tag:blogger.com,1999:blog-57303898173565562024-02-21T17:40:56.914+00:00Warrington School of ManagementUniversity of ChesterWarrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.comBlogger61125tag:blogger.com,1999:blog-5730389817356556.post-85575891347219552862014-10-24T13:47:00.000+01:002014-10-24T13:47:36.409+01:00Investment Decision Making: Part Two<div style="margin-bottom: 10px;">
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In the second part of our guide, <b>S</b><strong>enior Lecturer in Finance at Warrington School of Management, Jim Stockton </strong>further examines the different techniques used in Investment Decision Making.</div>
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<strong>Introduction</strong></div>
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My previous article on capital budgeting described the context and purpose of capital budgeting. It set out the commercial reasoning that justified business investment in large projects and the acquisition of fixed assets-for example expanding capacity in the form of new factories, machinery, vehicles. I also alluded to four capital investment appraisal (CIA) techniques in common commercial use. These are:-</div>
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<li>Payback (PB)</li>
<li>Accounting Rate of Return (ARR)</li>
<li>Net Present Value (NPV)</li>
<li>Internal Rate of Return (IRR)</li>
</ul>
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I also posed the following question in my last article. If I offered you £10,000 now or £10,000 in a year’s time, which would you choose? The answer may be obvious to you but have a think about why-there are a number of issues involved (at least three) all of which will help in your understanding of capital investment appraisal techniques. I will return to this when I consider the NPV and IRR investment appraisal techniques later in this article.</div>
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But first let’s get started on Payback (for readers getting worried about complex explanations and lots of numbers, stick with it-the principles are not difficult and I will try to keep all the examples uncomplicated).</div>
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<strong>Case study example</strong></div>
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Fred Ltd is considering investing £24,000 in a new machine to expand production of his Mark 3 widget which is sold to breweries to be used in the ale making process. The Finance Manager has estimated the revenues and costs associated with investment and converted them to actual cash flows-basically cash in and cash out. The Operations Manager at Fred Ltd reckons the new machine will last 4 years and then be scrapped with no residual value.</div>
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We have, therefore, the following financial profile:-</div>
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<strong>Year Cash flow Comments</strong></div>
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0 (£24,000)* Purchase of machine today =Year 0</div>
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1 £10,000 Sales less cost of sales as cash flow</div>
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2 £10,000 Sales less cost of sales as cash flow</div>
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3 £10,000 Sales less cost of sales as cash flow</div>
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4 £10,000 Sales less cost of sales as cash flow</div>
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*brackets indicate cash out i.e. spend</div>
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Thus we have captured the basic financial information need to apply our CIA techniques</div>
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<strong>Payback (PB)</strong></div>
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This is the most simple of all the CIA techniques and is very popular with non-financial managers for that reason. However it has some significant shortcomings. Let’s explain.</div>
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PB calculates the number of years that it will take a project-in this case a new machine-for the cash flows received to payback the original investment. By inspecting the cash flows, you should be able to see that the £24,000 investment is repaid sometime between years 2 and 3 as the cumulative cash flow at the end of year 2 is (£4,000). This is calculated as minus £24,000 plus £10,000 plus £10,000. At the end of year 3 the cumulative cash flow is £6,000 as a further £10,000 has been received. Assuming the cash flows occur evenly over the year, then the <strong>Payback period is just under 2½ years</strong> (there is a formula to calculate this precisely but remember what I said regarding spurious accuracy in my previous article).</div>
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The managers at Fred Ltd can now compare this project payback period with other proposals or with a hurdle payback period set previously-all investment in new machinery must pay back in less than three years, for example. In this case, the project passes the test.</div>
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The advantages of this technique are as follows:-</div>
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<li>Payback is a useful measure of risk (liquidity) as uncertainty increases the further you go into the future</li>
<li>Payback is a fairly straightforward technique that most managers can understand and apply</li>
<li>Payback can be used a screening device to weed out projects that do not meet pre-set criteria-e.g. projects of this type must pay back in under three years</li>
</ul>
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However it has some serious limitations which are:-</div>
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<li>Payback ignores any cash flows after the payback point is reached</li>
<li>Payback ignores a project’s overall profitability</li>
<li>Payback ignores the time value of money</li>
</ul>
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I will return to the concept of the “time value of money” later (so don’t worry about that for now).</div>
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<strong>Accounting Rate of Return (ARR)</strong></div>
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Accounting Rate of Return as the name suggests uses accounting data related to the average profits of a project (rather than cash flows) so it will include non-cash items such as depreciation in its financial figures.</div>
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As an example, let’s assume a project similar to the one discussed above costing £24,000 but with a three year life.</div>
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An annual profit statement is then estimated something like this:-</div>
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<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><th style="border-top-width: 0px; line-height: 18px; padding: 8px; vertical-align: bottom;"><strong>£ per annum</strong></th></tr>
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<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">Sales</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">20000</td></tr>
<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">Materials</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">(2000)</td></tr>
<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">Labour</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">(3000)</td></tr>
<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">Specific overheads</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">(3000)</td></tr>
<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">Depreciation</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">(8000)</td></tr>
<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;"><strong>Project profit</strong></td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">2000</td></tr>
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To calculate the ARR, you simply take the average annual profit of the project-let’s assume £2,000 as above and divide by the average investment-again let’s assume £24,000, as above, to yield an accounting rate of return of<strong>8.3%</strong> (£2,000/£24,000)</div>
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Companies will often specify a hurdle ARR which projects must exceed. If this were set at 10% for example then the above investment proposal would be rejected.</div>
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The advantages of this technique are as follows:-</div>
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<li>ARR is easy to understand</li>
<li>It uses data easily obtainable from the accounting system</li>
</ul>
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However, like PB, it has some serious limitations which are:-</div>
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<li>ARR uses accounting data which can be distorted by accounting conventions e.g. changing depreciation periods</li>
<li>ARR does not consider the time value of money-i.e. when are the cash returns generated? Clearly early returns are preferable to later returns (yes I will get to a fuller explanation of this shortly)</li>
<li>ARR could produce identical output in terms of percentage returns but the averaging process eliminates important information as to when those returns are generated-see example below-project B is clearly preferable as it has earlier returns thus reducing risk but the ARR for both projects is identical.</li>
</ul>
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<strong>Comparison of 2 projects each costing £24,000 with average profits of £2000 per annum </strong></div>
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<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><th style="border-top-width: 0px; line-height: 18px; padding: 8px; vertical-align: bottom;"><strong>Project</strong></th><th style="border-top-width: 0px; line-height: 18px; padding: 8px; vertical-align: bottom;">A</th><th style="border-top-width: 0px; line-height: 18px; padding: 8px; vertical-align: bottom;">B</th></tr>
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<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">Year 1</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">£2000</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">£4000</td></tr>
<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">Year 2</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">£2000</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">£1000</td></tr>
<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">Year 3</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">£2000</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">£1000</td></tr>
<tr style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: solid; border-bottom-width: 1px;"><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;"><strong>ARR%</strong></td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">8.3</td><td style="border-top-color: rgb(221, 221, 221); border-top-style: solid; border-top-width: 1px; line-height: 18px; padding: 8px; vertical-align: top;">8.3</td></tr>
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As a result of the drawbacks regarding both PB and ARR, more contemporary techniques which remedy some of these defects were developed, most importantly, to take account of the time value of money (OK, time I explained this, I know).</div>
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<strong>The time value of money</strong></div>
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Going back to the question I posed above (remember?). If I offered you £10,000 now or £10,000 in a year’s time, which would you choose? The answer may be obvious to you but have a think about why-there are a number of issues involved (at least three) all of which will help in your understanding of capital investment appraisal techniques.</div>
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I would offer three reasons to take the money now:-</div>
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<li>to limit risk-I may not be around in a year’s time so grab the opportunity now</li>
<li>to maintain the purchasing power of the cash-inflation will eat away at it over a year and you may not still be able to buy something you needed as the price has risen</li>
<li>to invest now and earn interest. If, in a fantasy world, given where interest rates are currently, you invested £10,000 now at 10% you would have £11,000 in a year’s time-this essentially indicates the time value of money which is further enhanced by the compounding effect. £11,000 invested at 10% for a further year would grow to £12,100. Reversing the logic, a sum of £12,100 receivable in two years’ time has a present value of £10,000. This is known as discounting. Discount tables are generally available to use to work out present values so the basic maths are:-</li>
</ul>
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<li>£12,100 x discount factor for 10% rec’d in two years’ time gives a present value of £10,000</li>
<li>£12,100 x 0.8264 (this is the discount factor) = <strong>£10,000</strong></li>
</ul>
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This principle is the backbone of the Net Present Value and Internal Rate of Return C.I.A. methodologies and, as such, remedies the principal defects of PB and ARR. (Just think about it for a while if it does not sink in straight away).</div>
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<strong>Net Present Value (NPV)</strong></div>
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The Net Present Value technique thus embodies the time value of money into its working methodology crucially recognising earlier financial returns have greater value than later returns when discounted to the present. The technique also recognises that money invested in a business has a cost-it is not free. Just think if you had £10,000 would you leave it under the mattress or invest it? If you invest in a risk free government bond (or a building society) you could earn between 3% and 5% at no risk (assuming the UK as a country does not go the way of Argentina and default on its borrowings!)</div>
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If you decide to take on extra risk and invest in a small firm you will want a much higher return to compensate you for accepting that risk say 10%. That will mean the firm will need to identify projects that will generate a higher return than 10% in order to keep you invested. In the same way, if a small firm borrows from the bank at 10%, it will need to invest that cash in projects earning more than 10% to make the financing decision economically rational. This, in simple terms, equates to the firm’s <strong>cost of capital</strong> and is represented by the appropriate discount rate. A firm has no free cash as it always must satisfy its shareholders expected returns to keep the shareholder invested as shareholders always have alternative investment opportunities.</div>
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Let’s go back to our previous example-Fred Ltd and assume Fred Ltd has a cost of capital of 10%-the NPV workings are:-</div>
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<strong>Year Cash flow Discount factor @10% Present value</strong></div>
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<strong> </strong><strong>(taken from tables)</strong></div>
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0 (£24,000)* x 1.00 (as it’s spend today) = (£24,000)</div>
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1 £10,000 x 0.909** = £9,090</div>
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2 £10,000 x 0.826** = £8,260</div>
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3 £10,000 x 0.751** = £7,510</div>
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4 £10,000 x 0.683** = £6,830</div>
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<strong>Net Present Value = +£7,690</strong></div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
*brackets indicate cash out or spend</div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
** notice-the further away in time the smaller the discount factor thus reflecting the time value of money concept</div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
The NPV disclosed above is positive and is shown as a + therefore. This indicates that the investment earns more than 10% and exceeds Fred’s cost of capital and therefore will add to shareholder value. The investment should proceed on financial grounds.</div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
The converse is also true-if the Net Present Value disclosed was negative-that would mean that the project earns less than 10% and is less than the 10% cost of capital of the firm-it should not proceed as it would destroy shareholder value.</div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
The advantages of the NPV methodology are:-</div>
<ul style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 20px; list-style-position: inside; margin: 0px 0px 10px 21px; padding: 0px;">
<li>NPV takes account of the time value of money</li>
<li>It takes into account all cash flows associated with the project</li>
<li>NPV remedies many of the defects associated with PB and ARR</li>
</ul>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
It does have some drawbacks however:-</div>
<ul style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 20px; list-style-position: inside; margin: 0px 0px 10px 21px; padding: 0px;">
<li>NPV may appear complicated and difficult to understand to non-financial managers (don’t underestimate this!)</li>
<li>It relies on the ability of managers to accurately predict future cash flows</li>
</ul>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
Well, if you have got this far you are doing well-I will finally consider the Internal Rate of Return or IRR (briefly, you will be pleased to read).</div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
<strong>Internal Rate of Return (IRR)</strong></div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
The Internal Rate of Return is closely linked to NPV as a CIA technique. Its purpose is to identify where the NPV of a project is equal to zero i.e. it is neither positive nor negative. If you recall from the NPV example above, the NPV was positive at £7,690 at a discount rate of 10% which implies an IRR of more than 10% on the project. But what is the %IRR? Well, using trial and error, we repeat the NPV calculation using a higher discount rate. I have done the calculation (sparing you the workings) and found that, at a 25% discount rate, the NPV of the project is negative at -£384.</div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
Hopefully, by looking at the two results, you can see that the IRR of the project is going to be closer to 25% than 10% given the financial values disclosed. IRR uses a formula (which I will spare you but it’s not that complex) based on a statistical technique called linear interpolation (which says if you know two points on a line you can plot any values in between). This discloses an IRR result of 24.28% for the project which fits with our earlier “gut feel”.</div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
How does this help decision making? Well, it enables the manager to compare projects by establishing an IRR for each and also allows comparison with the cost of funds (the cost of capital) used to finance the project. Over-simplifying, would you borrow at 10% to finance a project earning you 24.28%? Looks a no-brainer but remember to assess the risk (it could be argued that risk could be taken into account by adding another 5% to the cost of capital making 15%-in which case the project still “wipes its face”.</div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
