How do you really get value from strategic planning? By James Pinchbeck, partner at Streets Chartered Accountants
James Pinchbeck, partner at Streets Chartered Accountants, breaks down the process of strategic planning.
There seems to be renewed vigor to embark on strategic planning sessions by both private sector and third sector organisations, their Boards and senior leadership teams. Whether this is the result of needing to get to grips with pressures facing them around workforce challenges, supply chain issues, rising costs or simply in what seems to be an ever-changing world, there does seem to be a need to determine the overall direction of travel. In any event, who could disagree with taking time out to spend time on the business as opposed to in the business.
The process of strategic planning for some may involve some form of facilitated away day, with exec and non-exec directors, for others it might be spending time in the office, or working from home to develop a plan.
Regardless of the choice of approach, the process for developing the strategic plan invariably is the same. In essence the best starting point is looking at where we are now, and perhaps reflecting on the last plan. By looking at what has been achieved and the challenges faced we can then start to look at what the future looks like. It’s always useful to consider whether the prior years have been as intended, expected or desired.
Before diving into future strategy, it is also good to review or consider the purpose of the organisation. Whilst many will probably look to re-visit their ‘mission’ increasingly it seems to be more appropriate and effective to focus on ‘purpose’ – the reason why the organisation exists not just for its customers and those that own or run it, but also its wider stakeholders. In essence, what is the reason for your organisation’s being!
Looking ahead to the future we start to consider the what, why, when and where of what you are looking to achieve. This tends to be determined by having an in-depth understanding of the environment in which you operate, the opportunities presented and the challenges you face.
Having prepared a draft, which doesn’t have to be War and Peace, many find it useful and beneficial to review this with the wider members of the team, perhaps even external stakeholders. This engagement piece certainly can play a role in honing the plan as well as potentially getting greater buy in to its delivery.
Whilst Boards and senior teams may determine and detail an organisation’s overall strategy, and promote the same, its delivery or rather the how you make it happen tends to be more the work of the wider team.
Looking at the overall approach to strategic planning is always a good thing. If you are embarking on a strategic planning session soon it is also worth looking at why plans don’t work, don’t come to fruition or deliver what was intended.
There are a number of key reasons why strategic plans don’t deliver – these include the fact that from the start they were ill conceived, even perhaps delusional in their expectations. This could be down to a failure to really get into the weeds and base it on detailed data and intelligence. It could also be down to the mindset or influence of one or more individual’s overpowering influence and/or personal desires or goals.
Often strategic goals are not realised because they are too broad or ill defined, there is no clear or easily communicated strategic intent or direction. Moreover, there is a long list of desires, activities as opposed to a single or limited number of objectives.
Certainly, a failure to communicate effectively and bring alive the strategy can lead to a failure to deliver. How many plans have been produced that just sit on the bookshelf or in a file on the computer?
It can also be the case that when looking at delivery of the plan, consideration wasn’t really given to the resources and skills needed to deliver it.
There are no doubt many more reasons why strategic plans are not realised, but we will finish on the fact that many fail to actually use the plan as a management tool measuring performance and outcomes against the plan on a regular basis.
See this column in the June edition of East Midlands Business Link Magazine here.
The East Midlands Bricks Awards 2023: “an important date in the diary of every property and construction professional in this part of the world”
The Greater Lincolnshire Local Enterprise Partnership is urging property and construction leaders to enter Business Link’s East Midlands Bricks Awards 2023, and keep Lincolnshire on the property and construction map.
“I’m delighted to see the East Midlands Bricks Awards back for another year and going from strength to strength,” said Professor Neal Juster, Chair of the Greater Lincolnshire Local Enterprise Partnership.
“These prestigious awards are an important date in the diary of every property and construction professional in this part of the world. They shine a light on the outstanding work that is done in the property and construction sector across the East Midlands.
“We feel it’s important for Greater Lincolnshire businesses to shout about their success, so we urge property and construction leaders to enter these awards, attend the event and keep Lincolnshire on the property and construction map!”
With nominations open until Thursday 31 August, now is the ideal time to enter your (or another) business/development for the awards. To do so – click on a category link below or visit this page.
To be held at:
Award categories include:
Thanks to our sponsors:
- Most active estate agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
To be held at:
Planning consent achieved for 213 Oakham homes
Property consultancy Carter Jonas has secured planning consent on behalf of Pigeon for up to 213 new homes, amenity space, allotments and areas for outdoor play and landscaping on land off Burley Road in Oakham, Rutland. Planning permission was granted by Rutland County Council.
