Perdue Farms, a fourth-generation, family-owned U.S. food and agricultural products company, announced Todd Tillemans as its new Chief Commercial Officer (CCO). With a steadfast commitment to delivering excellence in customer service and a focus on providing high quality great tasting innovative products, Tillemans’ appointment signifies Perdue’s dedication to meeting evolving customer and consumer expectations. In this role, Tillemans will spearhead the company’s long term growth strategies, overseeing the marketing and sales of Perdue’s esteemed legacy brands and products while also driving forward new innovations to meet consumer demands in today's dynamic market landscape. Kevin McAdams, CEO of Perdue Farms said: “Todd’s extensive experience in the consumer-packaged goods industry combined with his deep knowledge of and obsession with our consumers will help Perdue keep delivering the quality, great tasting products they expect, while also introducing exciting new innovations." “Todd also brings a laser-focus on excellent customer service that will be critical to deepening existing relationships with our retailers and unlocking more ways to partner as we ultimately look to better serve consumers, together.” Tillemans comes to Perdue with a wealth of experience from his previous roles including Chief Executive Officer at Cynosure, a leading developer and manufacturer of light based aesthetic and medical treatment systems, and U.S. President of The Hershey Company, where he oversaw the P&L for the company’s largest market. Prior to Hershey, he led multiple businesses across global markets for Unilever and, before that, held positions at General Mills. He is an alumnus of the University of Minnesota and received his MBA from the University of Chicago Booth School of Business. He also served in the U.S. Marine Corps. Todd Tillemans said: “I’m thrilled to join the Perdue Farms team and I look forward to all that we can accomplish in partnership with our customers, on behalf of our consumers.“ "We have an incredible opportunity to keep accelerating growth by staying true to the company’s legacy of responsible food and agriculture while tapping even further into our associates’ spirit of entrepreneurship and innovation.”

The Harbour Beer House, a new venue in Charlestown, will be opening its doors this summer. The new concept is a joint venture between two Cornish-born breweries - Harbour Brewing Co and St Austell Brewery. The two companies have a long history of collaboration with St Austell Brewery taking a minority share in Harbour Brewing Co in 2022. The new Charlestown site - owned by St Austell Brewery - was previously known as the Harbourside Inn and is currently undergoing a transformational refurbishment. The building suffered extensive damage last January, because of a fire which broke out at the Pier House next door. Harbour Beer House will be the go-to place to experience regular new and exclusive beers from Harbour, alongside much-loved favourites and limited-edition cask specials from St Austell Brewery. As well as amazing beers and drinks, the new hangout will serve freshly made pizzas. There will also be takeaway fridges, so beer lovers can choose packaged brews - from breweries further afield - to enjoy at home. Eddie Lofthouse, founder of Harbour Brewing said: “We’re so excited to be announcing the news about the beer house, in partnership with our friends at St Austell Brewery. We’re looking forward to bringing the Harbour brand to life in this new venue, and what better location than Charlestown? We’ll be sharing more with our beer fans about what’s in store in the run up to opening night.” Helen Sprason, Area Manager, St Austell Brewery, said: “We’re totally transforming the space and breathing new life into the building following the fire which was devastating for our teams at the Pier House and Harbourside, as well as the local community." "Harbour Beer House will be all about top tasting beers and showcasing amazing breweries, both here in the South West and beyond. It’s exciting to be working with Harbour to introduce a new experience for Charlestown, which is already such a vibrant, popular destination for locals and visitors alike.” She added: “We’re looking for new team members to join us at the Harbour Beer House. If you’ve got a passion for beer, and you’re on the hunt for a new role in hospitality, we’d love to hear from you.” The Pier House – also owned by St Austell Brewery - is now closed for a major refurbishment and will also reopen its doors this summer. St Austell Brewery have been meeting with Charlestown locals regularly over the past year to keep the community updated on the historic and much-loved pub and plans to restore it to its former glory. Harbour Brewing Co was founded in 2021, on a farm in Lanivet on the outskirts of Bodmin. Since then, it’s been crafting beers that reflect where brewery was born. Harbour use the very best raw ingredients and take inspiration from the landscape (and shores) which make Cornwall so special.

