by Vanessa Oakes, Course Director at Staffordshire Business School

Leadership theory identifies a vast range of styles and behaviours to emulate and develop, most with their own sets of advantages and disadvantages. This blog identifies three of the most useful behaviours to help you and your business survive and thrive, through the pandemic and beyond:

Leadership behaviour that develops resilience – Ensuring continued business success means that you and your staff will require a level of resilience in the face of significant change.

Resilience means more than just bouncing back to what was once ‘normal’, it requires fostering an atmosphere of support for those who are struggling to cope, talking with staff about the changes they are facing now and those that will come and encouraging an atmosphere of adaptation and innovation so that staff feel a part of the changes around them.  Most importantly, developing resilience is not just about how you weather the storm but how you harness it to improve your business for the future. For free webinars on developing resilience in yourself and your team, visit here

Leadership behaviour that exhibits trust – As organisations move towards more flexible forms of work in order to get the job done, resist the temptation to implement strict monitors and controls around new ways of working that communicate to your staff that they are no longer trusted to do their jobs well. During lockdown, your most valuable assets have found a way to work for you, in the face of childcare, caring or other personal hardships. Now is the time to communicate that you still trust them. If you feel you need to keep up to date with what they are doing, ask them for regular updates via email or virtually. If you feel that you need metrics for your own peace of mind, consider how you identify and develop them, and try to do it as openly as possible. Read more here

Leadership behaviour that builds loyalty – Once the impact of the pandemic lessens and a level of normality starts to return, labour markets will open as recruitment starts to rise once again. Staff will have more choice over where they work and how they work. Do you want to retain the staff that have seen your business through this crisis? Then it’s important to start thinking about how you will retain them over the next 2-4 years. This ManpowerGroup Webinar (on demand) identifies several recruitment and retention priorities to focus on as your business begins to re-focus

Contrary to the beliefs of the layman, Leadership is not a dark art or a skill that only certain individuals are born with. It is something that, once recognised, can be developed, honed and put to good use to improve organisational performance without the need for new products, new services or restructures. Effective leadership harnesses your organisations greatest asset, it’s people, and allows them to flourish for the benefit of the organisation.

If you would like more free training in this area then have a look at the Small Business Leadership Programme

The Small Business Leadership Programme is provided by Staffordshire Business School and is fully funded (free). Participants will develop strategic leadership skills and the confidence to boost business performance.

The course lasts ten weeks and the next two cohort start dates are

West Midlands 12^th January  3.00-4.30pm

North West 13^th January  3.00-4.30 pm

Register here https://smallbusinesscharter.org/sblp-registration

For more details see the website https://smallbusinesscharter.org/small-business-leadership-programme/

Contact Kat Mitchell if you would like a chat Kathryn.Mitchell@staffs.ac.uk

Angela Lawrence, Associate Dean, Staffordshire Business School

2020 celebrates a decade since the arrival of the term Black Friday – traditionally the day after Thanksgiving in America, it came into existence to encourage people to take advantage of an annual holiday to spend some money and get a good deal. This year more than ever the thought of Black Friday disturbs me. It’s another tradition that seems to be driven by consumerism and globalisation – some media even have a Black Friday channel so that you can snatch up the deals as soon as they are available. This year, I find it particularly difficult to observe the way in which consumerism is pervading every aspect of our lives, at a time when for so many finances are incredibly challenged.

The deals have already started and as if Black Friday wasn’t enough, it’s swiftly followed by Cyber Monday. As a marketer I totally get it, but that just doesn’t make it right and quite frankly I struggle with it this year of all years. Don’t get me wrong, we all need to spend where we can to bring the wheels of our economy back to life, but this is about making sound choices about how to spend your hard-earned money. So, to make me feel better if nothing else, I want to ask you to stop and think before you spend your money on Black Friday deals.

These are the five things I want you to consider:

1 – Is there a chance that you are going to buy something you had no intention of purchasing, something that you really don’t need, simply because it looks like such a good deal? Let’s face it, from the minute you wake on Black Friday you’ll be inundated with marketing messages on emails, SMS, Facebook, Twitter, Instagram…and you’ll see deals that you think are irresistible. Ask yourself the question – would I have gone out with the intent to buy it had it not been cleverly marketed to me?

