Business and Operational Plans
Our office aims to provide operational and financial consulting services for senior managers for new or existing university activities. Business and operational plans serve to determine the feasibility of new initiatives, assess the performance and effectiveness of existing university activities, and evaluate university business and commercial activities through Policy 3005 reviews.
Completing a Business or Operational Plan is a multiphase process with iterations within and between phases. An effective plan is a significant endeavor that requires teamwork combining functional expertise and business acumen. While each plan is different, the core pieces include:
- Executive Summary
- Description of the activity
- Compliance, Legal, & Risk Considerations
- Market Analysis
- Financial Projections
- Implementation Plan
Policy 3005 Reviews
Policy 3005 ensures that university-related business and commercial activities conducted by Virginia Polytechnic Institute and State University are consistent with the mission of the university and are authorized by the university.
Business and commercial activity is one that provides goods or services for compensation and which is regularly carried on.
The university is not permitted to sponsor any business activity that unfairly competes with the private sector. Occasionally it is necessary for the university, and its affiliated units to charge fees to provide goods and services that enhance, promote, or support instructional, research and public service missions.
If you or your department are interested in developing a business or commercial activity, a formal review will need to be conducted.
Please contact our office for more information.