Of the 213 homes, 64 (30%) will be affordable housing. The scheme will also provide a circular walk and perimeter trail, areas of wetlands where nature can flourish, two children’s play areas and allotments. The development will be attractively landscaped, providing substantial areas for informal recreation in addition to pedestrian and cycles routes to the nearby Co-op, Burley Road and Burley Park Way.
Pigeon’s vision for the site is to create a beautiful and sustainable neighbourhood, which provides links for walking and cycling to Oakham, set within a network of green spaces.
Kimberley Brown, associate partner at Carter Jonas in Cambridge, said: “Carter Jonas’ Planning and Masterplanning teams were extremely pleased to achieve this planning permission. This is a well considered scheme which provides much needed homes, including affordable housing, in an environment which prioritises nature and sustainability and is entirely fitting with its surroundings.”
Rob Snowling, director at Pigeon, said: “Pigeon is delighted that planning permission has been granted for a high-quality landscape and design-led sustainable scheme at Burley Road, Oakham. The scheme will make a long-lasting positive addition to the town and we would like to take this opportunity to thank the team at Carter Jonas for all of their hard work in helping to achieve this successful outcome.”
East Midlands civil and structural engineering company makes duo of promotions
East Midlands-based civil and structural engineering company BSP Consulting has promoted two members of its team.
Pedro Navarro has been made an associate, while Oliver McElroy has been promoted to principal engineer.
Both are members of the civil engineering team at BSP Consulting, with Pedro working in the Nottingham office and Oliver working out of the Derby office.
BSP director Tony Goddard said: “These promotions are in recognition of their tireless technical work within the civils team and their proven ability encouraging and developing younger staff, managing project finances and going the extra mile to nurture positive client relationships.
“On behalf of everyone at BSP Consulting, I’d like to congratulate Pedro and Oliver and wish them well in their new roles.”
Pedro has been with BSP since June 2017, while Oliver joined in November 2020.
Smaller businesses in the East Midlands raise £98m in equity investment
Smaller businesses attracted £98 million of announced equity investment across the East Midlands in 2022, according to the British Business Bank’s annual Small Business Equity Tracker.
Published today, the report has revealed that there had been 58 announced equity deals in the region – but because of the downturn in the market, the East Midlands attracted 37% less in investment on the previous year.
Despite the downturn and fall in investment, the number of deals in the East Midlands in 2022 remained relatively stable, and was the second highest annual total on record. The British Business Bank allocated 2.1% of its equity deals to the region, compared to 2.0% across the wider equity market.
In areas outside of London, the number of deals fell by 10% in 2022 to 1,337 deals. The total investment value in these areas also fell by 11% to £5.8bn. The decline in the number of deals is twice as fast as the decline experienced in the London region.
The biggest concentration of investment is once again focused in London, and this highlights the need of the Bank’s regionally focused programmes including the Midlands Engine Investment Fund (MEIF) which plays an important role in increasing the supply of finance in the Midlands.
Dr Sophie Dale-Black, UK Network Director, Midlands at the British Business Bank, said: “2021 was an incredibly strong year for equity investment in the East Midlands and it is positive to see such a huge amount of equity investment coming into the region to help smaller businesses to grow and this shows there is still a desire for that to continue.
“But, as we start to feel the economic downturn, the decline in investment in 2022 reflected concern about the overvaluation of deals, and the effects of higher inflation and rising interest rates.
“The Bank continues to back smaller businesses in the region and will monitor these changing equity finance conditions carefully, and stands ready with programmes such as the Midlands Engine Investment Fund to support finance markets in the region.”
The National Lottery Heritage Fund grant funding to YMCA Derbyshire for new project Past:Present Future
YMCA Derbyshire has received support from The National Lottery Heritage Fund for a new employability project inspired by local heritage ‘Past:Present:Work’.
Thanks to National Lottery players, the project will support 30 young people who have experienced homelessness and/or barriers to employment/learning. These project participants will be YMCA Derbyshire residents or young people engaged in training and education programmes at YMCA Key College.
The project aims to engage the young people in exploring key heritage and conservation sites in Derby and Derbyshire to understand the employment opportunities linked to these in the past and present. This will be done through projects, 1-1 coaching, group activities and essential work placements/volunteering to facilitate each young person’s successful journey into employment.
Cromford Mill, the Museum of Making, and Derbyshire Wildlife Trust are partners within the project each providing workshops, delivered by their education teams to explore their sites and resources to inform and excite project participants.
