MDHUB Business Review
The MDHUB has developed a business diagnostic tool which supports companies to examine and review every aspect of their business from strategic planning, financial strength and team development through to product & service, sales & marketing and legal and supplier relationships. The model is based on the belief that companies need to consider every aspect of their business at the same time in order to be successful. It consists of a range of incisive questions which help to plot the current position, examine potential challenges and determine future targets. It also addresses leadership style and the personal motivations and long-term ambitions of the business owner.
The review is offered to all members as part of their membership package and once completed, the next steps are to set the development priorities for the following period. MDHUB member, Fin & Farm recently undertook their annual review with MDHUB Consultant, Phil Ashford.
Fin & Farm’s Co Owner, Muir Jankowski, was looking at different ways to take the business forward which was doing well but some products were more successful than others. As the core business was profitable, Phil advised the company to focus on that for the time being and to increase social media and promotional activities. He also saw an opportunity for Fin & Farm to operate as a social enterprise which would help them to develop partnerships with charities and social enterprises to launch joint bids and to access grant funding inaccessible to a Limited company. Phil explained the pros and cons of various legal structures the company might like to consider and suggested several contacts to approach for partnership opportunities. In addition, Phil recommended organisations to support the company with exporting as well as some funding streams to consider to help with grants supporting marketing and specific new projects.
Said Muir, “I honestly didn’t realise how many possible partnerships were not able to work with a limited company but who are very open to the idea of working with a social enterprise. Phil’s advice has opened up doors for us that we didn’t realise were a barrier. We have spoken to potential partners to let them know our plans and already they are being more responsive. Obviously there are some obstacles to overcome in terms of setting up but I know that we can overcome those with further advice.
“The Business diagnostic is a great service. It’s helpful to have a confidential one-to-one session where someone can constructively critique what you do as when you are in a business, especially co-working with your life partner, it’s sometimes difficult to be objective.”