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Business plans (lcra)

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Presentation presented to LCRA's Economic Development Forum on Festival Profitability.

Presentation presented to LCRA's Economic Development Forum on Festival Profitability.

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    Business plans (lcra) Business plans (lcra) Presentation Transcript

    • BUSINESS PLANSLCRA EconomicDevelopment ForumPresented by:Penny C. Reeh, CFEEPresident & CEOFredericksburg Chamber of Commerce
    • Learning Objectives  Define the purpose and value of a business plan  List and explain the major sections typically included in a business plan  Outline strategies and provide templates for getting started
    • Have you heard this before?  It doesn’t really matter if the event makes money as long as it is good for the community.  We are a non-profit organization, we are not supposed to make money.  Our goal is to put money into the community and not into our pockets.
    • Breaking the non-profit mentality… Not-for-profit is a tax status and not a business plan.
    • What drives profitability and success?  Doing a better job of planning what we can control.  Planning for what we cannot control, as best we can.
    • Why are we in the event business?  Clearly define your purpose or need ● Raise funds ● Promote the value of agriculture (governmental mandate) ● Generate community awareness ● Preserve a tradition, culture or heritage
    • Why are we in the event business?  Define the benefits of your event ● Increased revenues ● Community pride ● Media attention ● Sustained local values ● Communication of mission
    • Why do a business plan? To define and direct any needed change To guide growth To manage priorities To assess staffing/volunteer needs To assign responsibilities To track progress To clarify allocation of resources
    • Drucker Self-AssessmentWhat is our mission? Why you do what you do; the organization’s reason for being, its purpose. Says what, in the end, you want the event to be remembered for.
    • Drucker Self-AssessmentWho is our customer? Those who must be satisfied in order for the event to achieve results. The primary customer is the person whose life is changed through your work. Supporting customers are attendees, volunteers, sponsors, exhibitors, employees, and others who must be satisfied.
    • Drucker Self-AssessmentWhat does the customer value? That which satisfies customers’ needs (physical and psychological well-being), wants (where, when, and how service is provided), and aspirations (desired long-term results).
    • Drucker Self-AssessmentWhat are our results? The organization’s bottom line. Defined in changed lives – people’s behavior, awareness, hopes, competence, or capacity. How did we make a difference? Results are always outside the organization.
    • Drucker Self-AssessmentWhat is our plan? Defines the particular place you want to be and how you intend to get there. Encompasses mission, vision, goals, objectives, action steps, a budget, and appraisal.
    • How do business plans and strategicplans differ?  Business plans are a management/operational tool  Strategic plans are a leadership tool
    • Establishing a Business Plan  Overall tips for creating the plan ● Don’t get caught up in formatting issues ● Set a timeline for completion ● Cast a wide net of involvement ● Share the plan at every level ● Incorporate performance benchmarks
    • Establishing a Business Plan  Goals, Objectives and Action Steps ● Goals – Broad, encompassing ● Objectives – Define strategies to accomplish the goal, specific and measurable levels of achievement ● Action Steps – Detailed plans and activities directed toward meeting an organization’s objectives. Define the who, how and when of the objectives
    • Elements of a Business Plan  Cover Page ● Event Name ● Sponsoring Organization ● Contact Information ● Logo and slogan
    • Elements of a Business Plan  Executive Summary ● A summary of the plan ● Typically written last ● Prepares the reader for upcoming content
    • Elements of a Business Plan  Table of Contents ● Listing of information presented ● Referenced by page number ● Created at the end
    • Elements of a Business Plan  SWOT Analysis ● Strengths ● Weaknesses ● Opportunities ● Threats
    • Elements of a Business Plan  Event Profile ● History of the event ● Outline of its sponsoring organization ● Purpose and theme ● Definition of target audience(s) ● Description of the event
    • Elements of a Business Plan  Market Analysis ● Saturation level of events ● Competition sources ● Population composition ● Communication channels ● Geographic variables ● Relevant local trends/issues
    • Elements of a Business Plan  Program Plan ● Definition of activity by audience ● Schedule of entertainment ● Strategies for implementing new programs ● Description of committees and their interaction with one another
    • Elements of a Business Plan  Staff Management Plan ● Organizational chart ● Staff job descriptions ● Division of duties between staff and volunteers
    • Elements of a Business Plan  Volunteer Leadership Management Plan ● Board member selection criteria and procedures ● Board member conduct guidelines/ code of ethics ● Board member conflict of interest statement
    • Elements of a Business Plan  General Volunteer Management Plan ● Inventory of duties for which volunteers are needed and the required skill sets of each ● Volunteer job descriptions ● Volunteer policy manual ● Committee list and organizational chart ● Committee checklists and timelines
    • Elements of a Business Plan  Logistical Plan ● Grounds use layout ● Infrastructure/support needs ● Waste management arrangements ● Contact list of all providers ● Transportation needs ● Set-up/tear down detail
    • Elements of a Business Plan  Promotional Plan ● Definition of target audiences ● Advertising buy schedule ● Publicity schedule ● Media spokesperson duties and scripts ● Timeline for production of all printed materials
    • Elements of a Business Plan  Community Relations Plan ● Strategies to enhance community involvement ● Mitigation of undesirable effects on the community (noise, traffic, restriction of local trade, feelings of resident displacement) ● Year-round local communication strategy
    • Elements of a Business Plan  Safety/Security Plan ● Security procedures (i.e. policing of gates, lost child drill, crisis procedures, identification of minors, interaction with attendees) ● Outline of interaction with local health and security agencies (EMS, Fire, Police, Private Security) ● Health/safety needs (i.e. hand washing stations, gray water disposal, trip/fall hazards, electrical lines)
    • Elements of a Business Plan  Sponsorship Plan ● Sponsorable asset inventory ● Evaluation of assets – sponsor packages ● Outline of sponsor activation needs ● Description of sponsor hospitality requirements ● Outline of promised sponsor tie-ins
    • Elements of a Business Plan  Financial Plan ● Budget ● Projection of short and long term capital needs ● Outline of fundraising activities (i.e. sponsorship, pre-sale of souvenirs, donations) ● Identification of how proceeds will be distributed
    • Elements of a Business Plan  Evaluation Plan (On-Site) ● Entrance or exit surveys ● Follow-up surveys (phone, online or mail) ● Secondary information
    • Elements of a Business Plan  Evaluation Plan (Post-Event) ● Compare outcomes to pre-determined expectations ● Seek counsel from your team members at every level ● Apply what you have learned
    • Using the Business Plan  Promote the plan internally and externally  Remember, you can’t manage what you don’t measure  This is not a one-time exercise…refine, revisit and rewrite
    • Parting thought… If you don’t have a clear destination, any road will take you there.
    • Call me if I can help! Penny C. Reeh, CFEE President/CEO Fredericksburg Chamber of Commerce penny@fbgtxchamber.org 830.997.6523