SCORE Tailored Seminars & Workshops: An Overview
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Transcript of SCORE Tailored Seminars & Workshops: An Overview
www.score-suncoast.org 11
SCORE Tailored Seminars & Workshops: An Overview
Manage and Grow Your Existing Business
V.20100601
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Classroom Safety – Argosy U
Emergency Exits
Restrooms
Please do not wander around the building!
You are HERE
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Workshop Agenda
• Introductions• Strategic vs. Operational Time Management• Updating Business Plans• Dealing with Continual Change• Accounting Information Management• Putting the Internet to Work for Your Business
“Bright” ideas worth your consideration
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Successful and experienced executives acting as volunteers.
National web site, www.score.org, provides useful information and resources for small business.
Seminars and workshopsFree Mentoring
One-on-oneEmail mentoring
Contact www.score-suncoast.org
About SCORE
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Mentoring Locations
SCORE Office2801 Fruitville Road Suite 280
Manatee Chamber of Commerce Downtown and Lakewood RanchSarasota Chamber of CommerceVenice Chamber of Commerce
Your Place of Business
Location convenient to you and your mentor
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Go Around the Room
Tell everyone:– Your Name– What type of business you
are currently operating– What you hope to get our of
this session– 60 seconds!
Introductions
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Reality: Business Success
Percent of New Businesses >1 Employee after Four Years
(Source: SBA)
1.Lack of planning2.Insufficient capitalization
at start-up 3.Mismanagement of
cash flow4. Improper pricing
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Common Sense Business
Starting, Operating and Growing a Small Business
by Steve Gottry
FANAFI PRINCIPLE?
1. Profitable Ideas: Copied by competitors – just a matter of time
2. Technology Innovation: Profitable today – possibly worthless tomorrow
3. Minimum Entry Barriers: Competitors will pop-up like weeds
Frustrating Realities for Entrepreneurs:
Find A Need And Fill It
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Strategic and Operational Tasks
How is your time currently allocated?
Do you spend all your time working IN the business?
Do you spend any time working ON the business?
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Strategic vs. Operational Tasks
Cruise Line Management vs. Ship Captain Analogy
Strategic Operational
AdvertisingBookingsCompetitionCrew HiringCustomsDestinationsEntertainment BookingMenu PlanningPort of CallsSafetyShip RegistrationsTraining
AccommodationsBaggage HandlingCrew EvaluationsDining Room ServiceEvacuation Meal PreparationNavigationRoom ServicePassenger SafetyPassenger Satisfaction RefuelingWeather Changes
Large Business
Small Business
Not performed on ship Performed on ship
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Strategic Examples
1. Conceptualize: (Vision) - Product & Service, Customers, Costs, etc.
2. Organize: (Structure) - Who will do what and when?
3. Implement: (Process) - Space, Hiring, Professional Support
4. Motivate: (Commitments) - Clear statements of what needs to be done
5. Analyze: (Information) - Market Opportunities
6. Adapt: (Changes For Survival) - Anticipate continual change
NOT Daily Tasks
“FANAFI”
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Operational Examples
Daily Tasks
Customer Relationships - Products, Services & Support
Time Management - Running Business & Fixing Problems
Price & Cost Controls - Competition & Supplier / Vendors
Employee Relations - Satisfaction & Turnover
Record Keeping - Input to Accounting Processes
Marketing & Advertising - Prospective Customers
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Keeping a Time Log – Measure Activities
8:00 – 8:30
8:30 – 9:009:00 – 9:309:30 – 10:00
10:00 – 10:3010:30 – 11:0011:00 – 11:30
11:30 – 12:00
12:00 – 12:3012:30 – 1:00
1:00 – 1:30
1:30 – 2:002:00 – 2:302:30 – 3:003:00 – 3:303:30 – 4:004:00 – 4:304:30 – 5:00
S O
Task/Accomplishment
1. Any ti
me le
ft to
refre
sh your m
ind?
2. Any ti
me le
ft to
dre
am about t
he futu
re?
XX
New Product Planning MeetingMeeting Continued
X ABC Customer Complaint
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List 5 Strategic things to want to do more and how you will accomplish the change
Prioritize 1(now) – 5 (within 6 months)
List 5 Operational things to want to do less. . .
Prioritize 1(now) – 5 (within 6 months)
10 minutes – 5 minutes to share
Better Balance- Exercise 1
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Is your Business Plan still relevant?
How often do you review it?
Do your employees understand it?
Business Plan Status
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Business Plan Outline (Typical)
1. Table of Contents (Easy Reference)
2. Executive Summary
3. Company Description and Mission
4. Products and Services
5. Marketing Plan
6. Operational Plan
7. Management and Organization
8. Personal Financial Statement
9. Start-up Expenses & Capitalization
10. Financial Plan
11. Appendices
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Updating Your Business Plan
Mission
Objectives
Critical Goals
Initial Action Plans
Strategy
Operations
MEASUREMENTSEXPERIENCE
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Rethinking Mission Statement
• Still reflects changes in business climate?
• Still provides guidance to daily decision making?
• Still provides a visionary picture of the future?
