Bryant & Stratton College

SOUTHTOWNS CAMPUS

BUSS100: BUSINESS PRINCIPLES
FINAL ASSESSMENT

This project covers the following course outcomes:

  1. Understand and define the essentials of a business plan, including the evaluation ofbasic financial and economic principles that would drive the plan.
  2. Compare and contrast the different types of business structures.
  3. Create a project that will demonstrate the fundamental business operations a student may consider for a career discipline using multimedia.

This project covers the following program outcomes:

  1. Identify and apply the basic managerial functions such as staffing, planning, organizing, controlling, and leading to the decision making process.
  2. Select and apply appropriate technology skills to specific business applications.
  3. Demonstrate knowledge of numerical measurements within the business environment to make an informed decision.
  4. Recognize and distinguish management and leadership skills.

This project covers the following institutional outcomes:

  1. Employ literacy skills through the effective use of technology and information resources to accomplish a goal
  2. Transfer knowledge from life lessons and formal instruction to new situations as evidence of relational learning
  3. Demonstrate proficient mathematic and communication (written and oral) skills as required in the workplace.

Essential Questions to answer:

  1. What elements must I include in a business planto obtain the support of investors and lenders?
  2. How do my strengths, weaknesses, opportunities, and threats impact my company in the business environment and how will I manage them based on past experiences?
  3. As the owner of the company, how can I effectively design and then lead my organization and all its aspects?

Overview of Plan and its Major Components

This business plan should use all the major concepts we learn in this course. You are taking on the role of a new businessperson who would like to start his or her own business. You will be compiling this plan and presenting it to a potential investor in order to obtain funding for your new venture. You can choose any business you would like. The business must be a new business and cannot already be in existence (i.e. you cannot choose to franchise a McDonalds). You also must be able to include all elements detailed out below in order to successfully complete this assessment. Make sure to include APA citations and references for anything you obtain through outside research (this includes graphs, charts, competitor comparison, etc.) within your work.

You will be working either alone or in groups of 2 to complete this project. The plan must be submitted via Blackboard for each section as well as the final submission in the appropriate drop box. There will be opportunities for revision at each point in the project, and I will give you feedback after each section in order to guide you along. You also will be giving me feedback on how your team is managing the assignment and any problems you are having.

The following elements must ALL be included in the final plan submission:

I.Cover Sheet(Serves as the title page of your business plan)

A.Name, address, and phone number of the company.

B.Name and title of owners/corporate officers.

C.Month and year your plan was prepared.

D.Copy number of the plan.

E.BUSS100

II.Table of Contents (Quick reference to major topics covered in your plan) and ORDER of your plan:

  1. Executive Summary
  2. Organizational Plan
  3. Financial Documents
  4. Administrative Plan
  5. Marketing Plan

III.Additional Requirements:

Proper Spelling/Grammar/Punctuation

APA Citations and References

Double spacing with 12 point font

Section Headings for Parts and segments within the parts

IV.Graphics/Tables/Pictures: You must include a MINIMUM of:

4 pictures relevant to your project

2 graphs or charts relevant to your project

Part I: The Organizational Plan and Financial Documents

A.Summary Description of the Business

In a paragraph or two give a broad overview of the nature of your business, telling when and why the company was formed. Then complete the summary by briefly addressing:

a)Mission (projecting TWO short and TWO long-term goals for the company)

b)Strategic relationships and strategy (tell about any existing strategic relationships, talk about TWO short term andlong term objectives of the company)

c)SWOT Analysis (Explanation of the strengths, weaknesses, opportunities, and threats that your company will face, both internal and external). Minimum of THREE of each element.

B.Products or Services

a)If you are the manufacturer and/or wholesale distributor of a product:List and describe your products. Tell briefly about your manufacturing process. Include basic price information and ranges and justification for them.

b)If you are a retailer and/or an e-tailer:List and describe the products that you sell. Include basic price information and ranges and justification for them.

c)If you provide a service:List your services. Describe your services and list any future products or services you plan to provide.Include basic price information and ranges and justification for them.

C.Stakeholders

a)List and describe THREE major stakeholders and how you will handle them

D.Competitors

a)Discuss a minimum of TWO competitors that you see being a threat to your company and list TWO strengths andTWOweaknesses of each

Part II: Financial Documents and Administrative Plan

Financial Documents

  1. Summary of Financial Needs

Explain why you are applying for financing and how much startup money you need. Project how long of a loan you would like (1 year, 5 year, etc.) and if you will need any additional funding assistance in the future.

