And another thing...

Whether it’s a reasonable opinion or an unreasonable rant, be sure to tell us what’s on your mind by emailing marc.barber@vitessemedia.co.uk

Angels aren’t just about the money
It was interesting to read your article on business angels last month (Pennies from Heaven, Business XL, May), particularly as a business owner who relied heavily on angel investors as a start-up. However, I do think the benefits could have been articulated more emphatically. When we set up The Listening Company, the advantages of engaging with business angels extended far beyond the obvious financial assistance.

For a start, rather than wading through the bureaucracy and regulatory burdens that so often come with banks or venture capitalists (VCs), we established an arrangement that was simple and suited everyone. Once that was in place we had immediate access to experienced businesspeople who contributed invaluable advice and had extensive networks. We also benefited from the empathy you get from people who have been through the same challenges and appreciate that overall progress is the crucial goal, as opposed to VCs who will be more focused on precise figures and results to budget – one of the certainties of a start-up is that the plan
will vary from reality.

Of course, there are golden rules to getting it right and keeping it manageable (such as: don’t work with too many investors, and appoint one – usually the chairman – to have proxy for all the angels), but I’d urge those looking for investment to consider business angels first.
For us, the financial investment was just the starting point of the benefits we reaped.

Neville Upton, CEO of The Listening Company

Ingram should see bigger picture
Chris Ingram touched on some real home truths in “The price of talent” (Business XL, May) and I support many of his sentiments. He is right to suggest that if you want to grow your business you must bring in the right people and empower them and let them fly.

However, I’d take issue with his suggestion that the advertising or marketing industry is losing out on good people and occupying a lower pecking order with clients because they can’t match the packages offered by management consultants. Firstly, reputation and communication has come to the fore in an unprecedented way – members of the Marketing Communications Consultants Association (MCCA) are finding that, contrary to Ingram’s point, clients need them more than ever.

Secondly, Ingram neglects to recognise that the marketing industry provides a unique career environment for thousands of the brightest people in the UK. What other sector breeds entrepreneurs like marketing? Where else could you reasonably expect to see ability and graft rewarded with a board directorship before the age of 30? Which other industry sees companies launch, grow, buy and sell with such nimble flair?

Ingram rightly makes the point that investing in talent manifests itself in more ways than simply remuneration, so why does he assume that the best talent is attracted solely by the salary package?

Breeding the best people is about opportunity, and that is something the marketing industry provides by the bucketload.

Mike Spicer, MCCA chairman, and group MD, EHS Brann (a marketing agency)

Government must act on late payment
Operating in the courier industry, I have always found it frustrating how if for any reason we are late for a collection, customers are straight on the phone wanting to know exactly what’s going on, yet when I call to enquire about a late payment I’m told that accounts are either on lunch, annual leave or in a meeting.

We are fortunate enough to have a broad spread of customers, which means I have no problem taking customers off a credit account and making them use a credit card to pay for our service. I realise I risk losing custom by doing this, but I have learnt the hard way that there is no point tolerating bad business: my time can be better spent growing the company as opposed to chasing debtors.

At the end of the day, small businesses are either wasting too much time or – more seriously – getting stretched to breaking point because payment terms are too readily ignored. The government must introduce proper legislation to help small businesses in regards to late payments – the present situation is damaging entrepreneurship and, ultimately, that can only be bad for the struggling UK economy.

Jamie Boyd, chief executive, Today Team