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MICROBUSINESS MENTORS STRATEGIC PLAN - 2013

MBM Strategic Plan

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MBM strategic plan for 2013

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  • MICROBUSINESS MENTORS

    STRATEGIC PLAN - 2013

  • 1

    TABLE OF CONTENTS

    Executive Summary. 2

    Background. 4

    SWOT Analysis ... 4

    Situation Analysis ... 5

    Core Problem.. 5

    Goals and Objectives.. 5

    The BIG Idea.. 6

    Key Public and their Profile... 6

    Key Messages . 8

    Evaluation Procedure... 11

    References. 12

  • 2

    EXECUTIVE SUMMARY

    Introduction

    MicroBusiness Mentors is a non-profit organization based in Provo, Utah that specializes in

    offering microbusiness mentoring to the Hispanic community in the Provo/Orem area. MBM

    focuses on helping people become microentrepreneurs. In this way, participants of the program

    have opportunities to start or grow successful business ventures in different areas.

    MBM has two key publics: Program participants and business mentors. Participants are

    Hispanics from the Provo/Orem area who are interested in learning how to create a business with

    $500 or less. Clients seek professional mentorship to assist them and lead them with their

    business plans. MBM can attract more participants by using specific tactics that will increase and

    maintain the number of program participants.

    Business mentors are BYU students from the business school who are willing to train Hispanics

    and help them come up with feasible and inexpensive business ideas. Mentors also follow up

    throughout the mentoring program to see the progress of participants. MBM can attract more

    mentors by creating and adapting tactics that will increase the number of mentors per semester.

    The purpose of this strategic plan is to overcome the current challenges that MicroBusiness

    Mentors is facing. MBM needs to increase the number of mentors and keep a steady volunteering

    force throughout the semester, and if possible throughout the whole year. In addition, MBM

    needs to increase the numbers of participants in the mentoring program and keep a steady

    attendance until they complete the mentoring sessions.

    The strategic plan outlines two goals and four strategies that will help staff and mentors focus on

    the activities that will fulfill MBMs mission.

    Goals

    1. To increase the number of participants in the MBM mentoring program.

    2. To increase the numbers of volunteers to expand our business training program among Hispanics in the Provo/Orem area.

    Strategies

    1. To develop steady participation in MBMs mentoring program from Hispanics in the Provo/Orem area through distributing advertising and giving presentations in Hispanic

    congregations, ESL schools, and Hispanic businesses and organizations.

    2. To maintain commitment from participants during and after the mentoring sessions through regular personal contact from mentors and influentials.

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    3. To develop steady volunteering work from BYU business students through distributing printed materials and making announcements in business classes and on campus, and

    through social media.

    4. To maintain loyalty from current volunteers through planning organized volunteer-appreciation activities

    Conclusion

    MBM has already a strong reputation of creating microentrepreneurs. It also must keep taking

    advantage of the opportunities MBM has to overcome the challenges that keep the organization

    away from reaching its goals and objectives. This strategic plan suggests specific strategies with

    their respective tactics that will draw the road to fulfill MBMs mission.

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    BACKGROUND

    In Utah Valley, especially in the Provo/Orem area, the Hispanic population is growing at a fast

    pace. Unfortunately they do not always have the opportunities, work and education that will

    allow them to succeed and to achieve self-sufficiency.The lack of opportunities and proper

    education do not let them find jobs that will provide for their families. In consequence, they live

    in a situation of unemployment and underemployment, which will make them live in poverty for

    the rest of their lives. Further, their children will have to live in the same condition, and it will be

    a trait that will be passed on to the next generations.

    In response to this situation, a group of people decided to create MicroBusiness Mentors (MBM)

    to stop this problem. MBM offers small-business mentoring and microcredit opportunities to the

    low-income Hispanic community in the Provo/Orem area so that they can have the chance to

    grow, succeed and provide for their families. They will also have the opportunity to achieve self-

    reliance and financial stability through creating microbusinesses. MBM has already been

    successful in its purpose of training, mentoring and funding qualified microentrepreneurs.

