< Previous60 LINCOLNSHIRE TODAY EDUCATION Can you tell us a bit more about the Collegiate and what it offers? The College offers a focused and dynamic academic curriculum. Students follow a traditional GCSE or A Level pathway alongside an exciting range of super-curricular and enrichment options. Our students are academically challenged and encouraged to aspire to excellence. They leave us as confident, independent learners, well prepared to succeed in higher education and their future careers. The Faculty, meanwhile, caters for students with a wide variety of talents and abilities, and helps them to achieve highly in a range of courses. We recognise and celebrate students’ successes in their academic and vocational courses, their creative, artistic and musical skills, and their sporting achievements. Our varied, interesting and individual programmes of study ensure that all students are supported to fulfil their diverse ambitions and prepare them for higher education and employment. How do your students typically perform? QE has two senior schools on their modern, well-equipped campus, which is close to York, Harrogate and Leeds, in Thorpe Underwood. This allows for a high level of personalised care and guidance for all students, and an innovative curriculum model to suit each individual. Students in QE Faculty achieved 86% A*-B grades at A Level and in QE College achieved 96% percent A*-B grades. The percentage of BTEC Distinction* and Distinction grades in QE Faculty was 81%. QE students are also successful in a wide range of sporting, cultural and outdoor activities included in the schools enrichment and co-curricular programme, focused on helping them to gain necessary skills in leadership, teamwork and decision making. What can students expect to learn on your Edexcel GCSE Business Studies course and, moreover, what will they be able to do with the qualification? Business Studies helps students to develop an understanding of organisations, how they market their products and generate profit. This involves looking at how businesses are managed, how decisions are made and how businesses react to different circumstances. This course provides a great grounding for the A Level Business course and any related courses at university. It also supports a wide range of other courses, from art to science, which increasingly have elements of business management. Q&A Queen Ethelburga’s Collegiate We spoke to Queen Ethelburga’s Collegiate, an independent school based in York, about growing the next generation of business owners and entrepreneurs. 60-61.qxp_Layout 1 23/08/2022 15:36 Page 1LINCOLNSHIRE TODAY 61 EDUCATION A GCSE in Business Studies can open many doors to the business and finance world. The course offers a huge insight into all areas of business and provides a strong but not essential platform to A Level Business, Economics and Accounting. If students decide to progress to university then it can help them enter any business and international business related degrees at some of the best business schools in the world. It is an exciting course that will provide students with so much more than just a GCSE but knowledge on how the world works and help set them apart from other students when it comes to university applications and applying for jobs. What about your A Level Business Studies course? As with our GSCE course, it enables students to develop a thorough understanding of organisations and the complexities involved therein. This involves investigations into how businesses are managed, how decisions are made and responses made to changes in the external environment. Of course, being an A Level course, it goes much further than GSCE level. It provides a good grounding for business related courses at university and careers in Business Management. It also supports a wide range of other university courses, from Art to Science, which increasingly incorporate elements of business management. In the modern world every career choice requires some understanding of business and the global business environment. Moving onto a more specialised subject, what can students expected from the Edexcel A Level Economics course? Economics is concerned with the key issues facing us today, including globalisation, pollution and poverty. It is essentially about choice: why different sorts of people and groups of people, such as governments, have to make choices; the choices that they make, and the consequences of those choices. The work of economists transforms our lives – if you are a firm, consumer, worker, homeowner or the government you are concerned with, and affected by, economics. Economics teaches students to think logically and to use theories to understand how economies operate. Students will be taught methods used by economists and how to understand issues such as inflation, unemployment, pollution, demand and supply, exchange rates, interest rates, and the difficult decisions the UK Government face when they attempt to steer the economy in a chosen direction. Students will need to apply their knowledge and understanding to both familiar and unfamiliar real life contexts in their lessons and assessments. They will also need to demonstrate an awareness of current economic events, trends and policies. Finally, what does the BTEC Nationals in Business offer? The Level 3 BTEC Business course is a two year programme designed to allow the students to gain an effective understanding of the overall business environment. It provides a solid understanding of the business world and gives the students knowledge of the business functions and skills required to succeed. Due to the diverse nature of the business course it provides a strong foundation for any student looking to continue business studies into Higher Education and a good basis for studying business degrees such as Business Management, International Business, Business and Marketing etc. It is predominantly a vocational course which helps our