Final Week of Business Plans and Business Operations

This week, you will have two class periods to complete your business plans.  From there, we will complete the last of our operations for the year.  What will we do with the rest of the year, you ask?  That’s when you will complete final evaluations of your peers, facilitator, and yourself.  I’ll have more on that next week, though.  This week is no much different from next week, and since I wrote pretty comprehensive stuff last week, I’ll simply tweak last week’s blog and re-publish it this week.

Monday and Tuesday:

Clear Target: We can analyze and critique a business plan

Objectives:

Take notes on business plan presentations

Analyze & critique plans in the role of investor/financier

Question presenter on specific elements of plan as they relate to your potential investment

Formulate opinion about whether or not to invest

Submit form for each presenter

While last week’s presentations were much more detailed than previous plans, our business plan presentations have still been below expectation.  Your plans have been very well thought out, but I know that you are capable of thinking at the same level of a true business owner and have the charisma to deliver your plans in a more captivating fashion.  Have an opening, have a goal for your investors in the beginning of the plan, and execute that plan so that the investor’s questions are directed less at the potential flaws of the business (all businesses have flaws) and more on how their investment makes them money.  Your plans are solid and can make money.  Just show how that money is made so you’ll have more willing investors.

Again, I will show you these two great presentations from Shark Tank with the hope that you engage your audience in the same manner that these business owners do.  This will help your presentation.  Please take note

Check out this Shark Tank intro for a solid example of an eye-catching presentation:

Notice how each presenter vividly describes a common problem that many customers would have and then presents his product in such a manner that solves the common problem in an entertaining fashion.  THIS is how you need to present to your investors.

Wednesday, Thursday, and Friday:

Clear Target: We can apply concepts to operate a profitable business

Objectives:

Process existing orders from customers: Sales and Finance departments, along with CFO, will search open and unprocessed orders from company email address.  Each order will receive a “Thank You” email and include an invoice for goods purchased.  

Create “Item of the Week” advertisement AND send it to customers: Sales and IT will determine which item or party package we offer is best suited to be promoted to our clients based on the time of year we are in and what our customers need most.  Bulk purchase specials can be offered to entice customers to buy

Follow up on unpaid accounts receivable: Finance and Admin will follow up with customers who have received Thank You emails and request payment for any outstanding unpaid invoices.

Complete weekly newsletter: Human Resources, along with CEO, will complete a 3-4 page weekly newsletter with articles that highlight the following:

Sports at a glance for this week

Upcoming EOC Tests and preparation from teachers and students

Rivers and Spires hits Clarksville, Tn

Human Relations and Conflict Resolution in the workplace (search the net for a good article and use at least three quotes in your article)

Blog Entry: What was done well this week?  What could you have done differently to get your work done more efficiently and effectively?  What do you plan to do next year to make our business better?

Your grades this week will be assessed on completion of your group departmental tasks, your questions/comments to business plan presenters, your business plan presentations, submitting forms for each presentation, and your blog entry.  This may seem like a ton of work, but if you stay on task for each assignment, you’ll have plenty of time to get it all done.  Have a great week.

How Do You Eat an Elephant?

This week, I will be out of the building on Wednesday and Thursday to help teachers earn Work-Based Learning certifications at TCAT Hohenwald.  As a result, on Monday, Tuesday, and Friday, we will proceed as planned with our business plan presentations.  On Wednesday and Thursday, you will blog and complete simple departmental tasks that will help us hit the ground running when we resume a singular focus on business operations next week.  Please see below for a breakdown of our daily tasks:

Monday, Tuesday, and Friday:

Clear Target: We can analyze and critique a business plan

Objectives:

Take notes on business plan presentations

Analyze & critique plans in the role of investor/financier

Question presenter on specific elements of plan as they relate to your potential investment

Formulate opinion about whether or not to invest

Submit form for each presenter

So far, our business plan presentations have been below expectation.  While a couple (not all) may have included every element of the presentation rubric, not every plan has included specific detail about what separates its business from competitors.  Remember, when you are presenting to an investor, the best way to secure that money is to differentiate yourself from everyone else in the industry and show the investor exactly why your partnership will be a profitable one. 

