Developing a Financial Model for Destinations Business Plan
Waltham Forest was developing a destinations business plan which proposed interventions to deliver a cultural offer across the borough, as well as commercialising cultural sites to ensure their sustainability. This aimed to improve the cultural offer to borough residents without creating additional long-term cost. 31ten was responsible for creating a bespoke financial model to identify the impact of the proposed interventions. The model was to take a commercial approach to understanding the viability of the sites on a standalone basis.
The Role
We adopted an iterative approach to developing the model, starting with a skeleton and then refining this as inputs became available. The model included ‘baseline’ and ‘proposed scenario’ positions to identify the impact of the interventions for decision-makers. The design of the model allowed an unlimited number of interventions to be included if required. Alongside the model development, a large part of the role was working with wider stakeholders to ensure robust inputs, as well as results that could be widely understood.
Key Outcomes
31ten successfully delivered the financial model which was used in the Business Plan and well received by stakeholders. Key outcomes included:
- A flexible model that could accommodate varied assumptions across diverse intervention types
- Robust assumptions and wider buy-in through close collaboration with others inside the organisation
- A clear understanding of how the commercial position translated to local authority budgets
- Bespoke outputs, allowing clear comparison to the baseline position
- Achieving cabinet approval in December 2022
