Opinion

Cultural differences in communication and dealing with conflict lead to significant challenges in international working environments, finds new research from the Vienna University of Economics and Business.

This research conducted by Professors Nadine Thielemann, Regina Göke and Zlatoslava, investigated how complaints are communicated in the workplace.

The study was carried out using an online survey of academic staff at universities in Russia, Poland, Germany, Austria and France.

The research discovered that how criticism is communicated in the workplace is particularly influenced by the balance of power between the people involved. In addition, the gravity of the misconduct plays an important role in the complaint.

The way in which complaints were communicated to team members by supervisors were very solution-oriented. However, differences were observed in the way the proposed solution was presented.

In France, failures are addressed directly and blame is assigned before a solution, whereas in Germany and Austria, this wasn’t of great importance.

The Germans took a more analytical approach, offering support in working towards a solution. In Russia and Poland, the proposed solution was expressed as a call to action.

German test subjects were observed to be the most likely to complain, followed closely by the Austrian, Polish and Russian subjects. In the data on French speakers, just over half opted to avoid conflict.

Where there is no power imbalance, the risk of confrontation is avoided.

“Once employees understand that behavioural strategies that may be different from their own are culture- and language-specific conventions, these behaviours may be less of a source of irritation. These employees are then better prepared for working abroad or in a linguistically and culturally diverse workplace,” says Professor Thielemann.

Thielemann, Nadine; Göke, Regina; Savych, Zlatoslava. 2021. Motzen und Moral. Eine kontrastiv pragmatische Pilotstudie zur Unzufriedenheitskommunikation am universitären Arbeitsplatz (FR – DE – AT – PL – RU). Zeitschrift für Slawistik. 66 (1), 140-173.

By: Yusuf Ozdalga, London Partner, QED Investors

Real estate is one of those unique asset classes that has various forms of appeal to almost everybody. When you get right down to it, real estate appeals to our deepest rooted instincts of shelter, security and community. In an evolutionary sense, it even transcends our mammalian roots and gets deep down into our reptilian brain. 

It is no coincidence that Abraham Harold Maslow (20th century American psychologist famous for framing a hierarchy of needs for psychological health predicated on fulfilling innate human desires) put shelter right at the bottom of his pyramid, right above fundamental physiological needs such as breathing, water, food and sex. 

While real estate has such fundamental appeal to humans, real estate investing takes this desire for safety and builds on it with complicated terms like gross yield, net yield, return on investment, and leverage to name just a bit of the jargon that usually goes along with real estate investing. So yes, as we start investing in real estate we transcend the reptilian brain, and start engaging our frontal lobe with cash flow projections and predictions around which country or which city will see rental incomes rise.  

In this context, it is no surprise that real estate is the single biggest asset class in the world. Just to take the UK as an example (otherwise the numbers simply get too big!) UK residential real estate is an asset class of GBP 7.4 trillion. Buy to let investing (where landlords buy property for renting, also knows as BTL) equates to a “small” subset of GBP 1.4 trillion. Just to put this in context, the FTSE all-share index (in effect the value of all publicly traded companies in UK, many of which are international and operate globally) is GBP 2.4 trillion and the value of all loans outstanding to UK SMEs (Small and Medium Sized Enterprises) is about GBP 0.18 trillion, or 180 billion.

But while real estate is big, and appeals to both our analytic and primal instincts, it is one of the least liquid asset classes out there. One can trade shares on the FTSE in a a matter of milliseconds, exchanging ownership in AstraZeneca with ownership in Unilever in an instant. Business loans can be traded in a matter of hours. However, trading real estate can take months in the UK. So ironically, the biggest asset class is also the one that is least liquid.

This is exactly where GetGround and companies like them operating at the intersection of Fintech and Proptech come into the picture. There is no intrinsic reason why trading real estate should take months – in fact, many of the constraints that slow down this process, which at times can be outright frustrating, can be solved with technology. And this is exactly what GetGround does: Turning the currently slow and arduous process of owning and investing in real estate into one that is smooth, simple, and secure.

At its core, GetGround enables its customers to buy, incorporate, bank, fund, and manage their property with just a few clicks of their mouse. Let’s now examine each of these five steps in more detail, and why each one is so important.

First and foremost, the process of buying property involves tons of documents, legal agreements, searches, negotiations, etc. We will examine what GetGround does in more detail on the buying side in a future blog, but suffice it to say that the process just asks for standardization, and with its technology driven approach GetGround can standardize all these documents giving confidence to all parties that are involved in the transaction. More importantly, as GetGround is positioned in the centre of the ecosystem, there are tons of so called network effects where GetGround can leverage its central position to help its customers buy the right property.

