Although Liz Beavis, MD of Financial Management Bureau (FMB), had plenty of ideas about diversifying her business offering, she knew she would need a lot of help to turn those ideas into viable new products and services. Fortunately, the Innovation Development Programme came along at exactly the right time.

FMB has been providing independent financial advice for 31 years from its offices in Kendal. “We like to retain the family ethos but we’ve always recognised the need to be innovative,” says Liz. “My father, one of the founders of the business, was always looking to be one step ahead. So we’re still asking ‘How can we improve and look for more opportunities?’.”

The programme, delivered by Lancaster University Management School, is a new initiative for senior decision makers of Cumbria-based SMEs. “The programme was brilliant timing for me,” Liz says. “I was thinking about how to appeal to different audiences in different ways, but I didn’t know where to go with it or how to deliver it commercially. Suddenly there were people who could help us develop our ideas and show us how to get to market.”

One of her ideas was to develop a financial education package to benefit those who might not otherwise seek financial advice. “Our motivation for running the business is to help people have better lives, and there’s a lot you can do to help people understand where they are with their finances, without seeing an advisor,” she says. “The forum really helped me to focus in on how do you deliver that, who do you deliver it to, and how do you charge for it.”

Using the tools introduced on the programme, in particular the Business Model Canvas, she was able to identify a path to pursue - targeting companies who could pass on the package to their staff as a benefit. Soon a fellow member of her cohort had invited her to trial the idea at his company and so was born FMB’s innovative Flourish, Prosper & Thrive product, for three different stages of life.

“That ability to interrogate the business model really had a significant impact,” Liz says. “But what surprised me more was how much you can learn from the other people on the programme – the trusting relationships you build and the support you give each other.”

The programme also gave her fascinating insights into the latest academic thinking and these were put to the test on the Open-Innovation Challenge at a major regional business: “It was eye-opening to work with a company like that and to realise that they don’t have all the answers either – that bringing in other people and using other channels can help develop innovation.”

“I finished the programme with a head buzzing with new ideas, but also with an increased knowledge of how to develop them into a tangible business stream.” Those ideas, she says, range from another new service, for elderly and vulnerable people, to future technological possibilities such as apps and video channels. The ongoing links with the University should prove useful here, with options including engaging students on market research and projects with the Faculty of Science & Technology.

The most valuable lesson she has learned? “Don’t be afraid to try. Have the confidence to go with it, tweak it – and see where it takes you.” While we are talking, Liz receives an email saying that another company has come on board with their financial education package. “It just goes to show,” she says. “Don’t put it off. Go with it!”

The Innovation Development Programme, part of Cumbria Innovation Platform, is a four month programme designed to help owner-managers, MDs and senior decision makers of SMEs to grow their businesses. This programme is fully funded and available to European Regional Development Fund eligible businesses. Contact Jane Hunter on 01524 593679, email innovationdevelopment@lancaster.ac.uk or visit lancaster.ac.uk/lums/idp to find out more.

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