Assisting Small Firms Find Innovative Solutions For Growth & Excellence Completed


Dates: 27 Oct and 03 Nov 2017
Hours: 07:45-16:15 (Including Coffee Break & Lunch)
Location: Paphos
Venue: Aquamare hotel, Paphos
Company Visit: 4 Hours

The programme includes Lunch, educational material, coffee breaks and refreshments.

Human Resource Development Authority of Cyprus

Program Rationale

Join this dynamic seminar to get valuable insight on how to reinvent your business model make more profits and re-examine the potential of your products/services to serve the changing needs of your customers. Specifically this seminar will help you learn how to:

  • Create different ways to create new revenue streams
  • Analyse the cost structure of the company
  • Develop competitive advantage
  • Explore new market opportunities
  • Develop innovative business ideas
  • Raise productivity
  • Organise the company so that it runs efficiently

 

Participants will have the opportunity to apply different models/tools to analyse their company and create innovative ideas of how to improve the business model. These ideas will be taken to the company for further discussion, analysis and implementation.

Target Audience

Participants should be employees of small companies ranging from 1-49 personnel. Employees should understand the potential for growth and set objectives for growth. Furthermore, they will contribute towards identifying growth priorities and implications for the firm. Managers at different levels will provide input on market and customer opportunities and also introduce changes in the organization in terms of processes and systems so that the company can deliver efficiently.


Program Objectives

Provide small business owners and managers the tools and skills to identify and pursue growth opportunities and identify and remove organizational constraints so that they can build a functional and sustainable growth engine. Environmental changes create challenges for growth and productivity and the firm should introduce innovation in different areas of the business model to effectively manage these challenges. Specifically, we will achieve the following in class:

  • Understand how to identify/assess constraints to growth that may related to the business model of the firm. This will help revise the firm’s revenue model in order to increase the value of existing customers
  • Learn how to introduce innovation to radically review market and customer priorities and how to service customer needs. This will help them to develop an optimal product mix and augment it with the right level of service, which can increase demand for the company’s products
  • Learn about successful small firm business models and how to migrate to a new model. This knowledge will help management to create a more competitive business that can operate more efficiently and build the ability to scale up when the right economic conditions develop
  • Learn how to raise productivity by aligning the proposition delivery with the firm’s profit model. This will help the company match the cost structure of the firm with the revenue generation resources, and remove this way slack, thus increasing the profitability of the firm 

 

Participants will have the opportunity to apply different models/tools to analyse their company and create innovative ideas of how to improve the business model. These ideas will be taken to the company for further discussion, analysis and implementation.

 

Specific Objectives of In house session

 

The company specific part will help small companies identify objectives for growth and assess the organization’s ability to grow and raise productivity. In addition, owners and managers will identify options to upgrade the business model based on innovation.

 

Each company will be at different stage of growth and as a result, their priorities will be different. From my experience some of the areas that would be of interest are:

  • What would be a more efficient business model for our firm and how can we migrate to this model
  • What new markets shall we consider and how to align our value proposition to the new emerging needs
  • How can we truly understand what customers want from us and deliver it through efficient practices
  • What is the optimal channel mix that could help us to sell and service our customers more effectively, and what processes and systems do we need
  • How can we align our sales/servicing efforts with our growth inspirations? What is the most appropriate revenue model for our company

What partnerships do we need to grow the business? How these relationships should be managed


Program Outline

DAY One

07:45 − 08:45 / The small firm’s growth challenge

  • The wrong business model
  • The wrong products and customers
  • Issues with productivity of resources
  •  Case study 1: An architect firm before and after the   financial crisis – the challenge of reduced demand
  • Case study 2:  A restaurant business – the challenge of the changing competitive landscape
  • Case study 3:    A small retailer – the challenge of reach
  • Case study 4: A fiduciary company before and after the crisis – the challenge of using the wrong channels

08:45 − 09:45 / The firm’s business model

  • What is a good business model
  • Examples of good business models
  • Ways to improve a business model

The objective of this presentation is to expose participants to many different models so that they have a basis of comparing their company. Examples include models used by IT companies and model used by on-line companies. In addition, we will discuss the case of Zorbas that had to change their business model to facilitate growth.

