2. Define structures and processes
In this step, the high-level resource plan that emerged from the feasibility study is fleshed out and a more detailed business plan is drawn up. The objective here is to develop a roadmap to implementation, ensuring that the right structures are designed to support the family’s needs and that a more accurate view of associated costs is achieved.
Staffing: Once the specific service requirements are mapped out, decisions can be made on which roles are insourced or outsourced and therefore staffing requirements can be defined and role requirements outlined. Chosen vendors can now also be contracted.
Legal, tax and governance: Legal and tax structures, as well as governance and reporting protocols, need to be defined. High-level operational and reporting process flows can then be developed to ensure that implementation is as smooth as possible.
Resource requirements: Identify facilities, determine technology and system requirements and draw up a budget which encompasses operational and capital expenditure.