Tag Archives: business plan

Fail to plan? Plan to fail.

The Food For Thought workshop in Barnstaple last month generated active and enthusiastic discussion of the topics covered in the presentations.

As a follow up I want to share some of the major points that were covered.

We kicked off the morning looking at business plans. Most of the businesses present didn’t have a business plan, and that wasn’t a huge surprise – business plans usually only come out when you want to borrow money or apply for a grant.

However when you do have a written down plan you are much more likely to achieve what you want from your business:

– You have a way to evaluate new opportunities; do they get you closer to your goal?
– You keep your own interests at heart rather than getting swept along by other people’s ideas.
– When times get tough you have a reminder of why you started on this journey, and encouragement to see it through.

A business plan doesn’t need to be formal, and it doesn’t have to be lengthy (the shorter the better!).

It’s also not supposed to be final – change it as you go, as you get more information and as your circumstances and views change. Both the businesses who said they did have a business plan updated their plans regularly.

So where do you start? In simple terms a business plan sets out:

Where you are now

Often a SWOT analysis is a good place to start. It’s a useful tool to separate out the good and bad things currently on your radar between:

Strengths and Weaknesses – internal factors; things you do well (better than your competitors?) or not, things that you have some control over.

Opportunities and Threats – external factors, like the economy and market trends. These are outside your control so any strategies you make need to be designed to take them into account.

Sometimes it’s easy to lose track of the distinction, but it is important as there is nothing more futile than trying to change something you have no control over.

Where you want to get to

It’s not your business who’s writing this, it’s you. Your goals need to come first, so what does success look like to you?

What makes a successful seasonal business?
Provide you with an income – well usually, but also:
Build a (inter-) national reputation?
Make you rich?
Follow a dream?
Make a tax loss?!
Close down in a controlled way?

How are you going to get there?

What does your business need to achieve in order to get you to the point where you can achieve your own goals?
More profit?
More sales?
More staff, to free up your time?

How long do you think it will realistically take to achieve this? Or, more importantly, how long have you got!

This is where your strategies come in. If you need more profit how will you get it? More sales? Better sales? New customers? New products!

How will you get these new sales? How will the customers find out?

Do you need different resources to deliver this? New tools? More cash? A better IT system?

Be realistic

I have worked with a lot of businesses whose plans have failed because the owner thought that they could grow sales without adding extra staff or production resources. Hope, or even will power won’t ever be enough to make the plan succeed!

You have to stay realistic when it comes to working out what you can do with your existing resources, and similarly when it comes to assessing the sales opportunity that you have. I mentioned the example of milk alternatives – while there is a market for these products there is a large proportion of the population who are happy drinking standard milk and so the market is naturally limited. A huge marketing budget will not necessarily change that, so growth plans have to reflect this.

Make a plan
At the end of the workshop the attendees took away a business plan template that they had completed during the morning. If you would like a copy of the template then drop me a line, or leave comment here.

Food For Thought: “Excellent: Very informative, covering business, marketing, finance and funding”

Last Tuesday was the big day for my “Food For Thought” workshop. Despite the ominous weather forecasts the snow held off long enough for the event to go fantastically.

The presentations centred around the need to ensure that new sales are the right sales to make profits – making sure that the businesses there are growing profitably, not being busy fools!

We started off with my favourite presentation topic – making sure that you have an up to date business plan that identifies what you need to do to reach your personal and business goals.

Despite the fact that we had some micro businesses and some full on large businesses everybody identified their own goals for 2018 and further afield.

We were lucky enough to have a presentation from Charles Baughan, the MD of the award winning sausage maker Westaway Sausages. Charles is an engaging and enthusiastic speaker and his romp through his top tips for success in the food industry left the group inspired to put their plans into action, and with good advice for doing so.

Next up was Hayley Reynolds, the founder of food industry specialists RAW PR & Marketing. Recently Hayley has worked with some of Devon’s most successful brands and she gave us a masterclass in getting good returns from PR efforts. By understanding the business’ target customers and the needs of the journalists and publications who can reach them she has had some fantastic (and cost effective) results.

Before lunch Janet Herniman, a North Devon based grant funding adviser gave us an entertaining overview of the current grant landscape. More importantly, as a result of her current work, Janet is able to give application tips from both the applicant and the grant assessor’s point of view. As she pointed out, there is a lot of hard work required to put together a successful application but given the sums of money potentially available (up to 40% of your projected spend) it is time well spent.

The morning was rounded off with a networking lunch, and time for the businesses present to assemble their notes from the day into their own personalised action plan. The feedback from the attendees was that they had thoroughly enjoyed the day and found it inspiring and aspirational.

So, now I need to build on this success: another workshop, new speakers, and maybe a different location!