Hendy Vauxhall in Salisbury has become a sponsor of Salisbury FC with advertising at the ground being a key component of the partnership and reinforcing the dealership’s, and the group’s, commitment to supporting the local community. Salisbury FC are a premier non-league football club in Wiltshire which was formed in 2015 and has quickly become a popular community club and home to a loyal fanbase. Danny Ball, Vauxhall Brand Manager for Hendy Group said: “Supporting grass roots activities has always been important to us at Hendy Group and we are pleased to join forces with Salisbury FC." “The club’s ethos and values align perfectly with those at Hendy Group, and we look forward to following their progress this season.” The club’s ground is a short drive from the Hendy Vauxhall dealership on Brunel Road in Churchfields Industrial Estate which opened its doors in November 2023. The dealership showcases the entire new and used Vauxhall range, as well as offering servicing, maintenance, and repairs. As the UK’s premier family motor group, Hendy Group has franchises across the South of England and a long-standing presence in Salisbury. “Hendy Vauxhall is an important location in the group portfolio, and this sponsorship further strengthens the bond between the group and the local area,” added Danny. Salisbury FC’s Commercial Manager, Ian Pearson said: “We’re delighted to welcome Hendy Vauxhall to the Club as our newest commercial partner. Their support is hugely appreciated by our community as the fans know the importance of sponsorship to financial health of their club." “We’re on a great journey at Salisbury Football Club and strong partnerships are vital for this to continue. It’s equally important to have good people with you as commercial partnerships are much more than just a financial transaction." “I’m looking forward to working closely with the Hendy Group and welcoming the staff from Hendy Vauxhall to a few games. Non-league football is infectious, so I already know they’re going to enjoy it.”

Family council serves as a crucial forum for fostering communication, unity, and collaboration within a family unit. Its underlying purpose extends beyond mere discussions; it aims to strengthen familial bonds, facilitate decision-making, and create a supportive environment for all members. This institution provides a structured platform for open dialogue, enabling family members to express their thoughts, concerns, and aspirations. By promoting transparency and understanding, a family council helps in resolving conflicts and addressing shared challenges. Moreover, the family council serves as a strategic space for decision-making, particularly on matters that impact the entire family. Whether it involves financial planning, education choices, or health decisions, the council allows for collective input, ensuring that diverse perspectives are considered. This collaborative approach not only leads to more informed choices but also instills a sense of shared responsibility among family members. Beyond the practical aspects, the family council plays a crucial role in preserving family values and traditions. Through discussions on cultural heritage, values, and goals, it becomes a repository of the family's identity. It serves as a space where younger generations can learn from the experiences and wisdom of their elders, fostering a sense of continuity and connection across different age groups. Furthermore, the family council contributes to the development of effective communication skills and conflict resolution strategies among its members. By providing a structured platform for expressing opinions and concerns, family members learn to listen actively, empathize, and find common ground. These skills are not only valuable within the family context but also extend to other areas of life, fostering positive relationships in various social settings. In essence, the underlying purpose of a family council goes beyond the superficial notion of a meeting; it is a dynamic institution that nurtures communication, decision-making, and the preservation of family values. Through its multifaceted role, the family council becomes a linchpin in creating a resilient and harmonious family unit, capable of navigating the complexities of life together.