  1. Income Statement (refer to Excel Spreadsheet posted on ANGEL for template)

Shows your business financial activity over a period of time (monthly, annually). It is a moving picture showing what has happened in your business and is an excellent tool for assessing your business. Project an income statement for the first year or month of operations and explain what will fluctuate. Justify your numbers for each account.

  1. Balance Sheet (refer to Excel Spreadsheet posted on ANGEL for template)

Shows the condition of the business as of a fixed date. It is a picture of your firm's financial condition at a particular moment and will show you whether your financial position is strong or weak. It is usually done at the close of an accounting period. Contains: (1) Assets (what the company owns), (2) Liabilities (what the company owes) and (3) Equity (ownership interest in the company). Project a balance sheet for the first year or month of operations. Justify your numbers for each account.

Administrative Plan

  1. Location
  2. Explain your location (give state, county, city or town)
  3. Describe why you feel you would be a good fit in that location. Keep your target market and distribution strategy in mind for this.
  1. Type of Business (LLC, Partnership, Corporation, etc)
  2. Explain what your business type is (partnership, LLC, corporation, sole proprietorship)
  3. Explain why you chose it (cite advantages/disadvantages from what was discussed in class within your reasoning)
  4. List any owners and top level positions within your company
  5. Management:
  6. List the people who are (or will be) actually running the daily operations of the business
  7. Describe their responsibilities and abilities and their leadership style (autocratic, democratic, etc)
  1. Personnel
  2. In addition to management, how many employees will you have in what positions?
  3. What are their necessary qualifications?
  4. How many hours will they work and at what wage rate?
  5. Project future needs for adding employees.
  1. Accounting & Legal
  2. Accounting: What system will you set up for daily accounting? Who will you use for a tax accountant and financial statement preparation/analysis? Give a name and address of one close by your potential location.
  3. Legal: Who will you retain for an attorney- give a name and address of one close by your potential location

Part III: The Marketing Plan and Final Portion (Including Executive Summary)

  1. Market Analysis
  2. Target Market- describe who your target market will be
  3. Market Environment- describe some factors including global, technological, socio-cultural, and economic factors you may have to consider
  1. Marketing Strategy
  2. Method of Sales and Distribution (stores, offices, kiosks, catalogs, direct mail, website)
  3. Packaging (quality considerations and packaging)
  4. Pricing- price strategy and how your price relates to competition
  5. Sales Promotions (samples, coupons, online promo, add-ons, rebates, etc.)
  6. Advertising Strategies (traditional, internet,TV/radio, long-term sponsorships)
  7. Public Relations (online presence, events, press releases, interviews)

Executive Summary

The executive summary is the summary of your business plan. It summarizes the content and purpose of your finished plan, covering all of the key points. This is a key section if you are seeking funding. Write the executive summary after you have completed your business plan. It will be included FIRST after your Table of Contents in your completed plan.

Include the following items:

  1. Your Company (introductory overview - who, what, where it is and why it is unique)
  2. Market Opportunity (opportunities your company is positioned to take advantage of)
  3. Capital Requirements, Breakdown of Uses of Funds, Repayment of Loan or Benefits to Investors. (include only if you are seeking funding)
  4. Mission Statement
  5. Management (who they are and strengths each one brings to the company)
  6. Competitors (direct and indirect); list their strengths and weaknesses.
  7. Your Company's Competitive Advantages
  8. Financial Projections (summary of Income Statement Projections)

Presentation:

You also will be presenting the completed plan to the class as they take on the role of the investor in order to try to convince them to buy into your concept. Your presentation will be 10 minutes in length, and the more creativity and detail, the better. You should view this as your only chance to sell yourself and have your best foot forward in order to sell your business concept to the investor. You should be sure to include the sources you used throughout your presentation where necessary. For example, when describing location, you could say “Based on Google Maps, Location A and Location B are 10 miles away from each other, and I feel that Location A would be a better fit because….”.

You have to use a visual aid like PowerPoint or a model/sample of your product (if applicable). You will be required to dress professionally for the presentation just like you would if you were presenting your plan to a potential investor either in business casual or business professional attire. The class will act in the role of investors, and you will be judged by them on your creativity, attention to detail, and overall concept. The class will vote on who they thought did the best job after hearing all the presentations and the highest score will receive an additional 10 points added to their grade. The runner up will receive 5 extra points.

The plan is due in the following stages:

Part I: The Organizational Plan- Tuesday 6/30 (Week 9)

Part II: Financial Documents and Administrative Plan- Tuesday7/14 (Week 11)

Part III: The Marketing Plan, Final Plan, and Final presentations- Tuesday7/28 (Week 13)