WHERE LOCAL BUSINESS GROWS

Writing a Business Plan

The business plan is a means to an end.  It forms a platform for the management or owner which forces them to think through all element of their business.  Whilst a good business plan alone can’t guarantee success, we can confidently endorse the over used maxim that ‘failing to plan is planning to fail.’

The plan will set out what the business is aiming to sell, who to, and where and how its customers can be found and reached.  It will also consider your competitors and their current approach.  It will also consider what resources (typically money, equipment and people) you will need and how much profit your business will ultimately make.

Don’t forget – profit is more important than sales, cash is more important than profit!

As straight forward as these statements sound it is the underlying content that separates one business plan from another.  Strong content will enable the plan to be used immediately from execution and should provide direction and clarity for the early stages of business launch.

Remember though that your plan should be a ‘living thing’ and should be up for regular review – don’t allow it to be forgotten and don’t stick to it for the sake of ignoring a developing opportunity!

Download a free business plan template from Yorkshire Powerhouse


Naming your business
 

Thinking of a good business name can be an enjoyable task.  It is something you can have fun with but there is a serious consideration to be taken into account.  This will be your projected image to the world and one of your primary marketing tools.

Inspiration can come from many sources – your own interpretation of what the business does, family and friends, a favourite brand – but its vital that you keep it relevant and that anything too ‘off the wall’ or abstract doesn’t get lost in translation.

The key is that the name has to resonate with your customers or target market.  It needs to create their initial vision of what your business does and the image it projects.  Your business name will be headlining all your promotional material and website and it will be central to the brand value you build into the business.

Although you are looking to appeal to customers and get the message across with regard to what you sell, if you can arrive at something which sets you apart from the crowd and remembered easily for the right reasons, that would work well.

There are certain restrictions on some worlds/phrases which can be checked out at Companies House (obvious ones like offensive words but some less so relating to things like associations or royalty) and you will always need to check out no one else is using it.

Content kindly provided by www.yorkshirepowerhouse.com visit them for free business templates & much more. 

Business type and structure
 

You will need to elect a business type or structure for your business and getting this right is essential – making the wrong choice can change how much tax you pay and how you account for your business.

Once you have completed your pre-planning research and have a fairly high level of confidence that the market exists for you business idea, there are several key considerations and choices you need to look at.

It is strongly recommended that you seek professional advice on this area from an accountant or business advisor.

In essence there are four main options: 

  • Sole trader
  • Partnership
  • Limited liability partnership (LLP)
  • Limited company

Being a sole trader simply means that you register with HMRC as a self-employed person.

A partnership is considered on the same basis as a sole trader but obviously requires all parties within the partnership to register on the same basis.  It is also very important to have a partnership agreement in place to ensure everybody involved knows exactly what they are expected to contribute and what their liabilities and obligations entail.

Yorkshire Powerhouse has written a couple of guides on sole traders and Limited companies there is more information about all the different options at https://www.gov.uk/topic/company-registration-filing/starting-company

Content kindly provided by www.yorkshirepowerhouse.com visit them for free business templates & much more. 

Your vision and goals
 

There is a well used acronym to help define goals (not just business but it can also be personal or any other walk of life) known as SMART.

When you are writing your business plan, you should absolutely define goals and ambitions to help you measure your success.  Goals should motivate you, not demoralise – so if you find your goals are getting you down then perhaps you need to be SMART:

  • Specific – well defined goals help you focus on the most important things (and there could be several specific goals) that will help your business succeed.  The main thing is that you identify what that specific goals are and what they need to achieve within the context of your business.
  • Measurable – you need to have benchmarks and reference points within the goals and the indicators you set to be quantifiable.  How else will you know if the ultimate goal has been achieved?
  • Achievable – there is nothing wrong with setting ambitious goals but we are back to one of the main watch words – realistic.  Given all the constraints around your business proposition, the goals have to be realistically attainable or they will simply deflate your enjoyment.
  • Relevant – goals can always fulfil the other 4 criteria but the ones you set for your business have to be relevant to your overall objectives.  It has to be worthwhile in the context of the business.
  • Time-bound – again, be realistic by putting a time frame around the goals you set (and they may vary on a goal by goal basis).  This discipline is designed to keep you focused on achieving your desired result and minimising distraction that could be detrimental to the success of your venture.

 Content kindly provided by www.yorkshirepowerhouse.com visit them for free business templates & much more. 

 

Thinking about pricing
 

Setting your prices at the right level requires an in-depth knowledge of your market and who you are looking to sell to.

Your research on potential customers and competitors is key to getting this right.  Whether it’s ‘expensive and exclusive’ or ‘cheap and cheerful’ (or somewhere in between!) its about ensuring that you make the profit margin required for the business needs and running a commercially viable enterprise.  You are looking to maximise profit after all your costs have been covered.