Family firms, while often characterised by a sense of unity and tradition, are not immune to a series of paradoxes that can shape their dynamics. One paradox lies in the tension between continuity and change. On one hand, family businesses strive to preserve traditions, values, and legacies across generations, fostering a sense of identity. On the other hand, the need to adapt and innovate is crucial for survival in dynamic markets, creating a paradoxical balance between stability and flexibility. Another paradox emerges in the realm of nepotism versus meritocracy. While family firms may prioritize hiring family members to maintain trust and cohesion, excessive nepotism can lead to inefficiency and incompetence. Striking the right balance between familial bonds and the merit-based allocation of roles is an ongoing challenge, highlighting the paradox of maintaining family ties without compromising professional standards. The conflict between informality and professionalism is another facet of family firms' paradoxes. The familial setting often promotes an informal working environment, fostering open communication. However, excessive informality may impede the establishment of professional structures and hinder strategic decision-making. Navigating this paradox involves creating a corporate culture that values both personal relationships and a disciplined approach to business. Financial prudence versus risk-taking represents yet another paradox within family firms. The desire to preserve wealth and assets for future generations may lead to conservative financial practices. Conversely, the competitive business landscape demands a willingness to take calculated risks for growth and innovation. Balancing these opposing forces requires strategic financial management that aligns with the long-term goals of the family and the business. Succession planning introduces its own paradoxical challenges. While grooming family members for leadership roles ensures a sense of continuity, it can also lead to power struggles, resentment, or unprepared successors. Navigating this paradox requires a well-thought-out succession plan that combines mentorship, professional development, and fair evaluation criteria. Furthermore, the paradox of emotional attachment versus professional detachment surfaces in family firms. Emotional ties among family members can cloud judgment and impede objective decision-making. Achieving a balance between emotional connectedness and maintaining a professional distance is essential for effective governance and strategic planning. In conclusion, family firms grapple with a myriad of paradoxes that stem from the intersection of familial and business dynamics. Navigating these paradoxes requires a delicate and intentional approach, acknowledging the dualities inherent in family businesses and finding creative solutions that enable long-term sustainability and success.

Research regularly shows that many family businesses do not have in place formal arrangements regarding their relationships as owners and/or managers, whether in the form of a family charter, shareholders’ agreements or other bespoke constitutional documents. There may be perfectly understandable reasons for that. Occupied with the task of building and operating a successful business, it is not always easy to find the time and headspace to step back to review the structure of a business and plan for the future. Add in the challenges around family dynamics or a reluctance to engage with what may be perceived as a daunting legal process, it’s not surprising this often goes back into the difficult box. Yet we see the problems that this can cause. Failing to deal matters can create commercial uncertainty and unwanted personal difficulties in years to come. What is often overlooked is that the business is not starting with a blank sheet of paper. A decision not to address these issues is a decision to accept the legal status quo. The difficulty with that approach is that individuals often do not understand the position they find themselves in. It is rarer still to discover that the current legal background is what everyone expects or wants it to be. What rights do shareholders have to transfer their shares during lifetime and on death? What happens to their shares if they leave the business? If a dispute arises on a key issue, who has the final say? Does the business owner know the answers to these questions, or even know where to find them? The answers can often be surprising. From a legal standpoint, provisions in the company’s Articles of Association and any Wills or shareholders’ agreements that have already been put in place may include answers to some of these questions. Are those documents accurate and up to date? When did anyone last review them? The position on death is often overlooked. People generally understand that they should have a Will but may be unaware that this may be overridden by the company’s constitutional documents. We often see problems when a key shareholder dies because there is either no suitable provision in their Will or what’s written in there is at odds with what the company documents say. Conversely, a bequest may be allowed which the surviving shareholders find unacceptable. In the most severe cases, this can result in unnecessary conflict and difficult and expensive litigation. We urge family businesses to have honest and open conversations about their individual and collective aspirations for the future. That should be grounded in a proper appreciation of ‘where we now?’ which may well prompt renewed impetus to have the right structures in place. A good starting place is often to understand the existing arrangements and whether they are fit for purpose. Clients often look at us blankly when we ask them about their Articles, but if problems arise within the company, this will often be a first port of call. That shouldn’t be the first time the family understands the rules which apply to them. If this isn’t reviewed regularly, default company rules may be some distance away from what is needed to meet the short and long term objectives of the owners. The good news is that there is considerable flexibility to create a framework which reflects personal, family and business aspirations. There is no ‘one size fits all’ but by talking through key scenarios, we can frame tailored solutions. The exercise may unearth and prompt wider discussions that create renewed clarity for the business and everyone involved. What is certain is that it’s much easier to create a constructive consensus by anticipating events rather than leaving it to chance. About the author - Paul Hunt is a Partner and Head of Succession Planning at Higgs LLP. Find out more here www.higgsllp.co.uk

