SKEnterprises Company interim report 2011/2012
Sue Conroy Aquinas College Dale Arm-Riding Advisor Stockport Young Enterprise Greater Manchester North West
Welcome I.T. & Marketing
Sales & Production
Financial Reports Managing Director
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Executive Summary During the creation of SK Enterprise we decided the name suited our personalities. We consider ourselves to be the new generation of entrepreuners with big aspirations for the future of british enterprise.
Our Mission Statement During our time as a company we have made difficult decisions and have overcome them, this has led to us bettering ourselves as individuals. Our ethos is "You dont have to shout to be heard, every voice matters". This means that our main priority was to include everyones opinions when tackling difficult decisions and using this to develop top quality products.
Our mission statment has been established now we are nearing the end of our company year. Every share holder would admit getting the company going, with such a mix of personalities, was not easy going and not everyone's voices were heard and respected as they should have been. However, we have overcome this issue and the company morale has never been higher. Our old problems are now the companies history. The future of SK Enterprise certainly looks bright. We have developed a range of products and services targeted at certain holidays of the year. We have targeted a variety of age groups spanning from primary school children all the way up to parents and adults. By doing this it has given us experience in all age groups and has enabled us to promote our products to a range of clientel. Our previous and current business ventures are as follows: 1. Christmas stocking aimed at the primary school children, filled with an assortment of toys and sweets. Sold at over 10 christmas fairs over the stockport area. 2. Bags and elegantly wrapped champagne flutes filled with a selection of sweets, wrapped up in a ribbon. These were sold around college at most breaktimes, and to the teachers in the staff rooms. Also we sold them at the lower 6th parents evening, to parents and students alike. 3. A rock 'n' roll themed event at a local cricket club that was targetted at teenagers and young adults. This event sold over 150 tickets and our demand exceeded supply. We could have sold a lot more, and are looking into another event.
Our Future Plans In the future, before we liquidate SK Enterprise, we are looking into organising more events as these have been economically and socially our greatest achievments to date. Our main aim is to make the regional finals as this would be a great honour to add to our CV's, and would bring us even closer as a team. Every product we have developed has been profitable and this shows our idea's have been well recieved and well focused. We have made over ÂŁ300 pounds to date and this figure only looks to rise. SK Enterprise has been on an unforgettable journey and although there have been ups and downs, it has been an experience that we wouldnt have changed one bit. From friendships to fallouts, the shareholders have beneffited in more than and economic way. We're closer, stronger and more successful as a team because we listen and we learn.
SK Enterprise Company Organisation Chart
Managing Director Harry Greasly
Secretary Jack Barlow
Marketing Director Joshua Ost
Sales Director Robin Taylor
Production Director Alice Oâ€™Brien
I.T. Director Scott Thomas
IT & Marketing Scott Thomas I.T. Director. As the I.T. director of SK Enterprise my job was to work with marketing to help promote the brand and image of our company. Although some people view the role I play as trivial and somewhat unimportant, I believe it is only as important as I make it to be. My first aim was to make the role as substantial as I could. I set up a twitter account for the company to establish a vital platform of communications between potential customers and ourselves. Also, this was useful promotional advertising for our brand as our page has over 40 followers. Secondly, I constructed a website for the company which can be found at www.skenterprise.moonfruit.com , and this provided our team essentially with an e-portfolio in which we could showcase our achievements. It also proved useful in advertising upcoming events and new products we were developing. I have worked closely with the Marketing department to develop the brand identity and logo, as well as past I.T. directors of previous young enterprise companies. I have also sought advice from I.T. consultants who have worked with the NHS, Home office and Ministry Of Defence. I believe I could have improved my time at SK Enterprise by involving myself more within other departments. Overall my main and biggest achievement is to change people’s perception of the I.T. role and I believe i have succeeded in this and more. I have enjoyed working in a young enterprise company and the experience has been unforgettably valuable to me in a personal and professional capacity. I have developed throughout the past year mentally and socially.
