Ian Rodd BFC June 18

Business Finance Club June 2018 – Business models of the future

Ian Rodd MD of Ward Goodman was my guest speaker and chaired this month’s discussion “Business models of the future” – ways of adapting to challenge in order to create and capture value in a changing world.

Ian said ‘It’s not about spreadsheet modelling so don’t worry if maths and numbers are not your thing’.

The group reviewed and challenged existing business models that can be introduced to emerging ways of doing business.

Key Learnings from the day

6 business models for the NOW and the future:

Platform based

Matching buyers and sellers
Digitally enabled
Value created by data
Uses feedback

i.e. Airbnb

Mass customisation

Tailored product to need
Personalisation at home
On demand replaces stock
Digital design in the cloud

Bespoke

Frugal

Low cost fix
Lack of resource
Can be scaled up

Buy cheap

Modern barter

Exchange of goods & skills
Alternative currency
Access without finance
Building on community

i.e. BBX – trading in services

Pay what you want

Customers choice
Attractive to customers
Freemium tier based
Pay in a bundle

Professional services

Mega -hyperlocal

Digitally enabled
Local delivery & identity
Genuine ecosystem
Enhance quality of life

i.e. Local farm butcher

Consider how your business model affects you?

  • Regulation and governance
  • Technology
  • Expectations of stakeholders
  • Globalisation
  • How is value to be created and reported
  • Social impact assessment
  • Non-financial capital valuation
  • Capturing / evaluating /translating data

Tips and considerations:

1. Ensure you understand how your own or your client’s business model works – perhaps you can try and draw it
2. If you want the business to be sustainable, critically appraise the model to see if it’s resilient or adaptable to change from within the organisation and out in the market place
3. Will your model create, deliver and capture value to the extent you want it to?
4. If not, what can you do about it?

About our speaker

Ian Rodd, Managing Director of Ward Goodman, is a Chartered Accountant and Independent Registered Auditor. Over the last 25 years, Ian has gained significant experience in auditing entities within the manufacturing, construction, agricultural and education sectors. This has included auditing subsidiaries of overseas companies and carrying out specific assurance and grant work.
Ian also has the advantage of having worked and advised on many smaller family businesses in the local Dorset area. Some of Ian’s best work has been with owner managers creating financial plans that help them reach their goals and make them successful. Having lived in Dorset for over 30 years Ian tends to get involved on local committees and was a longstanding Parish council chairman. He enjoys spending time with his wife and daughters, following equestrian pursuits and looking after their land and sheep.

Register your interest for the next Business Finance Club event

At the next Business Finance Club, on Tuesday 10th July 2018, Richard Light, Tax Specialist Director from Lester Aldridge Solicitors, will be my guest speaker who will be guiding us through “Tax planning that is acceptable & HMRC challenges”

Richard has a wealth of experience, including a period of initial training at HMRC, on all aspects of personal taxation, including income tax, capital gains tax and inheritance tax. He also has considerable experience of advising shareholders on their tax planning, with a particular emphasis on the ultimate sale of their business.

I look forward in seeing you at the next event, to secure your place please register your interest here