2 – Your local small and medium sized businesses are also crying out for trade but may not have the same way of reaching you with clever marketing messages. Take a moment to consider whether you could buy the same or similar deal from a local business, to keep our SME’s afloat too.

3 – When we come out of lockdown and shops are open again, your Christmas shopping trip might also include a cup of coffee from the pop up stall run by a small business, a taxi ride from the station to the shops, a bite to eat before you head home . These small businesses and services need our trade too – don’t restrict yourself to buying online from the big retailers who arguably have deeper pockets to dig into to weather the storm. Equally, don’t deny yourself the Christmas shopping experience if that’s something you enjoy as part of the build up to the festive season.

4 – Do you need it? Do you really need it? In a world full of discarded products, where will it end up? Can it become part of a circular economy or is it a linear purchase that will end up polluting our environment once it’s use is over?

5 – Finally, can you replace this Black Friday purchase decision with something much more meaningful? UNICEF are asking us to do Black Friday with a difference, our local hospices are asking for help, there are foodbanks in desperate need of donations – which use of your hard-earned money will make you feel better in the long run?

Whichever way you choose to spend your money one thing’s for sure – there will be something else to tempt you no sooner than your hand is out of your wallet. Black Friday and Cyber Monday will be followed by Boxing Day sales and New Year sales, then before you know it we’ll have Easter Eggs on the shelves!

Dr Syed Zaidi, Lecturer, Staffordshire Business School

Fintech (Financial Technology) refers to any business that adopts technology to make financial services better, safe and more efficient. Fintech companies blend technologies like artificial intelligence, blockchain and data management to financial processes to make them secure and effective.

Fintech was no doubt the topic of agenda for businesses prior to the COVID-19 pandemic but has garnered more importance due to this random economic event. This pandemic has forced businesses to think differently and it is anticipated that Fintech will play a positive role in reshaping the businesses. The adoption of digital and contactless payments globally has increased and will likely provide stimulus to banking sector to upgrade their conventional systems and move towards digitally efficient processes.

Impact of Pandemic on Fintech

This pandemic has forced businesses to think differently and it is anticipated that Fintech will play a positive role in reshaping the businesses. The adoption of digital and contactless payments globally has increased and will likely provide stimulus to banking sector to upgrade their conventional systems and move towards digitally efficient processes.

A report by FleishmanHillard discusses the progress of financial technology (fintech) in 2020 in light of the Covid-19 pandemic. E-commerce transactions in the US have increased by 43% since the start of this year. The UK saw a 30% increase in e-commerce transactions, and Australia reported a 117% increase. Businesses and consumers wanted a safer and more secure environment, which has pushed businesses towards cashless and contactless payments. Fintech is predicted to remain profitable and provide safer opportunities for SMEs. It is evident that corporations should focus on cloud-based approaches to managing their businesses in order to provide safer services online.

Blockchain

The fintech sector is renowned for developing digital solutions and streamlining payment processing for business. One technology that has revolutionised the banking system is blockchain.

Blockchain is a system that records information in a manner that makes it difficult or nearly impossible to hack or alter the system. It is basically a digital record of transactions that is replicated and distributed to the entire database on the blockchain. The banking sector around the globe is exploring the potential for adopting blockchain technology for payment systems.

Adoption

Business leaders realise that digital advancement can give their business an edge over competitors. Innovators and early adopters always have an advantage, so companies are rapidly moving towards digitalisation. As mentioned earlier, the current crisis has also expedited this process. As the global economy prepares to recover from this pandemic, one area of focus for businesses will be financial inclusion. According to the World Bank, there are still around 1.7 billion individuals worldwide who do not use banking systems. Fintech will be a significant factor in efforts to expand the global banking system.

The recovery of the economy is dependent on how well businesses provide safe, secure and simple financial services. Fintech will play a crucial role in mitigating the economic and social impact post Covid-19. Deloitte reported that fintech, along with strategic partnerships with retailers, government sectors and financial institutions, can provide financial services in transparent and impartial ways to economically exposed populations

Cashless Transactions

We have witnessed the effective use of fintech and digital finance during this health crisis. Cashless transactions and contactless payments have proven successful in minimising the spread of Covid-19. Various banks and financial institutions introduced discounts and encouraged the use of technologies like Apple Pay and Android Pay to discourage the exchange of physical cash. Although the use of cash had already been declining, this health emergency has increased cashless transactions. According to a Mastercard survey, 82% of global respondents regarded contactless transactions as safer, cleaner and more secure. Seventy-four per cent of respondents stated they would continue to use contactless payments even after the crisis is over. Contactless payments are also popular as individuals appreciate the convenience of not having to carry cash.

