COSI faced financial difficulties after moving to a new larger facility with an outdated business model overly reliant on earned revenue. To address this, COSI cut costs, plugged cash leaks, raised prices, and created new revenue streams such as public-private partnerships, general admission add-ons, ancillary member income, special events, and building tenants. These changes helped reduce COSI's reliance on earned revenue and put the organization on stronger financial footing.
COSI faced financial difficulties in the early 2000s due to an outdated business model. To address this, COSI cut costs, plugged cash leaks, raised prices, and created new revenue streams such as public-private partnerships, general admission add-ons, ancillary member income, special events, and partnerships. These efforts helped COSI double its budget and establish greater financial stability with a new sustainable business model.
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The presentation was a workshop at Evolve 2014: the annual event for the voluntary sector in London on Monday 16 June 2014.
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Do Food Tech Startups Have the Recipes for Consumers of Tomorrow —Joseph Zhou...Simba Events
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2) It notes consumption upgrades are driving demand for higher quality food products. Technology is poised to be a disruptive force in the food industry as it has been in other sectors. Emerging areas like alternative proteins and insect proteins could see applications in China.
3) The author believes there are significant opportunities for food startups in China to address issues of food safety, waste, and access through innovative applications of technology.
001 Essay Example Comparison Compare An. Online assignment writing service.Tiffany Graham
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3) The document introduces and explains the Business Model Canvas as a tool to describe, visualize, evaluate, and transform business models using 9 blocks that cover the key aspects of a business.
It is a part of our internal assignment.
It is a presentation on why a potential investors should invest in Google Inc.
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Social innovations and social entrepreneurshipMindaugas Danys
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Module 2 Rawhide Brewery Mini-case Template: Key
Proposal Summaries
Proposal 1
1. Rawhide brews Tabby beer at a few per case (improves Rawhides Net income on Income Statement)
2. Fee is adjusted monthly due to price of hops
3. Fee dependent on volume: as volume increase, fee decreases, but Rawhide profit increases
4. Fee (per case of beer) is adjusted annually due to inflation
5. Guaranteed minimum case of beer processing volume
6. Created a 5-year contract where Tabby would pay 20 cents less per case than presently
Proposal 2
1. Rawhide transfers brewery operations and 10-year debt (improves balance sheet) to Newco
2. Rawhide brewery equipment = $5mil & debt = $3.5 mil
3. Tabby pays $950K for 95% of Newco stock; Rawhide pays $50K for 5% Newco stock
4. Rawhide gets $1.5 mil note receivable with an annually adjusting interest rate depending on Newco profitability: higher profits = higher interest rate, up to 20%.
5. All beer processed at Newco is 15% cheaper than under Proposal 1, reducing COGS for Tabby.
6. Rawhide guarantees the $3.5 mil loan.
7. Rawhide would have more control than Tabby due to shareholder agreement.
8. Rawhide and Tabby pays the same fee per case, increasing COGS for both.
Proposal 3
1. Rawhide transfers brewery and debt to Newco
2. Rawhide gets 60% of Newco for $1.5 mil ($5 [asset] - $3.5 [debt])
3. Tabby buys 40% of Newco for $1.0 mil
4. Tabby and Rawhide both guarantee loan.
Proposal Effect on Rawhide's Debt/Equity Ratio (Reference debt to equity ratio = 1.33)
1. Proposal 1: D/E likely goes down (equity increases relative to liabilities)
a. Cash and marketable securities likely increase (Balance Sheet, B/S)
b. Retained earnings go up, assuming volume increases (B/S), flows to net income to retained earnings increasing equity
c. Net income goes up due to likely higher net revenue due to processing volume, profits, and inflation (Income Statement, I/S), flows to net income to retained earnings increasing equity
2. Proposal 2: D/E is likely reduced as liabilities are reduced and equity (retained earnings) increases, probably more than Proposal 1.
a. Net Income increases, as depreciation, amortization, and interest expenses are reduced and COGS is reduced 15% (I/S) flows to net income to retained earnings
b. Transferring brewery reduces non-current assets (an asset) (B/S) no impact on d/e
c. Transferring loan reduces long-term debts (a liability) (B/S), reduces debt
d. Rawhide holds 5% of Newco; assuming dividends, cash and equity increase (B/S) flows to net income to retained earnings increasing equity
e. Annual interest payment ($1.5 mil note receivable) improves cash position (B/S), flows to net income to retained earnings increasing equity
3. Proposal 3: D/E Ratio likely decreases
a. Net income increases, given a 15% decrease in brewery costs (COGS), depreciation, amortization, and interest expenses are materially reduced. (I/S), flows to net income to retained earnings incre ...