The advantages of IRR methodology are:-</div>
<ul style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 20px; list-style-position: inside; margin: 0px 0px 10px 21px; padding: 0px;">
<li>Like NPV, IRR takes account of the time value of money</li>
<li>Like NPV, it takes account of all relevant cash flows</li>
<li>Like NPV, an allowance for risk can be built into the discount factor</li>
<li>Unlike NPV, IRR discloses an absolute % value so projects of different financial sizes can be compared. Larger projects will tend to generate higher NPVs but may have lower IRRs. IRR therefore allows a more accurate comparison of different projects to aid decision making.</li>
</ul>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
However, as always, there are disadvantages:-</div>
<ul style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 20px; list-style-position: inside; margin: 0px 0px 10px 21px; padding: 0px;">
<li>IRR can appear complex and difficult to understand for non-financial managers</li>
<li>It has some technical defects when estimated cash flows are very irregular (I’ll spare you that explanation.)</li>
</ul>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
<strong>Summary</strong></div>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
If you have reached this far well done! Some final summarising points are:-</div>
<ul style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 20px; list-style-position: inside; margin: 0px 0px 10px 21px; padding: 0px;">
<li>CIA is a key aid to assist in decision making for competing business investment proposals</li>
<li>CIA involves forecasting the future-a difficult task especially the further out you go</li>
<li>If your inputs to CIA techniques are poor, your output will also be poor (remember G.I.G.O)</li>
<li>There are various techniques which can be used in CIA-all have advantages and disadvantages</li>
<li>Money received tomorrow is less valuable than money received today (the time value of money)</li>
</ul>
<div style="color: #5b5b5b; font-family: 'Trebuchet MS', sans-serif; line-height: 1.5em; margin-bottom: 10px;">
At the end of the day, CIA is all about selecting business projects to invest in using scarce financial resources and choosing the optimum project which will maximise the profits of the business and therefore enhance shareholder value.</div>
<div>
<br /></div>
Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-83976757493020903872014-10-10T07:00:00.000+01:002014-10-13T15:29:32.334+01:00Think Global - Act Local<html xmlns="http://www.w3.org/1999/xhtml">
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<div style="text-align: center;">
<span style="font-size: 18px;">You are invited to attend our next business event</span></div>
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<div style="text-align: center;">
<span style="font-size: 35px;"><em><span style="color: white;"><strong><span style="font-family: verdana,geneva,sans-serif;">SUPPLY CHAIN FORUM</span></strong></span></em></span></div>
<div style="text-align: center;">
<br />
<em><span style="color: white;"><strong><span style="font-size: 24px;"><span styl="font-family: verdana,geneva,sans-serif;">THINK GLOBAL-ACT LOCAL <br />
<br />
SHARING BEST PRACTICE</span></span></strong></span></em><br />
<br />
<strong style="color: white; text-align: center;"><span style="font-size: 24px;"><span style="font-family: verdana,geneva,sans-serif;">Wednesday 29th October 2014</span></span></strong></div>
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<span style="font-size: 14px;"><span style="font-family: verdana,geneva,sans-serif;"><strong>07:30h</strong> <strong>Arrival</strong><em> - Breakfast Refreshments and business connections.</em><br />
<br />
<strong>08:00</strong> <strong>Welcome and introductions</strong><br />
<br />
<em><strong>Professor Lawrence Bellamy</strong></em></span></span><br />
<br />
<span style="font-family: verdana, geneva, sans-serif;"><span style="font-size: 14px;">Warrington School of Management, University of Chester and Supply Chain Forum Chair.</span></span><br />
<br />
<br />
<strong style="font-family: verdana,geneva,sans-serif; font-size: 14px;">- Keynote presentation</strong><br />
<br />
<strong style="font-family: verdana,geneva,sans-serif; font-size: 14px;"><em>Think Global-Act Local <br />
<br />
Mike Meades, Director Flextronics</em></strong><br />
<br />
<span style="font-size: 14px;"><span style="font-family: verdana,geneva,sans-serif;">Flextronics are the supply chain power behind many of the world's leading consumer electronics brands, including Sony and HP. In this keynote presentation Mike Meades explores the challenges of operating across continents.</span></span><br />
<br />
<strong style="font-family: verdana,geneva,sans-serif; font-size: 14px;">- Panel Q&A</strong><br />
<br />
<span style="font-family: verdana, geneva, sans-serif;"><span style="font-size: 14px;">Claire Bottle - Head of Courier Services, Hermes</span></span><br />
<span style="font-family: verdana, geneva, sans-serif;"><span style="font-size: 14px;">Mark Webster - Director of European Operations, Zoll Medical</span></span><br />
<br />
<br />
<strong style="font-family: verdana,geneva,sans-serif; font-size: 14px;">09:30 Close and continued business discussions</strong><br />
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<span style="font-size: 18px;">Lance Dobson Lecture Theatre<br />
<a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank"><span style="color: white;">Warrington School of Management</span></a><br />
University of Chester<br />
Crab Lane<br />
Warrington<br />
WA2 0DB</span><br style="font-size: 18px;" />
<br style="font-size: 18px; line-height: 20.7999992370605px;" />
<span style="font-size: 18px; line-height: 20.7999992370605px;">Registration:<span style="font-size: 19px;"><a href="mailto:info@birchwoodforum.com" target="_blank"> </a></span></span><span style="font-size: 19px;"><a href="mailto:info@birchwoodforum.com" target="_blank"><span style="color: white;">info@birchwoodforum.com</span></a></span><br />
<br style="font-size: 18px;" />
<span style="font-size: 18px;">Enquiries:<span style="color: lightgrey;"> </span><a href="mailto:wsm@chester.ac.uk?subject=Supply%20Chain%20Forum" target="_blank"><span style="color: white;">wsm@chester.ac.uk</span></a> or Tel: 01925 534352<br />
<br />
<a href="http://www.chester.ac.uk/sites/files/chester/location_warrington_1.pdf" target="_blank"><span style="color: black;">Directions and Map</span></a></span>
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<span style="font-size: 14px;">The <strong>Cheshire and Warrington Supply Chain Forum</strong> is a<strong> partnership initiative</strong> of the Warrington School of Management, Warrington Collegiate the Chartered Institute of Purchasing and Supply, the Chartered Institute of Logistics and Transport, Women in Logistics and supported by Birchwood Forum. It has been established to provide a connected network for the exchange of business opportunities, information and knowledge on supply chain best practice. </span>
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-26665952219556355592014-08-21T07:00:00.000+01:002014-08-21T07:00:01.418+01:00Investment Decision Making: Part One<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP-diT53IMk4w5glUtMbCb5mBHL3Mdb_m7eplmK32U1nmktd9zRkLoTKUkK2DhzNy6iA0YIDkW1AWm6C0RzQH4pmKE2UUUjs6_Dg6sRCO3E77Ttrx_UdhOuQI4_hlz95oJAMcRLaXiPw/s1600/jim-stockton.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP-diT53IMk4w5glUtMbCb5mBHL3Mdb_m7eplmK32U1nmktd9zRkLoTKUkK2DhzNy6iA0YIDkW1AWm6C0RzQH4pmKE2UUUjs6_Dg6sRCO3E77Ttrx_UdhOuQI4_hlz95oJAMcRLaXiPw/s1600/jim-stockton.jpg" /></a></div>
<div class="MsoNormal">
<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: inherit;">Jim
Stockton is senior lecturer in finance at the Warrington School of Management
(University of Chester). <o:p></o:p></span></span></b></div>
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<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: inherit;"><br /></span></span></b></div>
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<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: inherit;"><br /></span></span></b></div>
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<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: inherit;"><br /></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: inherit;"><br /></span></span></b></div>
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<br /></div>
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<b>Introduction</b></div>
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The term “investment decision making” or, alternatively, “capital budgeting” is used to describe how managers plan significant outlays on new projects or assets-the “big ticket” items. Spending on a large scale has long term implications and businesses usually have many more projects than they can afford to fund so business managers must carefully select and appraise projects from a variety of perspectives. The financial appraisal of projects is termed capital investment appraisal or C.I.A. (and, no, it has nothing to do with the American Secret Service). What follows is a simple (some might argue simplistic) guide to investment decision making.</div>
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<b>The basics</b></div>
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Let’s address the basics first. Why do businesses invest in projects or asset purchases-for example-new machinery, new vehicles? Clearly it’s to employ the assets in the business in order to generate sales of products or services. (ignore the example of a car dealer whose business is actually the buying and selling of vehicles). The product or service is then sold, hopefully generating profits which can then be, in part or whole, reinvested in the business to allow expansion and growth. Note that the financial quantum involved will be large, generally speaking, but that will be set within the context of the size of the business. So the purchase of a new van costing £20,000 might be a huge decision for an SME but a “drop in the bucket” for a large plc which may be assessing the competing merits of purchase of a fleet of vehicles of different types possibly costing millions in total. However, the importance of getting the capital investment decision right is the same for both organisations-it will have long tern consequences in terms of profitability. At the extreme end, it could be a “bet the company” investment decision meaning getting it wrong could be the end of the business.</div>
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<b>The business context</b></div>
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It’s important to understand, at the outset, that any capital investment decision has to be appraised within the context of the business. How does the investment fit within the strategic direction defined for the firm? The long term vision of the company must be articulated with sufficient clarity before investment proposals can be sensibly appraised. Equally, the markets for the product or services must be fully researched and the customer demand to be satisfied fully understood. Only then does it make sense for projects that “fit” within this business context be developed and examined in greater financial detail.</div>
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<b>Types of capital budgeting decisions</b></div>
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What types of business decisions require investment appraisal? Basically any decision involving significant outlay today spent in order to generate increases in revenue or reductions in cost in the future. Typically the following:-</div>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span>Expansion decisions-should new facilities e.g. a new factory or machine be acquired to increase capacity and therefore enhance future sales? </div>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span>Replacement decisions-is existing equipment becoming obsolete or in need of modernisation?</div>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span>Cost reduction decisions-would it be sensible to invest now in new equipment that will generate savings in the longer term compared with existing machinery? </div>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span>Compliance decisions-has the external regulatory environment changed meaning that current modes of operation are no longer viable? For example, waste products that are a by-product of manufacturing need higher standards of treatment before being released into the atmosphere or watercourse?</div>
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All the above are motives for capital investment and therefore financial appraisal.</div>
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<b>Information requirements for capital investment appraisal</b></div>
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Let’s assume a business has a number of potential projects and only limited funding available to finance them-a fairly common situation-businesses routinely cannot afford all the projects they may see as commercially attractive. The information required will relate to the future and therefore require estimation (or, if you prefer, informed guesswork!). The information gathering will all be about the future revenues and costs usually expressed as cash inflows and outflows generated as a direct result of the proposed project. Typically the following questions will need answering:-</div>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span>What will the new investment cost, for example, the cost of a new machine or a new vehicle? In larger firms the investment may run into many millions.</div>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span>What will be the future revenues and costs associated with the investment over the life of the project (difficult one this!). This will require estimates of demand over the life of the projects being appraised and the revenues and costs associated with meeting that demand.</div>
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•<span class="Apple-tab-span" style="white-space: pre;"> </span>Will the project have any residual value at the end of its life e.g. scrap value?</div>
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Now you can perhaps begin to understand that C.I.A. is all about commercial judgement concerning the future and lacks exact precision especially when thinking about what the economic situation generally may be like and also what the business might be like, in particular, in say five years’ time. Here a word of caution is needed-defer to a friend named G.I.G.O. No it’s not some Italian stunner but an acronym-Garbage In Garbage Out. Put simply, if you feed into your investment appraisal rubbish as your inputs e.g. inaccurate and unresearched assumptions regarding future cash flows that is exactly what you will get out. </div>
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Equally, when estimating future cash flows do not be seduced by spurious accuracy-remember these are broad brush business assumptions regarding the future and you do not have a crystal ball that will deliver complete accuracy so don’t fool yourself into thinking you do!</div>
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<b>Sensitivity analysis</b></div>
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Often, when undertaking CIA, one can vary assumptions regarding the cost of the investment and the future cash flows that will result, for example, from different levels of customer demand. In more complicated appraisals, different assumptions regarding inflation or taxation can be introduced. This will help the financial manager assess how “sensitive” the project is to changes in certain factors and therefore help identify where the real business risks lie. But, hold on, let’s not get ahead of ourselves-what are the most commonly used CIA techniques?</div>
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<b>Capital Investment Appraisal techniques</b></div>
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There are four commonly used capital investment appraisal techniques:-</div>
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1.<span class="Apple-tab-span" style="white-space: pre;"> </span>Payback</div>
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2.<span class="Apple-tab-span" style="white-space: pre;"> </span>Accounting rate of Return</div>
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3.<span class="Apple-tab-span" style="white-space: pre;"> </span>Net present value</div>
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4.<span class="Apple-tab-span" style="white-space: pre;"> </span>Internal rate of return</div>
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I will discuss each of these techniques in a subsequent article as they differ substantially from each other and, to make matters worse, often give conflicting answers when applied to the appraisal of, say, two projects competing against each other for limited investment funds. (I didn’t say this would be easy did I? Hey, stick with it, we will get there!).</div>
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One final thought, in the shape of a question. If I offered you £10,000 now or £10,000 in a year’s time, which would you choose? The answer may be obvious to you but have a think about why-there are a number of issues involved (at least three) all of which will help in your understanding of capital investment appraisal techniques.</div>
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<b>Summary</b></div>
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The above article seeks to expose the basics of investment appraisal in business-nothing more. Think of it as appetiser before the main course. In a subsequent article I will delve deeper into the techniques I have listed above and hopefully deepen your understanding of this important business topic. </div>
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-48848933074247506862014-08-18T09:05:00.000+01:002014-08-18T09:06:26.311+01:00MSc Digital Marketing: Overcome the No.1 skills gap faced by Marketers<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">
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Our innovative and relevant new Masters degree meets the No1. skills gap faced by marketers today.
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<a href="http://www.chester.ac.uk/digital-marketing" title="" class="" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
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<h1 class="null" style="margin: 0;padding: 0;display: block;font-family: 'Lucida Sans Unicode', 'Lucida Grande', sans-serif;font-size: 40px;font-style: normal;font-weight: bold;line-height: 125%;letter-spacing: normal;text-align: center;color: #4b0082 !important;">MSc Digital Marketing</h1>
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<td valign="top" class="mcnTextContent" style="color: #FFFFFF;text-align: center;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;font-family: 'Lucida Sans Unicode', 'Lucida Grande', sans-serif;font-size: 14px;line-height: 150%;">
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<br>
Tim Berners-Lee, developer of the World Wide Web
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You may be thinking about further qualifications to develop your skills and increase your future promotion opportunities and job prospects. Marketing Week highlighted digital marketing as the main skills gap within the current marketing workforce in February 2014, and our Digital Marketing programmes provide the opportunity for you to increase your digital media skills and knowledge in order to meet this shortage.