In addition to the research, you will need to know what costs are going into the product or service you will be supplying.

Variable costs such as raw materials and utilities (gas, electric, water) will increase in proportion to the quantity and volume produced.  Fixed costs such as rent, wages and rates for example will remain constant.  You need to work out what proportion of your price needs to be factored in based on these costs.  A combination of the two costs will give you a figure that is known as breakeven – selling ‘this much’ at ‘this price’ will cover everything required for the business to survive without making a surplus.  But a successful business is about making profit and to complete the process of arriving at a price that is right, you need to factor in “margin”

There are various methods for pricing for the desired profit level but any method (without just guessing) is reliant on detailed knowledge of the market.

  • Mark up or cost plus pricing is simply the cost price (i.e. breakeven price as described above) with a percentage added based on factors in the market such as what does everybody else charge?  What is the demand?  If it’s high, can I charge a premium?  If it’s low will I need to accept a lower profit margin and sell volume?  Is my product or service unique or limited competition?  All considerations but it’s always worth remembering that even with something that is high quality or high demand, there is likely to be a limit to what someone is willing to pay.  You also need to remember that if you don’t sell every unit of what you supply, the profit margin will be negatively affected.
  • Value based pricing can be much more rewarding but is very much based on your potential customers perception of the value they put on the product or service you supply.  You can potentially maximise the profit margin made above cost if what you offer is highly prized or you offer significant added value with what you supply.

It is worth re-iterating – how or the method you use for pricing for profit needs a thorough analysis and detailed knowledge of your market and potential customers.

In general it is good business practice to review your prices regularly against the costs involved, customer’s expectations and competitor activity to ensure you remain ahead of the game.  As a successful business, you should always maximise profits on the goods and services you supply.

Content kindly provided by www.yorkshirepowerhouse.com visit them for free business templates & much more. 

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News

20 results found, page 1 of 2.  
Kirklees TV Interview

Saturday 02 June 2018

We recently had the opportunity to be interviewed by Liz Hey from Kirklees TV as part of their series of business programmes. We were delighted to be able to discuss how important using the Objective Management Group sales evaluation and sales candidate assessment tools can help improve sales performance in companies with sales teams. We also had the opportunity to discuss how we use the tools of one of other partners Sales STAR to help develop sales managers into super coaches. Enjoy watching the interview. http://bit.ly/2JlyThB
Posted by Ventas Sales Ltd
Making your mobile technology work for you

Monday 14 May 2018

FREE learning opportunity! Why not book on to our FREE introductory event on connected mobile technology. Andy Patten will take you through the wonderful world of the connected life with iCloud, iPhone and your desktop. http://goo.gl/ztFp2n
Posted by HAD-IT
Batley based Care firm open own tea and coffee lounge

Monday 14 May 2018

Batley based care firm, The Crescent have recently opened their own tea and coffee lounge to serve the local community. The Crescent tea & coffee lounge has been set up as a social enterprise, it is doing its part to combat loneliness and isolation in the local area. They have signed up to a Pay Forward Scheme, whereby businesses or individuals can pay in advance for a cuppa and a slice of cake for people who may benefit from meeting up with other people and to enjoy having a chat. They are also providing a cake delivery service whereby people can ring up and order a piece a cake for someone special or to simply cheer them up and put a smile on someone’s face, they come beautifully gift wrapped and are hand-delivered by staff from The Crescent. Café Supervisor Jennifer Wilby says: “We want to encourage people of all ages to visit the Tea & Coffee Lounge and have even got a Chatty Café table set up. One of our aims as an overall business is to reduce loneliness and isolation and to bring people together talking, we believe our tea and coffee lounge is a perfect setting for this.” As well as catering to the public, they are dedicated to offering employment to the community. The Crescent is committed to employing young people to gain experience and learn new skills. Managing Director of The Crescent, Paula Chamberlain says: “We have proactively decided to employ young people who are just starting out in their careers, and this may be their first job. Our staff all get to spend time quality time learning with Jennifer, which is great for them. From a business point of view, it demonstrates that we are committed to the local community too.” The Tea and coffee lounge is open Monday – Friday 8.30am-4.30pm and Saturday 9am – 2pm they serve premium hot and cold drinks, cakes, and light snacks. It is located at 32 Station Road, Batley.
Posted by The Crescent
Care Company Invests in Transforming Venue to Create Social Enterprise