students to develop a number of skills desired by universities, such as assignment writing, research skills, teamwork, presentation skills and independent learning. Students can choose to complete the course based on size e.g. Extended Certificate (one A Level), diploma (two A Levels) or Extended Diploma (three A Levels). The course consists of a range of assignment based, examination and synoptic units which gives the opportunity for all types of learners to succeed. Do you have any open days coming up in October and November? Yes, we do indeed. We have one taking place on 2 October and another on 27 November. Both take place between 9:30am to 12:30pm. Join us to get an in- depth, insight into Queen Ethelburga’s and our community, which welcomes children from 3 months old to Year 13. Anyone interested in attending should do so using the form found at www.qe.org/home/admissions/open-days. To find out more, visit www.qe.org, email info@qe.org, or call 01423 33 33 30. 60-61.qxp_Layout 1 23/08/2022 15:36 Page 262 LINCOLNSHIRE TODAY FAMILY BUSINESS R unning a family business isn’t easy, especially not with the unpredictable and unwelcome state of the economy, the rising cost of living, soaring inflation and a zombie government. Running any kind of business will be difficult in those circumstances, but family businesses always have it harder because the company is tied to the family unit, often having emotional and sentimental bonds, and it’s the hope of many family business owners to pass it down to their children one day. Making harsh decisions and distancing yourself emotionally from them is difficult when there’s so much at stake, but that is the situation family businesses find themselves in today. Family businesses have been evolving in recent times to keep up with new trends in social media, marketing, online sales and more – and there’s yet more evolution that needs to happen if they’re to adapt to this new, uncertain world of trading conditions. The advantage family businesses have over traditional enterprises, however, is that they quite often have someone within the family who can broach other generations. Younger family members are typically more genre savvy when it comes to Facebook, Instagram and TikTok, and can have valuable advice – if the older members listen – on how to further a brand on these platforms. This may even include such approaches as meme culture, which may seem striking and startling to some, but keep in mind that many big brands, including Wendy’s, KFC and Coca Cola, have been trying to use meme culture on Twitter to break into new markets and appeal to the younger demographic. It’s difficult for dusty suits in a boardroom to really “get down with the kids” however, whereas family businesses are quite often run by people who have, and who are used to dealing with, children. Modernizing family businesses is also a great way to get the next generation interested in the running of the company. One of the biggest challenges, and the greatest fears, of many family businesses is what will happen if the next generation doesn’t want to take the company over. We’re living in a world where people are increasingly encouraged to pursue their own dreams and leave their own mark on the world, and younger generations may not want to be tied down to something they had no hand in founding. By involving younger people earlier, giving them responsibility and letting them get a taste for what running a family business is like, you can help drawn them back into the business or, if that fails, at least make sure they are fully informed on their decisions. Family businesses are, after all, meant to be for the whole family, but it can be easy for one dominant personality to take over, thinking they know best, and unintentionally drive other members away from the company. Powerful personalities are important when running a business – The family unit While family businesses face a raft of challenges – like many other businesses in this economy – the solutions are often not so simple; they never are where family is involved. 62-67.qxp_Layout 1 23/08/2022 15:37 Page 1LINCOLNSHIRE TODAY 63 © stock.adobe.com/ JenkoAtaman KEVIN JOHNSON “For those times when you need a helping hand on farm or on land” 4 Church Road | Wittering | Peterborough | PE8 6AG Tel: 01780 782924 | Mobile: 07860 608825 enquiries@kevinjohnsoncontracting.co.uk www.kevinjohnsoncontracting.co.uk •Fertiliser Spreading 12m to 36m •Lime Spreading •Maize Drilling •Grass Mowing with Triple Mowers LEAKE'S MASONRY Ltd Eve Street, Louth, Lincs LN11 0JJ Phone: 01507 604 828 leakesmasonry.co.uk • leakesmasonry@aol.com A Third Century of Stonemasonry Craftsmanship From Leake's Masonry A professional family-run business having been established in Louth for over 100 years. We were very proud to have been entrusted with the repairs and renovation to the damaged Louth War Memorial. just look at any famously successful entrepreneur – but the important thing to remember about entrepreneurialism is that it is a very personal thing, and that it often doesn’t translate well to a communal family unit. That’s not to say it shouldn’t be celebrated or encouraged, but moderation should be kept in mind, because it’s very easy to turn a family business into your business if you’re not careful. If that happens then children may not feel like they have the opportunities they want and might seek employment elsewhere. That might not be a bad thing, however. A fresh perspective brings fresh ideas back into the company and drafting family into the business over and over will lead to skills and ideas 64 Á 62-67.qxp_Layout 1 23/08/2022 15:37 Page 264 LINCOLNSHIRE TODAY FAMILY BUSINESS Printing|Copying|Graphic Design LOGOS | BRANDING | BUSINESS STATIONERY FLYERS & POSTERS | BROCHURES | NEWSLETTERS A0 COPYING & SCANNING | OS MAPPING CAD & PLAN PRINTING | PRINT FINISHING High Quality Print & Design in Lincolnshire N 01522 546118 E sales@lincolncopycentre.co.uk