We recently put together a new business plan for ReAgent. We have been ambitious, but there’s nothing wrong with aiming high!
Having a business plan is, in my view, vital for any business in order to realise it’s full potential. It gives a clear vision of where you are aiming in the future and it helps you stay on track.
Our mission at ReAgent is to become a world class manufacturer with a truly global presence over the next 3 years. Here are some of the most notable aspects of our new business plan.
International Business Development
I read a book by Richard Branson called ‘Screw It, Let’s Do It’ where he talks about replicating business models in different countries. Taking ReAgent global had always been at the back of my mind but reading this brought it to the forefront. I have since done a lot of work in this area and devised the following plan of attack.
We want to set up a manufacturing facility in North America. Following some market research, a factory around the middle of the East Coast would be best. This is where the biggest market is.
We also want to distribute our products throughout Europe. We should be able to manufacture in the UK and supply to Europe because the European Union allows for such easy distribution of products and services throughout Europe.
We are working with UK Trade and Investment to facilitate these plans. I must say I am particularly excited about our international plans because I love travelling
Investment in Facilities
I mentioned in my last blog post that we are having a complete re-fit of our production facility. This includes new handling equipment, specialist machinery and creating our own Cleanroom. The cleanroom will enable us to supply into new markets such as pharmaceutical and food, which are 2 of the sectors we are targeting. We will have to develop our internal systems to support this including working towards Good Manufacturing Practice and ISO 18,000 (NB we already have ISO 9,000 and ISO 14,000).
Raising Our Profile
We will have a specific drive to raise the profile of the company. ReAgent is an active member of institutions like Chemicals NorthWest but we will look to expanding our membership of other bodies. Right now we are considering joining the British Contract Manufacturers and Packers Association and the British Association for Chemical Specialities. Whichever institutions we join it’s important for us to make regular appearances at events and capitalise on new networking opportunities. We plan to attend loads of events including conferences and exhibitions in the UK, Europe and America. We also want to put ourselves forward for awards like the Queens Award for Enterprise. We have come a long way in the last few years and it would be nice to get some recognition for this, plus it would give us something to shout about.
It really is an incredibly exciting time for our company. Over the past 5 years we have grown at around 25% pa. With the new business plan, we are hopping that this rate of growth becomes exponential as the international side of the business develops. I’m looking forward to writing about this journey!