Significant changes are on the horizon for IR35, set to take effect on April 6th. This new policy, known as ‘IR35 offset’, aims to prevent double taxation by empowering HMRC to offset tax and NI contributions already paid by contractors, fostering fairer sharing of tax liabilities throughout the supply chain. The offset provision is likely to encourage engagement with freelancers who provide their services through their own limited company (known as a personal service company or PSC), on an outside IR35 basis, providing a positive impact on the contractor market space. Rob Rees, Divisional Director at Markel Direct , sheds light on the difference between the current IR35 rules and the changes coming in April, including who is likely to be impacted. What Is IR35? IR35 rules determine if a contractor is genuinely self-employed or a disguised employee for tax purposes. There are two statuses: inside IR35 (employee-like) and outside IR35 (genuine independent contractor). Criteria has been established by case law precedent in order to evaluate a contractor’s IR35 status which includes: Control – does a client exercise, or have the right to exercise, control over what, where, when and how the contractor undertakes the work? Substitution - does the contractor have the ability to send someone else to provide their services if they are unable to do so? Mutuality of obligation – is the client obliged to offer the contractor work, and if offered, is the contractor obliged to accept? Equipment – does the contractor use their own equipment? Financial risk – is the contractor open to financial risk during an assignment, and do they have business insurance in place, such as professional indemnity insurance? Remuneration – is the contractor paid on a fixed fee project basis? Exclusivity – does the contractor work for multiple clients at a time? Relationship - is there a clear supplier and customer relationship as opposed to that of an employer and employee? Being in business – does the contractor have things like a business website, office space or employees? Currently in the private sector, where the end client is a medium/large business, they are responsible for determining the IR35 status for all PSC’s they engage either directly or indirectly. The client must then produce a Status Determination Statement “SDS” and pass this on to all parties in the contractual chain confining their IR35 decision. Where the client falls within the public sector, regardless of its size, an IR35 assessment must be undertaken for all its PSC’s and an SDS issued. Where a client considers that an assignment is outside IR35, fees paid to the PSC for the work undertaken will be on a gross basis, the PSC is then responsible for paying their own taxes. However, if HMRC investigates the end-client business and finds that the contractor should have been operating inside IR35, another tax bill is issued for the whole amount of tax and NIC due, resulting in double taxation. Therefore, this leads many end-clients determining contractors as inside IR35, employee-like, or simply not engaging with PSC’s at all, out of fear and risk of significant additional tax and NIC liabilities. What Changes Are Being Made To IR35 In April? On April 6th this year, a new policy will be introduced which will look to prevent double taxation in cases where HMRC disagrees with an outside IR35 decision. According to the existing regulations, if HMRC contests a client's outside IR35 status determination, the deemed employer is subsequently responsible for settling any additional NICs and income tax owed due to the dispute. Any taxes already paid by the contractor’s limited company are not considered, which is what leads to double taxation. This new measure gives HMRC the power to offset the amounts of tax and NI contributions already made by the contractor and their intermediary. When calculating the amount to be offset, there are several types of tax and NICs expected to be included: Corporation tax paid by the contractor’s company on income from the assignment in question. Tax paid by an individual on company dividends generated by income from the assignment. Income tax and employees’ NICs on a salary paid from the contractor’s company, on income generated by the assignment in question Any Class 2 and Class 4 NICs paid on income from the assignment The impact this new policy will have is that tax liabilities will be more fairly shared through the supply chain. What this means is that clients, or other deemed employers, will no longer bear an unfair tax burden in cases where the determination is challenged. This is expected to alleviate somewhat the concerns surrounding the engagement of PSC workers. Who This New Policy Will Likely Affect Freelancers/contractors utilising an intermediary, like their own limited company (referred to as a personal service company or PSC), who would be considered employees if hired directly. Medium and large-sized clients, partnerships, and individuals hiring individuals who operate through their own intermediary channels. Public authorities and agencies hiring individuals who operate through their own intermediary channels. Recruitment agencies that sit in the contractual chain and pay PSC’s. As a specialist insurer of contractors and freelancers, we understand the challenges IR35 has presented to the self-employed sector. Danny Batey, Senior Tax Consultant at our specialist tax consultancy business, Markel Tax, believes the provision will have a positive impact on the contractor market space. He said: “The new IR35 policy serves as a strong incentive for recruitment agencies and clients to engage with PSCs fairly and on an outside IR35 basis, where the contracts and working practices support this, reducing fee-payers' tax and NIC liabilities while attracting top contractor talent." “The offset provision, which affects liabilities assessed on a fee-payer going back to 6th April 2017 for public sector engagements and 6th April 2021 for those in the private sector, is likely to encourage clients to offer more outside IR35 roles, benefiting contractors with exciting opportunities and better financial incentives. Agencies supporting this process become preferred partners, leading to successful engagements with both contractors and end clients. Additionally, assignments outside IR35 enable PSCs to claim T&S, allowing clients to attract contractors nationally, enhancing flexibility and accessibility." However, he also warns that the new policy may not benefit everyone, he said: “It may have a negative consequence for umbrella companies who may see a migration of contractors that were forced to engage via an umbrella back to contracting via a PSC.”

