Why businesses fail: customer acquisition strategy

Welcome to the Why businesses fail series. This is the third of five blogs that delve into the reasons for businesses failing and offering solutions. This series was launched by Lucy Robinson of Birkbeck Futures and Ghazala Zia from Windsor Swan. In this blog, they share how you can narrow down your customer and find an effective marketing strategy to attract and retain them.  

Lucy Robinson is the Employability Consultant for Business and Enterprise at Birkbeck Futures. She runs the Pioneer programme for aspiring and early-stage entrepreneurs and hosts an enterprise series on the #FuturesPodcast.

Ghazala Zia is a Venture Capital Advisor at Windsor Swan, a boutique London business advisory firm. She has an extensive legal background, and currently specialises in advising start-ups of all stages on funding, strategy and business analysis.

Once the product or service has been tested, it’s not enough to assume that it will speak for itself. Customers don’t come without being invited. It’s crucial to have a detailed customer acquisition strategy and a relevant, targeted marketing strategy alongside in order to succeed.

Firstly, define your customer. Not just ‘young women’ or ‘professional millennials’, but very specifically identified. Think about gender, age group, location, profession, and more. Similarly, your customer might not be an individual but a service provider themselves. You still need to be specific here. For example, if you want to sell to a university, who do you want to reach within the organisation? The students, the lectures, the staff? Knowing who your customers actually are is vital to the short- and long-term success of your start-up. Conducting market research tests on your intended audience is also a great way to measure if they actually want your product – often, you may be surprised by who your actual customers are.

At the early stages of a start-up, it’s wise to channel funds (even if they’re limited) into a solid marketing strategy. Test your consumer behaviour, determine advertising costs, and determine how many customers you’ll reach. Similarly, build up your brand reputation in order to garner recognition and ultimately, loyalty from your intended audience.

Customers show loyalty to authenticity, and your marketing should reflect a strong and consistent brand identity that is honest to the product itself. If you have a flashy marketing campaign but the product itself doesn’t hold up to scrutiny, you risk being slated online and by word of mouth. This is why the marketing strategy itself only holds up when the product does – which bring us back to the importance of understanding the problem you’re solving, and carrying out extensive testing on your intended audience.

Within your customer acquisition strategy, you should be familiar with certain metrics. How will you acquire your customers? What is your cost of acquisition? How much marketing do you need to spend to acquire one customer? How are you going to retain that customer?

Read about how to identify a need in the market and attract investors in the first two blogs of the series.

 

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I’m not looking for a career in accountancy, engineering or anything that needs Maths. Why do I need to think about my numeracy skills?

It’s National Numeracy Day 2020 on the 13 May and Birkbeck Futures takes a look at why numeracy skills are important no matter what career you choose.

Picture of dominoes

Many jobs that we typically don’t think involve numbers usually require some level of numeracy.

Being numerate means that you can confidently and effectively use mathematics to meet the everyday demands of life.

You may not be asked to solve complex equations, but you could be required to complete tasks that involve numeracy skills. For example, if you’re in Human Resources, you may be asked to provide a report on gender diversity figures. Similarly, if you’re in the Arts, you may need to put together a budget for an exhibition. Both of these require some level of numeracy.

The OECD reports that there is a direct relationship between wage distribution and numeracy skills. The better your numeracy skills, the greater your earning potential.

Why?

Because all those things you learnt in Maths help build the skills employers are looking for.

Employers aren’t just looking for technical skills and subject knowledge when they recruit someone. They need you to have employability skills – transferable skills that enable you to do the job successfully. For example:

Digital Skills

Digital skills are required in at least 82% of online advertised jobs across the UK.* We live in the digital age and as a result, we deal with more numerical data that we ever have before. You need good numeracy skills to be able to work with computers, otherwise you’re unable enter the right data or identify if the answer is in the right area.

Problem Solving

Problem solving skills are vital to any graduate level job. Maths is all about solving problems; take working out an equation for example. You need to pick out the important parts of the problem and then work out the knowledge required to solve it. This skill is transferable to solving any problem, mathematical or not.

Communication

When studying Maths, or working with numbers, you will have developed your ability to assimilate and communicate information in a clear and concise way. Everything we do in the workplace is a result of and requires communication of some kind.

Employers are increasingly using numeracy tests as part of recruitment processes.