This document outlines the income potential from personal tax preparation work and recruiting others to the CTI tax preparation franchise. It provides examples of earning $17,500 from completing 200 tax returns personally at $250 each. It also gives examples of recruitment commission earnings ranging from $25,500 for recruiting 5 others who each complete 200 returns, to $750,000 for recruiting 100 others with the same results. The key points are that income comes from both personal tax preparation and commissions from the business of others recruited, and that potential is unlimited without a cap on production or recruitment.
This document outlines the steps to start and run a successful guide dog business in Ecuador. It includes developing a business plan, obtaining financing, registering the business, acquiring licenses and permits, and setting up accounting systems. It also discusses defining products and services, researching the target disabled customer market, identifying competitors, listing suppliers, and preparing financial documents like income statements, balance sheets, and budgets. The goal is to transform stray dogs into guide dogs to help improve the quality of life for people with disabilities.
This document outlines the steps to start and run a guide dog business in Ecuador. It includes developing a business plan, obtaining financing and licenses, determining the legal structure, registering the business name, understanding tax requirements, and establishing accounting practices. It also discusses defining products and services, researching the target disabled customer market, identifying competitors, listing suppliers, and preparing basic financial statements like an income statement, balance sheet, and budget. The goal is to transform stray dogs into guide dogs to help improve the quality of life for people with disabilities.
This document outlines the steps to start and run a guide dog business in Ecuador. It includes developing a business plan, obtaining financing and licenses, determining the legal structure, registering the business name, understanding tax requirements, and establishing accounting practices. It also discusses defining products and services, researching the target disabled customer market, identifying competitors, listing suppliers, and preparing basic financial statements like an income statement, balance sheet, and budget. The goal is to transform stray dogs into guide dogs to help improve the quality of life for people with disabilities.
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2010 OMA New Revenue Streams Presentation compatible
1. Creating New Revenue Streams for Your Museum Sweet Successes & Hard Lessons at COSI Doug Buchanan COSI Education Programs Marketing Manager Ohio Museums Association Monday, April 26, 2010
2. About this presentation: Not everything COSI has tried will work for every museum. Still, many of the things we’ve tried are scalable for museums of different sizes. What we’ve tried to do is to be creative and to come at problems from many angles at once .
3. “ Being a non-profit is a tax status, not a business model” - Kim Kiehl, COSI Senior Vice-President & Chief Strategy & Operations Officer
4. Columbus-based science center founded in 1964 Annual budget of about $15 million 574,312 visitors (2009) 9,832 volunteers About COSI
5. From 1964 to 1999, COSI prospered in its180,000 square-foot home at 280 East Broad Street.
6. The move in 1999 to a new 320,000 sq-ft home had great promise for the future. New building, new exhibitions, new vision…but an old business model.
8. We were heavily reliant on earned income. But in the new building – twice the size of our old one - we were no longer earning enough to pay the bills.
9. In 2004, a COSI funding levy went on the ballot. It failed. We closed part of our building, laid off staff, and entered a dark period. Our budget shrank from $15 to $10 million a year.
10. Fast forward to 2010: COSI is still kicking. We’re growing. Attendance is up. We’re hosting a major blockbuster exhibition. What happened?
11. 2004 2010 COSI’s budget is back up to about $15 million a year, but its revenue picture looks very different:
12. Wait a minute… wouldn’t we have increased the percentage of earned revenue even more by opening new revenue streams?
13. “ You can’t live on earned income. That’s why we’re non-profits.” -Kim Kiehl
14. Less of COSI’s budget is now covered by earned revenue. What you don’t see in the chart is the $3.5 million COSI was able to earn or obtain, then save and invest. In the current recession, these funds have kept COSI from running aground again.
15. These critical funds came from: Cutting costs Plugging cash leaks Raising prices Creating new revenue sources
17. Cutting Costs: Custodial Savings We’ve cut back on custodial services. We’ve also kept a close eye on guest feedback to make sure we’re not cutting too deeply. We’ve prioritized our custodial resources by paying close attention to entry and exit points, and especially bathrooms. Team Members clean their own offices, too.
18. Cutting Costs: Energy Savings Thanks in part to the results from a 2008 energy audit, we’re saving $140,000 a year in energy costs. We installed a variable air volume system , meaning our air handlers don’t run at 100% all the time anymore.
