Revenue Generation Project

Tender description

The organisation has been more aligned to managing budgets than raising income and lag other navigation authorities in generating income to support our expenditure profile and needs. There is a requirement to develop alternative and new sources of income to improve the financial sustainability of the Body. To support existing services and to grow new initiatives it needs to work in new ways which generate additional income. There is a need to recognise and leverage the potential value of our assets and services including the value of staff skills and expertise. Waterways Ireland’s enhanced focus on commercial income generating activities will require development and embedding of a business acumen across the organisation. However, we must also be realistic that the commercial opportunities open to the Body may be significantly impacted as a result of its statutory framework. Commercial income generating activities must be in alignment with the organisation’s remit and its legislative basis. Commercial activities also need to avoid unfair competition to local businesses. To ensure that Waterways Ireland is appropriately funded, with both the investment and working capital required to effectively deliver its long-term goals, there is a need to develop and deliver on an Income Generation Strategy. It is proposed that, initially, external commercial expertise is engaged to evaluate and explore additional commercial income generation ideas through the development of this Strategy. It will provide a framework for the scoping, development, implementation and management of a range of income generation and commercial opportunities within Waterways Ireland to complement other sources of funding and enable the organisation to fulfil its Long-Term ambitions