As numeracy is such an important skill for employers, many use numerical reasoning tests as part of their recruitment processes. These types of assessments measure your ability to interpret, analyse and draw logical conclusions based on numerical data presented in graphs and tables.

Students can find out more about these tests and have a practice on the online Careers Portal (accessed through your My Birkbeck Profile).

But what if I’m not good with numbers?

We all have areas of ability that we feel more confident in than others. You might not think that you’re good with numbers because of experiences with Maths in school, for example. But chances are you’re much more competent than you think.

Our level of confidence often impacts our ability to take on new challenges or face up to things we may usually avoid doing. To reiterate the problem-solving example above, when we don’t know something, we can find out how to do it. Embrace your numeric abilities and enhance your skills to help boost your confidence in this area.

Birkbeck is supporting National Numeracy Day for the first time this year. Join the conversation on Twitter or see if you can build your everyday Maths confidence by taking the challenge.

Get in contact with Birkbeck Futures at employability@bbk.ac.uk or follow us on our social channels:

*Source: “No longer optional: Employer demands for digital skills” report – June 2019

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Cancel the Window-Cleaning Contract!

Professor Jerry White, Professor of Modern London History at Birkbeck recounts how the College faired during the Second World War. This blog is part of the 200th-anniversary series, marking the founding of the College and the 75th anniversary of Victory in Europe Day.

Bomb damage to Birkbeck Library

Bomb damage to Birkbeck Library. The area around Birkbeck College was bombed during the air-raid of 10-11 May 1941. The resultant fire destroyed the Library. Image courtesy of Birkbeck History collection.

Most of London University shut down on the declaration of war in September 1939. The headquarters at Senate House was taken over by the Ministry of Information and most colleges were evacuated (like much of the BBC, many government departments and most of London’s hospitals) to areas thought to be less vulnerable to bombing. University College shifted to Aberystwyth and elsewhere in Wales, King’s to Bristol, LSE and Bedford to Cambridge, and so on. Birkbeck, its London roots deeper than any of its sister colleges and so unable to be useful to Londoners if sent to the country, resolved to close on the outbreak of war and for a time did so. But the war failed to open with a bang and in the absence of air attack, or apparently any likelihood of bombing for the immediate future, Birkbeck reopened at the end of October 1939. Indeed, it didn’t merely reopen but expanded its offer: for the first time, extensive daytime teaching was made available for those London students unable to follow their chosen university colleges out of the capital. And despite the blackout, a wide range of evening teaching also resumed.

Birkbeck was not yet at its present Bloomsbury site. That building contract had been let but work had to stop in July 1939 because of the uncertain international situation – contractors were given more pressing projects to work on, both civil defence and industrial – and in fact the new college would not be completed and occupied till 1951. So Birkbeck was still in its late-Victorian location in Breams and Rolls Buildings, straddling the City and Holborn boundary west of Fetter Lane, incidentally sharing a party wall with the Daily Mirror building. It had some near misses during the main blitz of 1940-41 and narrowly escaped total destruction in the great City fire raid of 29 December 1940, which opened a view – never before seen – of St Paul’s from the college windows. From that time on all places of work had to arrange a fireguard of staff to be in the building at night time to deal with incendiaries and raise the fire brigade if necessary. There followed nearly three-and-a-half years of relative quiet, with sporadic bombing of London and the Baby Blitz of early 1944 rarely troubling the college and its work. But Birkbeck would nearly meet its nemesis from a V1 flying bomb (or doodle-bug) at 3.07am on 19 July 1944.

Dr A. Graham was a member of the college fireguard that night, on the 1-3am watch.

I wakened Jackson [the College accountant] to do the 3-5am spell…. We were saying a few words to one another when we heard The Daily Mirror alarm go. Suddenly the bomb, which had merely been a near one until that second … dived without its engine stopping. Its noise increased enormously; Jackson and I looked at one another in silence; and I remember wondering what was going to happen next. What did happen was all over before we realised it had happened … a gigantic roar from the engine of the bomb, not the noise of an explosion, but a vast clattering of material falling and breaking, a great puff of blast and soot all over the room, and then utter quiet. Massey [another fire watcher] raised his head from the bed where he had been asleep and asked what all that was….

