The purpose of business review panels is to help you keep your company on track and get some strategic advice. Most ventures at a SETsquared centre go through a business review every four months. The review panel is made up of experienced business people and SETsquared staff. You will present your business plan along with a progress update and some key issues you would like the panel to help with.
The panel, which is carefully selected to match your business requirements, will give input to your plan, provide strategic guidance, as well as answer particular questions you have asked for help with. Most of the ventures have found this fresh pair of eyes means the experienced panel members can point out weaknesses before they become a concern. This all helps you to swiftly progress your business.
The review is also a key part to ensuring continuation in the centre. The panel is in place to feed back to the centre director on the benefits SETsquared can bring to your venture and this will help them to decide whether you should continue in the centre.
The reviews are normally run as follows:
- You prepare an executive summary along with some questions for the panellists and give these to your centre manager at least one week before the review date
- Review panellists read the documents you have submitted and prepare feedback and answers to your questions ahead of your review
- You begin the review with a short presentation on progress
- You then have an hour or so to answer and ask questions about your business
- Finally, if appropriate, a number of key action points are agreed for the coming months.
If you have a Mentor, they would normally be expected to attend the review with you. We try to maintain a consistency with your panellists throughout your time in the centre.
Reviews can help you by:
- Making recommendations on developing your enterprise
- Identifying areas which need tightening up and support
- Testing assumptions you have made
- Working with you to develop some objectives for the coming four months
- Helping make key introductions