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<a href="http://www.chester.ac.uk/digital-marketing/about" title="" class="" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
<img alt="Skills Gap Chart" src="https://gallery.mailchimp.com/244871b6f3c0f3187476fade3/images/75997b22-f3e7-4544-9b7c-9c630f9d67cc.jpg" width="528" style="max-width: 625px;border: 0;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;vertical-align: bottom;" class="mcnImage">
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Source: <a href="http://www.chester.ac.uk/digital-marketing/about" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #ffffff;font-weight: normal;text-decoration: underline;">Marketing Week, February 2014</a>
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With Postgraduate Certificate, Postgraduate Diploma and Masters (MSc) Degree award levels, the option to study <strong>full-time or part-time,</strong> as well as an intake in both September and January, we are confident we have an option to suit you.<br>
<br>
Our postgraduate Digital Marketing courses are also accredited by the <strong>Institute of Digital and Direct Marketing</strong>, which means you will automatically become a member and have the possibility to gain an additional professional qualification: <em>IDM Certificate in Digital Marketing</em>.<br>
<br>
We are always happy to see our graduates return for higher level study. The <strong>Golden Ticket</strong> is a £1,000 discount voucher that can redeemed against a full-priced postgraduate taught Masters degree.<br>
<br>
*Terms and conditions apply, <a href="http://www.chester.ac.uk/node/22698" style="color: #4b0082;word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;font-weight: normal;text-decoration: underline;" target="_blank">see our website for further details</a>.<br>
<div>For further details about our Digital Marketing courses including module information, the study timetable, application information and contact details <a href="http://www.chester.ac.uk/digital-marketing" style="color: #4b0082;word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;font-weight: normal;text-decoration: underline;" target="_blank">please visit our website</a>.</div>
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<a class="mcnButton " title="Visit the Digital Marketing pages" href="http://www.chester.ac.uk/digital-marketing" target="_self" style="font-weight: bold;letter-spacing: normal;line-height: 100%;text-align: center;text-decoration: none;color: #FFFFFF;word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;display: block;">Visit the Digital Marketing pages</a>
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<h3 class="null" style="margin: 0;padding: 0;display: block;font-family: 'Lucida Sans Unicode', 'Lucida Grande', sans-serif;font-size: 16px;font-style: normal;font-weight: bold;line-height: 125%;letter-spacing: -1px;text-align: center;color: #4b0082 !important;">Google Hangout – Wednesday 17th September, 15:00-16:00</h3>
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<a href="http://www.chester.ac.uk/digital-marketing/hangout" title="" class="" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
<img alt="Tanya Hemphill" src="https://gallery.mailchimp.com/244871b6f3c0f3187476fade3/images/3e80860b-efc7-4cfc-bf47-6ce34af6e307.jpg" width="132" style="max-width: 761px;border: 0;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;vertical-align: bottom;" class="mcnImage">
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Come and join Tanya Hemphill our Digital Marketing Programme Leader at our <strong>Google Hangout on Wednesday 17th September.</strong> Tanya will be happy to answer any questions you may have regarding our Digital Marketing courses whether it’s about the module choices, assessments, how the courses could benefit your future career or anything else you can think of.<br>
<div>For further details and to register for the Hangout please <a href="http://www.chester.ac.uk/digital-marketing/hangout" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #ffffff;font-weight: normal;text-decoration: underline;">visit our event page</a>.</div>
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<a class="mcnButton " title="Register for the Google Hangout" href="http://www.chester.ac.uk/digital-marketing/hangout" target="_self" style="font-weight: bold;letter-spacing: normal;line-height: 100%;text-align: center;text-decoration: none;color: #FFFFFF;word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;display: block;">Register for the Google Hangout</a>
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<h4 class="null" style="margin: 0;padding: 0;display: block;font-family: 'Lucida Sans Unicode', 'Lucida Grande', sans-serif;font-size: 18px;font-style: normal;font-weight: bold;line-height: 125%;letter-spacing: -1px;text-align: left;color: #ffffff !important;">Get in Touch</h4>
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Tel: 01925 534382<br>
Email: <a href="mailto:wsm@chester.ac.uk" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #ffffff;font-weight: normal;text-decoration: underline;">wsm@chester.ac.uk</a>
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</html>Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-38627170030448595012014-08-01T08:26:00.000+01:002014-08-01T08:26:54.213+01:00Company CultureThe rapidly changing pace and focus of management has to be considered within the context of the organisation and that of its competitors, to gain any relevance or meaning. With this in mind, it may be useful to consider the impact of your organisation’s culture has upon both management style and employees’ involvement in their own company decision making.<br />
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Organisational culture has been defined as ‘the way things are done around here.’ Reviewing a company’s culture is not always as simple as it may seem…as any culture is value driven. The origins of most corporate cultures lie in the belief and value systems of its original management, however that was constituted. Hence, we can argue that mission statements, objectives and management style are all predisposed to reflect the dominant values of the company. If you consider your own organisation – the layout, artefacts, even the codes of behaviours taken by employees, will naturally be supportive of the culture.<br />
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<h4>
Cultural Types </h4>
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It is interesting to look at the different characteristics associates to the four most frequently used cultural types, placing your organisation either in one dominant culture or across several.<br />
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<b>1.Control (Hierarchy) Culture </b><br />
<br />
<ul>
<li> Mainly found in autocracies and bureaucratic management led organisations </li>
<li>Formalised recognised rules/procedures</li>
<li> Specialised process </li>
<li>Hierarchical structure </li>
<li>Communication top-down </li>
<li>Promotion through recognised stages </li>
</ul>
<br /><b>2. Market (Compete) Culture </b><br />
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<ul>
<li> Core values of competitiveness and productivity </li>
<li>Oriented toward the external environment instead of internal affairs </li>
<li>Competitiveness and productivity achieved through external positioning</li>
<li> Assumptions that the external environment is hostile rather than benign, consumers are choosy and interested in value</li>
<li> Leaders are hard-driving producers and competitors are tough and demanding</li>
</ul>
<br /><b> 3. Clan (Collaborative) Culture </b><br />
<br />
<ul>
<li> Shared values and goals, cohesion, participative, individuality </li>
<li>Typical characteristics of clan-type firms were teamwork, employee involvement programs, and corporate commitment to employees</li>
<li> Rewards on the basis of team (not individual) accomplishment </li>
<li>Customers are best thought of as partners </li>
</ul>
<br /><b>4. The Adhocracy (Create) Culture</b><br />
<br />
<ul>
<li> Management foster creativity, adaptivity and flexibility </li>
<li>Titles, job responsibilities and even departmental alignments change frequently</li>
<li> Dynamic environment of skilled individuals </li>
</ul>
<br />To accept that organisational culture has a strong identifying influence on both the internal and also the external customer, it is valid to question how managers can shape the motivational behaviour of staff through it. Interestingly, there can be very different interpretations of culture within one organisation, i.e what may be perceived by senior management as a highly effective learning environment, directed through an efficient policy driven management team, might be perceived by lower level staff as an organisation that is confining in terms of training and development opportunities and is disorganised within a confused management structure. This mismatch is not unusual and is often reinforced through a weak communications policy.<br />
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Many may remember Ricky Gervais’ character Brent’s motivational endeavours in the ‘Office’. Motivation is a complex and difficult task for management , requiring a need to understand not only the company’s cultural context, but having access to information concerning the extrinsic and intrinsic needs of staff.<br />
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<h4>
Management Style and Staff Motivation </h4>
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There are many examples of organisational recognition of the positive relationship between management style influences and motivational behaviour. Central to most are:<br />
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<ul>
<li><b>Employee expectations</b></li>
<li><b> Line management engagement </b></li>
<li><b>Resources fit for purpose </b></li>
<li><b>Recognition </b></li>
<li><b>Communication </b></li>
</ul>
<b><br /></b>It is useful to reflect upon the findings of theorist Herzberg in the context if staff perception. He suggested that employees do not necessarily become motivated by what they expect to be in place at work, such as: opportunities to work in teams, a fully equipped work station, access to line management and so on. However, if these were not available, the individual may well become demotivated. Thus, it is the ‘extra’ extrinsic or intrinsic opportunities made available that can motivate staff (features such as: new responsibility, training initiatives ,acknowledgement of their work) that positively influence behaviour. But, it is work recognising that what motivates one employee may not another – so what strategies can managers put in place to best access this knowledge?<br />
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Many companies have a rigorous performance management (PM) strategy that furnished them with detailed information concerning staff members. How this strategy is perceived by staff, again, depends upon the management communication style and how line managers view their role in the process. Ideally, PM initiatives should be the product of collaborative communication, to engender a more responsive and committed workforce.<br />
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In conclusion, the culture of any organisation is the key influence on internal and external perceptions, impacting upon the image and reputation of the company. Driven in many cases by traditional beliefs, management need to be responsive to the changing demands of both the internal and external customer within their particular market, to ensure they maintain or improve their position.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh11bZvGNDCIqFmhppHdN2ee3a73fgkUCNcBRmXdGhHf2ta35Tnods61Oh5AtqRBrHuUPF16KK1bNYiqiff_K3hTGMsVJpi6EtEzolAtFr8kgwSqzuBlMiFj28kcB5FGduUAhIIqwR4UA/s1600/Meryl+Bradshaw.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh11bZvGNDCIqFmhppHdN2ee3a73fgkUCNcBRmXdGhHf2ta35Tnods61Oh5AtqRBrHuUPF16KK1bNYiqiff_K3hTGMsVJpi6EtEzolAtFr8kgwSqzuBlMiFj28kcB5FGduUAhIIqwR4UA/s1600/Meryl+Bradshaw.jpg" height="200" width="133" /></a></div>
<a href="http://www.chester.ac.uk/bmw/meryl-bradshaw" target="_blank">Meryl Bradshaw</a> is senior lecturer in organisational behaviour at <a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank">Warrington School of Management, University of Chester. </a>Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-89177221019383454922014-07-09T09:41:00.000+01:002014-07-09T09:41:35.410+01:00Warrington Wolves success can be a blueprint for other businessesTHE rise of Warrington Wolves, both as a sporting team and as a business entity has been quite dramatic over that last decade or so.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgouYID2UI1rRngUQ0UNp_efy4WKRA3uMhHF0ulX9gnS_zcC97LyB8PD98A9RhZPE7FShupXkbx3mUofbapjT1Lj9y5f-8SFuUvw8S3AqVv7_a4_ahmrvZ9MJxpxDsSQ_M7qTOD8E2uIA/s1600/Warrington+Campus+260214-261.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgouYID2UI1rRngUQ0UNp_efy4WKRA3uMhHF0ulX9gnS_zcC97LyB8PD98A9RhZPE7FShupXkbx3mUofbapjT1Lj9y5f-8SFuUvw8S3AqVv7_a4_ahmrvZ9MJxpxDsSQ_M7qTOD8E2uIA/s1600/Warrington+Campus+260214-261.jpg" height="400" width="266" /></a></div>
Their consistency on the pitch, coupled with investment in infrastructure has ensured that they have the appeal and through the Halliwell Jones Stadium the capacity, to draw and cater for an extensive fan-base.<br />
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A blueprint for rugby league facilities the creation of the stadium, despite any nostalgic feelings around moving from Wilderspool, represents the intent to grow the biggest club possible.<br />
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A shift from terraces to seating, the addition of added on-site leisure facilities, parking and good accessibility makes for a better crowd experience and so a stronger family appeal. The “From Wire 2 Wolves” display and DVD captures a huge shift in the operations, cultural context and business model of this historic entity.<br />
<br />
The 130 year plus history of the club is a triumph, as few businesses manage to survive through so many ups and downs over such a period. It is the loyalty of the supporters which has ensured continuity. All businesses should learn from this lesson; build a brand that enough people love and the future should be assured.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" /></a></div>
<a href="http://www.chester.ac.uk/bmw/pr-l-bellamy%20" target="_blank">Professor Lawrence Bellamy</a> is Associate Dean at <a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank">Warrington School of Management</a>, University of Chester (Padgate Campus)<br />
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com2tag:blogger.com,1999:blog-5730389817356556.post-38443101345636239792014-06-11T11:06:00.000+01:002014-06-11T11:15:40.889+01:00Flexible working in a 24/7 culture<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsM3XZ_XeO0MSk5DYQGeduWVe_AOBWZ3YNXCNhMX7KTBeCB63slhKr2wT5Iun5cur5KY9Dr6EvUN4r7moJKHPf1vm6mv2viaE_PYTu6v1DeeRhVgLdTxp5cW8j5CthRg5EC5ps1-xj5g/s1600/Steph+Staff+photo.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsM3XZ_XeO0MSk5DYQGeduWVe_AOBWZ3YNXCNhMX7KTBeCB63slhKr2wT5Iun5cur5KY9Dr6EvUN4r7moJKHPf1vm6mv2viaE_PYTu6v1DeeRhVgLdTxp5cW8j5CthRg5EC5ps1-xj5g/s1600/Steph+Staff+photo.jpg" height="200" width="133" /></a></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">Marketing
and organisational behaviour lecturer, Stephenie Hodge, from the Warrington
School of Management (University of Chester) provides insight into flexible
working practices.<o:p></o:p></span></b></div>
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<span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">There is no disputing that over the
last decade organisations of all sizes and sectors have worked in a constant
state of change brought on through the recession, expansion of globalisation and
the speed in which new technology and social media are testing the skills of
even the most effective managers. So how does the manager of the future not
only cope with, but thrive in, leading and motivating a team that is aligned
with the organisational goals and have a mind-set of managing output, not
hours?<o:p></o:p></span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">A
flexible working approach<o:p></o:p></span></b></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">A major future trend researched by The
Institute of Leadership & Management (ILM, 2013) has identified that 94% of
UK organisations offer some form of flexible working. 51% of all the managers
surveyed expect flexible working to become the norm within five years and
recognised as a future global trend. This is proven to be a highly effective
incentive to attract and retain talented employees. It empowers the
individuals, giving them greater control over their working week; increasing
their engagement, productivity levels which in turn reflects positively to the
brand image of the organisation. Their autonomy creates a corporate personality
and helps to identify and verify the company’s values, therefore achieving the
‘buy-in’ to the culture and psychological contract.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">Individual’s values and perspective on
working life has changed; they don’t buy into the job for life concept anymore
and would rather have the option to adjust their work/life balance to best suit
their personal circumstances. Therefore, flexible work options can also be used
as a trade-off against a salary increase, which may suit or be the only option
available to an employer.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">This research is further endorsed by
Kingston University/Ipsos MORI who found that ‘workers on flexible contracts
tend to be more emotionally engaged, more satisfied with their work and more
likely to speak positively about their organisation and less likely to leave
(CIPD, 2014)<o:p></o:p></span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">Leadership
and management<o:p></o:p></span></b></div>
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<span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">However, before this approach can even
be considered the 2020 manager will not only have to be agile and adaptive, but
also that the fundamentals of good leadership and management will matter more
than ever. <o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">52% of managers agree that skills such
as communication, delegation, goal-setting and motivation are vital when
operating with less time and in a more complex working environment (ILM, 2014).
Trust and transparency are key as the flexible working approach has to be seen
as fare and consistent and be embraced by the organisation and not seen a
career limiting option.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">There will be yet more on-going
cultural changes due to the social and demographic shift, so a different hybrid
breed of manager is required that still possess the traditional skills and
qualities, but is equipped with a modern mind-set and approach (ILM, 2014). <o:p></o:p></span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">Generation
Y<o:p></o:p></span></b></div>
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<span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">There is now an expectation from our
up and coming generation that this freedom and autonomy goes hand in hand with their
ambitions. They are very much motivated by money, status and career advancement
and do not perceive working in a flexible manner as impeding their promotion or
dedication. This does not mean that they don’t want to work as hard or as long
as required, but in a different working format to enable more a work life
balance. This mind-set of changing working patterns needs to be embraced by
employers or they could be missing out on new talent to take their business
forward.<o:p></o:p></span></div>
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<b><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">What
is the payback?<o:p></o:p></span></b></div>
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<span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">If managed correctly, the payback will
be built around a stakeholder relationship approach:-<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><i><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">The
individual</span></i><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">-Self-motivated
and empowered which leads to a natural drive and commitment to the team effort.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><i><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">The manager</span></i><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">-Managing a
contented team with an ethos which is aligned with the organisational values,
therefore reassured that the job is being done to the best of its ability with
no conflict acting as a barrier.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><i><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">The customer
& external stakeholders</span></i><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">-The vision for transparency leads to
collaboration and mutual trust which can bring a true competitive edge.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><i><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">The
organisation</span></i><span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">-Will
be viewed as holistic and modern forward thinking in their approach. It holds
potential value as a recruitment, engagement and retention tool; as well a
great brand endorser.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; mso-bidi-font-size: 12.0pt;">Managers who are prepared to trust in
their team and think differently can model the way into making flexible working
the norm, will be the ones who are remembered not just as managers but as great
managers.<o:p></o:p></span></div>
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-44133045881534788862014-04-29T10:23:00.001+01:002014-04-29T10:23:39.707+01:00Profit or Cash - which is more important? <div align="center" style="text-align: left;">
Jim Stockton, Senior Lecturer in Finance at the Warrington School of Management (University of Chester), discusses profitability and liquidity planning – essential elements for every business to succeed!<br />
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<b>
Introduction</b> </h4>
There are many reasons why these failures occur-some relate to the lack of a coherent business strategy, some to the absence of a focussed market research but many are simply due to the absence of some rudimentary financial planning, or to be blunter, basic budgeting. This brief article seeks to point out some fundamentals on this often neglected skill or to quote Monty Python the “bleedin obvious”!
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<b>Budgeting</b></h4>
Budgets are generally regarded as having at least five areas of usefulness:-
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<ul>
<li>Budgets tend to promote forward thinking and the identification of short term problems</li>
<li>Budgets can help, in larger businesses to co-ordinate activity and ensure a common understanding exits on priorities-for example there is little point in the sales team aiming to deliver optimistic targets if the production team have a different aim in mind</li>
<li>Budgets can motivate managers and staff to improve performance if “stretch “ goals are set</li>
<li>Budgets can help control a business-simply put does actual performance, measured monthly, compare favourably or adversely with the budget?</li>
<li>Budgets can also act as a means to authorise spending within a business</li>
</ul>
<a href="http://www.ignitebusinessclub.co.uk/wp-content/uploads/2014/04/coins.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="coins" class="alignright size-medium wp-image-246" src="http://www.ignitebusinessclub.co.uk/wp-content/uploads/2014/04/coins-225x300.jpg" height="400" width="300" /></a>The purpose of this article is to concentrate on the difference between profit and cash flow or, put another way, highlight the fact that profitability <b>AND</b> liquidity are opposite sides of the same coin when it comes to business survival. Business may fail through lack of profitability but its running out of cash that actually sends them to the wall. Indeed it is entirely possible for a profitable business to go bust by failing to pro-actively manage cash flow (known as overtrading)
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<b>Profitability</b></h4>
Let’s consider some basics-business has to generate profit in the medium to long term-after all, in our capitalist society, that is what it is all about-why take the risk otherwise? Business entrepreneurs see an opportunity in the market place to launch a product or service and to do so in a way that will generate a profit possibly with an idea or expertise that others will find difficult to copy. A business plan can be developed around this which should be capable of being expressed in financial terms-in other words- a profit forecast based on the sales compared to the cost of those sales. All pretty straightforward so far hopefully. This forecast or budget can and should be expressed over a reasonable time scale and should be as detailed as possible especially in the early days of the business-certainly for the coming year (broken down into months) and hopefully for another two years after that in order to give a reasonable perspective on the future of the business.. Let’s assume our small business compiles a profit forecast and that it looks reasonable-losses can be incurred in the early months as long as the longer term position indicates future profitability on a sustained basis. This profit projection can be enhanced by compiling a forecast balance sheet which will indicate:-
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<ul>
<li>The assets the business will own</li>
<li>The liabilities it will generate</li>
<li>The impact on the owners initial and subsequent investment</li>
</ul>
It is important at this stage to differentiate between the long term (investment in fixed assets such as premises, machinery and vehicles) and shorter term assets such as stock, debtors and free cash). Equally a distinction needs to be made between short term financing obtained by trade credit from suppliers and an authorised bank overdraft and longer term funding via a formal bank loan for example.