As the dust settled Graham climbed over the flattened metal doors of the College and went into the street. The first thing he heard was footsteps coming at a run up Breams Buildings. It was a Metropolitan police constable: ‘he called backwards into the darkness… “It’s all right, George, it’s in the City”’; satisfying himself there were no urgent casualties he promptly disappeared. Troup Horne, the College secretary from 1919-1952, was also one of the fireguard but, not wanted till 5am, was in a makeshift bed in his office: ‘At 3.06am I was awakened by a doodle overhead. Thinking we were for it, I pulled a sheet over my head to keep the plaster out of my remaining hairs; and five seconds later the damned thing went pop.’ Horne was found ‘covered from head to foot with soot, dust, and thousands of fragments of broken glass and other bits scattered from the partition which separated the general office from his room.’ His chief assistant, Phyllis Costello, was also sleeping in the College that night and was frequently part of the fireguard. She rushed to see if he was injured and was greeted by Horne instructing, ‘Cancel the window-cleaning contract’.

Indeed, there were no windows left anywhere in the College. For some time after, a witticism coined in Fleet Street during the main Blitz, was Birkbeck’s watchword: ‘We have no panes, dear mother, now.’*

*Edward Farmer (1809?-1876), ‘The Collier’s Dying Child’: ‘I have no pain, dear mother, now.’ All the information used here comes from E.H. Warmington, A History of Birkbeck College University of London During the Second World War 1939-1945, published by Birkbeck in 1954.

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Why businesses fail: Being unattractive to investors

Welcome to Why businesses fail, the second of five blogs that delves into the reasons for businesses failing and offering solutions. This series was launched by Lucy Robinson of Birkbeck Futures and Ghazala Zia from Windsor Swan. In this blog, they share some practical tips to get investors to demonstrate traction in your business and attract potential investors.

Lucy Robinson is the Employability Consultant for Business and Enterprise at Birkbeck Futures. She runs the Pioneer programme for aspiring and early-stage entrepreneurs and hosts an enterprise series on the #FuturesPodcast.

Ghazala Zia is a Venture Capital Advisor at Windsor Swan, a boutique London business advisory firm. She has an extensive legal background and currently specialises in advising start-ups of all stages on funding, strategy and business analysis.

Being unattractive to investors is a primary reason why some start-ups fail, and there’s a few pitfalls to avoid here. One big one is not showing traction.

Having a strong and evidenced market need for your product or service is the best way to demonstrate traction. By traction, we don’t mean a few thousand likes or free users – that’s not enough for an investor. It needs to be clear that this engagement is converting into paying customers, which is a trackable and easily identifiable metric. Engagement without custom isn’t traction or validation of your product. It could be a sign that you’ve got great marketing or that you’ve got a particularly active customer base, but if they’re not actually buying your product it suggests they don’t really need it.

One metric you should always know as part of your financial model is how many customers you need to stay viable. Before you start pouring hours into creating content, or spending time and money adding new features to your product, ask yourself: “What value am I adding?”. If the effort, energy and resources you use won’t actually convert to more sales, you should consider if it’s really necessary.

Investors vary with the level of traction they’d like to see, and different types of investors look for different amounts. For example, if you’re an early-stage start-up you’re likely looking at individual investors like Angels. Angels want to get involved at an early stage and take a punt on your business, if they see something in you. At a later stage, when you’re in revenue, you might use Seed Investors. Seed Investors get involved when you can demonstrate more growth that they want to get on board with. Generally speaking, investors want to make ten times return on their investment. This means you need to demonstrate traction which suggests they’ll be able to achieve this by investing in you.

Further information:

 

 

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Back to normal? The government is underestimating the scale of change for workers.

As the UK government looks for a path out of lockdown, Professor Almuth McDowall considers the psychological impact of transitioning to a new normal.

Picture of people waiting for the tube in London

On Sunday afternoon, we were on our way back from a socially distanced walk with three moderately enthusiastic teenagers when the phone rang. BBC Radio London asked if I was happy to discuss the Transport Secretary’s announcement that the government was considering a phased approach to businesses reopening their doors. The suggestion is to put a number of safety measures in place to safeguard individuals from getting infected, but also minimise pressures on transport and infrastructure.

For employers, the key propositions are to minimise the number of workers using any equipment, to stagger work start and finish times and to maximise home working. The idea is also to encourage people to engage in more active commuting, including cycling and walking.

