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

25 results found, page 1 of 3.  
New Recruits Join Moneysaving App Firm

Monday 13 August 2018

Technology firm, yboo, have smashed growth targets over the last month which has resulted in the recruitment of a new Project Manager, Gabrielle Caves, along with a Social Media Intern, which has resulted in the need for an office expansion. Gabby will be working on engaging the end user and recording their experiences, as the firm strives to bring their app to 60m smartphone users in the UK. Gabby previously worked in financial services attracting the attention of millions of consumers to competitive mortgage deals despite each consumer’s unique circumstances. The firm, which was founded in 2016 by Martyn Gould and Paul Doyle, are also looking to recruit three software developers to join their growing team. The additional recruits have meant that yboo have had to expand their office space in Holmfirth to ensure they can deliver on further growth targets and support their international expansion. Martyn Gould, Founder of yboo commented: “In the last few months we have gone from strength to strength; in addition to our recent investment announcement, we have taken on Gabby – who I’m sure will be a huge asset to the yboo team. We have always been committed to bringing job opportunities into the Holme Valley, and with the need to further recruit for software developers and a social media intern, we have expanded our office space in Holmfirth.” “Exceeding our growth plans for this month means that we are on track to pursue our international expansion plans in the Middle East and in Australia over the next year. In addition, we will be launching our B2B portal this month which we anticipate will have a huge impact on UK mobile operators and their propositions” yboo is a mobile phone application that compares SIM only deals from the UK mobile market by measuring consumer usage to match them with the best deal and saves the UK consumer on average £156 per year on their mobile phone bill.
Posted by KC Communications
Huddersfield Aesthetics Clinic Relocates to Meet Demand

Thursday 09 August 2018

Huddersfield businesswoman and registered nurse prescriber, Jen Vittanuova has relocated her town-centre based clinic, Pretty Machine Aesthetics, to support demand for results-based non-surgical aesthetic treatments. The exclusive clinic which has relocated to Heritage Exchange in Lindley has undergone extensive renovation to meet the standards suited to treatments available, in terms of medical safety and any aesthetic risks associated with the procedure, as well as client comfort and confidentiality. The clinic specialises in a range of non-surgical treatments such as wrinkle smoothing, dermal fillers, lip augmentations, skin needling and chemical peels. It also stocks a range of clinician led skincare. With the addition of two further therapists the clinic will also offer internationally reknowned Deluxe Brows Microblading, and the latest innovation in tattoo and permanent make up removal, known as Pigment Off; the treatment has no requirement for the use of lasers and is ideal for all skin types. Laser hair removal using the Aesthetic Industry Award winning Soprano Ice machine will also be available.. A Registered Nurse Prescriber with more than eighteen years’ experience working for both the NHS and some of the UK’s most prestigious private clinics and hospitals, Jen is a strong supporter of the Safety in Beauty campaign, which raises awareness of malpractice in the beauty and aesthetics industry. She is also a member of the BACN (British Academy of Aesthetic Nurses) which operate a strict code of conduct to ensure safety within the industry. Commenting on the relocation, Jen Vittanuova said: “Having run private clinics across the UK, the time was right to grow the clinic in my home town. In recent years demand for services has increased dramatically and it is important that people opting to undergo non-surgical treatments have somewhere safe that they can go. We believe that providing a luxury environment for our clients is important. We are aiming for the highest standards, reflected in our treatments and our staff within the clinic. The clinic has great transport links and is easily accessible via the M62.compressed Pretty Machine Aesthetics also run clinics in Leeds, Birmingham, and Harley Street in London.
Posted by KC Communications
Edward's Kitchen are hiring!

