Issue #24 - New year! No change? 📅
Escaping reality with Fox in a Box escape rooms | Why are we facing a cost of living crisis? | How to spot stress and deal with burnout | Homeworking | Late payments | Tunes | Podcasts | More
🦾 G O
It’s not looking great, is it? 😳
Welcome to the first issue of 2022. It seems like forever since we were able to say “out with the old and in with the new” at new year. At least with any sort of conviction anyway.
It somehow feels like things are about to get even tougher as we move into 2022. But the night is at its darkest just before the dawn, as they* say, so fingers crossed things will get better for all of us soon.
If you’re feeling the strain, this issue has some pointers on how to spot employees stress, how to beat burnout, and a closer look at the cost of living crisis.
But enough doom and gloom, we’ve also got a foxy #BionicBusinessStory, a podcast about the rise of the training shoe, and a playlist to make sure you look good on the dancefloor.
It’s Issue #24 of The Backbone. Let’s go…
*’they’ being English theologian and historian Thomas Fuller or Gotham City DA,Harvey Dent, depending upon where you get your cultural references from
Every Monday morning in January 🥶
🗣 S H O U T O U T
#BionicBusinessStory - Fox in a Box 🦊
Bionic had a chat with Sheyi Thomas, who owns and runs thrilling escape rooms Fox in a Box in London. We wanted to know what his biggest challenges have been and how he’s come out thriving.
Bionic: What has been your biggest challenge as an SME owner?
Sheyi Thomas: “Covid was probably the biggest challenge we’ve faced to date. We had to shut and weren’t making any money, but we got the chance to analyse our business model and really get creative with what we could do with the space and think about what other products and services we could offer. Without Covid we probably wouldn’t have been forced to take that action.”
B: What is the best thing about running your business?
ST: “I've got an amazing team without them we wouldn’t be here today. They’ve stuck with us through Covid when things didn’t look so good.”
B: What is the most worthwhile thing about running your business?
ST: “The feedback from people is definitely the best part for me. When people come out and you can see their reaction. Especially when there’s a member who isn't too keen on going in, they’re quite unenthusiastic. And they come out bouncing off the wall wanting to book their next game!
B: Which game would you recommend for an escape room newbie?
ST: “We encourage people to go on a journey at ‘Fox in a Box’. ‘Zodiac’ was the game that originally made me decide to embark on this venture, so I'd have to say that one.
You can find out all about Fox in a Box on Facebook, Twitter, Instagram and at the Fox in a Box website.
📰 N E W S
Why are we facing a cost of living crisis?🛒
In Issue #21 we took a look at inflation and what it meant for business owners. Back then it had 4.2%, largely on the back of spiralling energy costs. It’s now at 5.4% and energy prices have risen even further.
Given that the energy price cap is due to rise in April, as are National Insurance contributions, it’s no wonder there’s talk of a cost of living crisis. But what exactly does that mean and is there anything you can do to lessen the impact?
What is a cost of living crisis?
A cost of living crisis happens when everyday costs increase (things like grocery shopping and energy bills) but wages don’t keep up.
There are a number of reasons UK is currently heading for a severe cost of living crisis, including:
Increasing energy prices caused by soaring wholesale prices
Government financial support ending, including the cut in VAT rates for hospitality and the £20 Universal Credit uplift
Disruption to supply chains caused by the pandemic, Brexit, and staff shortages in the haulage industry. This has led to a shortage of certain goods in shops - when supply is low and demand remains high, then prices go up
If things carry on the same way, inflation is forecast to hit 6% in spring. Combined with tax hikes, the Institute for Fiscal Studies estimates that a person on an average £30,000 salary will see their pay cut by £1,600 a year.
As far as households go, the Resolution Foundation estimates that households will be an average of £1,200 worse-off in 2022 than in the previous year.
Although there have been calls to scrap VAT and green levies on energy bills, the government hasn’t outlined any plans to help households or business owners.
If you’re struggling with living costs, check out this Citizens Advice guide.