Cybersecurity

Data protection and cybersecurity will become more important as a result of the digital transformation. Financial technology offers high-quality cybersecurity and plays a vital role in countering digital fraud. The need for more holistic approach by businesses to deliver effective, sustainable and efficient financial services will make fintech more popular post-pandemic.

References:

https://www.fintechmagazine.com/issuu?id=1112&startPage=24

https://www.financierworldwide.com/role-of-fintech-in-the-post-covid-19-world#.X7VjDMj7TD4https://issuu.com/fhflondon/docs/fintech_driving_global_change_-_fh_1

Fintech Driving Global Change – BUILDING A BETTER FUTURE 

Discover how accounting and finance underpins modern enterprise in our BA (Hons) Finance and Business Enterprise.

Angela Lawrence, Associate Dean, Staffordshire Business School

I’ve learnt a lot this year – I’ve learnt never to throw away an eggshell, that there is a use for the cardboard middle of toilet rolls and that people chuck out a lot of stuff that you can make good use of. I’ve discovered that the circular economy as a concept can infiltrate many aspects of our lives and that we can all incorporate it into our daily routines.

A back-garden grower for most of my life, each Spring I have filled every pot, hanging basket and raised bed available with potatoes, tomatoes, courgettes, onions and strawberries. For me, there are few things more satisfying than nurturing and growing something from seed to plate, but this year I went a step further. I think it is fair to say that getting an allotment 6 months ago has been quite life changing.

Nothing is impossible

At first sight I did wonder what we were letting ourselves in for, as we surveyed 250m² of overgrown wasteland. The best we could expect was to clear the land, create some semblance of order and some defined beds, then feed and prepare the soil to grow our vegetables next year.  Lockdown changed all of that – two week’s holidays in Europe turned into two weeks of back-breaking graft, weekends with friends turned into weekends with the birds and the bees. We weeded, dug, strimmed, fertilised, and weeded and dug some more. Bit by bit the allotment began to take shape and, there was time to do some planting. Before too long we were looking at defined beds containing all the fruit and veg you could wish for. The freezer picked up at a local auction room for £20 has never worked harder – we’ve harvested, washed, peeled, blanched and frozen to fill our plates with delicious home grown produce right through until the Spring.

Pace yourself

There was a four-week period during the Summer when we picked a lettuce every day – I’m pretty sure we ate lettuce for breakfast, lunch and dinner and we were still giving lettuces away to every neighbour or family member we happened to see. Don’t get me wrong, the lettuces were delicious, but I had made the mistake of sowing all the seeds at the same time so, as a result, the lettuces were all ready to eat at the same time. Therein lies an important lesson – plan and pace yourself to reap the rewards.

This filters through to our working lives as well. As an academic I liken it to research and writing – planning when I will do my research, when I will write and outlining targets to achieve delivers the best results for me. Breaks are also planned in, to ensure that I am fresh and focused as I sit down. This year a wander down to the allotment has definitely given me some headspace.

You can’t do it all

Fighting the horsetail weed, the dread of many an allotment gardener, has taught me that I just can’t win every battle. It’s impossible to be there every time another weed pops up through the soil to rip it out, so I just have to set myself a target of one bed at a time to tackle and clear the weed. Similarly, looking at your “To Do” list at work can be quite frightening, but acknowledging that it’s not possible to get it all done and identifying the priorities to work on goes a long way towards making steady but sure progress.

Make do and mend

There are very few things that we’ve actually paid money for at the allotment. We’ve been given everything from seedlings to seats, plant pots to power tools. We ordered a couple of second hand allotment books online and have learnt that baked and crushed eggshells are an excellent slug deterrent, the cardboard centre of a toilet roll cut in half makes a couple of great plugs to grow your seeds in and plastic bottles as a cane cover can save you from poking your eye out whilst digging away! We’ve helped friends to dig up their drive in preparation for a new one, so that we can make use of the old paving slabs for a hard standing next to the polytunnel. We’ve volunteered to do the tip run with friends as they’ve  cleared their gardens so that we can make use of the old bench that they were going to throw away and we’ve swapped seedlings that we have grown in excess in exchange for those that we never got round to sowing.

