BUSINESS ESSENTIALS FOR START-UP SOCIAL ENTERPRISES Nick Temple Director, Business & Enterprise.

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Presentation transcript:

BUSINESS ESSENTIALS FOR START-UP SOCIAL ENTERPRISES Nick Temple Director, 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, locations 2.Strategy: overall objectives, success factors 3.Products and Services 4.Market: need or demand, beneficiaries, competitors, SWOT, PESTEL 5.Social impact: aims, measurement, process 6.Operations: management, staffing, sales + marketing 7.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