Many organisations have of course been open and operational throughout the crisis, including our now much appreciated local shops, which have introduced social distancing measures such as limiting numbers allowed in at a time and protective screens.

But will the transition back to the workplace be as easy as some might suggest while extra precautionary measures are implemented?

When quizzed on the radio, I took a rather cautious and even cynical view. Quite frankly, I do not think that the implications of what will be a gigantic organisational change exercise have been properly thought through.

First, let’s think about infrastructure constraints. Many returning workers have children who, we hope, will return to normal nursery and/or school hours sometime soon. This would make it difficult for all workers to shift start and finish times, as there will be practical issues such as school pick up times to work around. Transport will also be a challenge for this reason, given that peak demand is also due to children travelling to and from school. 

Furthermore, not everyone lives in cycling or walking distance from their place of work, quite the contrary. Surely, we also must avoid a scenario where more people are taking to their cars and driving alone, as we are already witnessing in our neighbourhood, to avoid public transport. 

Let’s also think about who will and needs to return to work. There will be workers who are scared about returning. There are also people who will not be able to return, at least not for the foreseeable future, because they are vulnerable, or someone in their family is. 

On the other hand, there are people who are desperate to return, because they currently live and work in crammed conditions, or because they live in areas with insufficient connectivity.  

Each business has to start with a detailed analysis of how a phased return to a mix of onsite and virtual working will play out in practice and accommodate individual needs and preferences. This is not a quick solution, but takes time, skill and effort. 

Research tells us that to make virtual working effective, particularly during times of crisis and uncertainty, managers and leaders need to take an individual approach to help people feel secure and build up trust and effective ways of working. Again, this is no quick fix. 

Some organisations are getting this intuitively right, others not exactly. One of the keys is a combination of communication and clarification of expectations and roles. This will become much harder as businesses are required to adjust and manage a staged transition to open their doors again. If we are not careful, businesses will spend all their energies on managing logistics, rather than concentrating on the core business to keep their customers happy and deliver a good service.

The literature on organisational change firmly agrees on one issue. Change is hard and stressful, even where it is for the better. Humans are hardwired not to like it. This is why times are tough at the moment. Acknowledging this, and our own vulnerability is an important step to manage sustainable change. My fear is that the UK government is considering too complex a range of practical measures without due acknowledgement of the physiological impact on people. It’s time for a rethink.

Further Information: 

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“By the end of the course, Birkbeck felt like a second home to me”

Former ballet dancer Katie Willis completed an MA in Creative Writing and was due to graduate with her peers this week. In this blog, she shares her experience of studying at Birkbeck while dealing with illness and her plans for the future.

I am very excited to graduate from my MA in Creative Writing as this is my first degree.

I am a mature student and I’ve had no previous experience of university-level study as I followed a vocational path – I was a ballet dancer before my illness took hold. It is a huge achievement for me to be graduating.

If you want to write about a sick body you have to be comfortable with living inside of it. I have chronic fatigue syndrome and a rare form of cancer. I had to balance university with regular hospital appointments and the side effects of taking chemotherapy and other drugs. On occasions that felt overwhelming.

I faced quite a few physical challenges. I had to be very disciplined on a daily basis, managing the limited energy that I had. The travelling to and from university was physically demanding on a sick body. I had to rest up on the days preceding and the days following my lectures in order to be well enough to attend. I was sad that I was not always able to participate in social events with other students, but I always held on to the important part that it was such a joy and privilege to be able to attend university in the first place.

Throughout my studies I had the support of a close group of fellow students who were aware of my physical challenges. I had two friends who always offered to carry my bags and books to and from and class.

Creative Writing at Birkbeck

I began the MA writing stories which were mostly about magical realism but then in the second semester I took Julia Bell’s Creative Non-Fiction module and I realised that I was interested in writing about the self, using my experience as a dancer. I slowly learned to embrace my quirkiness which allowed me to write to my strengths.

I realised that my writing is poetic and kinetic, and I wanted to write about the body: the sick body and the dancing body, and the place where those two bodies meet. Similarly, I am interested in the place where fiction meets non-fiction meets poetry. I want to meld the genres in my own way but also reflect the shape of the body on the page.

