Your feedback needed! Help shape the ‘Business Plan and Funding’ strand of our Action Plan

The Business Plan and Funding Working Group seeks YOUR feedback on our draft action plan. Please drop us a line at by Friday 5 February to let us know what you think, especially about the priorities we have identified for 2016. Have we missed anything?  Got anything wrong?

Working Group 1) Business Plan and Funding

Our role is to make sure we have a good business plan and can secure funding to develop the Trust and deliver the community plan.

The Business Plan will set out the costs of restoring the Wards building, anticipated rental income from traders and groups using the restored and extended market space, anticipated management costs and funding/financing models. The starting point for the Working Group is the Business Plan already prepared by the Trust and WCC in 20xx for the purposes of the planning application. This plan now needs to be revisited to ensure it is fit for purpose and can be used to approach funders and Transport for London, the landowner.

Links with other Working Groups: The Business Plan will depend upon the cost estimates produced through other feasibility studies (Working Group 2) and decisions taken about whether to raise funds through membership of the Trust (Working Group 4). Developing a successful Business Plan will also involve building a good dialogue with Transport for London, who own the Wards building, one of the Trust’s key stakeholders (Working Group 3). Finally, the ability of the Business Plan and Funding group to raise funds to develop the Trust will be key to the progress all four Working Groups are able to make.

Our work so far: 10 people – including market traders and local business owners – participated in a small group discussion on Working Group 1 at the launch event of the First Steps project on 28 September. Eight people attended a follow-up meeting on 27 October, some of whom had been involved previously and others who were new to the work but had heard about it through our promotion of the First Steps programme. At this meeting, Abigail Stevenson, the architectural designer who worked on the community plan for Wards Corner, presented the Business Plan previously developed for the purposes of the planning application. The group’s discussions continued at the First Steps event on 2 November. So far, the group has focused its attention more on the Business Plan than on Funding, discussing:

  • Short and longer-term priorities
  • Options for spending the First Steps budget
  • Potential sources of expertise and assistance including local traders and businesses and those who have previously offered pro-bono help or experience
  • Building a list of contacts and stakeholders.

The Steering Group has decided to dedicate one day’s support from our Relationship Manager to supporting the development of this part of the Action Plan.

Priority actions for 2016:

  • Meet with Transport for London (TfL) in order to clarify their requirements for the Business Plan. Appoint 2-3 people as key contacts to continue to develop dialogue.
  • Estimate potential purchase price of a long-lease of the Wards building.
  • Confirm rental income and costs incurred by current and previous managers of Seven Sisters market by requesting records from Companies House.
  • Identify and contact individuals and organisations to seek assistance in developing the Business Plan.
  • Review and update the material previously prepared for the Business Plan, including by adding a ‘Social Value’ assessment to the Business Plan, testing projections against different scenarios using SWOT and PESTLE analysis, ensuring alignment with relevant Haringey Council policies and plans.
  • Prepare and finalise a professional looking and well designed Business Plan.
  • Identify funding priorities (e.g. more paid staff time; Business Plan; Feasibility Studies; purchase and refurbishment of Wards building).
  • Identify funding opportunities, including by contacting and building relationships with umbrella funding organisation and by exploring opportunities/requirements for social investment funding.
  • Seek help from experienced fundraisers and/or seek fundraising training.
  • Develop and finalise a fundraising strategy.

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