    SWOT ANALYSIS

    Strengths

    Mentoring program is free of charge

    The classes are taught in Spanish and English

    Mentors meet with participants on a one-on-one basis

    Mentors are business students from the BYU Business School

    MBM has a strong reputation of being successful at business mentoring

    MBM has opened a second group in Pleasant Grove, Utah

    Weaknesses

    MBM does not have enough mentors

    Currently, MBM does not have a strategic plan that allows to create key messages to target publics

    MBM has not had any media coverage in the last 2 years

    MBM does not have many participants in the program

    Opportunities

    There are some ESL schools MBM has no contacted yet that could bring more participants to the program

    Exploit Hispanic business contacts for referrals, and follow up

    There are more and more Hispanic immigrants each year in the Provo area who have the desire to be self-sufficient

    The city of Provo has the highest rate of hours served per resident in a year: average 151.9 hours per year

    The city of Provo is ranked among the top five mid-size cities for volunteer rate

    Participation in career fairs to recruit volunteers

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    There are some organizations that can give MBM awards in the future. MBM uses them to build a much stronger reputation and to have more recognition in the market

    Threats

    Students might not want to volunteer because they do not have enough time, they are not interested in the cause, or they do not receive any monetary compensation

    Some Hispanic businesses and organizations do not want to collaborate with us to let us make announces

    Prospective participants might not attend the weekly mentoring session because of time constraints or distance

    Participation from clients is not steady because most of them move out of the city, or the state, or the country

    SITUATION ANALYSIS

    The Hispanic population is in need of education and job opportunities that will allow them to

    provide for their families. They cannot easily access loans from banks or credit unions because

    of their lack of credit history in the United States. They might get loans from other financial

    institutions, but the interest rate they get charged is very high. Furthermore, their lack of

    education only allows them to be underemployed and stops them from finding decent jobs.

    MBM wants to help more Hispanics in the Provo/Orem area become self-reliant and achieve

    financial stability.

    There is a challenge to get the attention of prospective clients who would be interested in

    participating in the program. There is also a challenge to get more volunteers who would be

    willing to donate their time to find, contact and mentor participants. If these challenges are not

    overcome, MBM will not fulfill its purpose. Through mentoring, MBM will train and teach

    Hispanics how to begin inexpensive microbusinesses. MBM also needs to locate, attract and

    contact those who would participate in the program so that they can receive mentoring and

    training in creating a business with just $500 or less.

    CORE PROBLEM

    MBM must find ways to attract volunteers to join the cause of helping the Hispanic community

    in the Provo/Orem area. MBM also has to find ways to attract participants who would accept the

    challenge of becoming microentrepreneurs; thus helping themselves to be self-reliant and to

    better provide for their families.

    GOALS AND OBJECTIVES

    Goal 1

    To increase the number of participants in the MBM mentoring program.

    Objectives

    1. Increase the percentage of microcredit loans recipients by 50% in the Provo/Orem area by December 31, 2013.

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    2. Double the participation of Hispanics from the Provo/Orem area in the business training program by the December 31, 2013.

    3. Increase the number of clients referrals by 100% by December 31, 2013. 4. Increase the number of contacts from mentors by 50% by December 31, 2013. 5. Increase the number of class presentations given at ESL schools and other Hispanic

    organizations by 50% in the Provo/Orem area by December 31, 2013.

    Goal 2

    To increase the number of volunteers to expand our business training program among Hispanics

    in the Provo/Orem area.

    Objectives

    1. Retain 80% of the current volunteers by December 31, 2013. 2. Double the current number of total volunteer service hours by December 31, 2013. 3. Increase the number of current volunteers referrals by 100% by December 31, 2013. 4. Increase the number of volunteer recruitment presentations given at BYU business

    classes by 100% by December 31, 2013

    THE BIG IDEA

    The Push You Need for the Business You Want

    Explanation: MicroBusiness Mentors will be a social innovator because its strategies and tactics

    will meet the social needs and problems that affect the Hispanic community in the Provo/Orem

    area. These social problems are underemployment and lack of education. MBM will give the

    push people need to become microentrepreneurs through business mentoring and microloans.

    KEY PUBLICS AND THEIR PROFILE

    1. Hispanic Community in the Provo/Orem area

    Self Interests

    Desire to become self-reliant and to have economic prosperity

    Family safety and happiness through financial stability

    Desire to be their own boss

    Do not want to be a burden for others

    Desire to have enough money to spend on housing, food, clothing and travel

    Like to do straight-forward jobs/tasks

    Demographics

    Include people from Mexico, Central and Latin America

    On average, young families with 4 5 children

    On average, age between 25 and 44 years old.