I no longer try to write outside of myself or to become the writer that I’m not. I found my own voice on the course and also found the courage to write in it.

By the end of the course, Birkbeck felt like a second home to me, on a level with being in a hospital, which has felt like a second home for many years.

As awful as the current situation is, there is some sense of community in nationwide lockdown. If you have lived with a physical disability that has left you housebound for a huge chunk of your life that is a very personal and isolating form of lockdown.

It is quite extraordinary to look at the world now and see everyone else under a similar lockdown and huge organisations and bodies rapidly making adaptations in the way they function and impart knowledge. Such adaptations would have made a huge difference to me in the many years when I was housebound.

It is sad that our graduation ceremony is having to be postponed probably until November, but I plan to relish the anticipation of it, so it will be all the more exciting when it occurs.

Looking ahead

I was invited to continue my studies at Birkbeck and am currently doing the MFA in Creative Writing under the guidance of Toby Litt.

Ultimately, I want to publish a collection of short stories. I am currently writing a collection of short stories about bones. I’m taking specific bones from the body and using the power of incantation I’m writing the stories that these bones hold and, in the process, shaping a new body that is neither a sick body nor a dancing body, but something else. Something strong and mobile.

I’d also like to share what I have learned on the course. It would be great if I could take creative writing into hospitals and offer it to patients who have had surgery, or are undergoing chemotherapy treatments, to help them as I think it is an outlet when you are going through life changing moments.

If you are mature student, if you have a disability, if you have cancer, if you have been housebound for many years, if you have something which makes you feel like an outsider just go for it. It may just change your life!

 

 

 

 

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Managing staff who are working from home: business as usual?

Professor Gail Kinman, Professor Almuth McDowall and Dr Kevin Teoh from Birkbeck’s Department of Organizational Psychology share tips on how to manage staff who are working from home.

Empty office

Steps to manage the Covid-19 virus mean that working from home is now mandatory for many people. This will help contain the virus, but such a major shift in working practices will not be easy. Some employees will be working from home for the first time and may struggle to accommodate to their new environment. It may also pose challenges for managers who are required to ensure ‘business as usual’ but have little experience of managing people who work remotely.

The skills required to manage staff during these challenging times are quite different than those needed face to face. Below, we provide some guidance on how to manage remote workers effectively.

Set expectations from the outset signalling support and understanding

The move to remote working will make communication more challenging and you will have less insight into what staff are doing each day. The first step for any organisation is to communicate with all workers affected, setting out clearly the support you are offering, how you will communicate with them and the expectations you have for their performance.

In the current special circumstances, this may mean waving goodbye to previous management practices such as mandatory core hours and operating a flexible “work when you can, as much as you can” policy. Some workers will have challenging circumstances and may have little time or energy for uninterrupted home working. It is important to acknowledge these challenges from the outset and keeping conversation streams open will help you become aware of any changes in people’s circumstances. Also provide clear information on who staff can turn to for advice and support and issue regular updates.

A settling in period is crucial

Staff will need some time to process the change, access the necessary equipment and systems, establish channels of communication and negotiate and adjust work tasks. Do not make assumptions that people who work at home will be more productive as they have more flexibility and their commuting time is eliminated. People will typically take a lot longer to do things and be unable to work to full capacity, especially during the early days of home working. Keep reassuring your staff that you do not expect them to be as productive as usual – maybe the best that you can do in the short term is to identify priorities and work out how best to meet them. Ensure that you have a mechanism for staff to feed back on how things are working out for them. Double check also that appropriate hardware and software is in place. For instance, there are reports already that some organisations are running out of virtual protected network (VPN) licenses.

Be sensitive to role stress

People experience role overload when they are expected to fulfil multiple roles simultaneously without the resources to do so. Resources can be time, energy or attention. Role conflict occurs where fulfilling the demands of one role (e.g. work) is incompatible with meeting those of another (e.g. caring for children). Understandably, both role overload and conflict can be distracting and impair wellbeing and productivity.

Staff will have to dedicate considerable time and energy to craft a balance between their work demands and domestic responsibilities. They are also likely to be anxious about obtaining household provisions and need to monitor the health of themselves and their family members.

