Assignment -
Prepare an organizational model to deliver on strategy.
Directions - This is the third of several assignments to help the students develop a business plan. The third milestone is broken into two parts.
Part A is a paper that should be researched using a minimum of three scholarly resources. The paper should be written using APA formatting and be a minimum of 450 words.
Part B should be done in a table format or as an Excel sheet that is attached to the paper.
For Milestone 1 you were asked to: Select a business you would like to go into, in your field of interest. Describe the business including the mission statement, the products and services the company will offer, and who you consider to be the company's competition. How will you establish your company so that it stands out from the competition? How will you establish this business to accommodate a global business environment? What talents will you be looking for when you hire employees? What technologies will be imperative to maintaining your business? What will you charge for your products and/or services that you offer?
In Milestone 2 you were asked to: conduct a SWOT analysis on the competition, in your target market and to develop promotional strategies. A SWOT looks at the strengths (what is the competition doing well), weaknesses (what is the competition not doing well), opportunities (what opportunities exist for your company in the market), and threats (what challenges will you be facing in this market, that you have no control over such as the economy or new competition. How will you promote your business (how will you let the consumer or client know you exist using advertising and promotions)? What do you project your sales to be in the first year of doing business?
Milestone 3 has two parts but are combined into one project. In Part A you should discuss the legal structure of your company (is it a sole proprietorship, a corporation, a LLC, etc.) and why. Then, in Part B imagine that the bank approved you for the $2,000,000 loan to start your business. Prepare a budget sheet to show how you would use this money. Remember you must think about where your business will be housed, as well as other expenses (owned or rented property, utilities, equipment needs, inventory, supplies, overhead and employees). Thinking about a typical income statement and balance sheet can help guide you identify items you will need to cover in your budget.
Once the instructor has assessed the assignment, made comments, and returned the assignment to you, make sure you read the comments and make the necessary changes. You will be asked to send this assignment in again.