Hampton University’s VWIEC helped 3000+ entrepreneurs streamline business plan creation using Upmetrics
Company Overview
The Virginia Workforce Innovation and Entrepreneurship Center (VWIEC) is a non-profit institution established in October 2020 to support entrepreneurs in Virginia. VWIEC primarily operates under Hampton University in partnership with Old Dominion University and other stakeholders.
The institution was established in response to prevailing conditions during the COVID-19 pandemic. Reports claim that 20% of businesses have had to temporarily stop operations, while 33% were expected to close permanently.
VWIEC was established with a simple goal: to build a program to support and increase the number of entrepreneurs across the state of Virginia.
Key features used: Business plan builder, financial forecasting, collaboration and sharing.
The Challenge
Supporting 3000+ participants (business owners) in creating business plans and models required lots of time, effort, and a streamlined process—a mammoth task!
Glenda also mentioned that despite providing services like mentorship, education, networking, pitch competitions, and financial forecasting assistance, the VWIEC cohort was still unable to follow a well-structured process.
Their main challenge was supporting over 3,000 business owners in creating detailed and viable business plans amidst the disruptions caused by the COVID-19 pandemic. It was a massive job, not only because of the sheer number of participants but also due to their different levels of business and financial planning experience.
Most of them struggled to:
- Plan, present, and collaborate cohesively on a business plan.
- Maintain consistency in writing
- Prepare clear and accurate financial forecasts.
- Summarize and effectively present a business plan.
As VWIEC mentors helped participants build their business models, it helped them to define and pitch their ideas better. Although they created rough drafts using pen and paper and other traditional methods, manually reviewing and evaluating thousands of canvases wasn’t ideal.
The VWIEC mentors were struggling and felt the need for an efficient and reliable tool that would streamline the approach, help participants be effective, and ensure consistency across plans. This set the stage for Upmetrics to provide a comprehensive and scalable solution.
Hampton University
The Solution
Upmetrics simplified business planning for VWIEC mentors and participants with tools for planning, collaboration, financial forecasting, and pitch creation, making it accessible to all.
Since following the traditional, manual planning process didn’t seem to work, Glenda and other mentors decided to go with the modern way—using the business plan software.
Upmetrics came off as the perfect one-stop solution for all their requirements.
When asked about how they found Upmetrics, Glenda said, “I found Upmetrics while surfing the Internet looking for a business model canvas and planning tool with excellent reviews.” And the rest, they say, is the history as they’ve been using Upmetrics ever since, helping thousands of entrepreneurs every year.
Collaboration and sharing features made mentors’ jobs easier
Having the ability to work together on business ideas made a big difference. Participants could invite mentors to view their plans and give feedback. It helped mentors streamline their reviewing and evaluating process.
Furthermore, integrating their expertise directly into the planning process helped mentors guide entrepreneurs more effectively, improving the overall quality and viability of the business plans created.
Moreover, by integrating their expertise directly into the planning process mentors could use their expertise to guide entrepreneurs more effectively, enhancing the quality and feasibility of the business plans they created.
Comprehensive business planning made easy
Upmetrics helped participating entrepreneurs plan their businesses in a detailed and coherent fashion. The platform provides 400+ industry-specific templates with a guided business plan builder for step-by-step planning.
The strategic planning tools facilitated brainstorming and the creation of actionable tasks to advance project objectives. The pitch deck generator empowered participants to confidently prepare for their next funding round.
Automated financial planning and forecasting
Hampton University
The Impact
Upmetrics streamlined business planning, modeling, and financial forecasting for 3000+ VWIEC participants, saving them significant time with its collaborative tools and guided approach.
Most of the VWIEC participants were first-time founders. Using complex and cluttered spreadsheets for financial planning was quite a hassle for them. Upmetrics’ financial forecasting tool took the guesswork out of the equation and helped prepare accurate and realistic financial projections with ease.
Since the VWIEC is a host to thousands of participants, the 400+ sample business plans helped create and brainstorm professional plans with little effort. Therefore, building business strategies with business model canvases became a breeze.
Choosing Upmetrics helped VWIEC and its cohorts brainstorm and generate business ideas. Which in turn improved their chances of succeeding. The software even helped them get a quick overview of what works and what doesn’t.
Entrepreneurs need to have complete control over their numbers. And building business plans using Upmetrics helped them achieve this.
Hampton University
Upmetrics for educators and business schools
Upmetrics turned out to be the x-factor in Hampton University’s VWIEC program.
Educators and business schools need business planning software and tools to help business students and entrepreneurs simplify business planning concepts. And as VWIEC’s growth partner, helped them achieve the same. The entrepreneurs at VWIEC could follow a well-structured process.
The business owners were now confident and grateful to Upmetrics for helping them strategize and visualize their business plans better.
Are you an educator like the VWIEC looking for a one-stop business planning solution for your clients? Look no further, check out Upmetrics’ solutions for educators and business schools.
