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Task - 1
Develop a business profile for a small business
Performance criteria
1.1 Business concept introduced
1.2 Vision and mission developed for the selected business
concept
1.3 A minimum of two goals and objectives for each goal
meeting the SMART criteria are formulated
1.4 An actual or intended underlying legal structure of the
business key supplies or customers and the physical location or
e- location of the business is identified and developed
1.5 Describe the business or personal background (s)
Range may include but is not limited to candidate's previous
work experience and qualifications or trading history of the
business
1.6 Highlighted the purpose of the business plan
1.7 Identifies the critical success factors for the business
Task - 2
Conduct an external and internal environment scan for a small
business
Performance criteria
2.1 The characteristics of industry are identified and any
important trends outlined
2.2 Direct and indirect competitors are both identified and
competitive strategy formulated
2.3 Political, economic, social, technological, environment, legal
factors are identified and analysed
Goals
assignments.
Additionally,
reevalute
your
office
culture. Look into offering occasional happy hours or teambuilding activities so your employees can get to know each
other better on a personal level.
If you have working parents at your company, consider offering
more flexible hours or bring-your-child-to-work policies. Lastly,
consider offering or increasing other benefits such as health
insurance, 401k plans or even gym memberships.
At Palo Alto Software, we subsidize gym memberships and pay
more of the monthly fee if the employee goes more often. We
objectives
Maintain Financing
Even a company with good cash flow needs financing contacts in the event that
capital is needed to expand the organization, according to Tim Berry, writing on
the "Entrepreneur" website. Maintaining your ability to finance operations means
that you can prepare for long-term projects and address short-term needs such
as payroll and accounts payable.
Change Management
Change management is the process of preparing your organization for growth
and creating processes that effectively deal with a developing marketplace. The
objective of change management is to create a dynamic organization that is
prepared to meet the challenges of your industry.
Securing Financing
As you start your business, and even as your business moves along, you will
constantly need to concern yourself with financing your business. Financing
concerns begin with the start-up costs and then continue with business
expansion and new product development. When you look for outside financing,
one of the first things the investor will want to see is your business plan,
according to Inc.com. Private investors, banks or any other lending institution will
want to see how you plan on running your business, what your expense and
revenue projections are and whether or not your plans for the future are
attainable with the business you have created. All of this can be answered by a
well-written and thorough business plan.
Fueling Ambitions
Starting your own business can seem like a daunting task if you have never done
it before. When you break down your business into a business plan, it can
motivate you because it presents the business in an organized fashion, according
to the University of Colorado. When you spend the time to outline your business
in detail, you begin to understand what it will take to get your dream off the
ground. Following a business plan can help you to map out the growth of your
company and give you confidence when you need it.
Enlightening Executives
As your business grows, you will need to consider adding executives to your
team that can help move your company in the right direction. A business plan
will help executive talent see your business vision and determine whether or not
your company is a worthwhile investment of time and resources.
Step 2
Access information provided by the Census.gov website, such as economic
indicators, to examine the reports for your industry and identify the
characteristics of successful companies. Your business plan should include a
description of the industry, the current size, the historic growth rate, typical
customers and the general outlook, such as projected growth rate. Identify your
main customers and their requirements.
Related Reading: Critical Success Factors in the Hotel Industry
Step 3
Use resources available from market research firms such as Gale Research,
Gartner Research and Forrester Research to get further insight into your industry.
Determine which key success factors, such as the ability to attract new
customers, ability to retain existing customers or a low cost production structure,
make the most sense to use when establishing strategic goals for your company.
Trade association publications for your industry can also provide critical data for
your industry analysis.
Step 4
Distinguish how companies whose profits reflect growth in your industry are able
to structure their business to cope with changes in customer needs. Choose a
business model, such as subscription or direct sales based on how your
company can best function with the resources available to you.
Step 5
Assess your strategic objectives and your business activities to ensure that they
align with achievement of your key success factors. Identify your competitors
products to assess their strengths and weaknesses. Based on your research, plan
how to structure your company to create a competitive advantage.
Step 6
Rank your key success factors by determining why customers choose between
competitors, what customers feel are required for products or services in your
industry and what value your product or service represents, to gain a
competitive edge.
Step 7
Articulate how you will gain market share. List the key success factors for your
industry that influence your company structure in the executive summary portion
of your plan. Cite risks, such as high investment costs, lack of trained personnel
in your area or changing technology or regulatory restrictions.
Task 2
Porters five force framework
Threat of new entrants. This force determines how easy (or not) it is
to enter a particular industry. If an industry is profitable and there are
few barriers to enter, rivalry soon intensifies. When more organizations
compete for the same market share, profits start to fall. It is essential
SWOT ANALYSIS
1. Executives: You will need sign-off from the higher-ups to get the right
technology in place, of course. But you will also need leadership to change its
approach to corporate culture, employee goals, definitions of productivity,
customer relationship management, and so on. The change should include
instilling a virtual open-door policy that
encourages employees at every level of the organization to engage with
executive management, and vice-versa. Explain to execs that they will need to
take the lead on social, actively using the technology to share information and
embrace new ideas. If the C-suite is not committed to becoming a social business,
the transformation simply will
not take place.
