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Age friendly innovation bootcamp day 2
- 1. This programme has been funded with support from the European Commission Age Friendly Innovation Bootcamp Day 2
- 2. Welcome and Overview of Day 1 • What we covered • Running a business in todays environment • Guest Speaker: Age Sector Platform • The Silver Economy • The Business Model Canvas • Ideas Generation • Digital Marketing
- 3. Programme 12th April 2019 9.30 Overview of Day 1 Martina 9.45 Programme for Day 2 Martina 10.00 Strategies for growth Frank 10.30 Break 10.45 SWRC Innovation TBA 11.45 Understanding Business Finance Frank 12.30 Lunch 1.30 The Commercialisation Plan (Work Groups) Frank 2.30 Sources of finance Martina 3.00 Break 3.15 Case Studies – guest speaker Lynne McCabe, Lisnacurran House, Ken Callaghan, Ignite IT and Deepak Samson, Connected Care Martina 3.45 Action Plans Frank 4.15 Workbook and finish Frank/Martina
- 5. Strategy... “Operational effectiveness means you’re running the same race faster. But strategy is choosing to run a different race because it’s the one you’ve set yourself up to win.” Michael Porter Strategic Thinker
- 6. •What do you do? •What do you want to do? •What do you want to achieve? •How do you want to achieve these things? •When? •By/with whom? •Where? Strategic Planning
- 7. Successful Strategic Planning… •leads to action •builds a shared vision that is values based •is an inclusive, process •is based on quality information •requires questioning the status quo •is a key part of effective management
- 8. The Strategic Planning Process Where are we now? How will we know? Where do we want to go? How will we get there? Our Values
- 9. Strategic Planning • Vision: An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future. It is intended to serves as a clear guide for choosing current and future courses of action.What success looks like. • Mission: A sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies • Values: The beliefs, guiding principles and culture that define and determine how the business and its staff behave
- 10. Examples of Vision Statements • To accelerate the world’s transition to sustainable energy (TESLA) • To give people the power to share and make the world more open and connected.(Facebook) • Our vision is a world in which all people’s basic needs — such as shelter, clean water, sanitation, food and reliable power — are fulfilled in an environmentally sustainable way and a company that improves the quality of the environment and the communities where we live and work.(Caterpillar)
- 11. Examples of Mission Statements • The University of Edinburgh's mission is the creation, dissemination and curation of knowledge. • Profitable growth through superior customer service, innovation, quality and commitment.(AGCO) • To unlock the potential of nature to improve the quality of life(ADM)
- 12. Tools of Strategic Planning • Boston Box • Product Life Cycle • Ansoff’s Matrix • Harvard Model • Porters Model
- 13. The Boston Box
- 15. Product Lifecycle • 17-20 years – 1970 • 10-20 years – 1980 • 5-6 years – 1990 • 2-3 years – 2000 • Less than 1 year for many products Need for constant innovation, improvement, new product development
- 16. Ansoff’s Matrix Current Markets New Markets Market Penetration Market Development Product Development Diversification Current Products New Products
- 17. Strategic Options More efficient, less cost, quicker Strong relationships, thorough knowledge, solution-based Operational Excellence Customer Intimacy Product/Service Leadership State-of-the-art, creative, risk taking
- 20. Terminology • Debtors • Creditors • Break even • Stock Turn • Current Ratio • Acid Test • Breakeven
- 21. Operating Cycle
- 22. Financing the Business • Where does money come from? • From the owners • From bank loans or similar lenders • From suppliers of goods and services (creditors) • From profits retained in the business (once the business is established and profitable) • From grant aid.
- 23. Uses of Finance • To purchase fixed assets • To be used as working capital • For investment in financial assets or other businesses.
