Business Proposal for Canal and River Trust - Coursework Example

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Business Proposal for Canal and River Trust Number Module Module Leader Group Contents 0 Cover Page………………………………………………………..………………………1 2.0 Table of Contents……………………………………………………….………………..2 3.0 Mission Statement………………………………………………………………………..3 4.0 Executive Summary………………………………………………………………………3 5.0 Introduction………………………………………………………………………...…….3 5.1 History of Canada and River Trust…………………………………………………….....3 5.2 Canal and River Trust Business and Industry Profile………………………………...….4 5.3 Description of Goods and Services of Canal and River Trust……………………......….7 5.4 Description of Current Target Methods and targets…………………………..………….9 5.5 The Entrepreneurial View……………………...……………………...………………..10 6.0 Opportunity Recognition.……………………………………………..………………..11 6.1 Main Ideas to improve the organization’s growth……………………………………..11 7.0 Proposal Product/Service Details……………………………………………………….12 8.0 Capacity and Resources……………………………………...…………………………12 9.0 Marketing…………………………………………………………...…………………..13 10.0 Growth………………………………………………………………………………….13 12.0 SWOT Analysis………………………………………………………………………...20 11.0 Implementation…………………………………………………………………………21 12.0 Reflections………………………....................................................................................21 13.0 Conclusions…………………………………………………………….……………….22 14.0 Recommendations……………………………………………...……………………….23 15.0 Referencing……………………………………………………………………………..24 16.0 Appendix………………………………………………………………………………..25 3.0 Mission Statement To widen the enjoyment of our waterways today whilst protecting them for future generations 4.0 Executive Summary This proposal outlines the reasons why Canal and River Trust, a charitable organization in charge of waterways in England and Wales deserve financial consideration in its quest to diversify its sources of income. The trust is by far one of the organizations that have made the most positive impact on the society. It has enabled generations born 200 years after industrial revolution to see the works of two centuries back (Burns, 53). Contributions of this trust are priceless, and no formation of words can express how much the appreciation it deserves. Other than this tremendous involvement in upholding national heritage, the trust has an impressive foundation for financial management. Other than providing services that are core to the society, the trust has in its strategy a viable business plan that is sure to bring back the capital base within the shortest time possible. 5.0 Introduction 5.1 History of Canal and River Trust Canal and River Trust are proud guardians of historic rivers and canals. The trust also protects aqueducts, bridges and several other heritage structures constructed along the rivers and canals. It explains the reasons behind the building of canals and why there is need to preserve them. (Beaver, 85) Canal and River Trust was created as a charitable trust and endowed the authority to care for the waterways of Wales and England. The management of waterways to the trust took place on July, 2nd 2012. This was a shift of management from the government owned British Waterways. This canal was endorsed to take care of the waterways due to several challenges the predecessor, British Waterways faced in dispensation of its duties. A change of management was necessary to avoid shortfalls of short termism and little grants from charitable institutions and well wishers the previous statutory corporation faced. British Waterways had a deficit of $5.6 million of its 2009 budgetary requirements (Bridge, 54). Recommendations to have Canal and River Trust manage the waterways were reached to solve such financial difficulties. By choosing Canal and River Trust, Waterways management would receive fixed grants from the government. More income would also come from donations of charitable organizations. A trust would convince more organizations to donate to the course rather than a government corporation. A substantial property endowment would be underwritten under the trust more readily than would be if the waterways management was under the management of a government corporation. British Waterways began hunting for a change to charitable trust. The plans gained tremendous momentum in 2010, March when the government announced the change of the Waterways to a mutual organization. In September 2010, the government abolished British Waterways, changing its operations to Waterside Wales and Canal and River Trust. On 2nd July 2012, the government made the final decision to change the logo and all properties formerly under the British Waterways to Canal and River Trust, marking the creation of the Trust (Williams, 92). 