Secondly, and this is one of the platform’s core features, GetGround helps landlords incorporate their property. Many of us take companies for granted as something that has always been part of human life, but as Yuval Noah Harari states so elegantly in his book Sapiens, companies are nothing more than a shared fiction that humans all subscribe to. But while companies may be nothing more than a creation of our collective imagination, they have very real financial benefits in real life. When applied to properties, these benefits include more efficient tax structures, better inheritance planning, more standardized and easily exchangeable ownership structures to name just a few. Hence, GetGround has built a product (including direct API connections to the UK Companies House) that enables their customers to incorporate a company with a few clicks, and put their property into this company, all with automatically generated, customized, and standardized legal documents. 

The third benefit follows logically from the first two: Once a landlord has bought a property and put it inside their newly incorporated company, it only makes sense to open a bank or e-money account dedicated to that company and property for collecting all the rental income into one dedicated place. This makes it very easy for the landlord to track all their rental payments affiliated with one company in one place, which in turn makes things like tax filing and expense tracking much easier.  

Funding the property is then the fourth area where GetGround helps, and it does so by connecting its landlords to all the various banks and lenders that are looking to deploy their balance sheets to fund these properties with specialized BTL mortgages. BTL mortgages are one of the fastest growing segments in the UK mortgage market, and GetGround creates the ideal platform where lenders and landlords can meet. From the landlord’s perspective, they have just acquired a property and they appreciate the introduction to lenders, whereas from the bank’s perspective, the standardized documents and e-money account GetGround provides makes everything more standardized and secure, all accessible in one centralized platform. 

Finally, in terms of managing the property, there are tons of needs ranging from furniture removal to renovation that need to take place, along with financial management needs such as tax filing. GetGround is in an ideal position to either provide these services in an automated manner, or connect its customers to the experts that are needed in each different situation. 

When all is said and done, step by step and click by click, GetGround is digitizing and simplifying the process of owning property, taking us all closer to that utopia where we can buy and sell property in a matter of minutes and hours instead of weeks and months. This is the power of technology and data connectivity applied to one of the oldest and most primal industries known to humans, and it is a real privilege to be part of this epic transformation. 

Overview

Nigeria is not only the largest economy in Africa but one of two large emerging markets where foreign exchange trading is concerned. Nigerian traders who want to trade a wide variety of financial markets while using reputable brokers need not look further than the list given below. 

Tickmill

Features

Tickmill has been operating for more than 6 years and it has built a good reputation for itself as a regulated broker that accepts Nigerian Traders.

Tickmill offers a choice in trusted trading platforms, the lowest spreads, competitive initial deposit, and comprehensive educational materials geared towards beginner traders. 

Pros and Cons

HotForex

Features

HotForex is one of the most popular online brokers in the industry that accepts Nigerian Traders. HotForex offers comprehensive online trading solutions to a range of forex market participants from retail forex traders to institutional traders, account managers, and several others. Hotforex is a CBN related broker in Nigeria. 

HotForex has a proven trading volume because of its dependable services. Traders can expect transparent pricing where exchange rates, spreads, fees, and commissions are concerned. There is also superior customer service offered in several different languages. 

Pros and Cons

AvaTrade

Features

AvaTrade is a popular name in the industry that caters for beginner, advanced, and experienced traders alike. AvaTrade allows Nigerian traders access to retail trading accounts with a low, industry average minimum deposit. 

Pros and Cons

XTB

Features

XTB was established in 2004 and it is one of the largest online brokers that is also listed on a stock exchange. XTB offers Nigeran traders customised trading solutions and a life-long partnership.

XTB offers the trade in several asset classes over a range of financial markets. Each trader has custom solutions despite their trading experience, level of trading, or trading style. 

Pros and Cons

 InstaForex

Features

InstaForex is a regulated broker that has won several industry awards. It is also one of the largest, most prominent, and reputable brokers in the forex industry. Nigerian traders are given access to more than 300 tradable instruments, access to free VPS, a range of trading tools, and educational materials.

InstaForex offers advanced solutions to professional traders while offering beginner traders the tools and resources necessary to succeed in trading. 

Pros and Cons

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Pepperstone

Features

Pepperstone is a large and prominent online broker on the African continent, especially in Nigeria. Despite the market conditions, exchange rates, and other factors, Nigerian traders can expect a plethora of trading opportunities with Pepperstone.

Pepperstone offers access to a range of trading instruments that are spread across asset classes, a choice in retail investor accounts, and optimized solutions for both retail traders as well as professionals. 

Pros and Cons

eToro

Features

eToro is one of the best online brokers in the industry as well as the leading social trading platform. eToro is regulated by multiple entities in offering retail traders a range of tradable financial instruments, powerful trading technology, and a range of ways to invest in financial markets.

