Beam in collaboration with the Wakefield Business Support Programme presented a day-long creative and practical conversation exploring recent/current trends - in the UK and internationally - about how towns and cities are using the arts and creative businesses to develop, and how artists and creatives are responding to the opportunities. This powerpoint formed part of Philip Parramore's business planning workshop 'Your business planning toolkit'.
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
Innovative People - Innovative Cities: Philip Parramore
1.
2. Your idea – max the opportunity
You love
being
creative!
You have a
great
business idea!
Go!
Go!
Go!
Wait!
Stop!
Who will you
sell this to?
You may need
investment
How will you
make money?
What about
other benefits
of doing this
business?
Is this a great
Public
Relations
opportunity?
Is there a
Community
Interest
angle?
Creativity
Practical
Planning
3. Will your creative idea be right for the market?
Your creative passion is to be encouraged and applauded
BUT!!!!
Adapt your ideas to meet the demands of your customers
What does your market research tell you?
Customer is King!
Who else apart from the direct customer needs to be convinced?
They are your customers too!
4. Which Customers?
A new Wakefield change consulting firm has identified its target customer
base, including:
Education Sector – Academies and 16+
Community Interest Companies / Social Enterprises
Local Authorities
Central Government / NHS / Other Public Sector
Start Up Businesses
Growth Businesses with Expansion Plans
Small Businesses with limited capacity to do everything they need to, or that
recognises they don’t have the required skills
And who else?................
5. Potential customers
Other established organisations that already provide services to those target
customers
It can deliver its services through Associations, Partnership, Collaborative Bids
Best of all….this approach requires….
So….
HR consultancies with a client base
Accountants and solicitors providing Business and HR advice
Business coaches
Education sector consultants
ERDF and other grant funded business support programmes, e.g. Wakefield Business
Support Programme, New Enterprise Schemes, Growth Accelerator, Growth Vouchers,
Manufacturing Advisory Service, Skills Funding, Arts Council, Lottery Funded et al…….
OK!! –SO WHO WILL YOU SELL YOUR PRODUCT OR SERVICE TO?
6. Left Brain – Right Brain
Research suggests we all have a dominant side of the brain - this shapes personality
Which are you?
What does it say about your personality?
Right-brained tend to be creative, curious and intuitive
Those ruled by the left tend to be logical, strategic and rational
What are the implications of that for your team? Might you need left and right brain?
Sommer+Sommer braintest
This is just one example
Consider other ways and tools to find out whether you have the right personality,
skills, experience, knowledge and capacity to get your concept to market
7. What sort of business plan?
Consider what sort of business plan you need.
Whilst there are some common principles the reasons why you need a
plan will determine what content you need in it
Planning should be proportionate to your business need and customer
requirements
Plans needed for internal progress checking are likely to be very
different for those where you are seeking investment, wanting to lease
premises, etc.
You must put yourselves in the shoes of the customer
Write your plan with influence so they can make an easy decision to
progress
8. Reasons to plan
Get clarity from the start
Know the fundamentals of the business
Get off to the best possible start
Document your direction at start up or if you’re at a standstill
Think about areas not previously considered
Consider issues in more depth
Look at the business inside out
Forward look with long term cashflow projections
Goal / objective / target setting
9. Reasons to plan
Internal Progress Monitoring, Measurement and Reporting (living document)
Satisfy Business Stakeholders/ Shareholders of direction of travel
Feasibility Studies
Seeking investment / funding – attract them and provide confidence refer to
“WBSP sources of finance”
To secure premises, e.g. on a lease
Franchising / licensing
Company Valuation, e.g. merger / acquisition
Exit Strategy – e.g. effective and efficient plan for withdrawing products and
services that are no longer viable
Whilst there are some common principles the reasons why you need a plan will
determine what content you need to include
10. In your plan…consider these
Business Opportunity – value statement/mission; window of opportunity,
stage of development
Marketing - market size and focus, customer positioning, products and
services, distribution, operational business model, inc.value proposition,
capabilities/resources, partnerships, activities, relationships, costs,
market channels, revenues, customers, summary
Operations – executive capability, business development schedule /
vision (including milestones), GANNT chart/ project plan
PESTLE Analysis
SWOTM Analysis
Governance and Ownership – owners, board, assets, e.g. patents
Financials, including investment required, cash-flow projections and
assumptions, business valuation
Base case (most likely), best case and worst case scenarios
11. And when that’s done…
don’t forget these at the front
Well designed cover – first impressions count!
Document Contact
Disclaimer/ Intellectual Property/ Confidentiality Clause
Business Snapshot
Contents
Executive Summary – overview, founders and team, business
objective, products and services, competitors, customers, the
market, financial forecasts, investment needs
12. Business Objectives
Make them SMART – Specific; Measurable; Achievable;
Realistic / Relevant; Timed
Agree them with your stakeholders
They are targets – so support them with performance
measures, monitoring and progress reporting
13. Can encompass both outcome and objective setting.
What do I want to achieve?
Why do I want to achieve it?
What will success look like? – write it, draw it – use
colour description and feelings
Break down the goal into mini goals / steps to achieve,
with mini successes and shorter timeframes
What barriers to success exist and what can I do to
prevent them happening?
Goal setting
14. Phillip Parramore MBA MInstLM
Performance Improvement and
People Development Specialist
T: 07766 543356
E: info@guidedotyou.co.uk
W: www.guidedotyou.co.uk