The entrepreneur was creating a new Internet based software business. The underlying business idea was in place, but a great deal of work was required to develop this, and communicate it through a comprehensive and persuasive business plan supported by sound financial projections. Although the entrepreneur had business planning experience and good financial skills, she recognised the need for extra expert resources to move the project forward quickly.
Paul Kelly joined the company full time for two phases of the business development. Each phase lasted three months but there was a ten month gap between them. This produced maximum support when needed, whilst saving money when the development effort was focussed elsewhere on technology issues.
The company gained:
-
rapid development of a high quality Business Plan. The involvement of the entrepreneur and Marketing Director was to improve and enhance the plan, and so gradually to take ownership of it, without having to give the time to create the starting point, or manage the process.
-
high quality financial projections, covering numerous scenarios, and based upon thoroughly debated and tested assumptions. The involvement of an outsider introduced an independent view on the assumptions and projections.
-
resource and expertise to handle company secretarial matters, service contracts and options agreements.
-
support for the permanent management team in delivering presentations to potential investors.
The relevant skills that Paul Kelly brought to this assignment were:
-
business planning and modelling skills;
-
experience of start ups.