Pros and Cons

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Cyrus Gilbert-Rolfe, Managing Director, EMEA & Oceania, EVRYTHNG

According to the CBI Ministry of Foreign Affairs, Europe’s apparel import market was valued at €177.3 billion in 2019 and is growing at an average rate of 5% a year. The market is vibrant, and the region is already home to many of  the world’s biggest and most renowned fashion brands.  The largest markets: Germany, France, the UK, Spain, the Netherlands and Italy, comprised nearly 72% of all EU apparel imports in 2019. Imports from developing countries are growing faster than the EU’s overall import rate.

Despite this growth the industry faces significant challenges as consumers demand more transparency from their favourite brands, while those businesses in turn battle IP infringement and counterfeiters eating into their hard-earned brand integrity and income, damaging the brand. Regulatory and consumer demands for sustainability are accelerating the push towards more circularity in the supply chain and huge growth in the secondary market. In response, global apparel brands are recognising the need to adopt innovative strategies to address these demands and recognise one significant way to do this is by bridging the gap between physical and digital channels in a mobile-first world.

The tide is turning

The apparel industry has reached a tipping point where the developments in technology now enable an affordable solution to the challenges of brand protection, traceability, and consumer experience. Leading brands such as Ralph Lauren and Puma have made ground-breaking strides in adopting a Born Digital strategy. Born Digital is based on the ability to give every single item in their range a unique digital identity. This identity, or ‘digital twin’, is activated at the point of manufacture, enabling each product to be tracked, authenticated and interacted with throughout its life.

For brands this results in an unparalleled real-time visibility into operations, better  control of supply chain integrity and the data intelligence needed to operate with more efficiency and agility.  

Opening the door to a new, direct engagement channel

Just as important, these Born Digital products enable brands to reach their consumers in a new and powerful way – creating a direct engagement channel with end customers. By scanning or tapping interactive labels on garments with their smartphones, consumers can access contextualised experiences as well as sustainability and product information. The opportunities to turbocharge revenue growth and cost efficiencies while deepening the connection between consumer and brand are highlighted here:

• Data intelligence at scale

• • • Turning millions of garments into smart, data-generating assets brings  unprecedented visibility and measurability while enabling brands to easily see how the supply chain is performing. Consumers can be better understood by collecting crowdsourced usage and behavioural data which provides unique insights  to inform future product development, on-demand manufacturing and  precision marketing.

• Consumer convenience and information 

• • • Consumers want new and authentic brand experiences while demanding transparency and sustainability. Where did an item come from? What is it made of? How was it made? With Born Digital™ products, brands can deepen consumer engagement by transforming each item into an owned-media channel for 1-to-1 engagement that can deliver brand stories and sustainability information directly to consumers. They can also offer personalised content like styling tips or recommendations, and drive traffic to their ecommerce platform to further boost direct revenues.

• Brand protection

• • • Thanks to these advances in data science brands can protect their brand integrity, reduce illegal production and recapture lost sales. Machine learning and crowdsourced information from end customers is gathered as they  authenticate products themselves using their smartphone. The result is unprecedented data capture across all geographies and products, giving more cost-efficient and wide-ranging detection than any legacy brand protection tools can offer.

• Traceability, transparency and circularity 

• • • Because a Born Digital product’s journey can be tracked across the entire product lifecycle, brands can deliver provenance and product sourcing information directly to consumers and simultaneously comply with industry regulations, such as country of origin laws. Not only that, but the item’s digital identity can carry information about its  composition and fabrics to inform recyclers about what materials went  into making the item. Essential if brands are to deliver true circularity. 

• Increase in operational efficiency and agility 

• • Efficiency and agility in the supply chain depend on having visibility  of what is being produced, where and when. Apparel brands have to contend with fragmented supply chains, often relying on networks of production partners to produce their products. Thanks to the ability to capture data from the point of manufacture onwards, data silos are eradicated by aggregating data from different systems and locations. The resulting visibility of production, supply and quality, can help reduce losses, increase shipping efficiency and preempt issues before they arise. 
• Secondary market opportunities 
  • The resale or rental of preloved products is growing  massively, as demonstrated by Carrie Johnson, the Prime Minister’s new wife, and with this new sustainable behaviour comes a new set of challenges. Perhaps most painfully illustrated by  The RealReal’s recent problems with counterfeit products. It is tough  to manage brand integrity later in the product life cycle and until now,  almost impossible for brands to play a key role after the point of initial  purchase. As Born Digital™products can be tracked and authenticated at any point in their lifecycle, the secondary market becomes better equipped to track products between multiple owners or users. 

It is estimated that the market for counterfeit clothing, textiles, footwear, handbags and watches amounts to a staggering $450 billion. That cost alone highlights to brands that measures need to be taken to address the impact on their IP and bottom line. With 66% of consumers willing to pay for more sustainable goods and the estimation that the Circular Economy will create in excess of €1 trillion in value in Europe by 2025 means that the opportunity for brands to evolve and adopt a Born Digital strategy is a reality. 

