Business Planning“If you fail to plan, you are

planning to fail!”Benjamin Franklin

Dunedin Host 4th March 2014Sophie Barker, Business Development Advisor – Visitor Industry

Economic Development Unit, Dunedin City Council

EDU Tourism Business Survey22 businesses asked

• 33% no Business Plan “Too small, too hard, its in my head”

• 43% no Marketing Plan• 43% don’t monitor competitors “we have none”• 57% no formal customer feedback• 19% no customer database

EDU Tourism business surveyHow do you measure success?

• Profit• Numbers• Where from• Visitors book• Google Analytics• “Can’t measure marketing success”Suggested measures: Net profit, spend per customer, referrers, guest satisfaction, value added per employee, business value

EDU Tourism business survey What do you want to upskill on?

• 8 Digital Media• 3 Financial• 3 Business Planning• 3 Marketing• 2 Mentor• 1 HR, Management, Customer Service

Good NewsEDU can help you access support

• Free business advice• Business assessments• Govt training vouchers – 50%• Referrals to mentors, experts, templates• DCC EDU/Library Business Hub Clinic• Council advocacy, Red Carpet• Cluster support – tourism, IT, Film, food, engineering• Migrant settlement support• Dunedin Host support, speakers• DCC/ i-SITE/ Tourism Dunedin Fortnightly Forums

Business PlanWhy, what, how

• Why should I have a plan?• What is in the plan?• How do I get one?

Why have a business plan?• Roadmap to success• Increase profits• Saleability of business• Investment document• 360 view of company• Commit to common goal• Communication tool• Understand

opportunities

• Competitive insight• Support award entries• Get right management

team• Strategy &

implementation• Risk Management• Peace of mind

What do I need in a business plan?Vision

“If you dont aim for anything, you wont hit anything”

Vision Statement: A one-sentence statement describing the clear and inspirational

long-term desired change resulting from an organisation’s work.

Disney: To make people happyMcDonalds: Be our customers favourite place and way to eat and drinkNike: To bring inspiration and innovation to every athlete* in the world.”San Diego Zoo: To become a world leader at connecting people to wildlife and

conservation. Whalewatch NZ : “ New Zealand’s ultimate marine experience”Dunedin: “One of the world’s great small cities”

http://www.lifehack.org/articles/work/20-sample-vision-statement-for-the-new-startup.html

Mission Statement (What You Do): A one-sentence statement describing the reason an organization exists and

used to help guide decisions about priorities, actions, and responsibilities

• TED: Spreading Ideas. • Smithsonian: The increase and diffusion of knowledge. • The Humane Society: Celebrating Animals, Confronting Cruelty. • Lighthouse: Our mission is to provide such an awesome service to our clients that

they are left with an indelible impression of the crew at Lighthouse along with an everlasting smile of satisfaction.

Whalewatch NZ: OUR VISION, MISSION & VALUES• OUR VISION!

• "To be the Destination, Experience and Company of Choice"• OUR MISSION!

• "To Identify, Develop and Promote WOW Based Experiences"• OUR VALUES!

• "Customer, Company, Community, Conservation, Culture"

https://www.missionstatements.com/

Business plan contents7 key sections1. Executive Summary2. General business

information3. Product description4. Marketing plan5. Management structure6. Financial Information7. Implementation schedule

You can also add:8. Business history9. Present position summary10. Exit strategy11. Goals12. Competitive analysis13. SWOT14. Compliance

SMART Goals and Objectives:

Specific, Measurable, Achievable, Realistic, Time framed

How do I get a business plan?• Write one myself, with my team• Get a template, get training, look online, bank• Employ a helper (business consultant)• Call EDU for help 474 3409

• Think about the advantages and disadvantages of each option. Cost, knowledge, time, expertise

• Think about the cost of not having one?http://www.business.govt.nz/http://www.dunedin.govt.nz/services/business-support

Brainstorm - SWOTWhat are my business’s• Strengths?• Weaknesses?• Opportunities?• Threats?

What am I going to do to:Build, mitigate, take advantage, manage?