Aston University is delighted to announce that it has appointed one of the UK’s most respected and successful business leaders, Sir Peter Rigby, as honorary chair of its new Digital Futures Institute.   The announcement of Sir Peter’s appointment was made in front of guests at the inaugural lecture given by Professor Abdul Sadka, director of the Digital Futures Institute, at Aston University. Sir Peter founded SCC – the largest privately owned Information Technology Group in Europe – some 50 years ago in 1975. SCC is the core business focus of the Rigby Group which ranks highly in the UK’s top privately owned businesses and its non-core interests extend beyond technology, transformation and technology investments into real estate, airports and hotels. Aston University and SCC signed a Memorandum of Understanding in March 2023, forming a strategic partnership to drive digital innovation and digital inclusion. The establishment of the Digital Futures Institute represents Aston University’s long-term commitment to digital innovation. Working at the interfaces between health, digital and technology, the Institute is focused on transformational impact and economic regeneration of the region, particularly through the development of a digital powerhouse in the Birmingham Innovation Quarter (B-IQ). The appointment reflects Sir Peter’s achievements as a technology innovator, his passionate commitment to the development of digital skills and wider contributions to the region. The Institute will be based on the main Aston University campus and will be officially opened in September 2024. Professor Aleks Subic, Vice-Chancellor and Chief Executive of Aston University, said: “We are delighted that Sir Peter has agreed to be the inaugural honorary chair of the Digital Futures Institute at Aston University. We share many common goals, including a determination to accelerate digital innovation and digital inclusion to benefit business and society. Sir Peter’s support, advocacy and insight will be a great asset to the new Institute.” Sir Peter Rigby said: “I accepted the position because I believe the work of the Institute will make an impact on some of the most important issues facing society – namely digital inclusion and socially responsible transformation – and particularly the application of AI and helping to accelerate AI backed products and services to market." "There is strong synergy between Aston and SCC, and this formalised last year into a strategic partnership focused on driving the application and deployment of digital technologies and digital skills. The Digital Futures Institute is the focal point for this partnership." "As Honorary Chair of the Institute, I hope to provide guidance, support and advocacy to ensure strong links to cutting-edge digital technologies in industry."

Local entrepreneur Pooja Patel grew up in an environment that helped her embrace and understand the importance of caring for those in need. Spending her formative years in a family home bustling with multiple generations of the Patel family, those early lessons in family values were not only life-shaping for Pooja but also have ultimately become the driving force behind her latest venture. Together with her husband Mital, Pooja has launched Visiting Angels, a dedicated care provider that supports people in the comfort of their own homes, to bring a touch of home and warmth to every household in need of exceptional care services in North Hertfordshire. After graduating with a master’s in international business, Pooja decided to pursue a career dedicated to helping others. She spent six years in pharmaceuticals before feeling that something was missing, not believing she was having a positive impact in the way she was expecting. When her grandma became ill, Pooja acted as her in-home carer, and after she passed away in 2017, she felt like she’d lost the meaning for her life. So, following her move to Stevenage to start afresh, she has committed to taking the pressure off families who have been forced to choose between their careers and caring for loved ones in need. Pooja said: “I really want Visiting Angels to be a testament to multi-generational care. Living with my grandma for most of my life, I was taught the importance of caring for and appreciating your family while you have the chance." "At school, while others my age were excited for the holidays so they could go to the park or go out with friends, I really couldn’t wait to be at home with my grandma, a woman who was my absolute rock and my best friend." “I want to change the narrative around social care, making in-home care accessible and not something to be ashamed of. We’ve designed a completely open-plan office as it’s vital to go one step further than simply calling our service an ‘open door policy’. We run regular open-office days, putting on what we call ‘Angel Appetisers’ for our incredible staff and inviting our local community down to meet our Angels in person. Carers truly do the most exceptional job, and I want to make sure they see the impact of the amazing work they do every day. Our care staff deserve to be treated with the same level of respect we know they show to our clients, so we’re committed to going above and