and finance workshop John Alves Kate Casey John Mansfield Vidya - - PowerPoint PPT Presentation

Sales, marketing, operations and finance workshop

John Alves Kate Casey John Mansfield Vidya Mishra Liz Doble Will Matthews

13th October 2016 Procter & Gamble, Brooklands

Agenda

• Innovation and product ideas
• Essentials for success
• Break-out sessions for:

Managing Director - team leading Marketing and sales Finance Operations

• Break
• Marketing exercise
• Business planning
• Finance for all
• Young Enterprise support tools
• Programme for the year

Innovation and product ideas

Kate Casey

Innovation and product ideas

INNOVATION: Definition - Something newly introduced:

• New Product/Service
• Existing Product/Service – with a difference/edge

Innovation and product ideas

“New” Product Examples:

• Telephone

1876

• Computer / IT

1943

Innovation and product ideas

Existing Products with an Edge

• How can we improve/add value to that product?
• Why would customers buy our product?

Remember - you can be innovative in any area of your business- product, marketing, sales, IT, operations, finance.

Innovation and product ideas

Product ideas and selection

• Brainstorm ideas - consider the team’s abilities, knowledge, contacts and resources.
• Long List: 5-10+ ideas
• Ask yourselves:

Is this something that people will want ? Can we make/buy enough product? Can we make a profit? Will WE enjoy doing this?

• Reduce: Achieve a short list of 1-3 products/service ideas

Innovation and product ideas

• When selecting from Short list, ask yourselves:

– What are we selling? – Who will buy it? – Where will we get it? – How much will it cost to get and timescale? – How much will customers pay/how many could we sell?

• Then - estimate quantities, costs, revenues (sales income) and profits
• Then – Agree on your main final product or service!

Innovation and product ideas

North Surrey Area - Successful product ideas

• Hook – biscuit/business card holders that hooked onto your cup/glass
• Bank It – an app for paperless receipts, ordered and categorised on your phone
• Ignite – glow in the dark phone cases and candles
• Black and Blanco – watches with interchangeable faces and straps
• Glass Act – personalised designer glassware for the home
• Gradient – thermal mug with compartment for drinks ingredients
• Cake in a Jar’ – Selection of Dry cake ingredients in Jars with recipe and whisk
• Pholder – mobile phone holder when charging
• Mugnificent – personalised beverage mugs

Innovation and product ideas

Innovation and product ideas

Innovation and product ideas

Innovation and product ideas

More successful ideas

• Oxygen - Oxford landmarks prints and children’s guidebook
• Ceilo - collapsible lunch box
• Thirteen - placemat/wall chart encouraging consumption of fruit

and vegetables

• Amazing Ginger Co - educational board game with CD
• Vitamin Boom - healthy fruit drink (UK winner)
• Sign4Life - sign language app (international winner)
• Summit - perfume pen (UK & international winner)

Innovation and product ideas

John Alves

Essentials for success

• Teamwork
• Commitment

Essentials for success

There’s a lot to do

One person can’t do everything

Think of a team sport

Everyone has their own special

responsibility but… Support the others too

Essentials for success - Teamwork

One hour a week is not enough!

• A board meeting is a planning and decision making

meeting

• Problem solving and completion of tasks must take

place between meetings

Essentials for success - Commitment

If you agree to a task and a date the team is relying on you

• deliver or warn people in advance if you can’t

Don’t agree if you don’t believe you can deliver

Essentials for success - Commitment

Break-out sessions

• Managing Directors – Vidya Mishra
• Sales and Marketing – Will Matthews
• Finance – Liz Doble
• Operations – John Mansfield

BREAK

Innovation exercise

You are releasing a new range of hair care products

• Your target customers are between 12 and 20

years of age

• Male and female

You must define

• Your product name
• A product strap line
• Where you will sell it

You have 10 minutes

Business planning

John Alves

Business planning – writing a business plan

A good business plan can turn a brilliant idea into reality

Business planning – writing a business plan

• Who are you?
• mission/logo/slogan
• What do you do?
• description of business
• Where do you do it?
• your customers, marketplace, competitors
• How do you do it?
• marketing, costs, pricing policy, sales targets,

premises, insurance, legal requirements

Business planning - writing a business plan

• Start with a short summary
• Business vision (or mission statement)
• Description of business
• Your marketing plan
• customers
• market
• your competitors
• cost/pricing/sales analysis
• Insurance/legal requirements

Business plan competition!

£50 Investment to be won!

Send your business plan by November 4th deadline to

info@yesnorth.org.uk

The Young Enterprise North Surrey Board will judge all plans and announce the result online.

Finance for all

John Alves

Finance for all - financial management

• Proper financial management is crucial to running a

successful company

• Responsibility for planning and tracking your company

finances is YOURS not your adviser, not your teacher

• Routine financial inputs go to the Finance Director
• all receipts and payments
• Key financial reports, to be reviewed regularly:
• balance sheet
• profit and loss account

Finance for all - financial records

• ALL cash passed to the Finance Director immediately
• Full details of ALL transactions to Finance Director
• Finance Director to record transactions in accounting system
• Receipts/invoices/share stubs to be filed by Finance Director
• Bank your cash regularly
• Keep any spare cash securely
• Stock = cash so make sure you know how much you have!
• Remember to include VAT in your calculations

Finance for all - VAT and corporation tax

• Value Added Tax (VAT)
• applies to all purchases and sales
• VAT rate is 20%
• VAT to pay = VAT due on sales minus VAT paid on purchases
• Corporation Tax
• is paid on profit only
• calculated at the rate of 10% of profit
• All taxes are paid to Young Enterprise

Visit yeonline.y-e.org.uk to:

• register your company
• access Young Enterprise guidance
• use the Young Enterprise accounting system

Visit yesnorth.org.uk to:

• get updated information on local events and news
• book for events
• upload/download files

Contact us at info@ yesnorth.org.uk

Young Enterprise support tools

Surrey North area programme

Event Date Location

Trade Fair Sat 26th Nov Woking Trade Fair Sat 10th Dec Egham Christmas Sales Dates tbc P&G Egham and Brooklands Competition Workshop Tue 17th Jan 5.00 – 8.00 pm P&G Egham Half Year Festival Thu 9th Feb 4.00 – 7.00 pm BoA Merrill Lynch Camberley Trade Fair February Surrey North Area Final Thu 23rd Mar 3.30 – 9.00 pm P&G Brooklands Surrey County Final Thu 11th May Guildford