How to Write an HR Company Business Plan

A good company business plan can help you make your HR consultancy a reality. HR services are one of the fastest growing sectors in the service industry. Corporations increasingly prefer to hire autonomous HR consultancies for specialized human resources operations, like employee data analysis and corporate HR reporting. Independent HR consulting services have great opportunities for profit and growth in this scenario. 

 

What to Consider before Drawing up An HR Consulting Business Plan

 

In order to get the necessary funding for your HR startup, you will need to convince your loan executives and independent investors that you have what it takes to survive and grow in this competitive market.

 

Start by researching your target niche in detail. HR consultancies offer multiple services including handling the recruitment and selection of company personnel, taking care of individual casework and employee data analysis in addition to corporate HR reporting. Some of the services you can consider offering include:

 

• Recruitment services – This is one of the most common services offered by operational HR consulting firms. Starting a recruitment business is a particularly good option for HR veterans who already have a solid reputation within the industry. As part of your services, you will be handling the drafting of job descriptions and advertisements; publishing the job opportunities in carefully chosen media outlets, including newspapers, industry and trade journals, job portals etc. Your company will also be in charge of sifting through the responses from interested candidates and short-listing the most desirable ones. This will include holding various industry specific assessment exercises and interviews. 

 

Your ultimate goal should be to select a potential employee who can make solid contributions to the organization. The employees selected, should also be able to commit to the client, so as to reduce employee turnover percentage. Job descriptions, that are not precise, are one of the main causes of high short-term employee turnover. It is essential that you are able to put together a consulting team with a high level of expertise and experience in formulating and wording apt job advertisements.

 

• Individual employee casework – HR casework support services offer aid in dealing with possible misconduct or incompetence that may require dismissal, disciplinary action or re-training. This is a good service niche for both experienced veterans as well as relative newbies. It is the responsibility of the consulting services to determine the nature and severity of the problem and advice the best possible course of action. 

 

• Analysis and reporting – Operational consultancies also offer statistical research and analysis. This includes conducting performance reviews, pay revision analysis, etc. 

 

Drafting an HR Consulting Business Plan

 

After identifying a specific list of services, it’s time to start drawing up your company business plan. You will need to include accurate and comprehensive data on the industry and market environment and possible growth areas; potential clients and competition; your core team, etc. You will also need to include a solid financial plan charting your expected revenue, expenses and growth expectations for the next three to five years.

 

Visit Masterplans today to find how our expert company business plan proposals can help you make your HR consultancy service a reality.