    A great number hardly speaks English

    Most of them lack higher education

    Legal status makes difficult to find jobs

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    In Utah County, 15.1% does not have access to health coverage

    Psychographics

    Value family relationships

    Like to go on short vacations

    Most men started working while being teenagers

    Hispanic students have a more difficult time staying in school and graduating from

    school than other racial or ethnic groups

    Influentials

    Religious leaders who know about the benefits of MBM

    People who have attended the program

    People who already started a microbusiness

    Friends who are familiar with the mission of MBM

    Relationship with organization

    Hispanics have the necessity of having businesses and job opportunities that will allow them to

    become self-sufficient. They require business mentoring. Most institutions that will offer a

    similar training like this will charge high rates, which Hispanics cannot afford. They need a high-

    quality business training that is affordable or free of charge.

    2. Volunteers

    Self Interests

    Like to feel good about themselves

    Volunteer for school credit or internship

    Desire to learn new skills

    Desire to learn more about microcredit and microfinance

    Desire to keep up with their Spanish skills

    Some want to go to graduate school to study MBAs, MPAs, Law School, etc

    Demographics

    Most volunteers are young students between 22 and 26 years old

    Most of them served LDS missions in Latin American countries

    There are more than 197,000 volunteers in Provo

    They study business management, accounting, finance, entrepreneurship, etc

    Psychographics

    Value social work and charitable purposes

    Volunteers are happy and loyal

    Personal satisfaction of doing something worthwhile

    Social involvement

    Religious beliefs encourage charity and service

    Participation in the community

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    Influentials

    BYU professors of social entrepreneurship

    Current and former mentors

    People in BYU clubs

    Relationship with organization

    MBM provides opportunities to learn more about the microfinance worlds while fulfilling the

    noble task of serving the community. Volunteers can receive class credit for working with MBM,

    can improve their Spanish language skills, and can create strong human relationships with their

    clients.

    KEY MESSAGES

    1. Hispanic Community in the Provo/Orem area

    Primary Message: You can be financially stable by doing something you are good at and like

    Secondary Messages:

    MBM will give you business ideas based on your skills, hobbies and past experience

    People have most success in business when they do something that involves their experience and abilities

    Self-reliance can be achieved by selling a product or service you know

    You can achieve finance stability by working from home

    Primary Message: You can start a business with just $500 or less

    Secondary Message:

    Creating and setting up your own business is not as difficult as you think

    MBM will provide training and tools to create feasible and inexpensive business ideas

    Instead of buying other things, you can start your business with $500

    Strategy #1

    To develop steady participation in MBMs mentoring program from Hispanics in the

    Provo/Orem area through distributing advertising and giving presentations in Hispanic

    congregations, ESL schools, and Hispanic businesses and organizations.

    Tactics

    Create materials, such as flyers, brochures and pamphlets that show what the program will do for them and the benefits of participating in the program

    Place materials in 3 new ESL schools located in the Provo/Orem area

    Place materials in Hispanic businesses throughout Provo/Orem and Pleasant Grove

    Place the materials created in major organizations such as El Centro Hispano, Nomen Global and other ESL schools from the Provo/Orem area

    Develop a presentation for ESL schools and at El Centro Hispano

    Develop a presentation for LDS Hispanic wards

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    Update the content of the organizations website and publish a Spanish version

    Hold a fireside once per semester where mentors can explain the program to a large audience

    Update the announcements on the organizations website

    Strategy #2

    To maintain commitment from participants during and after the mentoring sessions through

    regular personal contact from mentors and influentials.

    Tactics

    Interview participants during the sessions to ask about their progress and business plans

    Post interviews on the organizations website

    Follow up progress with each participant at least once a week by phone or by email

    Ask for referrals from each client

    Notify religious leaders about the progress of the members of their congregations who attend the mentoring sessions

    Hold a graduation and dinner appreciation ceremony

    Show testimonials from other participants

    Follow up with participant after the business is running

    Provide pens with the organizations logo

    Provide some snacks during each mentoring session

    Provide a feedback questionnaire to participants at the end of the mentoring program

    Keep up-to-date the client data base

    Send a greeting card if client is not seen for x-numbers of weeks

    2. Volunteers

    Primary Message: Be a business mentor and make a difference in the life of a new entrepreneur

    Secondary Message:

    There are great benefits of doing volunteer work. MBM can help you achieve personal fulfillment and achieve more cultural awareness while doing a fun work

    Volunteers can build the same relationships they did when they served as LDS missionaries among Hispanics while contributing with their welfare

    Volunteers receive real-life experience while they learn more about the microfinance world

    Volunteers can create a strong volunteer background and real-life experience to apply for graduate school

    Volunteers can hone their Spanish business skills by being a mentor at MBM

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    Strategy #1 To develop steady volunteering work from BYU business students through distributing printed

    materials and making announcements in business classes and on campus, and through social

    media.