- 24. Invested Working Capital • Stocks • raw materials, components and spare parts • work in progress (WIP) particularly with • Long processes such as with complex manufacturing businesses • finished goods • Trade Debtors • money owed by customers • Bank and Cash • any surplus funds
- 25. Annual Financial Reports • Balance Sheet • Profit and Loss Account
- 26. Balance Sheet • Fixed Assets • Current Assets • Debtors • Creditors • Pre Payments • Cash • Medium/Long term Liabilities • Current Liabilities
- 28. Profit and Loss Account • Income - Expenditure • Period of time
- 29. Profit and Loss Account Turnover - Cost of Sales = Gross Profit - Overheads = Net Profit
- 30. Important Warning “Most businesses that fail are profitable, they just do not have enough cash to keep going”
- 31. Using Financial Information • Accounting Records • Management Information • Financial Records and Reports • Projections
- 32. What Financial Information is useful? • Profit margin by product/Service • Daily overhead costs • Staff costs (Hourly, Daily, weekly) • Target profit margins • Cash availability • Projected costs
- 33. Gross Profit Margin This is the percentage profitability after direct Costs have been covered:- (Gross Profit ÷ Sales) %
- 34. Net Profit Margin This is the percentage profitability after all other costs have been met:- (Net Profit ÷ Sales) %
- 35. Acid Test Ratio Current Assets : Current Liabilities (Current Assets should exceed current liabilities; Ideally 2:1)
- 37. What is a Commercialisation Plan? • Plan to maximise the potential to bring ideas to reality • Helps to structure your thought process • Helps you focus on addressing difficult issues • Crystallises your offering
- 38. Commercialisation Plan Contents • Business Overview • What are you offering? • Define your market • What is your value proposition? • What competition do you have? • What are the risks and how will you mitigate them?
- 39. Commercialisation Plan Contents • How will you manage the business? • How ill it operate on a day to day basis? • What investment do you need to make? • Capital • Working Capital
- 40. Financial Projection DATE From: To: WEEKS 1 2 3 4 5 6 7 8 Sales Income Less Direct Costs Gross Profit Less Overheads Surplus (Deficit) Opening Bank Balance Closing Bank Balance
- 41. Action Plan ACTION WHEN? WHO? COST
- 43. Sources of Finance • Own Investment • Business Angel Investment • Informal Loans from family and friends • Commercial Loans e.g. Bank • Other Loans e.g. Start Up Loan Company • Public Sector Grants • Creditors – suppliers of goods and services
- 44. Sources of Finance • NI Small Business loan fund – start up businesses trading less than 2 years can access loan of up to £15,000 • Businesses trading longer than this can apply for up to £100k • Start-up loans – for any business trading less than 2 years Can apply for up to £25,000 at rate of 6.2% APR • Access up to 15 hours of business mentoring support www.enterpriseni.com/start-up-loan
- 45. Funding • Tourism Business Funding – if you already operate an established tourist accommodation establishment and wish to expand Invest NI can provide advice, a range of programmes and potentially financial support to help you grow your business. • Invest NI Tourism Team - contact the Team on 028 90 239090 or email tourism@investni.com
- 46. Funding • Tourism NI – Tourism Event Funding Programme - 2 schemes • International Tourism Events Fund – supporting home grown international tourism events - 1April 19 to 31 March 2020 • National Tourism Events Sponsorship Scheme – home grown events taking place 1 April 19 to 31 March 2010 • Although this fund is closed for applications contact eventsunit@tourismni.com T. 028 90441656 for future funding • tourismni.com/Grow-Your-Business/funding-schemes/tourism- business-funding/
- 47. Sources of Finance • Halo Business Angel Network – all island business angel network group supporting early stage entrepreneurs typically £40,000 to £200,000 • Eligibility – have product ready for commercialisation • Operating in Technology, MedTech, AgriTech or Food sectors • Joint initiative - Enterprise Ireland/ Invest NI/ InterTrade • www.hban.org
- 48. Sources of Finance • InterTradeIreland Seedcorn Competition – Investor Readiness competition • New and early stage entrepreneurs in any sector • The competition is aimed at early and new start companies that have a new equity funding requirement and has a total cash prize fund of €280,000.
- 49. Sources of Support • Techstart NI Proof of Concept grant- techstartni.flexigrant.com • Innovation Vouchers – Invest NI – voucher up to £5000 • www.investni.com/support-for-business/ innovation-vouchers • Innovate Us – mentoring support to sme’s to stimulate Innovation, R&D and Creativity. • Delivered through FE Colleges.
- 50. Sources of Support • Catalyst - The Innovation Centre • wearecatalyst.org/programme/our-programmes/ • Range of programmes available to entrepreneurs at all stages • Programmes for early stage entrepreneurs curious about innovation and those with new product ideas • Support for existing businesses who have product ready for market or require investor
- 51. Further Support • InterTrade Ireland – Elevate Programme • InterTrade Ireland – Fusion • InterTrade Ireland – Acumen • Lisburn Enterprise Organisation – Go for It Programme MY Adviser programme • Lisburn and Castlereagh City Council Business Solutions Programme www.lisburncastlereagh.gov.uk/business_solutions • Invest NI