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<b>Cash flow/liquidity</b></h4>
It’s at this point where the cash flow forecast becomes important-even vital. Our profit forecast can and should indicate business profitability based on the assumptions made by the owner of the business. However the next question to be asked is how does this affect cash flow going forwards? Just because the profit forecast is positive does not mean that the business will generate a positive cash flow and enable the business to meet its short term liabilities which includes those nice people from HM Revenue and Customs as well as suppliers to the business. The profit forecasts need to be converted into cash flow forecasts that take account of:-
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<ul>
<li>Credit terms to be granted to customers</li>
<li>Credit terms obtained from suppliers</li>
<li>Stock holding levels to prevent stock outs but avoid overstocking</li>
<li>Investment in longer terms business assets</li>
<li>Use of any agreed overdraft facility</li>
<li>Longer term financing facilities</li>
</ul>
Plugging this information into our cash flow forecast should reveal any problem areas regarding whether the business will run out of money or need to increase any of its financing sources i.e. additional overdraft facilities, a longer term loan arrangement or increased investment in the business from the owner. At this point, it should become clear whether the business has a chance of financial survival or whether a complete rethink is required concerning the business assumptions built into the profit forecasts. Sometimes numerous iterations are required (know rather grandly as “sensitivity analysis”) in order to arrive at a business plan that meets the business owners’ aspirations but is also grounded in commercial reality as far as the generation of cash is concerned.
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<b>Summary</b></h4>
This article is necessarily brief and skips conveniently over numerous issues in order to deliver a fundamental point-(remember Monty Python above?). Business must financially plan to in order to succeed and that planning must involve profit planning and liquidity planning. One without the other is a business disaster waiting to happen.
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP-diT53IMk4w5glUtMbCb5mBHL3Mdb_m7eplmK32U1nmktd9zRkLoTKUkK2DhzNy6iA0YIDkW1AWm6C0RzQH4pmKE2UUUjs6_Dg6sRCO3E77Ttrx_UdhOuQI4_hlz95oJAMcRLaXiPw/s1600/jim-stockton.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP-diT53IMk4w5glUtMbCb5mBHL3Mdb_m7eplmK32U1nmktd9zRkLoTKUkK2DhzNy6iA0YIDkW1AWm6C0RzQH4pmKE2UUUjs6_Dg6sRCO3E77Ttrx_UdhOuQI4_hlz95oJAMcRLaXiPw/s1600/jim-stockton.jpg" /></a></div>
<strong>Jim Stockton, Senior Lecturer in Finance at the <a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank">Warrington School of Management </a>(University of Chester)</strong>
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<blockquote class="twitter-tweet" lang="en-gb">
Straightforward & quite useful read on starting a business RT <a href="https://twitter.com/InCheshireMag">@InCheshireMag</a>: Profit or cash? Which is more important <a href="http://t.co/nHSnOqkj7I">http://t.co/nHSnOqkj7I</a><br />
— Matt@NooksYard (@NooksYardCider) <a href="https://twitter.com/NooksYardCider/statuses/460842645829718016">April 28, 2014</a></blockquote>
<script async="" charset="utf-8" src="//platform.twitter.com/widgets.js"></script>Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0Warrington, UK53.3900441 -2.596950099999958253.2385501 -2.9196735999999581 53.5415381 -2.2742265999999582tag:blogger.com,1999:blog-5730389817356556.post-37105393967416727152014-04-25T10:35:00.001+01:002014-04-25T10:35:22.411+01:00Warrington Businesses set to benefit from the International Festival of Business<br />
THE International Festival of Business 2014 will be held in and around Liverpool during June and July.<br />
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The aim of this event is to boost international business opportunities and focus on regions of the world; China, India, USA, Asia, Europe and South America during different weeks.<br />
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Sector themes include Energy, Finance, Logistics, Manufacturing, Maritime, Creative and Digital Industries, Science, Technology, Research, Education and Enterprise.<br />
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The north west is well-recognised for these.<br />
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This will be a huge event, with 50 days of workshops, presentations, expert advice and networking activities to attend.<br />
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The City of Liverpool will be putting on an extensive cultural programme too, to showcase itself as a leading business and leisure destination.<br />
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So if your neighbour in the big house next door is having a party then you’d better make sure that you have an invite!<br />
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Warrington businesses are well-placed to benefit from the opportunities which this event will bring.<br />
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Energy, Manufacturing and Logistics industry clusters lead, not only in the region but also internationally.<br />
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Warrington businesses should not only be attending, but should be putting themselves forward within workshops, on stands, displays, volunteering their expertise and raising their profile with the international attendees.<br />
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Let’s make it IFB Warrington.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" /></a></div>
<a href="http://www.chester.ac.uk/bmw/pr-l-bellamy%20" target="_blank">Professor Lawrence Bellamy</a> is Associate Dean at <a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank">Warrington School of Management</a>, University of Chester (Padgate Campus)<br />
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<span style="font-size: x-large;">Do you feel like your business needs a boost? </span></h3>
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Ignite Business Club is a unique initiative set up by Warrington School of Management to help local organisations access the extensive network of expertise available at the University.<br />
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<a href="http://www.ignitebusinessclub.co.uk/about-us-warrington/" target="_blank">Find out more here</a></div>
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<br />Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com1Cheshire, UK53.389880751560234 -2.592773437553.087053251560235 -3.2382204375 53.692708251560234 -1.9473264375000001tag:blogger.com,1999:blog-5730389817356556.post-74930201830406646092014-03-21T10:18:00.001+00:002014-03-21T10:18:30.395+00:00Can you hear the employee ‘voice’?<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
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<span style="font-family: Georgia, 'Times New Roman', serif; font-size: 12pt;">There has been a lot of interest in
the business news recently around the idea of ‘employee engagement’. This is
not a new initiative; it has been an agenda item for government and
organisations for a number of years now writes </span><b style="font-family: Georgia, 'Times New Roman', serif; font-size: 12pt;">Meryl Bradshaw</b><span style="font-family: Georgia, 'Times New Roman', serif; font-size: 12pt;">.</span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">The recent recession highlighted the
need for organisations to create a sense of belonging and loyalty in the
workforce, required to sustain retention of key skills and knowledge. The
thinking behind this is that a feeling of </span></span><span style="font-family: Georgia, 'Times New Roman', serif; font-size: 12pt;">belonging would maintain a sense of
stability, even where pay-cuts/ freezes, and the possible threat of redundancy </span><span style="font-family: Georgia, 'Times New Roman', serif; font-size: 12pt;">were present. Therefore, engaged
employees are far more likely to support the management’s efforts to cost cut
and </span><span style="font-family: Georgia, 'Times New Roman', serif; font-size: 12pt;">where called for, do more for less.</span></div>
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<b><span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">Cultural
Change<o:p></o:p></span></span></b></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">To move towards an employee engagement
policy, management may have to recognise that cultural change is necessary, and
to achieve this they need to work closelywith all staff members. <o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">This common approach will be the starting
point in establishing an employee voice, which is led by senior management and
endorsed by line managers. <o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">Indeed, it can be argued that the
success of employee engagement is in the hands of well trained and committed
line managers, to drive, guide and feedback to staff. It can therefore be
justifiably stated that culture engages or in reality disengages staff.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">When management recognise that the
workforce needs to be ‘on board’ with the corporate vision through an engaged
level of commitment, it naturally falls to HR to make this possible. <o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">For example, HR can ensure that line
managers have the right skills training to be able to support the policy. It is
far more beneficial to have a line manager who can regularly communicate with
teams, offering levels of autonomy, rather than being controlling with limited
staff feedback. <o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">Supporting this is the necessity to
understand that job satisfaction is only a part of engagement, employees’
behaviour and their expectations fall in line with what they see and hear
within their work environment. Managers then should acknowledge that staff and
customer attitude is based on how they see themselves as being treated. Hence,
if staff feel ‘engaged’ they will behave accordingly.<o:p></o:p></span></span></div>
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<b><span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">Staff
Surveys<o:p></o:p></span></span></b></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">When an organisation has committed to
an engagement policy, the question of<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">‘How do staff feel now?’ and ‘How can
this be measured?’ arise. In order to answer these questions most organisations
chose to identify the current levels of engagement. Again, this task should be
led by HR and senior<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">management; how it is organised is
again a management decision based on advice.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">Many organisations choose to ascertain
current staff attitude through a staff survey.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">However, to make sure the responses
are useful to the organisation, it is important to inform all staff of the
reasons behind why it is being produced, and their role in<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">the process.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">The responsibility for informing staff
of the value of the survey and what staff can expect to get from it, again will
come down to the line managers, HR, and in some cases the union.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">Many companies chose to outsource the
whole process of employee surveys to specialist suppliers; this does not
preclude those who wish to maintain an in-house approach however, providing the
skills are available to do so. If a supplier is the preferred choice, the
company will need to work closely with them to ensure they are clear about
their objectives and expectations for the survey itself. A pay-off in deciding
to outsource is the acknowledgement of confidentiality for staff, thereby
encouraging honest participation; this may not be so for the in-house survey.<o:p></o:p></span></span></div>
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<br /></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">The evidence of monetary investment in
this process also affirms for staff, the commitment that management have to<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">the policy. The use of specialist
suppliers allows benchmarking against comparable organisations, a useful
resource for management decision making.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">There are many different categories
that<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">could be included within such a
survey,<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">for example:<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">• Day-to-day working life<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">• Training<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">• Values<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">• Line management effectiveness<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">• Teamwork<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">• Flexible working<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">• Job clarity<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">• Workload<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">• Career development<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">These are generally fixed within three<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">discrete sections:<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">1. A demographic section<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">2. An opinion section<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">3. A space free for comments<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">Most surveys measure engagement by
rating scales, which are answered by tick boxes, for example, strongly agree to
strongly disagree.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">Different systems can be utilised to
distribute the survey, but most are now carried out online through the company<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">intranet, with employees being sent
emails linked to the questionnaire. <o:p></o:p></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdr7X4eHggilGghDZ7retBeitH5MM4H-y0JmHmNDh76poPEfn8dg6UPCwe1-ZVbmk3rwz0aquXgjBNGz0wBMzacnwgNmKI6Eiz_RjBpfwGkriSDgN8vbmcWpGFNmrF7PWHUqtv9_bsaA/s1600/coworkers+2.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdr7X4eHggilGghDZ7retBeitH5MM4H-y0JmHmNDh76poPEfn8dg6UPCwe1-ZVbmk3rwz0aquXgjBNGz0wBMzacnwgNmKI6Eiz_RjBpfwGkriSDgN8vbmcWpGFNmrF7PWHUqtv9_bsaA/s1600/coworkers+2.jpg" height="200" width="200" /></a><span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">The initial survey will enable
management to identify areas for possible change / development within the
company. The very fact that senior management are recognised as implementing
such a scheme and the appreciation of why it is being introduced may well boost
initial engagement.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">Companies that have used a third part
supplier can expect to receive a break- down of results.<o:p></o:p></span></span></div>
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<br /></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">These results are usually presented to
the senior management team initially.<o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">For example by ‘Headliners’ followed
by departmental and then through the sectors, such as demographics.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">Managers can chose to hold team
meetings at local level to present significant results for discussion. It is
important to review results with staff, enabling them to offer their thoughts
and feedback to the management team. The evidence of action taken from the
comments made is vital for the process of engagement to be recognised as upheld
by staff.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;">It may be said therefore, that any
company that is actively looking to support their employees’ engagement, needs
to carefully consider what the core values of the organisation are, and how
they are evidenced in the culture of that organisation. If there is any cause
for concern, for example in internal communication, there are strategies
available to help in securing a strongly committed workforce.<o:p></o:p></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBnc3ajkQWdYe7V0vCqRjszWhDhq7m-AUB3g_voub6yeO2cktV69qWe5_g_9DpH9Ca7YbQ12DN5NEmL7QEPd1lJP0cJ1-youiyZzgv1TaHcfkr2fAZGpJ9AmoGZqVhasFCp9d9JDME2g/s1600/Meryl+Bradshaw.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBnc3ajkQWdYe7V0vCqRjszWhDhq7m-AUB3g_voub6yeO2cktV69qWe5_g_9DpH9Ca7YbQ12DN5NEmL7QEPd1lJP0cJ1-youiyZzgv1TaHcfkr2fAZGpJ9AmoGZqVhasFCp9d9JDME2g/s1600/Meryl+Bradshaw.jpg" height="200" width="133" /></a></div>
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<i><span style="font-size: 12pt;"><span style="font-family: Georgia, Times New Roman, serif;"><a href="http://www.chester.ac.uk/bmw/meryl-bradshaw" target="_blank">Meryl Bradshaw</a> is Academic Lead and Senior Lecturer in HR at <a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank">Warrington School ofManagement</a>, University of Chester. </span><span style="font-family: Arial, sans-serif;"><o:p></o:p></span></span></i><br />
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<h2>
<span style="font-family: Trebuchet MS, sans-serif; font-size: large;">Do you feel like your business needs a boost?</span></h2>
<span style="font-family: Trebuchet MS, sans-serif;">Warrington School of Management is launching Ignite Business Club on Wednesday 26th March - an initiative designed to help businesses increase sales through: a business diagnostic, ongoing webinars and master classes, access to grants and a mentoring network. </span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><span style="font-family: 'Trebuchet MS', sans-serif;">This launch event is free to attend and provides local business people with the opportunity to network and find out more about the Business Club. You will also get the opportunity to hear the inspirational story of local entrepreneur, <a href="http://www.blue-leaf.co.uk/about-blueleaf/meet-the-team/" target="_blank">Adrian Lomas</a> who set up his business from a spare room in his house to grow it into one of the most successful digital agencies in the UK, with a multi-million pound turnover.</span><br />
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<span style="background-color: white;"><span style="font-family: Trebuchet MS, sans-serif;"><br /></span></span><span style="font-family: Trebuchet MS, sans-serif;"><a href="http://www.eventbrite.co.uk/e/ignite-business-club-launch-tickets-10577291965" target="_blank">Book your ticket now</a></span><br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgBUU7WK5luxhj6eAST3xFavrkq_X_DiU2_bJrgoyXqS40iPh9aLJnNYb5zgtvIfpYQHpbVAoNOe5SMahSeJmeDRUjK4g1rvuTjQyyu7y4PCEr8FPHzHD-10EL-UqZ335pd187x0wtpw/s1600/Banner+Logo+-+from+Graphics.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgBUU7WK5luxhj6eAST3xFavrkq_X_DiU2_bJrgoyXqS40iPh9aLJnNYb5zgtvIfpYQHpbVAoNOe5SMahSeJmeDRUjK4g1rvuTjQyyu7y4PCEr8FPHzHD-10EL-UqZ335pd187x0wtpw/s1600/Banner+Logo+-+from+Graphics.jpg" height="185" width="640" /></a></div>
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-23470007627561983092014-03-14T09:17:00.000+00:002014-03-14T09:18:08.510+00:00Success and Failure in Small Firms: Take a SMaRRT Approach<br />
<h4>
Small firms are the backbone of the UK economy; they account for around 99% of all<br />registered firms and employ 50% of all workers. Professor Lawrence Bellamy provides<br />expert advice on how small companies can ensure strategic success.</h4>
<br />
