A guide to third sector trading - WCVA

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It’s an idea, but is it business? A guide to third sector trading 1: Getting started 2: First steps 3: Business planning 4: Legal and governance 5: Funding and resourcing 6: Financial controls 7: Managing growth 8: Management and governance 9: Social enterprise 10: Sources of support − deal with frustration effectively (someone is almost certain to complain that you are not progressing fast enough, or that you are becoming a talking shop); so explain why the planning is necessary and how the process works elsewhere − going too slowly can destroy morale, so if the pace is dragging get advice from someone who has seen the planning process elsewhere • Listen to the comments of sceptics, but don’t be deterred by them. • Aim high, but be open and realistic about the challenges – colleagues will eventually feel let down if you encourage them to believe they can achieve the impossible. 34
It’s an idea, but is it business? A guide to third sector trading 1: Getting started 2: First steps 3: Business planning 4: Legal and governance 5: Funding and resourcing 6: Financial controls 7: Managing growth 8: Management and governance 9: Social enterprise 10: Sources of support 2.5 What is the trading for? The dangers of depending on telepathy: It is commonly assumed that defining the community benefit objectives of a new project is so simple a task that it can be performed telepathically, that is, without bothering to discuss them with colleagues. In practice, if you simply assume that everyone agrees on your objectives, sooner or later someone will introduce contradictory aims. That causes confusion and conflicts. One enterprise in a Powys village was so ill-defined when it got started that the group of farmers involved believed, with good reason, that they were part of a marketing co-operative, and would share all the financial benefits among themselves. Others in the community were less sure how profits were to be used. The result was distrust, recrimination, a dismal leadership failure, the waste of a huge amount of grant money, and the collapse of a great business idea. Points to bear in mind The twin purpose: Trading organisations for social enterprises are distinctive because they have two main functions to achieve simultaneously – running a successful business and creating some type of social benefit. You need to plan for both. And you should definitely distinguish between them if you want to do both jobs properly. First steps to the business plan: In your first meetings you need to start pinning down what you are going to do and why. This will provide raw material you will need later for the larger job of producing a business plan or development plan (see Section 3). A good business plan will require: • evidence that the project is needed • evidence that the project is financially achievable and sustainable. • a clear long-term purpose or vision’ • objectives and goals you can measure • business activities (including priorities you can manage) • operational and financial targets you can monitor and use to measure progress. 35
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A guide to third sector trading - WCVA

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