Revenue
Expenses
EBITDA
Net income
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Written by Dave Lavinsky
Business Plan Outline
Start Your Consulting Firm Plan Here
If you need a business plan for your consulting business, you’ve come to the right place. Our consulting business plan template below has been used by countless entrepreneurs and business owners to create business plans to start or grow their consulting businesses.
Important note: If you are looking for a business plan consultant , specifically, a consultant to help you write your business plan, we recommend Growthink who offers a business plan consultation service here.
Below are links to each section of your consulting business plan template:
Next Section: Executive Summary >
What is a consulting business plan.
A consulting business plan is a plan to start and/or grow your consulting firm. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan, and details your financial projections.
You can easily complete your consulting firm business plan using our Consulting Firm Business Plan Template here .
There are many types of consulting firms. Most consultant companies are in business concentrations such as Management, Strategy, Operations, IT, Human Resources, Financial Advisory, and Marketing/Sales. There are also firms that are singularly focused such as those that offer business plan consulting.
The primary source of revenue for consulting firms are fees paid by the client. The client will either sign a contract or agreement of the services it will choose and the pricing for those services beforehand.
The key expenses for a consulting business are the cost of leasing the office, employee cost, marketing/advertising costs, and any office technology or software.
Consulting businesses are most likely to receive funding from banks. Typically you will find a local bank and present your consulting business plan to them. Angel investors and other types of capital-raising such as crowdfunding are other common funding sources.
Starting a consulting business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Consulting Business Plan - The first step in starting a business is to create a detailed consulting business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your consulting business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your consulting business is in compliance with local laws.
3. Register Your Consulting Business - Once you have chosen a legal structure, the next step is to register your consulting business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your consulting business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Consulting Equipment & Supplies - In order to start your consulting business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your consulting business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful consulting business:
You can download our free consulting business plan template PDF here . This is a sample consulting business plan template you can use in PDF format.
Get this complete sample business plan as a free text document.
Start your own business consulting business plan
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
Growth Management and Strategies (GMS) is an ambitious innovative new company that is attempting to turn the small business consulting business on its head. With an experienced consultant at the helm as President, GMS intends to grow at more than 50% per year through solid customer service, a great sales plan, proven competitive strategies, and a group of people that bring dynamic energy to the company and the sales process.
The goal for this plan is financial: GMS needs a Small Business Adminstration (SBA) loan, and this document is one step in the process. It is also a road map for the company. The document gives all present and future employees, as well as the owner a sense of purpose that may exist without the business plan, but becomes more relevant after the business plan is written, reviewed, shared, and edited by all. It is a living document that will last far beyond the SBA loan purpose, or if that doesn’t occur, to bring an investor on board.
GMS’s financials are realistic, and based on very conservative sales figures relative to the industry as a whole. That is because one of the goals of GMS is to build the business one client at a time, and to serve each client as if it were the last. This is how loyalty is generated, and cultivated. Customer service is what GMS will do best, and is a large part of the company’s overall mission.
The objectives for Growth Management and Strategies are:
The company mission is to serve small business clients that are in need of logistical, technical, and business strategy services. All projects will be chosen based on the availability of human resources, and each individual employee will be given the respect of a contract worker, and will share in profits for each job. Politics have no place at Growth Management and Strategies, and to limit the affects of favoritism, the company will implement and clearly communicate a performance review policy that applies to those at the bottom as well as the top of the leadership ladder. Credit will be given to the person who performed and/or innovatively modified a project, and compensation will be both financial and in the form of commendation.
Growth Management and Strategies is a company that respects the needs and expectations of its employees and clients. If either is compromised, adjustments will be made so that the company culture may remain intact.
Our keys to success are:
Growth Management and Strategies was established as a C corporation. The company’s headquarters are located in Boston, MA, near Copely Place. The company was established as a result of the efforts of its owner, Bill Dawson, and his experience in leading small businesses into prolonged periods of growth and innovation. Dawson worked for McKinsey before being hired away to Bain and Company. A Harvard graduate, Dawson spent hundreds of hours each week for nearly a year, slowly building the company to where it is now.
The company has had numerous successes this year, including one client that was purchased by a major multinational conglomerate, and another that experienced product sales growth of over 700% the first year.
This start-up summary table lists all the costs associated with establishing a lease, purchasing office equipment, and pulling together the other resources necessary to get the business off the ground. Furniture, LAN lines, and additional technology purchases are a must in order to properly communicate with clients, and to establish a website.
Other services included in the start-up summary are legal consulting fees, kept to a minimum thanks to resources provided by Nolo. Incorporation fees are included in the legal fees line item.
The free cash flow (cash balance) appearing in this start-up table is high relative to other small consulting businesses of its size. The owner is preoccupied with maintaining positive cash flow, and is risk averse enough to understand that during months in which contracts are not available, the corporation must sustain itself. With this said, planned debt leverage is low, therefore risk to the lender is relatively low as well.
Start-up | |
Requirements | |
Start-up Expenses | |
Legal (Incorporation, Books) | $350 |
Stationery, Basic Office Supplies, etc. | $300 |
Collateral Materials (Printing and Design) | $1,500 |
LAN, Wireless Network Setup | $550 |
Business and Liability Insurance | $250 |
Lease Deposit and First Month | $5,400 |
Market Research Data | $1,250 |
Website Hosting | $100 |
Computer, Printer, other Expensed Equip. | $4,500 |
Total Start-up Expenses | $14,200 |
Start-up Assets | |
Cash Required | $45,800 |
Other Current Assets | $0 |
Long-term Assets | $0 |
Total Assets | $45,800 |
Total Requirements | $60,000 |
Start-up Funding | |
Start-up Expenses to Fund | $14,200 |
Start-up Assets to Fund | $45,800 |
Total Funding Required | $60,000 |
Assets | |
Non-cash Assets from Start-up | $0 |
Cash Requirements from Start-up | $45,800 |
Additional Cash Raised | $0 |
Cash Balance on Starting Date | $45,800 |
Total Assets | $45,800 |
Liabilities and Capital | |
Liabilities | |
Current Borrowing | $0 |
Long-term Liabilities | $25,000 |
Accounts Payable (Outstanding Bills) | $0 |
Other Current Liabilities (interest-free) | $0 |
Total Liabilities | $25,000 |
Capital | |
Planned Investment | |
Dawson | $35,000 |
Other | $0 |
Additional Investment Requirement | $0 |
Total Planned Investment | $35,000 |
Loss at Start-up (Start-up Expenses) | ($14,200) |
Total Capital | $20,800 |
Total Capital and Liabilities | $45,800 |
Total Funding | $60,000 |
Growth Management and Strategies is wholly owned by Bill Dawson, and is classified as an LLC.
Growth Management and Strategies offers a variety of services to the small business client. Many of the services are customized for each client, and a bidding process is observed. The company also offers a traditional fixed rate sheet for its services.
The target customer owns a small business, and is generally dissatisfied with the revenue that the business is generating, or is dissatisfied with the daily management of their business. The customer is likely to operate a business worth between $200K and $10 million, with growth rates of between 1-10%, or even a negative growth rate.
Market growth, that is, the predicted growth in the small business sector within the Boston/Cambridge Metro area is expected to be around 3% per year. This may increase due to additional SBA lending programs designed to match the strengths of research and faculty grant work with the needs of the market and small businesses willing to take new products to market. Regardless of the market growth, the company’s customer base is far more dependant upon service needs, and a solid reputation. Mr. Dawson is well respected within the community, and has built a number of relationships with high profile individuals, and is a frequent contributor to the business section of the Boston Herald.
The corresponding market analysis table below breaks the potential market down into tactical sub-markets.
These are not the only differentiators used to determine the market potential for a client, they are simply a starting point for the sales team as they reach out to this group of small businesses, owners and investors.
Market Analysis | |||||||
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
Potential Customers | Growth | CAGR | |||||
200K – $500K Revenue | 4% | 1,250 | 1,300 | 1,352 | 1,406 | 1,462 | 3.99% |
$501K – $3 million Revenue | 1% | 320 | 323 | 326 | 329 | 332 | 0.92% |
$3 million – $10 million Revenue | -5% | 129 | 123 | 117 | 111 | 105 | -5.02% |
Other | 0% | 0 | 0 | 0 | 0 | 0 | 0.00% |
Total | 2.82% | 1,699 | 1,746 | 1,795 | 1,846 | 1,899 | 2.82% |
The target market strategy involves isolating potential customers by revenue, then drilling down to very specific needs via the sales team’s needs analysis methodology.
The first tier customers, businesses with over $3 million in revenue, is more experienced in outsourcing and may find themselves more comfortable hiring Growth Management and Strategies on retainer. Strategically, a retainer helps maintain consistent cash flow, even if during some months these customers will require more services than what they have paid for that month. This issue will be addressed in the Personnel topic.
The second tier customers, those businesses operating at revenue levels of $501K – $3 million, typically are very excited to have moved out of the home office stage, and into a new level of stability. If they are self-funded, these businesses can be the most challenging to work with because they are often not willing to part with company shares, and don’t yet have a sense of what kind of marketing investment is necessary to grow a business at this stage. The company will serve these small businesses based on a bid cycle, and needs analysis.
The third tier customers are easier to identify, and more ubiquitous than the rest. These small businesses are operating on $200K – $500K in revenue, often are operating out of a home, and have a firm sense of their market and potential, yet have trouble executing their plans effectively, or following through on growth strategies that generate wealth. Again, the strategy is to provide these businesses with a short needs analysis, and focus on the quantity of such customers to maintain a solid revenue stream.
This industry is split up between a variety of players, including small businesses advising small businesses, such as the case with Growth Management and Strategies, to large conglomerate multinational consulting firms that send in newbie MBAs and use their name recognition to convince their clients that every one of these MBAs will generate over $300K a year in value. Sometimes they do, but when they don’t, GMS plans to be there.
At the other end of the spectrum, there are a wide variety of mom and pop consulting firms owned by very talented people who simply don’t have the marketing resources or expertise to reach a broader spectrum of customer.
GMS is somewhere in between. With years of guerrilla marketing experience, and a long-term plan for success, Mr. Dawson is determined to build the company each client at a time, and to focus on a sales team that outperforms all the competitors.
GMS is planning to grow exponentially within the first two years, to over $2 million in consulting revenue. At this point the service business analysis will be re-evaluated from the outside in.
Typically small business clients will learn about the consulting services market through word-of-mouth experience passed on through a friend or contemporary. Still, outbound sales teams dominate this category, and the stronger your sales team and name recognition, the greater your odds of finding clients willing to place your company on retainer or accept your company’s bid. The most competitive players in this market tend to have some of the best sales teams in the industry, that is, people who know not only how to communicate the technical needs analysis in a non-technical way, but in addition, are able to follow through and execute on promises and provide accurate, industry specific information that is useful to the client even before the deal is made.
Price is also important, and operates on a complex tiered system that is dependant upon the effectiveness of a particular salesperson, the word-of-mouth (WOM) advertising already in the mind of the potential client, and the ability of the client to reform the way they think about their own business. The demands of turning a business around, or pushing it to the limits of its potential are in direct proportion to the price of each bid. GMS must be careful not to be lured into out bidding a competitor, only to find that the customer has no plans to modify their business plan, and are seeking a “magic bullet” that may or may not exist. Competition in this industry leads to frustration and burnout for many people, and it takes a strong sense of purpose to push the business beyond the realm of the high-intensity, low-return client.
GMS will pursue a strategy in line with the experience of the owner, and implementation will be performance based and follow a clear path. Milestones are important to the implementation of this plan, and so is the vision and the will of the company’s owner, Mr. Dawson. The overall company strategy is tied very closely with the sales strategy, that is, with the front lines of the business. One of the biggest threats to any strategy is that they can become too high-minded, and not literal enough to translate into action. This will not be the case with GMS, a solid company that hires top talent and achieves it’s goals on time and on budget.
GMS has a significant competitive edge in the following areas:
GMS’s marketing strategy revolves around a three-tiered focus. At the top of pyramid one, imagine a customer service ideal. This ideal is also included in the competitive comparison.
Pyramid three has at the top a team-centric company culture. Tactics revolve around building this culture from the ground up so that it rewards innovation and determination, and management shows no personal bias or favoritism except when a salesperson or consultant is outperforming the mean. Although this strategy appears to be an internal management goal or company summary object, it is highly relevant to marketing’s performance because without integrity standards and a consistent company culture, GMS’s marketing will feel disconnected and unsupported, and will suffer as a result. A more detailed breakdown of tactics and programs related to this strategy is available in the full marketing plan.
GMS plans to develop and train 5-6 new salespeople by year two. Upon start up, the primary sales contact will be Mr. Dawson, but this will change as the revenues increase, and the company is able to invest in human capital.
GMS has a sales strategy that focuses on an initial needs analysis. Once the results of the needs analysis has been forwarded or described over the phone to a potential client, the salesperson will ask for a personal interview, a chance to sit down and discuss specifics. At no time should this be perceived by the potential client as “pushy” or “agressive.”
The goal of this sales process is to get behind the numbers, and the business successes, to identify where the client’s needs lie. Once this is mapped out, GMS will decide how these problems can be best addressed, and will offer both a bid and some action points. If the client wants to use the action points to move forward on their own, this is very acceptable. GMS’s research has in fact shown that the clients that choose this path, often come back to seek additional information, and more often than not, accept the bid.
This strategy differs from the course often taken by large consulting firms in that the customer is not condescended to, or treated as if the knowledge isn’t right there in their own heads. Often, consulting companies will send a large ego to clean up a client’s mess, and find that the strategy backfires when the client only chooses to give the consultant the chance to bid. GMS’s sales strategy revolves around customer service and empowerment, not condescension and sales “closers.”