Build trust and avoid micromanaging

Building trust between you and your team is crucial. Jointly negotiated goals will help your staff feel engaged, productive and motivated. Deadlines can be set but, as discussed above, flexibility will be required as personal circumstances are likely to be subject to change. Bear in mind that the communication process should be two-way. It is important for managers to check in with staff to monitor their progress and their mental health, but your direct reports also have a responsibility to provide you with updates. Managers are unlikely to have the time to set up cumbersome and intrusive reporting processes, but avoid bombarding people with unnecessary requests, forms, procedures and guidelines.

Use meetings sparingly

Tools such as Skype and Zoom make organising meetings for remote workers straightforward but be aware that online meetings can be time-consuming. Ensuring that all staff members have an input is also challenging. Try not to organise meetings over lunchtime to ensure that staff have a break and are able to prepare meals for children. Send out clear meeting etiquette guidelines. Ensure that meetings are never booked backtoback, as they can become very draining. A shared diary will help mitigate this.

Be aware of the risks of being ‘always on’

Discourage staff from working long hours even if they are willing to do so, as they will be less effective and more vulnerable to health problems. Encourage people to have regular breaks away from their workstation throughout the day. As well as stopping work physically, staff should switch off psychologically to replenish their energies and to enable them to meet their domestic responsibilities. Role model the behaviour you expect from them, such as making it clear that there are times that you are not available, are resting or are meeting your other responsibilities.

Be aware of people’s personal circumstances and conscious of the challenges they are facing

What caring responsibilities do your direct reports have? Are they home-schooling? Do they have the necessary equipment and a quiet working environment? Some people may have access to a dedicated office, while others have to work on a kitchen table, a bedroom or the sofa. Encourage people to take steps to create boundaries (both physical and psychological) and avoid distractions wherever possible but accept that this will sometimes be inevitable. Children will interrupt meetings, dogs will bark and internet connections will inevitably fail.

Treat your staff as individuals

Your staff will experience the change to remote working in different ways. Some may feel anxious, while others will relish the challenge and break from routine. You will find that some people will need more support than others, so you could offer them short goal-setting meetings at the start of each day and a catch up at the end. Others, however, might find this intrusive and prefer to be left alone to get on with it. Be aware that some people will be prone to over-working and may need encouragement to switch off. Asking staff to share with you any difficulties they may be experiencing will help you gain insight into their individual circumstances, needs and preferences.

Encourage socialising and bonding

Working at home can be isolating; this will be a particular problem where staff are largely confined to their homes. Loneliness can reduce motivation and productivity and increase the risk of stress, anxiety and depression. It is important therefore for people to maintain social bonds and feel part of the team. Take some time before a meeting for people to share something personal. Encourage other social bonding opportunities such as ‘virtual coffee time’, a video chat over lunch, or a joint exercise session. Continue to celebrate people’s birthdays or other special occasions. Be creative – one manager we recently spoke to distributed a mini ‘pub quiz’ to help relieve the pressure and encourage team bonding.

Be kind, compassionate and respectful

Show genuine concern for people’s wellbeing and understanding of their personal circumstances. Provide praise and positive feedback so that people know their efforts are recognised and provide affirmation of confidence in your team. You can encourage staff to be open about any difficulties they are experiencing by disclosing that you too are struggling at times. People’s home environments are now their workspaces, but they should not feel that the organisation has moved in with them. It is important, therefore, that communication is measured and considerate.

What about your own wellbeing?

It is equally important that you show the same kindness and compassion to yourself. Expectations of managers are high, and many are now responsible for keeping the business afloat while endeavouring to support their staff through a major transition. Recognise that these are unusual times and it will be a learning experience for everyone.

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The Effects of COVID-19 on Carbon Emissions and how longer-term remote working may impact it further

Dr Becky Briant, Department of Geography and ​Marianna Muszynska, Sustainability Officer, Bloomsbury Colleges Greenthing, consider the impact of the current pandemic on the environment

A picture of a steam locomotive train

A steam locomotive train

There’s a certain schadenfreude in the community of environmental campaigners about the impacts of the current coronavirus crisis on travel and therefore on carbon emissions, but is this crisis really good for reducing our impact on the environment long term?

A reduction in carbon emissions in response to a reduction in economic activity is not a new phenomenon. As Dr Becky Briant teaches Birkbeck Geography MSc students on our Climate Change module each year, one of the only reasons that global emissions only grew 11% between the early 1992 commitments to reduce emissions and the year 2000 was the collapse of the Soviet Union.

