The global pandemic has put resiliency on the agenda of every company in the world. As they cope with the seismic changes brought about by COVID-19, businesses of all sizes and types have needed to adapt to remote work, reconfigured physical workspaces, and revised logistics and supply networks. They’ve also changed operating procedures to cope with the pandemic’s risks and effects.
But what do companies do now?
The reality is that supply chain shocks are usually impossible to
predict but happen with frustrating regularity. That means real value is at
The promising news is that organisations can both protect against
downside risks, such as pandemics, and gain substantial economic returns from
increased output and productivity.
The successful organisations today, and in the years ahead, will redesign their operations and their supply chains to protect against a wider and more acute range of potential shocks and disruptive events. Thus, there is a need for increased visibility on both the demand and supply side.
Supply chain digitization can enable organisations to have visibility
across the whole value chain—from the production of raw materials to the end
customer—and better meet the needs of their customers. A bonus: it improves the
agility and responsiveness of operations without increasing costs. In fact,
research by the World Economic Forum, in collaboration with McKinsey,
shows that companies often achieve significant and simultaneous improvements in
multiple performance measures when they integrate advanced digital technologies
across the value chain.
Before the coronavirus hit, most companies were already accelerating the digital transformation of their customer journeys and value chains. The expectation is digital technologies to be at the core of the new normal, enabling organisations to better meet the needs of their customers, and improving the agility and responsiveness of operations without increasing their costs. Companies often achieve significant and simultaneous improvements across multiple performance measures when they integrate advanced digital technologies across the value chain. This also allows them to build resilience which is an internal trait, but the disciplines and strategies that support it can also have a far wider reach.
During the crisis, many businesses have been able to overcome staff
shortages by automating processes or developing self-service systems for
customers. These approaches can accelerate workflows and reduce errors—and
customers often prefer them.
Digital approaches can transform customer experience and significantly
boost enterprise value when applied end to end.
Also, technology-enabled methodologies can significantly accelerate
cost-transparency work, compressing months of effort into weeks or days. These
digital approaches include procurement-spending analysis and clean-sheeting,
end-to-end inventory rebalancing, and capital-spend diagnostics and portfolio
rationalization. However, the businesses
will need to be smart and careful in their approach. Leading organisations are
adopting increasingly sophisticated techniques in their strategic planning, assessing
each resource and opportunity very carefully as the environment changes and new
Now, with the likelihood of prolonged uncertainty over supply, demand, and the availability of resources COVID-19 represents the trigger for operations functions to adopt an agile approach to transformation.
is my 3rd blog and I will continue with the theme of sharing my
thoughts from previous corporate employment. So, this one is dedicated to
While teaching on a level 6 module ‘Change and Transformation’ we watched a video where the HR Manager for sales in Google was talking about creating trust and people management (https://www.youtube.com/watch?v=FRsJbpppvEU). She stated that she does not check on how much time her team spends in office or how many sick days they take. She further said that there was no rule on specific office timings. It was all about performance which was evaluated quarterly and an individual could decide how they met their targets as they were adults and could work out their own schedules and holidays; thus, managing their work/life balance.
reminded me of one of my favourite bosses in the corporate world. I had to
travel home which was in another city on a personal emergency and in my request
did mention that all work will be taken care of – his reply – I don’t care if
you work out of Timbuktu, till the work is done. That was the trust my boss had
in me and that trust helped in creating the best work/life balance I had in my
A checklist by CMI, confirms that the employers need to provide the control to employees to manage their working arrangements taking into consideration their social aspects and also achieve organisational objectives.
If organisations offer flexitime, the communication should be clear and the corporate culture should support it. Creating a culture of respect and trust (Grimes, 2011) is the first step towards successful flexitime policies supporting work/life balance. This is not easy and has its challenges; however, with correct implementation, this can lead to employer/employee satisfaction, thriving organisations and increased employee retention.
the face of the pandemic, when working from home has become the ‘new normal,’
the need for trust between employer and employee has further heightened. Many
companies like Unilever have gone on record about increased productivity and increased
employee engagement as an outcome of remote working.
In a study conducted on ethical behaviours by managers, trust shown by senior management and supervisors and their support for work/life balance was perceived to be ethical (Cowart, et al., 2014).
