Collaboration, Creativity & Communities

On day 25 of our lock down in London I have been reflecting on the lessons learnt from our business communities and our partners from the conversations we have been having these past 3 weeks.   

At London & Partners our immediate priorities, as well as adapting to the “new norm” of working remotely, has been supporting our business communities who are facing new challenges due to Covid-19.  Whether they are in tourism and hospitality, international companies in London or clients on the Business Growth Programme, the Mayor’s International Business Programme or SVC2UK, all are having to pivot their businesses and find new ways of servicing clients or accessing funding.   

Soon after the government announced its social distancing policy we launched our Business Resilience series, together with our partners, to offer advice and share best practice between Founders and CEOs. This has provided us with invaluable insights into how businesses are coping and ideas for combating some of their challenges. Here are a few take-aways from the series so far: 

What is troubling the entrepreneurs the most? 

As in any period of crisis some companies are thriving as their technology is relevant to the demands of the times whether it is video conferencing, platforms for distributing healthcare products, cloud-based systems or food and logistics. However, many start-ups and scale ups are experiencing significant challenges from loss of business to loss of investment. Some of the key pain points we are hearing include: 

• Raising investment; 
• Delays in responses to applications for CBIL funding 
• Decisions by customers put on hold; 
• Deals fallen through; 
• Having to remodel company and structure; 
• Loss of customers due to no physical events or interaction. 

10 key pieces of advice 

We have now held over 10 digital events with Founders and our partners. These are the key learnings: 

1. Research the support available. Check out Business.London/coronavirus for a list of resources and how to access them. 
2. Apply for a Business Loan if your business needs it but do it quickly as banks are facing huge volumes of requests. Talk to your own bank first.  
3. It is okay to lean on your community – let your network know when you are not getting the support you need and don’t be afraid to ask questions. People are probably going through similar challenges and may know a trick or two!  
4. Talk to your customers and your suppliers. Find out their pain points and see how you can help. Be honest about your challenges and see if you can arrange new payment terms. 
5.  Be authentic, be open, be honest and be purposeful when talking to your clients. It will encourage them to be open and honest in return. 
6.  Talk to your teams and show empathy with their situation while they are working remotely. As Leaders also share some of your own challenges. 
7. When speaking to funders, make sure you offer clarity about where the money is going to be spent and how you will pay it back. 
8.  Believe in your narrative – be clear about your story, know your plan and how you will come out the other side. 
9.  Consider recovery planning and putting yourself in the best possible place. This can include aligning yourself with partners who can help you recover and deliver. 
10.  Be creative with your teams and with your future strategy. Consider what type of organisation you want to be when you come out of this period.  

Thanks to our partners who are offering valuable advice to our business communities. Special shout outs to KPMG, Shoosmiths, Buzzacott, HSBC UK and Taylor Wessing for joining our webinars this month together with Jamie Mitchell and Priya Guha.   

I would love to hear from others about your current challenge or perhaps an innovative way you have been able to combat any difficulties during Covid-19. One lesson for all of us has been how strong our community is and about the power of sharing. Please do share your own thoughts below. Thank you.