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Business Planning for the Future

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  • focal point for information management in CLHIA 5 strategic priorities knowledgeable staff records management policy & program industry intelligence desktop access to electronic information extending services to member companies
  • Transcript

    • 1. Business Planning for the Future Kolette Taber Canadian Life & Health Insurance Association Rebecca Jones Dysart & Jones Associates SLA June 2000
    • 2. Approach
      • Integrate models, techniques & application
          • Describe the theory as a case study
      • Provide business planning outline
          • Describe basic templates for you to consider
    • 3. Business Planning is BIG
      • Myriad of courses, contests, outlines, models
      • Critical for funding & support
      • Basic premise, without being trite:
        • B - Business
        • I - investors’ interest
        • G - growth
    • 4. Best article you can read
      • “ How to Write a Great Business Plan,” Harvard Business Review, July-August, 1997, pp. 98+
      • Entrepreneurial mindset
        • Context *
        • Opportunity *
        • People
        • Risk & Reward
    • 5. Purpose of a Business Plan
      • The acid test
        • Should this business or venture exist?
        • Is there a future for it? A market? Is this market growing?
        • Does it have viable strategies?
        • Do the people involved know what they are doing?
      Set the Context Clarify the Opportunity
    • 6. Context
      • Essentially, this is your homework, your background research
    • 7. Context: Scans & Swots
      • Scan the horizon
        • environment in which you operate
        • trends
          • regulatory, industrial, suppliers, competitors
          • list competitors & suppliers by name
            • size, market share, growth, track records, potential
            • what are THEIR directions? THEIR learnings?
    • 8. Context: Scans & Swots
      • SWOT - no matter how it hurts
            • how do you compare with suppliers & competitors?
            • How are you perceived as a information solution by your market, both current & potential client groups?
            • What’s your market size? Market share?
            • What are your internal capabilities?
            • What’s your track record with your stakeholders?
      Strengths Weaknesses Opportunities Threats Internal & External
    • 9. Opportunity
      • Purpose:
        • Why should your business exist?
      • Direction:
        • Where is it headed?
      • Market:
        • Who is its market?
      • Portfolio of Services & Products:
        • What does it offer this market?
      • Capabilities:
        • How will it deliver these?
    • 10. Opportunity: Purpose
      • Mission, mandate, role, schmole
        • what business are you in?
        • what will be missing if this business does not exist?
        • what gap are you filling?
      Use the approach that fits your culture
    • 11. Opportunity: Direction
      • Vision
      • “ By 2002 we will be ….”
      The Preferred Future
    • 12. Opportunity: Direction
        • Long-term strategies, Imperatives, Priorities
          • short-term, near-term, annual strategies, objectives, goals, targets
        • “ To get there, we’ll be concentrating on:”
          • 1
          • 2
          • 3
        • “ This year, we will:”
          • x,y,z
    • 13. Opportunity: Market
      • Begin to address their “oh yeah’s?”
      • Describe distinct primary & secondary target markets
        • client groups
    • 14. Opportunity: Offerings
      • Products & Services
        • list clearly & succinctly
        • show where these fit on the target segments’ radar screen
        • why are these offerings compelling for these client groups? Why will they purchase these, over others?
    • 15. Capabilities
      • Resources required to produce & deliver products & services to those client groups & meet specific strategies
        • Finances - revenue, expenses, cash flow
        • Personpower
        • Capital
        • Marketing
        • Customer support & retention
    • 16. What’s lurking in their minds?
      • “ I just don’t think the dogs will eat the dog food.”
      • The back up comes up front
        • context setting
        • primary market research
        • where DO you fit in your clients’ range of information solutions?
        • what ARE your entry barriers?