By 2050, two-thirds of the
world’s population will live in towns and cities, resulting in the consumption
of over 70% of energy, and the emission of an equal amount of greenhouse gases
(European Commission, 2019). The Covid-19 pandemic is exacerbating the challenges
that cities have already been facing from multiple fronts such as rapid
urbanisation, digital disruptions, demographic, climate and environmental
changes, economic restructuring and reforms. Covid-19 is changing how urban
residents live, work and commute and reshaping economic structures and business
models. In the current global battle against Covid-19, smart cities have a
pivotal role to play in responding to the crisis in terms of track-and-trace of
coronavirus cases using smart technologies, enforcing social distancing rules,
getting homeless people off the streets, and special emergency measures for
care homes, to give just a few examples.
The concept of a smart city has
been seen as a strategy to tackle the grand challenges facing urban planning
and development. Smart city is a fuzzy word with various terms being used – intelligent
city, digital city, green city, knowledge city, and smart sustainable city.
Research on smart city can be traced back to the 1990s, taking on many perspectives,
mostly in four aspects: the technological aspect including the technological
infrastructure and support network for building smart cities, the
socio-cultural aspect, or citizen engagement, the political-institutional
aspect, such as government support and policies, and the economic-business
aspect, namely business models and profitability.
A team of researchers (Prof Zhao, Dr Olushola Fashola, Dr Tolulope Olarewaju and Dr Ijeoma Onwumere) at Staffordshire Business School have been investigating what has been done in smart city research over the past 20 years. After a systematic and comprehensive literature review, the research team found that smart city research tends to revolve around six key areas: digital technology diffusion, smart city strategy and implementation, supply chains and logistics, urban planning and governance, smart city entrepreneurship and innovation, and Smart city evaluation and measurement. The team also identified four major challenges for small city research: (a) smart city research is often fragmented and technology-driven; (b) many studies are on perceived benefits of smart cities and fewer on the downsides of the effect of technologies and failure projects; (c) there is a need to build new theories for smart city research; and (d) there is a lack of empirical testing of the conceptual frameworks developed in smart city research. Furthermore, the team found that there was very limited research on crisis management in smart city before 2020. However, the research landscape is changing with emerging literature investigating how smart cities respond to crises and pandemics, and exploring strategies that can be used to tackle swiftly the crisis effectively at both strategic and operational levels.
Directions for future research and practice in smart cities are proposed. If you want to know more and/or seeking for collaboration, please contact Prof Fang Zhao – Associate Dean Research and Enterprise at email@example.com.
Carol Southall, Course Director, Staffordshire Business SChool
STudent Life and Learning in
Lockdown: achieving Resilience (STeLLL:aR)
Staffordshire Business School
students are not alone in their sense of isolation as they work remotely on
modules and projects as part of their undergraduate, postgraduate or research degrees.
What makes them STeLLL:aR is their efforts to work with
the tools and technology they have access to and really engage with industry, as
well as with other Schools and students across the University.
So far this academic year we have seen numerous examples of this resilience and engagement with learning through projects such as the Social Isolation Project – Digital Pub in the Cloud https://www.staffsunion.com/ents/event/16189/, a joint collaboration between Arts and Events students to address the issue of social isolation through the medium of art and well-publicised events to showcase and disseminate the messages that #ArtsMeanBusiness and #AMEtoConnect are key to better communications about this issue in these challenging times.
The Connected Café, designed and managed by Staffordshire Business School students, including our Department Representatives, will enable students to meet virtually, engage in fun activities and get to know their peers across different courses.
For Level 5 Event Management students, working with Appetite to establish the need for greater engagement with the arts and cultural sector across the City of Stoke on Trent, has offered a real insight into the importance of the arts and culture in our daily lives, especially as we recognise now more than ever, the human need for social interaction. The questionnaire, designed by the students, in partnership with Appetite, aims to establish awareness of Appetite and give a chance for respondents to suggest what arts and cultural entertainment they would be likely to engage in, were it possible to do so.
The Trentham Gardens
volunteer programme, set up by staff from Staffordshire Business School and the
Events Team at Trentham, aims to offer events volunteer opportunities to all
SBS students. Event Management students have already been involved in
volunteering for the December Fairy Lights event and have clocked up an
impressive number of (socially-distanced) hours between them in the lead-up to
Christmas. The package of training, travel expenses and opportunities to
enhance employability skills has really enhanced student learning, and offered
some respite from the challenge of lockdown. Events students have also been
able to work remotely with the team at Trentham Gardens, to carry out a survey
to establish awareness of the Gardens and Retail Village amongst specific
target markets. Students presented their survey results and gave suggestions of
how to attract their identified target market, as well as suggesting some
events more likely to attract the target market in question. The students will
also form a focus group for the Trentham team when their new event ideas are
Recognising the challenges faced by people in lockdown, Level 6 Event Management students have organised a challenge event #TogetherAtHome, for their final year project, the aim of which is to bring people together throughout lockdown, by encouraging them to share original, unique and creative photos/videos to generate positivity. Their Facebook page is www.facebook.com/TogetherAtHomeChallengeStaffsUni2021 and any donations received through this project, will go towards Stoke-on-Trent Foodbank, to help individuals in need during COVID-19.
