In this blog posting, I am providing a RISE Peer review for Antonio Vincent. This review is for business plan he developed for his business concept “Antonio Vincent & Partners”. The intent of this review is to REFLECT on what he has prepared and my understanding of the plan, INQUIRE about information provided or questions I had after reviewing the plan, SUGGEST ways to improve upon the busines plan or ways to further improve upon the plan, and lastly providing thoughts on how to further ELEVATE his busines plan to the next level. hat came to mind as I reviewed his business plan.
Click here to access the business plan I reveiwed —–> Antonio Vincent & Partners
Good afternoon Antonio,
I love the idea of creating a consulting firm. It is a vary bold, big, and demanding business to consider. It seems after reviewing your business plan that you are (as noted in your plan) seeking to be an all inclusive, full service consulting organization. This includes human resources, staffing needs, branding and brand awareness, and improved customer relations. In many ways, it seems that this business could be broken into two or three independent businesses which could work in collaboration with one another under a umbrella corporation. Am I understanding your plan correctly, that your interest is to work long-term with three primary clients in your first year of operation? This seems to be my understanding after review of the sales process and structure section of your business plan. If this is the case, will you only be working with large clients that could support your anticipated yearly expenses, or will you consider allowing smaller clients with lower income resources, an opportunity to work with Antonio Vincent & Partners? Will you adapt if more than three clients are interested in your services in the first year? Similarly, do you intend to start out the gate will all services available at one time, or will the services be added and expanded based on your initial client needs? Having too many services without client support for all areas your are considering, could place a strain on the finances for your company.
How would you expand upon how you have identified and listed your services? For instance, when recruiting talent for businesses, is this from a pool of readily available employees for both short and long term situations? Is the recruiting/talent acquisition similar to other existing employment agencies, or are you acting as a head hunter to find the perfect match for a permanent opportunity within the business? How would you market yourself in this category, differently from other agencies. Where it seems you would have greatest interests (based on this degree program) is your interest in working with a client on brand awareness. This could coexist with your video/interview interests. If you had to choose only one facet of your business to begin with, what one service or asset would you try and promote? This is something I am having to consider in my own business plan. It seems that having a targeted focus on one or two of your services, will help you further define your business, as well ease your business into the necessities of physical space, provide more targeted promotions of your business, and potentially minimize the pressures of opening a new business.
In reviewing the last segments of your business plan, you reference a staff of 15 people working full time. However, in your financials, you only reference a staffing and payroll of $20oo for your initial startup, however ongoing payroll for the first year is not identified. What will be your ongoing payroll fees? This is something I would really consider exploring. Maintaining a staff of 15 employees for a year, will be a considerable investment for not only payroll, but employment and federal taxes. Can your business begin with just yourself, and potentially one or two partners? Consider how you would manage all areas of your business with a smaller staff. It may be a very large leap to fully staff your business (from a financial perspective) without a standing client base. I would also suggest adding in research or information about your intended source of funding. Is this all private/personal investment in the business? Or, will you be seeking small business loans, credit cards, or other sources of funding? Defining your options available, and what will be a realistic opportunity for funding will be an important element to define in your business plan. My other suggestions are strictly form the original assignment instructions. I would certainly add a cover page to your business plan, the table of contents, and make use of the appendix. In my particular plan, I was able to not only add in my research sources, but my SWOT analysis, and metric charts I discovered when looking into the trends and viability of my business within my industry of choice.
So, the fun part is always looking at how you can take this business, and your business plan to the next level. For myself, I know I need to dig deeper into both the analysis of finances required, and the source for my startup funding. This will be important to minimize any surprise expenditures, as well as keeping my business focused in it’s startup and growth. I would consider exploring these element more in-depth, especially with a business concept that is as large as Antonio Vincent & Partners. I would specifically consider your staffing and equipment costs. Could you potentially provide a cost analysis that has different figures based on expected number of employees? Your equipment and salty costs will adjust dramatically, dependent upon the size of business you begin with. Also, further define the services so there is more detail in what each component of your business would include. This might be easily accomplished by asking the questions, “what is my greatest strength in this business?” “If my clients only chose one piece of my business as their primary interest, what one area would I most want my business to represent?”
In all, you have created a great concept (though broader in size and scope than I am willing to take on in my own personal entrepreneurial interests), and there is indeed considerable demand today human resources services, as well as creating brand awareness. Keep the vision alive, scale your business idea as necessary to allow your idea to unfold and become a reality. I know I will be brining greater focus to my services offered, as well as further consideration of my own cost of operation and as well as my funding sources.