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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