The Celebrating Student
Success Awards were held at the end of January 2021, to showcase student
achievements throughout the course of lockdowns 1.0, 2.0 and 3.0. The Awards
event was planned and hosted by students for students, highlighting the
resilience and successes of students, as well as their ability to mentor their
peers. With categories ranging from Staffs Superhero, through to Funniest Teams
Moment (and there were many) and Helping Hand Award, nominees were recognised
for their contribution to their own success and that of others.
Throughout lockdown, Deon
Wong (FdA Visitor Attraction and Resort Management) has strived to use his free
time effectively, whether that be developing new key skills or taking advantage
of learning opportunities. To maintain his level of creativity and imagination,
he took the time to produce a unique online competitive gameshow, allowing a
diverse range of people, to compete against each other in a variety of social,
physical and strategic challenges. As Deon says:
“The project allowed me to challenge myself through innovative designing, planning and executing a live-event. Hosting involves a depth of planning, time management, problem-solving and technical skills. The skills accumulated, have been evident in my academic work, where I have demonstrated a range of skills. I’ve also been a contestant myself, developing my strategic-thinking, communication and observational skills, when evaluating my opponent’s social behaviour. The knowledge gained can be applied to future opportunities, for instance, marketing as it involves analysing customers behaviours.”
For Tom Murray (FdA Visitor Attraction and Resort Management), lockdown has been anything but a hindrance. Despite multiple lockdowns and cancellation to events his endeavour to remain a lifelong learner has continued to flourish. In the first lockdown, he was able to completely redesign his website from a mobile friendly site to a fully-fledged mobile web app. Not only did he learn the necessary skills to design, develop and test his site, but also the business skills to set targets and reasonable goals and measure achievement…Throughout summer he continued his employment at Alton Towers Resort with the Rides department and continued to grow existing and new skills (like shouting with masks and visors on!) which enabled him to hit the ground running with the start of his first year studying Visitor Attractions and Resort Management.
Tom says “Like the rest of us, I’ve also had to get to grips with Teams meetings, interviews, lectures and everything in-between but it’ll certainly be a valuable skill in the future!”
For Business Management students, studying ‘Managing Across Cultures’ could potentially be a challenge in the current situation, where access to, and immersion in, national cultures is restricted. Not so for the current Level 5 cohort undertaking this module. They will be heading off, virtually of course, to KAMK University of Applied Sciences in Finland for 2 days in March, to explore how organisations are ‘Going Global’. In addition, the same students will also be heading to Stuttgart in Germany, again in March, to attend an international business simulation, organized by DHBW (Duale Hochschule Baden-Württemberg, Stuttgart – Baden-Wuerttemberg Cooperative State University, Stuttgart). Those virtual passport stamps just keep on coming!
Visitor Attraction and Resort Management is about so much more than
rollercoasters, as evidenced by our students’ engagement in the recent
Institute of Hospitality and Manchester Hoteliers Association virtual student
forum – Passion 4 Hospitality. The 90-minute webinar discussed and reviewed the
merits and rewards of the global hospitality industry, with a high-profile
panel discussing career opportunities available this year. The keynote speaker
was Matt Townley FIH, GM of the Dakota Hotel Manchester, with his focus on “The
road to being a GM in your 30’s”. The panel comprised Adrian Ellis FIH, GM The
Lowry Hotel, Manchester and Chair of the Manchester Hospitality Association; Steven
Hesketh, CEO at Savvy Hotel Group and Vice Chair of Liverpool Hospitality
Association, Chair of Chester Hospitality Association, Board Member of the
Liverpool Enterprise Partnership Employment & Skills Board; Sue Davison,
Head of Apprenticeship, Sodexo; and Q&A moderated by Peter Ducker, Chief
Executive FIH. Also in attendance, and discussing student opportunities in the
north of England was Garry Fortune, Melia Hotels Regional General Manager.