www.lincolncopycentre.co.uk stagnating. There are many key skills that can only be learned outside the family business, and these, when brought back, can help push a business in new directions and to new heights. So, don’t feel too worried if your family or children want to try their hand elsewhere. Few jobs are forever, and it may be that the experience they gain in another company is just what the family business will need a little down the line. Even if they don’t join up later, they can still be a source of ideas, advice and contacts. Being able to distance and differentiate family from family business is a challenge, and one that every family running a business has to contend with at one point or another. It’s inevitable that things won’t always go your way, and that a family will disagree at some point or another, but the strongest family businesses are those that know how to step away from the problem and talk it out, either as business partners or as a family, without letting things get out of hand. Our family businesses across Lincolnshire are something to be proud of, and we will always encourage our readers to shop local, favour your local family businesses, and do their best to support Lincolnshire’s economy. © stock.adobe.com/goodluz 62-67.qxp_Layout 1 23/08/2022 15:37 Page 3ORDER FORM Yes, I would like to subscribe to Lincolnshire Today magazine for the next 12 months, with the first 3 issues only being £1. 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A gift Subscription is the perfect present that lasts all year round! 62-67.qxp_Layout 1 23/08/2022 15:38 Page 466 LINCOLNSHIRE TODAY FAMILY BUSINESS Over the last few months we have, as a firm, been working closely with a broad cross section of family businesses including some very long established ones and some still relatively young. For this work our definition of a family business has simply been a business that has been owned and managed by more than one generation of the same family and/or a business that has more than one member of the same family sharing ownership and being actively engaged in its day to day operation. As part of our work and interest in the DNA of a family business we have been looking at what might characterise or determine the success of such enterprises. It would seem that there are 10 characteristics or aspects that they have in common: 1 Family members engaged in the business today have often worked in and for other organisations, often in a variety of roles and often senior roles. This, in part, has helped them bring new work approaches and management techniques to their own family business. 2 Where there is more than one family member in the business they have agreed roles based on best fit of skills and experience. The ability to agree roles and responsibilities tends to help remove personal and emotional conflict and often leads to the most appropriate family member undertaking roles for which they are best suited. 3 Often there is a non-family member on the Board who provides a dispassionate viewpoint and brings specialist skills to the table. In some cases, we have seen Boards made up of nearly all non-family members. Some of the most effective Boards often have a non-family member as the Board Chairman, someone who they all respect but is not influenced or tied up with the family politics. 4 They are as passionate today about the business as their forefathers or foremothers. With an often overriding sense of custodianship and respect for previous generations, many 2nd, 3rd and even 8th generation businesses are keen to ensure the business continues and thrives well into the future. 5 Whilst more corporate enterprises may focus on optimising financial returns each year or for shorter periods of time, family businesses are often more concerned about sustainability and continuity. For them it is as important to be around for the next generation and the one after that. 6 They are innovative and responsive to the market and customer needs, often with high levels of customer service and satisfaction. Many of the businesses we have come across are as innovative today and responsive to change as they were when they were founded, with the pride and passion for what is done very much at the heart of good customer service. 7 They are as likely to talk about business at Sunday Lunch as they are football, rugby, politics or soap operas. Whilst the discipline or more The DNA of the family entrepreneur! Family businesses are an integral part of Lincolnshire’s economy. This month, James Pinchbeck, Marketing Partner of Streets Chartered Accountants, who work with many family businesses, shares his 10 characteristics for those running a successful family business. James Pinchbeck, Marketing Partner of Streets Chartered Accountants 62-67.qxp_Layout 1 23/08/2022 15:38 Page 5LINCOLNSHIRE TODAY 67 FAMILY BUSINESS structured business and Board meetings may become the norm, it is not untypical for a decision or conversation about the business to be made in a more social family setting. Understandably, it is not easy for business and family to be decoupled, especially where a business is very much a part of the family. 8 We are seeing a growing number of next generation or younger family members coming in to the business following a broad education; and often having obtained a degree or similar qualification. We are also seeing a number of family members taking part in an external programme or course around business management etc e.g. the Goldman Sachs1000 or an MBA, even attending Harvard. Equally they are likely to engage with or seek external advice either from professional advisers or through business support programmes. 9 Recognising their own strengths and shortfalls in the team, many family businesses often employ people that can do specific jobs or execute a management role better than they can so that they can focus on where they can be more effective and profitable. 