BUSINESS ESSENTIALS FOR
START-UP SOCIAL ENTERPRISES
Nick Temple
Director, Business & Enterprise
Start-up checklist…
THE
MAGNIFICENT
7 Ms
MISSION
(and motivation)
Mission:Why does it matter?
• Distinguishes social entrepreneurs in
absence of purely financial motive
• Crucial for planning / evaluating
• Crucial for communication to people
(internal / external)
• Aid decision-making / avoid drift
Mission-Money Matrix
on mission
majority
activity
stay out!
prime target
(love it here)
proceed with
caution
off mission
less money
more money
Motivation?
(Understanding your)
MARKET
Needs and stakeholders
• Market research: is the need
unmet?
• Who are your stakeholders?
[stakeholder analysis]
• Competitors
(aka collaborators; aka partners)
MONEY
Funding + Resource
• Trading: selling, retail, trading
• Earning: contracting, procurement
• Government: local, regional, national, EU
• Lottery: BLF, HLF, Awards for All
• Trusts & Foundations: UK + international
• Corporate Support: CSR, pro bono
• Individual Giving: donations, philanthropy
• Social Investment: loan, patient capital
+ other resources: in-kind, volunteering....
Important money matters
• Financial management + budgeting
• P + L; cashflow; forecasting
• Costing + pricing (full recovery)
• Financial reporting
MEASUREMENT
(of social impact)
The other bottom line
• Proving + improving
• How will you know you have
made a difference?
• What is your social value
forecast?
MANAGEMENT and
(WO)MANPOWER
MARKETING
(and sales)
Sales and marketing
• What is the USP of your project?
• What are the best channels and
routes to market?
• Everyone is in sales
MASTERPLAN!
An example plan…
1. Organisation: mission, vision, values, history,
stakeholders, locations
2. Strategy: overall objectives, success factors
3. Products and Services
4. Market: need or demand, beneficiaries, competitors,
SWOT, PESTEL
5. Social impact: aims, measurement, process
6. Operations: management, staffing, sales + marketing
7. Financials: current status, forecast, strategy
DOES NOT NEED TO BE LONG…
BUT DOES NEED TO BE UPDATED
OFTEN
Top tips
• JFDI
• Charm: be nice
(because relationships are key)
• Sort mission before structure
• Promote and promote (always on)
• Measure: quality + impact
• Be persistent
• Look after yourself
Magnificent 7 Ms
•
•
•
•
•
•
•
Mission
Market
Money
Measurement
Management
Marketing
Masterplan
JOIN: www.socialenterprise.org.uk
@SocialEnt_UK
@nicktemple1
nick.temple@socialenterprise.org.uk