Of course, this is the way that people used to do business – bartering and exchanging goods and services. The very earliest economies worked in exactly this way. For me, this extends to the way in which I work with colleagues across the university and employers that I engage with – work with me on this project and I’ll work with you on that one. Sharing ways of thinking and bringing new ideas to the table can only be a good thing and ultimately everyone benefits.t

Time to rest

The sun has set on the busiest time of year at the allotment now. We’ve dug the beds, topped with cardboard and manure and then covered over for the winter so that the worms can do their work. There are little projects for dry weekends, such as replacing the composting frame and building a new cloche, but all-in-all things have slowed down and we’re expecting a few months of rest before starting over again in the Spring.

I really like the new Insights feature in Microsoft Outlook that tells me it’s time to rest and re-think my working patterns too. Sometimes you don’t realise the bad habits you’ve created until someone or something points it out to you. Just like the soil, my body and mind need to rest and refresh and I’ll be using this tool to monitor my work patterns more closely in the coming dark winter months.

Like my vegetable beds I’m fed and watered now and ready for a good night’s rest before work tomorrow. Goodnight all!

Read this article in The Guardian to see why having an allotment can help improve your mental health: It’s official: allotments are good for you – and for your mental health

Become a responsible leader of global business.

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Fatimah Moran, Senior Lecturer, Staffordshire Business School

We have all probably heard the term “the Internet of Things” (or “IoT”). This term refers to the interconnectivity of objects or “things” resulting in new data sources. Wearables, smart homes, smart cars, and smart cities are a few examples of applications that provide products to consumers but in return they also provide valuable data to companies that provide the products & services to customers. 

The Internet of Behaviours (IoB) is a technology that captures and use data“digital dusts” of people’s daily lives (Gartner, 2020) from IoT devices that focuses on individuals that can provide insights into consumer behaviours, interests, and preferences. IoB also provides companies with the ability to direct its marketing efforts towards specific consumers.

For example, a fitness wearable can track how many steps you do in a day and what time of day you are more active. This can be linked to your smart alarm clock, your TikTok account, your device location tracking application, your in-home voice assistant (such as, Amazon Alexa or Google Home), your house camera, your digital shopping list, and maybe even your smart refrigerator. That is a lot of invaluable information that can be collected about a consumer; everything from whether this consumer is a morning person to whether they have an online shopping addiction or a chocolate addiction can be inferred from collected information.

IoB also has implications for the public sector. Think of the amount of health surveillance and monitoring that is occurring because of COVID-19. Your smart phone’s (remove “location”) Test & Trace App can assist the health care system with its contact tracing capabilities. Imagine that this test and trace App could be linked to your smart car in order to discover where else you might have gone to last Friday night (pub, church, grocery store, classes, etc.) or the App could be linked to your fitness wearable. What if a surveillance tool could track whether you were washing your hands properly or whether you were wearing a mask. Imagine also who would have access to this information?

IoB has been identified as a strategic technology trend for 2021 (Gartner, 2020), and by 2023, 40 percent of people worldwide will likely be having their individual activities tracked digitally (www.bmc.com).

One of the objectives of these types of data mining/collection is to try to influence an individual’s behaviour in some way, that is, to either specifically market a product to them and/or to protect against problematic behaviour.  

What prevents the onslaught of immense personal data collection from these technology sources? Privacy and information security laws are notoriously slow to catch up with technical innovations and rely on proper consent to be obtained from individuals using devices that collect their personal information. Security of information will be paramount to ensure trust being received from individuals and companies and/or the public sector. Like anything else, however, if the resulting behaviour provides a clear benefit to individuals and provides the information the company or public sector desires, then the IoB is here to stay.

References:

https://www.gartner.com/en/newsroom/press-releases/2020-10-19-gartner-identifies-the-top-strategic-technology-trends-for-2021 -19 October 2020

Ema Talam, PhD Student, Staffordshire Business School

The importance of innovation cannot be overemphasised. Innovation (introduction of new products/services, processes or methods) has been shown to positively affect economic growth, standards of living and our well-being. During the past few months, we have all relied on different innovative products and services to keep our lives as close to normal as possible (think about, for example, all those Zoom quizzes with family and friends or YouTube workout videos). Additionally, innovation will be, as Roper and Turner (2020, p. 504) note, “a critical element of the recovery post-COVID-19”.