beyond to show our Angels how valued they really are.” Visiting Angels’ ‘carer-centric’ approach sets it apart from other companies in the in-home care sector. Carers working for Visiting Angels feel valued and respected for their commitment to the industry. Through both financial rewards and opportunities for career development, Pooja and the Visiting Angels team are determined to address issues surrounding the industry, which often leaves carers feeling little to no appreciation. “I want Visiting Angels to become synonymous with high-quality in-home care,” added Pooja. “We are focused on providing that service, day in and day out, to the people who need it most, all while making sure our carers feel valued and respected. We’re aiming to become the employer of choice for carers in North Hertfordshire, creating jobs and helping to show our local carers that they deserve to be celebrated every single day. When I see people smile and I know it’s because of something I’ve been a part of, that’s my real motivator, so to see carers and clients happy because of the work we do makes me prouder than anything.”

New research from BusinessComparison has identified which sectors, industries and career paths experience the most work-related stress, as well as which UK regions. Work-related stress is a serious issue that can affect any individual’s mental and physical health. It also has a significant effect on the workplace, lowering morale, reducing productivity and even leading to resignations, if the causes of the stress are not resolved. BusinessComparison’s new research found that across all industries, one in ten British workers experience stress, at 12.5%. But when you dig deeper into the data, which are the highest stress occupations? Philip Brennan, Founder and MD at BusinessComparison, comments: “Our new research has revealed some useful insights into which professions are most likely to experience work-related stress. Business owners who run a customer-facing company should definitely be aware of the high risk of stress for them and their employees - at 27% affected by stress, they have the highest level of stress of all the professions we researched." “Working to reduce stress in your workplace isn’t just about being an ethical employer. It’s a good business practice that will help you retain staff and keep productivity high. The NHS have a useful work-related stress page that links to resources for staff at any level, with guidance specifically for business owners and managers, as well as tips that anyone can use to help manage their stress.” Highest Stress Occupations The most stressed profession was customer service occupations, 27% of those in the sector reporting stress. This was followed by services occupations at 23.6%, cleaning occupations at 22.9% and storage occupations at 21.7%. Finally, the fifth highest stress occupation was that of web and multimedia design professions, 20.9% of whom reported experiencing stress. Lowest Stress Occupations The occupation with the lowest stress level was production managers and directors, only 4% of whom said they experienced stress this year. Science, engineering and production technicians followed, at 5.6%. 5% of managers and proprietors in health and care services experienced stress. Lastly, the fifth lowest stress levels last year belonged to those in sports and fitness occupations, at 6.5%. The study also investigates these professions’ changes in stress levels over the last 5 years.   Looking back over the past 5 years, you can see that some occupations have experienced dramatic shifts in their stress levels. • Customer service professionals/shopkeepers and sales supervisors: Could both of these professions’ stress have begun to rise in 2022 after customer-facing businesses reopening in the wake of Covid-19? • Managers and proprietors of health and care services: It’s likely that Covid-19 had a significant impact on this profession’s rising stress in 2021, with care homes experiencing great difficulty protecting vulnerable residents from the virus. • Sports and fitness occupations: According to the State of UK Fitness Industry Report 2023, the industry is thriving - could this have contributed to lower stress? • Managers and directors in transport and logistics: Rising stress could be caused by increased costs of fuel and labour. The Most and Least Stressed UK Regions Northern Ireland is more than 5% more stressed than the UK average at 17.7%. There are four more regions with a higher than average level of stress: London, the East Midlands, Scotland and lastly, Yorkshire and Humberside. On the other hand, the North East was just under the national average at 10.8% affected. Also, a full percentage point lower in stress than average were the South West and the South East. It’s clear to see that some work-related stress is caused by nationwide events such as Covid-19 and increased costs caused by inflation. However, the fact that some occupations are more stressed than others is significant. It means that, as employers, there is a responsibility to assess any risk factors in your industry that could lead to you or your employees experiencing stress or burnout - it’s harmful for business, and for individual wellbeing.

