Prepare for Takeoff

This week, the blog entry will be short on word count but not so short on what we need to do.  As of Monday, our website needs to go live.  This is an important step in recovering our startup costs, since it allows us to receive a higher volume of orders and reaches globally to potential customers.  There are a few other tasks we need to complete.  Here’s a list of everything we need to get done before end of business Friday:

• Launch website
• Analyze successful business plan presentations
• Review presentation competition overview
• Attached in folder I shared with you Sunday afternoon
• Request contract funds in portal
• Design business plan presentation
• Draft bullet points to be discussed for business plan presentation
• Create promotional emails to convince customers to purchase from us
• Make sales calls to local VE firms
• Keep records of sales/purchases
• Distribute payroll and back-pay
• This will allow us to purchase from other organizations

Here’s a daily breakdown of what we will do and when it will get done:

Monday

Objectives: Launch website, analyze successful business plan presentations, request contract funds in portal, draft an ideal open for our presentation, review presentation competition overview

Clear Target: We can analyze elements of a successful business presentation

We will begin class with a 3-minute bell-ringer.  Students get out their folders and a pencil, write their name and today’s date on top of a piece of blank notebook paper, and then list 2 things that stand out about the opening of the presentations we watched last week + 3 things that stood out about the rest of the presentations.  From here, we’ll share out answers.  After this, students have 7 minutes to draft their own open for OUR business plan.  CEO will collect everyone’s notes and report to me who has/hasn’t completed the task.  After this, I will read through the file titled “Business Plan Presentation Info for Teachers” to have an idea of how the plan will work.  This year’s rules are somewhat different than last year’s so please pay attention as we read through the file.  For closure, we will discuss whether we need a 6^th participant for the competition while CEO requests contract money from the portal.  See below for email from Cindy Boyd regarding this process:

After submission of your plan, you will be able to use the Payment Request Form in the portal to upload your business partner contract request for 75% of your firm's salaries.  I will be able to grant this request if your business plan has been submitted.  Please note 75% salary requests can include several options: for new firms, part of the money can be funded within the seed money. For all firms, funds can come from open house sales to parents, etc, and business partner contracts. All of these options are a part of the 75% of salary funding.  If you request the total 75% of your salary in a business partner contract, you will not be able to receive additional funds if you have a non-ve open house.  If your student enrollment goes up mid-year, we can always revisit your request.

Tuesday through Friday

Objectives: Complete any tasks not finished from Monday, tend to day to day tasks of the business, complete business plan presentation

Clear Target: We can create a business presentation

Suffice to say, I don’t know whether we’ll complete all our tasks on Monday.  That said, we’ll first have to tackle what’s left from Monday’s tasks.  After we finish this, we can proceed with the rest of our weekly tasks.  For the remainder of the week, the business presentation team will split off from the rest of the group so that they can concentrate on creating a winning presentation.  Remaining employees will tend to the following tasks:

Sales

·      Create promotional emails to convince customers to purchase from us

·      Make sales calls to local VE firms

IT/Web Design

·      Create company letterhead

·      Identify “Item(s) of the Week” to highlight on site

Admin/HR

·      Complete employee profile

·      Create company handbook

·      Update display board in class

Finance/Accounting

·      Keep records of sales/purchases

o   Refer to the REFERENCE FILES in the Accounting & Finance section of the Portal for the journals to be used

§  All purchases from the wholesale marketplace to be updated

§  Sales from contract to be updated

§  Cash payment to be updated when we actually pay for our merchandise

§  Cash receipts to be updated when we receive cash (we already received cash when we received our seed money

·      Distribute payroll and back-pay

o   Refer to this file

o   This will allow us to purchase from other organizations

If you have any questions about your tasks, please feel free to ask me for guidance.  The expectation is that you will refer to the portal first for explanations of your tasks, then check with Google.  If all else fails, though, I’m available as I circulate the room.  Please work diligently and focus on the tasks that need to be completed.  There is zero time to waste on non-VE work, so please make sure you are on task throughout class this week. 