As the last 18 months have shown, time does not stand still. Consumers are demanding more and more. Those organisations that hesitate to address their customers’ growing needs and that ignore addressing the complicated demands of their supply chains will be the losers in the great race to a more transparent, traceable, sustainable and engaging future. 

By Daniel Todaro, Founder and Managing Director, Gekko

As we move toward a full re-opening of the economy there remains some uncertainty about how often we will return to offices. A leaked Whitehall document recommended the Government should not actively tell people to go back to the workplace after 19 July. While different messages have come from Ministers, it seems likely that an element of home working is to continue. Most companies seem set to operate at least a part hybrid model, between home working and coming into the office. A recent survey from Gemsatwork found that more than three-quarters (77%) of workplaces that fully closed during the most recent UK lockdown have reopened, with 47% of staff back to the office on a day-to-day basis.

Responsible employers will want to tread cautiously in how they approach the return to offices during what remains a difficult time for many people. It is important to be mindful about employees’ mental health, with many peoples’ emotional states fragile to say the least. Employees will need to adapt to make sure they take the right steps to ensure they can manage the very different challenges of hybrid working compared to solely working from home.

Daniel Todaro, Founder and Managing Director, Gekko

At Gekko we have worked with both physical and mental health experts to ensure our staff have been supported as best we can. So with the support of our practitioners, Bianca Sainty & Bep Dhaliwal, I’d like to share our best tips for looking after yourself as we mix between the real office and the home office.

1)   Embrace the outdoors every day to lift your mood

There is a great volume of research showing that spending time outdoors gives an immediate and lasting boost to mental wellbeing. A KCL Urban Mind Study in 2018 found that “Seeing trees, hearing birdsong and seeing the sky has significant immediate associations with mental wellbeing”. Meanwhile another study by the University of Michigan in 2019 revealed that taking at least twenty minutes out of your day to stroll or sit in a place that makes you feel in contact with nature will significantly lower your stress hormone levels.

To achieve this, actually diarising your walk can have a positive impact. This applies equally to being in the office and working from home. According to fitness coach Bianca Sainty a fitness and wellbeing coach and founder of Pod Fitness: ‘When you are WFH, start your day with a ‘fake’ commute. Plan a 30 minute route that starts and finishes at home and walk this every day. As you walk, you create the mental space you need to shift focus from home life to work. This will help to maintain a vital boundary between your home and work lives.’

2)   Keep a consistent sleep routine to maintain productivity

As we ease back into a hybrid situation, the changes in rhythm to our day can actually play havoc with our sleep. Setting alarms at different times is likely to confuse our bodies and impact the regularity we need to remain on top of our productivity game. According to Bianca: ‘Better to stick to the one, earlier wake-up time, every day, regardless of whether you are commuting. For optimal wellbeing, adults need between seven and nine hours sleep every night. Work out your ‘lights out’ time by using this formula: Lights Out time = Wake Up time MINUS 7 to 9 hours (insert the amount you need).’ She adds: ‘By adopting this consistent routine, you will ensure you don’t fall into sleep deficit. Plus, on the days when you work from home, you gain extra time for self-care. Win-win!’

3)  Nurture strong relationships to help make you stress-resistant

As we return to the office a real bonus is the chance to interact with colleagues and friends (those that we get on with anyway!) It may seem overwhelming at first but we are fundamentally social beings and this period of isolation has been unnatural for all of us. According to Bep Dhaliwal, Founder of Thrive365, a Resilience coach that has worked closely with the Gekko team: ‘Cultivating strong relationships will make you more resistant to stress and have a strong support network. Connection is a fundamental human need.’

For those continuing to work from home – remember your other colleagues will likely feel the same about the feelings of isolation, so that should help feeling less alone when you are working from home. Zoom or Teams meetings don’t seem to be going anywhere in a hurry – so perhaps we need a new approach to how we handle them. One strategy is to not view the screen as a block to normal social interaction. According to Bep: “We can still make time to connect before/after a video call, where you talk about things unrelated to work.”

4)   Remain curious and flexible to help you ‘lean into’ change

The Buddhist philosophy of accepting that things change has really been put to the test during this extraordinary period. Our lives have been dramatically altered and there is an increasing realisation there won’t just be a swift return to the pre-pandemic era. We all need to accept change and ‘lean into’ it. For a rapidly changing job market and new hybrid work environment a flexible, progressive approach is the best way to remain employable and also help you cope.

According to Bep: ‘Know that things change. The more you are open to this, the quicker you learn, adapt and grow from setbacks. Just because things have been done in a certain way beforehand, it doesn’t mean there isn’t a better way for them to be done now. Present the challenge to the team and invite a creative new alternative…..enjoy being curious.’