Further, none of the presentations we’ve seen have opened with something to get the attention of the viewer.  If you don’t catch the viewer’s attention in the first minute of your presentation, you may not have the full attention of the viewer when you’re showing him/her what makes your business so great.  Please be creative and wow the audience like our Business Plan Competition Team did back in November when we presented the Pick-It Sweets & Treats plan.  You have the rubric at your disposal in Google Drive, so please make sure you’re earning full credit on this presentation.

Check out this Shark Tank intro for a solid example of an eye-catching opening:

Notice how each presenter vividly describes a common problem that many customers would have and then presents his product in such a manner that solves the common problem in an entertaining fashion.  THIS is how you need to present to your investors.

Wednesday and Thursday

Clear Target: We can apply concepts to operate a profitable business

Objectives:

Publish a 200+ word reflection about your blog based on your answers to the questions posted in Edmodo on 4/10/15.  Share out your experience and have this available when you prepare for next year.

Process existing orders from customers: Sales and Finance departments, along with CFO, will search open and unprocessed orders from company email address.  Each order will receive a “Thank You” email and include an invoice for goods purchased. 

Create “Item of the Week” advertisement: Sales and IT will determine which item or party package we offer is best suited to be promoted to our clients based on the time of year we are in and what our customers need most.  Bulk purchase specials can be offered to entice customers to buy

Follow up on unpaid accounts receivable: Finance and Admin will follow up with customers who have received Thank You emails and request payment for any outstanding unpaid invoices.

Complete weekly newsletter: Human Resources, along with CEO, will complete a 3-4 page weekly newsletter with articles that highlight the following:

• Sports at a glance for this week and next
• Academic Awards Ceremony
• Business Department Mock Interview Day
• Effective Leadership (search the net for a good article and use at least three quotes in your article)

Your grades this week will be assessed on completion of your group departmental tasks, your questions/comments to business plan presenters, your business plan presentations, submitting forms for each presentation, and your blog entry.  This may seem like a ton of work, but if you stay on task for each assignment, you’ll have plenty of time to get it all done.  Have a great week.

Mock Interview Competition Preparation

I know we are supposed to finish our Business Plan presentations, but due to this being Mock Interview Week, we need to get ready to impress our guests.  Those of you who have Mr. Bruce and/or Ms. Ross have been preparing for Mock Interview Day, but there are many of you who have not yet done so.  That said, this Monday through Wednesday we are going to complete the following tasks:

1. Select artifacts (projects completed in VE, such as your business plan, a newsletter, screen shots of our website, advertisements, etc.) to include in your portfolio
2. Print and insert artifacts to your portfolio
3. Take picture in professional attire for portfolio cover
4. Complete portfolio
5. Learn about how to address common interview questions
6. Interview

By Thursday, we will all have completed our interviews and can blog about our experience.  This Thursday, we will blog about things done well, what could have been done differently, and articulate whether we believe our interview was a success.  We can share out as a group and discuss the process, including how we can make next year's experience better for students and guests.

Copies of the job postings for which you may interview can be found in our VE Google Drive.  The positions listed are:

• Data Entry Clerk 
• General Office Clerk
• Social Media Coordinator

Review each posting and be prepared to show them your best.

On Friday, we will resume our Business Plan presentations.  By next week, we will resume a singular focus on normal business operations, including completing our tax returns.  

Thank you for your flexibility throughout this process.  Your dedication to your work is much appreciated.  See you tomorrow!

Flexibility

I want to open my post with a big thank you for your flexibility in working outside of our original plans last week.  I had initially planned for my guest speaker to work only with my Computer Apps classes, but I changed my mind mid week when I saw the value in the presentation Sgt. Hensgens put together.

This week's post is going to be short and sweet.  This is not because we won't be doing much of anything.  Rather, our duties are pretty easily laid out and we know what we need to do.  It requires a lot of thought and preparation, both in and out of class.  I know you've been working hard on your business plans, so this week will be when you reap the benefits of your diligence.