Finally, please check your email daily.  Plans may change throughout the week, and we will need to work on a few things outside of class.  Further, there will be some minor tasks to be completed while we’re on Fall Break, so you will need to stay in contact with me even while we’re out of class. 

A Mixed Bag

This week, we have quite a bit to accomplish.  Here’s a breakdown of what we have to do:

·      Submit final draft of business plan

·      Assess final draft of business plan

·      Begin operations for our organization

·      Make sales calls

·      Finalize product line

·      Establish Inventory

·      Create/distribute promotional materials

·      Launch company website

·      Fill out employment paperwork

·      Distribute payroll

Here’s a breakdown of our daily tasks/objectives/clear targets:

Monday

Objectives: Assemble business plan in proper order, Save file as PDF, Submit final draft of business plan and photo waivers

Clear Target: We can create a business plan

We’ll utilize the rubric and make sure our final draft contains all the necessary elements.  We’ll then assemble the final product in MS Publisher, just as Gotham has done so with our model.  Plan will be saved as PDF and submitted here:

Tuesday

Objectives: CEO and CFO to read final submission to class.  Entire class to provide quick feedback after each section

Clear Target: We can assess a business plan

The objectives pretty much nail it.  All we are going to do in class Tuesday is read through the plan and discuss it.  Our feedback should be based on the rubric we used to complete the plan.  For closure, we’ll score our business plan.  I doubt we’ll have time to finish our assessment, so for homework, you’ll finish scoring the plan yourselves.  I’ll average everyone’s scores and we’ll see how well we self-assess when we receive our feedback at the business plan competition.

Wednesday through Friday

Objectives: Make sales calls, finalize product line, establish inventory, create/distribute promotional materials, launch company website, fill out employment paperwork, distribute payroll

Clear Target: We can apply concepts to operate a startup business.

All tasks to be completed can be found in the Portal for your specific department.  Please continue to keep attendance records and get the business up and running as quickly as possible.  The sooner our website goes live, the faster we can actually close on some business. 

In addition to completing these tasks, we also have to register for the business plan competition and Trade Show.  Deadlines can be found below:

I will be available to assist as needed in a facilitator capacity.  Please understand that I’m your guide on the side, and technically can’t do any of the tasks for you.  Stay on your tasks and we’ll have a great week!

Analyze, Critique, Revise, Complete

This week is an important week for our firm.  We must take a look at what we’ve drafted, determine how well we’ve hit all elements of the rubric, make amends to our work, and complete the final draft for our business plan submission.  We’ve worked hard to create the most recent draft; however, without constructive criticism from our peers, our final submission won’t truly allow us to put our best foot forward.  That said, this week, we must first read through our plan, identify what has been well-written and what must be changed, figure out how to change it for the best, and put together the award-winning final draft we are capable of. 

There isn’t a video, magazine article, or image that I can embed in this entry capable of making our final draft a winner.  Only your hard work and determination can make that happen.  Here’s how we’re going to get it done this week:

Monday

Objectives: Read through business plan draft, analyze business plan rubric, assess mastery of each element of plan, devise plan of attack for business plan revision

Clear Target: We can analyze and critique a business plan

**Please refer to the Gotham Enterprises Business Plan for a solid model, along with any previously created business plans for additional assistance.  Also, my blog entries from January 2014 through March 2014 provide a detailed explanation of how I would approach writing each element of the business plan.  Finally, check your Google Drive for PowerPoint presentations that contain additional links and videos to resources that will help you write each element. 

**Remember, all elements of the business plan are measured by this scoring rubric.  Please complete each section according to what is asked by this file.   

