Project Homework: Business Plan Corrections
During this course, you will learn to develop all the essential elements of a Business Plan, it can either be an existing company on the NASDAQ exchange which is the "American stock exchange, which is located at One Liberty Plaza in New York City known as the New York Stock Exchange" or "a company that you would like to start one day". Some of your plans will be hypothetical, as access to certain information in the company is restricted, but you can focus on the actual existing customers and products or services the company offers to the public. If you are developing your own company it will be made up so just answer the questions that are being asked.
Vision/Mission Statement and Goals
1) Vision Statement
The vision/mission statements are clear summaries of where the business is headed. It describes what the business produces, who the products are produced for, and unique business characteristics. It will reflect the values of the management team and the type of business culture you are trying to create.
2) Goals and Objectives
• What do you want your business to achieve? Be specific in terms of financial performance, resource commitments (time and money) and risk.
• When will various milestones be achieved?
3) Keys to Success
• What do you need, or must happen, for you to succeed?
Company Summary
The material in this section is an introduction to the firm.
1) Company Background
• What does your business do?
• Who were the founders of the business?
• What were the important milestones in the development of the business?
2) Resources, Facilities, and Equipment
• With what do you produce your products or services?
• What are the land, equipment, human and financial resources?
• Who provides them?
• How are resource providers rewarded?
3) Marketing Methods
• What is your annual sales volume in dollars and units?
• Explain how you work with others to improve returns. This may include a strategic alliance with suppliers or customers that you can leverage.
• Do you use forward contracting, options, or futures? If so, how?
• How much does it cost to produce and deliver your products and services?
• How is contracting used?
4) Management and Organization
• Who is currently on the management team?
• How have management responsibilities been divided among the management team?
• What are the lines of authority?
• Who acts as the president/CEO? spokesperson? Chief Financial Officer?
• Who determines employees' salaries and conducts performance reviews?
• What is the educational background of the management team members?
• What is the management team's reputation in the community?
• What special skills and abilities does the management team have?
• What additional skills does the management team need?
• Who are the key people and personnel that make your business run?
• Who do you go to for advice and support?
• Do management and employees have avenues for personal development?
• Sketch a diagram of lines of authority for your operation.
5) Ownership Structure
• Who are the primary stakeholders in your business?
• Describe the legal form of your company, such as partnership, proprietorship, or corporation.
• Do you need special permits to operate or a record for inspections? If you do, please describe them.
6) Social Responsibility
• What environmental practices do you follow?
• What procedures do you use for handling chemicals?
• What noise/dust/timing/odor policies do you have?
• What will be the roles of management and employees in community organizations?
• What will be your involvement at the local/state/national level in commodity organizations?
• What training and new employee orientation practices will you offer to ensure the proper handling of hazardous materials and safe operation of equipment?
7) Internal Analysis
• What are the strengths and weaknesses of your firm?
• What are the relative strengths of each enterprise or business unit within the firm?
• What are the core competencies (things you are doing better than others) of your firm?
• What things can you build on? Think only about the things that you can control.
Suggested areas to consider:
o knowledge and work
o financial position
o productivity
o family
o lifestyle
o location
o resources
• What enterprise or business unit should be exited?
• What enterprise or business unit shows promise?
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.