The economic shock of the coronavirus pandemic is having similar effects, with an estimated 90,000 barrels of oil per day reduction on 2019 levels at the start of March. Oil production is particularly hard hit by this crisis because it is mostly used for transport. This has other knock on positive environmental effects such as a reduction in air pollution in urban areas.

Whether or not these initial effects will have a long-term benefit for the environment, however, is entirely dependent on what decisions are made in relation to energy usage and infrastructure once society returns to ‘normal’ after social distancing restrictions are lifted. The only way to reduce global carbon emissions in the long term is to decouple economic growth from carbon emissions. There is some evidence that this has been happening in many service-based economies over the past few decades, even if you account for the carbon in the goods that these economies buy from other countries (consumption-based emissions).

Closer to home, here in the UK, Government data shows that UK production-based emissions were about 45 per cent lower in 2019 than in 1990. This is a 3.6 per cent drop on 2018 levels and the same value as during 1888. Even consumption-based emissions have dropped somewhat. There is therefore some evidence that the UK are starting to decouple emissions from economic growth, with emissions reductions of 29% and economic growth of 18% between 2010 and 2019.

This is really good news for our environment, and of course the emissions reductions due to coronavirus are a welcome addition to this, but they are a short-term disruption to a long-term trend. Climate change is a long-term environmental issue and so only long-term changes will make a difference to reducing it.

Reverting to ‘business as usual’ after this crisis will give only another 10% fall by 2030, whilst meeting the UK’s carbon budgets require a fall of 31% by 2030. There is also the danger of a ‘bounce-back’ effect where Government is so keen to stimulate economic growth they reduce environmental ambitions. As a country, we are currently doing well at decarbonising our electricity supply (moving from coal to renewables), with gradual decrease also in the use of gas for space heating although mostly due to increased efficiency rather than switching to electric. Transport, however, is proving less tractable. Oil emissions have only dropped by 6% since 2010 and transport as a sector is now the largest contributor to UK emissions, even without international aviation and shipping, which are not accounted for by country.

Whilst at Birkbeck we are committed to long-term solutions to educate staff and students and reduce emissions and other environmental impacts, we too have seen examples of short-term changes that will not suffice in the long run to decrease carbon emissions. For example, two months of lockdown would reduce Birkbeck’s energy use by 17%, saving almost 400 tonnes of carbon emissions. Indirect emissions from staff travel are also reduced. However, with good planning and resolve carbon savings can still be achieved when restrictions are relaxed.

It is here that the COVID-19 crisis has the potential to leave a lasting legacy – reinventing the concept of the workplace. Having been restricted to remote meeting and discovered that the technology is frequently good enough to make these effective as well as saving time and money, organisations may decide to move to more remote meeting in the longer term. Working remotely for 5 weeks in a row, already, is daunting for some, but not all. Due to the long travel distances of many staff and cost of commuting into London, remote working is already common amongst academic staff. Forced lockdown for all staff has planted a seed of possibility of remote work more often than we previously anticipated is possible or productive.

We hope that once stay at home restrictions are relaxed, Birkbeck’s recovery plan will include encouraging more staff to work remotely a few times a week. This will have the benefit of reducing onsite energy use as well as emissions associated with commuting and business travel.

Whilst we can make these shifts at a local scale, for global changes to be effective, changes are also needed at national level. The key is in what Government policies are in place globally to ensure that economic recovery post coronavirus encourages environmentally positive activities. This is the moment to make this case, as can be seen in a the output of a wide range of organisations from the International Energy Authority to Extinction Rebellion. If we don’t, we risk bouncing back to higher emissions in the search to recover from the economic hit taken during this crisis.

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Why businesses fail: Identifying market need

Welcome to Why businesses fail, five blogs that delve into the reasons why businesses fail and offering solutions. This series was launched by Lucy Robinson of Birkbeck Futures and Ghazala Zia from Windsor Swan.

Lucy Robinson is the Employability Consultant for Business and Enterprise at Birkbeck Futures. She runs the Pioneer programme for aspiring and early-stage entrepreneurs and hosts an enterprise series on the #FuturesPodcast.

