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Your Business Planning ToolkitTo Do List
• What’s my
USP?• Creativity =
Differentiation
• Plan It
• Drive Positive
Change
• Strive To
Improve
Innovative People ⇔ Innovative Cities27th March 2014
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
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!
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?................
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?
Creative Thinking
PLAN IT
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
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
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
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
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
In proportion
to the reason
for your plan
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
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
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 feelingsBreak down the goal into mini goals / steps to achieve,
with mini successes and shorter timeframesWhat barriers to success exist and what can I do to
prevent them happening?
Goal setting
Phillip Parramore MBA MInstLM
Performance Improvement and People Development Specialist
T: 07766 543356
W: www.guidedotyou.co.uk
Thank youFrom GuideDotYou
Change Solutions