Supporting you to PREPARE for the expansion of the early years entitlements.
PREPARE
PREPARE is a very simple acronym to set out a process to support providers to plan for the expansion of the extended entitlements and wraparound care.
PREPARE is a series of steps, organised in a way to review a business, take stock of the current business and its finances to support decision making for the introduction of the extended entitlements and wraparound care in a setting.
To assist with each step, we have created a series of short, recorded videos. The first series is made up of eight short, recorded sessions all 10 – 25 minutes which providers can access at times that suit.
Providers can access as many or as few as required based on individual requirements. It is essentially a pick and mix selection which recognises that childcare providers experience, confidence, and time to dedicate to business support activity varies. Because they are recorded, they can be revisited if needed.
Introduction: Preparing for the expansion of the extended entitlements and wraparound care:
- Provides an overview of the expansion.
- Explores the PREPARE methodology as a format to support providers with their business decisions.
- Provides information to support providers to develop their own action plan for the introduction of the expanded early years entitlements and wraparound care.
1) How to conduct a PEST Analysis
PEST Analysis is a tool that enables you to analyse the Political, Economic, Socio-Cultural, and Technological changes in your business environment. Conducting a PEST analysis will allow you to maximise opportunities in relation to the new childcare roll-out.
2) Market analysis – mapping supply and demand
How to use internal data and how we consider what is happening locally to consider whether supply and demand in our area is increasing or decreasing.
3) SWOT analysis
A SWOT allows you to look and the strengths, weaknesses, opportunities and threats in relation to your business; helping providers to think strategically about what might be on the horizon for their setting.
4) The importance of occupancy
A consideration of why occupancy is important. This is a step-by-step guide to help you understand your numbers.
5a) Finances matters - Income and expenditure, budgets and cashflow forecasts
A look at why finance is important; sharing simple techniques to help get finances in order and better understand your numbers.
5b) Finance Matters - Breakeven analysis
Breakeven is the point where a business is neither making a profit nor a loss. Anything earned below the breakeven point means the business is making a loss, and anything above it means the business is making a profit. This is important as it helps a business set fees and control costs at a level that will make sure the setting is sustainable.
5c) Finances matters - Profit and loss, monitoring and financial controls
A consideration of profit and loss, and the financial controls to help make sure the money within an organisation is spent and earned as intended.