LCR Capacitors

Name: LCR Capacitors Ltd

Sector: Electronic Engineering

Website:   www.lcrcapacitors.co.uk

Project Description

Consultants Online have over 20 years experience helping manufacturing organisations to develop their strategy for expansion. For established companies it is important to identify those capabilities that create competitive advantage. Senior managers cannot provide resources to support every idea to grow the business - so attention must be focused on those competencies that develop key areas of expertise and are distictive to that company.

These areas are where the most value is added to products, for example, at LCR it's the design of the electronic components and circuits.

Consultants Online’s experience in facilitating strategy development and identifying new markets for expansion helped to identify the skills that enabled the business to deliver a fundmentl customer benefit in export markets.

A six month plan was agreed which included:

• Identify funding available for entry into export markets.
• Use government funding for refurbishment and capital investment.
  
• Review R&D projects and focus on winners
  
• Learning and Development needs to access new markets
• Update the marketing plan and promotional material.
  

Project Results: 

• Full commitment of the senior management team to £1.5 million growth plan
  
• Three marketing and promotion companies bidding to provide LCR with a new sales and promotion strategy
  
• Grant funding from the local authority to support refurbishment and marketing expenditure.
  

Quote:

“Consultants Online have really helped us to pull together a business plan and strategy for expansion – they have crossed the boundaries between grant aid and business support and led the way towards new markets and customers in Europe”

Jane Balz

Project Skills:

• Identify Core Competencies of the company
• Look at options available - SFA Analysis - Suitability, Feasibility, Acceptability
• Develop a marketing plan including focus on overseas markets 
• Use contacts in the industry to secure funding
  

Tools and Techniques Used - Business Strategy / Marketing Plan

A good business plan should clearly define the market you are in and the benefits of your product or service to your customers. It describes why people should buy from you.

Markets, customers, products, sales and service, and the people you have on your team are the only considerations to decide your business strategy and future success. Take a look at how the external environment can affect your business before you start your plan.

You need to demonstrate a clear understanding of where your organisation is heading, how it's going to get there,and how people will know when the destination has been reached.

Give your people the opportunity to discuss and agree what the important activities will be and how they will be undertaken.

Set measurable performance objectives that cover advertising, publicity, sales enquiries, lead convertion,  social media and website marketing.

Although finance is a key aspect of your business, it’s only a means to an end and it cannot guide your growth strategy.

8. Market segmentation – at least four different customer / product groups

9. Market trends – what factors a re affecting your industry

10. Opportunity for growth – both short-term and long-term.