On Monday we will have one final class to prepare everything for presentations.  You will submit your written business plan in my Drop_Box Faculty folder that I prepare for you, titled "2015 Student Business Plans" by the end of the day.  I have an away baseball game on Monday, so there will be no time after 2:25 for you to finalize your plans.

Tuesday through Thursday we will complete about nine business plan presentations.  Remember, the order of our presentations will not be disclosed so that each of you is prepared on the due date.  When you present, please make sure you are aware of your audience - potential investors (not your classmates).  Make sure you know your business and how it solves a need in the market.  Finally, make sure you can address the questions you know your investors will ask.  This preparation will help you look informed and remain calm when it's showtime.

All business plans will be critiqued in Google Forms.  I have emailed each of you the form "Business Plan Critique Form" and shared it in the VE Google Drive.  Please make sure to fill out one form for each presentation beginning Tuesday.  This will count as much as your own personal presentation, so make sure you take care of this when viewing each presentation.

Have a great rest of your weekend.  I'll see you all tomorrow.

How to Earn the Big Bucks

In layman’s terms, efficiency means getting stuff done in a timely manner.  This week we have to do a lot of work in a short 5-day time frame.  We will complete at least one presentation per class period, but also have to focus on completing all elements of the financial plan.  This means that not every student will get to present his/her idea to the class before we actually present our plans.  The snow has really put us behind the pace, so we need to pick it up this week.  See below for what we will do each day after our collaboration exercise.

Monday/Tuesday: Expenses (Fixed/Variable) and Blog

The time has come to begin looking for real numbers for our business.  How much money does it actually cost to run your business?  Many of you have already done at least some research about renting a facility, paying employees, advertising expenses, etc.  For Monday, the plan is to first list as many costs as you can for your business.  Consider these questions:

o   Will you have a facility?

o   How much is the rent for the amount of square footage you need?

o   Will you hire employees?

o   Will you advertise?

o   Approximately how much does the utility bill cost for a facility you plan to run?

o   Do you sell merchandise?  What is the cost to make or procure the merchandise?

o   What other consumable assets will you use on a monthly basis? (landscaping companies use fuel on a regular basis)

The list can go on and on.  My suggestion is that you find as many fixed and variable expenses as possible for your plan.  A simple web search can greatly help you.

Once you’ve sufficiently completed these tasks (or if we only have about 20 minutes left in class Tuesday), it’s time to blog about your progress.  Feel free to tell me:

What have you learned about being prepared for anything? 

How did you react to having to deal with the possibility that your original assumptions may have been wrong?

What did you learn about our economy? Has your opinion changed about anything?

How will the economy impact your business?

Were you aware of all the expenses your business would have to pay?  Which expenses stood out during your research?

Wednesday: Breakeven Analysis

Below is a photo of what a typical breakeven analysis might look like for a business plan.

Worry not.  I don’t expect you to go into such great detail for this project if you are not a member of the finance department at Pick-it Sweets & Treats.  What I would like you to do today is simple. 

·      First, add up your total fixed and the average of each variable expense you calculated last week. 

·      Next, take a look at how you generate revenue.  Do you sell merchandise?  Services?  Determine the average revenue generated per unit. 

For example, if you sell cupcakes, I’m sure they vary in price (maybe from $1.50 up to $4.50).  If you feel as if you’ll sell more of the $1.50 cupcakes, instead of having an average revenue per unit of $3.00, perhaps you will estimate it at $2.50 or $2.75.  Ultimately, what I’m looking for is proof that you understand approximate expenses and can determine how much merchandise (or services) you’ll have to sell to at least break even.

From the rubric:

Provide break-even amounts in total dollars or number of sales. Provide details about assumptions you used to perform analysis including the profit margin percentage. (Assume that all costs are fixed except for cost of goods sold.)

Once you have determined a break-even for your business, access the Excel Spreadsheet titled "Breakeven Analysis" from my Public folder and create your own chart.

