Benefits Administration Business Plan

Benefits Administration Business Plan

Employee Benefits Administrators (EBA) will provide benefits administration outsourcing for small to medium sized companies. The Morgantown, Pennsylvania-based office opened its doors to the public.

Many employers today are looking to outsource any function that is not directly linked to the generation or income. The Human Resources Administration function should be first considered, as it is not directly related to revenue generation.

Outsourcing can help increase productivity as well reduce costs. Employee Benefits Administrators’ goal is to provide high quality benefits administration and customer service, allowing its clients to focus on their core competencies and other strategic initiatives.

EBA will target clients who have between ten and five-hundred employees at its inception. The service will offer four levels of customization, so clients can choose the one that best suits their needs.

  • COBRA (Consolidated OmniBus Reconciliation Act), and HIPAA Administration (Health Insurance Portability and Accountability Act).
  • Flexible Spending Account Administration
  • Basic Benefits Administration – Includes a call center and for health and welfare programs
  • An ‘#8220’ All-Inclusive level which combines all three levels

EBA will market its services through business associates, insurance brokers, local businesses, and professional associations. EBA has plans to become a ‘#8220’WBE&#8221’, Women’s Business Enterprise in Pennsylvania in order for it to do business on the Federal and State levels.

Employee Benefits Administrators has been established as an LLC (Limited Liability Company). Cindy Wells is the sole owner (principal) of the business. Together, they have more than 25 years’ experience in employee relations, corporate benefits administration, legal compliance, communications, legal compliance, customer service, and have a track record of outstanding customer service. Their ability to communicate with employees at all levels gives them an advantage over their competition.

This business plan is used to forecast financial statements for three-years and to get initial funding. This will cover the start-up expenses as well as the operating expenses for year one. Employee Benefits Administrators projects substantial revenue by the end of year one, and phenomenal by the end of year two.

1.1 Objectives

Over the next three years, EBA hopes to achieve:

  • Significant first-year revenue, with remarkable growth in the second year
  • One new client/month to COBRA services and one new client/quarter to basic and all-inclusive services
  • At the beginning year 2, staff consisted of three people. By the end of year 3, staff comprise seven people.
  • To move from strictly providing benefits administration to offering services for payroll and/or all other HR services that clients are interested in outsourcing by Year 3.

1.2 Mission

Employee Benefits Administrators provides high quality benefits administration and customer service for small to medium sized companies, allowing them to focus on their strategic initiatives.

1.3 Keys for Success

EBA’s keys to success are:

  • Excellent communication and customer service skills. #8212> Completely confidential, reliable, and trustworthy information and expertise.
  • One of the top Human Resources Information Software Modules on the Market
  • Comprehensive knowledge about benefits administration

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