Book 2 excercises

What is it that I do?

My business partner and I run an expanding Wedding organising business with in-house speciality facilities.

Why should my customers care?

We offer a close contact and in depth support service towards the organisation of a sometimes very stressful event; whilst offering the option of our in-house speciality services for the ease of the clients’ planning.

Is there a need for what I’m offering?

Not so much as a vital necessity but the service we are offering is for total enjoyment of the planning of the happiest and biggest day of a couple’s lives.

Will there be sufficient demand?

Yes, although people who are about to organise their weddings would like the event to be 100% their own invention, our service would deal with the client’s desires and would also do the sufficient research, financial models and paperwork to allow the clients to enjoy the experience without the extra stresses.

Will that generate sufficient reward to advance the business?

Depending on what we charge for and whether customers invest in our in-house service options and also what financial deals we can secure with external partnerships. It may also be found to be more financially viable to expand our services to more a wider audience with similar demands i.e. party and corporate event planning etc.

Intellectual property issues

We should consider this for our concepts, designs and creative works in our speciality services such as stationary, art, styles, dresses and cake designs/ flavours.

Excellent companies are focussed on activities that ignite their passions, fully utilise their skills and talents, and have clear insight into how to most effectively generate sustained and robust cash flow and profitability.

Can my vision take shape as a business?

If you’re pioneering a new way of doing something, what would its impact be on the environment? How might your business affect society or the industry you work within?

In answering the questions about your business (what will it enhance, what will it replace, what will it revive and what will be the backlash), try imagining the consequences from a number of viewpoints, such as:

– The wider world (think as big as possible)

– Your particular industry/field (e.g. how it might impact on current industry practices)

– Your customers (what benefits will it bring them)

– On you (what impact could it have on your work/life?).

What does the business enhance?

It enhances the joy of planning a wedding and partially removes the stressful side-effects.

What does it replace/ make less desirable?

It could replace simply researching everything yourself and limits creativity and passion?

What does it revive?

Luxury of a personal planner and full spec catalogues

Pre-arranged packages?

Might it have a backlash?

Too much business to handle in such good/ close contact and values/ customer care could diminish. The possibility of more affordable services may attract unsavoury clientele.

Generic events are no longer special days.

SWOT: Strengths, Weaknesses, Opportunities, Threats

STRENGTHS

(Internal Factors)

– Well educated team

– Affordable luxury service

--Varying talents saves money

--Can be a potentially wide client base

--Offering a stress free wedding plan!

WEAKNESSES

(Internal Factors)

– Low market profile

– Lack of turnover

--Need for external contact for alternative services/ support lowers finance

--Too many clients can lead to depletion in customer care

–Opportunities

(External Factors)

– Wide resource/ contact base

--Business and financial deals struck

--Branching out and offering different added extras gains extra income through variety.

Threats

(External Factors)

– New competitors entering market

– Other companies offer more unique products/ services

--Not a unique idea

--Collaboration with other businesses could lower financial intake

So far...

--There are some basic business facts that will help you succeed in your business. The key one is engaging with your customers to understand their needs.

– You have guidance on identifying, protecting and maximising your IP.

– Your personal values, energy and ambitions will help define your working environment, and will make the difference between your business and others.

– A business idea that balances passions, talents and economic drive will enhance the chances of success and sustainability.

– A mission statement summarises the aspirations for your business and can help guide the activities of your business.

– Through Evidence Modelling you’ve explored what your business might look like if it’s very successful. This helps you to interrogate your vision and to define and communicate your idea so other people can understand and input into it.

– You’ve created Fake Evidence to illustrate what success will look like for you.

– A SWOT analysis has allowed you to look at the strategic positioning of your company, and to identify possible weaknesses and threats as well as strengths and opportunities.