Improving the operations & sustainability of your RAG society How to plan for the future, taking lessons from the business world

Who is FIG? We have helped build 21 companies from ideas to companies now having a collective Enterprise Value of more than £50 million We have invested £11.7 million We have worked with 240 investors We work with hundreds of societies who represent hundreds of thousands of students

What we do We help passionate people structure their ideas to reach their goals We help them get the best people on board with their vision We help them present their vision to potential backers

How and what to plan Research Resource planning (activity- based) Timetable People required Equipment required Money required Potential revenue streams Financial forecast Roles & Responsibilities Pitch Material

Research My mate Dave’s opinion Your mum’s opinion Anyone that cares for you or likes you Find someone smarter than you… Who has RELEVANT expertise?

Write a plan What is the point? – To show people what you are thinking – To show people why you are thinking what you are thinking – To get people to buy into what you are thinking – To get you thinking – To help you figure out what might work… and what might not work! What questions should you answer?

The questions a business plan normally answers What service or product are you providing and to whom People OpportunityContextRisk and Reward

People Who are the key people in your society? Who are the executive? What have they accomplished? What particular skills, abilities and knowledge do they have? Who else do you need on the team? How committed are they / are they able to be? What are their motivations for their involvement? What has your team done in the past that will suggest your success in the future? Describe the outside parties involved in your company who provide you with key services (advisors, suppliers, committed sponsors etc.)

Opportunity What unique service is your society providing? What is currently standing in the way of your society’s success? Are there any regulations which are restricting your operations? If so, what and how? Who are your society’s members? What is your target demographic? To what degree is the product or service compelling for the members and donors? How will the product or service be priced? How will you reach all of your identified target members and donors? How much does it cost (in time and resources) to acquire a member or donor? How much does it cost to produce and deliver the product or service? How easy is it to retain a member or donor? What is your surplus cash forecast? When does your society have to buy resources, such as supplies, raw materials and people? How long does it take to acquire a member or donor? In what ways can you expand your range of products or services? How can you get your member / donor base or geographical scope to grow? Who are your current competitors? What resources do they control? What are their strengths and weaknesses? How will they respond to the entry or growth of your society? Are there any other societies who could exploit the same opportunity that your society has highlighted? How would you react to the loss of your main or sole supplier or donor? How would your society prevent against the entry of a competitor with a similar product? If a competitor were to enter your market how would you ensure your own success? How has your society created a competitive edge and how will you defend it?

Context Is your potential member base growing? How will a change in the economy/ popular culture/ university administration etc. impact on your society and product?

Risk and Reward Are changes to your service or product the reason why you need additional funding? How could your society have predicted these changes? Where do you see your society in 5 years?

How can you make money? Examples – discussion on pros & cons

Forecasting and budgets Costs high Income low Who can help you develop a helpful cash flow forecast?

Pitch material The Truth The Problem The Solution Who is it for? You aren’t normal.

Q&A Any questions?