Sales forecast is based on the assumption that most of the revenue will be the result of consulting bids. The growth in retainer revenue is about 30% lower than the expected yearly growth in consulting bids of 80%/year. This may seem like an agressive number at first glance, but this is not a large company being discussed in this business plan. The smaller the company, often the larger the opportunity for exponential sales growth, and especially if the firm uses sound sales and marketing strategies to take share from the larger, less nimble consultancies.
The Needs Analysis service is listed only to highlight the fact that some outside information gathering firms/consultants will be used to compile the necessary information. This poses some risk because there are no costs associated with the Needs Analysis efforts. Nevertheless, GMS is confident that this product will set the company apart from the competition, and generate sales far in excess of the costs incurred.
Sales Forecast | |||
Year 1 | Year 2 | Year 3 | |
Sales | |||
Job Bids | $257,493 | $463,487 | $834,276 |
Retainer | $549,337 | $714,138 | $928,379 |
Needs Analysis | $0 | $0 | $0 |
Other | $0 | $0 | $0 |
Total Sales | $806,829 | $1,177,624 | $1,762,655 |
Direct Cost of Sales | Year 1 | Year 2 | Year 3 |
Job Bids | $0 | $0 | $0 |
Retainer | $0 | $0 | $0 |
Needs Analysis | $10,151 | $11,673 | $13,424 |
Other | $0 | $0 | $0 |
Subtotal Direct Cost of Sales | $10,151 | $11,673 | $13,424 |
The milestones table includes one listing each for the business plan and the marketing plan. Each of these are crucial to the long-term and short-term success of GMS. The other milestones are also important, but most are simply tasks necessary in starting up almost any business. Nevertheless, the most important milestone in this table is financial. The SBA loan will determine whether this company will have the working capital to operate for 5-12 months with little or no immediate revenue. If GMS cannot find the working capital to meet the minimum cash flow expectations set forth in this document, the company will dissolve and the owner will turn his talents elsewhere. Therefore, it is possible that the line item for “SBA Loan” may be changed to acquire family or friends as investors. Ideally it will not come to that and Mr. Dawson will be able to retain full control of the company, and direct it entirely based on his vision.
Milestones | |||||
Milestone | Start Date | End Date | Budget | Manager | Department |
Business Plan | 7/1/2003 | 8/1/2003 | $250 | Dawson | NA |
Select and Purchase Equipment | 7/15/2002 | 9/1/2002 | $4,500 | Dawson | NA |
Establish Sales Routine, Methods | 8/12/2002 | 8/22/2002 | $0 | Dawson | NA |
Setup LAN, Utilities, Office | 8/1/2002 | 9/1/2002 | $450 | Dawson | NA |
Marketing Plan | 6/1/2002 | 7/1/2002 | $250 | Dawson | NA |
Corporate Minutes, Board Selection | 9/1/2002 | 9/15/2002 | $0 | Dawson | NA |
SBA Loan | 10/1/2002 | 11/1/2002 | $250 | Dawson | NA |
Totals | $5,700 |
The management team will initially consist of Bill Dawson. A Harvard MBA, and world-renowned consultant for major Fortune 500 companies, Mr. Dawson has built a reputation based his customer-centric approach to consulting, a relative anomaly in the world of high profile consulting. Many consultants are trained to believe they are right and the client was put on this earth to learn from the consultant. That is not the case for GMS, as the management team (Dawson) takes a different tact. The consultant acts as an interviewer, learning all that is possible to learn about the client in a one or two week period. As a management tool, this approach is very effective because it gives the sales team flexibility in dealing with potential customers, and relieves the uncomfortable pressure to close the sale.
Mr. Dawson’s approach to managing customers is also the approach he will take in dealing with his salespeople. GMS doesn’t need a hefty management structure, or administrative overhead. Many of those processes may be handled through outsourcing and Internet technology. On the contrary, the management structure at GMS is designed to reward the performer and educate the underperformer. Each salesperson is given a battery of psychological and rational tests, and most importantly, are screened based on how well they will fit into the Dawson management style. This leaves little to chance, and encourages a team atmosphere that remains light-hearted and fun.
This table demonstrates how GMS plans to start acquiring clients. One salesperson will be trained initially, and that person will later head a team of salespeople as the company expands. The promise of growth, and chance to work for a strategically positioned consulting business is enough to have three major players bidding for the job. Although each will see a major cut in salary from their current position, the chance to share in company profits (10%) and growth is enough to draw them to a low base, high commission position that offers no guarantees.
Personnel Plan | |||
Year 1 | Year 2 | Year 3 | |
Salesperson #1 | $54,000 | $62,000 | $68,000 |
Other | $0 | $0 | $0 |
Total People | 1 | 3 | 5 |
Total Payroll | $54,000 | $62,000 | $68,000 |
The Financial Plan is based on a pending SBA loan, and a corresponding cash flow amount held in a highly liquid account.
General Assumptions | |||
Year 1 | Year 2 | Year 3 | |
Plan Month | 1 | 2 | 3 |
Current Interest Rate | 7.00% | 7.00% | 7.00% |
Long-term Interest Rate | 5.50% | 5.50% | 5.50% |
Tax Rate | 31.83% | 32.00% | 31.83% |
Other | 0 | 0 | 0 |
The Break-even Analysis table is based on the assumption that each hour worked can be billed at approximately $70 per unit, and the employees will start at approximately $25/hour. This doesn’t include the cost of the payroll burden, however the assumptions are fairly accurate. Fixed costs are related to the lease and other monthly costs.
Break-even Analysis | |
Monthly Revenue Break-even | $10,203 |
Assumptions: | |
Average Percent Variable Cost | 1% |
Estimated Monthly Fixed Cost | $10,075 |
The following table and chart show the Projected Cash Flow figures for Growth Management and Strategies.
Pro Forma Cash Flow | |||
Year 1 | Year 2 | Year 3 | |
Cash Received | |||
Cash from Operations | |||
Cash Sales | $806,829 | $1,177,624 | $1,762,655 |
Subtotal Cash from Operations | $806,829 | $1,177,624 | $1,762,655 |
Additional Cash Received | |||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 |
Subtotal Cash Received | $806,829 | $1,177,624 | $1,762,655 |
Expenditures | Year 1 | Year 2 | Year 3 |
Expenditures from Operations | |||
Cash Spending | $54,000 | $62,000 | $68,000 |
Bill Payments | $191,326 | $481,392 | $581,431 |
Subtotal Spent on Operations | $245,326 | $543,392 | $649,431 |
Additional Cash Spent | |||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $0 | $0 | $0 |
Purchase Other Current Assets | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 |
Subtotal Cash Spent | $245,326 | $543,392 | $649,431 |
Net Cash Flow | $561,503 | $634,232 | $1,113,224 |
Cash Balance | $607,303 | $1,241,536 | $2,354,759 |
The following table and charts are the Projected Profit and Loss and Gross Margin figures for Growth Management and Strategies.
Pro Forma Profit and Loss | |||
Year 1 | Year 2 | Year 3 | |
Sales | $806,829 | $1,177,624 | $1,762,655 |
Direct Cost of Sales | $10,151 | $11,673 | $13,424 |
Other Costs of Sales | $0 | $0 | $0 |
Total Cost of Sales | $10,151 | $11,673 | $13,424 |
Gross Margin | $796,679 | $1,165,951 | $1,749,231 |
Gross Margin % | 98.74% | 99.01% | 99.24% |
Expenses | |||
Payroll | $54,000 | $62,000 | $68,000 |
Sales and Marketing and Other Expenses | $6,000 | $6,000 | $6,000 |
Depreciation | $0 | $0 | $0 |
Rent | $42,000 | $42,000 | $42,000 |
Utilities | $7,800 | $7,800 | $7,800 |
Insurance | $3,000 | $3,000 | $3,000 |
Payroll Taxes | $8,100 | $9,300 | $10,200 |
Other | $0 | $0 | $0 |
Total Operating Expenses | $120,900 | $130,100 | $137,000 |
Profit Before Interest and Taxes | $675,779 | $1,035,851 | $1,612,231 |
EBITDA | $675,779 | $1,035,851 | $1,612,231 |
Interest Expense | $1,375 | $1,375 | $1,375 |
Taxes Incurred | $215,990 | $331,032 | $512,789 |
Net Profit | $458,414 | $703,444 | $1,098,067 |
Net Profit/Sales | 56.82% | 59.73% | 62.30% |
The following table is the Projected Balance Sheet for Growth Management and Strategies.
Pro Forma Balance Sheet | |||
Year 1 | Year 2 | Year 3 | |
Assets | |||
Current Assets | |||
Cash | $607,303 | $1,241,536 | $2,354,759 |
Other Current Assets | $0 | $0 | $0 |
Total Current Assets | $607,303 | $1,241,536 | $2,354,759 |
Long-term Assets | |||
Long-term Assets | $0 | $0 | $0 |
Accumulated Depreciation | $0 | $0 | $0 |
Total Long-term Assets | $0 | $0 | $0 |
Total Assets | $607,303 | $1,241,536 | $2,354,759 |
Liabilities and Capital | Year 1 | Year 2 | Year 3 |
Current Liabilities | |||
Accounts Payable | $103,090 | $33,878 | $49,035 |
Current Borrowing | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 |
Subtotal Current Liabilities | $103,090 | $33,878 | $49,035 |
Long-term Liabilities | $25,000 | $25,000 | $25,000 |
Total Liabilities | $128,090 | $58,878 | $74,035 |
Paid-in Capital | $35,000 | $35,000 | $35,000 |
Retained Earnings | ($14,200) | $444,214 | $1,147,658 |
Earnings | $458,414 | $703,444 | $1,098,067 |
Total Capital | $479,214 | $1,182,658 | $2,280,725 |
Total Liabilities and Capital | $607,303 | $1,241,536 | $2,354,759 |
Net Worth | $479,214 | $1,182,658 | $2,280,725 |
Business ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC) code 8742, Business Management Consultants, are shown for comparison.
