Business planning It takes a vision, and more...

The situation
This start-up division of a large company had plans for repurposing the company’s online content into new markets. A core team of executives was hired and charged with making products. This team knew it needed a sound plan and strategy for launching a brand. They retained O’Donnell & Associates to help them step back and develop the business plan.

The process
O’Donnell & Associates worked with our client in several phases to develop the plan. First, we conducted an off-site two-day strategy workshop and retreat. As a team, we closely explored and defined the target audience and their needs. We reviewed the competitive landscape. The executives created a vision for what the company would look like in three years, and what benefits it would offer its customers. O’Donnell & Associates came to the workshop with a series of strategic alternatives for the company. By analyzing and critiquing these alternatives, the team was able to shape a broad strategic vision for the brand.
Now that the vision was established, our client hired O’Donnell & Associates to turn this into a business plan. We put together a team of three consultants with complementary expertise. Working very closely with our client team, we developed a document that this team could take to the company’s CEO and Board for approval. We included a market overview (including market sizing), analysis of the competitive environment, a SWOT analysis (strengths, weaknesses, opportunities, threats), a business model, goals and objectives and strategies, and a list of critical success factors. We provided input on a proposed P&L and balance sheet that was part of the corporate presentation.

The results
The plan was approved by the corporate board and the new brand was launched. As with all new businesses, particularly in the emerging online world, the strategies have shifted over the past several years. But, the company, and its management team, turned back to the vision and success factors time and again as customer expectations, the competitive environment and their strategy changed.