Business Planning for New Engineering Consulting Firms

Abstract

When establishing an engineering consulting firm, both financial and professional commitments are required to ensure its success. The company's chances for survival will be greatly enhanced by the preparation of a business plan prior to making unalterable commitments. Such a plan will provide a rational and systematic method for identifying goals and objectives and will create a foundation upon which the company can build and grow. The business plan is the foundation upon which business development rests. It provides a rational and systematic method for the identification of goals and objectives and should include: a statement of purpose for the organization; a marketing plan (including market analysis and promotion strategy); and proforma financial statements. Through the creation of the business plan, the structure of the firm is developed, opportunities are located, and pitfalls are identified before unalterable commitments are made, both financially and professionally.