WHAT’S INSIDE
The Team, Projects, Impact Figures, Finances & Sustainability
Annual Report for the Students In Free Enterprise at Swansea University
NATIONALS | APR 2012
Swansea Tîm Abertawe Examine our
Sustainability Plan page 7
PEOPLE
FACTS
STORIES
Meet the Swansea Team
Progress Guide
Testimonials
Check out the guys & girls from Swansea for more details on who we are
We have made our accomplishments as clear as possible
Our projects are only as good as the participants. Read our project testimonials inside
The SIFE Team
Swansea
The SIFE Team APRIL 2012 NATIONAL COMPETITION PRESENTATION TEAM
Ben Hanson
Fran Pratt
Sarah Martin
PRESIDENT
PROJECT CO-ORDINATOR
SECRETARY
BSc Economics
BSc Economics
BSc Accounting and Finance
Pradita Rai
Hanna Sweet
Jo Smith
CORPORATE RELATIONS
FUNDRAISING OFFICER
RECRUITMENT OFFICER
BSc Financial Economics
2
www.sife-swansea.co.uk
BSc Business Management (Marketing)
BSc Business Management
Silver Surfers
Project 1
Silver Surfers
Residents of a care home in Neath, Port Talbot wanted to learn basic computer skills such as Skype and e-mail to contact relatives
B
ritain is facing an ageing population where the number of people over the age of 65 exceeds those under 16.
After conducting a needs assessment on a care home in Neath, we found the elderly wanted to learn how to use a computer and programmes such as Skype and e-mail to contact their relatives. We decided to implement a pilot scheme to teach the elderly these skills.
From an early stage we encountered a problem as the care home was reliant on us bringing our laptops to the lessons and this meant that the residents could not practice the skills they learnt.
negotiated with Swansea Four residents of SIFE University and managed to secure the care home took the donation of three dell computers for the care home which allowed the part in the project residents to practice their new skills. The most enthusiastic residents, Len, Andrew, Marie and Joyce were able to pass on their new computer skills and to empower other members of the care home.
“Many care homes do not provide a service that teaches the elderly basic ICT skills” Margaret, a local care home owner
PARTICIPANTS LEN Interested in taking photos and can now print out his favourites ANDREW Wanted to talk to relatives in Scotland and can now use Skype MARIE Screens make her uncomfortable but came to socialise with residents JOYCE Quite nervous with computers but managed to write a letter to a friend
Silver Surfers Teaching Computer Skills IDENTIFY • Britain’s population is getting older with more over 65s than under 16s • Elderly can sometimes be left behind creating a divide in the way we get information and communicate RATIONALISE • Co-operated with LEAD Wales to contact local nursing homes
Donations We negotiated with Swansea University and secured the donation of three computers for the care home
• Conducted a needs assessment • Implemented a 6 week pilot scheme REACT • Economic Factor - This service is a Unique Selling Point for the care home. • Social Factor - Connected elderly to society and to friends and family • Environmental Factor - Made use of Recycled computer SUSTAINABILITY • Empowered the activities co-ordinator with full training on basic IT skills • Entrepreneurial Approach with franchise opportunity to other care homes in the area OUR WORK BY NUMBERS People Impacted
4
Computers Donated
3
SIFE Members
4
SIFE Hours
48
www.sife-swansea.co.uk
3
Business Angels
Project 2
Business Angels These projects were provided by the integrated SIFE Module at Swansea University for Business students at second and third year level
B
usiness Angels is a marketing consultancy project created to improve the sustainability of small businesses through promotion.
Most small businesses do not have the sufficient budget for marketing, SIFE Swansea were able to provide marketing knowledge for the businesses to be commercially independent.
OUR BEST CONSULTANCY WORK MYCO SOLUTIONS
Tai Esgyn Housing
DYNAMIC ROCK
CHERYL KEY PHYSIO
Helping exotic mushroom growers earn more, through better promotion, like at farmers markets.
Improving brand identity as assisted living unit plans to franchise and expand into England.