CEO and CFO to lead read-through of plan – Here’s what to do:

·      Arrange each department’s submission (without cover page or table of contents)

·      Read through each submission

·      Determine what elements of plan are missing – DON’T BE SURPRISED IF YOU MISSED SOMETHING. THIS IS WHY WE READ THROUGH THE PLAN J

·      Analyze how well each section of  the plan hits the TOP of the rubric

·      Create questionnaire to help achieve top of rubric for sub-standard elements

o   You should have about 10 questions with multiple choice answers

·      Distribute questionnaires to students prior to Tuesday’s class

If you have immediate feedback that can be a quick solution to anything, use Monday’s class period to discuss your ideas.  There WILL be elements that are lacking.  There WILL be elements missing.  This is why we use the entire week for revision.

Tuesday through Friday

Objectives: Analyze data collected from questionnaire, Revise business plan, Report finished drafts to CEO and Spinella

Clear Target: We can revise a business plan

In addition to completing the final draft of the business plan, departments whose revisions are finished early should concentrate on ensuring we close our contracts that are intended to cover 75% of our payroll, following up on receipt of seed money, and completing departmental tasks for our grand opening (deadline: 10/6).

Once our data is collected, we will use this information to complete our final draft of the plan.  When we have all elements finalized, we will organize it so that it is coherent and reads like the models we have in class.  I will work with you to make sure everything is in order, but understand that my obligation as your facilitator is merely to guide you.  It is against the rules for me to re-write or dictate anything for you.

As the week progresses, I may make additional blog entries to help you along the way as I see fit.  Please keep up with your emails daily.

Collaboration, Analysis, and Business Plan Creation

This week, we will put our minds together to ensure a clear vision for every element of Pick it Sweets & Treats.  On Monday, we will discuss what we are, how we look, what we sell, how much we'll make, and why we're different from the rest.  This will springboard us into our Tuesday-Friday tasks, when we will actually draft the business plan.  Here's a breakdown of Monday's discussion topics, followed by departmental assignments Tuesday through Friday:

Monday
Objectives: Discuss all elements of business, determine company goals, align ideas to create consistent vision throughout entire organization.
Clear Target: We can create a consistent vision for a virtual organization

CEO and CFO to lead discussion of the following topics:

• Goals for the year/business plan - see old business plan rubric with explanations for assistance
• Identify competition - both virtual and real (please do this before class Monday)
• Determine brand identity - Please read Wikipedia explanation - our mission statement and goals will align with our identity
• Discuss product line, estimated profit margin, and price structure of business
• Approximate sales revenue from contracts, Trade Fair, and normal operations
• Determine why we'll sell our products - Why will people use their discretionary income on our products? Is there enough discretionary income to be spent on our products?
• Differentiate ourselves from competition - Why are we better than the competition?

**Admin department to keep minutes and take notes on discussion.  Notes to be reported to all employees and Spinella

Tuesday - Friday
Objectives: Analyze previous business plans, draft entire business plan, report finished drafts to CEO and Spinella
Clear Target: We can create a business plan
**Please refer to the Gotham Enterprises Business Plan for a solid model, along with any previously created business plans for additional assistance.  Also, my blog entries from January 2014 through March 2014 provide a detailed explanation of how I would approach writing each element of the business plan.  Finally, check your Google Drive for PowerPoint presentations that contain additional links and videos to resources that will help you write each element. 
**Remember, all elements of the business plan are measured by this scoring rubric.  Please complete each section according to what is asked by this file.   

Here's a breakdown of each business plan element and the assignment for each:


Cover Page & Design/Layout
Web Design/IT is responsible for cover page and design/layout of plan.  The Gotham plan has a great layout and we should find something that pops just like it.

Executive Summary
CEO is responsible for completing the Executive Summary once all other elements have been turned in.  Executive Summary is often the only part of a business plan that potential investors read, so you must ensure all pertinent information is presented in an interesting, yet not overstated, manner.  Make sure our vision jumps off the page.

Company Description and Mission Statement
HR and Admin have been working on this and will amend as needed

Management Function
HR and Admin are responsible for all elements of the Management function

Assessment of the Environment
Executive Team will complete this element of the plan

The Marketing Mix: The FIVE Ps
Sales/Marketing is responsible for completing this section of the plan

Breakeven Analysis and Financial Data
Accounting/Finance will complete this section of the plan

SWOT Analysis & Business Assumptions/Risks
This section is to be completed by Admin & HR. 