        • Size your universe
        • Segment
        • Target
    • 17. The Plan: Sample #1
      • Summary
      • Purpose & Strategies
      • Client Groups
      • Portfolio of Services
      • Budget: Capital & Operating
      • Personpower
      • Appendices
    • 18. The Plan: Sample #2
      • Summary
      • The Business: Background
      • Management
      • Products & Services
      • Market
      • Production & Supply
      • Financial Performance
    • 19. The Case Study CLHIA
    • 20. Opportunity
      • Mission
        • focal point for information management in CLHIA
      • Vision
        • by 2002 to be heralded as an example of excellence in information management within insurance industry
    • 21. The planning tools
        • CLHIA’s annual strategic review
          • identified key issues
            • convergence, federal and provincial legislative reviews, M & A, demutualization and Y2K
          • organizational structure
          • strategic priorities
          • financial plan
        • Consultants’ report
          • highlighted strengths/weaknesses
          • recommendations
            • mission
            • direction
            • strategic priorities (5)
    • 22. Where do I start?
      • Previous priorities – classification, file maintenance, purchasing, daily 9AM news
    • 23. Gathering facts
      • Industry Environment
        • internal sources
          • strategic plan, briefing books, correspondence,newsletters, circulars etc
        • external sources
          • reports, government submissions, industry intelligence
    • 24. Gathering information
      • RIL products/services
        • RIL procedures manual, staff interviews, classification schedule, Inmagic textbases, accounts payable, vendors
      • Identifying clients
        • gathered intermittent statistics
        • reviewed acquisitions
        • library & file collections
        • Dysart & Jones report
    • 25. Gathering information
      • Competition/duplication
        • Lawyer’s providing reference assistance, media relations distributing news releases, multiple copies in multiple locations
        • personal observation, files, meetings, vendors
      • Clients’ perception
        • initial information from focus groups
        • informal feedback from clients, insurance librarians
    • 26. Keeping up with the Jones
      • Discussion lists
      • Literature
      • Conference attendance
      • Networking with peers
      • Meeting with vendors
        • Particularly providers of electronic media monitoring and legal sources
    • 27. At the end of the day…
      • Still didn’t know how much money was being spent on information/information management
      • How much duplication of effort
      • Lacked meaningful statistics
    • 28. Expanding the scope
      • Developed capture mechanisms
        • purchased integrated library system
        • Excel worksheets – zero-based budgeting
        • reference activity database
        • GL reports
      • Client perceptions
        • analysis of reference requests
        • staff performance review by management committee
        • information audit
    • 29. Success dependent upon
      • Working within existing culture
      • Establishing immediate credibility
        • “ Since you arrived there hasn’t been one reference request unanswered”
      • Employing technology to greatest effect
        • information management, performance measurement, research
        • develop rapport with IT
        • eliminating / outsourcing low value tasks
    • 30. Tackling the priorities
      • Knowledgeable staff
        • Information Analyst
        • Part time clerical support
      • Industry intelligence
        • build upon popular 9AM news – seek one/two provider solutions
      • Relocation = opportunity
        • profile/weeding/integration/migration
    • 31. What does the Plan look like
      • Annual planning cycle
        • budget guidelines (December)
        • CLHIA strategic review (January)
        • RIL strategic plan /budget (February)
          • brag sheet
          • review/revise strategic initiatives
          • introduce new initiatives
        • staff performance reviews (March)
          • tie individual accomplishments to corporate goals
          • feedback from senior management
        • mid-year financial forecast (September )
    • 32. What does the Plan look like?
      • Ongoing
        • leveraging access to internal knowledge to continually enhance, adjust media monitoring activities; proactive approach
        • collect information on pricing, relevant products & services
        • quarterly analysis of circulation & reference activities
        • quarterly dialogue with clients re serial renewals – opportunity to discuss alternate delivery mechanisms – get feedback on service delivery/collection development
        • revisit progress on 5 priorities quarterly
    • 33. What’s changed
      • Priorities
        • Perception of RIL changed from file room to information provider – more research & analysis
        • Internet education
        • Focus on member services
          • 25% of research requests
          • Committee participation
      • Internet
        • members only site
        • research tool /access point for information
        • greater acceptance of electronic information delivery
    • 34. Contact us
      • Rebecca Jones
        • www.dysartjones.com
        • [email_address]
        • 905/731-5836
      • Kolette Taber
        • [email_address]
        • 416/359-2007