Promote the local climbing centre at schools to get children more active for minimal costs.
A new local startup in need of a marketing strategy and ideas for promotion and possible expansion.
Impact: 30
Impact: 5
Impact: 45
Impact: 1
This project is part of the integrated module at Swansea University, one of the first offered. Out of 18 local enterprises we collaborated with, Retrosexual Clothing and Mycosolutions have proved this project to be a success. To the right are a selection of our best work we have have achieved this year. BUSINESS ANGELS BY NUMBERS People Impacted
351
Money Generated
£28,500
SIFE Members
112
SIFE Hours
3360
Youngsters at the Dynamic Rock Climbing Centre
Retrosexual Online Clothing Retailer IDENTIFY • No physical retail unit • Lack of brand awareness was failing to produce sales for the company RATIONALISE • Workshop based on the importance of social media and effective marketing
Social Media
• Structured lesson plans on effective data use from market research
Retrosexual needed some help getting onto the social media ladder and we gave them some hints and tips
• Gave insight to innovative methods of promotion (viral, blogs, video blogs) REACT • Increased monthly income by 250% • Secured free advertising in KITE Surf • Increased profit means owner can invest more time into the business • Positive promotion at social events SUSTAINABILITY • Partnership established with Swansea University for students to gain practical work experience
4
www.sife-swansea.co.uk
Project 3
Friends of Bryn-y-mor This project helped the local school reach its fundraising aim to build a new toilet block IDENTIFY • No funds for school improvements • Wanted to new build toilet block, quoted at £7k RATIONALISE • Structured teaching on the importance of effective marketing and publicity • Introduced a SWOT analysis - identified an opportunity of increasing productivity REACT • Economic Factor - Increased sales by 50%, Raised over 4950
SUSTAINABILITY • Integrated this project in academic module allowing students to participate annually OUR WORK BY NUMBERS People Impacted
80
Money Generated
£4,950
SIFE Members
5
SIFE Hours
54
Bryn-y-mor
Our 4 achievements
Enabled the school to fund raise £5,000
• Social Factor - Established a link between the school and community • Social events (Zumbathon, Carol Singing, Bingo) involving community • Gained charity status
1 Built New Toilets Cost: £7,000 | Started with: £2,500 To make vital renovations to the school, the Parent-Teacher Association wanted to become a registered charity. With only £2,500 of the £7,000 needed, SIFE helped raise over £4,950 to get construction started. THE MARKET The school managed to raise £315 on the day!
2 Profitable Cake Sales Started with: £50/week | Now: £80/week Through teaching marketing principles and publicity, cake sales went on to make at least £80 a week, a 60% increase!
3 Successful Caroling Originally: £50 | Secured: £315 SIFE helped negotiate and donations were allowed to be collected (raising £215!) and the original sum doubled to £100.
4 Built Community Links Raised: £800 | Secured community hall for free Zumbathons raised over £800 after SIFE and the school helped to secure the use of the hall for free.
www.sife-swansea.co.uk
5
Training the Trades
Project 4
Our online-only module meant this project could be deployed internationally and it was easier to keep track of participants
Training The Trades
M
any skilled trades people are being made redundant in the wake of the tough climate. This project is aimed at those who have been laid off with specialist skills and to start their own business.
The main target was to give basic business lessons and monitor each business. We piloted this project on the computer repair industry sector and recruited five participants for the ten week course. We are now planning to expand the scheme for next year.
IDENTIFY • Skilled tradespeople are being made redundant
• Environmental Factor– Implemented a long distance online learning strategy.
