NORTH NORFOLK PATHFINDERBUSINESS ADVICE PROJECT

Presentation to Pathfinder Conference

22 March 2011

Ian Groves

THE PATHFINDER AREA

BUSINESS ADVICE PROJECT

Available to all businesses in coastal communities, Stalham and Happing Partnership area

Up to £1,550 of free business advice Consultation with Business Link East £450 voucher to offset against specialist advice Business planning

Follow-on projects

BUSINESSES SIGNED UP

185 meetings attended between June and December 2010

99 businesses signed up in total

– 75% from coastal area All communities between Sheringham and

Waxham and inland

RESULTS SO FAR

Specialist advice being provided in a variety of areas

– Marketing and planning most popular Many have requested business planning Bigger issues also raised Very positive feedback...

ISSUES OUTSIDE PATHFINDER

Sea defences Coast road Community projects Bus services Signage Local area marketing

LESSONS LEARNED

High levels of entrepreneurship and cooperation

Many businesses can be assisted with issues

Flexibility in response

A welcome boost to local businesses...

Business Planning, Strategy and Advice

Andrew Wilson

NWES

• BIS registered Enterprise Agency

• N Norfolk for 10 years

• 9 delivery staff

• Support track record

• 9500 support sessions

NWES Delivery

• Build on partners work

• Business planning

• Strategy based

• Risk identification

• Market & PR positioning

• Financial projections

• Client driven

Project Changes

• Strategy / Advice

• Relationship duration

• Extension

• NWES produced

Client Barriers• Access to Finance

• Client perception?

• Business viability concerns

• Security

• Solutions• Business Plan

• Enterprise Finance Guarantee Scheme (EFG)

• Joint meetings with banks

• CDFI fund

Client Barriers

• Planning permission• Perception?

• Solutions• Named planning contact• Business Plan

Client Barriers

• Rollback land costs

• No saleable asset for contribution• Infrastructure

• Solutions

• Business Plan• CDFI Loan• Grants

Client Barriers

• Unviable businesses• Not erosion linked• Client unaware

• Solutions• Strategy discussions• Client decision• Business Plan

Client barriers

• Business acumen• No monitoring• No planning

• Solutions• Establish systems• Professionals engaged by vouchers• Ongoing support

What next?

• 33 referrals so far

• 30 still active

• More NWES driven

• Project Toolkit

Summary

• Business Planning, Strategy and Advice

• Intensive relationship

• Evidence of success

• Work in progress