Durham, NC
www.fuqua.duke.edu
Consulting Services for Small Minority-owned Businesses
INTRODUCTION
The Minority Business Consulting Program (MBCP) offers confidential business assistance to qualified local ethnic minority-owned companies for an administrative fee of $100. This program is specifically designed for small companies in the Triangle Area, which do not have the resources to pay for these services. This program is supported by Duke's Fuqua School of Business and the North Carolina Institute for Minority Economic Development and funded by corporate grants and the U.S. Small Business Administration.
The mission of the MBCP is to provide consultation for ethnic minority-owned businesses in the Triangle area, and to enhance their competitiveness and profitability. Achieving this mission will provide improved opportunities for minority businesses, create jobs, strengthen the local community, and broaden the educational experience of Fuqua students.
THE MBCP APPROACH
MBCP firmly believes that a successful client engagement requires the client and student team work in close partnership. To this end, MBCP strives to match the business needs of your company with the interests and qualifications of the students involved. Not only does your business get valuable advice, but Duke MBA student consultants gain valuable business experiences.
Once you have completed the application for consulting assistance, the MBCP program director will discuss your needs and expectations with you. If MBCP believes it can assist you, a team of three to five graduate students will be assigned to your project. Not all qualified applicants are selected, as the program always attracts more applicants than can be accommodated.
The more open and candid you are with the students, the better will be the results that they recommend. Since every phase of the business impacts the bottom line profits, it is imperative you share your financial information with the student team. The students are scrupulous about maintaining total confidentiality.
Depending on the complexity of the project, the student consultants will conduct research, perform market studies, analyze financial data, and brainstorm as necessary to attack the problem successfully. A final formal presentation will be delivered at end of the engagement, along with a written report detailing the consultants' findings, conclusions and recommendations, and including suggestions for implementation. Your active participation in the presentation is encouraged, as it will allow the students to assess their work and you will benefit more from the interchange of ideas. You are encouraged to bring anyone in your organization who might benefit from this presentation.
"A MUTUALLY BENEFICIAL RELATIONSHIP"
The relationship between you and the student consultants is mutually beneficial. You get useful, hard-hitting business advice from bright and energetic graduate students in business administration. The outlook is fresh and stimulating, and the academic perspective often provides unique insights you've never considered. Fuqua student consultants get "real-world" business experience - exposure that can never be duplicated in an academic setting. Moreover, this exposure can provide valuable career insights.
A GUARANTEE OF CONFIDENTIALITY
All engagement conducted by FSCP are done in strict confidence. No specific information is released to the student consultants until a team is assigned. Students do not even know the name of the business prior to being assigned to the team. Duke recognizes the sensitivity of your marketing and financial information, and therefore ensures confidentiality. Each student signs a "Confidential Agreement" before starting the project.
THE CLIENT ENGAGEMENT
In September, consulting teams are assigned to businesses for the client engagement. The consultants may work with the business for a few months or through the end of the school year in April. Complex and difficult-to-define problems are analyzed:
- "How can I improve cash flow in the face of intense competition?"
- "We've grown so rapidly that current financial controls are inadequate. Help!"
- "My business has reached a plateau, how can I grow the business?"
- "How can I obtain a bank loan?"
- "How can I retain good employees competing with large companies?"
Consultants will meet first at your place of business, and you will be asked to define the problems at hand. You should expect to meet with the consultants five to eight times throughout the engagement. The students' academic schedules are very demanding. It is extremely important that you keep the mutually agreed meeting schedules whenever possible. Also, the more open and candid you are with the students, the better. Since every phase of the business impacts bottom line profits, it is imperative that you share your financial information with the student team. This will greatly improve their ability to deliver high quality recommendations. Once again, complete confidentiality will be maintained.
A final formal presentation will be delivered at the conclusion of the project, along with a written report detailing the consultants' findings, conclusions, and recommendations. Clear suggestions for implementation will be provided. Your active participation in the presentation is encouraged, as it will allow the students to assess your reactions and you will benefit more from the interchange of ideas. You are encouraged to bring someone in your organization who might benefit from this presentation.
ABOUT DUKE'S FUQUA SCHOOL OF BUSINESS AND FSCP
The Graduate School of Business Administration at Duke University was established in 1969 and renamed The Fuqua School of Business in 1980 in recognition of the generosity and support of J.B. Fuqua, chairman of the Board of Fuqua Industries. Today, the school is recognized as one of the top business schools in the country. The Fuqua Student Consulting Program has provided consultation services for over twenty years and enjoys the active support of both Fuqua and the local business community. The director, Bill Sax, has worked with over 200 companies through this student-consulting program, about 50 of these being minority owned businesses.
FOR FURTHER INFORMATION
For further information, please contact Bill Sax, the faculty director. If you are interested in a client engagement, please submit your application
--by letter:
Beverly James, Assistant to Bill Sax
The Fuqua School of Business
Box 90120
Durham, NC 27708-0120
--or by e-mail:
--or by phone at (919) 660-7789.
Through the Fuqua Small Business Consulting Program, first-year MBA students can take a course for credit to help companies solve their business problems. Read more...