5.2 Canal and River Trust Business and Industry Profile The Canal and River Trust is headed by a board of trustees comprising of ten members. The board is led by a chairman and it ensures the trust meets all its aims and objectives. The board of trustees has the mandate to determine the policies and strategies of the trust. Canal and River Trust also has a partially elected thirty-five member council. The council’s chief duty is to discuss business dealings of the trust and make sure that all members who enjoy the services of the trust are represented. The 35 member governing council is mandated by the provisions of the trust to help shape the policies and raise noteworthy issues to debate upon for efficient operations. The council, in addition, questions the board of trustees, and provides guidance and perspectives to keep the trust focused. Under them, there are seven directors concerned with the day to day running of the organization’s business. This management organ develops policies and strategies for development by trustees. Canal and River Trust is managed by the Waterway Manager, Sean McGinley. Under the general manager are other five departments headed by experts in relevant fields. The Principle Engineer of Canal and River Trust is Eng. Richard Willey. Contracts department is headed by Contracts Manager, Richard Walker. The third manager in this hierarchy is Works Planner, David Godfrey. Maintenance Manager is Stuart Gadsby. Canal and River Trust Administration consists 2.5% of its staff. The Principle Engineer is the senior of Engineer James Bearley who has four inspectors report to him. Contracts Supervisor, Paul Singleton reports to the Contracts Manager. Since Canal and River Trust deals with a lot of maintenance duties, the trust has a very elaborate Maintenance Department. The departments are composed of very specialized members of staff and dedicated volunteers to ensure the trust achieves its wide range of objectives. It has two Construction Supervisors; one in charge of the North and another in charge of the Southern faction. The North currently has a vacancy for its head while the South is headed by Mark Owen and has seven members of staff. The department also has a Volunteer Supervisor, Simon Gent with a Volunteer Team Leader, a position that is currently vacant. Maintenance Department has an M&E Team under its jurisdiction with a team of three staff members. Finally, there are Customer Operations Supervisors, also divided into two factions; the North and the South. The North has 12.5% of the staff and 4 seasonal staff members and is headed by Vince Lowe. The South is headed by Jim Shimwell with 8 permanent staff members and 6 seasonal staff. In addition to the executive management of the trust, there are also committees that cover a range of areas and heritages. These advisory committees provide advice to the top management brass of the trust. These pieces of advice are based on observations the committees make within their various areas of jurisdiction and heritages. Therefore, the management can rely on highly localized information system to propose strategies to the board of trustees. Such localized system of gathering information ensures umbrella policies are not implemented. Issues that affect a particular canal or waterway are handled with the canal in mind, and amicable solutions are derived. Apart from the Canal and River Trust head office, it controls fourteen other localized offices. These local offices affect general maintenance and running of the waterways in their regions of operations. The Waterways are based on partnership regions. These partnership regions include: Central Shires Region with its base at Fazeley, Staffordshire Kennet and Avon Region with its offices at Devives in Wiltshire East midlands Region having its offices at Newark, Nottinghanshire London Region Pennine and Manchester Region having their offices at Greater Manchester, Stoke-on-Trent and West Yorkshire Borders and North Wales Regionwith their offices at Norwich and Cheshire Severn and North Wales based in Gloucester South East Region with its offices at Braunston, Northampton shire and Keynes North West region with its offices located at Bradford, Yorkshire and Wigan, Greater Manchester North East region with offices in Leeds (Aldcroft, 91) These regional offices work in collaboration with the head office to preserve the heritage associated with the rivers and canals of England and Wale. They are guided by the rules formulated by the board of trustees and are liable to abide by the directives of the head office. However, simple decisions that do not impact on the other regions of the trust are passed by the jurisdictional heads. They take major decisions and orders from the head office and the executive. 5.3 Description of Products and services of Canal and River Trust Canal and River Trust are proud guardians of historic rivers and canals. The trust also protects aqueducts, bridges and several other heritage structures constructed along the rivers and canals. It explains the reasons behind the building of canals and why there is need to preserve them. Canal and River Trust was created as a charitable trust and endowed the authority to care for the waterways of Wales and England. i) Rivers and Canals Canal and River Trust cares for about 2,000 miles of a network of rivers and canals flowing through England and Wales. It takes care of both rivers and canals in the countryside and cities. The Trust makes the canals and rivers of the two nations easy to access and explore. They offer ideal sites for boating, walking, cycling and angling. Thousands of families looking for a breath of fresh air away from the exhaust fumes and noise of the cities get refuge in these sites. ii) Boating Canal and River Trust has over 35,000 boats for those interested in boating. The boats come in different shapes, colors and sizes to better suit customer specifications. Boats under the ownership of the trust are vibrant and of choice to holiday makers and live-aboard boaters. For fun lovers and even traders, boating in the wide variety of boats available is what makes exploring with Canal and River Trust fun and extraordinary. Canal and River