Many non-profit leaders understand the need for diversifying and stabilizing
their revenue with earned income, yet most of us have little to no background
in business strategy. Social Velocity was exactly what we needed to launch this
in a careful, informed manner.”
-Meg Poag, Executive Director of the Literacy Coalition of Central Texas
The Literacy Coalition of Central Texas, a nonprofit providing resources, training, and advocacy support to literacy-related nonprofits in Central Texas, had grown their organization significantly over the past several years. But this tremendous growth was overly reliant on restricted funding. They needed to increase unrestricted dollars to the organization. At the same time, their health literacy trainings were receiving accolades from the few hospital and health clinic clients they had worked with. The Literacy Coalition staff felt there was an opportunity to turn those trainings into a viable earned income stream that could provide unrestricted dollars to the organization. But the staff didn’t know how to research and plan for a successful business.
With funding from a foundation that had supported the Literacy Coalition in the past and wanted to see them become more financially self-sufficient, the Literacy Coalition hired Social Velocity to lead a business planning effort. Social Velocity led a 6-month process to develop a detailed business plan and vet that business plan with a team of business advisors with specific knowledge of the healthcare industry.
What Social Velocity Delivered:
- Detailed business plan template
- Facilitation of business plan advisory team meetings
- Detailed feedback on market research for the business
- Detailed feedback on each section of the final business plan, including market analysis, marketing, financials, operational plan.
With Social Velocity’s help in crafting a comprehensive, executable business plan the Literacy Coalition is beginning to turn their health literacy services into a fully-fledged health literacy consulting business. They currently have 7 clients including large hospitals and health clinics. They are projecting to break even on the business in early 2013, and the business will start contributing significant income to the parent nonprofit soon after that.
If you want to talk with Nell about whether a consulting engagement might be right for your nonprofit, fill out this form. We’ll get back to you within 24 hours to schedule a time to talk.