• Needs assessment showed people wanted to keep working in their trade
SUSTAINABILITY • Plans to expand into nonspecific trades and eventually all trades
RATIONALISE • Free project advertisement through the Association of Computer Repair Business • Designed an online portal for skilled tradespeople to learn business skills REACT • Economic Factor– Successfully increased companies’ revenue by $23,500 since December
6
www.sife-swansea.co.uk
• Secured The Association of Computer Repair Business Owners as partners for future project development OUR WORK BY NUMBERS People Impacted
5
Money Generated
£14,765
SIFE Members
1
SIFE Hours
50
SCREENSHOT Online lesson plans meant greater flexibility
“I went from making just under $500 a month to almost $2,000 and I would really like to say thanks to everyone at Swansea!” Josh, Virginia Laptop Repairs
Swansea
Sustainability
Team Sustainability Our plan for a brighter future and a team structure we can easily maintain Mission Statement
2011-12 Highlights
“To increase SIFE awareness around campus whilst pro-actively continuing to empower individuals in need and achieve financial sustainability”
• TargetJobs Award Ceremony for impressive judging at the students panel • Membership increase has developed more creative project ideas • Received Students’ Union Award for ‘Most Innovate Event’ for our abseil fundraiser
Team Sustainability • Planned a “Why Do Enterprise Rent-a-Car Sponsor SIFE?“ talk to motivate current members and entice members to join for next year • Collaborated with Business & Economics Society to increase awareness of SIFE Swansea • Devised a handover week for 12/13 committee • Committee elections to be held soon • Elected team members will shadow committee
This Year In Numbers
136 Members 3,512 Hours £48kGenerated 440 21 Projects
Impacted
£1,084 Profit www.sife-swansea.co.uk
7
Finances
Swansea
Financial Statement W Account summary information accurate on 10th April 2012 CLEARED OVERDRAFT We inherited an account in debt to our Students’ Union but through fundraising and grants we have managed to emerge into the black
FINANCE FACTS Turnover: £4,336.40 Profit: £1,084.40 New Balance: +£577.55 Last Year End: -£506.85 Expenses: £3,252.00
e started this year with two things: An eager team and a -£506.85 overdraft.
In a previous SIFE Swansea team, a large purchase was made for a project before we received the cheque from a grant we were informed we applied for successfully. Unfortunately, the grant fell through and our account with our Students’ Union instantly became one thousand pounds lighter.
To ensure financial stability, we had to clear our overdraft. We sold Krispy Kremes to students at our university on two occasions with a revenue of over £400 for the events. With long term plans in mind we have created a hand over pack with a step by step guide to on how to organise a Krispy Kreme fundraiser and integrated a fundraising officer into the committee.
The Societies and Services Officer at the time had no option but to extend an overdraft to our team and our accounts were frozen. Ever since, SIFE Swansea has struggled to gain enough profit through fundraising to get back into the black ink and found it difficult to get projects done unhindered.
This means our turnover figure for this year is £4,336.40, which has brought us out of our overdraft at the beginning of the year and our new balance is £577.55.
Our Corporate Relations Executive, Pradita, has built up a relationship with our board for the next year’s team
Admin £142 Projects £489
Transport £2,621
This year we secured funding as follows: • £1,214 - Business School Support • £1,821 - Welsh Assembly Government • £620 - Fundraising • £416.40 - Project Income • £265 - Membership fees
Business Advisory Board
Swansea Expenditure
Richard Hughes Enterprise Rent-A-Car Our Enterprise Business Advisor came to our rehearsals for the regional competition and gave advice.
Peter May
FINANCIAL RATING: THE GOOD Landing on black ink is such an achievement this year as this has restricted previous teams in how much they can fund projects and teams. This is the highest ever turnover figure! THE BAD In future years, we would like to reduce the cost of our Travel & Accommodation
Tim McCaffery LEAD Wales/Cymru Tim was instrumental in helping us set up the Silver Surfers project, putting us in touch with the care home we used.
Adam Shore
Local Councillor
University Lecturer
Peter helped us with the Friends of Bryn-y-mor project, where his wife was the Zumba instructor we mentioned.
Adam was key to co-ordinating the Business Angels project and gave much needed help through this year.
Ben Hanson
Corina Edwards
Alison Wride
President of SIFE Swansea
University Advisor
Head of the College of Business, Economics and Law