As always, I'm available in class or via email if you are working on things on your own outside of class.  Keep your focus.  You're going to make a great business plan!

From the Ground Up

This week, we are going to work on two things at once: creating the business plan and registering our business with the VE Network.  We will begin to break up our work by department so that we can maximize efficiency in completing our weekly tasks.  Moving forward (at least until next semester), tasks will often be assigned by department, not by day.  This means you won’t see a daily list of objectives and clear target.  Rather, you will see a breakdown of objectives for each department with either a common or department-specific clear target.  Further, there will be much fewer PowerPoint presentations or lecture from me.  Beginning Monday, my role as facilitator will be to act as your guide on the side.

So how will we split up into departments, you ask?  Easy.  By the time you arrive in class Monday, you will have received a formal offer for your job.  You will have 24 hours to respond with an acceptance.  Once all have accepted, Human Resources will begin working on an organizational chart in either PowerPoint or Publisher, as suggested by this form. 

Our clear target for the week is simple:

We can apply business concepts to launch a virtual startup business.

I used the photo below, along with the Business Plan Scoring Rubric to compile your list. The tasks for the week can be found below.  Don’t be intimidated by this list.  You can all get it done:

All

·      Log onto the portal using the information provided in my email to you from 8/31

·      Reach out to business partners (see spreadsheets created by Cody Ruth) to close on a contract worth 75% of your salaries – to be done after school hours

o   I will touch upon how to approach these business partners in class on Tuesday.

Executives: CEO and CFO

·      Complete business registration form online

o   Basic things can be completed quickly

o   Particulars will take a couple or three days

§  Which type of corporation? Why?

§  Budget

·      Payroll

·      Rent

·      Utilities  - based on schedule I’ll find for you

·      Advertising/promotion

·      Inventory

·      Equipment

·      Supplies

§  How much seed money required based on the budget?

§  Substantiate why you need this exact amount

***Please consult with Accounting/Finance Department to complete the financial information.  You will all need to research accurate figures to operate your business properly.  Your research results will either help or hurt us in receiving seed money.

Accounting/Finance

·      Assist executives in completing business registration form

·      Determine salaries for all employees at each level

o   Check O-net or Jobs4tn

o   Use the low end for salaries since we only have 14 employees

Sales/Marketing

·      Create product line – list EVERY product you intend to sell

o   If you intend to do parties, include 2-3 packages

o   Base this on your audience – how much will they buy and what are they willing to pay?

·      Work on the 5 P’s

o   Product

o   Price

o   Place

o   Promotion

o   Positioning

Use the Scoring Rubric to complete the marketing mix 5 P’s.  We will utilize this rubric when writing anything for the business plan.  Please also utilize the old scoring rubric, which has been shared with you on Google Drive, for further explanations of each component of the plan.

Admin and Human Resources

·      Establish company goals and 4 options for mission statement – to be voted on by the firm at end of class Wednesday

·      Create company directory spreadsheet

·      Establish office equipment needed to start up

Use the Scoring Rubric to complete mission statement.  We will utilize this rubric when writing anything for the business plan.  Please also utilize the old scoring rubric, which has been shared with you on Google Drive, for further explanations of each component of the plan.

IT/Web Design

·      Company vision: how does each of the following look?

o   The business

o   The employees

o   The products

o   The customers

·      Begin making website

Begin by working on the company website design.  Once marketing has completed its product line (may not be until Wednesday) you can begin to add products to the site.  Remember, our products require a buy-now button when customers buy from us, and Mal’s is by far the easiest free one to use.

I know it looks like a lot of work.  It is.  Starting up a business is a daunting task.  It requires you to work in class and out of class in order to succeed.  But don’t worry, guys.  You’re the best students in your class and are very capable of doing all this work really well.