growth spotlight
Georgina Hurcombe, MD & producer at LoveLove Films
An independent multimedia production company based in Bournemouth. Founded in 2010, it already has more than 50 TV commercials under its belt, plus many videos for mainstream musicians and major corporates. Winner: ‘Woman Business Owner of the Year’ at The Business Magazine’s 2017 Women in Business Awards.
Challenges are merely opportunities for change, and enjoyable employment is a driver for success, Hurcombe sums up.
“There isn’t one barrier when you are running a business, there are many, and they are often the most obscure barriers – ones that you would have never guessed. But what I find most important is to look at barriers as challenges.
“I always ask my team to look for solutions and I don’t entertain a ‘can’t do’ culture. After all, barriers are meant to be broken.
“One of the biggest lessons I have learnt is not to stress too much about work. I have to remind myself that I run a production company – I’m not a doctor saving lives. So, I try to make sure I’m being subjective. I’ve also learnt that it’s OK to ask for help; today I still often reach out to my peers for insight.
“Also, don’t limit yourself to other people’s
expectations or rejections. I’ve come across a lot of ‘No’s’ and rejections and it’s just about being persistent and not letting it overcome you. Most importantly, I’ve learnt that if you believe in your business or project then you should pursue your goals.”
And Hurcombe’s advice to others aiming to start a successful growing business?
“Dream big dreams, but know that being an entrepreneur is hard. If it were easy then everyone would do it.
“So, if you want to go into business, make sure it’s something that you truly love because if you’re not passionate about it you will likely fail.
“Business is full of chaos and uncertainty. To grow a business many things can go wrong and often these things happening is the only way you learn. So, you really need to love what you’re doing and believe deeply in your business idea. For me LoveLove Films is not only my business it’s my passion. I love going into the studio.”
Penningtons Manches’ view: Underpin your business with legal certainty
Any viable project begins with secure foundations, and it’s the same when starting to build up a business.
The contributors to this Growth Spotlight have faced a variety of challenges on their journey to success; we regularly advise enthusiastic business founders on the legal aspects of managing a growing company. Here are some of the important areas to pay attention to:
Cashflow and contracts
‘Cash is king’ is the age-old business maxim and that’s certainly true for a young business.
Having provided the service or product on time and to budget for customers, too many new businesses fall into the trap of celebrating their first paydays, without planning and establishing their future financing through supply agreements and contractual obligations with all the commercial partners involved.
Young businesses often depend upon just a few early customers and don’t want to scare them with formal contracts, but without a contract, customers can dispute non-
specified terms, or renege on payments or even ‘disappear’.
Chasing down those late or non-payers is time-consuming, frustrating and operationally distracting or even disrupting – particularly without a formal contract to support your claim.
Patents and data
Many young businesses are founded on a good service idea, a process improvement or innovative product. That ‘spark of life’ for the commercial business may well be the essential intellectual property (IP) that will sustain its future – and it may be that this vital IP can be legally protected through a patent.
Another area a young business can be sure of is dealing directly with customers and suppliers – and that means the constant gaining of commercial and very likely personal data.
The new General Data Protection Regulations (GDPR) come into force on May 25, 2018. If a company doesn’t adequately protect personal data in line with the law, it
could face substantial cash fines from the Information Commissioner’s Office (ICO).
HR and HMRC
Good staff are the bedrock of a young ambitious business. Employment contracts need to be transparent, fair and binding on both sides. As with commercial contracts, HR issues can be time-consuming, frustrating and disrupt the smooth operation of your business.
So too, can involvement with HMRC or other government bodies such as the Health and Safety Executive. Compliance with the legal commercial requirements of an operational UK company need to be effectively and consistently dealt with, in a timely way, so that a young business can develop without being distracted by falling foul of avoidable pitfalls.
Get professional help
A number of other legal issues can arise when founding and growing a new business – some of which can damage a thriving future if they are not dealt with quickly and appropriately with the right professional help.
penningtons.co.uk THE BUSINESS MAGAZINE – MARCH/APRIL 2018
businessmag.co.uk 19
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