At Quintas based in Cork, Ireland we can assist with your Strategic Planning, which is a valuable process that structures your day-to-day business, establishes a clear direction and focus that lays the foundation for future development. This Strategic Plan is usually laid out over three to five years.
Strategic Planning involves the thorough review and analysis of where the business is today and from this detailed analysis a clear road map is put in place to achieve future targets. Part of the strategic planning may involve the following;
"Root and Branch" Business Analysis
This is a review of your business from top to bottom. It identifies areas of strength and weakness.
This involves meeting all management levels (from junior up) to discuss the processes that each individual would stop using, start using and continue using.
A SWOT analysis is a report on the Strength's, Weaknesses, Opportunities and Threat's of your business, paying particular attention to the top five under each heading.
From the "Root and Branch" Analysis and "Stop, Start and Continue" Process an Organisation Chart will be developed. Once this is complete, key staff positions will be evaluated.
Part of the Strategic Planning involves identifying your competitors in the market place. This would involve evaluating their current financial position, customer base, product/service offering and general market perceptions.
Every business needs to have structured meetings. These meetings need to measure specific key performances in their business. KPI's (Key Performance Indicators) should be tracked weekly, monthly and quarterly by management.
Director meetings are the most important meetings a company has. Where weekly/monthly/quarterly KPI meetings are designed to follow a particular path, monthly director meetings basically evaluate the overall performance of the business and decide on and maintain the direction of the company. All directors meetings should have an agenda, be minuted and logged for a review at a later date. We attend the initial meetings until the team is up and running sufficiently.
Once your competitor analysis is complete, your business may decide that as part of the growth plan you may need to acquire a competitor or merge with a company that enhances what you already have. Part of this process involves preparing your business for this next step. This may involve bringing in additional resources and experience.
Your Strategic Plan for your business, having taken in all the points above, may mean that to get to the next level funding is a requirement. The Strategic Plan will include a funding section, documenting the type of funding, the amount of funding along with projected key profit and loss account and balance sheet figures. This enables any potential investor, be it a bank or otherwise, to have an instant overview of your business and the direction you plan on going in.
Part of any Acquisition or Merger involves a Due Diligence to be completed on this business. A Due Diligence will take the form of a Financial and Legal examination.
Each business owner needs to have an exit strategy. This becomes more pertinent when the business owner may have sons or daughters that want to take over the running of the business. A complete road map needs to be put in place documenting what needs to be done, funding, the tax implications and tax planning.
As part of all strategic planning the process also looks at your structure and whether or not the current structure is adequate. This may be as simple as a Sole Trader/Partnership changing to a Limited Company to large corporate groupings. Quintas can advise on the correct and most efficient structure for your business.