Despite decades of research on small firms, there is still a lot to learn about when it comes to success and failure. Whilst there are no easy answers, there are some indicators - common mistakes made and examples of good practice. Most of these can be linked back to strategic awareness and the ability to operationalise ideas. One way to consider these is to use the SMaRRT acronym:<br />
<br />
<h3>
STRATEGY</h3>
The ‘market’ is constantly changing. What worked one month may not work the next. Small firms don’t suffer from the ‘oil tanker’ problems that large firms do and, therefore, one of their key strengths is<br />
adaptability (but they need to be alert to new possibilities). Trade magazines and journals often provide information on key industry changes and new technical developments; this information is useful but tends to be historical. The most up to date information tends to come from key customers and suppliers - by maintaining contact, you can gather data on a daily basis, enabling you to respond to market changes (but<br />
you need to review what you are finding and check it with other information too).<br />
<h4>
<br />Do your research!</h4>
Whilst it is important to deal with the day to day, it’s also important not to lose sight of the ultimate goal. Having a long-term vision allows you to view key decisions as steps towards an ultimate objective. Are<br />
the things you are doing moving you in the right direction? As the business develops, your knowledge grows and the market evolves it may be reasonable to adjust your long-term direction. Whatever you decide, try to<br />
make your offering distinctive. Why should customers choose you?<br />
<h3>
<br />MANAGEMENT</h3>
Lack of management skills are often cited as the root of many problems when it comes to success and failure in small firms. It is an easy assumption to make, as you can always criticise a business after something goes wrong and blame the management. However, this area can be broken down into specifics - delegation<br />
is a big problem for many owner-managers. They have started the business, built-up the customer base and probably done most of the roles within the firm. They hate to let go!<br />
<br />
If it is a specialist task, then employ a specialist. Release your time to work on something else of<br />
importance and which you are good at. Planning, innovation, budgeting, people skills and<br />
managing risk are also important.<br />
<h3>
<br />RISK</h3>
Manage the downside: in approaching any situation think about the risk involved and<br />
how it can be minimised. Making a significant purchase? Could you dispose of it easily and what would it be<br />
worth? Would it be better to lease? Taking on new staff? If the projects they are working on don’t go forward then can they be reallocated? Would you be better outsourcing that operation?<br />
<br />
Get your planning right and reduce the chances of failure. Run through scenarios when making key decisions; if ‘A’ happens, how could we respond? Could we prevent this from occurring? Use specialist insurance if you need to. If you are lacking experience, then use a mentor to assist you. Build up your personal ‘knowledge bank’ and prevent yourself being ‘blindsided’ by an event; critical thinking skills are crucial.<br />
<br />
<h3>
RESOURCES</h3>
Finance, for small firms, is probably the largest single problem cited as a cause for failure. This can occur in a number of ways - liquidity problems occur simply because the time it takes customers to pay the firm is greater than the time you take to pay your suppliers (i.e. cash flow). In bridging the gap, firms fail to manage their debtors-creditor balance well and banks are often less helpful than they might wish for.<br />
<br />
Small firms also tend to be underinvested; ‘make do and mend’ rather than invest in equipment which will make you twice as productive. Assess your investments carefully and look at the payback. Firms<br />
really need to get a handle on what their fixed and variable costs are, especially in set up or growth phases when these can change dramatically. Monitoring and budgeting is crucial. When it comes to equipment (whether it’s for IT, your fleet or anything else), you need to have a renewal plan. Old kit is potentially unreliable and less productive than new. However, new kit depreciates quickly and financing costs can be high.<br />
<br />
If you are running large premises plan your maintenance and if times are hard, you can leave replacement and renewal a little longer without too much detriment. People make your company perform well… invest in them. It’s not always about the money either; try to engage your employees by letting them try new tasks, recognising them with encouragement and personally engaging with them. Get to know your staff<br />
and what motivates them - can you use the information within their job design?<br />
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<h3>
TARGETS</h3>
Organise your firm through targets and measure them: new business gained, margin achieved, output levels, cost reduction, response time. Measure the things which matter, though. Break your business down into periods of operation and assign projects for completion within them, e.g. development of new products,<br />
website update, IT upgrade, new area promotion, customer account review. Whilst running the day to day, projects will take the organisation forward. Cascade targets down to your employees and get them involved in the challenge, with appropriate support.<br />
<br />
Ultimately, all owner-managers get to a point where they feel that it’s time for something new. So you also need to have an exit strategy. After all if you can be successful in one business, why not three<br />
or four? There is always a right time to move on if you’re working SMaRRT.<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" /></a></div>
<a href="http://www.chester.ac.uk/bmw/pr-l-bellamy%20" target="_blank">Professor Lawrence Bellamy </a>is Associate Dean at the <a href="http://www.chester.ac.uk/warrington-school-of-management">Warrington School of Management</a>, University of Chester Warrington (Padgate) Campus.<br />
<div>
<br /></div>
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<br />
<br />
<h2>
</h2>
<h2>
<span style="font-family: Trebuchet MS, sans-serif; font-size: large;">Do you feel like your business needs a boost?</span></h2>
<span style="font-family: Trebuchet MS, sans-serif;">Warrington School of Management is launching Ignite Business Club on Wednesday 26th March - an initiative designed to help businesses increase sales through: a business diagnostic, ongoing webinars and master classes, access to grants and a mentoring network. </span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">This launch event is free to attend and provides local
business people with the opportunity to network and find out more about the
Business Club. You will also get the opportunity to hear the inspirational
story of local entrepreneur, <a href="http://www.blue-leaf.co.uk/about-blueleaf/meet-the-team/" target="_blank">Adrian Lomas</a> who set up his business from a spare room in his
house to grow it into one of the most successful digital agencies in the UK,
with a multi-million pound turnover.</span><br />
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<span style="background-color: white;"><span style="font-family: Trebuchet MS, sans-serif;"><br /></span></span>
<span style="font-family: Trebuchet MS, sans-serif;"><a href="http://www.eventbrite.co.uk/e/ignite-business-club-launch-tickets-10577291965" target="_blank">Book your ticket now</a></span><br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgo5Qr9UkqDF4lJr3FyAIJzlujuRTcPEMYUzUvLgTXFgqew8HUrZEz5gR8PeFjgFXnXN4zB8C_0Hn5vjqTGHHsRbGZXXEhkFLCYPUMG3qho1nEuMSCOBPD4UFAMsev0PrOedlgXJttrUQ/s1600/Banner+Logo+-+from+Graphics.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgo5Qr9UkqDF4lJr3FyAIJzlujuRTcPEMYUzUvLgTXFgqew8HUrZEz5gR8PeFjgFXnXN4zB8C_0Hn5vjqTGHHsRbGZXXEhkFLCYPUMG3qho1nEuMSCOBPD4UFAMsev0PrOedlgXJttrUQ/s1600/Banner+Logo+-+from+Graphics.jpg" height="116" width="400" /></a><br />
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com3tag:blogger.com,1999:blog-5730389817356556.post-40923525709814650932014-02-20T14:38:00.001+00:002014-02-20T15:37:26.924+00:00Warrington's World Class Industry <br />
Warrington's nuclear industry is world-class.<br />
<br />
You can measure by expertise, key projects delivered, innovations produced, finances and demand. When the Japanese Fukushima Nuclear plant disaster hit in 2011 Warrington firms were called.<br />
<br />
The nuclear jobs market (with salaries typically at £35K plus for technical roles) indications the health of the sector. This industry has been built up through decades of research, training and project experience. However the success of the industry is not just about nuclear applications; the broader supply chain is also critical.<br />
<br />
The Warrington area also has chemicals, petrochemicals, biotechnology, automotive and high tech manufacturing elements. These industries all need engineering, logistics, project management, process control, metrology, scientific research and many other specialist shared skills and expertise.<br />
<br />
The supply chains of these clusters support each other and so when one declines the others can feel the impact. Nearby AstraZeneca and Hewlett-Packard (Birchwood) job losses mean a migration of expertise from the area, if employees cannot find jobs quickly locally. Success breeds success.<br />
<br />
Warrington is part of the 'knowledge economy' and keeping the knowledge here is critical. So what can be done to make Warrington more attractive to investors?<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" /></a></div>
<a href="http://www.chester.ac.uk/bmw/pr-l-bellamy%20">Professor Lawrence Bellamy</a> is Associate Dean at the <a href="http://www.chester.ac.uk/warrington-school-of-management">Warrington School of Management</a>, University of Chester Warrington (Padgate) Campus.<br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The Warrington School of Management is launching an exciting new business service that will include events and ‘Master Classes’ to help small and medium sized businesses grow. If you are interested in registering for more information, or would like to come to our launch event on Wednesday 26th March please send your details to Beth Morris at <a href="mailto:ignite@chester.ac.uk">ignite@chester.ac.uk</a></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><a href="mailto:ignite@chester.ac.uk"><br /></a></span>
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<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: Arial, Helvetica, sans-serif;"><a href="mailto:ignite@chester.ac.uk"><br /></a></span></div>
Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-24931432049657009472014-02-14T14:51:00.000+00:002014-02-14T14:51:47.260+00:00Could HS2 make travel worse in Warrington?<div class="separator" style="clear: both; text-align: center;">
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The HS2 rail development takes another turn this week as
some northern towns, both sides of the Pennines, are starting to get cold
feet. Over in Yorkshire Wakefield will have no station under the
development, but all the hassle of the track passing close-by.<br />
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Warrington, whose current rail connections are fair, could
find that by not being served with the new development, finds its own lines and
services downgraded.<o:p></o:p></div>
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The build of HS2 is one thing, the use is another. In terms
of the build the strong civil engineering skills of Warrington companies will
play a significant part in the development, boosting the local economy.<o:p></o:p></div>
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However once the build is finished a downgraded local
service could be an outcome.<o:p></o:p></div>
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The scale of HS2 makes it a political battleground, with
opposing parties battling for advantage over the contentious project.<o:p></o:p></div>
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So should Warrington move to oppose HS2 and lobby for an
upgrade to existing services?<o:p></o:p></div>
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It would be cheaper, it would be quicker to build and it
would directly benefit the town in use rather than indirectly through the
network. It’s a tough call, but just like the track, a long way to go yet.<o:p></o:p></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" /></a></div>
<div class="MsoNormal">
<a href="http://www.chester.ac.uk/bmw/pr-l-bellamy%20">Professor
Lawrence Bellamy</a> is Associate Dean at the <a href="http://www.chester.ac.uk/warrington-school-of-management">Warrington
School of Management</a>, University of Chester Warrington (Padgate) Campus.<o:p></o:p></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>STOP PRESS:</b><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">The Warrington School of Management is launching an exciting
new business service that will include events and ‘Master Classes’ to help
small and medium sized businesses grow. If you are interested in registering
for more information, please send your details to Beth Morris at <a href="mailto:ignite@chester.ac.uk">ignite@chester.ac.uk</a><o:p></o:p></span></div>
<br />
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The multi-million bid for the Warrington University Technical College has been successful.
In September 2015 the first intake of students will be entering the brand new purpose-built building in the Stadium Quarter of Warrington.<br />
<br />
The UTC is sponsored by the University of Chester with strong support from Warrington Borough Council and local employers including Sellafield Ltd, Tenet, Nuvia and AMEC.
Warrington-based companies need the technical skills that these new workers will have for their businesses to be successful.<br />
<br />
My own engineering education benefited from a mix of work experience, use of workshop facilities in a local college and laboratory provision at a polytechnic.
I had to travel to access these. The UTC will make these elements accessible for 14-19 year olds in Warrington.<br />
<br />
It will give students a strong grounding in maths, science and English (expectations for academic standards are high) and specialist knowledge critical for the success of UK technology and engineering industry.
As an employee of the university and an engineer it will give me immense pride to see this project take shape and students receive quality education of a type that simply has not been available before.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" /></a></div>
<a href="http://www.chester.ac.uk/bmw/pr-l-bellamy%20" target="_blank">Professor Lawrence Bellamy</a> is Associate Dean at the <a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank">Warrington School of Management</a>, University of Chester Warrington (Padgate) Campus.<br />
<br />
<br />
<br />
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<b><span style="font-family: "Arial","sans-serif"; font-size: 14pt; line-height: 19.97333335876465px;">STOP PRESS:<o:p></o:p></span></b></div>
<br />
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 14.266666412353516px;">The Warrington School of Management is launching an exciting new business service that will include networking events and ‘Master Classes’ to help small and medium sized businesses grow. If you are interested in registering for more information, please send your details to Beth Morris at <a href="https://www.blogger.com/b.morris@chester.ac.uk">b.morris@chester.ac.uk</a></span></div>
Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-89783632708330521162014-02-11T10:46:00.001+00:002014-02-11T10:46:06.371+00:00The Latest News from Warrington School of Management
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<strong>In this issue: </strong> Students visit Everton FC | A final year student says | Work placements | Business speakers
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<div style="text-align: right;-webkit-text-size-adjust: none;">Email not displaying correctly?</div>
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<h1 style="margin: 0;padding: 0;display: block;font-family: Tahoma;font-size: 18px;font-style: normal;font-weight: bold;line-height: 125%;letter-spacing: normal;text-align: left;color: #333333 !important;">Business Management Newsletter - February 2014</h1>
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<td valign="top" class="mcnTextContent" style="padding: 9px 18px;font-size: 14px;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;color: #333333;font-family: Tahoma, Verdana, Segoe, sans-serif;line-height: 150%;text-align: left;">
Thank you for your interest in <a href="http://www.chester.ac.uk/undergraduate/business-management" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;color: #b7001e;font-weight: normal;text-decoration: underline;">Business Management</a> at the University of Chester. Whilst you are considering your options we aim to give you a flavour of our programme and the approach that we, the teaching team, take in guiding and supporting students through the process of becoming successful graduates. We have some interesting stories and snippets below to start the journey.<br>
<br>
Don’t forget that you can visit us to find out more at one of our forthcoming <a href="http://www.chester.ac.uk/applicantdays/warrington" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;color: #b7001e;font-weight: normal;text-decoration: underline;">Applicant Days</a>.
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<a href="http://www.chester.ac.uk/node/22596" title="" class="" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;">
<img alt="Everton FC" src="https://gallery.mailchimp.com/244871b6f3c0f3187476fade3/images/zzCHAdf0512RecruitNEW_6377053906e16.jpg" width="264" style="max-width: 615px;border: 0;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;vertical-align: bottom;" class="mcnImage">
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<h2 class="null" style="margin: 0;padding: 0;display: block;font-family: Tahoma;font-size: 16px;font-style: normal;font-weight: normal;line-height: 125%;letter-spacing: normal;text-align: left;color: #b7001e !important;"><a href="http://www.chester.ac.uk/node/22596" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;color: #b7001e;font-weight: normal;text-decoration: underline;">Students enjoy a Premier start to Warrington stay</a></h2>
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<p style="margin: 1em 0;padding: 0;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;color: #333333;font-family: Tahoma, Verdana, Segoe, sans-serif;font-size: 13px;line-height: 150%;text-align: left;">Business Management students recently visited Everton Football Club to experience first-hand the importance of connecting business theory and business practice and how this is applied in a dynamic, exciting environment<span style="color: #555555;font-family: lucida grande,lucida sans unicode,verdana,tahoma,arial,sans-serif;font-size: 12px;line-height: 19.375px;">.</span></p>
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<em>"The Business tutors are second to none. They make sure you know exactly what is expected and help you every step of the way.</em><br>
<div style="-webkit-text-size-adjust: none;"><em>"Doing a Business Management course at the University of Chester has really opened my eyes to the amount of possibilities there are when I graduate."</em></div>
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<div style="-webkit-text-size-adjust: none;"><strong>Kayleigh Miller</strong></div>
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<h2 class="null" style="margin: 0;padding: 0;display: block;font-family: Tahoma;font-size: 16px;font-style: normal;font-weight: normal;line-height: 125%;letter-spacing: normal;text-align: left;color: #b7001e !important;">Employers meet undergraduates and get involved in classes...</h2>
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Business lecturers have been collaborating with the Department of Careers and Employability to bring in external speakers from industry to provide a ‘real-life’ perspective to curriculum delivery.