Their enthusiasm and passion for the industry really shone through, and in Dylan’s words, [it was]
“Fantastic to have an insight on the challenges and methods to achieve well in the hospitality industry”.
Tom also commented,
“One of the main things I took away from the webinar was the amount of opportunities the Hospitality sector can provide. Learning about Matt Townley’s journey to becoming manager of the Dakota Hotel was really inspiring”.
This was supported by a passionate statement from Chloe who said
“One thing I learned from this webinar that really resonated with me, was when Matt Townley touched on striving to find your specialism and niche within the hospitality industry, which can be done by having a well-planned strategy and having that passion to achieve your goals”.
Tom and Steven
also commented on the forum, noting the importance of mentoring, the idea that
attitude, passion and desire to learn is vitally important to success in
industry and that “complacency has negative impacts and should be avoided to
ensure you are always on top of your game or proactive to resolve issues”.
often-underestimated attribute, the importance of emotional intelligence was acknowledged
by industry leaders. As Jade says, “It’s an underestimated skill which is
critical in leadership roles and, recognising this will improve employability
in the industry in ways that I can’t wait to witness”.
Both Lucy and
Ella noted the importance of identifying a route through to your dream job:
Lucy – “it was really good to listen to the fact that they’re pointing out how if you want to work for a brand, anyway you can you should get involved, and it may not be in the role you want but you can climb up and get there with time and hard work”.
Ella – “learning more about the hospitality industry has gave me an insight on what career paths I can take down that route, what I can do to be successful whether it is in my job role or applying to future jobs within the industry and it was lovely to see another person’s point of view of how they gained success through the hospitality industry. I can use this information on future assessments or in general to help me become successful in the career I would like”.
What’s more, look at how useful and versatile our Staffordshire Business School hoodies are – especially at protecting against the elements!
Wingfield (FdA Visitor Attraction and Resort Management) lockdown has simply
been an opportunity to enhance knowledge and skills and gain those
micro-credentials that are so important for employability enhancement. As
Heather herself states:
“The pandemic has presented me with the opportunity to spend lots of time investing in myself. I have been keeping busy by carrying out extra learning, which has provided brilliant insights into the Visitor Attraction Industry. The cancellation of in person events has allowed students to access a range of industry events and webinars from home, at no or little cost, for the first time. For example, the IAAPA and Blooloop Virtual Expos. These events have proven to be invaluable and have allowed me to build my network with students and professionals from around the world, even in a time when we can’t travel. Another great way to network during these difficult times is to join an industry association, for example IAAPA (The International Association for Amusement Parks and Attractions). I have found they also have a wide range of resources which have enabled me to improve my commercial awareness.
I have also been able to build my knowledge by completing a Certificate in Post Crisis Hospitality Management for free due to the pandemic, this would usually cost $250. As well as improving my knowledge, I have developed skills such as time management and organisational skills. These opportunities have helped me realise the importance of being a lifelong learner, one of the Staffordshire Graduate Competencies in the University’s new Employability Framework. I anticipate that these opportunities to invest in myself will improve my employability and enable me to become a global citizen.”
That beautiful lady you see in the picture there is me. I like to toot
my own horn, because if I don’t know how to show myself love, no one will know
to follow suite haha.. I digress..
My name is Tanaka Adeyemo and I am the founder of Rudorwaishe Ltd which
is named after my beautiful little girl (also in the picture). We provide tools
to help families of the African diaspora teach the languages of their heritage
to the younger generation. We currently have flashcards available in six
African languages which you can check out on our site here, and I am
working on adding more languages this year.
The business has a charitable side to it and donates 10% to a charity I
will be involved in. My hope is that this will increase to 50% over time as we
grow. The Charity I am currently working on building with two other women will
focus on supporting orphaned and/or abandoned children in Zimbabwe particularly
because of the AIDS pandemic. We have acquired 20 acres of land and we are
gearing up to launch a massive fundraising campaign to build a large-scale
orphanage on that land. It’s massive, it’s scary as anything but it’s all very
My time at university seems to have gone by in the blink of an eye.
