A City built on coffee and conversations

The phrase ’my word is my bond’, the historic basis of writing business in the City, arose because people met, knew and trusted each other. There is a place for Zoom meetings in The City of London, but there’s also a heritage of personal interaction in this business community whose strength cannot be underestimated.

Over the last few weeks, I have had the great pleasure of returning to The City. I have been to meetings in person, I have had coffees with people, I have attended small, socially distanced events.

With caution, care, respect, and plenty of hand sanitiser, it has been like a reawakening of a side of my life that’s been dormant for 18 months. There are many good things that come from remote working and video calls, but it doesn’t replace the importance of also returning to The City and meeting in person.

Coffee culture

The City of London as a centre of business was built on a coffee house culture dating back to the 17th century. Different coffee houses attracted different occupations, and some became the makeshift offices of the trades they served. The net result was the London Stock Exchange, which began in Jonathan’s Coffee House in Change Alley. Even Lloyds of London takes its name from Edward Lloyd, a coffee house proprietor in Tower Street. The City’s disparate but complimentary trades then grew around these places, in practise providing integrated service offerings to clients.

In short, The City grew over conversations and coffee. Today that method of communicating, connecting, building trust, and developing strong relationships is just as integral to its success. Yet, for the past year, all our coffee houses have been closed. It’s a pleasure to see them reopening as people sit or stand in outside spaces, sipping their coffee and building the post Covid world – one chat at a time.

Of course, today’s coffee house culture is not just about literal coffee houses, but those relationships and chance meetings that are integral to a community that usually buzzes with ideas, talent, and drive. The City’s energy is palpable, and the geographical shape of The Square Mile is part of that. The comparatively small amount of space, so densely populated with businesses, expertise and industry leaders who can easily interact with one another, is a critical aspect of its power.

Unscheduled opportunities

One of the first events that I went to, was a Stationers’ lecture with Lord Winston. The Master fist bumped guests, people touched elbows and there was even the odd hug, such was the sheer excitement of being in the same space once again. The physical relief of meeting people in 3D is clear at everything I have been to – the sense of life restarting in business meetings is both palpable and inspiring.

It doesn’t have to be organised occasions, however. Walking from one scheduled meeting to the next, I have met people I have not seen for a year and had multiple, short, meaningful interactions that I would never have had sat at my computer at home scheduling Zoom calls. The productivity impact is immeasurable, creating opportunities that would have taken days or weeks to initiate digitally but, these are chance meetings you can only have if you’re out and about.

The digital realm is wonderful, and during the pandemic we have been forced to learn and appreciate it far more than we might otherwise have done. We should continue to benefit from those learnings. However, it is an entity in its own right – some things can be done online, and others simply can’t. There is a place for Zoom meetings in The City of London, but there’s also a heritage of personal interaction in this business community whose strength cannot be underestimated. The phrase ’my word is my bond’, the historic basis of writing business in the City, arose because people met, knew and trusted each other.

I know there’s still fear around Covid-19, and it’s imperative that we all do what we can to be safe, respectful, and courteous to one another to mitigate risk. However, as we look forward, we can’t totally lose our real selves to the pandemic either.