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Hearing from employers gives students the chance to enhance their commercial awareness by gaining a ‘real-world’ view of their subject and an understanding of the challenges faced and the strategies used within the workplace. Hearing from a range of companies can also help broaden students’ awareness of career options after they graduate.</div>
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Catherine Rawcliffe, Talent Acquisition Specialist at Enterprise Rent-A-Car tells us:<br>
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<em>"It is important for students to network and learn best practice from the world of work. Enterprise Rent-A-Car spend a lot of time with students at the University's Chester and Warrington Campuses. Across the academic year we have helped students develop employability skills and commercial awareness, which is invaluable to the students and helps them prepare skills needed for their career search and future career development. Enterprise Rent-A-Car have enjoyed building relationships with both students and staff. It is a great opportunity for us to spot talent, keep the talent pipeline open and, in turn, select the best people for our Management Trainee roles."</em>
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<img align="left" alt="Nauman Wasif" src="https://gallery.mailchimp.com/244871b6f3c0f3187476fade3/images/52_ff675d438ae4ffca3979b4cd69f4f19c_Nauman_Wasif70ca2c.jpg" width="360" style="max-width: 640px;padding-bottom: 0;display: inline !important;vertical-align: bottom;border: 0;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" class="mcnImage">
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<h2 class="null" style="margin: 0;padding: 0;display: block;font-family: Tahoma;font-size: 16px;font-style: normal;font-weight: normal;line-height: 125%;letter-spacing: normal;text-align: left;color: #b7001e !important;"><a href="http://www.chester.ac.uk/wblu" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;color: #b7001e;font-weight: normal;text-decoration: underline;">Work Based Learning</a></h2>
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All students have a work placement as an integral part of their programme of study. Nauman Wasif, tells us:
<p style="margin: 1em 0;padding: 0;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;color: #333333;font-family: Tahoma, Verdana, Segoe, sans-serif;font-size: 13px;line-height: 150%;text-align: left;"><em>"I had a great time working with Oxfam for my Work Based Learning, and not only did I get an opportunity to observe management in practice, but I also came out with influential contacts and priceless learning experiences. It's a great opportunity for students to network with prospective employers and share experiences with people who've been in the industry for a long time whilst establishing long term relationships."</em></p>
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<a class="mcnButton " title="Read More about Work Based Learning" href="http://www.chester.ac.uk/wblu" target="_blank" style="font-weight: bold;letter-spacing: -0.5px;line-height: 100%;text-align: center;text-decoration: none;color: #FFFFFF;font-family: Tahoma;font-size: 14px;padding: 10px;word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;">Read More about Work Based Learning</a>
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<img align="center" alt="Applicant Days 2014" src="https://gallery.mailchimp.com/244871b6f3c0f3187476fade3/images/chester_sign.2.jpg" width="204" style="max-width: 220px;padding-bottom: 0;display: inline !important;vertical-align: bottom;border: 0;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" class="mcnImage">
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<h3 class="null" style="margin: 0;padding: 0;display: block;font-family: Tahoma;font-size: 14px;font-style: normal;font-weight: bold;line-height: 125%;letter-spacing: normal;text-align: left;color: #333333 !important;">Applicant Days</h3>
<br>
<a href="http://www.chester.ac.uk/applicantdays/warrington" target="_blank" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;color: #b7001e;font-weight: normal;text-decoration: underline;">Book your place</a> for one of our Applicant Days now and see for yourself what makes Chester so unique.
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<td valign="top" class="mcnTextContent" style="padding-top: 9px;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;color: #333333;font-family: Tahoma, Verdana, Segoe, sans-serif;font-size: 13px;line-height: 150%;text-align: left;">
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<h3 class="null" style="margin: 0;padding: 0;display: block;font-family: Tahoma;font-size: 14px;font-style: normal;font-weight: bold;line-height: 125%;letter-spacing: normal;text-align: left;color: #333333 !important;">
Follow the University of Chester</h3>
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Andrea Harper<br>
01925 534325<br>
<a href="mailto:a.harper@chester.ac.uk" target="_self" style="word-wrap: break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: none;color: #b7001e;font-weight: normal;text-decoration: underline;">a.harper@chester.ac.uk</a><br>
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</html>Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-72520020153572994912014-01-31T07:00:00.000+00:002014-01-31T07:00:03.445+00:005 Ways to Increase your Website Conversion Rates: Part Five<br />
In the final part of our Digital Marketing series, Senior Lecturer Tanya Hemphill identifies the best tools and resources to help you monitor and evaluate your website's performance.<br />
<br />
<h2>
<span style="font-size: large;">Test, test and test again</span></h2>
Every website is different and to find the most effective approach, tools such as Google Analytics and Crazy Egg (eye tracking/ heat maps) are needed to identify the most important parts of the site and then A/B testing should be used to identify what layout and content generates the most conversions.<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbXoHkWg2o8HTZQD-VoQZSQKbqc4aRxqLQxG5AAaxVwbM6JEexoNw-F1ykbB372RFGCtcCVUhOadPwK4W9qHpth-1fTj264La_NNFmV0iXINpLw9lR8Y42YbOr8DQXITJpP1a72nwdUQ/s1600/ID-100122523.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbXoHkWg2o8HTZQD-VoQZSQKbqc4aRxqLQxG5AAaxVwbM6JEexoNw-F1ykbB372RFGCtcCVUhOadPwK4W9qHpth-1fTj264La_NNFmV0iXINpLw9lR8Y42YbOr8DQXITJpP1a72nwdUQ/s1600/ID-100122523.jpg" height="212" width="320" /></a></div>
<br />
A/B testing is when two versions of the same page are designed and 50% of visitors are taken to one page, with the other half visiting the other. Conversion rates can then be analysed to find out which page generates the best conversion. This can be done with the help of Google Analytics Content Experience API (<a href="https://www.blogger.com/goog_1756643379">see http:/</a><br />
<a href="http://analytics.blogspot.co.uk/2012/06/helpingto-create-better-websites.html">analytics.blogspot.co.uk/2012/06/helpingto-create-better-websites.html</a>).<br />
<br />
<i>Further Reading: </i><a href="http://econsultancy.com/blog/10922-%C2%A0eight-user-testing-case-studies-that-achieved-amazing-results" target="_blank"><i>http://econsultancy.com/blog/10922- </i><i>eight-user-testing-case-studies-that-achieved-</i><i>amazing-results</i></a><br />
<i><br /></i>
<i>Eisenberg, B., Quarto-vonTivadar, J. and </i><i>Davis, L., 2008. A/B Always Be Testing. </i><i>Wiley.</i><br />
<i><br /></i>
<i>Goward, C., 2012. You Should Test That: </i><i>Conversion Optimization for More Leads,</i><br />
<i>Sales and Profit or The Art and Science of </i><i>Optimized Marketing.</i><br />
<i><br /></i>
<br />
<div style="margin: 0px;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo-EJIRr4K5k6RRS_SbsAflUbc6YPbFbaSStwfUfgsmvN-L9s5McZv526MBmpUO8T7_W58dH6e22tEEyWBy4fgjq8fbui98NyzcKcQny0UVlwYfChuLrz9gVeqPfxr7AYmmk0_qUfAJQ/s1600/Photo+of+Tanya+Hemphill.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo-EJIRr4K5k6RRS_SbsAflUbc6YPbFbaSStwfUfgsmvN-L9s5McZv526MBmpUO8T7_W58dH6e22tEEyWBy4fgjq8fbui98NyzcKcQny0UVlwYfChuLrz9gVeqPfxr7AYmmk0_qUfAJQ/s1600/Photo+of+Tanya+Hemphill.jpg" height="200" width="115" /></a></div>
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i>This series has been written by <a href="http://www.chester.ac.uk/bmw/staff/t-hemphill" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">Tanya Hemphill</a>, Senior Lecturer and Programme Leader in Marketing and Public Relations, based at the <a href="http://www.chester.ac.uk/warrington-school-of-management" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">Warrington School of Management </a>(<a href="http://www.chester.ac.uk/" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">University of Chester</a>).</i></i></div>
<div style="margin: 0px;">
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i><a href="http://twitter.com/DigitalTanya" target="_blank">@DigitalTanya </a></i></i></div>
<div style="margin: 0px;">
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i><a href="http://www.twitter.com/WSofManagement" target="_blank">@WSofManagement</a></i></i></div>
<div style="margin: 0px;">
<br />
<div class="MsoNormal">
<b><span style="font-family: "Arial","sans-serif"; font-size: 14pt; line-height: 19.97333335876465px;">STOP PRESS:<o:p></o:p></span></b></div>
<br />
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10pt; line-height: 14.266666412353516px;">The Warrington School of Management is launching an exciting new business service that will include networking events and ‘Master Classes’ to help small and medium sized businesses grow. If you are interested in registering for more information, please send your details to Beth Morris at <a href="https://www.blogger.com/b.morris@chester.ac.uk">b.morris@chester.ac.uk</a></span></div>
</div>
Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com1tag:blogger.com,1999:blog-5730389817356556.post-2811000878699293752014-01-30T07:00:00.000+00:002014-01-30T07:00:05.985+00:005 Ways to Increase Your Website Conversion Rates: Part FourBusinesses spend a lot of money setting up their website and driving traffic to it. However, converting visitors into customers is an important part of a digital marketing strategy that often gets forgotten. Day four of our five part series explores the power of online reviews and testimonials.<br />
<h2>
<span style="font-size: large;"><br /></span></h2>
<h2>
<span style="font-size: large;">
Using Psychology for Persuasion</span></h2>
Ratings, reviews and testimonials are not just acquisition tools - they also help increase conversion rates; research from Bazaar Voice showed that for one of its clients the use of reviews achieved 60% higher conversion and 82% more page views per visitor.<br />
<br />
This type of content is powerful because of social validation - according Susan Weinschenk (see recommend books) products with recommendations generate 20% more sales than items without them. This tool not only helps with the buying decision-making process but can also help with Google pay-per-click advertising<br />
conversion rates. Research by Google Inside Adwords in 2011, showed that adverts with ‘seller ratings’ get a 17% higher click through rate (CTR) than the same adverts without ratings. However, a website needs at<br />
least 30 reviews from the last 12 months to add Seller Ratings (see Trustpilot.co.uk).<br />
<br />
Further Reading:<br />
Weinschenk, S. M.,2009. Neuro Web Design: What Makes them Click?<br />
Nahai, N., 2012. Webs of Influence: The Psychology of Online Persuasion<br />
<br />
<div style="margin: 0px;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo-EJIRr4K5k6RRS_SbsAflUbc6YPbFbaSStwfUfgsmvN-L9s5McZv526MBmpUO8T7_W58dH6e22tEEyWBy4fgjq8fbui98NyzcKcQny0UVlwYfChuLrz9gVeqPfxr7AYmmk0_qUfAJQ/s1600/Photo+of+Tanya+Hemphill.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo-EJIRr4K5k6RRS_SbsAflUbc6YPbFbaSStwfUfgsmvN-L9s5McZv526MBmpUO8T7_W58dH6e22tEEyWBy4fgjq8fbui98NyzcKcQny0UVlwYfChuLrz9gVeqPfxr7AYmmk0_qUfAJQ/s1600/Photo+of+Tanya+Hemphill.jpg" height="200" width="115" /></a></div>
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i>This article has been written by <a href="http://www.chester.ac.uk/bmw/staff/t-hemphill" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">Tanya Hemphill</a>, Senior Lecturer and Programme Leader in Marketing and Public Relations, based at the <a href="http://www.chester.ac.uk/warrington-school-of-management" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">Warrington School of Management </a>(<a href="http://www.chester.ac.uk/" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">University of Chester</a>).</i></i></div>
<div style="margin: 0px;">
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i> <a href="http://twitter.com/DigitalTanya" target="_blank">@DigitalTanya </a></i></i></div>
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i><a href="http://www.twitter.com/WSofManagement" target="_blank">@WSofManagement</a></i></i><br />
<b><span style="font-family: "Arial","sans-serif"; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<b><span style="font-family: "Arial","sans-serif"; font-size: 14.0pt; line-height: 107%;">STOP
PRESS:</span></b><br />
<br />
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 107%;">The Warrington School of Management is launching an
exciting new business service that will include networking events and ‘Master
Classes’ to help small and medium sized businesses grow. If you are interested
in registering for more information, please send your details to Beth Morris at
<a href="https://www.blogger.com/b.morris@chester.ac.uk">b.morris@chester.ac.uk</a><o:p></o:p></span></div>
Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-83889199417451128742014-01-29T07:00:00.000+00:002014-01-29T07:00:05.054+00:005 Ways to Increase Your Website Conversion Rates: Part ThreeSenior Lecturer in Digital Marketing, Tanya Hemphill outlines the benefits of maintaining regular email contact with your customers and the time-saving tools that will help you achieve this.<br />
<br />
<h2>
<span style="font-size: large;">Nurture your leads via email</span></h2>
Many businesses take a lot of time and effort to build a database of email addresses but once they have it, it’s often under-utilised. According to the digital marketing advice website Smart Insights, 72% of companies rate email as ‘excellent’ in terms of ROI.<br />
<br />
There are a lot of inexpensive and easy to use email systems such as <a href="http://www.constantcontact.com/uk">www.constantcontact.com/uk</a> and <a href="http://www.mailchimp.com/">www.mailchimp.com</a>. A more recent development that offers exciting potential for businesses is the growing number of marketing automation systems available. As a former business-owner myself, I know that one of the biggest issues that stops a company from growing (via marketing lead-generation) is time. Most business owners know what they should be doing but never seem to have the time to do it.<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEie9Dz2Woa9STBma1N8ODcsy9aUXXj8bCWQL03ceIQU2WTCNARHuSDvW7etjoFFCWlHM3vmsAoLoQ69LJApi6vpaSaft6fAIt2wE853Bwm34DcFXkYQ8reBocyE2womZZwHEhzBH-Do3Q/s1600/IMG_1267.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEie9Dz2Woa9STBma1N8ODcsy9aUXXj8bCWQL03ceIQU2WTCNARHuSDvW7etjoFFCWlHM3vmsAoLoQ69LJApi6vpaSaft6fAIt2wE853Bwm34DcFXkYQ8reBocyE2womZZwHEhzBH-Do3Q/s1600/IMG_1267.jpg" height="133" width="200" /></a>A marketing automation system will send emails ‘triggered’ by a certain action and, if an email hasn’t been opened within a certain period, it will automatically send another with a different subject line. Emails can also be set up to go out at key buying periods, etc. This is ideal for businesses with a product that is usually used within a particular period of time, so that you can remind customers that their product needs replacing soon (and offer them a discount for buying it within a certain time-frame). The possibilities are endless - some systems even link to a customers’ / potential customers’ social media account!<br />
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Although time is needed at the beginning to set everything up (i.e. mapping customer journeys/ touch points and compiling emails with the right messages for each stage), the medium to long term benefits of having regular email communications running, however busy you are, are clear.<br />
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Critical success factors for this type of conversion tool are: having enough opt-in email addresses to start with, making sure customer journeys are carefully mapped, finding the right software provider with a scalable system and allocating a long-term budget to this tool. Recommended providers include: Act-On, Hubspot, Pardot, Marketo and Eloqua.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo-EJIRr4K5k6RRS_SbsAflUbc6YPbFbaSStwfUfgsmvN-L9s5McZv526MBmpUO8T7_W58dH6e22tEEyWBy4fgjq8fbui98NyzcKcQny0UVlwYfChuLrz9gVeqPfxr7AYmmk0_qUfAJQ/s1600/Photo+of+Tanya+Hemphill.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo-EJIRr4K5k6RRS_SbsAflUbc6YPbFbaSStwfUfgsmvN-L9s5McZv526MBmpUO8T7_W58dH6e22tEEyWBy4fgjq8fbui98NyzcKcQny0UVlwYfChuLrz9gVeqPfxr7AYmmk0_qUfAJQ/s1600/Photo+of+Tanya+Hemphill.jpg" height="200" width="115" /></a></div>
<div style="margin: 0px;">
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i>This article has been written by <a href="http://www.chester.ac.uk/bmw/staff/t-hemphill" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">Tanya Hemphill</a>, Senior Lecturer and Programme Leader in Marketing and Public Relations, based at the <a href="http://www.chester.ac.uk/warrington-school-of-management" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">Warrington School of Management </a>(<a href="http://www.chester.ac.uk/" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">University of Chester</a>).</i></i></div>
<div style="margin: 0px;">
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i><a href="http://twitter.com/DigitalTanya" target="_blank">@DigitalTanya </a></i></i></div>
<div style="margin: 0px;">
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i><a href="http://www.twitter.com/WSofManagement" target="_blank">@WSofManagement</a></i></i></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 107%;">The Warrington School of Management is launching an
exciting new business service that will include networking events and ‘Master