Thursday: Projected Sales

Nobody goes into business with the hope of just breaking even.  Though this may be the outcome at first, I’m certain you wish to eventually turn a profit.  Take today to project a realistic number for your sales over the next 12 months.  Be honest, and understand that in your first few months in business, customers may not be responsive to the new guy in town.  Perhaps it may take a while before you start gaining ground on your competitors.  Determine a fair estimate for how much you believe you will sell during your first year and record the numbers in your notes.  I will provide you with yet another Excel spreadsheet that will make your projections stand out.

Friday: Financial Write-up and Blog Entry

Now that you have some concrete numbers drawn up for your business, it’s time to make those spreadsheets, graphs, and charts make sense.  Write a 250-word description of your break-even analysis and sales projections. 

A good way to frame this would be to write one paragraph describing how you determined your expenses, and another one detailing how you came up with sales projections.  I know that many of you have decided to purchase land and building, and have calculated monthly mortgage payments with taxes and insurance, while others have looked up average rent per square foot for commercial property.  Tell me about that, along with how you found other expenses.  Then write about how you determined how your sales will (hopefully) increase over time.  Do you believe it may take a few months for a certain advertising campaign to start bringing in the money?  Will word of mouth help bring in new business after your first few months?  Will you even turn a profit in your first year (many businesses don’t) or will it take more time?  Tell me about your road to breakeven.

Copy and paste your write-up into a blog entry and title it "(Insert Company Name)'s Financial Write-up" when finished.  Next week, we will create an Executive Summary, organize our plan, and prepare for the Shark Tank.

Collaborate, Critique, Optimize

This photo does a great job representing last week's and this week's tasks/objectives, so I figured I'd re-post it to begin my entry.  I promise we'll have a different image to open my blog when we return from Spring Break!

Last week's weather really detracted from what we wanted to accomplish in the classroom.  However, in the face of adversity, we really did get a lot done in only two days in the LGI room.  Your focus on your business, along with our plan of attack for next year's program showed me how dedicated you are to achieving great things.  I am very proud.

This week, we are going to put our heads together and help one another out with our individual business plans.  Like I said last week, Pick-It Sweets & Treats wouldn't be nearly as successful if we didn't share our ideas with one another.  No single individual can achieve what a group of intelligent people can.  Therefore, much like we did last week, this week we will provide some guidance for our classmates' business plans as they share out what they've completed thus far.  Each of you will have a chance to present this week, as I am allocating time every day (including Tuesday after your ACT!) to this exercise.  I honestly feel that you will expand your thoughts and bring out the best in one another during this exercise.

Below is a description of what we will do and how we will do it.  Notice I simply copied last Monday's exercise (snowed out) and pasted it here for Monday through Friday.  As we've already discussed, the only way for this to work is if you take ownership of the exercise, self-direct each other, provide insightful constructive criticism, and approach this as real business owners.  You and I know you can do it, so let's prove ourselves right.

Monday through Friday:

Clear Target: We can analyze and critique a business plan.

This week, we will have an activity centered around our progress with our individual business plan.  Each day, three or four students will share out their ideas, notes, etc. on the business plan to get some feedback on what the rest of the class thinks.  This activity will work just like our brainstorm in the beginning of the year when we bounced ideas off one another about Pick-it Sweets & Treats.

Basically, when you present, you will share your notes in the following manner:

1. Business idea - what is the need you are filling?

2. Vision - What will the business look like and be like? 

3. Target market - how will your business appeal to your market?

4. The rest of your notes (the working document you have kept on MS Word, Google docs, etc.) - what's your logo like? What do you do to differentiate yourself?

I have already emailed you a Google Form that you will complete during each presentation.  The critique forms are actually secondary, though.  The purpose of the activity is for the class to verbally critique each business to help improve the plan - just as we did during our initial brainstorm for our VE firm.  You can think like an investor or think like a customer or just think like a business person who wants to help local organizations thrive.

By the end of the week, the goal is for each of you to have a more clear vision/direction for your plan.  When we return from break, we will knock out financials, organize our plans, and present the real thing!  I look forward to this week and hope you do too.  Check your email later this week for your homework over Spring Break.  Let's have another productive week!