Faremine Business Plan

Faremine Overarching Business Plan

February 2013 to June End 2014

1

Introduction and Synopsis

2 3 4 5 6 7 8 9 10

Strategy and Vision SWOT analysis Main numbers » P&L, Forecast/Budget Client Picture Business development Operations (including people plan) Directors and Governance Executive Summary Appendices

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Faremine Overarching Business Plan

1)

Introduction and Synopsis

This plan is an ‘over arching’ business plan for Faremine and is designed to provide us with a clear understanding of what the business is committed to achieving in 2013 and beyond – moreover, specifically how we will deliver our key objectives and goals.

The 2013 plan will also ensure that we have the foundations in for longer-­‐term growth and development that will help realise our five year Vision for the business.

As with any credible plan, the Faremine BP it is clear about exactly how it intends to measure its performance against its objectives and goals. In this regard, the principle of SMART is being applied (Specific, Measurable, Attainable, Relevant and Time bound).

It is one of our Guiding Principles that all objectives and goals will have an owner/s along with specific target dates for delivery and completion ‘Faremine meets its goals and objectives’ (?)

Casual discussion -­‐ ContrucSvely shared free thinking = with peers = @ 30% < 5% probability of probability of succeeding success

Specific plan and statement of intent @ 65% probability of success

Specific plan and accountability to peers 90% + probability of success

The plan endeavour’s to set out how the business will utilise its resources and assets including its; people, technology, CPD programme, marketing capabilities, products and services to achieve its goals.

The plan sets out some key financial goals and milestones that will help inform us of how far we have come, how fast we are going and how far from our must achieve 2013 goals we are.

Operationally, we recognise the need to get better, leaner and smarter – the plan will provide the opportunity to review our current best practice with a view to ensuring that we have the best possible platform, systems and technology underpinning our business.

The plan will help improve how the business communicates – both inside and out. The Plan ideally needs to be the work of the whole business so that it can jointly owned and executed together.

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Faremine Overarching Business Plan

Culturally, the business is evolving in such a way that there will be more enabling (improved skills, capabilities and confidence) and empowerment (freedom of expression, autonomy, independence) of others in the business.

The business is developing its sense of identity along with Faremine values and principles that help us all understand what it means to be a Faremine person and what Faremine means in business.

Highs Lows

• Opening of Chester and arrival of Phil • Customer retention • Improving structure • Distracted by some poor clients • Plans for professional development of • Bad debt all • Margin under pressure • Ahead of budget!

• Occasionally bogged down in low level • Improved comms and reporting tasks • Invested in beefing up strategy and • Hayes not playing out as hoped for leadership

• Piloting south east viability of Faremine through TG • Project teams established to work on Continuous Improvement and other initiatives.

• Specific effort to explore viability of BT. • Ongoing commitment to look at other opportunities to build relationships with other business owners/leaders to identify win/win scenarios investment in new Sage CRM which will help further integrate our systems

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Faremine Overarching Business Plan

2)

Vision (long term ‘what’) and Strategy (long term ‘how’)

To grow the business to sustain year on year profits, through independent revenue streams, with a core management team facilitating the vision.

To be in the position to consider acquisitions and to be an attractive business proposition for joint ventures/strategic partnerships, to financially benefit stakeholders.

Increase company value, for future sale consideration.

To develop a financially stable business led by an experienced management team.

The team of employees to all be committed to the Vision, adopting the change brought about by the Faremine Academy and what it stands for.

To ensure the Vision is realised by committing to training and development of all employees.

To work consistently to the guiding principles which, are now committed to by all…

Have respect and mutual considerations for others, be mindful of your surroundings Strive to go the extra step this will always put us ahead of the competition Every client matters are our bread and butter no matter how difficult a situation becomes It's about people, technology can only take you so far Accept criticism, learn from it, be better because of it

Vision growth plan

2013 sales will aim to exceed £25m

2014 sales will aim to exceed £35m

2015 sales will aim to exceed £?

2016 sales will aim to exceed £?

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Faremine Overarching Business Plan

3)

SWOT Analysis

Strengths

Technology

People

Products

Knowledge

Adaptability

Resourcefulness

Agile

Profitable!

Airline contracts

Presence in Chester

Heritage

ATOL and licensing

Wider business contribution or we could use the opportunity of the BP comms update top invite a project group to undertake an operational/service SWOT

Weaknesses

No business plan or vision

Not an established management team

Some airline contracts

Don’t own technology

MD ability to lead/facilitate vision

Client attrition

Lacks sales/BD culture

People – their development, capabilities and ability to adopt change

(JM and SMT) better grip of some numbers – activity, transactional info – predictive info.

No BA deal

Opportunities

Develop our people + attract new and better people

Develop new markets – BT/WL/Niche

Open and grow SE region – TG

Develop Chester

Enable and empower SMT

Evolve tech and products

Develop sales processes

Streamline and get leaner

Costs efficiencies or improve ROI

Student universe

Miss Ellies

Threats

Don’t own technology

Potential increase in bonding

Cashflow

Debt/debtors

Market conditions

Competition (including direct to market, OTA’s)

Tony G bailing!

Making a pre-­‐tax loss in a year

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Faremine Overarching Business Plan

4)

Main numbers

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Faremine Overarching Business Plan

5)

Client picture

The business is committed to improving retention of and therefore grow its retained client base to improve dilution, market-­‐share and increase revenue and value.

The business is currently developing its response to more reliable and readily available data on client movement – some of which is reported in the dashboard and openly discussed at the dashboard briefings.

Further sophistication is planned and expected as the new CRM is brought into play.

This will include agreed ‘triggers’ such as:

• A period of time that a client has become inactive • Reductions in historical/expected activity • Failure of a client to become ‘live’ after an indication of a commitment following BD activity • Or any other scenario that might give cause for concern.

Further work is planned on profiling clients and mapping to individuals/teams based on value, activity, operational needs, potential and other factors.

Examples of what we are referring to here:

• • • •

The business is introducing an ‘insulate – escalate’ principle that will help bring some clarity to who owns and is responsible for what – with protocols that help us all understand how and under what circumstance a situation would be escalated up for additional support.

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Faremine Overarching Business Plan

6)

Sales, marketing and maximising current client value

A common thread through this plan, the FDT agenda and the business’s longer term aspirations is the need for the business to take the necessary steps to being able to secure more new business.

A standalone Sales and Marketing plan has been produced; this plan will ensure that we make best use of our assets, skills and experience.

The cornerstones of this plan include

Our target market -­‐ who, value, needs

A culture of winning business as what we do

Prospecting, qualifying and acting upon data and how data is managed

The barriers to entry and how we intend to overcome them.

What we offer -­‐ products, services and how these add value

The competitor landscape -­‐ making competitve advantge count

How we approach, engage with and build relationships

Understanding the difference between Strategic, Tactical and Operational sales and how these all come together towards common aims and goals.

S&M plan -­‐ What we sell, who we sell to , how we sell… direct,( more Tony’s?) advertising etc, etc… Targets …who where what how. Bfd and Chester. Some context of the market and our share would be useful just as a signal that we have plenty to go at and macro economic / market issues while unhelpful leave plenty of room to grow. Development of the CRM system and making sure we get value from our investment there will be a key element of the S&M plan

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Faremine Overarching Business Plan

The business is committed to specific and standalone plans to develop key and strategic relationships – an example of which would be to address the BA situation by thinking and acting laterally to build connections, open up dialogue and secure meetings to improve our standing with BA.

Examples of what we are referring to here:

• Top 25 Most Wanted clients, why, their value and production of TAP for each

JM, LW, PP and SS to work on these – TAP template sent to JM for modification

Definition of ‘Most Wanted/dream client’ – characterised as:

• High volume/low value – ‘deal drivers’ IE indirect from EG: airline incentives • High end/high value/low volume • Niche market, high value, low volume • Niche market mid value, high volume • Kudos/associations • Credit worthy • Strategic importance – SE development • Weaken competition • Consistent use

At the time of authoring the business plan, the following were identified as essential activities that underpinned the basic principle

Win business Defend and keep business

• Outbound calls • Progressing TAP • Selling offers • KIT • Lead sourcing/intel • Referrals – Mgr • Campaign calls • Follow up calls • GHL/most wanted • Benefit led selling • Client facing activity • Shows and forums • Webinars Wider business contribution or we could use the opportunity of the BP comms update top invite a project group to undertake

• • • • • • • • •

Regular contact Adding value – always Best practice Responsiveness/reacting Problem solving ‘Stroking’ Updated and informed Visiting/staying close SPECIAL

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Faremine Overarching Business Plan

Good business behaviours

Bad business behaviours

Cooperation/collaborate Negativity – NVC/verbal Independent working Reluctance in engaging with the business – Enthusiasm and animation willingness Demeanor/happy/positive vibes Failing to follow up client queries Sound and look positive Lack of awareness/ownership Polite Fractiousness Helpful Being late Personable Friction/tension

Failure/refusal to cooperate Wider business contribution or we could use the opportunity of the BP comms update top invite a project group to undertake

• The types and levels of activity designed to generate new revenue.