Classes’ to help small and medium sized businesses grow. If you are interested
in registering for more information, please send your details to Beth Morris at
<a href="https://www.blogger.com/b.morris@chester.ac.uk">b.morris@chester.ac.uk</a><o:p></o:p></span></div>
</div>
</div>
Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com1tag:blogger.com,1999:blog-5730389817356556.post-26780098012340188052014-01-28T07:00:00.000+00:002014-01-28T07:58:30.455+00:005 Ways to Increase your Website Conversion Rates: Part Two <div class="MsoNormal">
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Businesses spend a lot of money setting up their website and driving traffic to it. However, converting visitors into customers is an important part of a digital marketing strategy that often gets forgotten. In day two of our five day series Senior Lecturer in Digital Marketing, Tanya Hemphill discusses how to optimise your website to suit your potential customers' browsing behaviour.<br />
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<span style="font-size: large;">Make your website 'mobile friendly'</span></h2>
More people are now browsing on mobile devices such as mobile phones and iPads, instead of using traditional desktop computers. The majority of websites have not been mobile optimised, which means</div>
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that navigating around a site on a mobile device is difficult and some content /design disappears from the screen. Even large brands fall into this trap.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigLNKhEnFEoR7j1IBgN7X76moI3woUnol0K52FcgrqX94n2r6L1REAdsBGQkFLSGeByOo7TZlijgSuK0y9xf4ia-Gl-nZMhZluYaQehydH0eGRoOzweE9yOPeGhUfDfHLnKMnMsob1Tg/s1600/1.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigLNKhEnFEoR7j1IBgN7X76moI3woUnol0K52FcgrqX94n2r6L1REAdsBGQkFLSGeByOo7TZlijgSuK0y9xf4ia-Gl-nZMhZluYaQehydH0eGRoOzweE9yOPeGhUfDfHLnKMnMsob1Tg/s1600/1.jpg" height="200" width="200" /></a></div>
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To check how your website appears on different screen resolutions, I highly recommend the free testing tool at <a href="http://mattkersley.com/responsive">http://mattkersley.com/responsive</a>. Before you think about allocating budget either to change your website into one with a responsive design (i.e. it adapts to the device you are viewing it on) or to create a separate mobile site, it’s important to check what your ‘actual’visitors are using. </div>
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This is where the free software tool Google Analytics (<a href="http://www.google.com/analytics">www.google.com/analytics</a>) can help - it will tell you what devices your visitors are using to access your website. I’ve found that most consumer orientated</div>
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sites generally have a 50/50 spilt between mobile and desktop devices. Recent research suggests that brands can increase their mobile conversion rate by 19%-100% with responsive design.</div>
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It can therefore be argued that the ROI against the cost of implementation is potentially high. If you do have a mobile optimised website, think about using ‘click-to-call’ buttons instead of asking visitors to complete data fields for email addresses, etc. which can be ‘fiddly’ on a small hand-held device. Try to make the user experience as simple and easy as possible.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo-EJIRr4K5k6RRS_SbsAflUbc6YPbFbaSStwfUfgsmvN-L9s5McZv526MBmpUO8T7_W58dH6e22tEEyWBy4fgjq8fbui98NyzcKcQny0UVlwYfChuLrz9gVeqPfxr7AYmmk0_qUfAJQ/s1600/Photo+of+Tanya+Hemphill.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo-EJIRr4K5k6RRS_SbsAflUbc6YPbFbaSStwfUfgsmvN-L9s5McZv526MBmpUO8T7_W58dH6e22tEEyWBy4fgjq8fbui98NyzcKcQny0UVlwYfChuLrz9gVeqPfxr7AYmmk0_qUfAJQ/s1600/Photo+of+Tanya+Hemphill.jpg" height="200" width="115" /></a></div>
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i>This article has been written by <a href="http://www.chester.ac.uk/bmw/staff/t-hemphill" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">Tanya Hemphill</a>, Senior Lecturer and Programme Leader in Marketing and Public Relations, based at the <a href="http://www.chester.ac.uk/warrington-school-of-management" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">Warrington School of Management </a>(<a href="http://www.chester.ac.uk/" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">University of Chester</a>).</i></i><br />
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i><a href="http://twitter.com/DigitalTanya" target="_blank">@DigitalTanya </a></i></i><br />
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i><a href="http://www.twitter.com/WSofManagement" target="_blank">@WSofManagement</a></i></i><br />
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<b><span style="font-family: "Arial","sans-serif"; font-size: 14.0pt; line-height: 107%;">STOP
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 107%;">The Warrington School of Management is launching an
exciting new business service that will include networking events and ‘Master
Classes’ to help small and medium sized businesses grow. If you are interested
in registering for more information, please send your details to Beth Morris at
<a href="https://www.blogger.com/b.morris@chester.ac.uk">b.morris@chester.ac.uk</a><o:p></o:p></span></div>
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com3tag:blogger.com,1999:blog-5730389817356556.post-21590062632248195572014-01-27T08:47:00.001+00:002014-01-27T12:22:53.975+00:005 Ways to Increase Your Website Conversion Rates: Part One<div class="separator" style="clear: both; text-align: center;">
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Businesses spend a lot of money setting up their website and driving traffic to it. However, converting visitors into customers is an important part of a digital marketing strategy that often gets forgotten. In day one of our five day series Senior Lecturer in Digital Marketing, Tanya Hemphill writes about the importance of your website's landing pages. </div>
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<span style="font-size: large;">Optimise your Landing Page</span></h2>
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If you are running an effective online marketing campaign that includes tactics like search engine optimisation (SEO) andPay-Per-Click advertising (i.e. GoogleAdwords) you should never drive all traffic to your home page.</div>
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I’ve heard that just 5% of all John Lewis’ website traffic comesfrom their home page. Instead, your digital marketing efforts should drive visitors to the page that’s most relevant to their online search. These ‘landing pages’ should link to the visitor’s online search query.</div>
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The next stage is to make sure every landing page is optimised to achieve the highest conversion rate possible. Unfortunately, this is a weak area for most businesses with many driving traffic to a particular page in the hope that the content and design works for them. To help improve landing page conversion</div>
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rates, the following elements should be considered:</div>
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<li> Highlight how you resolve your customer’s problems </li>
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<li> Explain how you help reduce buying risk – i.e. how do you overcome consumer concerns such as quality,cost, service, etc?</li>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy1YRATCiDT4Np5nnpmOafFd3iISTfvhoaYKSEG9YEnWi9xY__RFj2JmsGl7EdLq4qxRnEgDhSUkvUKbl-tpiTRCFn86DQR4pnn1Zd-ifc_vlJa5J_JdDtqSCDdv9xBkaqUizYKh_sxg/s1600/ecommerce2.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy1YRATCiDT4Np5nnpmOafFd3iISTfvhoaYKSEG9YEnWi9xY__RFj2JmsGl7EdLq4qxRnEgDhSUkvUKbl-tpiTRCFn86DQR4pnn1Zd-ifc_vlJa5J_JdDtqSCDdv9xBkaqUizYKh_sxg/s1600/ecommerce2.jpg" height="141" width="200" /></a></div>
<li>Communicate a clear online value proposition (OVP) - i.e. why should they buy from you and not a competitor?</li>
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<li>Have a clear call-to-action - highlight what you want them to do next, such as go a particular page, sign up for a newsletter, call to make an appointment, etc.</li>
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<li> Layout - improving the area ‘above the fold’ almost always accounts for increased conversion rates (a traditional publisher’s concept that also works online)</li>
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According to conversion expert and author Benji Rabhan (see further reading), most people think about design before lead generation / conversion and this is the wrong way around. He believes that<br />
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half of conversion rate optimisation is about ‘tweaking’ and testing design / layout and the other half is about the message and words on the page.</div>
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<i>Further reading:<o:p></o:p></i></div>
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<i>The Hubspot Blog: http://blog.hubspot.com/blog/tabid/6307/bid/26866/9-Must-Haves-for-the-Perfect-Landing-Page.aspx </i><br />
<i>Recommended book: Rabhan, B., 2013. Convert Every Click: Make More Money Online with Holistic Conversion Rate Optimization. New Jersey: John Wiley & Sons Inc.</i></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo-EJIRr4K5k6RRS_SbsAflUbc6YPbFbaSStwfUfgsmvN-L9s5McZv526MBmpUO8T7_W58dH6e22tEEyWBy4fgjq8fbui98NyzcKcQny0UVlwYfChuLrz9gVeqPfxr7AYmmk0_qUfAJQ/s1600/Photo+of+Tanya+Hemphill.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo-EJIRr4K5k6RRS_SbsAflUbc6YPbFbaSStwfUfgsmvN-L9s5McZv526MBmpUO8T7_W58dH6e22tEEyWBy4fgjq8fbui98NyzcKcQny0UVlwYfChuLrz9gVeqPfxr7AYmmk0_qUfAJQ/s1600/Photo+of+Tanya+Hemphill.jpg" height="200" width="115" /></a></div>
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<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i>This article has been written by <a href="http://www.chester.ac.uk/bmw/staff/t-hemphill" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">Tanya Hemphill</a>, Senior Lecturer and Programme Leader in Marketing and Public Relations, based at the <a href="http://www.chester.ac.uk/warrington-school-of-management" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">Warrington School of Management </a>(<a href="http://www.chester.ac.uk/" rel="nofollow" style="-webkit-transition: color 0.3s; color: #009eb8; display: inline; text-decoration: none; transition: color 0.3s;" target="_blank">University of Chester</a>).</i></i><br />
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i><a href="http://twitter.com/DigitalTanya" target="_blank">@DigitalTanya </a></i></i><br />
<i style="background-color: white; color: #333333; font-family: 'Helvetica Neue Light', HelveticaNeue-Light, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 19px; text-align: justify;"><i><a href="http://www.twitter.com/WSofManagement" target="_blank">@WSofManagement</a></i></i><br />
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<span style="font-family: "Arial","sans-serif"; font-size: 10.0pt; line-height: 107%;">The Warrington School of Management is launching an
exciting new business service that will include networking events and ‘Master
Classes’ to help small and medium sized businesses grow. If you are interested
in registering for more information, please send your details to Beth Morris at
<a href="https://www.blogger.com/b.morris@chester.ac.uk">b.morris@chester.ac.uk</a><o:p></o:p></span></div>
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com1tag:blogger.com,1999:blog-5730389817356556.post-3929098956282142982014-01-10T15:03:00.000+00:002014-01-10T15:03:28.744+00:00How to avoid the frustration of traffic jams<div class="MsoNormal">
IF you are a car-commuter then you will know so very well
the frustration of traffic jams or failing services eating into your time.</div>
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Warrington's workers suffer from the impact of motorways
incidents (the M6 appears to be particularly bad?) local bottlenecks and bridge
raises regularly. Peak periods can be a nightmare! These delays are costly to both companies and individuals
alike in both time and fuel.</div>
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Enlightened employers can help to make folk's lives easier,
improve productivity, get better staff and improve customer service by
reviewing their working patterns. Fewer industries are now sticking to
'standard working hours'. Customers, both businesses and private consumers now require
extended hours of service.</div>
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Staggering workforce start times can help to cover twilight
service requirements and link into international time zones. How about allowing your workers to work from home some of
the time? Technology allows this with no impact on service for many
operations. </div>
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Research shows home-workers are usually more productive. The office can be a distracting place. Home can be more
family friendly too, attracting quality employees. When time is money then
perhaps it's time to review your arrangements, for the benefit of all
long-suffering commuters of Warrington.</div>
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<a href="http://www.chester.ac.uk/bmw/pr-l-bellamy%20" target="_blank">Professor Lawrence Bellamy</a> is Associate Dean at the <a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank">Warrington School of Management</a>, University of Chester Warrington (Padgate) Campus.<br />
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-16121275111938072472013-12-03T15:56:00.000+00:002013-12-03T15:56:56.978+00:00WSM students take a Leaf out of PR veteran's book<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZ24mAj3ttaCGVKSVJO9bTgelXCBkcQ3x3CoQ0VVxlOVu019blEEphhyphenhyphenX3WII1ebuKiuwfhmcG1zMGWhuTIcMp_lxNjRD5tNaN86mOoG5TBiWuidugaaawi7VjzZh_4aLgWReDaVqGzA/s1600/Bob+Leaf+Lecture+261113-3.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZ24mAj3ttaCGVKSVJO9bTgelXCBkcQ3x3CoQ0VVxlOVu019blEEphhyphenhyphenX3WII1ebuKiuwfhmcG1zMGWhuTIcMp_lxNjRD5tNaN86mOoG5TBiWuidugaaawi7VjzZh_4aLgWReDaVqGzA/s1600/Bob+Leaf+Lecture+261113-3.jpg" height="320" width="212" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">PR veteran and author Robert Leaf</td></tr>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Over forty-five PR and business students on the University
of Chester’s Padgate campus attended a guest lecture from Robert Leaf, former
International Chairman of Burson-Marsteller, about public relations this week.<o:p></o:p></span><br />
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Robert entertained and informed students about his varied
career in ‘perception management’, from bringing PR to the Soviet Union during
the Cold War to setting up the first official PR firm in China. Throughout his
55 year career in public relations, Robert has set up offices around the world
and worked with clients such as Rocco Forte and Robert Maxwell.<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">The American PR veteran, who is listed in ‘Who’s Who in
the World’, has published memoirs about his career in the book ‘The Art of
Perception’. He told the Warrington School of Management students about some of
the defining moments of his career and provided them with career advice, based
on having conducted thousands of interviews during his time at Burson-Marseller.</span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Professor Lawrence Bellamy, Associate Dean of the
Warrington School of Management, says ‘We were delighted to have Robert as a
guest lecture at the business school. Students not only enjoyed his talk but
went away with first-hand insight regarding International public relations and
some great tips about job seeking and preparing for interviews. The business
school actively seeks visiting lecturers of Robert’s calibre to provide
students with inspiration <span style="font-family: Arial, Helvetica, sans-serif;">and industry knowledge.’</span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcvrs_wa3Fr_2mNjOeQa14K_0TMD1BNY3G2vG6-NJohe5RWcGcJ_di8gTBWBzV4t74dSs3tj_Rbr_GeRJ9uqxEqznTg3-gnIZEgoxvZvvxYpDHN6ykHXB0kipt2jlOfF_sVJh7vJ4-8g/s1600/Twittercomments.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcvrs_wa3Fr_2mNjOeQa14K_0TMD1BNY3G2vG6-NJohe5RWcGcJ_di8gTBWBzV4t74dSs3tj_Rbr_GeRJ9uqxEqznTg3-gnIZEgoxvZvvxYpDHN6ykHXB0kipt2jlOfF_sVJh7vJ4-8g/s1600/Twittercomments.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcvrs_wa3Fr_2mNjOeQa14K_0TMD1BNY3G2vG6-NJohe5RWcGcJ_di8gTBWBzV4t74dSs3tj_Rbr_GeRJ9uqxEqznTg3-gnIZEgoxvZvvxYpDHN6ykHXB0kipt2jlOfF_sVJh7vJ4-8g/s1600/Twittercomments.png" /></a><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">To find out more about Warrington School of Management, visit our</span><a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank"><span style="font-family: Arial, Helvetica, sans-serif;"> website</span></a><span style="font-family: Arial, Helvetica, sans-serif;"> and follow us on </span><a href="http://www.twitter.com/WSofManagement" target="_blank"><span style="font-family: Arial, Helvetica, sans-serif;">Twitter</span></a></div>
Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-45480428875335542252013-12-03T14:53:00.001+00:002013-12-03T14:53:26.055+00:00Register now for free business help <div style="text-align: justify;">
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<o:p>
<span style="font-family: Calibri;">Small and medium sized businesses across Cheshire are
invited to make an early New Year resolution and register for a free programme
of business support at the University of Chester, starting in January<o:p></o:p></span><br />
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<span style="font-family: Calibri;">The Knowledge Action Network (KAN), which is part-funded by
the European Regional Development Fund, has already helped more than 25 Cheshire
businesses in the past year.The project brings together local businesses and
University expertise to encourage creative approaches to innovation and growth.<o:p></o:p></span></div>
<span style="font-family: Calibri;">Business owners are asked to take a critical and objective
