Question

Research and create a business plan/business model for a new HR Consulting Firm to operate out of Florida, with an expansionist vision (Nation and Worldwide)

One Power point presentation

One Word document with your business plan – target for a 5-year plan

One blog and a Mini website that will include the components of your HR consulting firm

Include the comparisons on market averages, meaning: What is the competition out there? How will your HR consulting firm compete against the products that these type of firms offer? Be creative when choosing your Company’s NAME ( Names are Meaningful and Important, they define character, purpose, vision and one’s existence)

See Below the top HR consulting firms in the world, you can add as you research, I am giving you a base sample:

·      Mercer.

·      Towers Watson.

·      Aon Hewitt.

·      Hay Group.

·      Deloitte Consulting LLP.

·      Oliver Wyman.

·      McKinsey & Company.

Accenture.

List how many consulting companies are powerful in Florida, mainly in South Florida,

Which firms will your company compete against, and how?  List the areas of competition

How will you do Marketing and Public Relations, Budget, Set up timeline etc.

How will you Create a network strategy becoming a worldwide Human Resource leader/player, talk about globalization?

Develop this Business Plan, by approaching a strategy that Incorporates Management Principles learned in class, to further your vision… Be creative… focus on Leadership and Motivation. How will these themes enhance your services for future clients? Concentrate your areas of research alongside HR guidelines.

Answer 1

Part I of Question:-

Research and create a business plan/business model for a new HR Consulting Firm to operate out of Florida, with an expansionist vision (Nation and Worldwide)

One Power point presentation

One Word document with your business plan – target for a 5-year plan

One blog and a Mini website that will include the components of your HR consulting firm

Virtuoso Hr and Consulting Services

You can make the business plan (in PowerPoint presentation, Word Doc) with the following headlines:-

The ones marked in Red are for website, blog, PowerPoint presentation and word doc)

1. Executive Summary
   1. Objectives

1. Mission and Vision

2.0 Company Summary

2.1       Business Description: What will be the products, sub-products, etc?

2.2       Ownership of Company

2.3       Expansion view

3.0 Products

3.1       Product Description   

3.2       Comparison of Competition

3.3       Development Strategy   

4.0 Planning & Strategy

4.1       Market Analysis Summary

4.2       SWOT Analysis

4.3        Market Segmentation

4.3.1     Target Market Segment Strategy

                        4.3.2     Market Needs

                        4.3.3     Market Trends

            4.4        Industry Analysis

                        4.4.1     Industry Participants

                        4.4.2     Main Competitors

            4.5        5 Year Plan

5.0 Marketing & Sales

5.1        Marketing Strategy

            5.1.1     Value Proposal

5.1.2     Competitive Edge

5.1.3     Target Market

5.2        Sales Strategy

                        5.2.1     Pricing/Compensation Strategy

                        5.2.2     Segmentation

                        5.2.3     Distribution Strategies                           

6.0 Information Technology

7.0 Financial Management

                                7.1 Internal Costs

                                7.2 External Costs

                                7.3 Revenue Generated

8.0 Website and Blog

                8.1 Components

8.1.1 HR consulting

8.1.2 Cost effective HR solutions

8.1.3 Compensation and benefits consulting

8.1.4 Complete Outsourcing with access to HR experts

8.1.5 Adoption of new HR technologies

8.1.6 Simplification of HR functions.

8.1.7 Job Performance Evaluation

8.1.8 Training and Development

5 YEAR PLAN:- (Include the following)

• Access to insightful academicians and practicing professionals
• Hiring professionals having experience in International development
• Network expansion
• SWOT Analysis

                               

Part II of Question:-

Include the comparisons on market averages, meaning: What is the competition out there? How will your HR consulting firm compete against the products that these type of firms offer? Be creative when choosing your Company’s NAME (Names are Meaningful and Important, they define character, purpose, vision and one’s existence)

The average market growth of Hr consulting firms all around the world ranges between 5-7%. According to a research, around 23% of new hires leave their jobs with 1.5months of working and the mean settlement for slack hiring suits is approximately $1.6million! Hence, there is huge potential in the market. The firm just needs to identify its’ Blue ocean spot in the Red ocean.

There is huge competition in the market when it comes to HR consulting firms. They have to constantly keep challenging themselves to achieve better results in order to grow profoundly.

The target is to attain successful Hr consultancy by:-

• Analysing a unique strategy for the business
• Retaining clients by constantly keeping in touch with them
• Continuous analysis of market trends and technological advances
• Value addition by that extra dose of client satisfaction.

Virtuoso Hr and Consulting Services: ‘Virtuoso’ means prodigy, paradigm, marvel, etc.

In relation to ‘Virtuoso’, the vision and mission must be aligned purposefully so as to establish a relation between the characteristics of the firm.

Part III of Question:-

List how many consulting companies are powerful in Florida, mainly in South Florida,

Which firms will your company compete against, and how?  List the areas of competition

How will you do Marketing and Public Relations, Budget, Set up timeline etc.

How will you Create a network strategy becoming a worldwide Human Resource leader/player, talk about globalization?

Develop this Business Plan, by approaching a strategy that Incorporates Management Principles learned in class, to further your vision… Be creative… focus on Leadership and Motivation. How will these themes enhance your services for future clients? Concentrate your areas of research alongside HR guidelines.

• Accretive Solutions
• Answerthink
• Booz Allen Hamilton
• Boston Consulting Group
• CGI
• Epiq systems
• Delloite consulting LLP
• FIS
• The Highland group
• KPMG LLP
• Lufthansa Systems
• Mckinsey and Company
• Neoris
• Skillstorm
• Virtual Intelligence provider

We will be mostly competing with medium sized firms () on the following parameters:-

• Online training and development
• Research on newer technological services
• Knowledge management
• Financial management and organisational growth
• Safety and health training
• HR software training

Marketing and PR will be mostly done through Digital marketing which will comprise of SEO marketing, Pay per click and Social media marketing.

To create a network strategy w.r.t globalization,

• Implementing the correct HR philosophies
• Developing progressive workforce planning competences
• Match the right Jobs with people
• HR capabilities to move faster than the business
• Problem-solving priorities