Ratio Analysis | ||||
Year 1 | Year 2 | Year 3 | Industry Profile | |
Sales Growth | 0.00% | 45.96% | 49.68% | 6.98% |
Percent of Total Assets | ||||
Other Current Assets | 0.00% | 0.00% | 0.00% | 43.95% |
Total Current Assets | 100.00% | 100.00% | 100.00% | 75.76% |
Long-term Assets | 0.00% | 0.00% | 0.00% | 24.24% |
Total Assets | 100.00% | 100.00% | 100.00% | 100.00% |
Current Liabilities | 16.97% | 2.73% | 2.08% | 31.78% |
Long-term Liabilities | 4.12% | 2.01% | 1.06% | 17.26% |
Total Liabilities | 21.09% | 4.74% | 3.14% | 49.04% |
Net Worth | 78.91% | 95.26% | 96.86% | 50.96% |
Percent of Sales | ||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 98.74% | 99.01% | 99.24% | 100.00% |
Selling, General & Administrative Expenses | 41.90% | 39.27% | 37.09% | 85.31% |
Advertising Expenses | 0.00% | 0.00% | 0.00% | 1.02% |
Profit Before Interest and Taxes | 83.76% | 87.96% | 91.47% | 1.90% |
Main Ratios | ||||
Current | 5.89 | 36.65 | 48.02 | 1.88 |
Quick | 5.89 | 36.65 | 48.02 | 1.48 |
Total Debt to Total Assets | 21.09% | 4.74% | 3.14% | 55.78% |
Pre-tax Return on Net Worth | 140.73% | 87.47% | 70.63% | 3.41% |
Pre-tax Return on Assets | 111.05% | 83.32% | 68.41% | 7.72% |
Additional Ratios | Year 1 | Year 2 | Year 3 | |
Net Profit Margin | 56.82% | 59.73% | 62.30% | n.a |
Return on Equity | 95.66% | 59.48% | 48.15% | n.a |
Activity Ratios | ||||
Accounts Payable Turnover | 2.86 | 12.17 | 12.17 | n.a |
Payment Days | 27 | 61 | 25 | n.a |
Total Asset Turnover | 1.33 | 0.95 | 0.75 | n.a |
Debt Ratios | ||||
Debt to Net Worth | 0.27 | 0.05 | 0.03 | n.a |
Current Liab. to Liab. | 0.80 | 0.58 | 0.66 | n.a |
Liquidity Ratios | ||||
Net Working Capital | $504,214 | $1,207,658 | $2,305,725 | n.a |
Interest Coverage | 491.48 | 753.35 | 1,172.53 | n.a |
Additional Ratios | ||||
Assets to Sales | 0.75 | 1.05 | 1.34 | n.a |
Current Debt/Total Assets | 17% | 3% | 2% | n.a |
Acid Test | 5.89 | 36.65 | 48.02 | n.a |
Sales/Net Worth | 1.68 | 1.00 | 0.77 | n.a |
Dividend Payout | 0.00 | 0.00 | 0.00 | n.a |
Sales Forecast | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | |||||||||||||
Job Bids | 0% | $1,000 | $1,500 | $2,250 | $3,375 | $5,063 | $7,594 | $11,391 | $17,086 | $25,629 | $38,443 | $57,665 | $86,498 |
Retainer | 0% | $500 | $875 | $1,531 | $2,680 | $4,689 | $8,207 | $14,361 | $25,133 | $43,982 | $76,968 | $134,695 | $235,716 |
Needs Analysis | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total Sales | $1,500 | $2,375 | $3,781 | $6,055 | $9,752 | $15,800 | $25,752 | $42,218 | $69,611 | $115,412 | $192,360 | $322,213 | |
Direct Cost of Sales | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Job Bids | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Retainer | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Needs Analysis | $350 | $403 | $463 | $532 | $612 | $704 | $810 | $931 | $1,071 | $1,231 | $1,416 | $1,628 | |
Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Direct Cost of Sales | $350 | $403 | $463 | $532 | $612 | $704 | $810 | $931 | $1,071 | $1,231 | $1,416 | $1,628 |
Personnel Plan | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Salesperson #1 | 0% | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 |
Other | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total People | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
Total Payroll | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 |
General Assumptions | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Plan Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
Current Interest Rate | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | |
Long-term Interest Rate | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | |
Tax Rate | 30.00% | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | |
Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pro Forma Profit and Loss | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | $1,500 | $2,375 | $3,781 | $6,055 | $9,752 | $15,800 | $25,752 | $42,218 | $69,611 | $115,412 | $192,360 | $322,213 | |
Direct Cost of Sales | $350 | $403 | $463 | $532 | $612 | $704 | $810 | $931 | $1,071 | $1,231 | $1,416 | $1,628 | |
Other Costs of Sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Cost of Sales | $350 | $403 | $463 | $532 | $612 | $704 | $810 | $931 | $1,071 | $1,231 | $1,416 | $1,628 | |
Gross Margin | $1,150 | $1,973 | $3,318 | $5,522 | $9,140 | $15,096 | $24,943 | $41,287 | $68,540 | $114,180 | $190,944 | $320,585 | |
Gross Margin % | 76.67% | 83.05% | 87.76% | 91.21% | 93.72% | 95.54% | 96.86% | 97.79% | 98.46% | 98.93% | 99.26% | 99.49% | |
Expenses | |||||||||||||
Payroll | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | |
Sales and Marketing and Other Expenses | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | |
Depreciation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Rent | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | |
Utilities | $650 | $650 | $650 | $650 | $650 | $650 | $650 | $650 | $650 | $650 | $650 | $650 | |
Insurance | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | |
Payroll Taxes | 15% | $675 | $675 | $675 | $675 | $675 | $675 | $675 | $675 | $675 | $675 | $675 | $675 |
Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Operating Expenses | $10,075 | $10,075 | $10,075 | $10,075 | $10,075 | $10,075 | $10,075 | $10,075 | $10,075 | $10,075 | $10,075 | $10,075 | |
Profit Before Interest and Taxes | ($8,925) | ($8,103) | ($6,757) | ($4,553) | ($935) | $5,021 | $14,868 | $31,212 | $58,465 | $104,105 | $180,869 | $310,510 | |
EBITDA | ($8,925) | ($8,103) | ($6,757) | ($4,553) | ($935) | $5,021 | $14,868 | $31,212 | $58,465 | $104,105 | $180,869 | $310,510 | |
Interest Expense | $115 | $115 | $115 | $115 | $115 | $115 | $115 | $115 | $115 | $115 | $115 | $115 | |
Taxes Incurred | ($2,712) | ($2,629) | ($2,199) | ($1,494) | ($336) | $1,570 | $4,721 | $9,951 | $18,672 | $33,277 | $57,841 | $99,327 | |
Net Profit | ($6,328) | ($5,588) | ($4,672) | ($3,174) | ($714) | $3,337 | $10,032 | $21,147 | $39,678 | $70,714 | $122,913 | $211,069 | |
Net Profit/Sales | -421.85% | -235.27% | -123.57% | -52.42% | -7.32% | 21.12% | 38.96% | 50.09% | 57.00% | 61.27% | 63.90% | 65.51% |
Pro Forma Cash Flow | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Cash Received | |||||||||||||
Cash from Operations | |||||||||||||
Cash Sales | $1,500 | $2,375 | $3,781 | $6,055 | $9,752 | $15,800 | $25,752 | $42,218 | $69,611 | $115,412 | $192,360 | $322,213 | |
Subtotal Cash from Operations | $1,500 | $2,375 | $3,781 | $6,055 | $9,752 | $15,800 | $25,752 | $42,218 | $69,611 | $115,412 | $192,360 | $322,213 | |
Additional Cash Received | |||||||||||||
Sales Tax, VAT, HST/GST Received | 0.00% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Investment Received | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Received | $1,500 | $2,375 | $3,781 | $6,055 | $9,752 | $15,800 | $25,752 | $42,218 | $69,611 | $115,412 | $192,360 | $322,213 | |
Expenditures | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Expenditures from Operations | |||||||||||||
Cash Spending | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | |
Bill Payments | $111 | $3,332 | $3,479 | $3,979 | $4,770 | $6,032 | $8,072 | $11,398 | $16,867 | $25,925 | $41,023 | $66,337 | |
Subtotal Spent on Operations | $4,611 | $7,832 | $7,979 | $8,479 | $9,270 | $10,532 | $12,572 | $15,898 | $21,367 | $30,425 | $45,523 | $70,837 | |
Additional Cash Spent | |||||||||||||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Principal Repayment of Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Long-term Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Spent | $4,611 | $7,832 | $7,979 | $8,479 | $9,270 | $10,532 | $12,572 | $15,898 | $21,367 | $30,425 | $45,523 | $70,837 | |
Net Cash Flow | ($3,111) | ($5,457) | ($4,198) | ($2,425) | $482 | $5,268 | $13,180 | $26,320 | $48,244 | $84,987 | $146,837 | $251,376 | |
Cash Balance | $42,689 | $37,232 | $33,034 | $30,609 | $31,092 | $36,360 | $49,539 | $75,859 | $124,103 | $209,090 | $355,927 | $607,303 |
Pro Forma Balance Sheet | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Assets | Starting Balances | ||||||||||||
Current Assets | |||||||||||||
Cash | $45,800 | $42,689 | $37,232 | $33,034 | $30,609 | $31,092 | $36,360 | $49,539 | $75,859 | $124,103 | $209,090 | $355,927 | $607,303 |
Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total Current Assets | $45,800 | $42,689 | $37,232 | $33,034 | $30,609 | $31,092 | $36,360 | $49,539 | $75,859 | $124,103 | $209,090 | $355,927 | $607,303 |
Long-term Assets | |||||||||||||
Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Accumulated Depreciation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total Assets | $45,800 | $42,689 | $37,232 | $33,034 | $30,609 | $31,092 | $36,360 | $49,539 | $75,859 | $124,103 | $209,090 | $355,927 | $607,303 |
Liabilities and Capital | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Current Liabilities | |||||||||||||
Accounts Payable | $0 | $3,217 | $3,347 | $3,822 | $4,571 | $5,767 | $7,698 | $10,846 | $16,020 | $24,585 | $38,858 | $62,782 | $103,090 |
Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Subtotal Current Liabilities | $0 | $3,217 | $3,347 | $3,822 | $4,571 | $5,767 | $7,698 | $10,846 | $16,020 | $24,585 | $38,858 | $62,782 | $103,090 |
Long-term Liabilities | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
Total Liabilities | $25,000 | $28,217 | $28,347 | $28,822 | $29,571 | $30,767 | $32,698 | $35,846 | $41,020 | $49,585 | $63,858 | $87,782 | $128,090 |
Paid-in Capital | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 |
Retained Earnings | ($14,200) | ($14,200) | ($14,200) | ($14,200) | ($14,200) | ($14,200) | ($14,200) | ($14,200) | ($14,200) | ($14,200) | ($14,200) | ($14,200) | ($14,200) |
Earnings | $0 | ($6,328) | ($11,915) | ($16,588) | ($19,761) | ($20,475) | ($17,139) | ($7,107) | $14,040 | $53,718 | $124,432 | $247,345 | $458,414 |
Total Capital | $20,800 | $14,472 | $8,885 | $4,212 | $1,039 | $325 | $3,661 | $13,693 | $34,840 | $74,518 | $145,232 | $268,145 | $479,214 |
Total Liabilities and Capital | $45,800 | $42,689 | $37,232 | $33,034 | $30,609 | $31,092 | $36,360 | $49,539 | $75,859 | $124,103 | $209,090 | $355,927 | $607,303 |
Net Worth | $20,800 | $14,472 | $8,885 | $4,212 | $1,039 | $325 | $3,661 | $13,693 | $34,840 | $74,518 | $145,232 | $268,145 | $479,214 |
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Set the stage for success with this polished and expertly designed consultancy business plan template. Address crucial aspects such as value proposition, market analysis, competitive advantage, and SWOT analysis while showcasing your firm's expertise and skillset. The inherently customizable design of the template ensures your business plan takes on your firm's look and feel, creating a strong impression on potential clients and partners.
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Sample Business Plan for Consulting Firm
Sample Plan 5 is an innovative management consulting firm business plan offering a variety of business solutions to clients across a broad cross-section of industries. From financial services to operations optimization to managing organization growth, Sample Plan 5 is adept at effectively managing a variety of client projects.
Founded by The Owner, the organization is in the midst of an aggressive expansion phase with client acquisition and profit growth being two of the primary objectives.
As the economy continues to rebound from what analysts agree was the deepest economic condition in nearly a century , organizations of all sizes will be in need of the types of services that are offered through Sample Plan 5.
The organization has already developed a strong reputation in the industry for the delivery of quality services that positively impact the client.
Moving forward, The Owner plans to leverage these experiences along with her vast professional network amassed over the course of her career to strengthen the client portfolio and improve the year-to-year profit standing of the firm.
Useful Resource: How to write an executive summary for a business plan
The following table and graphs illustrate the financial goals of Shade Station during the next five years. The financials are explained in detail throughout the duration of the plan.
To see the complete financial plan of consulting business plan click here .
Pro Tips: Learn how to create a financial plan for business plan by pros.
The industry is composed of companies that provide advice and assistance to organizations on issues ranging from strategic and organizational planning to financial budget planning.
Although sample business plan for consulting firm is a relatively new industry, major consulting firms are among the most respected businesses in the world, and their advice is routinely sought by the corporate and governmental sectors.
In the five years that have led up to 2011, IBISworld .com estimates that industry revenue increased at an average annual rate of 0.7% to $165.5 billion.
Compared with the industry’s overall growth during the past 10 years. this rate is somewhat sluggish. reflecting the extent of the recent economic downturn.
The recession’s effect on the industry caused sales to plummet by 3.6%. LH in addition to decreasing revenue. firms laid-off employees. causing industry employment to fall by 7.0% over the course of the last two years.
Click here to read more about the industry at a glance and sample business plan for consulting firm.
The Consulting Industry is currently in the mature stage of its life cycle. Over the five years leading up to 2016, research gathered via IBISworld .co m shows that the industry’s contribution to the overall economy is projected to grow at 2.5% annually. This is roughly in line with GDP growth over the same period.
Like many industries, the Consulting industry’s growth has been slowed by the recent recession. Furthermore, more corporations are keeping consulting services in-house and hiring fewer consultants.
As a result, the industry’s growth is expected to remain below the levels experienced in the past. The benefits of consultants on human resources and management strategy are becoming increasingly accepted by the business community.
Some businesses view outside consultants as a necessity when providing impartial advice. Although consultants have been increasingly taken 1n house, businesses are still hiring outside consultants to improve their bottom lines.
To read more about the projected growth of the industry click here .
For more information about external drivers , click here .
What follows is a listing of key objectives for Sample Plan 5.
1. Client portfolio expansion
The Owner has set client portfolio expansion as one of the primary objectives for this phase of business growth and development. The founder will aggressively pursue this objective, projecting to add no less than x clients during the course of the next calendar year.
2. Increased revenues
Founder The Owner has set a goal of no less than x worth of revenues being generated over the course of the next calendar year. Through a diverse suite of services and stellar delivery, this goal is easily attainable and will be the catalyst that propels the firm towards future revenues and profits.
3. Diversify client portfolio
The diversity of services gives The Owner the ability to develop a diverse client portfolio which will be another of the primary objectives. By doing this the organization in effect insulates the profit position from the cyclical nature of the economy and protects long-term growth prospects.
For a complete guide for key objectives for sample business plan for consulting firm here .
What follows is a listing of the core strengths and weaknesses of the Alice Cardenas Consulting Company.
Funding: The lone weakness in what has proven to be an otherwise sound business model and approach would be a lack of funding. Founder The Owner is confident that if a suitable funding source is secured, she can position the organization to become one of the industry’s true market leaders.
Click here for complete detail of the SWOT analysis .
To date Sample Plan 5 has relied primarily on word of mouth networking and the Internet to drive the organization’s marketing message.
These two elements will remain the core of the marketing model with enhancements made to each that strengthen the market position and increase the volume of qualified business opportunities.
The organization currently has a website but plans are to totally revamp the current website and develop a more appealing presence using state of the art web development technologies.
In addition to the improved website, the organization will also aggressively integrate social networking into the marketing efforts leveraging both Facebook.com and Twitter.com as well as an interactive online blog, managed by founder The Owner.
Rounding out Sample Plan 5 marketing model will be an improved networking component as the founder is committed to expanding her professional network by becoming actively involved in the local business and social communities.
You can read more about sample business plan’s marketing by downloading it.
The projected balance sheet for Sample Plan 5 is shown in the table below.
To view the full projected balance sheet, click here .
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Sample Plan 5 is an innovative management consulting company business plan that offers a wide range of business solutions to clients in a broad variety of sectors.
If you want to work as a consultant, you'll need a plan. Here's how to create one just for you.
If you’re a self-employed consultant your work isn't like other forms of business. Unlike retailers or manufacturers, you're not making and/or selling tangible products. And unlike service companies, you're not employing a team of people to provide solutions.
Remember you’re not not just selling your time. As a consultant, you will be paid for the skills, knowledge and abilities you've developed over your career.
We have some useful background reading about the benefits of becoming a consultant or contractor , which will help explain how such businesses work. But having decided to become a consultant, what's the next step?