There are a few seeds that were planted while I was there that I now spend a
lot of time nurturing and building into the work I do, and I wanted to share
those with you all. There are 5 super useful things I learnt in university that
I now make use in my day to day when it comes to my business and life in
general. Of course, this is not everything I learnt but it’s what sticks out
for me and I’m just going to run through them in no particular order…
As you can imagine this one is pretty important. I am a mother now so
planning is something I do in my sleep but when it comes to business there
needs to be a deeper level of planning that happens even prior to initiation. A
business plan (although not always necessary) is something that I found can be
useful in planning your business. I’m going to keep it real with you, I didn’t
put a business plan together when it came to my business (and I still haven’t)
but I planned ahead as much as I possibly could. I completed the research I
needed in order to know whether or not my business was even viable. I then went
ahead and looked at all aspects of my business in as much detail as I could at
the time and put pen to paper, wrote down as much as I could about the marketing
strategy, pricing model, start-up costs, design work etc – you get the drift.
There will always be a lot you learn from just doing but planning is key to
having a successful start to any business. You cannot jump in blind and expect
to make a million pounds in your first year. Similarly, with the charity a lot
of planning has been going on even prior to us setting up officially and has
been so key in understanding exactly what we are about to dive into. It’s the
reason I can say it’s a massive and also extremely scary project we are taking
Ever heard that saying “it’s not what you know, it’s who you know” or
even “your network is your net worth”? Yeah! That all starts in university (or
way before for some people). There are so many people that I met in my time at
university that I now work with, am close friends with and one that is
Godfather to my daughter. Learning to network is so key and using university as
your learning ground is something I would highly recommend. Build that
networking muscle from early and regularly work on it because that will serve
you so well when you leave university. I always saw myself as someone who was
shy when I was at university. Talking to people wasn’t always something I found
easy (still don’t), but I did and do push myself. Honestly speaking, if I were
to redo my time in university this is definitely something I would do more of,
so I 1000% encourage you to get out there (virtually for most at the moment of
course) and get to ‘met’ a whole lot of different people however that may be.
There is no one that will ever be better at being you than you are! It
is so important to remember to be yourself and do what feels right to you even
in business. I have really learnt the importance of this during the time I have
been running Rudorwaishe. People will do things differently and may seem to be
more successful than you, but you have to ‘stay in your lane’ and remember what
makes you, you. That will shine through in your business and in life. You will
thrive a lot more because things will come naturally. Of course you can gain
inspiration from a variety of sources but that does not mean you should copy
I always describe myself as someone who is HOT… Honest, Open,
Transparent… and I constantly try to remind myself of this in all that I do.
University can be very confusing and can be a place where you are still trying
to find your feet and so it’s difficult to always be open and transparent (or
at least I found it was). All I would say is, as long as you are being honest
with yourself and those around you then that’s a good start. My advice? Learn
about yourself and all the amazing (and not so amazing) things that make up who
you are. This will serve you well in life after university, whether you decide
to start your own business or not.
4. A Growth Mindset
A growth mindset, simply put, is the belief that you can develop and improve your basic abilities through hard work, discipline, and dedication. Without it you do not put in the work you need to in order to progress and you remain stuck. Having a growth mindset means you are more likely to take risks and you welcome challenges as they are an opportunity to learn and develop. As a result, you are always trying new things, building new skills and experiencing a lot more due to not having that ‘fear of making mistakes’ that occurs when you have a fixed mindset.
I have not always had a growth mindset although it always ‘called out to
me’ so to speak. Getting to where I am today in relation to my mindset has
required (and still does require) me putting in a lot of work to change my
thinking and be more ‘can do’ rather than ‘it’s not possible’. I used to be the
one who would find every excuse not to do something all because of fear and it
stopped me from going for the things I wanted. I decided to spend time
developing myself because I wanted more. This all started for me in university
when I met some amazing people who really showed me what a growth mindset was –
without knowing they were doing so may I add – and how it can be a great
Your mindset is the difference between success and failure in anything.
If you want to do better, then you must be better, and it all starts with your
mind. Be Positive.
5. Mental Health Awareness
This is something that not a lot of people know about, but when I was in university I really struggled with my mental health. A lot of past trauma came back up while I was in university and I went through some really difficult moments for one reason or another. I went through so many emotions and drank a little bit too much (here’s me being honest, maybe a little too much) and so I turned to the services that Uni offered and saw a counsellor. I will tell you now, that was the most painful and annoying first experience of therapy but, it was there that I realised I suffered from depression and anxiety and there was a lot of mental health work I needed to do to get myself better.
