Personal Business Plan
The mission of Company Me is to create aesthetic, cozy homes
that are attractive and affordable to everyone. Company Me will do this by
providing design specialists to help customers design their dream home. This
service will be open and affordable to any home owner.
Business Environment
Company Me will be competing in the Interior Design Industry. Our
company will be able to utilize outsourcing
to obtain unique, foreign products to use for our interiors that the
designers design. Company Me would have a strategic
alliance with an architecture firm so that if a customer didn’t know what
kind of architecture firm to go to, they could just go to the one that Company
Me is partnered with. With this strategic alliance in place, customers would
have to go to both companies in order to make their house complete. When we
talk about the global business environment we are relying on a combination of
cultural, economic, and legal & regulatory aspects. Although Company Me
will be doing a lot of international business to get materials for designing
interiors, the company has to keep a watch on tariffs. Tariffs do effect the supply and demand in our industry as
well as, embargos. From the IS Job
Index by the Association for Information Systems, the job placement rate for
bachelor’s degrees are 74% at graduation and 85% six months after graduation,
as for master’s degrees it is 39% at graduation and 74% six months after graduation.
As well as the job placement rate, they also have the average salary as well,
bachelor’s: $62,820 and master’s: $72,517. This data is from the 2017 report. (https://ibit.temple.edu/isjobindex2017/files/dlm_uploads/2018/01/ISJobIndex2018.pdf)
While looking at the, Job Outlook: The
Degrees and Majors Most in Demand by NACE, it says that “ Slightly more than 99
percent of employers indicated plans to hire bachelor’s degree graduates from
the current class. Meanwhile, 53 percent anticipate hiring M.B.A.s, and 58
percent plan to hire graduates with other master’s degrees”. Also that more
than 80% of new college hires have a bachelor’s degree.
Entrepreneurship
and Strategy
As the CEO of Company Me, some challenges that I envision “promoting”
and “selling” Product Me are as follows. One of the main examples of a problem
that Company Me will most likely encounter is the Five Forces that Determine Industry Structure, the competitive force
in this (competition from vendors who manufacture substitutes, competition from
new competitors, and competition from existing rivals) and the bargaining power
forces ( bargaining power of suppliers and bargaining power of customers).
Competition is one of the biggest problems that any company, no matter the size,
etc. can face. There are also the nine critical questions that every business should
ask themselves…
1.
How are
you going to organize your business?
2.
What product/service?
3.
Who is
the customer?
4.
Who are
the suppliers?
5.
Who are
the competitors?
6.
What are
the substitutes?
7.
Switching
cost? = convenience
8.
Bargaining
power with suppliers? = volume
9.
Compete on
price? Quality? Innovation?
Some potential strategies we could do to at least solve most
of this problem is to meet up as a whole company and answer all of the nine
questions in detail so Company Me will know exactly what to do whenever we
start to have a problem, this way it could be solved quickly with no problem.
Or we could make deals with our competitors so that there would be no rough
edges between us.
Management
As the General Manager of Company Me I intend to have a strategic plan of how I will plan, organize, direct, and control Company
Me. I’m a very organized person and like having everything in order so I would
make sure it would stay that way. I would hold meetings with my employees and
establish our strategic plan as a company with them together so I can
successfully manage my employees, and so they know what my expectations are. Company
Me would also use SWOT Analysis to
continue being organized as well. To motivate myself I would organize my office,
always keep everything clean, and have motivation items throughout the entire
office. To attract myself to the right industries/professions I would have my
marketing team make successful, organized advertisements to make our company
look appealing to others. To set and achieve goals for Company Me, we can use strategic and tactical planning for
longer and shorter term goals. To work well I teams I plan on having meetings with
each section of my company to make sure that they are all getting along and all
on the right track to get their tasks done on time. To communicate with
coworkers and bosses effectively I plan on making sure everyone is on top of
everything and meeting with my bosses to continue being up to date with what I am
in charge of doing for the company.
Marketing
As the CMO of Company Me, I will promote Product me by consulting
with the employees under me and hear their ideas about how we should advertise
our company’s product and vote on which one we think will sell the most. To do
this we will focus on following the marketing
concept so we can stay on track and focus on what the customers really
want. We will need to focus the most on our target market when looking at what our customers want to see from
us. Our potential customers are adults/families that are looking to renovate
their home and need professional help to make their dream home. Our marketing mix is as follows; product:
interior designing, price: depends on project, place: we will be working from
an office but will have off site projects in homes of our clients, and
promotion: through ads and commercials. To attract potential customers we will
show work that we have done previously in our ads and commercials to show
customers what we can create as a company. To apply digital marketing skills to
promote our product we will make sure we get good reviews from our loyal
customers to make us more popular and continue making our ads the best they can
be.
Accounting
and Finance
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Assets
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Current Assets:
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Cash
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$1,500.00
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Total current assets
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$1,500.00
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Fixed assets:
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Apartment
|
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$1,325.00
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Furniture
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$1,850.00
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Car
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$550.00
|
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Technology
|
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$1,305.00
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Total fixed assets
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$5,030.00
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Total assets
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$6,530.00
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Liabilities
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Current
liabilities:
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Accounts
Payable
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$4,000.00
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Liabilities
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$2,000.00
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Total current
liabilities
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$6,000.00
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Owners equity:
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Owners equity
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$530.00
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Total
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$530.00
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Total
liabilities
|
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$6,530.00
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Information
Systems and Operations
As the CIO of Company Me, some information systems tools and
analytics I will use to optimize my productivity and operational efficiency are
cloud systems, TPS, and ERP software.
Resources
-
The IBIT
Report in Partnership with the Association for Information Systems. 2017. Retrieved from: https://ibit.temple.edu/isjobindex2017/files/dlm_uploads/2018/01/ISJobIndex2018.pdf
-
Job Outlook:
The Degrees and Majors Most in Demand. May 3, 2017. NACE. Retrieved from: http://www.naceweb.org/job-market/trends-and-predictions/job-outlook-the-degrees-and-majors-most-in-demand/
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