Like all new small businesses, you'll need a plan. That plan will have to cover funding, growth, pay rates, expenses, marketing, equipment costs, training and qualifications. It will also have to cover your goals, and the strategy you'll use to reach them.
Consulting business plans are a little different to other business plans. Here's what you need to know to get your consulting career off the ground.
This is an important question to ask yourself before you start. For most conventional businesses the answer will be "For the bank and investors." That's because small businesses usually need startup funding to get off the ground.
But consultants setting up their own business might not need much funding – if any. It's still important to have a business plan though – not only to clarify the details in your own mind, but also to help you understand the potential risks and rewards.
A good business plan will combine elements of both finance and strategy, but the contents will vary depending on the target audience. We'll take a look at the options next.
You may not need funding for capital equipment expenses or office rent. But you might need a loan to tide you over for the first few months, until you have a regular cash flow. The initial period for any new business can be a tough time – money worries will just make it tougher.
You may also decide that you want to make more of an impression by hiring office space, perhaps in a shared office environment. Or you might want funds to spend on marketing and advertising, particularly if you're offering consulting services in a competitive market.
For all of this, you'll need money. You could apply for a bank loan, look for grants, or try other forms of capital-raising such as crowdfunding. Whichever method you choose, any potential investors will want to see the important numbers. That means you'll need to cover the following points in your business plan:
Some of this information will be difficult for you to estimate. It might be even harder for you to present clearly. Use your accounting software to help with figures and to produce professional tables and charts. Then, an accountant can help you include the right information in your plan.
Of course, you might not need any funding. Perhaps you have enough savings to keep you going for a few months and clients already lined up. Or you may be starting your consulting career after an inheritance or unexpected windfall.
If money isn't an immediate concern, you can afford to be less formal when drafting your plan. That means making sensible predictions and setting goals for yourself, not just financial targets – though you should include those too.
This isn't an exercise in creative writing. The purpose of creating a plan is to help you concentrate on what you want to achieve. Some points to consider include:
Why are you doing this? It's important to answer honestly. If the answer is “to make more money” or “because I'm good at what I do” then write that down. Write down all the reasons you can think of, then read them back. Do they sound convincing? Make sure you know your true motivation, as it will help you focus on your goals.
Consulting can mean you have an irregular income. Sometimes you might be busy, other times less so. It makes sense to keep some money in savings accounts, especially if you'll be paying tax at the end of the year instead of while you're earning.
Think about the impact of consulting on your family or friends. Consultants often work irregular hours, sometimes from home, and they might be working at weekends. That can put a strain on relationships. Be realistic about this and set boundaries around when and where you will work.
You will already have an idea of the types of client you don't want to work for, because you know the industry you work in. For example, known late-payers can damage your cash flow so it's sensible to avoid them where possible. Look for clients who are reliable, as they’ll help make your business a success. Know that you can let go of clients who are more trouble than they're worth.
In many industries, especially IT, it's important to keep your skills up to date. But your clients are unlikely to pay for you to go on training courses – that's an expense you'll have to cover yourself. How will you stay up to date? Think about industry magazines, websites, forums, news feeds, conferences, courses, distance learning, peer groups and self-teaching strategies.
Perhaps you're planning to be a consultant for the rest of your working life. Maybe you want to do it for a couple of years and then move back in-house as an employee. Or you might want to start employing other consultants at some stage and build up an agency – maybe even sell it. It doesn't matter what your personal goals are, as long as you have some. Write them down and bear them in mind when making big decisions.
This is a good opportunity to think about how much money you want to make . Consider how much you will charge and what you will do with your commission. For example you may decide to use 50% to cover costs, pay yourself with 30% and put 20% back into your business.
Some of this information would be inappropriate to include in a financial business plan for banks or investors. But it can be very helpful in guiding you through the early part of your consulting career.
Business plans can be difficult documents to write. If you've never done it before, thinking clearly and logically about your business strategy may not be easy. Here are some tips to help you succeed:
1. Write the first draft
Don't worry about grammar, structure or neatness. Just get the thoughts out of your head and onto the paper or screen. Some people find this easier to do in an informal setting, such as a library or café.
2. Do your research
Understand the market you're going to be working in. Get to know all the details, as it'll help you write a more effective consulting business plan.
3. Identify your USP
That's your unique selling proposition. Why should companies hire you and not one of your competitors? Think carefully about what you're particularly good at, then use that as a basis for marketing yourself.
4. Get feedback
Talk to your peers, friends, previous business associates and potential customers. Show them your plan and listen to their feedback.
5. Keep it simple
Don't write dozens of pages. You'll bore the investors and your plan will end up on a pile where nobody will ever look at it again – including you. Stick to the important points.
A business plan isn't a static document. It should change and evolve over time as your business grows. You will learn a great deal in your first few months working as a consultant, and that knowledge should be applied to your business plan. It's a good idea to review your plan every month.
You may find that some of what you initially wrote turns out to have been misguided, inaccurate or just plain wrong. That's normal. Nobody can predict every step a business will take. The important thing is to learn as you go along – and make use of that knowledge to improve your plan.
A consulting business plan is written as much for you, the consultant, as for anyone else. The point of writing it is to concentrate on what's important. That clarity is what will help you succeed.
So don't look at a business plan as just another box to be ticked. It's a fundamental process when starting any business, particularly a consulting business where you will need initiative and drive to succeed.
Take the time to write a proper business plan, and keep it regularly updated as your business grows. You can use our free business plan template . You'll find it an invaluable guide to becoming a successful consultant.
Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.
Fill in the form to get a free business plan template as an editable PDF. We’ll send a one-pager and a multi-pager to choose from.
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BUSINESS STRATEGIES
When launching your consulting business, one of the essential first steps is crafting a well-structured and detailed business plan. Your consulting business plan is like a strategic playbook that lays out your goals, tactics and financial projections. It not only steers you toward success but also equips you to adapt and thrive in the dynamic world of consulting.
Keep reading for tips on how to build a strong business plan for your business. Use the template provided at the end to get started on your own plan.
Looking to kick off your consultancy business? Create a business website today with Wix.
A business plan forces entrepreneurs to thoroughly evaluate their business idea, target audience and competitive landscape. This process clarifies their vision and mission, ensuring that they have a clear understanding of how their consultancy will provide value to clients. A business plan helps you in the following ways:
Create a business blueprint : With a business plan in place, entrepreneurs looking to start a business can make informed decisions based on a solid foundation of research and analysis. They can choose the most effective strategies for marketing, pricing and service delivery, enhancing their chances of success. Your business plan can also be used to explain what type of business you'll start - whether that's an LLC, Corporation or something else. Learn more about how to start an LLC .
Secure funding : The cost to start a consultancy business can range from around $60 to several thousand dollars . For those seeking external funding, a well-developed business plan demonstrates credibility and professionalism. Investors and lenders are more likely to support a venture with a thought-out plan that showcases its potential for growth and profitability.
Set measurable goals : A business plan sets measurable goals and performance metrics, which is vital with this type of business . This allows entrepreneurs to track their progress, adapt strategies as needed and celebrate milestones along the way.
Want to remind yourself of the basics? Learn more about how to start a service business .
In this section, we'll break down the key components involved in crafting a successful consultant business plan in six steps.
Executive summary
Business and domain names
Market analysis and research
Operations plan
Marketing and advertising plan
Financial plan
An executive summary serves as a concise overview of the consultant's business plan, providing a snapshot of the key components and the business' essence. It's usually the first section investors, lenders and stakeholders read, so it must encapsulate the business' value proposition, objectives, strategies and projected growth. To write a clear executive summary for a consultant business make sure to keep it succinct yet informative. Clearly state the purpose of the business, the services offered, the target market and the unique value proposition. Avoid technical jargon that may confuse readers.
Then you can mention the business' strengths, such as the expertise of the consultants, unique methodologies or specialized services. Emphasize factors that set your consultancy apart from competitors.
Briefly discuss the market need for your services and how your consultancy plans to fulfill it. It’s worth noting that strategy and management consulting, as well as technology consulting, financial consulting and HR consulting are in high demand . Highlight any trends or changes in the industry that your business can capitalize on.
Remember to include a snapshot of your financial projections, indicating expected revenue, costs and profitability. This provides a glimpse into the business' potential financial success.
Example of an executive summary for a consultant business
"XYZ Consulting is a boutique consultancy firm specializing in digital transformation for small and medium-sized enterprises (SMEs). With a team of seasoned professionals, we offer tailored solutions to help businesses harness the power of technology for growth. Our unique approach blends strategic consulting with hands-on implementation, ensuring tangible results. In a rapidly evolving tech landscape, XYZ Consulting is poised to be the partner SMEs need to thrive. Our financial projections forecast a steady growth trajectory, with a focus on achieving profitability within the first two years. With a proven track record and a finger on the pulse of industry trends, XYZ Consulting is well-equipped to guide businesses toward digital success."
Knowing how to name a business is crucial for a consultancy venture and a key step before you register your business . It's the foundation of your brand and influences how clients perceive your services. With Wix , you can use a free business name generator or consulting company name generator as helpful tools for brainstorming unique and memorable names. Ensure the name reflects your expertise and the services you offer.
Similarly, the domain name for your business website is vital. It should be easy to remember, relevant to your services and ideally, match your company name. Check the domain's availability using domain registration platforms. Ensure the domain name aligns with your consultancy's focus and services. Generally, this means keeping it short and easy to spell and pronounce.
Learn more: How to make a consulting website
Incorporating a thorough market analysis within your consultant business plan is essential. Understand the competitive landscape, target audience and market trends. Research your competitors' strengths and weaknesses, pricing strategies and client base. This information will shape your business strategies and help you identify gaps in the market that your consultancy can fill.
The operations plan outlines the logistical aspects of your consultancy. It covers location, premises, equipment and staffing requirements. Determine whether your consultancy will be home-based, have a physical office or operate virtually. Define the equipment and software needed to deliver services effectively. Outline your staffing needs, including the roles and expertise required.
Your marketing and advertising plan outlines how you will promote your consultant business. Identify the most effective strategies to reach your target audience. Consider content marketing, social media campaigns, networking events and speaking engagements to showcase your expertise. Emphasize how your marketing efforts will build brand awareness and attract clients.
You’ll need to develop a suite of brand assets to use in your marketing as well, starting with a company logo. You can use a free logo maker to get a professional logo in minutes.
The financial plan is a critical component of any business plan. It outlines how you will raise money for your business initially and provides a timeline for reaching profitability. Detail your startup costs, including equipment, marketing expenses and personnel. Present your revenue projections, taking into account different pricing models and growth scenarios. Highlight your break-even point and the strategies you'll employ to achieve profitability.
By addressing each part of their plan, entrepreneurs can create a robust business plan that guides them toward achieving their business goals and building a reputable consulting brand.
These templates illustrate two hypothetical consultant business plans, each tailored to a specific niche. These are just templates and should be adapted to your specific business goals and industry dynamics.
XYZ Digital Consultants is a pioneering consultancy firm focused on digital transformation for businesses seeking to thrive in the digital age. Our team of experienced professionals offers strategic guidance and hands-on implementation to drive growth through technology adoption. With projected profitability within two years and a commitment to excellence, XYZ Digital Consultants is poised to lead businesses into a successful digital future.
Company and domain name
Company name: XYZ Digital Consultants
Domain name: xyzdigitalconsultants.com
Market opportunity: The rapid shift toward digital operations has created a substantial demand for expert guidance. Our analysis reveals a gap in the market for holistic digital transformation solutions tailored to the needs of SMEs.
Competitor research: We've identified key competitors and their strengths, which informs our strategy to emphasize personalized service and comprehensive implementation.
Location: Primarily virtual, with occasional in-person consultations as needed.
Premises: Home-based setup with access to modern communication tools.
Equipment: High-speed internet, latest software tools and virtual meeting platforms.
Staffing: Founder and lead consultant, supported by contract specialists as projects demand.
Content marketing: Regular blog posts on digital transformation trends, case studies and client success stories.
Social media campaigns: Active presence on LinkedIn and X to engage with potential clients and share valuable insights.
Networking events: Participation in industry webinars, seminars and local business events to showcase expertise.
Speaking engagements: Leveraging speaking opportunities at conferences and workshops to establish authority in the field.
Startup costs (equipment, website development, marketing materials): $15,000
Revenue projections (year one): $150,000
Revenue projections (year two) : $300,000
Break-even point: Achieved by the end of year one
Funding: Initial investment and savings from the founder
LeadersEdge Consultants is a dynamic consultancy dedicated to leadership development and organizational excellence. Our experienced team offers customized programs that empower leaders to drive positive change. With a projected growth trajectory and a commitment to fostering impactful leadership, LeadersEdge Consultants is poised to transform organizations and elevate their success.
Company name: LeadersEdge Consultants
Domain name: leadersedgeconsultants.com
Market opportunity: Our analysis reveals a growing need for leadership development programs in diverse industries.
Competitor research: We've identified competitors' offerings and recognized an opportunity to provide a unique blend of coaching, training and strategy implementation.
Location: Virtual consultations, with the option for on-site workshops
Premises: Virtual office setup with video conferencing capabilities
Equipment: High-quality audiovisual tools, assessment software and learning platforms
Staffing : Founder will serve as the lead consultant, supported by certified leadership coaches
Customized workshops: Designing tailored leadership development programs for individual organizations.
Webinars: Hosting webinars on leadership best practices to showcase expertise and engage potential clients.
Thought leadership content: Publishing whitepapers, eBooks and video content on leadership topics.
Collaborations: Partnering with HR and talent development professionals to expand reach.
Startup costs ( making a website , training materials) : $10,000
Revenue projections (year one): $120,000
Revenue projections (year two): $250,000
Break-even point: Achieved within the first six months
Funding: Initial investment from the founder.