As consumer awareness grows around the consequences of their buying choices, the focus has turned towards the ethical conduct of enterprises - with particular attention on small and medium-sized businesses (SMEs). But just how important is it to consumers that the businesses they purchase from are ethical? Money.co.uk  business credit card experts surveyed 2,002 consumers to find out. How does an SME's ethical values affect their customer base? The study found that an overwhelming majority of Brits are committed to buying from ethical businesses (70%). 30% of Brits went even further, saying they actively chose not to purchase a product or service because they were dissatisfied with a business's ethical practices. Key Findings: 89% of Brits said it is important that a small business has strong ethical values 70% of Brits would be more likely to support a small business that actively communicates its commitment to ethical and green practices 51% of Brits would be likely to pay a premium of up to 10% for products or services from a small business that is known for its ethical and green practices 65% of Brits would be more likely to become a loyal customer of a small business that consistently demonstrates ethical practices compared to one that doesn't It’s clear that being an ethical business in this day and age can make a huge difference to customer bases and increase profits. This is highlighted even further when it comes to Gen Z, as over half (51%) of their age group said they have chosen not to purchase a product from a business if they are dissatisfied with its ethical values. Paying A Premium For Ethical Business Products/Services Just over half (51%) of Brits are likely to pay a premium of up to 10% for products or services from a small business that is known for its ethical and green practices. SMEs should factor this into their decision-making when it comes to sourcing products or paying wages, as while going down more ethical routes may increase costs, they may be able to increase their prices accordingly to ensure the profit margin stays the same. The bottom line is, consumers want to spend more money on your business, but they want you to be better, and they want you to shout about it! Small Business And Corporate Social Responsibility Two-thirds (66%) of Brits agree with the statement: ‘Small businesses have a responsibility to contribute positively to societal and environmental issues.’ With this in mind, SMEs should consider factoring this into their growth strategies and communicating this with their customers. With 71% of Brits aged 24-35 agreeing with the statement, it’s likely that this will remain public opinion for years to come. How Can A Business Become More Ethical? According to our survey, the top five ways Brits think small businesses can be greener/more ethical, are: Sustainable sourcing of materials (56%) Fair treatment of employees (51%) Minimal environmental impact in production processes (49%) Transparent supply chain (39%) Community engagement and support (36%) Aside from these, an SME's banking and finance practices can contribute to them being more ethical. For example, just over a fifth (21%) of Brits think small businesses can be more ethical by not using banks that contribute to fossil fuel production. Furthermore, a fifth (20%) of Brits think small businesses can be more ethical by using ethical business banking e.g. an ethical business credit card. How Can A Business Best Communicate Its Ethical Practices? It’s clear from the survey results that consumers are more likely to buy from ethical and green businesses, so it's in their interest to clearly communicate these values to potential consumers. But how can they best do this? The survey revealed that: Nearly 3 in 5 (57%) Brits said they would prefer small businesses to communicate their ethical practices on their website. Just under half (49%) of Brits said they do/would prefer small businesses to communicate their ethical practices on social media. Over a third (35%) of Brits said they do/would prefer small businesses to communicate their ethical practices on labels. Top Tips For SMEs On Increasing Ethical Practices Kyle Eaton, money.co.uk business credit cards expert gives his top tips for SMEs on how they can be more ethical: Choose Ethical Banks and Financial Products: Research and choose a bank that aligns with your values and ethical principles. Look for banks that prioritise environmental sustainability, social responsibility, and ethical investment practices. Consider factors such as the bank's commitment to environmental conservation, support for community development initiatives, and transparency in its operations. Look for credit card issuers that offer ethical business credit cards with features such as competitive interest rates, rewards programs that support charitable causes, and transparent fee structures. Consider credit card companies that have policies in place to avoid financing activities that harm the environment or violate human rights. Investment Screening: Inquire about the bank's investment screening policies to ensure that your money is not being used