2. IT: The tech team will be integral to the deployment process, and they will be
required to integrate social media tools with other business technology already in
place in the organization. They will also be in the best position to evaluate costs,
as well as management and training requirements for any new software or
services.
New on expertIP: Act now to make sure your IT skills dont become
obsolete
3. LOB Managers: Social media has the power to change how business gets
doneso line-of-business managers must be involved from the beginning to help
define and shape those changes. Being on the front lines, they know the current
gaps in business processes and
should be actively involved in finding ways to improve them through
social collaboration. They will also need to weigh in on any management changes
to employee expectations, drivers, and compensation.
4. HR: Human resources can be an excellent resource for management when it
comes time to literally change the ways in which employees are motivated and
compensated, as well as setting appropriate policies around the use of social
media within the organization. This is especially true for highly regulated
industries. HR should also be involved in training on the new technology,
especially when it comes to the social and cultural mores around its use.
5. Employees: Since it is the workers who will be expected to actually use any
social media tools that are deployed, they must buy into the overall goals of any
social media project.
No company can transform itself into a social business overnight, but the
sooner employees get on board to use new technology to change the way they
work, day in and day out, the sooner those changes will take global effect and
deliver measurable results.
Furthermore, many of your employees have been using social media for a long
time now, with or without your knowledge and consent. The upside to this is they
have already developed a set of best practices and daily tasks that you can
leverage to improve the business overall, by implementing them across the
organization.
References
http://www.entrepreneur.com/article/241505
http://smallbusiness.chron.com/10-important-businessobjectives-23686.html
http://smallbusiness.chron.com/main-purposes-business-plan2599.html
http://smallbusiness.chron.com/identify-key-success-factorsindustry-structure-business-plan-2790.html
http://www.strategicmanagementinsight.com/tools/porters-fiveforces.html
http://www.mplans.com/articles/how-to-perform-a-swotanalysis/
http://blog.allstream.com/the-5-stakeholders-that-ensure-socialbusiness-success/
If you have just launched a new business and are looking to make
a great first impression on prospective customers, then it is
essential to create an powerful company profile. A well-written
company profile is an effective way to introduce the business to
the potential customers and other stakeholders. A company profile
is a professional introduction of the business and aims to inform
the audience about its products and services.
To create business or company profiles, one needs to carefully
develop a strategy and map out the characteristics to be
highlighted and how to assimilate the unique offerings of the
business in a concise yet attractive manner. A great profile is
crucial for any business but it should not be the only promotional
tool; one needs to create the right marketing mix to reach out to
customers and get them interested in your brand. You can take
this amazing course to learn more about creating a
powerful brand for yourself and your business.
You high level strategy should identify the best markets for
promotion, outreach and building sales to sustain the success of
your business (you may want to check out this course that
talks about creating the right business strategy ). In our
discussion here, well walk you through various aspects of how to
write a powerful and informative company profile for businesses
across industry verticals.
There are numerous reasons as to why businesses need a wellwritten company profile:
It presents an opportunity for the prospective buyer to know
about the company and enable direct interaction with the
sales and marketing teams of the business. By using the right
template, one can write an effective profile that will persuade
the customers to know more, which ultimately leads to
business growth.
If the company profile is being created for the business
website, then it must be carefully structured so that users will
find all the important information like company address,
contact details, management team etc. on sections like the
about us page. If the business is listed in an organization
like the Better Business Bureau, then the profile makes it
easy for customers to know about the company when trying
to find services in that particular field of work.Learn more
about how to effectively engage your customers with
this course.
The company profile acts like an informative dossier that
highlights what the business stands for and what serves as a
roadmap for growth. It needs to be created from a readers
perspective and must be tailor-made for the target
audience. Learn more about marketing strategies to
grow your business in this course .
Creating the company profile follows logically after you have a
good business plan in place, or have already started. If youre in
the business planning phase, you should check out this course
to better understand how to create an effective business
plan. Choosing the right company profile template is essential to
determine the main elements of the business. The sections
featured depend on the kind of business and what are the
expectations from the profile. One can find hundreds of business
profile templates, from which the best one can be chosen to meet
the requirements of the organization. Lets look at some of the
company profile examples to understand how to develop the right
kind of profile for your business.
Business
Activities Johnson
Corporation
has
been
Note how each and every bit of information provided here, helps
create
story
around
the
company
and
engages
the
Management Directory
plywood plants. The raw material is cleaned using magnet. Next, the
material is ..
References
https://blog.udemy.com/company-profile-examples/