Trust offers one a chance to slow down the pace of his life considerably. A unique experience of taking a ride into the jungle and leaving behind the modernity of everyday life slows down stress of life. The experiences of boating takes the clients back to the days when traveling from London to Birmingham was viewed as a very hasty ride. The once considered the fastest and most reliable means of travelling now provide the best leisure travels from town to town. These were the speediest highways of the 18th century. Boating with Canal and River Trust allows adventurers to appreciate the variety of wildlife England and Wales home. One also gets to appreciate the uniqueness of the 200-year old structures that scatter along the canals and rivers (Richardson, 20). Not everything about Canal and River Trust boating is historical. While the boating experience gives one a sweet sensation of travelling in old type boats under aqueducts and through locks built in during the industrial revolution, one gets also enjoys the novelty of riding in the state of the art Victorian boats and no longer need to rough the ride. Most of the boats have sanitation facilities within, with hot water showers and other luxuries that never existed 200 years back. 5.4 Description of Current Target Methods and Markets of Canal and River Trust Currently, Canal and River Trust has put a lot of efforts on sourcing for funds from charitable institutions and well wishers. As mentioned earlier in this proposal, the trust experienced serious financial challenges while under the leadership of British Waterways. Recommendations to have Canal and River Trust manage the waterways were reached to solve such financial difficulties (Kaplan, 29). By choosing Canal and River Trust, Waterways management would receive fixed grants from the government. More income would also come from donations from charitable organizations. A trust would convince more organizations to donate to the course rather than a government corporation. A substantial property endowment would be underwritten under the trust more readily than would be if the waterways management was under the management of a government corporation. The other immediate task and plan for the canal is to enhance the lost public confidence on the Canal and River adventures. A number of users of the services of inland waterways had raised concerns over the reliability of the waterway services upto late last year, even after Canal and River Trust had taken over operations of inland waterways in both England and Wales. Several people had fears that ability to escape the troubles and challenges of life in the serene and refreshing sceneries offered along the banks of rivers and canals would be no more. Concerns were that the trust did not stand a chance of raising the over 300 million pounds needed to refurbish the canals and rivers for another efficient delivery of services (Rae, 97). The trust has, therefore, attempted to deal with these fears and assure the public of their ability to manage the facilities of great national heritage. It has effectively dealt with plans to avoid passing the charges of this enormous financial need to the users of the canals, and is determined and geared towards ensuring this. In addition, the trust intends to refurbish more national heritage sites so as to attract more users and increase income. As already observed, other canals and structures in deplorable conditions will be upgraded, while maintaining their aesthetic value. Limekiln Bridge, an ancient brick-built bridge on Worcestershire and Staffordshire Canal has been restored in line with this plan. More bridges, structure and canals will be restored in the next five years. The trust will ensure a continued highly qualified management. Implementation of effective management plan began in August 31st 2012 with the appointment of a new Navigation Advisory Group. Canal and River Trust will be open to implementing new management styles and information collecting procedures to increase public confidence and performance. It also plans to partner with more celebrities in its “New Friends” initiative. This initiative launched its course in July 2012, soon after it was given the mandate to care for canals and rivers (Stephens, 54). 5.5 The Entrepreneurial View of Canal and River Trust Given the number of clients who enjoy the services offered by the trust, Canal and River Trust hopes to generate more income from additional investments. The navigation controller intends to increase the number of boats under its ownership in the canals and rivers. It also has strategies to improve a number of existing bridges, canals and other ancient structures to presentable status without ruining their aesthetic value. Canal and River Trust wants to invest more capital in available museums. The trust has begun taking care of Brantford Museum and hopes to acquire more control over other museums. 6.0 Opportunity Recognition To come up with entrepreneurial strategies outlined above, Canal and River Trust went through a rigorous process of scrutinizing all options available at its disposal. The trust considered, among other things, the problems faced by the communities that live along canals and rivers within its jurisdiction, and changes that have occurred since the organization became a navigation controller. It considered new discoveries in the line of transport and leisure as well as products and services that have cropped up in the past years (Moon, 124). In addition, Canal and River Trust scrutinized the special and unique knowledge it has over other organizations in the selected fields. 