Now being of African heritage, talking about mental health is not
something that is common and used to be something of a taboo subject (still is
in some communities), so there was a lot of learning I had to do around mental
I started my business during a pandemic, my husband was shot four months
after I officially launched in a freak incident (he’s doing okay now
thankfully), I had a mental breakdown, got myself back together and somehow
still managed to keep the business going. Those seeds that were planted during
my time at university with that counsellor, the relationships I cultivated
through networking, the planning ahead that I did for my business which I
learnt about in university, the mindset I have been working on since
university, all of it served me so well in one of my most challenging moments
in life and in business to date.
There is a lot that goes into starting up and running your own business.
There is the theory that you get taught in your course which is what helps you
get started and there is also the lived experience you get from your time at
university that helps strengthen who you are as a person. All of it is part of
your success story. So I guess what I am trying to say in a long winded way is,
make the absolute most of your university experience however it may look at
this moment and take every opportunity given to you! Utilise the university
resources (heck, max them out if you have to) and get to know the people that
can help you be great.
Putting that work in while you are at university will only serve you well in the future and it may not even be in the ways that you think.
One last thing from me.. I know the business name can be a bit of a
tongue twister but it’s important to me that people learn it, it is my
daughter’s Zimbabwean name after all. So check out the image and let that R in
the middle just rrrroll off your tongue 😊!
Want to connect with me? Click any of the links
below and say hey!
Professor Vish Maheshwari, Associate Dean, Staffordshire Business School
Having a helping hand available as a friend, a peer or a fellow student who could provide guidance and advice or even act as a sounding board is critically important part of a student journey. This peer member may be a fellow student from within one’s own course or an interdisciplinary programme but perhaps studying at different level, mostly a year or two above. Although, operating within a formal mentoring scheme, such peers act in a very informal and casual manner and could be the first point of contact for students, outside of formal classroom and academic support, as they are able to share their own lived experiences. They are able to guide fellow peers on ‘what had worked and not for them’ in a practical manner that can be very helpful. It is credibly established logic where lived experiences are found to be most effective positive guide than some of the conceptual or prescribed advice.
mentoring is not new but is still a novel approach in an education setting and
has become an increasingly used practice amongst university students across
many higher education institutions. The practice has led to some very positive
impact on student experience generally, and more specifically in providing
‘scaffolding’ approach for many students in building their confidence,
communication skills and becoming resilient. Peer mentoring also helps with
students gaining self-belief and motivation to continue with studies and thrive
as one progresses successfully through different stages of a university course.
Business School students are currently involved in a peer mentoring scheme,
with student mentors trained and supported by academics, university’s guidance
and careers teams. The peer mentoring is aimed at engaging students at all
levels, helping with building self-confidence, communication and social skills,
networks and more importantly meeting new people by making most of their
university time. There is also an added benefit of exploring potential academic
and career development opportunities a result. Positive impact of peers is
noticeable, especially given the unprecedented circumstances and challenges,
within higher education, due to the pandemic. The student engagement with host
of activities, in addition to the academic sessions, has been remarkable.
For example, during Staffordshire Business School’s recently organised Creativity and Innovation week, involvement and participation from our students across all courses was remarkable. Alongside academics, peer mentors and student representatives played an important role in encouraging students across the school to participate with various activities planned during this week. As a result, throughout the week, students engaged actively with variety of skills development workshops, Microsoft, Google and LinkedIn learning led digital insights seminars and business engagement sessions. It was a pleasure to note that the lead taken by peers has rubbed off on positively amongst diverse fellow student groups. Additionally, a group of our final year students recently organised and successfully hosted a mid-year virtual ‘Celebrating Success Awards’ ceremony, in order to celebrate success where it has been most deserved amongst students. The awards were voted for and by students, with nominations put forward by fellow students and judged by Department/School student representatives, it was a very successful event that had excellent student body participation throughout.
peer mentors and mentees have demonstrated a real desire to step up and build a
thriving community of students that is confident, resilient with a strong determination
to become successful graduates.
Just as businesses are adapting to the shock of Brexit, the global pandemic presents another disruption to businesses. These two events have created huge uncertainty for most small businesses while some have benefited . The striving small businesses are revaluating their strengths with financial metrics to enhance their sustainability as the new markets are emerging. Financial metrics present small businesses with the opportunities to increase efficiency in their operations, liquidity, profitability and stability during uncertainty period. Some commentators argue that inadequate liquidity is the major reason small businesses collapse during the uncertainty period.