    Tactics

    Create materials, such as flyers, brochures and pamphlets that show what the program will do for them and the benefits of volunteering for the program

    Place the materials created throughout the TNRB and in other areas on campus

    Develop a five-minute presentation to be delivered during business classes to recruit volunteers

    Have a booth at the Wilkinson Center with materials to hand in

    Create a Facebook page with pictures of clients and volunteers so current volunteers can refer to their friends

    Create a YouTube video introducing MBM to recruit volunteers

    Create a semester calendar detailing all the activities that will be done

    On business class presentations, include pictures of volunteers showing their work on slide shows

    Have a booth at a career fair where we can hand-in materials and talk about the program

    Place advertising in 3 BYU volunteer organizations by March 31, 2013

    Strategy #2

    To maintain loyalty from current volunteers through planning organized volunteer-appreciation

    activities

    Tactics

    Hold volunteer parties twice per semester

    Send an appreciation letter once per semester

    Have opportunities to discuss the volunteer experience they have

    Interview volunteers about their mentoring experience

    Post the interviews on the organizations website

    Upload volunteers bios along with their picture

    Write recommendation letters from Warner Woodworth

    Give volunteers awards, such as the most inspirational, the most enthusiastic, the one who visited more wards, etc

    Receive feedback and suggestions through emails

    Send cards or messages for personal achievements, such as birthdays, graduation, promotions, etc

    Train volunteers once per semester

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    EVALUATION PROCEDURE

    Objective: Increase the percentage of microcredit loans recipients by 50% in the Provo/Orem

    area by December 31, 2013.

    Evaluation tool: Compare the number of loans recipients given between December 31, 2012 and

    December 31, 2013.

    Objective: Double the participation of Hispanics from the Provo/Orem area in the business

    training program by the December 31, 2013.

    Evaluation tool: Compare the number of total participants between December 31, 2012 and

    December 31, 2013.

    Objective: Increase the number of clients referrals by 100% by December 31, 2013.

    Evaluation tool: Compare the number of participants who came from clients referrals between

    December 31, 2012 and December 31, 2013.

    Objective: Increase the number of contacts from mentors by 50% by December 31, 2013

    Evaluation tool: Compare the number of contacts from mentors between December 31, 2012

    and December 31, 2013.

    Objective: Increase the number of class presentations given at ESL schools and other Hispanic

    organizations by 50% in the Provo/Orem area by December 31, 2013

    Evaluation tool: Compare the number of class presentations give at ESL schools and other

    Hispanic organizations between December 31, 2012 and December 31, 2013.

    Objective: Retain 80% of the current volunteers by December 31, 2013.

    Evaluation tool: Compare the number of class presentations give at ESL schools and other

    Hispanic organizations between December 31, 2012 and December 31, 2013.

    Objective: Double the current number of total volunteer service hours by December 31, 2013.

    Evaluation tool: Compare the number of total volunteer service hours between December 31,

    2012 and December 31, 2013.

    Objective: Increase the number of current volunteers referrals by 100% by December 31, 2013.

    Evaluation tool: Compare the number of total volunteers referrals between December 31, 2012

    and December 31, 2013.

    Objective: Increase the number of volunteer recruitment presentations given at BYU business

    classes by 100% by December 31, 2013

    Evaluation tool: Compare the number of volunteer recruitment presentations between December

    31, 2012 and December 31, 2013.

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    REFERENCES

    EdcUTAH (2010).Utah County.

    Davidson, L. & Lee, J (2010, July). Hispanics, other ethnic groups in Utah often lack health

    insurance, Census shows. Deseret News.

    Community Action Partnership of Utah (2011).Annual report on poverty in Utah 2010.

    Pew Hispanic Center (2012). Utah County, Utah. Retrieved Sep 12, 2012, from

    http://www.pewhispanic.org/states/county/49049/

    United States Census Bureau (2010).U.S. Department of Commerce.State and County quick

    facts. Retrieved Sep 12, 2012, from http://quickfacts.census.gov/qfd/states/49/49049.html

    United Way of Utah County (2012).Utah County community assessment 2011.

    Volunteering in America (2010). Retrieved Sep 12, 2012, from

    http://www.volunteeringinamerica.gov/