DSEN were delighted to be part of the recent Enterprise Conversation which was organised by the Coca Cola 5by20 project. DSEN felt that this was a great learning opportunity, so we threw open an invite to all of our members and were joined on the day by One Parent Families Scotland, Dundee City Pipe Band, Fairfield Sports Club, Volunteer Dundee and Nilupul,
The key note speaker was Ernesto Sirolli who has huge experience of supporting the development of entrepreneurs across the world, both personally and via his Institute.
He was concentrating at our session on what he has termed the Trinity of Business Management. Essentially he asserts that there are 3 key areas that every business (social or commercial) must have in place to be successful:
1. A great product or service and constantly be looking to improve it.
2. Effective marketing and sales – this is all aspects of marketing from branding, advertising, customer engagement, evaluation, etc. He asserts that many great products/services just simply don’t succeed because they fail to effectively engage with or reach potential customers.
3. Sound financial management – both effective day to day financial systems and book keeping, but also more strategic financial management that looks at past performance and forecasting future trends.
He also asserts that each of these functional management areas requires different skill sets and personality characteristics and that it is very rare for a person to be skilled in more than one of them. He also appreciates that it is not always possible for small organisations to have in-house resources to cover all 3 areas, but if that is the case the organisation must seek to meet each of them in other ways, such as via volunteers, buying them in, etc.
I came across an article by someone who has been through one of the Sirolli Institute training programmes which describes the Trinity in more detail: