festive present that catches the mood. Meanwhile, imagine gifting an engraved crystal plaque personalized with the client’s name and milestone achievement. It could say, ‘Congratulations on 10 years of partnership’ or ‘Celebrating USD$1 million in sales.” Understanding the event’s significance makes it even more meaningful for the recipient.

4. Use High-Quality Packaging

A thoughtfully selected gift deserves equally impressive packaging. After all, first impressions count, and quality and presentation set the stage for what’s inside.

Consider premium materials and elegant finishes, and pay attention to detail when packaging your corporate gifts. You may engrave a natural wood with your client’s logo or add a velvet lining to the inside of the box for a luxe feel. Can you visualize how the recipients would react during their unboxing experience? 

5. Add A Personal Touch

Some gifts are more meaningful when they have a human touch. Consider a handwritten letter or a personalized message to express gratitude or wishes. 

Additionally, why don’t you make the gift unique? For instance, engrave the client’s initials on jewelry pieces like bracelets or necklaces, or tech gadgets like Bluetooth speakers or headphones. This thoughtful act can make your gift stand out while making your clients feel cared for.

6. Be Mindful Of Cultural Differences

In a globalized business world, client gifting must account for cultural variances. What may be considered a nice present in one culture could be offensive in another.

So, take the time to research cultural norms and customs to ensure that your gift is respectful and well-received. Are you aware that some cultures have specific taboos or superstitions regarding certain colours or symbols? In China, it’s believed that white symbolizes death and bad luck. So, if you’re sending gifts to your Chinese clientele, avoiding this colour can save your brand from unintentionally damaging client relationships.

Mastering The Art Of Next-Level Gifting

Overall, personalization is the key to making every client gift count. Following these tips can create a memorable gifting experience that leaves a lasting impression. Remember, extra effort goes a long way toward showing your clients they’re appreciated.