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 13 th 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 - c ollapsible 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

Essentials for success John Alves

Essentials for success • Teamwork • Commitment

Essentials for success - Teamwork There’s a lot to do One person can’t do everything Think of a team sport E veryone has their own special responsibility but… Support the others too

Essentials for success - Commitment 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

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

Young Enterprise support tools 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

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