📩 J O I N
We want to hear about you and your business 🗣
💡 How did you end up running your own business?
😟 As a business owner, what keeps you awake at night?
🤩 What’s your proudest achievement as a business owner?
🤔 What advice would you give to someone starting their own business?
Leave a comment to get involved 👇
🤝🏻 T I P S
How to beat work from home burnout 😫
Pandemic travel restrictions and lockdowns have meant that working from home has become the norm for many of us over the last couple of years. Even if the nature of your business means it’s impossible to work from home, there’s a good chance you’ve had to change the way you do things at least temporarily since March 2020.
If you have been lucky enough to be able to run your business remotely, you’ve probably already considered whether it’s worth returning to the workplace full time – not least because you might be able to save money if you’re no longer paying rent for commercial premises.
But while working from home full time might suit you, it may not be ideal for all your employees. This could be because they don’t have the right tools to be able to do their job properly or their living arrangements aren’t suitable for full-time remote working.
Homeworking has brought a whole host of benefits, including a better balance between work and home life, and less time and money spent on commuting – all of which can help improve mental health.
On the flip side, working from home can also lead to a blurring of the boundaries between work life and home life – if you’re typing away into the evening or even just checking work emails, you’ll quickly find that you can never quite fully log your brain out of your laptop.
If this is the case, then you could quickly see productivity dropping as you and your employees are hit by work from home fatigue. If burnout isn’t dealt with, it could even lead to feelings of stress, anxiety, and depression.
Figures from the Health and Safety Executive (HSE) show that workload pressures, including tight deadlines, too much responsibility and a lack of managerial support are the main drivers behind work-related stress.
Look out for the following signs that could indicate employees are suffering from stress:
A change in their normal behaviour (irritability/ withdrawn/unpredictability)
A change in their appearance (they may begin to look unkempt or not bother with staff uniform)
Late to work more often
Sudden lack of concentration or commitment
Taking a lot of time off work
If you see any of these signs, you can help reduce the pressure on them by sharing workloads or giving them less stressful duties while you try and work out the root causes.
If working from home is the issue but your business isn’t in a position to have everyone return to the workplace full time, look into hybrid-working and suggest employees take the following steps to beat burnout.
Establish boundaries
Learn to switch off
Get moving
Book in some ‘me time’
Don’t suffer in silence
For more details, check out Five ways to combat work from home burnout
🗞 R E A D
More than 440,000 small firms could be forced out of business by the late payment “crisis”, according to the Federation of Small Businesses, which has called for urgent government intervention to improve the way firms are paid.
UK’s late payment ‘crisis’ risks future of 440,000 small firms
Small businesses look set to stick with home working despite the change in Government guidance, spurred on by substantial savings, new research suggests.
Small businesses look set to persist with homeworking
🎧 L I S T E N
Playlist
We needed a playlist that would help lift the bleak mood of this issue, and so Dan (our Senior Marketing Operations Manager) took us back to his youth with Teenage Kicks - perfect for anyone who has ever dropped beer on their shoes while indifferently stomping or flailing wildly to The Strokes, The Futureheads, The Cribs, or any other band beginning with ‘The’.
Podcast
Sneakernomics is a podcast for anyone who has worn a pair of trainers for any reason other than playing sport. It charts the rise in popularity of trainers, sneakers, kicks - whatever you call them - from fueding brothers in a Bavarian village to multi-million dollar sponsorship deals for the world’s biggest sports stars.
📊 B U S I N E S S
Get your business costs sorted 💷
Our tech-enabled team will answer all your questions in simple terms, and help you find the best deal on business energy, insurance, phone, broadband, or finance. No jargon. No-fuss. #BeABionicBusiness 🦾
Check out more ⭐⭐⭐⭐⭐ Trustpilot reviews
🔥 H A S H T A G
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Get involved by using the hashtags #BeABionicBusiness and #BionicBusinessStory.
🏡 H O U S E K E E P I N G
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🚫 S T O P
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