Gillian Sewell, Chief Executive of YMCA Derbyshire, said: “YMCA Derbyshire is immensely grateful for the support from National Lottery players and The National Lottery Heritage Fund. This funding will enable young people who may not have the opportunity to visit and engage in activities related to their local heritage to access these places and learn about their rich history.
“We are excited to be working with our three project partners, Cromford Mills, The Museum of Making, and Derbyshire Wildlife Trust to explore the past and present of employment within the local area and take our participants on a journey to explore this. The project will enrich their knowledge and skills to build their CV’s and assist them in finding meaningful work for the future.”
Ashfield hosts US delegates to discuss new trade initiatives
Ashfield District Council has hosted a visit from a delegation from Mentor City Trade Initiative (MTI) from Ohio in America.
Mentor is a city in Cleveland near Lake County in Ohio. They are a local authority, with a strong manufacturing and retail focus, along with research and development, engineering and metalwork companies that serve advanced manufacturing for the aerospace, polymer, and biomedical industries.
The meeting explored the potential for Mentor City and Ashfield District Council to work together for mutual benefit, enabling their respective business communities to access UK and US trade markets.
Cllr Matt Relf, Executive Lead Member for Regeneration and Planning for Ashfield District Council, said: “The meeting with Mentor City will mean that Ashfield will start to be seen as an important trading location within the US and encourage new international referrals. It will offer an opportunity to local companies to access new markets and strengthen supply chain bases.”
Work will now commence on the next steps for building on this new relationship.
Enrok Construction completes £4.6m build to rent apartment project
Enrok Construction has completed its flagship scheme in Brixton, London, which has seen the firm deliver sixty-three one-and two-bed luxury apartments for Node.
The construction specialist has worked on the Build to Rent (BTR) project since March 2022, overseeing the complete renovation of a 1940s building on Shakespeare Road, including adding an additional fourth floor to create six luxury apartments.
The penthouses boast premium views across the capital city with a number of iconic buildings in sight, including The Shard, The City, Canary Wharf, Big Ben and the Palace of Westminster.
The site has now been handed over to Node and will become the company’s first London location. Aimed at young professionals, the site also includes residents’ lounges, co-working spaces, a communal roof terrace, wellness garden and patio area. It is intended to become a community for creatives and entrepreneurs.
Speaking on the project, Simon Bennett MCIOB, Enrok’s operations director, said: “We are pleased to hand the completed building over to our client, and to see the first residents moving into their new homes. We are sure the scheme will be hugely popular given its location and the quality of the environment Enrok, along with our partners, have created.
“I am particularly pleased with the additional fourth floor that we have created. Building outwards is not always feasible in high-density areas, so developing upwards is an effective solution and the view from the penthouse suites is a huge selling point.”
Enrok worked on the project alongside architects 56Three, Engineer Rodgers Leask and Employers Agent The Construction Consultants.
Singaporean sovereign wealth fund reported as another Center Parcs bidder
Another bidder has been unveiled for Center Parcs in the form of a Singaporean sovereign wealth fund.
It follows news that a vehicle managed by private equity giant CVC Capital Partners was considering putting forward an offer to buy the holiday resorts chain’s six UK and Ireland sites.
Now, according to reports from Sky News, Government Investment Corporation (GIC) is in talks regarding a joint bid for Center Parcs with private equity investor KSL Capital Partners.
GIC previously showed interest in the Nottinghamshire-headquartered business in 2015, when it joined up with CVC Capital Partners to make an offer, but lost out to Canadian private equity firm Brookfield, who bought the business for around £2.4bn.
Center Parcs was put up for sale last month (May) by Brookfield with a £4-5bn price range.
Infrastructure funds, including Antin, are also exploring offers for the company, according to Sky News’ city sources.
The first UK Center Parcs location opened at Sherwood Forest in Nottinghamshire in 1987. Today, Center Parcs serves over 2 million guests per year with a 98% occupancy rate.
Revenue and profits on the rise at Games Workshop
Games Workshop is expecting to report a rise in revenue and profits in its full-year results for the 52 weeks ended 28 May 2023.
The Nottingham-headquartered firm is estimating core revenue to be not less than £440 million (growing from £387 million in its prior year) and licensing income of £25 million (compared to £28 million).
Profit before tax, meanwhile, is estimated to be not less than £170 million, increasing from £157 million.
In recognition of its staff’s contribution to these results, Games Workshop have paid during the year profit share cash payments, amounting in total to £11 million. Furthermore, dividends declared and paid in the year were £136 million, 415 pence per share.