Jonoke Software has concrete proof that strategic planning is a wise investment.
Two years ago, this Edmonton-based company, which offers innovative software to help physicians and clinics better manage medical information, was looking for a way to drive more growth and compete with new lower-cost players in its niche market. Today, after undergoing the strategic planning process, the company has implemented solid strategies to battle tougher competition and prepare for the future.
"It was an excellent exercise for us," says Jody Bevan, President of the company. "Like a lot of entrepreneurs, most of my business was in my head and I needed to get that knowledge base to my employees. It was paramount for us to document what we were doing and determine where we were going down the road."
Jonoke Software turned to BDC Consulting for its strategic planning expertise. "A plus for us was being able to finance the consulting with the Bank. BDC was able to see the value of something beyond bricks and mortar," says Bevan. Ultimately, the loan enabled the company to pay for the consulting services investment over a longer period of time.
Building on opportunities
A fundamental part of the strategic planning process for Jonoke Software was developing a viable fit between the company's objectives, resources and market opportunities. So equally important, says Bevan, was finding an outside consultant who "would be a good match. You need to be able to work closely with an expert who has to know your company as well as you do."
To get up to speed on Jonoke's business, BDC Consulting first gathered important information about the company, their market challenges and opportunities for growth. For example, the company needed to find the right long-term strategy to maintain its competitive edge in the field. Jonoke also wanted to address the challenge of software developers who were moving at a faster pace than their support staff. As well, the firm had to better educate its customers about the value of its superior product, says Bevan. During the strategic planning process, the entrepreneur was also able to find ways to leverage the company's strengths such as a more sophisticated software system and better customer service. "By working with an outside firm, you get a fresh perspective. It's not always easy to see opportunities that a trained consultant can help you see," he says.
Customizing strategies that fit
BDC also conducted interviews with managers and employees to get their perspective and brainstorm feasible solutions. "Satisfied employees are more productive and getting them involved in the process was important to us," says Bevan. "They were able to see the bigger picture, too," he adds.
The Bank then provided a comprehensive report detailing short-term and long-term strategies that addressed their specific challenges. For instance, the company conducted an employee satisfaction review which would improve morale and productivity. As a result of the strategic planning process, Jonoke Software also surveyed its customers to get closer to their needs and implemented a phone system specifically designed for call centres to handle more volume and give the company better information.
Another benefit for the business was being able to develop clear milestones, such as operational productivity, which enabled the company to map its progress. "When things go wrong, you have red flags to show you where you need to improve. That's crucial to an entrepreneur," says Bevan.
Ultimately, the President believes that the strategic planning process is a highly worthwhile exercise to undergo at least every three years. "I would recommend it to any entrepreneur," says Bevan, who feels that BDC Consulting's assistance was invaluable. "BDC understood our needs as a small business. When you're a small company, you can get off track sometimes because you need to focus on your daily operations. The Bank understood that sometimes we had delays, but they helped us to meet our deadlines and we appreciated that," he concludes.
