The objective of the panel will be to present some thoughts on how to phase out of an independent consulting practice and still have a revenue stream. We may not have an answer for everyone, but the thought process of the panel members and strong audience participation may well provide some interesting alternatives.

Rick Schilling will chair the session. Each panelist will have 6 minutes to share his thoughts on the topic. Audience questions, comments and discussion will follow.

Panelists:

Bill Hyczka founded WSH & Associates in 1990. Bill has been a business broker for 23 years and has 40 years experience in accounting, finance, M&A, business plans, valuations and consulting. Bill is a founding member of the Pennsylvania Business Brokers Association and currently serves as a PBBA Board member and Treasurer.

Barry Meyers is a co-founder of Definiti Business Solutions, a strategic advisory firm specializing in bottom line improvement for small and mid-sized companies. He has over 30 years experience in IT in textiles, paper, printing, newspaper, apparel, manufacturing and distribution. Barry has held director and manager positions for small to medium sized companies and management positions for start-ups and a Fortune 500 company.

Jan Stefanski co-founded Janus Consulting and has over 30 years experience in planning, design and implementation of various business solutions. He makes “fuzzy things clear”, assisting clients from “idea crystallization to internalization”. Jan consults to a wide range of domestic and international industries including pharmaceuticals, chemical, education, newspapers, non-profits and financial.

Rick Schilling established his staffing firm in 1992 after a 19-year career in commercial banking and 4 years in the construction equipment leasing industry. Clients use his cadre of experienced professionals to complete specialized projects and to fill interim and full time staff vacancies in middle management and senior positions.

Bruce Govan participated in a panel at a Mid-Atlantic Consultants Network meeting, where he explained the value of building relationships with your “competitor” consultants through settings such as MACN. While they may be competitors, they may also represent potential resources that can help you better serve your clients.

No one person can possibly answer all client needs. Bruce related a story where he was called by a “competitor” who had been hired to conduct an in-depth assessment of a skiing resort. The competitor didn’t ski, but Bruce was an avid skier and could help with the assessment of that aspect of the business. Not only did he get more business, he also got several days of free skiing.

Part 2:

• You had a great year and are grateful for things you did differently in 2009 from the prior year that helped you thrive and prosper.
• You had an OK year and you plan to continue on in much the same fashion in 2010, maybe making some small changes and adjustments.
• You had a lousy year and are unhappy with your results across a number of metrics and know you have to do some things differently next year….but may not be totally clear of what to do.

On December 14th, we will devote the first half of the Mid Atlantic Consultants Network (MACN) monthly meeting at Merrill Lynch office in Wayne to a review of the One Page Business Plan process for consultants. Skip Torresson (The Stewardship Group) will facilitate the process. You will leave with a template that you should find useful for 2010.

We also will invite consultants to share what they did differently in 2009 that really produced good results for them OR what they plan to do differently in 2010 that they believe will produce better results next year.

MACN members who made some changes that worked well for them in 2009 will share them with the group. A number of you made significant changes to your business as the result of 2008 results you weren’t satisfied with. The changes, and the process you went through, could be invaluable to others. The learning from planning is what this meeting is all about! Come share and learn!

We will start promptly at 7:30 AM. See you then!

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Starting a business during a recession, or even continuing the growth of an existing business, requires a good, written, strategic plan. It’s not enough to know how to put a business plan together.  The key to success is to actually create a plan and then execute on it. Here are 10 pointers to help start the process:

1. Market: Research the market for your product or service. Perform 1st-hand research of customers (or potential customers), employees, vendors and competitors.
2. Value: Determine your value proposition. What can you offer to meet the need of the market? How will you meet the need better than the alternatives? Will you have a superior product, will you market it better, do you have first to market advantage, will you price more aggressively or will you have better customer service?
3. Delivery: Determine your means of producing or delivering your product or service in a superior way. Include development, fulfillment, customer service and administration.
4. Customer: Analyze your target customer. What is the universe for your product or service? Who is the ready, willing and able buyer within that market? How can you define them geographically, demographically and from a marketing perspective?
5. Mission: Craft a mission statement addressing desired size of business, type of entity, growth or income goal, industry in, industry position, company advantages, sought revenue and other overall goals.
6. Management: Assess management and staffing needs. What strengths does the management team currently have and what do they lack? What new positions will you need to hire on in the next year? Who needs to be replaced? What staff skills and growth training can occur to invest in your team to better them?
7. Finance: Look back three years (if available) at financial statements. Do monthly projections for the next year and annual ones for 2010 and 2011. What expenses need to be cut, what revenue areas need to be pushed, where is investment needed for the best long term growth?
8. Milestones: By department, lay out short and long term quantitative and qualitative goals and the action plan to achieve each.
9. Risks: To show investors, a board or yourself, that you have thought through challenges you may face and how you will face each head on, clearly articulate key possible challenges you may face. They may relate to the economy, funding, limitations of the team, development risks, market risks or others. Be honest; what do you worry about regarding this business?
10. Learning: Continue to gather more skills and knowledge. Read books, take classes, participate in webinars, attend tradeshows, etc. which address business and strategy generally and your market specifically.

Research, strategize, plan, take action, persist. Repeat.

Entrepreneurial Consulting has prepared a PowerPoint that outlines the basic components and the process needed to create a successful business plan.

Adam Moskow, President of Entrepreneurial Consulting, can be reached at 610-457-9563 or email amoskow@entrepreneurialconsulting.com