The amount you charge as a consultant will depend on a number of factors, including:
Your experience and expertise
The type of consulting services you offer
The value you provide to your clients
The market rate for consulting services in your field
In general, consultants charge between $100 and $500 per hour. However, some experienced and highly specialized consultants can charge upwards of $1,000 per hour.
To determine your consulting rate, you can use the following formula:
Consulting rate = Hourly rate * Value multiplier
Your hourly rate should reflect your experience and expertise, as well as the type of consulting services you offer. For example, if you have 10 years of experience and you offer specialized consulting services, you can charge a higher hourly rate than a consultant with less experience and who offers more general consulting services.
Your value multiplier should reflect the value you provide to your clients. For example, if you can help your clients to achieve significant results, you can charge a higher value multiplier.
Here is an example of how to use the formula:
Consultant: Experienced consultant with 10 years of experience offering specialized consulting services
Hourly rate: $200 per hour
Value multiplier: 2
Consulting rate: $200 per hour * 2 = $400 per hour
Yes, a consulting business can be profitable. In fact, consulting is one of the most profitable industries in the world. According to a report by IBISWorld, the average profit margin for consulting businesses is 20%. This means that for every $100 in revenue, consulting businesses generate $20 in profit.
There are a number of factors that contribute to the profitability of consulting businesses. First, consultants are able to charge high fees for their services. Second, consulting businesses have relatively low overhead costs. Third, the demand for consulting services is high, and it's only expected to grow in the coming years.
Of course, not all consulting businesses are successful. Some consultants struggle to find clients or to charge high enough fees. Others may not be able to deliver the results that their clients expect. However, for consultants who are able to overcome these challenges, the potential rewards are great.
Here are some tips for increasing your chances of success as a consultant:
Specialize in a high-demand area of consulting. This will allow you to charge higher fees and attract more clients.
Build a strong reputation and network of clients. This will help you to generate word-of-mouth referrals and land new clients.
Market your services effectively. Make sure that potential clients know about your services and how you can help them.
Deliver high-quality results. This is the most important thing you can do to ensure that your clients are satisfied and that they continue to use your services in the future.
The cost to start a consulting business can vary depending on a number of factors, such as the type of consulting services you offer, the size of your business and your location. However, in general, you can expect to spend between $10,000 and $50,000 to start a consulting business.
Here is a breakdown of some of the typical start-up costs for a consulting business:
Business formation: $100 to $1,000
Website and domain name: $100 to $2,500
Marketing and advertising: $500 to $5,000
Office equipment and supplies: $500 to $5,000
Professional liability insurance: $500 to $1,000
Other miscellaneous expenses: $500 to $5,000
Total start-up costs: $10,000 to $50,000
You can reduce your start-up costs by working from home, using free or low-cost marketing tools and purchasing used equipment. You can also start your consulting business part-time while you continue to work your full-time job. This will give you a chance to generate revenue and build a client base before you leave your full-time job.
If you need financial assistance to start your consulting business, you may be able to qualify for a loan from a bank or credit union. You may also be able to find investors who are willing to invest in your business.
Here are some tips on which clients to avoid and which to take on in a consulting business:
Clients who aren't willing to pay your rates. If a client isn't willing to pay your rates, it's a sign that they don't value your services.
Clients who are unrealistic about their expectations. If a client has unrealistic expectations about what you can achieve, you're likely to set yourself up for failure.
Clients who are difficult to work with. If a client is demanding, rude or disrespectful, it's best to avoid them.
Clients who aren't a good fit for your business. If a client isn't in your target market or if their business isn't aligned with your values, it's best to decline working with them.
Clients who are willing to pay your rates. This shows that they value your services and are committed to working with you.
Clients who have realistic expectations. This makes it more likely that you will be able to meet their needs and exceed their expectations.
Clients who are easy to work with. This will make the consulting process more enjoyable and productive for both of you.
Clients who are a good fit for your business. This means that they're in your target market and that their business is aligned with your values.
In addition to the above, here are some other factors to consider when deciding which clients to take on:
Your own skills and experience. Make sure that you have the skills and experience to help the client achieve their goals.
The client's budget. Make sure that the client has a budget that's sufficient to cover your fees.
The client's timeline. Make sure that you have the time and resources to meet the client's timeline.
Your gut feeling. If you have a bad feeling about a client, it's best to trust your gut and decline working with them.
It's important to be selective about the clients you take on. By avoiding difficult clients and focusing on good-fit clients, you can set yourself up for success in your consulting business.
What qualifies you as a consultant.
To qualify as a consultant, you need to have the expertise and experience in the area that you're consulting in. You also need to be able to communicate your ideas effectively and build relationships with clients.
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Consulting business plan template.
A Consulting Business Plan is a type of business plan that individuals can use when they would like to start or improve their consulting business. The purpose of the document is to set in written form all of the necessary information about a consulting business, which can include its goals, strategies, management structure, and more. A Consulting Business Plan template can be downloaded below .
Alternate Name:
The largest part of your business plan content will depend on the type of consulting you are planning on providing to your clients. For example, an IT Consulting Business Plan is supposed to state specific IT goals that the business is supposed to achieve, describe particular services that will be provided for the clients, state what kind of specialists shall be hired to perform these services, etc.
There are no particular regulations applicable to a business plan, which is why it is up to you to understand how long your business plan should be and what should be there. You can compile or modify it to your convenience and it will be acceptable, as long as your plan serves the purpose you make for it.
You can start writing your business plan with a draft where you will decide what kind of information you would like to include in it. If your company provides services related to business consulting, your business consulting plan should contain parts that will indicate it. Generally, there are several sections that can be included in your plan:
Haven't found what you were looking for? Take a look at the related templates below:
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If you want to start a consulting business , then you need to write your consulting business plan.
I’ve watched countless starry-eyed entrepreneurs “start” their business with a 50-100 page business plan.
They spend weeks — or even months — toiling away at their desk after their 9-5 detailing everything about their future business.
After they’ve written it, they beam with pride.
“This plan is the key to my success in consulting! With this plan, I can’t fail.”
Then, they take their plan out to the real world.
The real world isn’t as perfect and pretty when starting your business.
And that golden business plan? Well, it almost always doesn’t work the way they’d hoped.
All of the projections they made? Naw, not even close.
So they scurry back to their desk to revise the plan — and the cycle continues.
Here’s the truth about consulting business plans…
You don’t need a long, complex business plan.
If your business plan is more than 5 pages, every extra page you write is almost certainly wasting your time.
All you need is a 1-3 page document to cover the foundations of your business.
By the end of this post, you’ll write your 5-part entrepreneurial consulting business plan — and have everything you need to start a successful consulting business.
Let’s begin with the first part: your consulting business model.
That’s the first question you want to answer for your consulting business plan.
Understand what type of business you want to build first before you start building it.
That way, you’re building a business to support your lifestyle and not the other way around.
At Consulting Success®, we believe that your business shouldn’t consume your life .
Your consulting business should enrich your life and create a fulfilling lifestyle for you and your family.
For your consulting business model, you have 4 options:
1. Solo Model : The classic independent consultant . Your business is just you (and maybe a few contractors). From delivering projects to marketing and sales, you are responsible for every part of the business.
(To see the pros and cons of each model, see our post on The 3 PROVEN Consulting Business Models .)
2. Firm Model : The typical large consulting firm. Your firm consists of consultants, associations, junior and senior people. Your role starts off as doing a bit of everything — but eventually, your role becomes hiring, training, and managing your team.
3. Productized Model : This model comes out of one of the above models. You identify a particular problem your clients have, and you build your business around solving that problem with a focus on efficiency. This model is all about systems, efficiency, and scale.
4. Hybrid Model : The hybrid model is a mix of the models above. For example, you might offer a productized consulting offer — but also do some solo custom consulting. Once you’ve mastered one of these models, the hybrid model helps you add new products and services to create more revenue.
Pick one of the models above. If you’re unsure about which one to use, start with the solo model. You can always change it in the future. Chances are, your business will evolve in the future anyways.
With your consulting business model selected, let’s move to the next part of your consulting business plan — clarity around your ideal client.
For every hour you spend on planning, you should spend 4 hours on putting your plan into action.
That’s the second question you’ll answer with your consulting business plan.
This is all about how you’re going to specialize .
As an entrepreneurial consultant, specialization is crucial.
You can’t offer everything to anybody.
You’ll have to begin by choosing a specific type of client to serve — your niche.
A niche is a certain subset of people whom you might potentially serve — SaaS companies, manufacturing, pharmaceuticals, etc.
To find your ideal client, you’ll have to test out different niches.
This is why we teach the Niche Scoring Method in our Clarity Coaching Program .
Using this scorecard, you score each potential niche from 1 to 5 based on the following factors:
In the Clarity Coaching Program for Consultants , we also teach you about the different layers of specialization, how to find and validate your ideal client’s potential, how to do outreach to potential clients, and more.
By going through these exercises, you’ll figure out which niche is best for you to start with.
Picking a niche and defining your ideal client is the foundation on which you’ll build your business — and get clients.
You shouldn’t move on with your consulting business plan until you’ve defined your ideal client.
Once you’ve done that, you can move on to the next part: Magnetic Messaging.
That’s the third question you’ll answer on your consulting business plan.
You’ve picked your business model.
You’ve defined your ideal client.
Now, you’ll write a message designed to get your ideal client’s attention.
We’ve created a formula to make writing this message as simple as possible: Magnetic Messaging.
Here’s the formula:
I help [WHO] to [solve WHAT problem] so they can [see WHAT results]. My [WHY choose me]…
Let’s break each part of the formula down.
Why does this message grab your ideal client’s attention?
When your message contains these 4 elements, it will draw interest from your ideal clients. They’ll want to learn more.
They’ll browse your marketing materials, read your articles, sign up for your email list, and reach out to you for conversations.
Effective messaging is the foundation of your marketing: what you communicate to the marketplace to get your ideal client’s attention.
You won’t write the perfect message on your first try.
But you do need to write a first draft — and actually put it to work in the marketplace.
Once you’ve written down your first magnetic message, it’s time to start planning your strategic offer.
That’s the 4th question you’ll answer on your consulting business plan.
With clarity around your ideal client and a message that grabs their attention…
…you must create an offer — a service — that solves their problems and gets them the result that they want.
The classic custom consulting service is the “full engagement.”
After you engage in a meaningful sales conversation with your prospective client, you’ll send them a consulting proposal .
In your proposal, instead of including one option, you’ll include three:
Map out the different options you’ll offer your prospects.
Take a look at the marketing consulting example below for an idea of how the 3 different options might look:
However, we recommend you start with a discovery offer .
A discovery offer is a smaller service (priced at $1.5K to $15K). You design it to get your client a quick, low-risk win.
Your discovery offer helps get your “foot in the door” with the client. Once you get them that quick, low-risk win, they’ll trust your expertise. This will open the door for larger projects with the same client.
Discovery offers are easier to sell, create, and deliver.
Here’s our discovery offer checklist:
Of course, you’ll also have to set your consulting fees .
You can use the hourly method, the fixed-rate method, the value-based method , or the retainer method.
Pricing is an incredibly complex and deep topic. But you’ll have to pick a price to start with and adjust it based on the feedback you get.
Never sell yourself short. Remember: pricing is marketing. If you can deliver your clients results, then charge what you’d feel good about.
Once you’ve mapped out your 3 engagement options and a discovery offer, you’re ready to take your offers to the marketplace — and start winning consulting business.
This is the final question you’ll answer on your consulting business plan.
And it’s where you start to see real results: winning clients, delivering projects, and earning revenue.
However, according to our How To Become A Consultant Study , marketing and sales are where consultants struggle the most.
Your Marketing Engine is what you’re doing every day to get in front of your ideal clients.
Your Sales Pipeline organizes all of the leads who come into contact with you.
Let’s start with your pipeline.
Your pipeline is organized into 6 columns:
All of your prospective clients fit into one of these 6 categories.
Using a CRM to create and organize this pipeline will help you organize your marketing and sales efforts.
Marketing is what fills up your “lead” column.
Without marketing, you won’t have any leads. And without leads, you won’t have the chance to win new business.
We organize marketing for consultants in 3 different categories:
A basic Marketing Engine will have you doing a mix of these different methods every day.
Every day, you want to be reaching out to new clients, following up with your leads, and creating content that demonstrates your expertise and adds value.
The type of marketing you focus on also depends on the stage of your business .
If you’re a newer consultant, you’ll rely more on outreach. You don’t have as much of an audience for authority content to work yet.
But if you’re a later-stage consultant, you’ll rely more on content. Your content and consulting website has a farther reach, and can generate leads at scale.
For your business plan, focus on setting up a pipeline that is easy to track, and creating the right marketing habits to fill up your leads column.
At this stage, your plan is done.
It’s time to start taking action.
By answering these 5 questions…
…you’ll write a consulting business plan that enables you to take action.
We’ve included dozens of articles, case studies , and guides on how to answer these 5 questions.
However, in consulting, execution is more important than your plan.
So, use our resources to help answer these 5 questions — and go build your consulting business.
Apply to join our Clarity Coaching Program , the place where dedicated consultants go to get a personalized plan, strategy, coaching and support to grow a successful consulting business.
If you’re committed and serious about growing your consulting business, then this customized coaching program is for you.
We’ll work hands on with you to develop a strategic plan and then dive deep and work through your ideal client clarity, strategic messaging, consulting offers, fees, and pricing, business model optimization, and help you to set up your marketing engine and lead generation system to consistently attract ideal clients.
Schedule a FREE growth session today to apply for our limited-capacity Clarity Coaching Program by clicking here .