Is current economic condition and competitivesituation consistent with originally stated mission?
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Operational Mission
OriginalMission
Statement
•Brief•Generalized •Communications•Processes•Bank Loans
EvolvingMission
Statement
•Relevant Details•Gain From Experience •Competitive Pressures•Changes to Processes•Expanded Business Plan
Time
Business Plan
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Goals Need Updating?
OriginalBusiness
Goals
Dreams & Ideas
Many Unknowns
Designed to Get Business Started
EvolvingBusiness
Goals
•More Realistic•Operational Experience •Successes & Failures•Reacting to Competitive Pressures & Climate
Time
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Updating Business Goals
Specific
Measurable
Attainable
Relevant
Trackable
Effective Goals Contain 5 Parameters:
Lease 3 new 15 minute parking spaces for “Carry Out”customer use only. Evaluate “carry out” sales over 6 monthsto determine extent that these new spaces increase sales.
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“Mini” Goal Example
Do not assume that continuing operations usingsame “old” strategies will yield different results.
Customer Satisfaction Surveya) Ten question maximum (include key demographics) b) No longer than 2 minutes to completec) Pilot with associates for feedback & needed changesd) Finalize Survey and administer for at least 30 dayse) Evaluate results & identify shortcomings
-----------------------------------------------------------------------------------1. Develop approaches to address each shortcoming2. Insert “temporary” changes into business operations3. Observe impact on key performance parameters4. Make promising “high payback” changes permanent
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Managing Change in Your Business
Assume tomorrow will be different than today
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Change During Turbulent Times
MakingProfit
Time
• New Feature Development• New Offerings• New Alliances• Creative Service / Support• Competitive Analysis• Test Market Opportunities
• Phase Back Operations• Close Locations• Reduce Inventory on Hand• Reduce Costs• Eliminate Positions• “Paradigm Shift” Thinking
BreakingEven
May Requirea Revised
Business Model
LosingMoney
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Predictable Stages of Change
Persevere with Enthusiasm & Commitment
Pro
du
cti
vit
y
BeforeChange
Implement Change
Return toPrevious
level
ProductivityIncrease
Time
Change may look like failure about mid point
Manage the change to MINIMIZE the productivity dip and recover quickly!
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Change Management Examples
1. Create more efficient & predictable processes
2. Improve customer service & satisfaction
3. Improve product or service quality
4. Collect more accurate business information
5. Lower expenses while maintaining quality
6. Identify automation opportunities
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Change Management Steps
1. Determine assumptions (what needs to be done)
2. Break down “Major Goal” into related mini goals
3. Develop realistic schedule to accomplish
4. Decide “who” will be assigned to do “what”
5. Identify required resources to make it happen
6. Establish milestones (interim successes)
7. Identify potential problem areas (resolve as detected)
8. Monitor progress (don’t expect too much – too soon)
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Examples of Changes
Improve or Maintain Profits
• Introduce New Product or Service
• Expand to other locations
• Incorporate new technologies
• Customer support website capability
• Innovative sales / marketing concept
• Employee incentive program
• Match or beat competitor offering
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Measures of Effectiveness
Parameters that delineate “Overall Health” of Business
• Where is business now?
• Where was business before?
• Where is business going in future?
Sufficient categorization to identify & analyze opportunities
New sources of salesRepeat customer trendsInventory & supplier pricingExpense item increasesCustomer buying habits changing
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Break Even AnalysisHow many sales do you need to make, at what price, at what
costs and in what time period to be profitable?
Take periodic snapshots of Measures of Effectiveness - at least Monthly
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Units Sold x 100
Do
llars
Fixed Costs Fixed+ Semi Fixed
Total Fixed + Variable Total Sales
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Units Sold x 100
Do
llars
Fixed Costs Fixed+ Semi Fixed
Total Fixed + Variable Total Sales
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Units Sold x 100
Do
llars
Fixed Costs Fixed+ Semi Fixed
Total Fixed + Variable Total Sales
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Units Sold x 100
Do
llars
Fixed Costs Fixed+ Semi Fixed
Total Fixed + Variable Total Sales
Example:Sales Price $10 eaVariable Cost - $ 5 ea(Contribution Margin = $ 5 ea)
Fixed Costs $10,000Semi Fixed Costs
Influenced by volume but not associated per unit (example - commission tiers, temporary labor, office supplies)
Break Even is about 2,600 units or $26,000 sales rate per period
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Accounting Information Management
Snapshot Measurements of Key Parameters (Examples)
SalesCost of
Goods Sold% NewCustomers Expenses
•Expected•Source •Size•Market Segment•Competition
•Vendors•Contractors•Order Size•Inventory•Inflation Factor
•Repeat •Satisfaction•Advertising •Surveys•Coupons
•Ongoing•Trends•Technologies•Productivity•New Processes
Previous Measurement Current Measurement
Lo Lo Lo LoHi Hi Hi Hi
Norm Norm Norm Norm
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What are the key financial measures you review at least monthly?
What additional measures do you think would help you monitor business performance?
How will you be able to implement the new measures?