Joshua Ost Marketing Director To me marketing is about making people aware of your product and company. It is generating demand for your business and product to appeal to large numbers of people. My role in SK Enterprise included market research, branding, public relations and advertising. There have been two marketing directors during our company’s duration, the first being Harry our managing director. I was elected into the position by the shareholders when Harry obtained his new role in the company. During my time at SK Enterprise I created a strong brand image and effective colour scheme; this was to associate our brands with a memorable visual presence. I did this in the form of the company website, letter heads and identity cards. My achievements within SK Enterprise are to develop a professional and appealing point of sale, I Created Promotional posters to externally market our products, I worked closely with I.T and the sales department to develop brand standard and participated in many sales events. However, I believe my greatest achievement was to secure a useful working relationship between our company and the student information at Aquinas. This allowed out products to be seen by thousands of students every morning and some afternoons. This was effective promotional advertisement for our company, and falls in line with the trade standards of young enterprise. If I did my time over again I wouldn’t change too much but the little extra things I could do might be to help push our company even further. If I had worked harder to promote, even when our products weren’t on sale, I could have sparked interest for the products earlier and possibly increased demand for them. Also, I believe I could have worked more cohesively with the I.T. department and possibly even combined the two positions. This might have led to a better use of social media, and lead to people having a better awareness of our company and what we do. However, I believe I have been an efficient, hardworking marketing director and I have utilised my skills in this area to improve our company in a positive way. I will continue to create and develop the SK Enterprise brand all the way up to the young enterprise finals and hopefully beyond.
Production & Sales Robin Taylor Sales Director As Sales manager it was my responsibility to oversee the shareholders at the events and market stalls and make sure our product was as sellable as possible. I attended as many sales events as I possibly could to get a hands on experience on the 'front line' with my fellow shareholders. I felt a great responsibility to sell the products in the most efficient way possible, and enable my sales department to have the capacity to do so. The range of skills people brought to the sales events was phenomenal, from the persuasive types to the individuals gifted in the art of heckling, I found it easy to employ peoples skills effectively and sensibly to allow the products to sell efficiently. Our well researched products were targeted at specific age groups ranging from Primary school children to adults and parents to give us sales experience towards all age groups. This benefited the sales department massively as they were able to employ skills which we had learnt to sell to children and then switch to sell to adults. It was a difficult but satisfying task to perform. My sales department was in regular liaison with Alice's production department to establish specific holidays to sell at. This enabled us to design our products in a way that appealed to people around the time we were selling them e.g the Christmas stockings were sold around the November/December time. The sales department was the last link in the chain before the clients, so we didn’t have to put too much pressure on other departments, we let them go at their own pace and then did our best to sell to the best of our ability when the time was right. Personally I believe I was an effective leader full of ambitions and ideas for the department. I attended the most markets and sales events and was influential in deciding on a few of the eventual product decisions. However I feel I could have played a bigger role in the assistance of other departments, for instance helping the production department actually make the products. Or the Marketing Director with product promotion, establishing a closer connection there could have been very influential and beneficial to the running of the company. Me and the managing director sometimes had to result to visiting schools to book places to sell our products, but most of the time a simple email or phone call would suffice in securing us a stall at their next Christmas fair or event listing. Our company has always been very competent in employing all resources available to us, from friends in useful places to persuasive speaking skills. We organised over 10 stalls at Christmas time and didn’t usually have to pay for them, we offered raffle donations instead and this saved us money and increased our profits. It was important to me to not limit ourselves to one age group, to one holiday, to one idea. Our ethos is "every voice matters, no matter how small" and this was true for the sales department. Everyone was listened to and respected this was how top quality ideas were created and utilised. No one person was bigger than the company and this is why I believe we have achieved so greatly.
Alice O’ Brien Production Director My role in SK Enterprise was to direct the production side of the business. It is a very demanding position but the rewards achieved were worth the trials and tribulations that were endured to reach them. To start the meeting with an idea and finish with an end product is an incredible feeling. We took our ideas from focus groups and developed them into a firm proposal. As production manager I was in charge of overseeing the construction of our various products and I feel I managed the team effectively and our production potential seem to grow exponentially with every meeting. ‘Production meetings’, as I aptly named the meetings where we designed our products, seemed to boost team morale and put a smile on everybody’s face. Being production manager didn’t mean I limited my opportunities in other areas. I took an active role in the sales and marketing departments and even took the minutes in our secretary’s absence. Unfortunately, sometimes my passion was mistaken for arrogance and I needed to reign in my personality to allow everybody a chance at contributing towards the business. However, everyone knew a felt strongly about the business and wanted success for it and the members in it. I believe my attitude inspired other shareholders and directors to take a more active role in the company and also led to productive discussions and crucial decisions being made.
My experience at young enterprise taught me that operating a business is a lot harder than it looks and that teamwork is vital for success. That’s why I am glad that we were blessed with a very eager and focused team. I have learnt that there is no ‘I’ in team but that taking risks, working hard and trusting others leads to a successful company. Trusting my own judgement has been my biggest achievement.
