1. Family and Business Management: How Do you Get Started Annie’s Project January 9, 2007 Coweta Oklahoma

2. Mission Statement Once the goals have been determined all decision makers need to sit down and mesh them into one statement. This statement should not be long or address any one goal specifically It should tell anyone reading it why you are involved in this business.

3. Mission Statement Should reflect your values Describe what you want the business to be Provide the basis for long-run plans

4. Questions to Ask Yourself Why are you in business? What products will you produce? Where will you sell the product? Do you have the ability to produce that product? How much profit do you expect to receive? How much debt will you incur? How long before you expect to be debt free? Who is involved?

5. Business Plan Goals and Mission Statement Key Planning Assumptions Operations, organization and Management Financial Plan Marketing Plan

6. Goal Setting What activities do you do that are completely spontaneous?  Family vacation?  Home improvements?  Careers?  Having Children?

7. Goal Setting A goal is a statement of what an individual or family wants to achieve. Through goals we identify our aspirations for the future. Goals change with circumstances and time and must be reevaluated.

8. Goal Setting Steps Assess where you have been in the past. Assess your resources and planning restrictions. Develop a general management plan. Identify and establish specific goals. Prioritize goals. Implement plans to achieve goals. Measure progress and reassess goals.

9. SMART Goals S Specific M Measurable A Action-oriented R Reasonable T Timely

10. Prioritizing Goals Which goals are most important for family well-being? Which short-term goals, if achieved will help achieve long-term goals? Which short-term goals are in conflict with long-term goals? Which short-term goals do not support any long-term goals? Which goals are so important that they should be achieved even if it prevents reaching other goals?

11. Implementing Goals Managers must map out goals. Make sure all involved know the goals. Anticipate problems and plan to overcome them. Do not ignore conflicts or restrictions.

12. Goal Setting Pitfalls Making goals too lofty Trying to do too many things at once. Overemphasizing quantitative aspects. Vulnerability to unexpected events. Failing to use all information. Failing to include all decision makers. Ignoring good plans.

13. Steps to Problem Solving Define the Problem:  What is the problem?  What is or should be/could be happening?  What needs to be determined?  What do you want to decide?  Why?

14. Steps to Problem Solving Examine the Problem Situation:  What do you what to achieve with the decision?  What do you want to preserve with the decision?  What do you what to avoid with the decision?

15. Steps to Problem Solving Consider Alternatives:  How can you meet the criteria you have set?  What are the possible courses of action? Identify the Best Alternative  Does your list of criteria suggest that one alternative is best?

16. Steps to Problem Solving Implementing the Decision:  What could go wrong with the solution chosen?  How can significant weaknesses be overcome? Evaluating the Consequences

17. Goals and Mission Statement Helps identify why the business will exist and what it will achieve. Goals need to be SMART Identify possible problems and plan to overcome them. Include all decision-makers in the process

18. Key Planning Assumptions List all family and business resources  Land  Labor  Capital  Management Identify restrictions and constraints.  Total debt you can take on  Zoning restrictions

19. Operations, Organization and Management Important to determine what roles each one involved will play List each decision-makers duties and responsibilities Identify the most appropriate legal arrangement  Sole proprietorship  Partnership  Corporation  LLC

20. Financial Plan Initial Financial Requirements Historical and Projected Financial Statements Risk Assessment Breakeven Analysis

21. Marketing Plan A written marketing plan helps producers consider:  Production costs  Available alternatives  Risk management  Market outlook Helps evaluate marketing alternatives.

22. What is a Problem? What are problems that you face? Problems are issues that cause Family or Business goals not to be met.

23. What is Success? How would you define success? Success is when the most important family or business goals are being met.