19. Cutting Costs: Energy Savings COSI also reduced its lighting time, allowed building humidity levels to climb from 50% to 60%, and eliminated paper towels. Getting rid of paper towels is saving over $5,000 a year. It’s reduced our labor costs, and it’s greener, too.
20. Plugging Cash Leaks We’ve eliminated several business practices where we routinely left cash on the table, especially at our Box Office: Eliminated free teacher admission (now a $5.75 discount) Eliminated free military admission (now a $2 discount) Teacher Admission: COSI was about the last big institution in our market still giving teachers free admission. We were giving away over $70,000 in free teacher admission every year. There’s been some pushback, but it hasn’t been too painful.
21. Raising Prices We spend a LOT of time debating pricing these days. Our pricing discussions are often intense conversations among large, diverse groups. Every month, COSI’s STAR Team meets to review attendance and revenue figures, debate the causes of successes and shortcomings, and to set and review pricing.
22. Raising Prices In many instances, COSI has elected to raise prices. Museums often undervalue and underprice what they offer. We often attempt to build access into a price point, pushing prices artificially and unsustainably low. We now separate our access discussions from discussions about pricing and consumer value.
23. Raising Prices “ If you’re going to pull one lever, raise prices.” Emily Rhodes Typical profit increase by action: Lowering fixed costs – 2.7% Higher sales volume – 3.7% Lower variable costs – 7.3% Raise prices – 11% increase* * 1% improvement in price, variable cost, volume, or fixed cost with corresponding change in profit. Source: The Pricing Advantage
24. Where to start raising prices? Look at programs and events that you typically sell out – it’s a good place to apply a value pricing study. Raising Prices To set prices, COSI has adopted a value-based pricing system . Value-based pricing uses customer feedback to gauge what customers will pay for a given product or program. COSI uses data gathered through online surveys to determine how prospective customers value programs and products.
25. Raising Prices At what price do you think the program is too expensive to consider purchasing it? At what price do you think the program is so inexpensive that the quality cannot be very good? At what price do you think the program is beginning to get expensive, so purchasing it is not out of the question, but you would have to give some thought before buying it? At what price do you think the program is a bargain?
26. New Revenue Sources Public-Private Partnership Initiative General Admission Add-Ons Ancillary Income From Members More Special Events New Adults-Only Events Welcoming Building Partners (tenants) The Zula Patrol Partnership
27. Public-Private Partnership Initiative The PPPI is a combination of support from the City of Columbus, Franklin County and private investors. The PPPI was created to give COSI funding for two years that would allow for a period of re-engineering – a time to examine the best practices of COSI and the industry; identify, pilot and test opportunities and create a new business model.
28. Public-Private Partnership Initiative The PPPI has bought COSI time: time to break our “survival mode” cycle and to test and implement the cost-saving and revenue-generating initiatives in this presentation.
29. General Admission Add-Ons Upcharge experiences like Titanic: The Artifact Exhibition produce revenue and give COSI an opportunity to reach new audiences.
30. Ancillary Member Income COSI established a new “Premium” Membership category. It costs $37 more than our standard family membership. We’ve sold over 600 in about a year.
31. Ancillary Member Income We also created a new “Family Access” membership for low-income households that’s just $25. We’ve sold over 3,000 Family Access memberships.
32. (Lots) More Special Events We’re offering more low-cost “Fun Days” and “Science Days” to help drive attendance. Character appearances are inexpensive and drive foot traffic - sometimes too well!
33. Sweet Science Adults-Only Events This is a new venture for COSI, and we’ve had mixed success. Our numbers have been good, but we’re just breaking even. Still, we’re getting to know a whole new audience.
34. OSU’s Labs in Life Building Partners We’ve opened our building to a number of “licensed use of space” tenants, including a TV studio, a high school, OSU researchers, and more. Pays dividends in many forms!
35. The Zula Patrol Partnership COSI has partnered with The Zula Patrol children’s TV show to create a line of themed products for museums to buy and rent. Every sale means revenue.
36. Looking Ahead: COSI 2012 Greater financial stability, and a new business model for the 21 st century. Kim Kiehl: Losing the levy was the “best thing” to happen to COSI – it forced us to reinvent how we do business.
37. Questions to ask? Ideas to share? Please contact Doug Buchanan COSI Education Programs Marketing Manager at dbuchanan@mail.cosi.org Your support for OMA makes sessions like this one possible – THANK YOU!