The plan is to invite those with targets attached to their roles to ID the types activity and tasks and level of activity required.

JM’s previous F&B work to be revisited by LW/PP and updated as part of the plan and integrate as part of single F&B list.

• Targets, ownership and conversion (ROI) – monitor over time.

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Faremine Overarching Business Plan

Operations

Significant investment has been made in

• CRM • VOIP telephony • •

The business has also committed to and will be embarking upon a Continuous Improvement Programme (CI) and the production of Recognised Best Practice that will focus on key service/operational improvements including:

Streamlining/waste elimination Improved integration of systems and processes Centre of Excellence – Gold Standard Service Level Agreement/promise Further development of a culture of CI More robust IT/comms to support

Our long-­‐term strategy includes a technology roadmap that will consider and set out in detail how the tech that underpins the business will evolve and integrate over time.

Lisa/PP to input here…

Examples of what we are referring to here:

The FDT meetings will now have participation from a wider member of the team with a view to ensuring that operational/service issues and priorities have high -­‐ level consideration.

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Faremine Overarching Business Plan

People

People / Training plan and a plan to streamline what we do further ... in this sort of market we have to be as low cost as we can be … any thoughts from people on this ... automation of any processes ?

Projects designed to explore and understand what the ‘Best Way’ is by tasking a Project Team (possibly led by Del and supported by Helen + another that will occasionally involve the wider business).

The project team will ID key processes in the business and specifically ID those processes that:

• Secure our existing business • Eliminate risk • Add value • Enhance/protect our reputation

Objectives of the project include:

• ID waste/duplication • Agree the best way of undertaking tasks • Look for time savings • ID risks/compromises • Produce recognised best practice manual

Where do you see opportunities for improvement? (Refer to completed SWOT). Think of the key cornerstones – Quality, service, production, communication, costs, people.

FDT project as part of high level FDT CI commitment?

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Faremine Overarching Business Plan

7)

Good governance

The business is developing some important disciplines with the FDT now meeting each month on a standard business agenda of:

• Finance • People • Sales and marketing • Products and services • Strategy

Formal communication sessions have now been held to ensure that the business remains informed and up to date with any initiatives or issues that affect us all.

There is weekly dashboard briefing that looks at, discusses and agrees action on key information that the business now recognsies as being reliable insight to the health, well-­‐ being and performance of the business.

Key people are occupying key roles and

MD FD CD BDM SP (SS) Provide Advise /give a ID and secure Grow existing

leadership and view on any new clients Help ID opps for direction 'non core' revenue/value FM

opportunities Win new and

Support, brought to Opps to win back lost Keep all facilitate and the table for diversify clients initiatives on participate in discussion

track high value tasks Neg better and Manage

and activites Reporting on more airlines academy Support and

performance deals

develop SMT Drive the sales

Build DB and

process Further FM Pro -­‐ deliver increase net Challenge Referring to the develop project and client base business with BP apply the finance move into prof NED dynamic strategy in the people

More

business to

More

Deliver special deliver desired More

projects results

More

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Faremine Overarching Business Plan

Key people are occupying key roles and

MD

Develop the culture of the business and ensure that we are all working to common

More

8)

FD

CD

BDM

SP (SS)

Executive summary

One pager headlining the ‘what’ and ‘how’

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Faremine Overarching Business Plan

9)

Appendices

Strategy basics Features and benefits Vision Forecasts

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Faremine Overarching Business Plan

10) Strategy Basics

THE PLAN (how) The speciOic actions, steps taken, objectives, goals, behaviours, and targets

TACTICAL Tactics deployed, how resources and assets will be utilised, tools of execution, doing things right

STRATEGY (long term how) Concepts/intangible innovation, options to grow – organic/JV, acquisition, doing the right thing

VISION (what) Explicitly what the business will look like – size, structure, value, marketshare, model, value streams, ownership and end game.

Strategic

Taclcal

Statement of intent

Day to day aclons

Road map for the journey

Vehicles for the trip

Doing the right thing

Doing things right

Concept

Tools of execulon

Organising glue

What gets glued

Focused

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