Income Generation
Client Context
The City of London Corporation is one of a kind. As the governing authority for the historic and financial centre of London and the UK, it oversees a large range of commercial operations and owns some of the city’s most economically and socially valuable assets. These include well known venues such as the Barbican Centre and the Guildhall School of Music and Drama. Despite its impressive base of assets and income streams, the loosely federated nature of the Corporation’s various departments and institutions meant that it lacked a single view of its commercial activities or their collective performance.
Our Approach
Working at pace to maximise the benefits for the Corporation during budget setting, we:
Collected and analysed data on income generation activities across the Corporation, collating and standardising this to form a structured portfolio.
Developed BI dashboards to summarise key information across a complex portfolio for decision makers.
Developed an organisational heatmap to show which services were maximising the benefit of commercial income sources.
Engaged with colleagues from Commercial, Finance and services to gain insight into current practices.
Undertook an assessment of the Corporation’s overall commercial capability, capacity and performance against our Commercial Maturity Model.
Identified organisational gaps and areas where improvements could be made, whilst also highlighting pockets of best practice that could be scaled across the Corporation.
Developed actionable recommendations for immediate, medium and long-term opportunities.
Outputs and Outcomes
Key outputs and outcomes from the work included:
An in-depth diagnostic review of income generation, including an analysis of current income initiatives and recommendations for expanding the Corporation’s income portfolio.
The consolidation of over £140m of income across 90 different service lines into a corporately managed commercial portfolio.
A new commercial governance framework for the Corporation to effectively and efficiently prioritise progress and manage new and ongoing income opportunities and commercial projects.
A commercial strategy and supporting implementation roadmap, to focus the Corporation’s commercial growth over the next 4 years, including specific prioritisation and timelines for key activities to enhance the commercial maturity of the Corporation.
Detailed business cases for opportunities across Fees and Charges, Events, Filming, Advertising and Sponsorship, totalling £6.1m in new and increased income. Business cases were supported by mobilisation plans to allow opportunities to proceed to immediate delivery once approved.
A comprehensive Commercial Toolkit to improve the generation of ideas, development of opportunities and management of projects on an ongoing basis.
About Us
Human Engine is a leading management consultancy with specialisms in strategy, transformation, digital, commercial, procurement and projects.
Founded in 2018, we have partnered with more than 50 local authorities, central government, NHS organisations and national charities to help transform their strategies, operations and cultures.
Our mission is to help individuals and organisations to do the best work of their lives. We do this by blending first-hand, practical experience of the problems we help our clients solve with award-winning consulting expertise and an approach based on trust, collaboration and partnership.