6.1 Main Ideas to improve the organization’s growth 1. Investing in animal sanctuaries and reserves: This will involve setting up of new and improving existing sanctuaries under the Trust’s management. More funds should be invested in acquiring a variety of species to the animal sanctuaries while more facilities like restaurant and children amusement parks can be added to the reserves. Doing such will add value to these locations and make visits more interesting. Improving the facilities will equally provide relevance to activities of the Trust because tourists, both local and international, will have additional reasons to visit the sites and will take advantage of canal services because other than the cultural heritage associated with these locations, visitors will enjoy the restaurants and children play grounds. In the end, more revenue from tourist visits and the additional services will be realized and the organization will experience growth. 2. Investing in museums: The trust can invest by improving existing museums to attract more visitors. Improvements to museums can be done by creating more space to accommodate extra interesting pieces. Regularly organizing special art exhibitions is another way of improving the museum visits. Visitors to these museums will therefore, get an opportunity to learn about the rich heritage that the Trust protects besides the showcased art pieces during the special exhibitions and as a result bring to light the organization’s significance. The investment in this area will therefore, involve construction of more exhibition space and hosting the extraordinary art events. Museum visits will help in marketing the Trust’s activities and facilities which will not only improve its visibility, but also ensures the brand is appreciated. More revenue will be generated from this marketing exercise as visitors will develop interest in other Trust facilities. 3. Renovation of existing bridges, canals and ancient structures: Visitors to bridges and ancient canals under the Trust’s management do so because such structures exist at the said locations. They must therefore be kept in good condition through continuous renovations and maintenance to be able to generate additional revenue from visitors who otherwise would have not stopped over had the sites been in ruins. The recent maintenance activities on Mon & Brec Canal for example will ensure the location receives additional visitors and this will be an additional revenue source. More other facilities that are presently in ruins can be renovated and maintained to grow the Trust’s portfolio of canals and heritage sites. 4. Increasing the number of boats under its ownership in the canals: with renovations adding more canals and waterways to the Trust’s portfolio and publicity generated from museum events, more visitors are bound to make trips to the canals and enjoy the organization’s facilities. Funds must therefore be invested towards the acquisition of more boats to cater for the projected growing number of visitors to the canals and waterways. Additional revenue from boat fees will in return be realized. 5. Diversification of its operations to road transport: The Trust can invest in the acquisition of a few buses for this segment. Five buses are sufficient to get the road transport department started. With the Canal River Trust brand expected to be popular through museum exhibitions and other marketing activities including referrals from regular visitors of the heritage sites under its jurisdiction, road transport segment is bound to be successful. It will equally be a rich revenue stream to ensure long term sustainability of the organization and its valuable core functions. Whereas all the above ideas were possible breakthroughs to the trust’s financial needs, the three were chosen above the rest due to: Little capital needed to get the projects started Immense public interest of the projects They are in line with the core duties of the trust In order to grow the proposed projects, the trust intends to undertake the following measures: Win government contracts whenever opportunities arise in any of the proposed fields Merge with other organizations or acquire new organizations for further diversification Expand its operations to the internet, enabling promotions and making reservations online Target new markets and add more clientele to the traditional customers Franchise the business after a predetermined period of time; 50 years Open other branches and offices to cater for the growing need of the trust’s products The above opportunities if harnessed will ensure not only financial sustainability of the trust but also growth to areas that were originally not served by the traditional services rendered by the Trust. 