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****************** Chapter 6 Planning, Organizing, and Managing a Small Business McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
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****************** Planning, Organizing, and Managing a Small Business Importance of Planning Importance of Planning Strategic, Operational, & Financial Planning Strategic, Operational, & Financial Planning Need & Purpose of a Business Plan Need & Purpose of a Business Plan 6 - 2
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****************** 6 - 3 McGraw-Hill/Irwin Planning The Process Of Setting Objectives And Determining Actions To Achieve Those Objectives.
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****************** 6 - 4 Criteria For Planning Be Prepared Be Patient Know When To Get Help Form Support System Know Power Of Vertical Integration Never Rest On Laurels Keith Brofsky/Getty Images
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****************** 6 - 5 Planning & Other Managerial Functions Planning Organizing Staffing Leading Controlling
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****************** 6 - 6 Planning Provides Internally: 1)Course Of Action 2)Bases For Change 3)Means To Delegate Javier Pierini/Getty Images
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****************** 6 - 7 Planning Provides Externally: 1)Interest From Investors/Lenders 2)Guide Owner/Managers In Operations 3)Give Direction/Motivation To Employees 4)Attracts Customers & Prospective Employees Ryan McVay/Getty Images
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****************** 6 - 8 Reasons To Neglect Planning Day-To-Day Activities Get In Way Fear Of What It Might Reveal Lack Of Planning Knowledge Feeling Future Cannot Be Planned For Requires: Original Thinking Time To Difficult Jason Reed/Getty Images
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****************** 6 - 9 Types Of Planning Strategic- Before Starting Business Business Plan to Attract: oInvestors oFinanciers oProspective Employees Operational- Continuous Before & After Business Starts Jim Arbogast/Getty Images
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****************** 6 - 10 Strategic Planning Comprehensive Long-Term Direction To Help Business Accomplish Its Mission.
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****************** 6 - 11 Parts Of Strategic Plan Mission: Long-Term Direction Objectives: Short-Term Ends Strategies: Means To Achieve Objectives For Total Firm Functional Area
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****************** 6 - 12 Areas For Strategic Planning Business Selection Determining Mission Deciding On Start, Buy, Franchise Choosing Product/Service Identifying Target Market Picking Legal Structure Shaping Financial Needs Selecting Location Ryan McVay/Getty Images
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****************** 6 - 13 SWOT Analysis StrengthsWeaknesses 1)2)3)4)1)2)3)4) OpportunitiesThreats 1)2)3)4)1)2)3)4)
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****************** 6 - 14 Strategic Umbrella
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****************** 6 - 15 Setting Objectives
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****************** 6 - 16 External Environment Clients Economy Legal & Political Factors Changing Demographics Foreign Competition
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****************** 6 - 17 Internal Resources (Competitive Edge) Human Physical Financial Royalty-Free/CORBIS
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****************** 6 - 18 Mission/Strategy John Smith, General Agent
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****************** 6 - 19 Operational Planning Sets Policies, Procedures, And Standards For Achieving Objectives.
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****************** 6 - 20 Parts Of Operational Plan Polices: Guides For Consistent Action Methods & Procedures: Manner Of Operating Budgets & Standards: Measures Of Control For Activities Jules Frazier/Getty Images
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****************** 6 - 21 Areas Of Operational Planning Choosing LocationChoosing Location Planning FacilitiesPlanning Facilities Developing Sources Of SupplyDeveloping Sources Of Supply Planning HR NeedsPlanning HR Needs Setting Up Legal StructureSetting Up Legal Structure Determining Approach To MarketDetermining Approach To Market Establishing Record SystemEstablishing Record System Setting Up ScheduleSetting Up Schedule
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****************** 6 - 22 Financial Planning $Estimating Income/Expense $Estimating Initial Investment $Locating Sources Of Funds Royalty-Free/CORBIS
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****************** 6 - 23 Income And Expenses Net Profit ExpensesVariableFixed
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****************** 6 - 24 Estimating Annual Income/Expense/Net Profit
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****************** 6 - 25 Sources Of Funds Your Own Funds Funds From Others Equity Investors Lenders
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****************** 6 - 26 Purposes Of Business Plan Keeps On Target Keeps On Target Keeps Creativity Focused Keeps Creativity Focused Concentrates Power On Goal Concentrates Power On Goal Patagonik Works/Getty Images
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****************** 6 - 27 Plan Should Include A.Proposed Product B.Expected Market C.Industry Strengths & Weaknesses D.Marketing Policies E.Operations/Production Methods F.Financial Aspects Studios/Getty C Squared Images
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****************** 6 - 28 Preparing Business Plan Business Current Status Where Would Business Like To Be- Objective What Will It Take To Get Business To Objective- Strategy Owner Should Prepare Create Action Steps Monica Lau/Getty Images
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****************** 6 - 29 Components Of Business Plan I.Cover Sheet II.Executive Summary III.Table Of Contents IV.History V.Description Of Business VI.Definition Of Market VII.Description Of Products & Services VI.Management Structure VII.Objectives & Goals VIII.Financial Data IX.Appendixes
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****************** 6 - 30 Outline Of Executive Summary
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****************** 6 - 31 Writing The Plan Be Honest Use The Third Person Use Transitional Words Avoid Redundancies Use Short, Simple Words Use Visuals
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****************** 6 - 32 Preparation For Presentation Adequacy Of Research & Development Validity Of Research Understanding Of Business Financial Projections Priority Of Objectives Ability To “Make It Happen”
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