The quick ratio helps the business managers to evaluate their businesses financial liquidity. This informs the business managers of how current assets excluding inventories can be quickly converted to cash to meet their current liabilities. This ignores inventory because it is not easily converted to cash. Unlike the current ratio which considers inventory value, the quick ratio is generally viewed as the conservative evaluation of business liquidity as it’s based on the business most liquid assets. For instance, a business has current assets worth £40,000 of which inventory is £10,000, and £15,000 worth of current liabilities thus the business has a 2:1 quick ratio. This indicates that the business can afford to meet the short-term liabilities twice with the short-term assets.
Businesses with a 1:1 or lower quick ratio could be at risk of becoming a going concern. Thus, small businesses with limited access to funds might fire sale their non-current assets to meet the current liabilities.
Many businesses have already closed due to Brexit and the global pandemic and it has been estimated that a further approximately, 98,000 small businesses might not survive the current pandemic. Thus, small business managers that are currently struggling to survive should pay attention to their financial metrics especially the quick ratio.
Unlike the quick ratio, many commentators argue that the current ratio cannot accurately evaluate some businesses short-term liquidity power. For instance, a retail business that targets seasonal customers will stock up inventory for the season. Thus, toward this period the current ratio rises and fall after the seasonal sales. Hence, the quick ratio would be best to evaluation the liquidity ability of such businesses as it ignores the inventory value.
However, other commentators argue that excluding the inventory value from the current assets could be an inefficient way of evaluating liquidity ability for some businesses. For instance, small business such as corner shops that a large percentage of their current assets are fast-moving inventory. Thus, excluding the inventory from the current asset would relatively inflate the current liability. Hence, the quick ratio will present an inaccurate picture of the business to cover their current liability with their most liquid assets.
In conclusion, business managers need to consider both the quick ratio and current ratio, especially during the uncertainty period. This would provide a more accurate measurement of their business ability to pay their short-term liabilities without being forced to fire sale their non-current asset.
Business managers need to ensure that the quick ratio and current ratio is not too excessive compared to other competitors in their sector as this could indicate poor control of working capital. This might suggest that the business is not turning over its inventory quickly enough or is carrying slow-moving or obsolete inventory and has poor credit control practices resulting in their customers delaying payments beyond the agreed terms.
Storm Barratt, Course Director, Staffordshire Business School
never a day goes by, when we aren’t reminded that “today” is National,
International or even Global “something” awareness day or week or month. From
the ever-popular Christmas Jumper day to my own particular favourite – National
Squirrel Appreciation Day (!), from National Allotment week to Fairtrade
fortnight to National Bed month.
these campaigns are designed to raise awareness and/or funds for some serious
and not so serious issues. So, why as a business, would you want to know this?
Firstly, all businesses
have basic ethical and legal responsibilities; however, the most successful
businesses establish a strong foundation of corporate citizenship, showing
a commitment to ethical behaviour by creating a balance between the needs of
shareholders and the needs of the community and environment in the surrounding
area. These practices help bring in consumers and establish brand and company
considered normal for businesses to balance the other stakeholders’ needs with
those of the shareholders during the decision-making process. Corporate Social
Responsibility (CSR) goes even further, making the general public a stakeholder
and shows that the business wishes to actively improve things for everyone.
business making a profit is still key and, of course, the needs of employees,
customers and suppliers must be satisfied if the business is to survive.
However, Corporate Social Responsibility has become far more important over the
last few decades with consumers worrying about how the products they buy were
made and how companies that they buy from are run. On many company websites
there will be narratives of how they look after the environment and all the CSR
initiatives of which they are a part.
Corporate social responsibility comes in many
forms. Even the smallest company impacts social change by making a simple
donation to a local food bank. Some of the most common examples of CSR include:
Reducing carbon footprints
Improving labour policies
Participating in Fairtrade
Volunteering in the community
Corporate policies that benefit the environment
Socially and environmentally conscious investments
growing popularity of National Awareness Days can tap into these initiatives helping
a company both internally and externally.
One internal perspective is if your employees can see that the business is taking a caring approach, by raising funds for charity for instance, involving the staff may mean that they become more motivated to engage with each other working towards a common goal. In fact, whilst “Wear a Christmas Jumper to Work” day seems an opportunity to raise a smile amongst colleagues as we approach the long dark winter months, the serious aspect is that the jumper wearers are raising money for a great cause.
perspective is using “Awareness
Days” to help a business promote their product or service (all the better if
this can also highlight the CSR approach taken by the company). The issues can make an ideal
marketing tool for a business, providing inspiration for marketing content.
context to an awareness day, a business can plan their content by linking a day
to their product or service, so for example an artisan baker could showcase
their expertise and knowledge during Real Bread Week, or a nutritionist could
use National Allotment Week to encourage healthy and organic eating whilst
promoting their own healthy eating programme.