7.0 Proposal Product/Service Details The four P’s of; product, pricing, place and promotion must be carefully taken into account if the above opportunities are to succeed. The Trust has a unique product that is; preserving rich heritage. This product must always stand out even with the non-ancient areas like public transport that it looks into venturing. Users of this new service must be aware that even with modern transport facilities, riding in the Trust’s public transport systems is having a piece of the past. The price must therefore be unique to match the distinctive nature of the organization’s services. Place may require that the latest additions to their service portfolio have a connection to their core function. For example, they could choose routes that pass by the cultural sites they manage for public transport so that users of this new service get the premium of enjoying cultural sites as they undertake routine activities. The promotion element will be met by museum displays and direct marketing to visitors of the sites and canals. Idea Opportunity: The idea opportunity in this proposal is to harness existing and create new revenue segments that will ensure sustainability and growth of the Trust’s core objective that is; protecting the rich heritage of rivers and canals in Britain and Wales. With the help of 4P’s in marketing, the above ideas will be implemented to achieve the desired results. The following table shows the prices of our proposed investment projects S/N Investment Project Projected Cost (Pounds) 1 Investing in museums 420,000 2 Renovation of existing bridges, canals and ancient structures 450,000 3 Increasing the number of boats under its ownership in the canals (50 NV-75C) 530,000 TOTAL 1,400,000 Table 1: Financial Requirements 8.0 Capacity and Resources The classical definition of innovation is the ability to develop new values that provide solutions to contemporary problems while still keeping the traditional core objectives. Whereas the products and services proposed in this strategy may not be new to the market, the Trust takes another angle of innovation which involves diversification. The nature of the Trust is so special that it cannot involve in business opportunities beyond the boundaries of its duties. As such, the selected projects are within the jurisdictions of the trust. This enables the trust to keep an eye on its core purpose of existence while reducing dependency on grants and charitable support. Diversification into new areas and improvement of existing facilities is therefore, considered innovative given the management and staff of the trust have the capacity to carry out duties that will be required by the additional investments. The trust has a large number of volunteer staff who it will dispatch to take care of the new projects. Besides, it has funds within reach to run the projects before reaching the break even period and so, the proposal only comes up with better ideas that can be implemented within the confines of existing resources; that is innovation. Rodgers Diffusion Model: This model looks at change agents in innovation and how they can aid the acceptance of new ways. A sequence of roles for these change agents was developed by Rodgers and seven processes begin with developing a need for change, establishing information exchange platform to achieving terminal relationship. In the context of this proposal, the need for innovation is clear with museum interactions and other marketing activities creating a perfect platform for information sharing so all that needs to be done is implement the new ideas to realize growth and sustainability of the Trust. 9.0 Marketing Promoting the new projects of the trust will fall in place with the existing promotional mechanisms. So far, the trust gets a lot of support from multinational companies and the government in addition to the funds it collects from individual well wishers. Television stations have taken pride in advertising its services since it provides services of national heritage. In addition, magazines and newspapers often report activities of the trust. Marketing strategy for the proposal: In addition to these pre-existing strategies, the trust will employ a massive campaign, both in electronic and print media to inform the public of existence of the new services. It will also rely on public goodwill and word of mouth to spread the news of existence of the new facilities. At the onset of project completion, the trust will use promotions and charge half prices for its predetermined number of first customers. The target market in this proposal is the UK citizens and visiting tourists. 10.0 Implementation The suggested projects are expected to be implemented and return capital invested in them within a period of 4 years. At this time, MC=MR, making the investments begin generating income for the trust (Aldcroft, 534). Within this period, the business will support its operations but will not generate any income for the trust. The projects will be able to pay their members of staff and do maintenance operation that may be necessary. These projections are as expected in the Gantt chart below. Canal and River Trust intends to keep the projects for at least fifty years of their implementation after which it will be at liberty to sell them. It’s projected that within this time, the trust will have received enough income to start other projects that will generate more income, and which are currently too expensive for their financial ability. It is my intention to license the concept so that I do not only earn continuous revenues during the project period under the terms of the license, but also be part of its implementation. Upon successful implementation, it is my strategy to sell any interests I may hold in the project after seeing the initial stages through and realizing my target cumulative revenue. The provision to sell my interest will be included in the terms of the license. Stage Task Target (Target success Indicators) Resources Activity by quarter-a-year from