How to make your service indispensable: Developing a business mind set 29 th April 2014 Genevieve Smyth and Beriah Nelson
Introduction Why are we talking about business mindset? Definitions Where are you currently? Guide to business planning Dragons Den Resources available to help you
Why are we talking about business mindset? Health and social care reform moving towards a more competitive, business model Consumers more informed want accessibility and quality May offer more opportunity for self determination, creativity, innovation, service transformation Can include the spectrum of OTs from the purely philanthropic to the commercial COT Specialist Section -Independent practice www.cot.co.uk/cotss-independent-practice (Richmond and Powers 2004, Gilmartin 2006)
Definitions Business a person, partnership or corporation engaged in commerce, manufacturing or a service - usually profit seeking Businesslike - Efficient- being effective without wasting time or effort or expense; not distracted by anything unrelated to the goal, earnest, purposeful http://www.thefreedictionary.com/businesslike We need social businesses to couple the human heart to the capitalist system. Bill Gates
What does bringing a business mindset mean to you? What is working well and what are the current challenges? Where are there opportunities or gaps in services?
Guide to Business Planning Self assessment of mindset and skills Assessment of opportunities Developing a vision and mission Preparing a business plan Selling this to others
Self assessment of mindset and skills Performing a self assessment allows you to identify strengths and weaknesses and will assist you in recognising opportunities DATA self assessment Desires, Abilities, Temperament, Assets (Richmond and Powers 2004 worksheets for self assessment) Characteristics associated with successful entrepreneurs are : Being flexible and a self-motivated initiator. Be able to recognise opportunities and go after them. Be able to plan ahead. Be prepared to put in consistent effort. Be able to deal with uncertainty and risk.
Assessment of opportunity You can identify opportunities through emerging trends, economic forecasts, consumer wants/needs, predictions Determine which opportunity may be right for you using a SWOT analysis -Strengths, Weaknesses, Opportunities, Threats Need to consider your knowledge, expertise and skills in the area. Several professionals may offer similar services so your skills and experience are key. You can improve your business opportunities by taking classes, courses. Refining your idea is it offering something better, newer, is it meeting unmet need, does it have a target market, will it reach clients efficiently and effectively? Testing your idea gathering as much specific, accurate and reliable info to answer necessary questions about your idea (Richmond and Powers 2004 Market research worksheet)
Developing a Vision Vision- statement of what your service is about, where it is going, what you want to achieve. It establishes a clear picture of motivational concepts and goals. Combination of desires, goals and values.
Examples: "Our vision is a world in which every child attains the right to survival, protection, development and participation. (Save the Children) The Motor Neurone Disease Association has a vision of a World free of MND "A computer on every desk and in every home" (Microsoft)
Developing a Mission Mission- Clear, precise statement of the purpose of your business it is the who you are, what you do and how you do it of your vision. Used as a communications tool and guide Example BAOT/COT We are the only professional body for OTs in the UK... We promote the value of OT as a means of improving health and wellbeing of UK citizens... We do this by representing the profession, supporting professional development, disseminating evidence and best practice, setting educational standards...
What is a Business Plan? The foundational document of small businesses It aims to describe the fundamentals of your proposal and provide enough info for the relevant audience to buy into e.g. managers, investors. Some organisations provide support for writing internal business plans Lots of info on the internet about writing business plans There are some differences between commercial business plans and those for health/social care (Jones and Jenkins 2010)
Preparing a Business Plan -Tips Make it clear and concise and include hard facts. Excite the reader. Give them something real and viable to believe in and invest in. Think maximum impact and minimum fluff. A good business plan can be written in three pages. Reveal your passion, drive and determination, plus a clear snapshot of your business. Know your market, your figures, forecasts, risks involved, competition, start up costs, outcomes Taken from:www.peterjones.tv Business tools
Preparing a Business Plan Template What is your Vision and Mission? What services and products are you providing? Who would want to buy your services or products?? How will you measure outcomes for clinical performance, financial performance and customer satisfaction? Complete an option appraisal identify possible options, relative costs and benefits of each Who is your competition? What are the risks or impacts on other divisions? What is your ultimate long term goal? What will your business look like in 5yrs...10yrs...? (Richmond and Powers 2004, Jones and Jenkins 2010)
The Dragon s Den In pairs develop a Vision and Mission statement for a business idea think big! Tap into your dreams!
Some Examples to consider... Fiona Corless: Bespoke Relaxation (February OTnews) http://www.bespokerelaxation.com/ Gill Taylor: a grass-roots, community-based charity which assists the 'hard to reach' veterans http://www.firstlighttrust.co.uk/ Bournemouth Echo: Innovative self-help method for MS patients developed by Poole Hospital occupational therapists http://www.bournemouthecho.co.uk/news/11015262.in novative_self_help_method_for_ms_patients_develope d_by_poole_hospital_therapists_to_be_rolled_out_nati onwide/?ref=var_6
COT Resources Supporting Practice - Evidence and Resources (SPEaR) COT Reference Library and Information Services CPD events and COT Masterclasses BAOT Regional and Specialist Section networks COT Standards of Practice COT Code of Ethics and Professional Conduct COT Record Keeping COT Briefing papers Writing a business case, Outcome Measures All available at www.cot.org.uk
Summary Why be business minded? Guide to business planning Self assessment, assessment of opportunity, vision and mission, writing a business plan Resources genevieve.smyth@cot.co.uk
References Richmond T, Powers D (2004) Business fundamentals for the rehabilitation professional. Slack Incorporated: Thorofare Gilmartin T (2006 ) Entrepreneurial action for social change: a primer for healthcare professionals. In: Jones R, Jenkins F (Eds) Managing and Leading in the Allied Health Professions. Radcliffe Publishing:Oxford. Jones R, Jenkins J (2010) Striking the agreement: business case and service level agreements. In: Jones R, Jenkins F (Eds) Managing money, measurement and marketing in the Allied Health Professions. Radcliffe Publishing: Oxford.