10 Whether this is a surprise or not, many of those running their own family business could have earned more working for someone else. However, the rewards, pride and freedom etc often around running or being a part of a family business are often a greater reward. Whilst these 10 are not necessarily an exhaustive or definitive list of why family businesses are successful or special, certainly from a business and advisory role they help us to understand aspects of strategic planning and financial reward. Family Business Forum – ‘Get your nose out of my trough’ Wednesday 12th October - 12-noon till 2.30pm The Carriage Hall, Station Road, Plumtree, Nottingham NG12 5NA Following on from the recent session of the Family Business Forum titled ‘Back to the Future’ which explored how family businesses not only weathered the pandemic but also have embraced change as a result the next session will focus on leadership and management. Organised by the Wilson Organisation and supported by Streets Chartered Accountants ‘Get your nose out of my trough’ will explore along with family business panellists the unique set of challenges faced by family businesses around decision making, defining roles and responsibilities and leadership along with the dynamic of having or bringing in non- family members in senior management roles or even on the Board. Family business delegates will also be able to gain further insight into business leadership practices and styles with a special session facilitated by Alexandra Thornton an experienced leadership and management consultant with Human Alchemy. We are delighted to once again be working with Annabel Jackson Prow and Charlotte Perkins from the Wilson Organisation. As a family business themselves and founders of the popular and long-standing Midlands Family Business Awards they bring real insight into running and managing a family business. The topic of leadership has probably never been as relevant as it is today. In an ever- changing world, effective leadership along with clear management structures. defined roles and responsibilities, even accountability is as important as ever – not least for a family business. We are really looking forward to learning from not just our family business panellist but all attendees about the challenges they face, and how they balance the family issues with business matters whilst juggling the very essence of what makes a family business just that a family business. The session is open to all family businesses. We encourage multi- generational attendance, as this provides a chance to understand the views of those who may have been involved in the business for many years as well as those who may be relatively new to it. Non-family members are also welcome. For further details and to request on invitation to attend email jpinchbeck@streetsweb.co.uk 62-67.qxp_Layout 1 23/08/2022 15:38 Page 668 LINCOLNSHIRE TODAY CARING W ith better quality of life and healthcare, people are living longer than ever before, leading to a lucrative market demographic – the so- called ‘silver’ demographic’. The food and hospitality industries, for example, predict that the next great market to conquer is the over 55s, where products and services will be specifically tailored to meet their wants and needs. It doesn’t take a leap of the imagination either, with supplements and other vitamins already doing just that, and ease of opening becoming more commonplace on products with caps and closures. One area where the older generation has always enjoyed targeted experiences and representation is assisted living facilities. As this age bracket includes people who are either approaching retirement, have recently retired, or have been enjoying their post-retirement years, it’s fair to say they’ve earned some R&R. Having both retired, with children who’ve since flown the coop, a couple might want to downsize to enjoy their twilight years. This is the beauty of assisted living, where a couple or individual can enjoy the best of both worlds. Care homes are more than a place to dump off your elderly relatives. They perform an important civic function and provide a safe and sociable environment for potentially vulnerable people. For Seeing silver Life expectancy continues to grow, with many living well into their eighties and beyond. After spending half of that going to school, getting married, having kids and working, it’s fair to say that life begins in earnest at fifty. Or is that sixty? Seeing silver 68-71.qxp_Layout 1 23/08/2022 15:39 Page 1LINCOLNSHIRE TODAY 69 CARING people with a waning mental state or failing mobility, care homes can be a literal life saver. Add to that the presence of likeminded people, they can also stave off the debilitating loneliness that can accompany old age with the loss of friends and loved ones. Assisted living can help to bridge the gap, providing an easier transition or a more permanent solution. As above, we are living longer than before with people enjoying a new lease of life post-retirement. Life expectancy in the UK is now 81.2 years, while retirement age is 66. That’s a good chunk of time to fill. This includes taking up hobbies and activities that perhaps people were hesitant to before, or simply didn’t have the time. With nothing but time to spare, the silver years are the perfect excuse. To a more outgoing couple or individual, a care home can seem a bit severe, and they may be perfectly content with their current home set-up. For an added level of security and peace of mind, though, assisted living is the perfect alternative. As defined by UK Care Guide, assisted living is “a type of residential care which involves an individual (or a couple) living independently in a specialist complex”. These facilities can differ dramatically depending on what they offer, though they’re usually united in providing nurses © stock.adobe.com/Rido © stock.adobe.com/lordn 70 Á © stock.adobe.com/Yakobchuk Olena 68-71.qxp_Layout 1 23/08/2022 15:39 Page 2Next >