Monday 30 July 2018

Edward's Kitchen are expanding their team and are looking for a part-time counter assistant. Candidates must have previous experience and live in the HD2 area. This is a great opportunity for those looking to earn some extra money with the hourly rate £7.83 All those who are interested please email gabby_holdsworth@hotmail.co.uk for more information
Posted by Edward's Fish & Chip Kitchen
Tech Scale-Up Appoints KC Communications to Support Growth

Monday 16 July 2018

yboo, the mobile app firm, has appointed Huddersfield based agency, KC Communications to handle their PR requirements following a successful pitch to support yboo’s ambitious growth plans. yboo, which stands for ‘you’re better off on’ is a mobile app available on iPhone and Android which monitors consumer mobile phone usage and recommends the best SIM only deals, based on price and signal strength. It also allows users to gain access to exclusive discounts, offers and codes. The app enables UK consumers to save, on average, £156 per year on their mobile phone bill. yboo also provide a second unique product which allows Mobile Operators to understand more about Consumer behaviour via Big Data profiling. KC Communications will be responsible for developing both yboo’s traditional and stunt-PR strategy and implementing it to raise the profile of the money-saving app in both the UK and overseas markets. Commenting on the appointment, KC Communications founder, Katrina Cliffe said, “We’re absolutely delighted to have been appointed by yboo and having the opportunity to demonstrate the extent of our capabilities. yboo is an exciting business and has the potential to be one of the world’s leading apps.’ Martyn Gould founder and CEO of yboo, added, “We’re really pleased to be working with KC Communications to deliver our Consumer and Big Data growth plans in the UK and Internationally. We chose KC due to their proven capability but also due to their positive attitude and values/ambition which align with our own”
Posted by KC Communications
Huddersfield Charity Claims Dragon Boat Race Gold Victory

Monday 09 July 2018

Avalon Mae Social Media Marketing were personally invited by The Laura Crane Youth Cancer Trust to take part in their #RowingForResearch charity event at The Pugneys Dragon Boat Race on Saturday 7th July as part of the team ‘The Scientists’. The Laura Crane Youth Cancer Trust is the only UK charity funding medical research specifically into cancer affecting teenagers and young adults. The Trust also funds measures to improve the quality of life for young cancer patients, both during and in the aftermath of their illnesses. The Scientists team included members from other local businesses, students, friends and scientists from The Georgopoulos research group at Huddersfield University who are working on pioneering research which could lead to a new form of cancer treatment free from the harmful side-effects often experienced with treatments such as radiotherapy and Chemotherapy. Avalon Mae are members of The Laura Cranes ‘Fight Club’. A club where companies support the charity through sponsorship, donations, fundraising and more. The day went off to a flying start with The Scientists placing 1st in their first 2 heats. The 3rd heat was one not to be missed as team ‘Chappers Raiders’ capsized on the finished line next to The Scientists and still took 2nd place leaving The Scientists 3rd place in the 3rd heat. There was still a fighting chance for The Scientists as they qualified for the final of the women’s event. After all the heats were complete The Scientists were joint top for fastest women boat so the sweat was on for the final. 6 teams qualified for the final, however, only 2 teams stayed so it was The Scientists rowing for The LCYCT against the Mighty Mac’s rowing for Macmillan! Who would take the trophy and gold medals home? After a team talk and the motto ‘Failure isn’t an option’ The Scientists used their successful method of shouting ‘Lean! Back!’ and paddled like they had never paddled before! It was a very close race all the way through to the last stretch. The Scientists pulled out in front and, as the air horn sounded, a roar came from the boat and they were victorious. The Scientists took home the trophy for The Laura Crane Youth Cancer Trust and each member was awarded their gold medal by Gwen Lowe, Mayor of Kirklees. Well done to everyone who took part in The Dragon Boat Race at Pugneys Country Park for such amazing causes. Special thank you to Gable Events for hosting the event and to members of Chappers Legends, Chappers Raiders and RSPCA Halifax, Huddersfield and Bradford District for becoming members of our boat for the final rounds. We shall be there next year defending our title on Saturday 6th July. See you then! Facebook - @avalonmaesmm Instagram - @avalonmaesmm Twitter - @avalonmaesmm Website - www.avalonmaesmm.co.uk
Posted by Avalon Mae Social Media Marketing
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
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Events Posted

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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
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