We interviewed the lovely Rachel Veitch-Straw, Investment Manager from the Key Fund, recorded it and turned it into our very first Podcast! We have to admit that it is not perfect and it is a bit home-made (but we like home-made!) but it has some important messages and tips in it. We have set these in a narrative below. The podcast can be found here:
https://soundcloud.com/user-295121584/natasha-podcast-1
This Podcast marks the end of a project that we designed and delivered for Co-operative and Social Enterprise Development Agency (CASE). The project supported charities, social enterprises and coops across the East Midlands to develop their business plans, get investment ready and access finance. We are grateful to the Connect Fund for funding this project that enabled us to make a difference in the East Midlands.
Aims of this Podcast
- Learn how to survive, thrive & prepare for investment in the context of covid-19
- Hear about strategies to take care of our personal selve
Who it is aimed at
Social enterprises, charities, coops, social ventures
About the Key Fund
The Key Fund is a social investor that offers blended finance – loans and grants to help amazing social enterprises, charities and businesses with a social purpose to develop and grow.
Rachel says, ‘our mission is to help organisations access the right money at the right time. We keep our values in sight at all time, we work with integrity to support clients and we invest in people.
Our investment process is simple – it is relationship based. This means that a lot of time is spent getting to know the business. From there a business case for investment is developed which then has to go through an in-house process and be approved by an investment panel’.
How is everyone at the Key Fund?
I asked Rachel what is happening internally at the Key Fund, what are staff talking about, and how is everyone coping with the COVID-19 crises.
Rachel responded, ‘we are alright and we are doing ok. We have all been working hard on the frontline and in the back office. But we are well supported and we all support each other. We are doing our best to look after others and ourselves’.
Rachel adds, ‘as soon as the crises started we contacted all of our clients to see how they were and what they needed. We have been working around the clock to deliver grant programmes with our fantastic partners – we have delivered around £8M in grants since the crises started which is incredible!’
What are the Key Fund’s future plans?
Now that the grant programmes are winding down the Key Fund is reviewing its work, reconnecting with clients and working with them to find out what they need in order to plan future support.
Rachel explains that this is a time of transition and a time of flux. The Key Fund is still offering blended finance to social enterprises. She is spending a lot of time talking to social enterprises (current clients and potential clients) asking them what their needs are and supporting them to move forward.
She advises that there are many webinars rich with information and support such as the iSE WiSE Wednesday SocEnt Webinar series. There will be a lot of support and funds for mental health and well-being and funds to support business growth and development in the future.
Rachel talks about planning for the Spring time and advises that now is the time to plant seeds in readiness for new growth in the Spring time.
I love Rachel’s positive messages about spring and references to nature. Working with the seasons and thinking about the winter months as a time of hibernation, reflection, and self-preservation for social enterprises. Spring is a time of hope and new beginnings and something to look forward to.
Any advice for social enterprises at the current time?
Rachel likes the kai-zen bamboo symbol and advises clients to be ‘like a bamboo’ – ‘bend and don’t break’, ‘sway in the wind of change’ be flexible and adaptable and focus change, step by step.
I asked Rachel for advice on how social enterprises can get through the crises. Rachel tells me how her clients on the front line are working so hard to provide the basic needs for people. Some organisations are under threat of closure whilst others have adapted and changed in response to the crises. Rachel advises that this is an important time to go back to basics and ask yourself, ‘what do I need to do to keep things going?’.
I asked Rachel to share her business survival tips. She gave an example of an amazing social enterprise called EBikebrum, a start-up social enterprise that I supported to develop their business plan for investment. They secured a social investment from the Key Fund to sell and hire e-bikes and run a variety of social and community events.
It ‘pivoted’ and changed its business model and operations in response to the crises – to supporting community well-being and providing e-bikes to NHS staff to help them to get to work. This is a great example of how to respond to the change – to not lose sight of your vision and mission whilst adapting to a new external context.
Rachel further advises that it is easy to get lost in delivery. But it is important to ensure that you have firm foundations.
So social enterprises should pivot but not too far away from original plans, and, have faith! I raise again the bamboo analogy and the need for roots anchored in the ground. Stay with your vision and mission and don’t lose sight of your purpose. Use business planning tools such as PESTLE and SWOT analyses and adapt products and services in response to the ever changing external environment. Remember that nothing stays the same and there is a continuous need to change and move with the times.
Rachel advises to keep a rolling monthly cashflow forecast to track income and expenditure and to keep an eye on it. She says, ‘give yourself time away from delivery even if that means getting help from others whilst you focus on planning’.
One of Rachel’s top tips is, ‘ have faith in yourself – you made it this far. If you have any gaps in expertise then reach out and ask for help. Spend time on your foundations and connect with the right people. Talk to your stakeholders and do some scenario planning’.
How can we take care of our personal selves
We then moved on to talk about taking care of our personal selves as this has come up time and time again – that we need to take care of ourselves as well as our businesses.
Rachel said, ‘I am advising organisations to roll with the waves and stay afloat. Focusing on mindfulness is important in the context of huge demands and pressures. If you feel overwhelmed then just stop and breathe. Start with the basics. Take a rest and reboot. If you are struggling then give yourself permission to connect with yourself. Then, just do the next thing.’
We ran a series of drop-in online meditation and relaxation sessions for social enterprises and charities to provide some comfort and support during these challenging times, supported by the Social Enterprise Support Fund. The feedback was incredible and as a result we launched a new wellbeing service for charities and social enterprises.