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BUSINESS ESSENTIALS FOR START-UP SOCIAL ENTERPRISES Nick Temple Director, Business & Enterprise.
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BUSINESS ESSENTIALS FOR START-UP SOCIAL ENTERPRISES Nick Temple Director, Business & Enterprise
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Transcript of BUSINESS ESSENTIALS FOR START-UP SOCIAL ENTERPRISES Nick Temple Director, Business & Enterprise.
BUSINESS ESSENTIALS FOR START-UP SOCIAL ENTERPRISES Nick TempleDirector, Business & Enterprise
Start-up checklist…
THE MAGNIFICENT
7 Ms
MISSION(and motivation)
• Distinguishes social entrepreneurs in absence of purely financial motive
• Crucial for planning / evaluating
• Crucial for communication to people (internal / external)
• Aid decision-making / avoid drift
Mission:Why does it matter?
Mission-Money Matrix
majority activity
stay out! proceed with caution
prime target
(love it here)
on mission
off mission
more moneyless money
Motivation?
(Understanding your)MARKET
Needs and stakeholders
• Market research: is the need unmet?
• Who are your stakeholders?[stakeholder analysis]
• Competitors (aka collaborators; aka partners)
MONEY
Funding + Resource
• Trading: selling, retail, trading• Earning: contracting, procurement• Government: local, regional, national, EU• Lottery: BLF, HLF, Awards for All• Trusts & Foundations: UK + international• Corporate Support: CSR, pro bono• Individual Giving: donations, philanthropy• Social Investment: loan, patient capital+ other resources: in-kind, volunteering....
FRIENDS
FAMILY
FOOLS
Important money matters
• Financial management + budgeting
• P + L; cashflow; forecasting
• Costing + pricing (full recovery)
• Financial reporting
MEASUREMENT(of social impact)
The other bottom line
• Proving + improving
• How will you know you have made a difference?
• What is your social value forecast?
MANAGEMENT and(WO)MANPOWER
MARKETING (and sales)
Sales and marketing
• What is the USP of your project?
• What are the best channels and routes to market?
• Everyone is in sales
MASTERPLAN!
An example plan…1. Organisation: mission, vision, values, history,
stakeholders, locations2. Strategy: overall objectives, success factors3. Products and Services4. Market: need or demand, beneficiaries, competitors,
SWOT, PESTEL5. Social impact: aims, measurement, process6. Operations: management, staffing, sales + marketing7. Financials: current status, forecast, strategy
DOES NOT NEED TO BE LONG…BUT DOES NEED TO BE UPDATED
OFTEN
Top tips
• JFDI• Charm: be nice
(because relationships are key)• Sort mission before structure• Promote and promote (always on)• Measure: quality + impact• Be persistent• Look after yourself
Magnificent 7 Ms
• Mission• Market• Money• Measurement• Management• Marketing• Masterplan