The past few months have been very challenging times for firms. As a response to the challenges, were the firms more or less innovative? Equally, as a consequence of the crisis, will they be more or less innovative in the future?

Evidences suggest that large number of firms embraced innovation during the lockdown to keep them in business. However, at the same time, firms have reduced more long-term oriented innovation activities. Riom and Valero (2020) did a survey of 375 UK-based firms and show that: (i) approximately 60% of the surveyed firms introduced new innovations in the form of digital technologies (e.g. remote working technologies) and management practices (e.g. new human resources practices), (ii) almost 40% of firms innovated in the form of digital capabilities (e.g. e-commerce), and (iii) 45% of firms introduced new product innovation. Roper and Vorley (2020) did a survey of 334 firms that received Innovate UK award. Their survey shows that, in the period from April to June 2020, more than 75% of firms have either stopped their research and development (R&D) activities, stopped all non-critical R&D activities, or reduced and reprioritised their R&D activities. However, going forward – what can we expect about firm-level innovation? Firm-level innovation in the United Kingdom decreased during the Global Financial Crisis and its recovery to the pre-crisis levels was slow and unbalanced across different sectors and UK regions (Roper and Turner, 2020). Roper and Vorley’s (2020) survey shows that almost 60% of firms planned to reduce R&D and innovation investments in the three months following their survey.

What are the most common policies for increasing firm-level R&D and innovation?

There are number of policies that policy makers implement to encourage more innovation among firms. Some of the commonly used policies are R&D tax incentives and R&D subsidies. Previous research has shown that both can lead to the desired effect (Castellacci and Lie, 2015; Dimos and Pugh, 2016; Bloom et al., 2019). Unlike R&D tax incentives, R&D subsidies can offer a more targeted support for certain projects that are of interest (Bloom et al., 2019). Riom and Valero’s (2020) survey (discussed above) shows that new tax incentives and business grants or vouchers were chosen by firms to be favourable policies to deal with problems such as financing constraints for innovation for both product and process innovations. Other policies that may positively impact innovation are policies directed at human capital supply (e.g. skilled immigration) or policies boosting competition and trade openness. Additionally, historically, there are evidences that mission-oriented policies, which are focused on a particular mission – certain technologies or sectors – can lead to innovation (Bloom et al., 2019).

References:

Bloom, N., Van Reenen, J., and Williams, H. (2019) ‘A toolkit of policies to promote innovation’, Journal of Economic Perspectives, 33(3), pp. 163-184. doi: 10.1257/jep.33.3.163

Castellacci, F., and Lie, C. (2015) ‘Do the effects of R&D tax credits vary across industries? A meta-regression analysis’, Research Policy, 44(4), pp. 819-832. doi: https://doi.org/10.1016/j.respol.2015.01.010

Dimos, C., and Pugh, G. (2016) ‘The effectiveness of R&D subsidies: A meta-regression analysis of the evaluation literature’, Research Policy, 45(4), pp. 797-815. doi: https://doi.org/10.1016/j.respol.2016.01.002

Riom, C., and Valero, A. (2020) ‘The business response to Covid-19: The CEP-CBI survey on technology adoption’, A CEP Covid-19 Analysis – Paper No. 009. Available at: http://cep.lse.ac.uk/pubs/download/cepcovid-19-009.pdf

Roper, S., and Turner, J. (2020) ‘R&D and innovation after COVID-19: What can we expect? A review of prior research and data trends after the great financial crisis’, International Small Business Journal: Researching Entrepreneurship, 38(6), pp. 504-514. doi: https://doi.org/10.1177/0266242620947946

Roper, S., and Vorley, T. (2020) ‘Assessing the impact of Covid-19 on Innovate UK award holders: Survey and case-study evidence’, ERC Insight Paper – September 2020. Available at: https://www.enterpriseresearch.ac.uk/wp-content/uploads/2020/09/ERC-Insight-Assessing-the-impact-of-Covid-19-on-Innovate-UK-award-holders..pdf