1. Business 100 Introduction to Business Dr. Kathy Broneck

2. Review Writing Business Plans Exam

3. Preview Management and its Functions Planning Leadership styles

4. Management What does “management” mean? What characteristics make a good manager?

5. Management Functions Planning Organizing Leading Controlling Skills  Technical Skills  Human Relations Skills  Conceptual Skills Activities Leading Motivating Decision Making Managing Information & Time

6. Planning Strategic Long range broad goals Set by top-level managers Our company will grow into a billion dollar organization in the next 10 years. Tactical Short-range specific goals Set by lower-level managers Production will double in the next 6 months.

7. Planning Operational Work standards and schedules Contingency Backup plans

8. Planning: Create Vision  Set Vision/Mission Statement  Why Organization Exists, Purpose of Organization  Goals- Broad  Long-Term Aims  Objectives  Specific, Short-Term Statements  Continuous Process (SWOT)

9. SWOT Analysis Strengths Positives of the company Opportunities Potential gains Weaknesses Drawbacks (spin positively and justify!) Threats Other companies in the market Other potential things that can negatively affect the company

10. Nominal Group Technique (NGT) Identify the problem Generate ideas (brainstorm) Evaluate alternatives (feasibility) Select a solution Implement the solution Evaluate the results and follow up

11. Leadership Style Survey

12. Leadership Styles Authoritative (Autocratic) Participative (Democratic) (Laissez-Faire (Delegative, Free-rein)

13. Empowering Employees Increased competition and more demanding customers Loosening of formal organizational structures Fewer, busier managers Predominance of knowledge workers Growing focus on projects & teams

14. Sources of Management Information Outside Sources Customers & Suppliers Financial Institutions Other Managers Publications & conferences Academics & Consultants Inside Sources Subordinates & Teams Superiors Meetings & Seminars Manager Management Information Systems Grapevine

15. How Productive are Managers? Distracted- 40% Low Focus, High Energy Effective- 10% High Focus, High Energy Disengaged- 20% High Focus, Low Energy Procrastinator- 30% No Focus, No Energy Source: Southwest Airlines Spirit, “Enterprise Advisory”, May 2002

16. Tips for New Managers Be objective. Listen to your employees. Be the role model. Be willing to delegate. Respect your employees. Develop employees’ trust. Audit performance. Recognize your limits.

17. Controlling Set Standards Specific Attainable Measurable Customer Satisfaction Internal External Monitor/Record Compare Plan & Standards to Results Communicate to Employees Corrective Action??? Corporate Scorecard

18. Management Challenges Finding/Training New Employees Growing Global Competition Finding/Serving New Customers Financing Long-Term Growth Dealing with Increased Regulation

19. Back to the Business Plans…. In your group… Choose A business your group can start A company name Start writing the Company Background Section Objectives/Business Goals Mission Statement Ownership/Liabilities