Impact Report 2021
Tamweel has launched its very first Impact Report – a summary of the modest contribution we have made to our society, people and planet during the year to 31 March 2021.
But first, some background
This has been a transformational year for Tamweel. Whilst we were adversely affected by the Coronavirus pandemic, we did not allow it to overwhelm us. Instead, we took it as an opportunity to step back and think hard about our business, its purpose, mission and vision.
The pandemic has shown us how vulnerable we are as a society. It has highlighted the many challenges and problems we face in this world. As a business, we must be a responsible corporate citizen and ensure that we are part of the solution and not part of the problem. Businesses are uniquely placed to deliver meaningful change and they have a responsibility to protect not only their employees but also their communities and environment. We believe that businesses can and should be a force for good and we have concluded that the pursuit of profit should sit alongside the welfare of our people, our society and our planet. This has led us down the path of the B Corporation (B Corp) movement; and we are delighted to say that we are now actively pursuing B Corp status.
We feel that this is not only the right thing to do but it is something that our clients, people and wider ecosystem will value. More and more of the talent out there are making employment decisions based on the positive impact their work creates and how well an employer treats them. And there is no better way to attract and engage mission-aligned talent than to verify your values with B Corp certification.
With that in mind, we hope this Impact Report will illustrate our modest but growing efforts in helping make Tamweel a better place to work and the world a better place to live.
Our purpose, our mission, our vision
We are an M&A and private equity advisory business representing the UK’s best and brightest Challenger Brands. We do one of two things for our clients, we:
• either raise investment to fund their growth and expansion; or we
• provide sell side advice to translate their hard work into transformational wealth.
Our purpose, mission and vision must therefore reflect the service we provide alongside our need to consider the interests of our people and wider society. We want our clients, people, and communities to be front and centre of our overall objectives and therefore our purpose, mission and vision are as follows:
• Purpose – To transform the fortunes of founders and entrepreneurs building Challenger Brands whilst supporting the development and wellbeing of our people, society and community.
• Mission – To become the most trusted, most desirable destination for Challenger Brands by providing a results driven service in an ethical, environmental and socially responsible way.
• Vision – A future where the advisory industry has been positively transformed by the way we do business. The right way!
We mentioned earlier that we are in the process of becoming a B Corp; but what does this mean? A B Corp is the equivalent of a Fairtrade stamp, but for companies. Businesses that are certified as B Corps are ones that pursue a combination of profit and purpose whilst meeting the highest standards of social and environmental performance, transparency and governance. By harnessing the power of business, B Corps use profits and growth as a means to benefit all stakeholders, not just shareholders. Certified B Corps are a new model for businesses that aim to play a part in tackling some of the world’s most pressing challenges whilst building an economy that maximises stakeholder value rather than just shareholder value.
To apply for B Corp certification a business must first complete a B Impact Assessment (BIA) – a rigorous review of a company’s impact on its stakeholders. This is not just any survey, it is one of the most rigorous evaluation tools out there for assessing the real social and environmental impact of a business. The BIA is operated by the independent non-profit B Lab. It allows businesses to measure the impact they are having on the environment, their workers and the community, as well as reviewing their governance structure to ensure best practices are applied.
Our B Impact score when we first completed the survey was below average. Since then we have been working hard to improve the way we do business and we have applied processes, systems and procedures to evidence these improvements and track our performance. We are pleased to say that at the time of writing our BIA score has risen to 63.5.
However, we still have a lot more work to do. Businesses must score a minimum of 80 points to be eligible for B Corp status. They must also make a legal change to their governance and constitution to align the welfare of people and planet with the pursuit of profit. We are working hard on making the necessary improvements to our business so that we can exceed the scoring requirements thereby making us eligible to apply for B Corp certification.
Highlights of our Impact for the year ended 31 March 2021
We have listed below a selection of some of the work and improvements we have carried out during the year which we believe has Impact.
To ensure we safeguard our pursuit of purpose we have amended our Articles of Association and have applied a ‘mission-lock’ clause. This makes clear to all our stakeholders that we have chosen to pursue social, environmental and ethical goals alongside our pursuit of profit. Our new Articles demonstrate that we are now driven by the interests of a wider group of stakeholders (not just our shareholders).
