Business Comment FEBRUARY/MARCH 2021 Internationalisation and Connectivity CONTENTS International Internationalisation and Connectivity 18 Enterprising Festival still Welcome to the latest issue of Business Comment. leads on international stage Leading It has been a year of lockdown, and ways that bring huge benefits to the tightening and – occasionally – easing citizens in ways that are sustainable of restrictions that have been designed and well-managed. to help tackle and manage this awful The enormous part played by ports Local pandemic, which has seen our nation, in our everyday life often pass under and indeed the world, face a public the radar, but city-based Forth Ports health crisis unprecedented in modern are one of the UK’s biggest players times. Strathclyde and the role our ports will play in our The impact on lives and livelihoods has recovery will be vital and on a massive been catastrophic. More than 100,000 scale. With major investment underway The final word in business education deaths from Covid 19 in the UK, and and planned, and with the potential to tens of thousands of jobs lost here create investment and job creation on a in Edinburgh alone. Our City centre, major scale, the ports will be needed by normally the bustling, busy, beating everyone who hopes to do business in heart of our Capital has been effectively this country and overseas. Ports the Answer to Stormy Seas stilled for a year. It’s a picture that has Our departure from the European Union, been replicated around the world, from 20 and the world’s biggest free market, Rome to Rio. adds a further layer of challenge. New The bright light at the end of this tunnel rules, new paperwork, new obstacles Contents and Introduction 03 has been the development in record- all face businesses in their exporting shattering time of vaccines which we endeavours and Edinburgh Chamber, as Chamber News 04 | 06 are now seeing rolled out to tackle the part of the British Chambers Network, Feature: Trading in 2021 08 virus and, hopefully, bring a return to is well-placed to help businesses Chamber News 09 some kind of normal future. And that navigate the maze through our in-house has only been made possible by the expertise in this area. Paul Wrighting, Circular Economy 10 huge scale of the international effort Trade Training Manager at British In Conversation With 12 Strathclyde Business School is a top business that has been made to develop the Chambers of Commerce, offers some New Members 13 school within a leading international technological vaccines. excellent advice in the magazine. Opinion Piece 14 University, recently named UK University of the Year Never has the importance of Elsewhere in the magazine, as ever, in the prestigious Times Higher Awards 2019. internationalism and global co- there is news about our members, their Developing Young Workforce 16 As a long-established, pioneering business school, operation been more evident. resilience and innovation. Special Report 18 | 21 we understand the business needs of organisations, It is therefore entirely appropriate Corporate View 22 | 23 from SMEs and start ups to global players. that this issue of Business Comment Chamber Training 25 focuses on Edinburgh’s desire to Inspiring Connections 26 With seven international centres, we know first hand continue to look out towards the world the importance of global thinking and we continue in all aspects of our life. We look at International Update 27 to introduce innovative business programmes and what the world-famous Edinburgh Chamber News 28 International Festival has done during bespoke executive education to suit the demands of Ask the Expert 29 an evolving business world. the past year to continue to fly the flag as the world’s Festival City, and Business Mentoring 30 Liz McAreavey Our acclaimed MBA programme can be studied on what plans are being put in place to Chief Executive, 60 Seconds | Get with IT 31 ensure the show goes on, and on, in Edinburgh Chamber a full time, part time or flexible learning basis which of Commerce Chamber Partners 32 | 36 means you don’t have to give up the day job – or travel far – to get a world class MBA. Edinburgh’s Newcomers 38 www.strath.ac.uk/business February/March 2021 BC 3 CHAMBER NEWS CHAMBER NEWS John Lewis Edinburgh create new destination for customers, visitors and Partners to enjoy. I write this as we prepare to face another period of lockdown at the start of 2021 after one of the toughest years for retail, our communities and our families. Six smart sales suggestions Alan Gilfillan, Partner at Balfour+Manson, has six tips if you decide to sell your business. We will once again be called upon to show our moved to Waitrose on a permanent basis as 1. Find the right buyer: You might know who 4.Think about confidentiality: Before of the deal and the price you can expect to resilience, determination and spirit to ensure we continue to work together to support trade you want to sell to, perhaps a competitor or making confidential business information achieve. we are in the strongest possible position to across both brands. an employee. If not, you can seek assistance available to a potential buyer, make sure you welcome back shoppers as soon as we are If you are considering selling your business, We have also shown our appreciation to our from professional advisers. If you expect have a non-disclosure agreement (NDA) in able. it’s important you know where you stand. customers and Partners with random acts significant interest, you might consider an place restricting the buyer’s use and further Instructing a lawyer can help simplify this Like many, we have had to adapt at pace to of kindness through our Give A Little Love auction, but how widely do you want it known disclosure of information provided. process for you. support changing customer behaviour, both Christmas campaign, which aimed to raise £4m wider selection of brands, new services and a that you’re in the market to sell? What will 5. Be ready to respond to detailed online and in our shops. For us, it's about being for two charities: FareShare, which helps those focus on inspiring and delighting customers staff, customers and suppliers make of it? www.balfour-manson.co.uk information requests: A serious buyer’s due flexible and embracing current trends wherever facing food poverty and Home-Start, which through new experiences. 2. Identify and deal with thorny issues: diligence will cover accounts, finance, assets, possible. We've had to respond quickly to works with parents who need support. 0131 200 1200 We want to work collaboratively with other Think carefully what might put off potential business contracts, insurance, compliance, change our assortments and focus to react to As we look forward to the completion of our businesses across the St James Quarter and buyers. Is there any uncertainty around data protection, health and safety, employees, large demand for certain products, particularly branch refurbishment and the opening of the the city centre, the City Council, the Chamber the ownership of key business assets? tax and more. Subject to having that NDA in technology and home furnishings as home new St James Quarter in April 2021 we have a of Commerce and the BID team to build Any ongoing disputes with customers or place, make all information and supporting working became increasingly prevalent. We've unique opportunity to create jobs, drive much confidence and to bring workers, shoppers and employees? Any missing or incomplete documents available to help the deal progress also made many of our in-store services needed city centre footfall, lift spirits and create visitors back into the city centre. We want to records? Try to resolve each issue swiftly. available virtually, including home design and a totally new destination for our customers, build the night time economy and integrate St proactively, ideally before going to market, or personal styling. 6. Structure the sale in a tax-efficient visitors and Partners to enjoy. James Quarter into the city centre through an it could result in a potential buyer withdrawing The value of good customer service has never exciting events programme. manner: Check the eligibility criteria for In challenging times, I feel very privileged to be or reducing the value of an offer. been so evident and I’m proud of the enormous Business Asset Disposal Relief (previously among those at the heart of a fabulous new efforts of all our Partners. Their commitment, It’s been a difficult time and more challenges 3. Consider third party approvals: If business Entrepreneurs’ Relief), which reduces a mixed-use scheme and to have the opportunity flexibility, willingness to support each other and may lay ahead, but there are many reasons premises are leased, on what terms will the seller’s chargeable gains tax liability to of creating a totally new shopping experience determination to be there for our customers to be optimistic about the future and the landlord agree to deal with the buyer and release 10%. Also be considerate to the buyer’s tax for our customers. We want to offer the very has been inspiring. Dozens of our Partners, for opportunities open to us too. you? Who else might you need to consult? Are position, working with them to identify a tax- highest level of customer service in a new John example, transferred to Waitrose in the peak of there any other shareholders or investors? efficient structure, as this will affect the value Lewis flagship department store for Scotland Barry Blamire, Head of Branch, John Lewis the crisis to help.