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Insights and business expertise
For any of our clients who are considering exiting their business, we often ask them to think about the legacy they are hoping to leave. For some owners they are happy to move out of the business without a backwards glance but for others it is essential that they know that the business they created continues to prosper for the benefit of clients and employees. For the latter, exploring employee ownership is a great possibility to explore as it enables owners to pass on their business in a tax efficient way but also ensures that the staff have a tangible stake in the future running of the business.
To assess whether employee ownership might be the right option for you South West Growth Service will be hosting a workshop, sponsored by Triodos Bank UK, which will be considering the following key questions:
This event will be on Thursday 12th October between 0830 and 1130 at Devon Business & Education Centre. For tickets, click here
Family Compass is a Charitable Incorporated Organisation that offers therapies and support services to young people and families. The support they offer is typically aimed at improving wellbeing and helping young people to overcome anxiety and other barriers to education and inclusion. The team also provides dedicated post-adoption support.
Having received funding from the Enterprise Development Programme, Operations Director Lucy Capron and Development Director Keda Johnstone decided to engage the South West Growth Service to run a strategy planning event.
“We thought it would be a good opportunity to evaluate where we were, and where we should focus our energy for the future,”explained Lucy.
“Chris Lorimer initially engaged the whole team in the process to get a really good understanding of how we work. This helped to make the subsequent strategy day really productive,” said Lucy.
The strategic review examined the overall offer and how traded services were priced. The first step was to clarify how Family Compass makes money, before looking at how to achieve greater financial sustainability and how to fund growth.
“The big advantage of working with SWGS is that they bring a wealth of business experience and also empathise with the aims and ethos of charitable organisations like ours,” added Keda. “Having got to grips with our aims, ambitions and sources of income, Chris was able to offer straightforward, considered and welcome advice about how we should move forward.”
Lucy and Keda realised that traded services and, in particular the KiT Boxes of wellbeing activities that are sold through the website were critical.
“We understand where we’re going and that marketing and commercial activities need much more of our attention. We hadn’t appreciated the full significance of the KiT Boxes in terms of providing an income stream and helping to enhance our profile and reputation. We now have a clear plan including looking for larger premises to expand our offer.
Without the impartial and objective view that Chris brought to our strategic planning I don’t think we’d have such a clear sense of direction or confidence about what we’re doing.“
In the face of increasing demand for their services, founder & CEO Lyn Brown needed advice on a host of business expansion issues. A LinkedIn contact suggested contacting Chris Lorimer and South West Growth Service.
As Lyn puts it: “I felt it would be helpful to have a few sessions to help with IR35 legislation, employing staff, sustainability and premises, but actually the process delivered much more”
So how did SWGS assist?
“Talking to somebody with experience of the business growth process helps to speed up much of the decision-making involved in scaling up a small start-up business. It also helps you steer around some of the unforeseen issues and pitfalls,” said Chris Lorimer commenting on his work with Inspire South West.
This sums up Lyn’s experience: “One of the most valuable aspects of working with SWGS was having a knowledgeable and confidential sounding board. It was incredibly helpful being able to talk candidly about all aspects of business alongside the concerns around employment costs and needing to secure different contracts.”
Understanding a range of strategy and business planning tools and how to apply them effectively to individual circumstances is another strength of SWGS. “The Orbit Visioning tool – helped me see where we needed to go much more clearly,” said Lyn.
Following the project, Inspire South West has a much clearer vision and a solid understanding of how to approach multiple business growth issues.
The organisation took the decision to expand into East Devon. “If we hadn’t worked with SWGS the decision to expand into other areas would have taken much longer. By working with Chris we had the confidence to know that we’re going forward on a firm footing.”
Cornwall Heritage Trust (CHT) is a registered charity whose mission is to preserve and promote the unique heritage of the Duchy. It owns and operates multiple historical sites and manages several attractions on behalf of English Heritage.
As with many other charitable organisations, the Covid-19 pandemic caused the trust to re-evaluate their operating and financial models. For CHT it highlighted how they were over-reliant on external and volatile investment income and the need for a viable plan to secure long-term sustainability.
During the pandemic-induced period of uncertainty the makeup of the board of trustees changed significantly. These factors prompted CHT to ask South West Growth Service (SWGS) to conduct a root and branch review of the Trust’s business plans and priorities.
“We were delighted to assist”, said Chris Lorimer of SWGS, “we care deeply about South West heritage and CHT’s role is critical to protect and celebrate Cornish prehistory and history.”
SWGS identified the key themes CHT needed to address by using a wide range of evaluation approaches which Chris outlined:
“Desktop research, peer comparisons, site visits, in depth interviews with Trustees, staff and stakeholders all help to create an informed picture for detailed business planning.”
Armed with a well-researched understanding of CHT’s opportunities and constraints, SWGS held engagement workshops with trustees and staff to help shape conclusions.
“We were particularly interested in understanding the development opportunities around brand and identity, the CHT membership offering, volunteering activities and partnerships,” commented Lorimer.
SWGS presented clear recommendations to CHT that were fully endorsed by the trustees. These included proposed changes to governance arrangements, new staff roles and a clear route to achieving financial sustainability.
“We‘re now in a much better place with a clear map for how to move the trust forward. Andrew and Chris quickly gained the confidence of the staff and trustees and created an environment where we could explore ideas and challenge our assumptions and each other.
Engaging with an outside organisation with such a wealth of experience and credibility got us to a situation where we’re clear about what we need to do to achieve our goals and deliver our mission. And, just as important, what we need to stop doing . We’ll be hitting our 40th anniversary with a much more resilient organisation and a clearer sense of purpose.”
Cathy Woolcock, CEO
