2. “If you aim at nothing, you will hit every time” Zig Ziglar
Building your
Business Engine
and keeping it on track
“If you aim at nothing, you will hit every time” Zig Ziglar

4. Overview – this session
What is your business? – importance of a clear vision/mission
Where is it going? – what is your business model?
Financial planning – tools and tips
What are your products and services?
Who are your competitors?
SWOT and PESTEL – a quick word
Risk analysis
Operational plan

5. What is your business? – Vision v Mission

6. Vision v Mission Vision Mission
The vision statement is about what you want to become:
It’s aspirational.
What are our hopes and dreams?
What problem are we solving for the greater good?
Who and what are we inspiring to change?
Mission
Mission statement questions look like:
What do we do?
Whom do we serve?
How do we serve them?

7. Vision v Mission Company - Patagonia Vision Mission
A love of wild and beautiful places demands participation in the fight to save them, and to help reverse the steep decline in the overall environmental health of our planet.
Mission
Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.

8. Vision
Exercise
Take a moment on your own to think about your business – jot down
What is it?
What does it look like?
Where is it based?
What is your role?
Where will your business be in 5 years?

9. A clear business vision and mission will…
be concise and give purpose to your business
be capable of motivating you and others in the business
provide the cornerstone for your business, helping you to link your actions to your strategic goals
Your actions should be driven from a clear understanding of the values and ethics underpinning it

10. Business models – which are you?
Sole trader
Partnership
Limited Company
Co-operative
Community business
Are you starting from scratch?
Are you aiming for a “Lifestyle business” or “global domination”?
Are you buying an existing business or franchise?

11. Financing your business - options
Your own money – savings, friends and family
“Bootstrap” Finance – imagination, know-how and sheer hard work
Bank finance – loan
Factoring – full service, invoice discounting
Business Angel Finance
Venture Capital
Grants

12. Keeping track of finances - Costs
Fixed – don’t change with volume
Rent, rates, insurance
Interest
Maintenance and repairs
Electricity, gas and water rates
Staff wages and expenses, accountants fees
Advertising
Depreciation
Variable – change according to volume
Raw materials
Distribution
Extra staff for peak periods
Marketing

13. Keeping tabs on finances
Sales – projections and actual
Cash book – money in and money out
Bank statements
Issuing invoices
VAT
Tax
Terms and payments
Credit checks on customers

14. Products and Services What are you selling?
What are the benefits of your products/services?
Who can benefit from your product/service?
Why will they buy from you? Or one of your competitors?
How will you deliver your service/ make your product?
Do you have a prototype?
How can you protect your intellectual property?

15. How does this compare to your company
Competitors
Understand who your competitors are:
Name of competitor
Range of products
Market/Price range
How does this compare to your company

16. SWOT analysis Who am I? / What are we good at? Strengths Weaknesses
Opportunities
Threats

17. PESTEL analysis Relevant policies/trends Actions/comments Political
Economic
Social
Technical/technological
Environmental
Legal

18. Risk - analysis Internal External Financial risks Marketing risks
Operational risks
Workforce risks
External
Changing economy
New competitors
Natural disasters
Government regulation
Consumer demand changes

19. Risk - mitigation Identify risks Document risks Monitor risks
Review periodically
Category
Risk description
Chance
Impact
Score
Response /Actions
Funding (development)
Failure to agree a sustainable plan for developing the business and secure funding to refurbish the building. 2 4 8
Take time to properly consider, research and test possible options. Get good plans prepared with expert advice
and submit well prepared and targeted funding applications.

20. Operational Plan Where are we now? Where do we want to be?
How do we get there?
How do we measure progress?
Human capital
Financial requirements
Risk
Timeline
Project plans

21. Operational Plan - timeline

22. Property Location Accommodation (running costs, insurance)
Lease (solicitor, rent, business rates)
Buy (solicitor, deposit/mortgage – funds, business rates)
Flexibility – option to terminate lease/break clause
Get good advice

23. How do you eat a whole salami?

24. A slice at a time…

25. A quick recap… A business plan can be a very helpful tool
Research and build it up over time
Keep it focused and clear/ avoid jargon
Seek advice and support from specialist experts
Don’t be frightened to ask – growing a business is essentially about overcoming challenges!
Tip - Running a business is a job you grow into – you mostly learn “on the job”

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stories and posts.