YPO are working in partnership with the LGA to deliver local authorities a solution to procure commerical skills i.e those skills required to support local authorities develop their approaches to trading. The solution will be supported by Reed Global and will allow authorities to procure commercial skills from national and local providers through a variety of models at competitive rates.
The Local Government Association (LGA) and YPO are working in partnership to provide local authorities with a bespoke solution to procuring commercial skills, to help make commercialisation happen.
Why are councils looking to be more commercial?
In tough times, looking at alternative ways to raise income makes increasing sense.
To protect valuable frontline services, important to local residents, councils are becoming more commercially and entrepreneurially focused.
However procuring the right skills needed to make complex or novel commercial ideas a reality can prove a barrier to innovation.
CSPS is a national approach to finding the right people, ensuring councils pay a competitive price for specialist expertise.
What might Commercial Skills mean for your organisation:
- Commercial strategy writing - a document setting out the vision and objectives of the commercial organisation.
- Commercial project mobilisation - implementing activities intended to make a profit.
- Customer focus - engaging customers/residents in order to understand their needs for goods and services.
- Managing capital - to maintain sufficient and equal levels of working capital, current assets, and current liabilities. This helps a company to meet its expense obligations while also maintaining sufficient cash flow and is primarily related to short term financial decisions.
- Costing - to work out the price to be paid to acquire goods and services.
- Product/service development - the creation of products with new or different characteristics that offer new or additional benefits to the customer.
- Market analysis - a detailed examination intended to predict the future of a market.
- Commercial risk management - managing potential losses arising from trading partners or the market.
- Contract management - administrative activities associated with handling of contracts, e.g. invitation to bid, bid evaluation, award of contract, contract implementation, measurement of work completed, and computation of payments. It also includes monitoring contract relationship, addressing related problems, incorporating necessary changes or modifications in the contract.
- Business case writing - a type of decision-making tool used to determine the effects a particular decision will have on profitability. Specific attention is paid to internal rate of return, cash flow and payback period.
- Sales - the activity or business of selling products or services.
- Financial due diligence - analysing and validating all the financial commercial, operational and strategic assumptions being made. The components of the service are revenue, commercial and market due diligence, synergy validation maintainable earnings, future cash flows and all operational issues, as well as deal structuring.
- Legal due diligence - a program of critical analysis that companies undertake prior to making business decisions.
- Pricing - is the process whereby a business sets the price at which it will sell its products and services. Takes into account the price at which it could acquire the goods, the manufacturing cost, the market place, competition, market condition, brand, and quality of product.
- Bid proposal/ management - the process of winning business through proposals, bids, tenders, and presentations.
- Marketing - communicating the value of a product, service or brand to customers or consumers for the purpose of promoting or selling that product, service, or brand.
- Developing unique selling points - a factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first-ever product of its kind.
- Business recovery in the public sector - turning around or rescuing local authority trading companies.
- Commercial Portfolio Management.
03 October 2016 - 06 December 2019
2 options to extend for additional 12 months periods.
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