5)   Have an optimistic outlook and focus on your goals

During this time, the choppy waters of the pandemic have knocked many of us off the course in life we may have set. This might be career, health related or even your relationships. What is crucial is that we keep sight of our life goals and objectives to give us a focus for this next period. Setting goals is a crucial element in recovering from mental health challenges and this period has arguably given everyone a form of PTSD. Having a positive attitude to getting back on track can certainly help. Bep says: ‘Acknowledge what’s in your control versus what you can’t control and look for the good.  We’re used to looking for the challenges in most situations, use a bit of neuroplasticity to carve a new path.’

Old certainties about life and the future certainly don’t hold water today. A hybrid way of working looks set to dominate in the future. Perhaps it has given us all a chance to think about the best way to work ‘your way’. But also remember to not be too hard on yourself while adapting to changes you can’t control. Make the best of the situation to embed some positive new habits. Having a plan to cope is essential as we adapt to hybrid working and the return to the office which is inevitable for all.

It has been a number of months since chancellor of the exchequer, Rishi Sunak, stood up in the House of Commons to announce the Budget statement for 2021. And this year, it came as no surprise that economic recovery took precedence – outlining governmental measures that would not only help businesses to experience financial revival post-pandemic, but also protect the country’s jobs.

As part of the widely anticipated Budget agenda, Sunak introduced ‘super-deduction’ – what he described as ‘the biggest business tax cut in modern British history’. But what does it actually mean for companies and why should leaders consider it as part of their recovery-driven growth strategy – if they have not already?

David Baum, regional managing director of ABL Business’s South West office, explores how harnessing the power of thesuper-deduction tax break can not only help bolster long-term business growth and promotive productivity, but stimulate investment and drive an economic uplift – enabling members of the business community to both uphold and strengthen their future marketplace position.

David Baum, Regional Managing Director, ABL Business

At its most basic level, super-deduction enables organisations to claim 130% first-year relief on investments in qualifying main-rate plant and machinery, between 1 April 2021 and 31 March 2023. As a result, this allows firms to cut their tax bill by up to 25p for every £1 they invest.

The option for enterprises to buy asset finances and offset them against corporation tax is an entirely new concept for the UK – and one which evidently has the future at its heart.

However, to benefit from super-deduction, companies need to directly own the asset in question, meaning it is not compatible with leased equipment. But it is available with hire purchases, as firms have the option to buy the asset at the end of the agreement, subsequently owning it.

Regarding the assets that qualify for super-deduction, these include – but are not limited to – agricultural machinery, electric vehicle charge points, solar panels, office furniture, compressors, computer equipment, and more.

A financial enabler to an investment-led recovery

Throughout the pandemic, the government has implemented many support schemes for companies – from the widely adopted furlough programme to the Coronavirus Business Interruption Loan Scheme (CBILS) – in a bid to help organisations keep on trading and retain their workforces.

But regarding why the super-deduction plan should be considered by decision-makers, it ought to be seen as an enablement tool for those looking to futureproof and bolster their existing business models. It allows corporate spending plans to be brought forward – and advancing expenditure can help to pave the way for accelerated growth.

In truth, when outlining why the government is introducing the increased capital allowance scheme, it ultimately comes down to stimulating business investment – and it believes that these measures can not only foster wider economic upturn but also counteract business cycles.

The government has made it no secret that since the onset of the coronavirus, existing low levels of business investment have fallen – with a reduction of 11.6% between Q3 2019 and Q3 2020. But the truth is that business productivity has been dormant, and investment has been slowing since the economic downturn of 2008 – and this was further compounded when the UK announced it would be leaving the EU in June 2016. Therefore, companies have been dealing with uncertainty for a long time – not knowing what to prepare for and what it will mean for their firm, much like the events of the past 12-plus months.
But with government-backed support– such as super-deduction – to invest in their company, this will see corporate leaders able to reap the return on investment much quicker, as well as make the country’s capital allowance scheme a more globally competitive one.

In relation to the UK’s business investment, Oxford Economics expects this to grow at a much more rapid rate than compared to other G7 countries – owing to the two-year super- deduction tax break.

Knowledge is power that drives future change
Throughout the pandemic organisations across the board have been exposed to new challenges – all of which have required immediate attention. With continued ambiguity, there was little time and headspace for planning ahead – seeing 2020’s corporate strategies being abandoned, and unavoidable knee-jerk decisions driving companies forward.

However, while times have been tough, organisations have learnt a lot since March 2020 – and they have adapted their working practices and made their operations more agile accordingly, some have even pivoted their entire propositions. In other words, knowledge and experience have become power, and many firms – while still recovering from the economic impact – are back in the driving seat and looking ahead to the light at the end of the tunnel.

It is therefore fair to say that while there is still a long way to go until economic uplift returns to pre-pandemic levels, super-deduction can play a key role in helping to propel the UK towards an investment-led recovery. With this in mind, now is definitely the time for businesses to start thinking about the part they play – planning for the future and the financial health of not only their organisation but that of the country.

By: Morteza Maleki

Having worked in brand strategy for some of the leading brands and consultancies in the world, I’ve seen my fair-share of tactics and outcomes when using social media and influencer marketing as a growth tool. It was these experiences, which highlighted some fundamental challenges and opportunities we set out to address with the launch of House Of Influence; a full-circle social media marketing ecosystem and media-tech platform.

Social Media and influencer marketing is undoubtedly [and increasingly] becoming a leading tool for consumer engagement. With the worldwide social media marketing spend doubling to £85 billion from 2019-2020, we can see a clear reflection of confidence in the value this brings to marketers. However, despite the plethora of technology tools and platforms, Influencer Marketing is still evolving and is far from its peak; there are still lessons to be learnt and opportunities to leverage.

To understand these opportunities better, I like to contextualise Influencer Marketing within 2 worlds that we are probably more familiar with: a) the world of magazine publishing and b) the world of recruitment. These two segments present strong comparables; they allow for a slightly different perspective on Influencer Marketing, and all the associated decisions.

Media fragmentation gave way to a huge spectrum of magazine categories, each specialising in a highly targeted audience, specific topics and all with clearly defined circulation-reach numbers. This allowed brands to be far more efficient in their customer engagement through placing adverts within editorial titles that spoke directly to their target audience. In many ways influencers are an evolution of magazines; each with a content specialism and audience insights, selling promotional advertising space within their content feed.

Influencer ‘insights’ are the key drivers of decisions around influencer marketing budgets. On the other hand, as a brand looking to advertise within magazine titles, it isn’t just audience insights we look for. We make cost comparisons of the advertising real-estate to other similar titles, we look at the quality of the content, the design, the layout, the tone of voice of the editor, we ask of article lists to review, the various advertising space option we could have, we even look into the other brand advertisers within the magazine. Only then do we commit to the purchase of an ad within the title… not before bartering for a cheeky discount off the rate-card too. For some strange reason, when it comes to placing promotions with Influencers, we forget all these hugely valuable questions.

My other recommended comparable [Recruitment] also highlights processes, which can further help brands make better influencer marketing decisions. As a brand, when we look to recruit a new client-facing member of the team, there are numerous criteria we put in place as a filtering mechanism, to ensure everything from the team dynamics and our brands positioning is positively impacted by the new recruit. We leverage processes such as psychoanalytical test, interviews and even presentations. After all, anyone who acts on behalf of the brand is perceived as an extension of the brand, and so it’s only right for there to be a clear alignment.

And once again when we make this comparison to Influencer Marketing, and ‘lending’ our brands to an individual to publicly associate to and represent, we take far less precautions, and are far more laissez-faire about our selection.

With this all in-mind, I believe there are 3. ‘Value-gaps’ that present huge opportunities for brands to leverage Influencer Marketing for growth, outside of influencer insights: 1. Selection 2. Social Impact 3. Support; all of which are based around establishing a long-term partnership, rather than one off promotions.

1. SELECTION:

The above parallels should have demonstrated how currently there is minimal emphasis on the selection processes we go through in creating these strategic alliances with social media leaders. With either basic reach and engagement numbers defining our decisions, or the somewhat bias sell of a representative agent; we need to delve far deeper in understanding strategic fit and “brand alignment” in order to see growth.

There are three simple steps you can take in ensuring your selection process is optimised: 1. Create a shortlist of 4-8 candidates, with the intention to committing to 1-2. Most brands commit to 1-2 influencers, with little comparison between other prospective collaborators 2. Develop a list of short open-ended questions around your brand values and positioning, for the influencers to provide their thoughts on. This will help gather a better understanding of their characteristic traits, and how these will reflect on your brand. 3. Arrange a virtual meeting/video call to run through both the long-term objectives of the collaboration and to learn more about the content direction of the influencer. This filters any fake accounts not ran by the person posing as the account holder. This also creates an open communications-line, which will be used for idea sharing, problem-solutions, guide, and additional content opportunities.

At House Of Influence, we have worked with psychologists and behaviourists to developed a proprietary set of psychoanalytical tests and questionnaires for both brands and influencers to use in creating synergistic partnerships, which present commercial value. Similar to advanced dating platform analytics, the process looks to pair you with the most viable brand/influencer partner, that would add value to the goals you are hoping to achieve on social media.

2. SOCIAL IMPACT:

As we watch the proliferation of influencers, we also see the clear divisions of their content narratives. At House of Influence we divide content creators into 3 main categories: 1: Trend setters & reflectors: Those who are always on top of the latest social trends and topics. 2: Content specialists: Those who focus on a specific genre of content. 3. GI Creators: Those who use their content to create ‘Good Influence’ and positive social impact; acting as ‘social media agents of change.’ We have found that GI Creators, have the highest engagement rates and are the most ‘influential’ due to the level of invested trust they have from their followers, and their recognised authenticity of content. This category of influencers, present the biggest collaborative opportunities for brands to harness for growth.