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Time is your most precious resource. With enough time, any challenge can be conquered, any goal achieved, and any venture successful. But here's the catch: Time is also your most elusive asset. It slips through your fingers, leaving behind missed opportunities and unrealized potential.
In the competitive world of consulting, where precision and foresight are non-negotiable, every moment counts. This is a reality that businesses face daily. Often, they find themselves at crossroads, seeking innovative ways to seize opportunities, increase efficiency, and drive growth. This is where a fresh perspective and expert guidance can make all the difference.
Consider the story of Colgate, a household name in oral care. When faced with the challenge of boosting toothpaste sales, they turned to their own employees for solutions. In a stroke of genius, one employee suggested increasing the size of the brim of the toothpaste tube to encourage users to squeeze more paste out. This simple yet effective idea had a profound impact on their sales.
Just like Colgate, organizations need help from consultants who can provide them with innovative ideas for growth, efficiency, and success. That's where our Consulting Business Plan Templates step in, offering you a lifeline to use the power of time to your advantage. Why should you download these templates? The answer is crystal clear: Efficiency and Effectiveness. These PPT presentations are your roadmap to building a successful consulting practice or taking your existing one to new heights.
In business consulting, where strategy meets execution, our templates are your secret weapon. They're the result of years of industry expertise, distilled into actionable blueprints that will save you time, streamline your processes, and enhance your consultancy's impact.
Are you ready to unlock your potential, make every moment count, and chart your path to consulting success? Let's dive in right away.
The Executive Summary is the heart of your consulting business plan. It's your elevator pitch, a concise yet compelling snapshot of your consulting venture. Our PPT Set is designed to make this crucial section a breeze to create. You can use our sample executive summaries as inspiration, ensuring that they convey their consulting services, target market, and financial outlook in a concise yet persuasive manner. This section is where potential investors, partners, or clients get their first impression of your business, so it's essential to make it impactful.
Reasons to download this template:
1. Efficiency: It simplifies the creation of an impactful executive summary, saving users time and effort.
2. Clarity: Sample executive summaries provide a clear structure to convey key business details.
3. Engagement: You can make a strong first impression on investors, partners, or clients, increasing their plan's chances of success.
Download this business plan
Crafting a Company Overview that defines your consulting niche, mission, and vision is essential for setting the tone of your business plan. With this PPT Layout, you can effectively communicate their consulting focus, the overarching purpose of their venture, and the guiding principles that drive their mission and vision. This section helps establish credibility and aligns stakeholders with the core values of the consulting business.
1. Structure: It offers a structured framework to define the consulting niche, mission, and vision.
2. Alignment: Users can align stakeholders with their business values, enhancing credibility.
3. Communication: Communicate the unique aspects of consulting business to potential partners and investors.
Our industry analysis section provides valuable insights into market trends, opportunities, and challenges specific to the consulting sector. Use this PPT Design to gather data, assess market dynamics, and gain a competitive edge. This section helps users identify niches, untapped markets, and emerging trends within the consulting industry, enabling them to make informed strategic choices.
1. Insights: It offers insights into market trends and opportunities.
2. Competitive Edge: Users gain a competitive edge by identifying untapped markets and emerging trends.
3. Informed Decisions: Data-driven decisions are facilitated, enhancing the consulting business's strategic choices.
Targeting the right clients is pivotal to consulting success. Our customer analysis templates help users create detailed buyer personas, allowing them to tailor their services to meet specific needs. Using this PPT Framework, you can delve deep into their target audience's demographics, preferences, and pain points. This section helps craft personalized services and marketing strategies that resonate with potential clients, increasing customer satisfaction and loyalty.
1. Precision: It helps tailor services and marketing precisely to client needs.
2. Personalization: Deep insights into target demographics lead to personalized experiences.
3. Loyalty: Crafting strategies that resonate with clients boosts satisfaction and loyalty.
Staying competitive in the consulting industry requires an understanding of your rivals. Our PowerPoint Template guides you through a comprehensive analysis of competitors, helping them identify strengths and weaknesses. Users can glean insights from competitors' offerings, pricing strategies, and customer feedback. Armed with this data, users can refine their value propositions, differentiation strategies, and pricing models. This section is essential for creating a competitive advantage and devising strategies to stand out in a crowded marketplace.
1. Competitive Advantage: Users gain a competitive advantage by understanding rivals' strengths and weaknesses.
2. Refined Strategies: Insights from competitors' offerings help refine value propositions and pricing models.
3. Market Positioning: Effective stand-out strategies are devised in a crowded marketplace.
Performing SWOT and Porter's analyses efficiently is essential for strategic planning. Our PPT Sets simplify the process and guide users to identify internal strengths and weaknesses, as well as external opportunities and threats. You can use these to create a well-informed roadmap, align your business with market trends, minimize risks, and maximize resource utilization. SWOT and Porter's analyses provide you with strategic insights needed to thrive in the consulting industry.
1. Holistic View: It guides users to assess internal strengths and weaknesses, as well as external opportunities and threats.
2. Risk Mitigation: SWOT and Porter's analyses minimize risks and maximize resource utilization.
3. Strategic Insights: Informed decisions and alignment with market trends are facilitated.
A well-crafted marketing plan is crucial for reaching and engaging the target audience. This PPT Preset offers a structured approach to developing effective marketing strategies. It helps you explore methods to create awareness, reach the audience, and communicate your consulting business's unique value proposition. You can demonstrate your understanding of market dynamics and consumer behavior, instilling confidence in stakeholders and potential investors.
1. Structured Approach: It offers a structured approach to developing effective marketing strategies.
2. Confidence: Demonstrating an understanding of market dynamics instills confidence in stakeholders.
3. Client Engagement: Strategies focus on creating awareness, reaching the target audience, and communicating value.
Our operational plan slide provides you with a clear roadmap. It covers staffing, facility management, processes, technology, and more. Using this PPT Design, you can ensure optimal resource allocation, streamline processes, and demonstrate the practical feasibility of their consulting business.
1. Efficiency: Users can manage consulting operations with a clear roadmap.
2. Resource Allocation: Templates ensure optimal resource allocation and streamline processes.
3. Feasibility: Practical feasibility of the consulting business is demonstrated to stakeholders.
The Financial Plan is the backbone of a consulting business. The PPT Set below offers stakeholders clarity on revenue projections, cost structures, and funding requirements. It details startup costs, revenue forecasts, break-even analysis, and return on investment. The plan assesses the feasibility of the business, instills confidence in stakeholders, and informs decisions about funding and investment.
1. Clarity: Financial plan templates clarify revenue projections, cost structures, and funding needs.
2. Informed Decisions: Stakeholders make informed decisions about funding and investment.
3. Financial Health: Users assess the business's financial health and viability.
Highlighting the expertise of the management team is essential for building trust and credibility. Our management summary design enables you to showcase the roles and contributions of their team members. Using it, provide stakeholders with a clear understanding of the management team's qualifications and their significance in driving the consulting business's success. This section reassures stakeholders that the business is led by capable and experienced individuals.
1. Trust and Credibility: Expertise is highlighted, building stakeholder trust and credibility.
2. Roles Defined: Roles and contributions of team members are showcased.
3. Capable Leadership: Stakeholders are assured that capable and experienced individuals lead the business.
In your business journey, a graceful exit is crucial. This PPT Set helps you craft a comprehensive exit strategy. It provides a structured framework to consider exit options, timing, financial aspects, and contingency plans. Whether it's selling your business, succession planning, or going public, our templates ensure clarity and confidence in this critical aspect.
1. Structured Framework: It provides a structured approach to consider exit options, timing, and financial aspects.
2. Clarity and Confidence: Users can plan their business exit with a clear timeline.
3. Contingency Planning: Contingency plans for exit scenarios are facilitated, ensuring a graceful exit.
Our Consulting Business Plan Templates are more than documents; they're blueprints for transformation. With them, you're not just crafting a plan but shaping destiny. These presentation slides bridge vision to reality, empowering entrepreneurs to script their narratives of success. As you undertake your consulting journey, they pledge commitment to your future, a testament to determination.
What is a consulting business plan.
A consulting business plan is a comprehensive document outlining the strategy, goals, and operational details of a consulting venture. It serves as a roadmap, helping consultants define their vision, target market, services, marketing strategies, and financial projections. It includes sections like an executive summary, company overview, industry analysis, customer and competitor analysis, marketing plan, operational plan, financial plan, and often, a management summary. The plan provides a structured framework for decision-making and helps secure funding, attract clients, and guide the consulting business toward success.
To start a consulting business plan, follow these steps:
Yes, a consulting company can be highly profitable. However, success in consulting depends on factors like expertise, niche specialization, marketing, and effective client management. Profitability often comes from charging competitive rates, delivering exceptional value, and maintaining a strong client base. Consultants with a unique skill set, excellent reputation, and effective marketing strategies have the potential to generate substantial profits. Additionally, low overhead costs, such as not needing physical office space, can contribute to higher profitability.
Consultants can acquire their first clients through several strategies:
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In starting a business, such as a consultant business, there are several things that you have to obtain and comply with to get started. A business plan is among them. Since you are here, it is safe to assume that you are looking for a business plan for your consulting business, or you want to create one. If that is the case, you are in the right place. In this article, we have gathered a set of consulting business plan templates and examples. Additionally, we have collated the things that you need to know in creating this type of document.
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Whether it is a startup company or big corporate, a business needs a roadmap that will direct a business towards its goals. To do it, a business owner has to obtain a business plan. A business plan is a type of document that contains an overview of the goals of a business and the methods involved to attain these goals, making this document the most crucial part of a consultant business development .
Just like creating a consultant contract agreement , if you are planning to develop a written consultant business plan, it would help if you know who your target audience is. For example, the reason you are creating a business plan is to support your business loan proposal that you are going to submit to a bank. You have to develop the document in a way that will appeal to the bank. To do it, you can include items such as target market analysis, business goals, expenses, marketing strategy, budget, business growth strategy, and sales forecasts. Including the mentioned contents can also help in attracting new clients.
Let’s take a look at how consultant business plans look like. Just download the following business plan examples and templates.
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Creating a consultant business plan can be tough, especially if you build it for the first time. That is why we have included the following tips in this article. Use these pointers to create a strategic business plan.
One of the mistakes that people do in professional writing , including writing a consultant business plan, is focusing on all the things in mind at once. This habit will make you end up confused with what to write. To avoid this situation, we recommend you to concentrate on the ideas that you have when writing your first draft. Checking the grammar and structuring the contents should come after you write everything in the paper. By doing it, you can efficiently structure the raw information that you have in mind.
You may have an idea in your head, but writing a wedding consultant business plan or any consultant business plan will need specific information to complete. Thus, you will have to gather the necessary information through research. Target market analysis and cost analysis are a few of the research methods that you may have to conduct.
Several consultants are assisting businesses in any field. In the cosmetics industry, they have beauty consultants. In the wedding industry, they have wedding coordinators. The question is, which area are you good at? Don’t just settle in that question. Ask yourself why your potential clients should choose you over your competitors? Know your strengths and use them as your marketing edge.
Just like an interior design business plan , you will need feedback from certain people to determine if your consultancy business plan is durable enough for implementation. By doing it, you may discover the flaws that you have not noticed before. To get the necessary feedback, you can start by talking to your friends, family, and people in the business.
Nobody wants to read a 12-page business plan, so if you want your potential client to take a look at your consulting business plan, write it in a way that will catch their interest. Do it by making a clear and on point plan. In this way, you can put all the necessary information in fewer pages. If you need to create a long explanation, you may want to set a meeting with the person or include a separate document for further clarification.
Creating a business plan is crucial in starting a consultant business. However, it does not mean that you will not need it anymore once you have established your business. In fact, you will rely on this plan to grow your business. Therefore, you must regularly check your business plan and make necessary improvements from time to time. It will ensure that your firm can overcome the obstacles that it encounters due to its affecting factors that are continually changing throughout the lifespan of your business.
One of the factors that influence the consultancy industry is the change in client demands. This trend is impacting the internal operations of consulting firms . According to Deltek’s survey, fifty-two percent of the leaders in the consulting industry believe that a few years from now, effective response to client demands will become the most prioritized business development in the industry.
As one of the essential items that you have to obtain in developing a consulting business, you have to create this type of document seriously. With the information that we have provided in this article, you should have an idea on how to make it happen. You may also check our article about the other item that you will need in developing your business, which is the consultant marketing plan .
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For those of you who are particularly skilled at providing people with the advice and knowledge they need in order to succeed, then consider becoming a consultant. If you want to take it a step further, then you can always open up your own business where you provide consultation to those who need it. You can also read business plans .
1. identify what the purpose of your business is, 2. know what makes your business unique, simple business consulting business plan.
4. explain your services in the plan, 5. provide your marketing plan, more in business.
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Being a manager is not everyone’s skill. Some are good at only following orders and are afraid to handle leadership tasks. Probably because of one’s background in the family, being the youngest or for what ever reason, but there are occasions when you get the job as a leader, as a manager, as a supervisor, or any job that has something to do with managing other peers. And it may sound shocking to you. And no matter how hard you research on management skills improvement, the job is just too unforgiving for you. Do not panic yet. There is job called management consultation. And you could be the right person that will rightly benefit such job. So what does a management consultant do?
To understand more, let us dissect each of the major words accordingly: management, consultation, business plan.Management is the process of dealing, handling, and or controlling things or people. So for example, you have a team of 5 persons in your company. And you as the manager will make sure that everything is handled properly, that all things are well taken care of, and tasks are properly distributed.You may also see management consulting business plan examples .
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Consultation is the act in which someone goes to another person to seek advice. For example, a child goes to his father to seek advice whether he should go to school or not because he is sick. The father may give him options. Show him the disadvantages and disadvantages of either going to school and not going to school. But he will not decide for the child.You may also see business consulting business plan examples .