10 minutes – 5 minutes to share
Business Measures- Exercise 2
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QuickBooks Accounting Software
Select fromAvailable Featuresto tailor application
to your needs
•Common Business Transactions
•Payments (Vendors & Contractors)
•Invoices (Customers)
•Accounts Payable
•Accounts Receivable
•Payroll Checks
•Track Expenses
•Bank Account Interface
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QuickBooks Home Page
Vendors
Customers
Employees
PurchaseOrders
ReceiveInventory
SalesTax
EnterBills
PayBills
Invoices Payments
PayEmployees
Liabilities PayrollForms
Statements
Company
Banking
Deposits
WriteChecks
Chart ofAccounts
On-LineBanking
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Peachtree Accounting Software
•Manage Cash Flow
•Invoice Customers
•Write Checks or Pay Electronically
•Manage Inventory
•Track Performance Against Budgets
•E-Mail Alerts for Problem Areas
•Analyze Business from 125+ Reports
Basic, Standard & Advanced Versions
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Peachtree Functional Structure
Job Costing Inventory GeneralLedger
FinancialStatements
AccountsReceivable
AccountsPayable
PayrollTime
and Billing
Customized Quick SetupAccountingAdvertisingAutomotiveBusiness ServicesConstructionDentistsEducationEngineeringFarming/AgricultureFood Stores
General ContractorsHealth ServicesHotel/MotelInsuranceLegal ServicesManufacturingNot-For-ProfitPrinting ServicesProfessional ServicesReal Estate
Repair ServicesRestaurantRetailSales/ServiceSocial ServicesSpecialty ContractorsTransportationWholesale Distributors
> 75Business
Types
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The Internet and Your Website
Easy access for information about your business
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Establishing a Website
1) Do it Yourself – Takes time-you may not want to learnMicrosoft Applications / Hosting Templates / Open Source Software such as Komposer or Blogger
2) Hire a Web Designer / Developer - $$- Many listed - Local Yellow Pages / Google Search
3) Arrange With an Internet Service Provider (ISP)- Bellsouth - EMBARQ- Windstream - FullService- Hosting 24 - Verizon- Basic ISP - DotEasy - Etc.
4) Small Business Total Solution- Yahoo (Example Shown)
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Website Essentials for Effectiveness
1) Descriptive & Visually Appealing- Catches eye and interest without delay
2) Loads Quickly - No large photos or multimedia on Home Page
3) Contact Information Easy to Find - Button click to name, locations and maps
4) Frequently Updated- Improved Search Engine attention and hits
5) User Interaction Provisions- Detailed information, surveys, e-mail, phone
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Manasota SCORE Client Websiteswww.thetranslationlink.net (Alina Mugford)
Marguerite Barnett - www.mandalamedspa.com
Lori Whittle - www.balancebasics.net
Patricia Persson – www.hobbyhallprotocol.com
Craig Berberich – www.leaogear.com
Rachel Van Atta - www.thehivestore.com
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Attracting Customer Traffic to Website
Home
Page 1
Page 2a
Page 2
Services/ProductsInstructionsSpecificationsSupportMenus/PricesTestimonialsQ & AContacts
•Business Cards
•Brochures
•Descriptive Domain Name
•Advertisements in Publications
•Trade Links (Related Businesses)
•Submit to Web Directories
•Short Articles
•Presentations
•Search Engine Optimization (SEO)
•Pay for Click
Your Website
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Important Website Characteristics
1) Satisfies visitor’s keyword or link expectations
2) Loads and displays quickly
3) Easy process to obtain more information
4) Frequently updated with new & exciting information
5) Provides visitor interaction - Pictures / Demos - Q & A - Coupons, Contests, Games? - Feedback & questionnaires
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Selling On The Internet
Start-up costsEasy to navigate siteTracking customer buying habitsSecure site/credit cards24/7 serviceDistribution/returns/repairsUse of search enginesLinks to partners/vendors
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Yahoo Small Business Hosting Example
www.smallbusiness.yahoo.com/webhosting
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Social Networking
Recent on-line additions to the Marketing channels that businesses should consider
Real time updates for potential customers
“Broadcast” specials or new offerings to other network members
Takes steady effort to keep fresh and current – recipients want to be “connected” to new information
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Review
Today, we provided an overview for:
• Strategic vs. Operational Time Management• Updating Business Plans• Dealing with Continual Change• Accounting Information Management• Putting the Internet to Work for Your Business
A SCORE mentor can help you reach your goals!
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• Fill out the online request for free, one-on-one mentoring.– Right after this session!– www.score-suncoast.org– A mentor will be assigned in about
a week– Mentor will call you to setup a
mentoring appointment • Ongoing phone and/or face-to-face
guidance to aid completion improvement plans
• Mentor will be available for an ongoing relationship
Do You Have A SCORE Mentor?
Take advantage of this free service to help you make the best decisions as you grow and improve your business!
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Visit www.score-suncoast.orgFor Schedules and Registration
SCORE WorkshopsQuickSTART Series for New Business Startups
Start-up Basics
Business Concept
Marketing Plan
Financial Projections
Funding Sources & Next Steps
Specialized Workshops
Building Your Business Plan
Manage and Grow Your Existing Business