Ghazala Zia is a Venture Capital Advisor at Windsor Swan, a boutique London business advisory firm. She has an extensive legal background and currently specialises in advising start-ups of all stages on funding, strategy and business analysis.

According to CB Insights in their 2019 update on a post-mortem of over 300 failed start-ups, “No Market Need” is the most common and significant reason for young business failure. A start-up can have the best team and a truly great product, but it can still fail if no customers need it.

The key mistake here is entrepreneurs going straight into their solution, and basing that solution on a perceived problem rooted in their own assumptions. In short, not properly identifying the problem they’re actually solving. Basing a business idea on untested and often biased assumptions is the quickest way for a product to fail.

Without a real problem to solve, the product won’t be offering a solution that customers want to buy. Without customers, sales won’t come. Without sales, a product will have no traction. Finally, without traction, investors won’t touch the business with a 10-foot pole.

Luckily, this is a failure that can be avoided by putting in the right work at an early stage. The three most important things an entrepreneur can do at the ideation stage of their business? Test, test, and test again!

A good way to start testing is through surveys, from which you can get an idea of your intended audience’s perceptions and priorities. Following this, you can create a beta version or prototype – this is your MVP (Minimum Viable Product). With this, start with just one or two features so you know exactly what you’re measuring a reaction to. Once you’ve got your MVP, consider offering the product or service for free to some users to gather feedback, data and insights.

Always be focusing on moving towards paid users, but don’t discount the value of free users for the valuable insights you can gain. Once you’ve got the data you need on your customer-base, it should be clear what problem your business is solving. Free users give you insight, paid users give you traction.

In short: don’t assume the way you experience a problem is the same as the way everyone experiences it. Test it objectively.

 

This is the first in the Why Businesses Fail series. Come back next week to find out how to appeal to investors.

Further information:

 

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How to set up your home working space to support mental and physical health

Dr Rachel Lewis, Registered Occupational Psychologist and Senior Lecturer in Organizational Psychology shares her tips for creating a safe and productive work or study environment at home.

Home office

The coronavirus pandemic and ongoing lockdown have meant dramatic shifts in the way we work, much of which is beyond our control. Many of us are now working from home, sharing study space with housemates or family members and juggling childcare and other responsibilities into the mix. 

One thing we can take control of, however, is how we set up our workspace to support mental and physical health during this challenging time. The tips in this blog will help you to create an effective workspace, plan manageable routines and mitigate some of the stress that comes with adapting to a new way of work. 

Step 1: Choose your workspace 

As we continue to work remotely, it may be tempting to gravitate to your duvet or sofa and work in comfort, but doing so makes it difficult to manage the boundary between work and other areas of your life. 

Ideally, your workspace should be a separate area of your home that you can go to and leave as if you were going to work, whether that’s an office, desk or seat at your dining room table. This prevents disruption to the rest of your home and helps you psychologically to feel ready for work in that space. 

Step 2: Give your environment some love 

It’s amazing the difference that a few small touches can make to your work environment. Do you have access to natural light? Do you have a plant that could provide you with a more natural environment? While we’re in a state of uncertainty about how long lockdown could last, it’s important to create a space where you feel comfortable working. 

Think also about how to set up your desk to support your posture – could you put a few books under your laptop, or place a cushion behind your back, to help sit in a way that won’t lead to back or neck pain? Physical and mental health are closely linked, so by taking care to avoid aches and pains, you’ll be helping your mind too. 

Finally, scan the area to make sure it’s safe – are there any stray laptop wires that could be trip hazards to you or a family member, for example? 

Step 3: Define your working hours 

Without the physical boundaries that come from commuting to work, it’s tempting to just work around the clock. To ensure you take time to rest and recuperate, set (and stick to) a time to finish work each day. This time may have changed from your usual hours to accommodate other commitments – you could specify your new working hours in your email signature, so people know when you will be available. 

If possible, try to use separate devices for work and leisure – if you have been provided with a laptop or phone line for work, turn these off at the end of your working day to avoid the temptation to keep connected. 

Step 4: Be kind to yourself 

The situation we’re living through represents a significant period of readjustment, so don’t be too hard on yourself if working from home still feels alien. Set yourself goals, but be prepared for those to flex sometimes. Be kind to yourself, be kind to others and let’s help each other through until we meet in person again. 

Further Information: 

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