Friday 04 May 2018

A Grade II listed building in Batley, West Yorkshire which has stood vacant for 5 years has undergone a £25k investment by its tenant, The Crescent Care, to provide the community with an events and community hub. Since acquiring the lease of the Victorian property opposite Batley train station, known as The Crescent in December 2017, Paula Chamberlain, MD and founder of The Crescent Care has facilitated a radical transformation, restoring the building to its former glory to accommodate meetings, training sessions, conferences and social gatherings. Alongside their core activity of looking after a complex range of care needs for children and adults across the Yorkshire region, The Crescent were keen that the building becomes a key part of the community. Already they have hosted a number of events including charity fundraisers, business networking and are hoping to put on regular events which including yoga for the elderly. Paula Chamberlain, MD and Founder said: “It is a pleasure to open our doors to the local community. As well as enabling local groups to utilise the space for coffee mornings, workshops, wellbeing and community needs, we have also seen the wider potential for bigger events at the venue. “We are extremely proud of what has been created at The Crescent and with such a unique offering, we can offer second to none hospitality. By using The Crescent for meetings and events, you will be in turn helping our social enterprise to address isolation and loneliness.” Offering competitive daily delegate rates and room hire by the hour, half or full day, The Crescent can cover business requirements as well as social gatherings for up to 60 people. All three rooms, The Front Room, The Library and The Dining room are individually designed with a luxurious feel. The opening of The Crescent conference and events space sees 2 jobs being created with the potential for more to be created by the end of the year. To find out more about the venue visit https://the-crescent.co.uk/conference-events-space/
Posted by The Crescent
Yorkshire Businesswoman Appointed to the Board of the Chartered Institute of Marketing

Wednesday 25 April 2018

The Chartered Institute of Marketing (CIM) is pleased to announce the appointment of Huddersfield-based businesswoman Katrina Cliffe, as their SME Ambassador on the Yorkshire Regional Board. Katrina has worked in the marketing industry for almost 20 years working for a variety of businesses across multiple industries before establishing her marketing agency, KC Communications in 2014. Katrina has been a member of the CIM for almost ten years and has completed two CIM Diplomas in marketing communications and digital marketing. Speaking of her appointment, Katrina commented, “I am delighted to have been accepted onto the Board in this new role. Supporting SMEs with the development and implementation of marketing strategies that positively impact on their business and regional growth is something I am truly passionate about. As an SME business owner myself, I understand the challenges faced by SMEs, and I hope to be able to use my range of contacts and the variety of professional activities I already undertake to promote the benefits of both the CIM and how marketing can play a key role in the success of a business”. Diane Earles, Network Manager for CIM, said: “We are very pleased to welcome Katrina to the board and I am sure she will be a real asset to the team.”
Posted by KC Communications
Interested in Finding Out What Business Banking Can Do To Help Grow & Develop Your Business

Thursday 12 April 2018

On the 25th April 2018 Matt Caie, who is Barclays Business Manager in Huddersfield, will be with us in the 3M Buckley Innovation Centre on Firth Street, Huddersfield. Matt specialises in Business Banking, seeking to help grow and develop businesses through regular contact and advice and assisting companies in overcoming the challenges faced in meeting goals. Why not pop along to our Business Engagement Centre between 1pm and 4pm to have a chat and get some no obligation, business banking advice for your company! Look out for future dates/times that Barclays and other Business Support Specialists are with us and remember, the Business Engagement Centre is open Monday to Friday 9am to 5pm to help address the bespoke needs of your business and to provide no obligation, impartial advice and solutions or just a general chat about your company and any challenges you face. We look forward to seeing you!
Posted by 3M Buckley Innovation Centre
Huddersfield Business Coach Launches Service for Community Benefit Organisations

Thursday 12 April 2018

Natasha McCreesh, the founder of coaching and mentoring business PIP to Grow Strong, has launched a monthly coaching and mentoring clinic for Kirklees based third sector organisations. The clinic, known as KOKO sessions (Keep On Keeping On), will provide organisations with the insight required to help them grow strong and sustainably enabling them to continue to deliver the work they undertake in the community. Natasha’s commercial industry background, which includes almost 10 years working for Jacuzzi Group in roles such as product development, marketing and purchasing, provides a unique opportunity for interested organisations to benefit from her vast experience and in particular her ability to positively challenge organisations and help them in finding their way forward. Natasha says: “Although I am a trustee for Hoot Creative Arts and a volunteer supporter of the Huddersfield Town Foundation, this alone just didn’t feel like enough! I want to offer a service which positively impacts upon my own community and the KOKO sessions are meant just for that.” Vicky Brennan, Business Development Director at Hoot Creative Arts said: “Natasha has been an incredible support to our organisation giving us so much more than we ever asked for or thought was possible. Natasha offers an untapped amount of energy and positivity and is so refreshing to engage with. She is always keen to learn and understand a whole picture that enables her to tailor her offer and support. We have never felt like one of many clients but really her only client, this approach is driven from a clear values base resulting in an authentic offer. Natasha sees the value in the work our sector does, she sees how it transforms lives and she is truly inspired by our sectors ability to give, therefore you quickly recognise a strong sense of giving within her approach that makes working with her a joy.” To discover more and sign up to the KOKO Sessions, visit http://piptogrowstrong.co.uk/koko-sessions/
Posted by PiP to Grow Strong
Global Branding Agency Announces Launch of Accelerator Hub to Support Yorkshire Creative & Tech Start-Ups