to support industries or companies involved in activities such as fossil fuel extraction, weapons manufacturing, or human rights violations. Choose a bank that offers investment options aligned with your values, such as socially responsible investment (SRI) funds or impact investing portfolios. Support Local and Community Banks: Consider banking with local or community banks that prioritise serving the needs of their local communities and businesses. Local banks often have a better understanding of local economic challenges and can provide personalised services tailored to your business's needs. Energy Efficiency: Invest in energy-efficient appliances, lighting, and machinery to reduce energy consumption. Implement policies to turn off lights, computers, and other equipment when not in use. Consider renewable energy sources such as solar panels or wind turbines. Reduce, Reuse, Recycle: Encourage employees to minimise waste by using reusable items such as mugs, water bottles, and containers. Set up recycling bins for paper, plastic, glass, and other recyclable materials. Partner with local recycling centres or organisations to properly dispose of or recycle waste. Sustainable Procurement: Source products and materials from suppliers with sustainable practices and ethical labour standards. Prioritise suppliers who use eco-friendly packaging and shipping methods. Consider the entire lifecycle of products, including their production, transportation, and disposal. Transportation and Logistics: Encourage carpooling, biking, or the use of public transportation for commuting. Optimise delivery routes to minimise fuel consumption and emissions. Consider switching to electric or hybrid vehicles for company transportation needs. Community Engagement: Participate in local environmental initiatives or volunteer programs. Support community projects focused on sustainability, such as tree planting or beach cleanups. Engage with local businesses and organisations to promote sustainability efforts collectively. Transparency and Accountability: Be transparent about your environmental and ethical practices with customers, employees, and stakeholders. Regularly review and assess your sustainability initiatives to identify areas for improvement. Consider obtaining certifications or accreditations related to sustainability and ethical practices.

UK tax policies are restricting business growth and innovation, according to new research by UK top ten accountancy and advisory firm Azets. With just two weeks before the Chancellor presents the Spring Budget 2024, the Azets Barometer January 2024 survey reveals average scores of just below the neutral mark of 5 on a scale of 1 to 10 related to the UK tax regime's ability to strongly promote (10) or inhibit (0) in key areas including business growth (4.7), innovation (4.8), sustainability (4.7), and the attraction and retention of talent (4.7). The research suggests that, while not overly harmful, the prevailing tax environment isn’t significantly aiding businesses. The score is driven largely by smaller businesses that feel more inhibited than enterprise firms. There is a significant disparity between the lower and upper mid-market, as businesses with a £10m-£49.9m turnover view the tax regime as broadly neutral, while those with a £50m-99.9m turnover are the most positive, with an average score of 6.4 for business growth. Praveen Gupta, UK Head of Tax at Azets emphasised the need for a progressive tax system that benefits all businesses and promotes growth and investment in critical areas such as innovation and sustainability initiatives. He said: “Simplifying incentives, taxes, and regulations is essential to create a more competitive landscape that rewards entrepreneurship and ambition. R&D tax credits, for example, are a key driver of innovation, but the scheme is in chaos." "Businesses are paying more tax than ever, yet there is an obvious correlation between tax, regulation, and economic growth, and this ought to be a priority for this Government and the next.” The Azets Barometer provides insight into the current and future business climate through the perspective of ambitious mid-market, owner-managed, and family-owned businesses in the UK, Ireland, Norway, Finland, Sweden, and Denmark. The January 2023 survey is the first in a new triannual series to identify trends relating to economic outlook, financial performance, and emerging threats and opportunities. It reveals optimism among businesses, with an overall average score of 5.6 out of 10. The UK's economic outlook for the next 12 months scored of 5.1 out of 10, hinting at a cautious, wait-and-see approach towards prospects. Of the 323 UK respondents, 41% expressed moderate optimism with scores of 6 or above, contrasted with 35% who were more pessimistic, scoring 4 or lower, and 24% opting for a neutral score of 5. This places UK businesses as the least optimistic in the survey. Economic (6.1 out of 10) and geopolitical (5.7) uncertainties are the highest concerns for among UK business owners, closely followed by talent recruitment and retention (5.2) and regulatory compliance (4.9).