Business plan is the method in which one manages his techniques, strategies to execute his business in a documentation. It is a way of organizing strategies to achieve sales. For example, when selling beverages, your main task, regardless whether you have a business plan or not, is to sell beverages. If you have a business plan, you will write down what you will do to make some sales, and how sales are made, how you reach to your customers, and everything.You may also see engineering consulting business plan examples .
To understand what a good management is, let us review some literature and theories regarding management.
The earliest proponent of management was Frederick Winslow. Frederick was not a manager; in fact, he was an engineer, a mechanical engineer. His book, The Principles of Scientific Management, was published in 1909. In his book, he proposes the simplification of job which, he believes, will improve productivity. In the early 20th century, the practice in the industry in many companies was that of dictatorship. The managers gives the employees the job to do, and that was it. There was no need for the managers to be in contact with the employees. This led to unproductive workers.You may also see financial consulting business plan examples
1. The use of scientific methods. This means looking for the most possible efficient way to perform and complete a task.
2. Monitoring of employees. By monitoring the employees, the manager is able to determine which one is doing well and which one is not. And when a particular employee is not doing well, he will be offered guidance as long as it is needed.You may also see restaurant consulting business plan examples
3. Correct assignment of a task. This means an employee should not be given a task that is not fitting for him. For example, a gardener should not be given the task to build a building. This also requires coaching them.
4. Focus on planning and professional improvement on the side of the management. The employees, on the other hand, must focus on the task assigned to them.You may also see business plan examples .
And those are the core of Frederick Winslow’s management. Another one is from Max Weber. Weber’s notion of management follows the same as Winslow’s except for some; he added an emphasis on emotion. His theories are as follows:
The other proponent is Elton Mayo. Elton added, relationship and teamwork is very essential and effective in every workplace. It is good that an industry will have the correct people doing jobs fitting for them, but it is important that they should work as a team.You may also see security consulting business plan examples
Ludwig von Bertelanffy made emphasis on the holistic process of management. He patterns his concepts and theory from a biological standpoint of view. A body functions well because each part functions well. Each part of the body will be the sum of all the work. If one part is not functioning well, the whole body will not be efficient.You may also see strategic plan examples .
1. Theory X puts emphasis on authoritarianism. This is the negative approach to management. Such kind of management assumes that employees are not motivated to work, unless when pushed. And there is too much power involved in the manager in the control of the work. This includes the incentives in which employees must work hard to get a quota.You may also see management plan examples.
2. Theory Y puts emphasis on teamwork. It follows Elton Mayo’s studies. This is management seen in a positive approach.
Douglas purports that Theory Y is the better choice of the two. Although, authoritarianism still exists today.You may also see business proposal examples .
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1. To always look for the most efficient ways of performing a task. There is no perfect way of doing a job. But there are always ways to make everything efficient in completing a task.You may also see lawn care business plan examples .
2. Emphasis on teamwork. All members cooperate the way human parts in the body would.
3. Specialized skills. Any specific task should be given to an employee fitting to execute the said task.
We have covered and investigated thoroughly the dynamics of a good management. Let us look deeper into the core of consultation. We have made mention that consultation is the process in which one person comes to another to seek advice. Applying all those approaches mentioned above, one can guarantee an efficient and effective business plan.You may also see tutoring business plan examples
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But every individual, every company has its own characteristics and hence requires a different approach. This is solved by asking, what are the problems that the individual or the company is facing? When you go to a consultant, you should at least have some ideas on the issue you want to resolve.You may also see hotel operational business plan examples .
1. Identify the issues. Issues could be your relationship with your peers. It could be a seniority issue. It could be a gender issue. It could be the tasking. It could be anything work related.You may also see restaurant project plan examples
2. Understand everyone’s interests. Is there something in your workplace that only favors one and not the others?
3. List the possible solutions (options). You have sensed the problems. You must have some initial ideas as to how it could be solved. But always remember, there are still others in your team who could give another opinion, answer, or solution. You may also see accounting firm marketing plan examples
4. Evaluate the options. From the many solutions being offered, from the manager, from the employees, from anyone, make sure to weigh each of them. Which one is efficient? Which one is practical? Which one favors the many? And which one is ethical?
5. Select an option or options. Among the many options, choose one that you think is right, perfect, proper. Something that favors the many, i. e., for the good of the company and for each of the members.You may also see food catering business plan examples
6. Document the agreement(s). The documentation should have happened right from the start and not just in the agreement. The drafting of the problems should have been documented in the first place.
7. Agree on contingencies, monitoring, and evaluation. So now you have made half of the solution by drafting, laying down what to do in a document. Documentation is important not only for recording purposes but also for using as reference upon which you and your team will base their evaluation.You may also see restaurant operational plan examples
Basically, that is all you need to make a good business plan on management. Always making sure it has observed the concepts of a good management. Although there is not one model of a good management, but if you consider all of them, you can see a distinguishing characteristic that is common to all of them. You can put that in keywords: efficiency, teamwork, and fit task. When looking for a management consultant, one should initially draft the underlying problems. This is to give the consultant an idea of what you are after, at least initially.You may also see compliance strategic plan examples
You may skip a consultant, you may skip seeking advice from a consultant. But bear in mind this is their expertise. And you really want a second opinion, not just your own. Also, you want a third party to stand between you and the rest of the team. But these are just some of many tips. If you can do it on your own, fine, but as always, two heads are better than one.You may also see social media business plan examples
Always remember, management consultants help your business, whatever type of business, maximize its strengths, improve performance by being critical in how it is being run and operated. They do this by solving problems, as well as finding better ways of executing things. They always look for new approaches. The best thing they can do is help you find ways in making your company cost efficient without compromising quality. If you need a doctor for you health, if you need a mechanic for your car, an adviser for your spiritual life, the same thing goes to business.You may also see transition plan examples
A business needs to be updated in order to be competitive against any other business. If you do it yourself, chances are you can only see what is within you, your company. But you are aware that the real competition is outside the walls. And you need an outsider to give you that perspective. You need someone from the outside. Someone that can give you fresh ideas. Someone that the rest of your family operating the business would look up to.You may also see real estate investor marketing plan examples
Text prompt
Create a study plan for final exams in high school
Develop a project timeline for a middle school science fair.
As a freshman at Penn State University, Ezra Gershanok was set on landing a job in consulting after graduation. He joined a consulting club and spent countless hours preparing for interviews.
He ended his senior year with three full-time offers, including one at Deloitte in the firm's government and public services sector and one, which he accepted, at McKinsey & Company .
"There's not really that many better jobs where you can work on different things, you can travel, you can work with young people, and there's a lot of perks," he told Business Insider. As a college student, the prospect of flying business class, staying at the Ritz Carlton, and, of course, learning from big-name executives in his first job had appeal.
However, Gershanok quickly realized that his role wasn't all it was cracked up to be.
"My first project was working for a utility provider, and we were literally doing nothing," he said. "I was like, there's no problem-solving in this job. It's just babysitting."
Within two years, he'd left the firm and launched his venture, a sublet startup called Ohana.
Whereas consulting was once a dream job for many, Gen Zers are starting to see it as a mere lucrative stepping stone. Four Gen Z consultants told BI they were not in the industry for the long haul. It's a stable job and a shiny badge on their résumés that opens doors for them to pursue their passions.
Vicki Salemi, a career expert for Monster, told BI that because consulting can be high-pressure — think 60- to 80-hour weeks — some young workers are questioning whether it's right for them, at least for the long term.
"There has been a shift in terms of looking at this type of position and thinking, 'What did I sign up for?'" she said, adding, "When you reach that level, there's not a balance. It's typically all work."
Salemi, who previously recruited for large consultancies and Big Four accounting firms, said many young people starting their careers are shifting from questions about benefits to focus more on areas like office culture.
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Yet she doesn't expect the consulting industry will go hungry for workers because of the opportunities the experience can bring. Beyond making contacts with client companies, workers early in their careers can learn from their more experienced colleagues and through offerings like in-house training programs.
"They may feel like they can give a lot in terms of their output for work, but also get a lot from the internal organizational structures and the immense knowledge that their mentors and bosses may bring to the table," Salemi said.
She said the learning opportunities can help some young consultants cope with the long hours and stress of the gig.
"Some jobs are still high pressure, and that won't change," Salemi said.
Gen Z consultants said the hours are worth it as long as they pick up new skills. But after a couple of years on the job, the learning curve tapers, and their work can lose meaning.
Jorge García Febles, a senior consultant at Deloitte, told BI, "I guess a lot of people just coast through, but that's not what I'm looking for. I want to feel like I'm actually doing something meaningful."
Clouds Joo, a Gen Z strategy and management consultant at a leading global firm, said she has the ultimate entry-level job: You learn a lot very quickly, there's enough variety never to get bored, and, perhaps most appealing of all, it's an easy industry to leave.
"Because you are always working in different industries, there's so many great doors in terms of exit opportunities," Clouds, who preferred to go by her nickname for privacy reasons, told BI. "You don't confine yourself to one industry."
There's also the prestige of landing at a top consulting firm — something that does not go unnoticed or unappreciated by the social media generation.
A Gen Z consultant at PwC said he thinks the job is ideal for grads who don't know what they want to do because it's a good way to pick up many generalist skills. But the consultant, who asked not to be named because his employer didn't authorize him to speak to the press, said it's not work he is passionate about.
He thinks some longtime consultants he works with simply got comfortable in their jobs and gave up on their other ambitions and passions. To avoid that, he plans to leave consulting to do work that he feels is more impactful and in an industry he cares about.
He said he's passionate about working out and healthy eating, so he might move on from consulting to working in public health, fitness, or nutrition.
"Consulting is not a passion industry," he said. "Some people genuinely love consulting. I think they're freaks."
Some young consultants say that ultimately, they feel they have to gamble between staying at a job that offers prestige and finding purpose in their careers.
While Gershanok said he was pushed out of McKinsey earlier than expected because the firm had overhired, he said he always planned to become an entrepreneur. The McKinsey brand on his résumé made it easier to raise funding for his startup, which has won the backing of big names like Zillow's cofounder and former CEO, Spencer Rascoff, and Airbnb's former director of engineering, Surabhi Gupta.
"In the consulting world, you have security. The brand is good, but your job is meaningless. At least in my experience, it was meaningless," he said. Now that he's running a startup, he has "a mission."
Are you a consultant looking for a new job? We'd like to hear from you. Email our team from a non-work device at [email protected] with your story, or ask for one of our reporter's Signal numbers.
Enterprises that own multiple businesses often have a flawed approach to strategy: They focus too much on the makeup of their portfolios and too little on enhancing the businesses in them.
Strategies for adding value to a corporation’s businesses fall on a continuum. On one end the businesses in the portfolio are completely unrelated; at the other they have many similarities. Each place on the continuum requires a different kind of organizational structure and specific management processes to support it. To succeed at execution, you need to determine where on the spectrum your business falls and then align your portfolio selection, structure, and processes with your vision of how to add value.
Corporations should focus less on the makeup of their portfolios and more on managing them.
The problem.
Multibusiness enterprises often struggle with crafting effective strategies because their leaders focus too much on the composition of their portfolios and not enough on enhancing the businesses in them.
The market capitalization of many diversified enterprises ends up being less than the combined value of their separate businesses.
Strategies for adding value fall on a continuum, and leaders need to decide where their enterprises are on it. Each choice involves trade-offs. Successful multibusiness firms understand this and align their structure and management processes with their sources of value creation across the portfolio.
Multibusiness enterprises remain the dominant form of corporate organization today. While crafting strategies for them can certainly be hard, the way many leaders go about it is flawed: They focus too much on the composition of their portfolio and too little on how the corporation should add value to the businesses in it. A corporation’s scope determines its strategic potential, but aligning its structure and management processes with its chosen sources of value creation determines the success of its execution.
Elements of economic plan include several new tax incentives and preferences
Vice President and Democratic presidential nominee Kamala Harris today released details of elements of her economic plan. Among other items, Harris proposed several new tax incentives and preferences, including the following:
The plan does not include specifics on whether the revenue cost of these items would be offset, though it does state that Harris will ask “the wealthiest Americans and largest corporations to pay their fair share” and that the plan will reduce the deficit.
Harris also calls for Congress to pass the Stop Predatory Investing Act , which would eliminate certain tax benefits for investors who own large numbers of single-family homes.
Notably, with regard to President Biden’s oft-stated pledge not to increase taxes on those making less than $400,000, “Vice President Harris is committed to ensuring no one earning less than $400,000 a year will pay more in new taxes.”
This pledge suggests that, for the $4 trillion of “tax cliff” items scheduled to expire at the end of 2025, Harris appears committed to extending those tax cuts for individuals making $400,000 or less. Though it is worth noting that use of the word “new” raises some uncertainty as to how the pledge will be applied.
Harris does not in today’s release endorse, or otherwise mention, the official tax plan of the Biden-Harris Administration, the so-called Green Book . Her vow to raise taxes on large corporations and the wealthy, however, is consistent with many of the proposals included in the Administration’s plan. Among other things, that plan calls for a 7% increase in the corporate tax rate, a number of new taxes on multinational businesses, and new taxes on high-earning individuals. For more information on the FY2025 Green Book, read KPMG report: Tax proposals in FY 2025 budget .
Absent from today’s release is a proposal to exempt tip income from taxation. Harris has previously indicated that she (along with Republican nominee Donald Trump) supports this idea.
Finally, it should be noted that the sum total cost of all these proposals is several trillion dollars. Pursuing all of these ideas is likely to put significant pressure on finding new tax increases to offset the cost of these items.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.
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British workers are set for better working conditions as the Government takes its first steps towards its Plan to Make Work Pay.
