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Turning your ideas into income
- 1. Turning your ideas into income Geoff Jones Enterprising Communities Programme Officer www.wcva.org.uk 0800 2888 329 help@wcva.org.uk
- 2. Turning your ideas into income Themes for the workshop • • • • • Sources of income Trading Idea generation Barriers to creativity Risk
- 3. Turning your ideas into income Sources of income • Key fundamentals to consider-How much can you sell & for what price? • Understanding the difference between cost, price & value • Pricing approaches
- 4. Turning your ideas into income Trading • Benefits of trading/income generation • Mission Driven trading-value of involving stakeholders & beneficiaries • Harnessing support • Assessing financial capacity • Identifying barriers • Organisational capacity • What will success look like
- 5. Turning your ideas into income Idea Generation • • • • • Thinking creatively Understanding the market-Ansoff Matrix Difference between creativity and innovation Creating the right conditions for creativity Barriers to creativity
- 6. Turning your ideas into income Approaches to stimulate new ideas • • • • Mind tiles Word storm Idea assessment and assessment criteria Balance between existing ways of doing things and the need to develop new creative perspectives
- 7. Turning your ideas into income Risks • Identify your risks • Prioritise & map risks • Manage risks • Change management
- 8. Turning your ideas into income Geoff Jones Enterprising Communities Officer Wales Council for Voluntary Action www.wcva.org.uk geoffjones@wcva.org.uk 029 2043 1758
Editor's Notes
- Pricing approaches: Mark up or cost plus pricingGoing rate pricingMarket orientated pricingPerceived value Psychological element of pricing: i.e. people assume low price= low value or that high price signifies quality.
- Mission driven trading-value of involving stakeholders and beneficiariesIdentification of key stakeholders-Board members (can be risk adverse).Staff (are they threatened by change)?End beneficiaries-how will they react to paying feesFunders-will trading and income generation be seen in a positive lightSME competitors-wary of third sector organisations operating in their competitive space.Harnessing support: make your case/share information with staff & involve in the planning process. Establish method for arriving at consensus. Use a variety of communication methods.Assessing financial capacity: How financially ready is your organisation? Trading requires financial stability often an organisation needs to commit financial reserves & realise it may take time to realise benefits of income generation.Identifying barriers: Has income exceeded expenditure and do assets exceed liabilities over a number of years? If yes organisations should have financial capacity to trade.Case study for Birmingham settlement: Value of robust financial systems to organisational stability. Only looking at things from a project based perspective not at the organisation as a whole. Re-focus/diversification of funding to reduce dependence and increase innovation.Organisational capacity: skills, experience capabilities & organisational culture. Need for developing successful trading activities requires a certain amount of creativity and entrepreneurship. Need to deal with negative assumptions around profit. Characteristics of an entrepreneurial culture.Staff capacity-skills inventory and then identifying the gaps through “gap analysis”.