3. SUPPORT:

Advertising and paid promotion has always been a tough nut to crack, when it comes to staying authentic and avoiding a ‘hard-sell’. Audiences are far more aware of these paid-for-messages from influencers, which rarely feel genuine. They often sway the influencer from their [genuine] narrative, to cover a message, which intrinsically feels at times, forced. And do you blame the influencers..? Just like the rest of us, they need to pay the bills.

Our philosophy at House Of Influence, (and recommended approach) to paid promotions via influencers, is to “Support their narrative, not lead it”. In other words, allow them the space to create and maintain the narrative and messaging they believe in, and support them in delivering that message to their audience. This method is not only authentic and resonating to the audience, but also hugely impacts the positive development of brands equity.

In summary we can see that influencer engagement data, is not enough to make commercial partnership decisions with influencers; additional layers are required to paint a better picture of the prospective collaboration. By first looking at influencers through a ‘recruitment-lens’ and establishing a more holistic selection process, you create a stronger foundation for the collaboration. In that process, identify the ‘Gi Creators’ who are championing positive social impact; a voice sought-after and proactively supported by the audience. Once you have committed to that partnership, support the content creator’s message, the same way their audience do. At that point, you’re brands will begin to experience the full potential of Influencer Marketing.

PROFILE:

Morteza Maleki spent 18 years as a brand strategist for world leading agencies, working on major international campaigns for some of the most renowned brands. Having seen the shifts in emphasis from traditional marketing into influencer driven campaigns, he saw an opportunity in the market for an influencer-centric platform, which would provide social media leader with the same media, and commercial opportunities as traditional celebrities; and thus was born House of Influence.

Having started with a team of 3 in December 2019, and launching the site in October 2020, the business has grown to a team of 20 during lockdown, with continues growth in the site users and signups. With many offers of funding on the table and phase 2 of the business launching in July, brands and influencers globally are jumping on board with HOI and the company’s vision to find, share and create  ‘Good Influence’.

By Scott Donnelly, Director of Board at CapitalBox

Ever since Boris Johnson announced his roadmap to easing lockdown restrictions earlier this year, businesses have been eager to reopen their doors to customers. Yet, delay after delay has dampened hopes on the return to complete normality. This isn’t just bad news for people across the country who are unable to enjoy the unrestricted social gatherings, plan holidays abroad or go clubbing, it has also struck small businesses hard.

Many small businesses in the hospitality and retail sectors enjoyed the taste of freedom, that others were only hoping to enjoy in just a few months’ time. In fact, in the first week of pubs, restaurants and non-essential retail being able to open their doors to the public it was estimated that spending was above pre-pandemic levels. Over the course of the pandemic Britons’ have amassed savings of £180 billion in their bank accounts, ready for the grand opening to splurge the cash! However, this optimism quickly turned sour.

With rising COVID-19 infections throwing the lockdown easing roadmap into disarray, the economy remains under pressure and SME’s road to recovery is delayed further. The brief sense of euphoria that businesses felt has turned into realism as costs continue to mount and revenues remain limited.

Removing the obstacles in the road to recovery
Since the easing of restrictions, the rapid vaccine rollout and continued support from the government, there has certainly been an increase in consumer confidence. In fact, the UK consumer confidence index rose to its highest levels since lockdown this March and was recorded as the largest monthly jump in almost a decade.

However, this was all before issues around the vaccine shortage and fears of a third wave this summer hit the headlines. Additionally, the end of June will call for businesses to end their reliance on the furlough scheme, business rates relief, and the suspension of wrongful trading liability. This is where small businesses need our help. From consumer spending, to continued support from government and the right loans to get them through what may feel like darker times still to come.

Financial lifeline during pandemic
Governments spotted early on the need to step in with immediate effect to help businesses through the national lockdowns. In a recent CapitalBox survey, we found that 31% of European SMEs applied for government support schemes, with the likes of the Coronavirus Business Interruption Loan Scheme in the UK and the ‘Corona Soforthilfen’ in Germany, being some of the most attractive choices.

The most popular source of funding, however, was retail financing, a form of loan set up to pay back in instalments to those with good credit ratings, which was the number one choice for more than half (55%) of small and medium businesses in Europe.

However, research also showed that one size didn’t fit all. One in five SMEs relied on credit cards (21%) and 11% turned to online loan providers, while a quarter of SMEs (24%) had to turn to the most traditional of funding, asking family or friends for financial support. This shows that when it comes to loans and schemes, variety of sources is key.