09:45 − 10:00 / Coffee break with biscuits and snacks

10:00 − 11:00 / Exercise: Describing the firm’s business model

Through this exercise participants will learn how to view their firm through the lenses of the business model and establish whether their business model has good-model characteristics 

11:00 − 12:15  / Analysing the pillars of business growth

  • What is the growth potential of my customers
  • Why customers buy my product
  • How do I sell and serve the product
  • Where in the firm we create value and how
  • Which customers make money for us
  • What investments we made in infrastructure and how can we redeploy this investment

12:15 − 13:15  /  Lunch break at Hotel's Restaurant

13:15 − 14:45   / Exercise: Assessing the firm’s business model and identifying innovative ideas for supporting growth

Participants will develop skills for analyzing the different dimensions of each pillar to first identify weaknesses and strengths of the current business model, and then, applying innovative ideas from known business models that can help rediscover new potential.  

14:45 − 15:00  /  Coffee break with biscuits and snacks

15:00 − 16:15  /  The process of removing growth constraints

  • The epicenters of innovation
  • The process of re-designing a business model
  • Balancing cost with revenue
  • Case study: A car accessories company. The objective of this case study is to recognize that some companies limit their growth option by the way they design the business model. Participants will be asked to identify changes to the business model that could unleash the growth potential
DAY Two

07:45 − 08:45  /  Exercise: Upgrading the business model of a car laundry business

Participants will create the skills and the right attitude to innovation by working on this case study to find practical ideas of how to turn this business around by changing pillars of the business model. This exercise will help participants to be more effective when they work on their firm to find ways to upgrade their model to support growth. 

08:45 − 09:30  /  Tailoring the business to exploit opportunities overseas

  • Possible approaches to international markets
  • Example: Assessing the suitability of the firm’s model to reach international markets 
  • Case study:  Info screen. This study explains the logic of seeking international markets for your products and how to do that.

The objective of this presentation is to expose participants to the option of seeking growth overseas and how they need to act.

09:30 − 09:45  / Coffee break with biscuits and snacks

09:45 − 10:45 / Finding commonalities with peer businesses

  • Recognising constraints to critical resources
  • Identifying companies who possess such resources
  • Options for collaborations

Exercise: Recognise resource gaps in your business and identify companies represented in this group with which you could collaborate. Design the collaboration arrangement

10:45 − 12:15  /  Options for creating a totally different business model

  • The customer drives the design
  • Innovations of existing models drive the design
  • Case study: Zip Car. Participants will be asked to describe the business model of the company and identify the district differences from the competition. This case study provides an innovative way of thinking about creating a new business model.

Exercise: Develop an innovative bookshop business

12:15 − 13:15  /   Lunch break at Hotel's Restaurant

13:15 − 14:45  /  Exercise: Identifying feasible upgrades to your firm

Participants will work on their company to find possible upgrades to their business model following a structured process. The outcome of this exercise will be a list of ideas of possible improvements that will point the firm to different business opportunities. These ideas will form part of the input of the training in the company.

14:45 − 15:00  /  Coffee break with biscuits and snacks

15:00 − 15:45  /  Implementing a new business model to support growth

  • Creating the customer experience
  • Aligning costs and revenues to create value
  • Measuring outcomes

This presentation will expose participants to the process of upgrading the business model, which includes operational changes, system changes, organizational changes and more advanced management practices

15:45 − 16:15  / Setting priorities and creating an action plan

  • Collect all ideas developed during the course
  • Prioritize based on impact and complexity
  • Develop an action plan
Discuss the visit to the company and how to best prepare 
 

Training Methodology

Short lectures accompanied by case study discussions and group exercises.

Power point slides, handouts, case studies, group exercises and company specific exercises.

Participants will be encouraged to share with their colleagues the areas of improvements identified in class and the action plan developed in class and identify priorities to be covered by the training. The areas to be considered in order to meet the training objectives identified above are: the firm’s strategic segments, priorities and how each segment is serviced, how the firm’s value proposition is delivered and possible gaps, areas where customer expectations are not met, areas where customers are over-served, focused propositions to specific segments.

Evaluating ideas about improving the customer service delivery and discussing the details of implementation

  • Prioritise ideas
  • Think through how to test the idea
  • Establish implementation requirements

Creating different propositions for different segments by incorporating different levels of service

Identifying service areas which do not add value and discussing ways to de-emphasize

  • Recognising different segment needs and the value to the company
  • Creating different levels of service to balance value
  • Thinking through the operationalization
  • Review features of the proposition and the value perceived by the customer – think ways to reduce of eliminating and evaluate the impact

Post Program Activities

Following the two day seminar there will be a 4 hour on-site visit to each of the attending companies.

This amounts to high-level consulting advice that is tailored to the specific needs of the organisation and may be discussed in full confidentiality rather than in the open forum of the workshop.
The instructor will subsequently write a extensive report summarising the main discussion points and including recommendations and suggestions for further consideration by the management. This report may also include recommendations regarding additional training and development actions that the company’s management should consider to further strengthen its human capital.