Your business has just survived covid19 and may have no formal plan of where you’re going and what is next. If you are looking for funding or just want to be clear and targeted, then a revamped business plan is essential.
What steps would HR VECTRO take in helping you with this:
- Review how you are positioned currently – so go through what is in the public domain, and your confidential brief under a non-disclosure agreement.
- We’ll have a detailed conversation, preferably face to face even if using video [we’ll help with that setup if needed]. During this meeting a lot of questions will be asked, not to interrogate, but to get to know the business now, where you want it to be in the future, and when. We’ll also get to know the key colleagues. Identify any hurdles [for example, there could be a maximum production amount or x number of trained staff for delivering a service]. Confirming your the margins today, and what you want them to be, we’ll also agree who is the audience for the plan. All of that good stuff and more.
- Research is then conducted to fill any gaps – competitor analysis, market sizing, options for export, support from elsewhere, training & development of your people capital.
- The first draft of the business plan is pulled together and sent to you for your review. SWOT, PESTLE, competitor analysis, segmentation, routes to market, stakeholder analysis, marketing communications strategy, pricing, product positioning, financial overview, and essentially the HR plan. We have Marketing & IT colleagues too.
- Once the feedback is received then the plan is finalised and presented to you for your implementation without or without our services.
Typical questions we are asked:
How long does the process take?
That varies by the business. Typically, from first meeting to first draft would be a week or two. It depends on the amount of research that is needed and how quickly you respond to qualification questions when drafting is taking place.
Do you ever say a business is not viable?
In short, yes if the market sizing is not there, if the pricing can’t be achieved and the company would lose money, then yes we tell you that. Tough love is difficult, but it is the best thing at times.
Can you give ongoing advice and support?
Yes, please see Business Mentoring above.