It’s not just
about direct promotion though. Awareness days can provide a great opportunity
for a business to engage in conversation with future consumers via social media
using hashtags associated with the cause, on Facebook, Instagram and Twitter. This
will allow people to find and contact you, consequently building your audience.
From engaging with employees to good PR to corporate social responsibility, supporting a national awareness day is a great way to show which values are important to you and your business. It can differentiate you from your competitors and allow you to build partnerships with charities and organisations that share your beliefs. With the potential to build trust as well as give a little back, it’s a win-win situation for all.
Become a responsible leader of global business.
Do you want to be at the forefront of modern enterprise? Our BA (Hons) Business Management and Sustainability course challenges the traditional interpretations of enterprise and will open your mind to a broad range of contemporary themes in business.
Our emphasis on ethical business and sustainability will position you to create long-lasting value for your organisation and you will learn the practical skills needed to become a responsible business leader.
It’s really great to see a developer with a good reputation working for the first time in the city. Let’s hope this also encourages more developers to look at other sites in the city.
The plans will see the redevelopment of the Swift House site, which is owned by the council, transformed into The Goods Yard, with
180 new homes,
a 150 bed hotel,
25,000 sq ft of workspaces
10,000 sq ft of retail and leisure space
Personally, I’m very happy that we will have have quality accommodation right next to the University for all the visitors, students and guests that work with us. People will be able to walk straight out of the train station drop their bags at the hotel and then join us on campus. This ties in well with a new project by Paul Barratt and Prof Ruth Swetnam on the 15 minute campus to encourage less carbon intensive travel.
The addition of new workspaces hopefully targeting start-ups, creatives and digital businesses may also be one way to help keep graduates in the area and ties in well with the development of the Enterprise Zone on College Road.
Capital & Centric, who featured heavily in the BBC Two series Manctopia, are one of the UK’s most creative and active developers. They have worked on several award-winning projects in the North West, particularly Manchester and Liverpool, but this is the first time they have come down as far ‘south’ as Stoke-on-Trent, so it’s a real coup for the city.
The plan will see the present building demolished but its secret vaulted basement, which historically served as a goods yard and interchange between the railway and the canal, will be reimagined and opened up to the public as a workspace and leisure venue – possibly a waterside restaurant/bar.
Once you have used these initial basic filters to find the
strongest ideas, the next stage is to use a more in-depth filter to make
decisions on the remaining ideas. Day (2007) recommends using a risk matrix. The R-W-W matrix is based to three key questions:
Is it Real?
Can we Win?
Is it Worth doing?
This is expanded into the following set of questions:
Is it real?
Is the market real?
Is there a need or desire for the product? Can the customer buy it? Is the size of the potential market adequate? Will the customer buy the product?
Is the product real?
Is there a clear concept? Can the product be made? Will the final product satisfy the market?
Can we win?
Can the product be competitive?
Does it have a competitive advantage? Can the advantage be sustainable? How will competitors respond?
Can our company be competitive?
Do we have superior resources? Do we have appropriate management? Can we understand and respond to the market?
Is it worth doing?
Will the product be profitable at an acceptable risk?
Are forecasted returns greater than costs? Are the risks acceptable?
Does launching the product make strategic sense?
Does the product fit our overall growth strategy? Will top management support it?
Once a few viable marketing innovation ideas remain, the
next stage is to consider the risks even further. This is where conducting a pre-mortem is a useful tool. This helps
organisations identify the possible failures of a project before they happen
and mitigate risk by pre-planning so that those failures don’t occur.
The following pre-mortem exercise has been adapted from Gray
et al. (2010).
Imagine we are two years in the future. Things have gone completely wrong. What could have caused this? Generate a list of all the reassons failure occurred.
List all concerns and rank them to deterimine priority
Address the 2 or 3 items of greatest concern and list what actions you would need to take to stop the issues happening.
The list of risks and actions that
need to be taken to mitigate the risk can be used as Critical Success Factors (CSFs) for an innovation or project
Hopefully, this article has helped you think about the different types of innovation you can potentially pursue and how to evaluate the best route forward, using a systematic filtering process.