Secretary Jack Barlow Company Secretary As secretary of SK enterprise my job involved three main areas: Co-ordination, time keeping and establishing a division of labour. I volunteered for my role at the start of the company year as I felt capable of holding down such an important position in an effective and professional manor. One of my roles was to handle the company’s minutes and these notes allowed the meeting to function much more smoothly as we didn’t bring up unnecessary points which had already been dealt with. My role was to essentially keep the company running effectively and efficiently and to micro manage areas which our managing director might be too busy to oversee or projects I had been delegated to assist with. An example of this is when I organised a meeting in Harry’s absence and we made some crucial decisions leading to designing a new product. I believe I could have improved my own actions to better the company in some ways. Firstly, the meetings I missed may have functioned more efficiently if had I attended, and would have allowed me to co-ordinate with directors more effectively. However, my main area of improvement would be my lack of presence at sales events. I believe if I had taken a more active role in the sales then I could have utilised some of my customer service skills to improve our sales potential. To conclude, I believe my prominent role in SK enterprise helped me develop as a person and enabled me to make a positive contribution to the team
Finance James Clayman Financial Director My role in SK Enterprise was its financial director and this was an incredibly demanding position. I established a regular correspondence with the bank we were using and with support of my parents, in the accounting business, I remained on top of the finances of the company. Throughout the business year we payed off our initial £80 overdraft, invested in two main products and we are in the process of funding a 'band night' at a local cricket club. We started the year with 18 shareholders and each invested £15 into the business, 15 shares at £1. Two investors have left the company since the start and are therefore not entitled to any share in future profits. I have forecasted profits of £270 if we sell our remaining stock and 80 tickets to the event we have planned. This is a prudent view of our ability to sell the remaining stock and may be increased if we sell everything and the full 150 tickets as our sales manager believes we can. This is the end of our expenditure as no more future purchases have been lined up. The above information is expected by March 31st. I believe I have played an active role in all areas of the company including sales and production and have been a well rounded member of the team. We have a healthy balance sheet and a respectable £244.14 after tax to split between shareholders, doubling their initial investment.
Financial Reports Projected Company Accounts for SK Enterprises Profit and Loss Account (for the period ended 31st March) Current Rate of Corporation Tax
A B C D E
Sales Purchases Production Wages Closing Stock Cost of Sales Gross Profit
F G H I J
Salaries, commisions and bonuses Stationary Rent & Hire Miscellaneous expenditure Registration fee Total Expenses Gross Profit Less Total Expenses (operating profit) Miscellaneous income Net Profit
166.99 0.00 0.00 166.99 366.27 0.00 0.00 15.00 0.00 80.00 95.00 271.27 0.00 271.27 £
Net Profit brought Down LESS Corporation Tax Payable to Young Enterprise Profit after tax
271.27 27.13 244.14
Company accounts for SK Enterprises
Company accounts for SK Enterprises
Managing Director Harry Greasly Managing Director During the year the business has been through both ups and downs. I believe our teamwork and passion has helped us through the difficult times which have enabled us to have more success and meet our maximum potential. Our main aims throughout the year were to be polite, efficient and keep a high quality of service and finished product. I feel at the end of the year we met the targets comfortably and took them all to a whole new level. There have been a few hurdles that have slowed down the team. The first example of this is the decision to dismiss our first managing director. I felt this was the largest challenge the company faced, but, it proved to be a successful decision as the team began to function better and we started to see improvements in both the social and economical sides of the business. We continued to utilise the impressive skills of our former managing director and kept him within the business but in a less demanding position as his college work took up the majority of his time which meant he struggled to attend the meetings and control the company. Due to the size of our team at the start of the year, it felt not everybody was doing their fair share of the work. However, I saw vast improvement as the weeks past because we brought in various different motivational techniques to try and encourage everyone to take part. An example of this is that we tried to give each individual their own, personal responsibility for particular aspects of the business. Finally, the punctuality of a few members was below good at some stages of the year. To overcome this I brought in the three meeting rule. This meant that if they missed more than 3 meetings in a row, me and the other directors sit down and have to discuss the person’s future in the business. Luckily, we didn’t have to remove anyone from the company as I believe this rule kept everyone in line. I cannot say being managing director was easy, however I have enjoyed every minute of it and I wouldn’t want to change my experience. Our ethos is no longer something we are working towards; it is what we are- a team that has achieved. From the word go I have seen potential in the company and even though we had a delayed start every single member of SK enterprise showed commitment and qualities which helped us succeed as much as we have. I believe that we have now become not only a team but a close community where everyone feels comfortable to say what they think, which meant we had a productive working environment. I feel we are different to other companies because we admire individual opinions and aim to use everybody’s skills to improve the company to a more efficient standard, instead of only taking in the views and skills of a hand full of people. Without the help of the share holders and external helpers such as college, teachers and advisors we wouldn’t be in the position we are today. I hope this report shows you the real SK enterprise and how we worked.
Harry Greasley -Managing Director
The Company Shareholders at a social meal
Copyright 2012 SK Enterprises Design: Joshua Ost email@example.com