Climate positive workforce
It is now common knowledge that one of the best tools to tackle the climate crisis and keep temperatures from rising is to plant trees. This also helps prevent ecological collapse. At the time of writing this report we have been a climate positive workforce for 1 month, we have planted 58 trees and have off set 3.5 tonnes of CO2. This commitment to sustainability has been achieved by working with the good people at Ecologi and the Eden Reforestation Projects; our tree planting partners.
During the year, our people selected several charities for us to support. Tamweel made an aggregate donation of £3,500 across the following registered charities:
Covid and community support
During the Covid crisis our people supported the community in a variety of ways, providing >100 hours of volunteering by:
• participating in the Oxford Astra Zeneca vaccine trial
• providing mentoring for the Social Mobility Foundation (a charity that supports high achieving teenagers who qualify for free school meals, and helps them to access opportunities more typically available to wealthier families, including internships and access to mentors)
• enrolling on the NHS Responder programme.
Development and welfare of our people
Given we are a people dependent business we recognise the importance of maintaining their wellbeing and promoting their development. We have therefore applied a formal appraisal and review process to all our full-time staff. This includes input from both peers and subordinates as well as incorporating social and environmental goals in their respective performance reviews. We are also in the process of establishing a ‘Lifestyle and Development Fund’ for each member of staff, the fund value is based on a fixed percentage of salary and its purpose is to fund supplementary benefits to employees such as health, dental and child care but also professional training, development, home office improvements, gym membership and anything else that supports wellbeing.
We pride ourselves in being obsessive about our clients’ interests, doing our best to meet their objectives and delivering a service that exceeds their expectations. To evaluate our performance, we completed our first ever Client Feedback project. This included a comprehensive review of our performance as an advisor and was carried out by an independent consultant using a combination of online surveys and in person interviews. We have set ourselves a target to reach an average Net Promoter Score of 90 across our clients. We are delighted to say that we achieved an actual Net Promoter Score of 100, exceeding our target significantly.
In addition to client satisfaction, we are equally obsessive about employee satisfaction. We want Tamweel to be a great place to work. To ensure we have visibility on how our staff feel about working at Tamweel we have crafted a quarterly online survey to determine, monitor and track employee satisfaction and happiness. This will allow us to look after our people, to be there for them and to adjust our practices to address their evolving needs. The results of our most recent staff survey indicate that our people are highly satisfied with working at Tamweel, recording an average score of 8.3 out of 10 which exceeds the target we have set ourselves of 8.
We operate in an ecosystem that is led by founders and entrepreneurs. This community are hungry to learn from the experiences and journeys of other successful entrepreneurs. To help fill this need we developed and launched a podcast called Challenger Chats. It is a series of no holds barred conversations with the business leaders and Founders of some of the UK’s best and brightest consumer facing, Challenger Brands. At the time of writing, we have recorded and launched 4 episodes which are shared amongst our network and are hosted on our website. Our aim is that these interviews provide learning, inspiration and thought leadership to our ecosystem of founders, entrepreneurs and Challenger Brands.
To ensure that our business can offer its clients a wide variety of support we launched the Tamweel Advisory Panel, a collection of C-suite talent and serial entrepreneurs drawn from the worlds of leisure, hospitality and investment. The Advisory Panel will provide Tamweel’s clients with access to a mix of additional skills and a wide network of highly valued relationships with an exceptional track record in brand building, marketing and communications; operations and restructuring; strategy, investment, growth and exit. Together with the core Tamweel team the Advisory Panel will support our clients as they face the challenges brought on by Covid-19.
As you can see, we have been busy. However, our work is only getting started and we have an even busier year ahead. Like many businesses, we face significant challenges but by working with others, spreading the word about B Corp and focusing on our purpose, mission and vision we will prove that business can truly be a force for good. And that as we grow, we can play an even bigger part in building a future where the advisory industry has been positively transformed by the way we do business. The right way!
With that in mind we look forward to a day when businesses will compete not to be the best in the world, but to be the best for the world.