the start of the project First quarter Second quarter Third quarter Fourth quarter Fifth quarter Sixth quarter 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 11.0 Growth As the product life cycles below show, the growth of the projects will take a skewed tendency. It is expected that it shall start at a slow rate and increase to the peak once existence of the projects are known and accepted. The product life cycle diagrams below summarize the business growth. Figure 1: business growth cycle Fig 1 and Fig 2: product life cycles for the proposed projects 12.0 SWOT Analysis The Trust has the strength of public goodwill that has been built over many years through the wonderful work undertaken by the organization. This has the significance of eliciting support from citizens on these new projects. The road transport for example, will thrive on the basis the goodwill enjoyed by the Trust. The organization’s main weakness is the charitable nature with which it operates. The Canal River Trust is not a profit making institution and this eliminates the commercial element associated with these new projects. The organization will not therefore be able to fairly compete with other institutions especially in the new road transport segment on the basis of its unique non-profit making policies. The biggest opportunity presented to the trust is a new client base that will be drawn by museum exhibition, improved sanctuaries and reserves. This new group of visitors comes with vast revenue because unlike in the past where visitors only spent money in boat fees, this new clientele group will make additional purchases of meals at restaurants and pay for the children’s parks. Additionally, they will use road transport services offered by the Trust on to and from the facilities. The main threat to the Trust’s implementation of this proposal is funding. If the government and donors do not support these projects, the sustainability and growth objectives intended will not be achieved. CANAL AND RIVER TRUST PROPOSAL FLOW CHART 13.0 Reflection Canal and River Trust is one of the most fundamental Trusts in the country today. Through the Trust (in the other names it existed before), the government has ensured that people born two centuries after the industrial revolution can see the creations of their forefathers in their perfect shapes. For a long time this unit of national importance has depended on grants. Dependence on grants and donations from charitable institutions is not a way of appreciating the tremendously excellent job the trust has done humanity. It is, therefore, time to give the trust the financial independence it deserves. It is time to help the trust grow financial feet and stand on its own. By implementing the listed ideas, the Trust will ensure that the rich heritage that has been enjoyed by many generations before us will be appreciated by future generations. The cost of keeping these sites in good is continuously rising and a commercial point of view must be taken to ensure sufficient funds are generated for maintenance and improvement purposes. 14.0 Recommendation For a proper execution of its duties, the Trust needs to be granted funds for establishing its own profit generating investments. It is not sustainable to rely on grants and donations from well wishers. The money the trust gets from ferrying adventurers and holiday makers across the nation is not sufficient to effectively carry out its duties. It is, therefore, recommendable that it gets the 1.4 million pounds it needs to expand its operations. This will ensure that the projects are seamlessly implemented and benefits reaped thereof. 15.0 Conclusion According to the propositions put forward by Canal and River Trust, funding should be considered for the proposed projects. The proposal has provided adequate evidence of good financial returns and given the Trust’s impressive past record in tending rivers and canals of England and Wales, availing funds for these new innovative ideas will without doubt ensure long term sustainability. For any organization to stay sustainable, change must be part and parcel of its growth and therefore, coming up with new, improved and better ways of managing the core activities of the Trust should be supported by all the relevant authorities and citizens who are the ultimate beneficiaries of these services. Bibliography BEAVER, G., (2002), Small Business, Entrepreneurship & Enterprise Development, Pearson Education, Harlow, ISBN: 0273651056 BRIDGE, S., O'Neill, K. Cromie, S. , (2003), Understanding Enterprise, Palgrave, London, ISBN: 033398465X BURNS P, (2007), Entrepreneurship and Small Business, 2nd Ed. 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(2004), Strategic Entrepreneurship, Pearson, Harlow, ISBN: 0273682261 -256 New Timmons WILLIAMS, S. (2012), Lloyds Small Business Guide, Penguin Books ALDCROFT, D. H. (1983).Transport in the industrial revolution. Manchester [u.a.], Manchester Univ. Press. STEPHENS, W. B. (1983). Sources for English local history.Cambridge [u.a.], Cambridge Univ. Pr. RICHARDSON, C. (2006). Chesterfield canal history nuggets. Sheffield, Richlow. AMERICAN ASSOCIATION FOR STATE AND LOCAL HISTORY.(2002). Directory of historical organizations in the United States and Canada.Walnut Creek, CA, AltaMira Press. MOON, R. (2012).Creating business opportunity. Palgrave Macmillan. Appendix MC: Marginal Cost MR: Marginal Revenue CRT: Canal and River Trust NAG: Navigation Advisory Group Read More