look at their companies with support from specialist speakers, University
experts, individual business coaches and business peers. Recruitment has now
started for a new group of businesses to take part in KAN during 2014. The
latest programme will include workshops, business diagnostic sessions and
networking opportunities with other KAN groups in Cheshire, Manchester and
Cumbria.<o:p></o:p></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbV5cqpe_KmEXgluaz7udGJHhzunkLXadzR6oNsBs1BLmT0D51HgueFgZpt5FEPtuYPI26AQ0AeXBma1kZuhteqaMFpvVB1hlAktcXl2dikIWQxSAfnmpchQIHeDxJF6G1tTRNvgv6SA/s1600/kan_logo.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbV5cqpe_KmEXgluaz7udGJHhzunkLXadzR6oNsBs1BLmT0D51HgueFgZpt5FEPtuYPI26AQ0AeXBma1kZuhteqaMFpvVB1hlAktcXl2dikIWQxSAfnmpchQIHeDxJF6G1tTRNvgv6SA/s1600/kan_logo.png" /></a></div>
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<span style="font-family: Calibri;">Kay Kent, University Project Co-ordinator, said: “KAN
provided an exceptional opportunity for small and medium sized businesses to
work with the University and with a network of like-minded businesses on a
fully funded business support programme.”</span></div>
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<span style="font-family: Calibri;">She added: “Do get in touch with us to find out more and
register your interest, as places on the 2014 programme are limited to ensure
we can give individual support to each business.”<o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5ObBVd5ZmEC8QGQD6H8dDiZZVE2wV66Ts-UXw-3eqXvzj7htu53eJ62LS2qXfNo21tqFi94Vk-onEE-L18GxQ4YPSlhqeaSAMccS2mqCHF2Tsgba0R_42aPreXyJeeQ2OUBpeH8V-Vg/s1600/KAN+Launch.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5ObBVd5ZmEC8QGQD6H8dDiZZVE2wV66Ts-UXw-3eqXvzj7htu53eJ62LS2qXfNo21tqFi94Vk-onEE-L18GxQ4YPSlhqeaSAMccS2mqCHF2Tsgba0R_42aPreXyJeeQ2OUBpeH8V-Vg/s1600/KAN+Launch.jpg" height="212" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Delegates at the first KAN session in July 2013</td></tr>
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<span style="font-family: Calibri;">At the first KAN event in July Professor Lawrence Bellamy,
Associate Dean of Warrington School of Management, commented : “At the
University we know that small businesses are at the heart of the UK economy
with creative, innovative and entrepreneurial ideas. However, we also
understand that setting up and developing a business can create obstacles and
challenges. Through our work with small businesses we have found that when
business owners work together to share, support and network, it sparks creative
and innovative thinking which is a catalyst for growth.”<o:p></o:p></span></div>
</o:p></span></span></span> </div>
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Businesses interested in joining the Knowledge Action Network should contact Catherine Theobold on 01244 511177 or email <a href="mailto:c.theobold@chester.ac.uk" target="_blank">mailto:c.theobold@chester.ac.uk</a> for a programme brochure.<br />
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<br />Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-41731858061023422452013-12-02T12:22:00.001+00:002013-12-02T13:26:07.707+00:00What are the issues that really matter to your business?<div style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEie1806cRyYgO1G7sNjgphEDPsEbIixkvvoRUvra1awqI1bcIBAs0a2NUFD9oyJEDqJtEGv52M02bM8Lb-QWs62xdcTFsKo8LpfxKvaIu1EBZxJHJh7nbI8ZYM9ShW7nVu1quEKyOLttw/s1600/john-risk.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEie1806cRyYgO1G7sNjgphEDPsEbIixkvvoRUvra1awqI1bcIBAs0a2NUFD9oyJEDqJtEGv52M02bM8Lb-QWs62xdcTFsKo8LpfxKvaIu1EBZxJHJh7nbI8ZYM9ShW7nVu1quEKyOLttw/s1600/john-risk.jpg" /></a></div>
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<o:p><a href="http://www.chester.ac.uk/bmw/staff/dr-john-risk" target="_blank"><span style="font-size: large;">Dr John Risk</span></a><span style="font-size: large;">, Senior Lecturer and Programme Leader at </span><a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank"><span style="font-size: large;">Warrington School of Management</span></a><span style="font-size: large;">, University of Chester discusses the challenges faced by today's businesses and how to rise to them.</span> </o:p></h4>
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<o:p></o:p> </h4>
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<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">There is
never an easy time to run a business, especially for people leading small to
medium sized enterprises. The challenges are many and changing all the
time; some are closer
to your business and you have the time and knowledge to sort them out to
survive, make a profit and grow. Meanwhile, external and international factors are
impacting on your business, demanding response. <o:p></o:p></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">Few
businesses are immune from global impact. Something happens unexpectedly across
the world and the shock reverberates. Whether it is natural disasters or new
competitors and ways of providing your product or service, conditions are
changing.<span style="mso-spacerun: yes;"> </span>This is what academics call
“the business environment” which in the modern world is highly dynamic. These challenges
for businesses of all sizes have to be addressed and anticipated so you can
spot business opportunities and keep ahead of the threat of competition or
substitution in the market. <o:p></o:p></span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjz5efjlZtDdQhsIr_iIb-K4dHFd7uFtrCx-jrbWNjM8SCKfskdCDx0mKcH_xiA0ozQduKhMwYg-JXvpe-zhCiEa__1bNFDXauYlHr6T-tJP4Lr_RxWO8vJ-RxjnB-1uxbmd-T4V8WfA/s1600/sales_analysis.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjz5efjlZtDdQhsIr_iIb-K4dHFd7uFtrCx-jrbWNjM8SCKfskdCDx0mKcH_xiA0ozQduKhMwYg-JXvpe-zhCiEa__1bNFDXauYlHr6T-tJP4Lr_RxWO8vJ-RxjnB-1uxbmd-T4V8WfA/s200/sales_analysis.jpg" height="133" width="200" /></a></div>
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<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">There are
certainly plenty of these challenges around. You need to know your market and
your customers and where the industry is heading, competition is fierce. That
alone keeps you on your toes but then there are all the factors more outside
your control and uncertainty abounds. </span></span><br />
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<span style="font-family: Verdana, sans-serif;"><o:p><span style="font-family: Times New Roman;"></span><br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;">Economic Challenges<o:p></o:p></span></span></b></div>
<span style="font-family: Times New Roman;">
</span></o:p></span></span> </div>
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<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">Economic cycles
rise and fall for varying lengths and time periods. The economic trends are
currently on the up after four to five of the most difficult years for nearly a
century, especially within the financial sector.<span style="mso-spacerun: yes;"> </span>As recent problems and scandals have
exposed, the banking system is still fragile. Interest rates remain low and the
Bank of England’s forward guidance indicates that this will be so for a while.
However, the necessary loans for investment (and in some cases survival) are
still not properly feeding through to small businesses, who are seeking
alternative solutions.<span style="mso-spacerun: yes;"> </span>Maintaining
investment in Research and Development and managing innovation are crucial to
business growth, not just for global firms but also for many small to medium
sized enterprises.<o:p></o:p></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">Closer to your
business, cash flow is a perennial issue, with late payment of debt by customers,
especially larger ones, a problematic concern.<span style="mso-spacerun: yes;">
</span>You have taxation matters to address and all the regulations that surround
your business and the Chancellor and Government seem always keen to change
these as in the recent Autumn Statement and the Budget in the spring.<span style="mso-spacerun: yes;"> </span></span></span><span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">More locally, there are business rates to
consider, with a particular potentially negative impact for example for high
street stores competing increasingly with out of town and on-line trade.<span style="mso-spacerun: yes;"> </span></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQb8l446CcUTI_yhz2UNcXGtqtqs1X6FBnqj-yplFbRuH98NeHzUOsgFPd8ioczEtAIqcqxzm3L-4Q2YIWW8cqBBxk9_e48pUC8DHU4eAwM1_tOa99_FFITaeor4qUFFIVsmQfFjTUBA/s1600/paperwork.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQb8l446CcUTI_yhz2UNcXGtqtqs1X6FBnqj-yplFbRuH98NeHzUOsgFPd8ioczEtAIqcqxzm3L-4Q2YIWW8cqBBxk9_e48pUC8DHU4eAwM1_tOa99_FFITaeor4qUFFIVsmQfFjTUBA/s200/paperwork.jpg" height="200" width="157" /></a><span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">Regulations (red tape) local, national and European
will abound in your field and all this takes time and resources away from your
key business priorities. Some regulations may seem well founded for example
within health and safety; but with others, seemingly pointless detail takes
over, grows and becomes an excessive burden for business.<span style="mso-spacerun: yes;"> </span>Indeed, regulatory and legal issues and constraints
are generally growing in the aftermath of the corporate governance problems of
recent years.</span></span></div>
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<span style="font-family: Verdana, sans-serif;"> </span> </div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;">Corporate Social Responsibility<o:p></o:p></span></span></b></div>
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<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">Increasingly
too businesses of all sizes wish or seem expected to show customers and
stakeholders their ethical and environmental credentials. Some of this makes
good business sense for example in reducing utility costs over energy and fuel
usage and potentially improves the organisation’s image with the public. At
best this can be a “win, win” for both business and good causes.</span></span></div>
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<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">Infrastructure
issues such as road condition, congestion and future transport development are
vital to varying degrees. This is even before we consider the pros and cons of
longer term issues such as the proposed HS2 rail development and all that
means; not least to business and residents close to it but not necessarily
feeling the full benefits.<span style="mso-spacerun: yes;"> </span>There are
more local business issues such as parking or Planning Development, Transport
Plans, crime levels and access to local contract opportunities.</span></span></div>
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<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">You need,
through workforce development and training, to maintain and develop the skills
and qualifications of both yourself and your workforce in order to have the
skills to meet global challenges and changing markets. Education has a role in
providing you with people with the aptitudes, skills and right attitudes for
the workplace, and in developing and training your staff. With an increasingly
knowledge based economy this is all the more crucial. <span style="mso-spacerun: yes;"> </span>IT and information systems are changing all
the time. Many industries are experiencing technological change of
unprecedented proportion and a flexible and appropriately skilled workforce is
essential.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></span></div>
<div style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;">
</span><span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">There is
your own work life balance and trying to fit in family time, your own education
requirements and training, as well day to day operational matters and strategic
planning for your business. Not yet to mention your own long term financial
concerns or pension provision. <o:p></o:p></span></span></div>
<div style="text-align: justify;">
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<span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;">Look Ahead<o:p></o:p></span></span></div>
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</span><span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">Before you
start reaching for the blankets and pulling the bed covers over your head, in
many ways all these issues challenge you to lift your head and look to the future
direction of your business.<o:p></o:p></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">How far
ahead you look and plan is a matter related to your own business and sector.
Not many take the view of the likes of companies like Shell who look ahead 30
or more years given the long term nature of their markets, investments and projects.
For you the timescale may be far more modest and relatively short term but
still crucial. Whatever your planning horizons
may be, market opportunities are changing.</span><br />
</span><br />
<span style="line-height: 115%;"><span style="font-family: Verdana, sans-serif;">In taking a strategic view, business
organisations and networking opportunities through the likes of Warrington
School of Management are a resource to be harnessed, helping you meet new customers
and suppliers, develop new ideas and take a wider view. There are lessons to be
learnt by keeping in touch with business networks and knowledge bases in anticipating
the changes in your industry, market or sector and positioning your place in it
for the future.<o:p></o:p></span></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGrkv8Su4GadpPzwIZCRuL3Nez62YuNRxvgfMFHH5JnHF8TsjsO5ZvCn_El-L2sWnNpTHbe4iQKh2nMSMOzh2kkJQwqV-V-ziTHB28c7NMkP21BxpujXwtkP8iirqAmOcVupBOdOKtFw/s1600/wbm-staff.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGrkv8Su4GadpPzwIZCRuL3Nez62YuNRxvgfMFHH5JnHF8TsjsO5ZvCn_El-L2sWnNpTHbe4iQKh2nMSMOzh2kkJQwqV-V-ziTHB28c7NMkP21BxpujXwtkP8iirqAmOcVupBOdOKtFw/s1600/wbm-staff.jpg" height="208" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The team at Warrington School of Management</td></tr>
</tbody></table>
<span style="line-height: 115%;"><o:p><span style="font-family: Calibri;">Dr John Risk is Senior Lecturer and Programme Leader at Warrington School of Management. </span></o:p></span><br />
<span style="line-height: 115%;"><o:p><span style="font-family: Calibri;"></span></o:p></span><br />
<span style="line-height: 115%;"><o:p><span style="font-family: Calibri;">To find out more about us visit our <a href="http://www.chester.ac.uk/bmw/staff" target="_blank">website</a>, email <a href="mailto:wsm@chester.ac.uk">wsm@chester.ac.uk</a> or follow us on <a href="http://www.twitter.com/WSofManagement" target="_blank">Twitter</a></span></o:p></span></div>
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0tag:blogger.com,1999:blog-5730389817356556.post-21580111396728825972013-11-27T13:59:00.001+00:002013-11-27T13:59:10.849+00:00Buy a ticket; invest in Warrington<br />
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<span style="font-family: Calibri;">Warrington Town FC have recently appointed a new Chairman
and Managing Director. </span><span style="font-family: Calibri;">The club which is flying high in the Evo-Stik league,
has taken a decision to change roles and responsibilities whilst on the up.
Frequently such decisions are only made in a downturn, giving the new
management little room for manoeuvre. </span></div>
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<span style="font-family: Calibri;">Senior appointment concerns have been in
the press recently, with the Co-op being held up for scrutiny. Looking at The
Wire senior management they are certainly not short on business experience and
the new senior roles are being occupied by people who have been working with
the club for some time, so they know the operations well. </span><span style="font-family: Calibri;">In addition they have
a clear vision; progression to the Football League. To do this they will also
need further investment. </span></div>
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<span style="font-family: Calibri;">Warrington as a whole should be firmly behind them.
Strong sports teams promote their home town and good sports people can make
great ambassadors. The Wolves are clear evidence of this. So whilst The Wire is
currently only a small concern, they have large potential. Additional
supporters would help the club and in turn help Warrington with jobs and
spending in the local economy. Buy a ticket; invest in Warrington.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYKIy7cLHdHcgqAHhZt6m4GhD4CQowciKx9Dwya9lkXJcq-39DReHDBfKhad88gSsGxdTcOesPQwhyphenhyphenI8CT9Rtd805ULnTMbrEGJUQ9Ybx_fSFn66SZZaJQDSyQDY2l2237FGbZ1bJ7FQ/s1600/lawrence-bellamy.jpg" /></a></div>
<span style="font-family: Calibri;"><a href="http://www.chester.ac.uk/bmw/pr-l-bellamy%20" target="_blank"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><span style="color: #001999;">Professor Lawrence Bellamy</span></span></a><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"> is Associate Dean at the </span><a href="http://www.chester.ac.uk/warrington-school-of-management" target="_blank"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><span style="color: #001999;">Warrington School of Management</span></span></a><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">, University of Chester Warrington (Padgate) Campus. </span></span><br />
<span style="font-family: Calibri;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"></span></span><br />
<span style="font-family: Calibri;"><span style="font-family: Arial;">Follow us on Twitter</span></span><br />
<span style="font-family: Calibri;"><a href="http://www.twitter.com/WSofManagement" target="_blank"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><span style="color: #001999;">@WSofManagement</span></span></a><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"> </span><a href="https://twitter.com/ProfLawrenceB" target="_blank"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><span style="color: #001999;">@ProfLawrenceB</span></span></a></span><br />
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Warrington School of Managementhttp://www.blogger.com/profile/11224863766572027875noreply@blogger.com0