Bridge the cashflow crisis
As certain scheme such as furlough look to come to an end in a few months’ time, and as businesses emerge from the crisis, access to finance and cash flow will be just two of the many financial and operational challenges that will be important to navigate. It’s clear that with 65% of UK SMEs having benefitted from the government’s furlough scheme they will be looking at alternative ways to get further support.

Alternative lending has been the SMEs go-to substitute for finance for numerous years and has provided a finance lifeline in many difficult times. This avenue of funding differs from traditional banks and is typically more flexible, faster and has a higher approval rate – which is ideal for helping businesses stay afloat in the weeks up until July 19^th!

To truly support the specific needs of SMEs, financing needs to come from providers who can understand their challenges. Therefore, looking at a flexible approach, quick turnaround times, and the ability to leverage technology and machine learning will enable these businesses to make better decisions. This is the time for alternative lenders to shine and be the catalyst for economic recovery once again.

The road to recovery for SMEs
Uncertainty has eclipsed the road to recovery for SMEs. With no clear support from economic packages or government schemes to bridge the short-term cash flow issues – businesses are looking for ways to stay afloat. The effects of the pandemic will be here to stay, with businesses having to deal with further delays and fears of a third wave in the summer, it is clear leaders will be looking at ways to be more resilient.

With the road to recovery scattered with obstacles, businesses must be wary and identify alternative ways for further support. No matter which avenue is chosen, from government support to alternative lending, they need to feel confident in their recovery. The right financing will be critical in the next few months, which will help to provide small and medium businesses guidance and opportunities to grow – after all they are the backbone of economies.

By: Eric Lochtefeld

As a successful entrepreneur for twenty-five years, I often get asked what it takes to become wealthy at one’s craft. My answer is always the same. You must believe that you can make money at your chosen craft, or the journey is already over before it begins.

If in the beginning you do not believe this, its best to borrow it from someone else. There are no shortage of examples around the globe, so I like to ask non-believers to research for someone that is making gobs of money doing something they clearly love and is a bit of a surprise that they got so wealthy doing it.

Do you have somebody you admire that is fabulously wealthy doing what they love? I do. My choice’s journey started when his parents took him to watch the Ringling Brothers and Barnum & Bailey Circus as a young child. This experience led him to read the biography of P. T. Barnum and he dreamed of becoming just like him.

While he was still in school, he produced several performing arts events. After school, he became a street performer, playing the harmonica and accordion on the streets of Quebec. He joined a performing troupe of mostly homeless artists, which included fire-breathers, jugglers, and acrobats who hitchhiked around the country to shows. He later returned to Quebec, where he obtained a full-time job at a hydroelectric dam. He hated this job and the Universe had other plans because soon after his employment began, the company’s employees went on strike. So, he quit!

He took this opportunity to return to his life as a street performer, and this is when he had a clever idea that would send him on one of the greatest Bliss Journeys of all time! He recognized and cultivated the talents of the buskers.

Do you know what a busker is? I didn’t when I first heard it. I had to look it up. A busker is a person who performs music or other entertainment in the street for monetary donations. If you are thinking, who could make a living from that? Well…..

Meet Guy Laliberté, the Founder of Cirque du Soleil. In January 2018, Laliberté was ranked by Forbes as a Billionaire and the 11th wealthiest Canadian. Cirque du Soleil has become a sprawling international operation, as much in terms of its makeup as in the scope of its activities and influence. The organization now has activities on five continents. Its shows employ approximately 4,000 people from over 40 countries and generate an estimated annual revenue exceeding US$810 million. Not bad for a Busker!

The purpose of sharing this story is to get you to see that if you fail to monetize your idea, it will not be because you chose something that brings you great joy as your idea for a business. Because ANYTHING can be monetized. Guy proved this by monetizing buskers to a tune of over a billion dollars and I can give you thousands of other examples that would blow your mind!

Heck, some cursory research on Google will prove this to you beyond debate. If you fail to monetize your chosen craft, it will be because you either fail to become a Pro at your craft, or you fail at being an Entrepreneur capable of monetizing a product or service idea.

These are the top two reasons why businesses fail. Yes, you are going to need courage and grit to make it as an Entrepreneur but lack of belief is the real reason businesses never launch properly or continue to soar.

If you are going to succeed as an Entrepreneur, you will need to squash the limiting belief that you cannot make money at your dream or bliss and come to terms with the fact that you don’t know how to make money period. Don’t blame it on your dream or bliss! Blame it on not doing the work to become an Entrepreneur.

If you think you can, you can! If you think you can’t, well, you know the rest of this saying….

I work with Entrepreneurs who want to transform into BlissPreneurs. I ask them to memorize and commit to the following pledge. Perhaps you will consider doing the same. It goes like this:

“I will not blame my choice of craft for any shortcomings as an Entrepreneur. I pledge to work very hard to shore up my weaknesses and learn to become both a Pro at my craft and an expert at monetizing it. I pledge to become a Blisspreneur!”

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