Businesses and workers will get a bigger voice at the table as Government takes the next steps in its mission to Make Work Pay
Deputy Prime Minister and Business Secretary host senior representatives from trade unions and business organisations for the first time to discuss workers’ rights
This sets out Government’s commitment to engaging on the Plan to Make Work Pay and deliver an ambitious agenda to ensure workplace rights fit for a modern economy
The Deputy Prime Minister and Business Secretary convened a meeting with trade unions and business leaders in a first-of-its-kind meeting today [14th August 2024].
They agreed to wipe the slate clean and begin a new relationship of respect and collaboration to help deliver the Government’s first mission – to kickstart economic growth.
They discussed views on the Employment Rights Bill and wider Plan to Make Work Pay, with the Deputy Prime Minister and Business Secretary carefully listening to the valuable insights of attendees.
This comes soon after the Deputy Prime Minster and Business Secretary decided to overhaul the remit of the Low Pay Commission to deliver early progress on the Make Work Pay plan and put more money in working people’s pockets.
The Employment Rights Bill – which will play a key role in delivering the Plan to Make Work Pay - will be introduced within 100 days of entering Government.
Senior representatives from a cross section of major businesses representative organisations and trade unions were invited to the heart of government today to contribute to the Government’s Plan to Make Work Pay.
Deputy Prime Minister Angela Rayner said :
Our plan to Make Work Pay will bring together workers and businesses, both big and small and across different industries, for the good of the economy.
This first-of-its-kind meeting has kicked off a new era of partnership that will bring benefits to everyone across the country striving to build a better life.
Business Secretary Jonathan Reynolds said :
For too long the valuable insights of business and trade unions have been ignored by Government, even on past decisions which have directly impacted them.
Business and workers will always help to shape the ambitions of government including our plan to Make Work Pay, to ensure it boosts economic growth and creates better working conditions for all”
Minister for Employment Rights Justin Madders said :
It is time for the views of unions and businesses to be heard. This government understands the importance of stakeholders when deciding on policy.
We are getting cracking on the Bill, it will be delivered in the first 100 days and it’s great to get together to share insights that will help us to make sure it does what we intend it to.
The Plan to Make Work Pay sets out an ambitious agenda to ensure workplace rights are fit for a modern economy, empower working people and deliver economic growth.
The Plan will support more people to stay in work, make work more family friendly, and improve living standards. This will put more money in working people’s pockets to spend, boosting economic growth, resilience and conditions for innovation.
Further engagement is planned to discuss the detail of the Plan to Make Work Pay. Trade union and business representatives will be invited to continue to engagement on the Plan to Make Work Pay via similar meetings, as well as share vital insights via the upcoming consultations.
Notes to editors:
As part of its Make Work Pay plan, the Government has committed to:
Ban exploitative zero hours contracts
End fire and rehire
Introduce basic rights from day one to parental leave, sick pay, and protection from unfair dismissal
Strengthen the collective voice of workers, including through their trade unions, and create a Single Enforcement Body to ensure employment rights are upheld
Make sure the minimum wage is a genuine living wage by changing the remit of the independent Low Pay Commission so for the first time it accounts for the cost of living
Remove the discriminatory age bands, so all adults are entitled to the same minimum wage, delivering a pay rise to hundreds of thousands of workers across the UK
The attendees of the meeting are below:
Deputy Prime Minister
Business Secretary
Union of Shop, Distributive and Allied Workers (USDAW)
British Chambers of Commerce (BCC)
Chartered Institute for Personnel and Development (CIPD)
Confederation of British Industry (CBI)
Federation of Small Businesses (FSB)
Institute of Directors (IoD)
Recruitment and Employment Confederation (REC)
Attendee quotes :
TUC General Secretary Paul Nowak said :
The government’s plan to make to make work pay, including the introduction of an Employment Rights Bill within its first 100 days, can set our economy on a path towards higher growth and better living standards. Today’s meeting was an important chance for unions and businesses to discuss the shared gains that the government’s reforms will bring, and we look forward to continued close working as ministers implement their plans.
Together, we can raise the floor so that every job has the pay and security that families need to thrive, workers have access to unions, and good employers are not undercut by the bad.
Jonathan Geldart, Director General of the Institute of Directors, said :
Today’s meeting is an important first step in ensuring that there is meaningful dialogue with business as these proposals move forward, as the specifics will be crucial in determining whether they support or stifle economic growth.
We look forward to the start of a detailed engagement and consultation process, which will be essential to minimising the risk of unintended consequences of these reforms.
UNISON general secretary Christina McAnea said :
Britain’s problems are best solved when governments, unions and businesses work together. Lifting standards and making work pay will drive the economic growth to deliver proper investment in essential services.
The fair pay agreement promised in care will rejuvenate recruitment in a sector that’s long struggled to hold on to the workers needed to support an ageing population.
Stephen Phipson, CEO of Make UK said :
Manufacturers believe that good, well-paid, secure work is key to the Government’s missions of securing economic growth and breaking down barriers to opportunity, which belongs at the heart of an industrial strategy. The manufacturing sector, working closely with trade unions, pays 9% above the national average salary, and is investing increasing amounts in skills training and wellbeing to develop their workforce and improve productivity.
We look forward to continuing to work with the Government on ensuring its Plan to Make Work Pay benefits both manufacturing employers and their employees.
Mike Clancy, General Secretary of Prospect, said :
The Government’s Make Work Pay programme should be an historic opportunity to improve the rights of working people in this country and should represent a symbolic shift in favour of partnership between employers, government, and workers to drive economic progress.
This meeting represents the start of a dialogue that, done properly, can deliver the growth and stability the country needs to compete on the world stage.
Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce:
It was important to be in the room today to represent the views of business, and to emphasise that the Government needs to genuinely listen as it develops its plans. Our members are clear that their employees deserve high standards of protection, but it’s important to guard against any unintended consequences of the proposed changes.
This will require thorough and detailed consultation with firms of all sizes. The Government must take its time, engage with employers, and ensure that any changes are proportionate and affordable for businesses.”
John Foster, CBI Chief Policy and Campaigns Officer, said :
Politicians and businesses are united in wanting to raise living standards through higher levels of growth underpinned by increased productivity. Creating the conditions in which businesses can invest and create jobs is key to this. Today’s meeting was a welcome a step in beginning the constructive dialogue that can deliver solutions that will be both lasting and effective.
Creating the space for meaningful consultation will be vital because it is business input that can ensure these reforms support growth, investment and jobs, while avoiding unintended consequences.
Paddy Lillis, General Secretary of Usdaw, the Union of Shop, Distributive and Allied Workers, said :
After 14 years of dither and delay, it’s great to sit down with a government committed to delivering for working people and talking about how to implement the change Usdaw members need.
The Government’s plans for workers’ rights will massively improve the lives of our members and we are pleased to see grown up government, bringing together politicians, employers and unions to ensure the changes outlined during the election are delivered.
Peter Cheese, Chief Executive of the CIPD, the professional body for HR and people development, said :
We recognise and welcome a number of the changes in the Government’s Plan to Make Work Pay. Together they amount to the biggest transformation of workers’ rights in a generation.
Therefore, consultation will be essential to ensure that any reforms achieve the right outcomes for individuals and employers. We look forward to being part of that process.
Neil Carberry, Recruitment and Employment Confederation (REC) Chief Executive, said :
The longest-lasting and most successful changes to the jobs market have been those developed with businesses, not just handed down to them.
Today’s meeting is an opportunity to re-discover that principle and ensure that the work of the new Government supports business growth and opportunity for workers, including over a million temporary workers across the UK.
Tina McKenzie, Policy Chair at The Federation of Small Businesses (FSB), said :
We had positive engagement with Angela Rayner and Jonathan Reynolds in Opposition, including on their commitments to working in partnership with small business. We hope this meeting is a signal that the Government will soon start a proper, meaningful and constructive engagement process as it moves from campaigning into practical policy making.
It will be crucial the Government starts to demonstrate it is prepared to try and reduce harm to employment, small business, and the economy from any and every negative impact of these proposals. The new administration must listen to the real needs of small businesses on the ground and help, not harm, small business efforts to get people into work and secure the high levels of growth the country desperately needs.
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Consulting Business Plan: Complete Consultant Template & PDF. This consulting business plan contains a detailed operating and marketing plan for starting and growing a successful business as a consultant. This consulting business plan is a comprehensive copy/paste example that includes an operating and marketing plan for any kind of consulting ...
Consultant Business Plan Template. Prepared for: [Client.FirstName] [Client.LastName] . A consulting business plan is a document illustrating how you plan to start or grow your consulting agency. The key components include an overview of the business, team, industry, competitors, target customers, and a plan for the operations and marketing.
Sample from Growthink's Ultimate Consulting Business Plan Template: Last year, according to IBISworld.com, management consulting services in general brought in revenues of $156 billion and employed 876,000 people in the United States. There were 371,000 businesses in this market, for an average of $178,000 of revenue per employee, industry-wide.
Step 4: Integrate your ideal schedule into the one-page consulting business plan. With step number 3, you've mapped out what you want to include in your business plan in terms of client type and nature of consulting work. In step number 4, we will build your ideal schedule into the business plan for the next 12 months.
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Starting a consulting business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.. 1. Develop A Consulting Business Plan - The first step in starting a business is to create a detailed consulting business plan that outlines all aspects of the venture. This should include potential market size and ...
The objectives for Growth Management and Strategies are: Gain access to an SBA loan upon start up. Grow the company from 2 employees in Year 1, to over 10 by Year 5. Increase revenue to over $3 million by Year 3. Increase client base by 450% in three years. Maintain job costing that keeps margins above 70%.
Choose professional, creative cover pages to make your business plan stand out. 5. Share easily with anyone. Upmetrics plans are easily shareable in pdf and word documents. And if either doesn't work, you can share it with a quick link too and track the reader's activity! 2.
Use This Template. Establish your consulting firm's credibility and vision with this sleek and professional business plan template. Set the stage for success with this polished and expertly designed consultancy business plan template. Address crucial aspects such as value proposition, market analysis, competitive advantage, and SWOT analysis ...
What follows is a listing of key objectives for Sample Plan 5. 1. Client portfolio expansion. The Owner has set client portfolio expansion as one of the primary objectives for this phase of business growth and development. The founder will aggressively pursue this objective, projecting to add no less than x clients during the course of the next ...
Talk to your peers, friends, previous business associates and potential customers. Show them your plan and listen to their feedback. 5. Keep it simple. Don't write dozens of pages. You'll bore the investors and your plan will end up on a pile where nobody will ever look at it again - including you.
However, in general, you can expect to spend between $10,000 and $50,000 to start a consulting business. Here is a breakdown of some of the typical start-up costs for a consulting business: Business formation: $100 to $1,000. Website and domain name: $100 to $2,500. Marketing and advertising: $500 to $5,000.
A Consulting Business Plan template can be downloaded below. Alternate Name: Consulting Services Business Plan. The largest part of your business plan content will depend on the type of consulting you are planning on providing to your clients. For example, an IT Consulting Business Plan is supposed to state specific IT goals that the business ...
Picking a niche and defining your ideal client is the foundation on which you'll build your business — and get clients. You shouldn't move on with your consulting business plan until you've defined your ideal client. Once you've done that, you can move on to the next part: Magnetic Messaging. 3. Magnetic Messaging.
Download this business plan . Section 9: Financial Plan . The Financial Plan is the backbone of a consulting business. The PPT Set below offers stakeholders clarity on revenue projections, cost structures, and funding requirements. It details startup costs, revenue forecasts, break-even analysis, and return on investment.
2. Research. You may have an idea in your head, but writing a wedding consultant business plan or any consultant business plan will need specific information to complete. Thus, you will have to gather the necessary information through research. Target market analysis and cost analysis are a few of the research methods that you may have to conduct.
18+ Consulting Business Plan Templates. If you are a consultancy agency dominating a particular niche or possessing some proprietary knowledge, one common occurrence is that you are besieged with service requests from individuals and companies. This may seem to be good for business, but when the majority of such requests for assistance turn out ...
1. Determine the scope of your services. The first step in making an effective business plan for your consulting business is to determine the scope of the services you offer. This means that you need to clearly set the boundaries or extent for the services you offer to your clients.
With that in mind, here are the steps that will help you create an effective business consulting business plan: 1. Identify What the Purpose of Your Business Is. Before you begin, you must first realize what it is that your business is supposed to be doing and what it's supposed to aim for.
File Format. PDF. Size: 179 KB. Download. The template is a special consulting business plan that is used by government departments to ensure compliance with government regulations. The template is a business plan used by environmental officials to provide proof of compliance in the regional water supply infrastructure.
6+ Financial Consulting Business Plan Examples; To understand more, let us dissect each of the major words accordingly: management, consultation, business plan.Management is the process of dealing, handling, and or controlling things or people. So for example, you have a team of 5 persons in your company.
MGMT 690 ELI Corporate Consulting . Project 1 . This project focuses on developing strategies to improve inventory wind down for a café that closes every summer and during breaks, aiming to reduce product waste from both environmental and financial standpoints while ensuring items are still available for sale. The primary objective is to enable
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Colorado Department of Transportation
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Summary. Enterprises that own multiple businesses often have a flawed approach to strategy: They focus too much on the makeup of their portfolios and too little on enhancing the businesses in them.
Her vow to raise taxes on large corporations and the wealthy, however, is consistent with many of the proposals included in the Administration's plan. Among other things, that plan calls for a 7% increase in the corporate tax rate, a number of new taxes on multinational businesses, and new taxes on high-earning individuals.
Business and workers will always help to shape the ambitions of government including our plan to Make Work Pay, to ensure it boosts economic growth and creates better working conditions for all"
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