Tuesday 03 April 2018

Elmwood, the world’s most effective brand design consultancy, is set to launch its first accelerator programme in June 2018. Elmwood LaunchPod is a unique project bringing creative and technology start-ups together into a thriving creative community, collaborating with them over a 12-week programme designed to take their businesses to the next level. Initial details about Elmwood LaunchPod, which will be hosted at Elmwood’s studio in Leeds (United Kingdom), have been released today, with the official launch of the accelerator programme taking applications from Monday 16th April until Friday 8th May. The inaugural accelerator programme is aimed at promoting the development of innovative consumer health start-ups, with Elmwood inviting both technology and creative (STEAM: science, technology, engineering, arts and mathematics) businesses who are innovating how people manage their health to improve their quality of life. As a global brand design consultancy, Elmwood is uniquely placed to o?er start-ups the guidance and support they need to ensure sustainable business growth beyond the 12-week programme. By bringing emerging technology and creative businesses into their community, they hope to discover how technological innovation can enhance brand experiences for both clients and consumers. Elmwood anticipates working with 5 start-ups when the 12-week accelerator programme commences, helping to support the next generation of entrepreneurs who are already hard at work to bring emerging ideas to market that will shape the future of consumer health. Throughout the 12-week programme, successful applicants will receive specialist insight from a world-class community of marketers and creative designers and free workspace at Elmwood’s creative and dynamic studio. Participating start-ups will also have access to expertise across Elmwood’s industry-leading global clients as mentors, as well as access to investors. Sarah Dear, managing partner at Elmwood and managing director of Elmwood LaunchPod, commented: “This is a unique project bringing together businesses with breakthrough ideas propelled by the power of design. “The future inevitably starts with an idea and some of the most innovative ideas are found among start-up businesses. Elmwood prides itself on being at the intersection of creativity and innovation and we’re looking forward to supporting the aspirations of health-focused entrepreneurs who are eager to develop the next generation of consumer health experiences into successful businesses that help improve people’s lives.”
Posted by KC Communications
Harrogate to Host Digital Knowledge Conference

Tuesday 06 March 2018

Harrogate Convention Centre is set to host the “Go Digital – Live” conference on the 23rd March. The conference, which is organised by the Digital Knowledge Exchange, part of the Digital Enterprise programme in partnership with BQ Live and Stray FM, is open to all SME’s in the Leeds City Region who are looking to boost the digital knowledge enabling them to upskill and grow their businesses through advances in technology The one-day conference which opens with a keynote speech from Deputy Leader of Harrogate Borough Council, Cllr. Graham Swift will also provide delegates with access to a range of industry experts including Becky Boyd from the Google Digital Garage who will be giving insight on digital advertising, Leeds Beckett University will be discussing the rise of chatbots and how to implement them into your business successfully, while Pascal Fintoni of Arclight marketing and Media will be offering advice on how to launch your own live video show. In advance of the implementation of the General Data Protection Regulation, the Yorkshire & Humber Regional Cyber Crime Unit will also be advising on advances in cybercrime and how to mitigate the impact cybercrime has on companies and their customers. With up to 150 delegates anticipated to attend the conference, they will have the opportunity to register in advance to “Meet a Mentor” providing the ability to obtain on the day one to one support. To end the conference, there will be a Q & A Panel Session hosted by leading digital and tech specialists. A range of exhibitors will also make up the conference, providing delegates with the ability to discover some of the region’s most successful digital technology-related businesses.   To register for the event, visit https://www.godigitallive.co.uk/
Posted by KC Communications
GDPR

Friday 23 February 2018

Our GDPR event March 1st is sold out! However, we do have a waiting list, so if you haven't got a place, please message or call and speak with Lucy 01484 541155
Posted by Sheards Accounts
20 results found, page 1 of 2.  

Events Posted

3 results found 
Image for
UltraFast Internet Connectivity
Tuesday 26 June 2018, 08:30 - 10:30
John Smiths Stadium, Office Part Second Floor North Stand, Stadium Way, Huddersfield, HD1 6PG
Free Entry - 10 places
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Basics of Social Media
Thursday 26 July 2018, 09:30 - 12:30
Storthes Hall Park, Storthes Hall Lane, Huddersfield, HD8 0WA
Free Entry - 30 places
Image for
Basics of Social Media
Thursday 27 September 2018, 09:30 - 12:30
Storthes Hall Park, Storthes Hall Lane, Huddersfield, HD8 0WA
Free Entry - 30 places
3 results found 
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