Company Description and SWOT Analysis
Overview
In this first course assignment, you will create a description of your selected company and a SWOT matrix that includes trends, strategic positioning, distribution channels, and risks. You’ve already begun this assignment in your discussions.
In the Week 1 discussion, you chose a company (whether your own or the snack food company scenario) and created a description and mission statement for it. In this assignment, you will need to revise your selected company’s description and mission statement based on the feedback you received in the discussion thread. You will also include a brief narrative that provides the rationale for including each component of the mission statement.
Likewise, in the Week 2 discussion, you began work on your SWOT (strength, weakness, opportunity, threat) matrix. Your task in this assignment is to revise your SWOT matrix based on the feedback you received in the discussion thread. You will also summarize the key learnings from your SWOT matrix.
Reminders and Notes
- Before beginning this assignment, you may find it helpful to review textbook Chapter 3, “Making Your Plan Compelling.” This chapter provides useful information about how to organize the information in your business plan.
- Your chosen company will operate in a 100-mile radius from your home address. Your goal is to reach $1 million in sales by the end of the second year.
- Be sure to follow the guidelines whether you are using the snack food company or the company of your choice.
Company of Your Choice Guidelines [DOCX].
Requirements
The specific requirements for this assignment are to write a 3–5 page paper in which you:
- Describe the product or service on which the company is focusing, including the company’s name and its significance.
- Revise the company’s mission statement based on feedback received in the Week 1 discussion thread, including the rationale for each component of the mission statement.
Place the mission statement within quotation marks.
Use the Mission Statement Worksheet on pages 72–73 of your textbook as a guide. - Describe the trends in your specific industry, focusing on your particular type of product or service.
Research and outline industry trends. Be sure to consider the size and growth rate for the overall industry and for the specific product or service on which you are focusing.
Search the Strayer Library, industry associations, and reliable websites for recent data. - Select the strategic position from the course text (pages 146–147) that you believe is the best one for your chosen company and explain how you will implement it to distinguish your product or service from the competition.
Consult Chapter 9, “Strategic Position & Risk Assessment” of your text for help in crafting this portion of your business plan.
- Describe the company’s distribution channels and provide the rationale for your selection.
Sample questions to ask when choosing distribution channels:
Will you sell your product in grocery stores, restaurants, or sports venues?
Will you sell your product online or as a subscription?
Where will the service be offered? - Revise your selected company’s SWOT matrix based on feedback from the Week 2 discussion thread and summarize the key learnings from your matrix.
Be sure to use the SWOT Matrix [DOCX] (table) when revising your SWOT matrix.
COMPANY OF YOUR CHOICE* GUIDELINES
· You will create a business plan for a company of your choice.
· You must focus on a very specific product or service.
· *The instructor will approve your company in a reply to your Week 1 discussion post in which you will describe this business.You will revise your work based on feedback provided.
· You must adhere to the guidelines in this document.
· You will be the CEO of the new business.
· You will develop the business plan with the intention to raise funds and increase sales.
Key Business Plan Parameters
|
Key Parameter |
Explanation |
|
Business Size |
You are a startup not yet in operation. You have been operating from your home, but sales are small. You will develop the business plan with the intention to raise funds and increase sales. Your sales must be over $1 million by the end of the second year. |
|
Product or Service |
Be specific about the product or service on which you are focusing and how you will differentiate yourself from similar products or services in the marketplace. |
|
Market Size |
You will start marketing and selling the product or service in your geographical area within a 100-mile radius from your home. |
|
Existing Funds |
You already have some funds (small loan, savings, et cetera). |
|
Intention to Raise Money |
To grow the business further, you will need funds from outside investors, either angels, venture capitalists, a group of individual investors on Kickstarter. |
|
Facility |
You will rent or purchase. |
|
Employees |
You will have employees, and you will develop your own organizational hierarchy. |
|
Annual CEO Salary |
As CEO you have the option not to draw a salary in the first year of business. |
Specific Business Details
This table identifies specific details you need to consider in your business plan. Reflect any costs in your business plan narrative and in the Business Plan Financials Excel Template. The final column specifies the specific worksheet within the Business Plan Financials Excel Template where you need to input data.
|
Item |
Worksheet Within the Business Plan Financials Excel Template |
|
|
EQUIPMENT PURCHASES AT THE START OF THE BUSINESS AND AS THE BUSINESS GROWS Examples: · Production equipment · Vehicles for distribution · Computers · Software · Printer |
Capital Expenditures Worksheet |
|
|
PERSONNEL Current Personnel CEO (you) Considerations: · Your goal is to reach sales of over $1 million by the end of the second year. You will need to hire personnel in all areas of the business to meet this goal. · Consider increasing the number of employees in operations in the second year as sales increase. |
Staff Budget Worksheet |
|
|
BUSINESS EXPENSES Marketing Expenses · Consultants · Attorneys · Accountants · Industry specialists Inventory Purchases (as needed) |
Marketing Budget Worksheet Professional Services Worksheet Inventory Worksheet |
|
Item |
|
|
Additional Expenses · Telephone/fax · Business insurance · Office supplies · Mailings and postage · Building maintenance · Utilities, including · Water/sewer · Gas · Electricity · Trash removal |
Income Statement Worksheet |
|
FINANCIAL INFORMATION Available Funds Balance in the bank from loans and savings Future Funds You will need to raise funds from investors. You will determine this based on how much you plan to grow the business. Reminder: · You will need to pay taxes. · You will determine sales projections. |
Capital Investments Worksheet Cash Flow Statement Worksheet Sales Projections Worksheet |
Guide to Complete the Business Financials Excel Template
The Business Plan Financials Excel Template is the base pro-forma financial statement for your business. Complete the worksheets in order.
Worksheet
Data Entry
Worksheet #1: Set Up and Assumptions
Line 9—Enter the month the academic quarter starts.
Line 12—Enter the year the academic quarter starts.
Line 15—Enter 2; you choose the number of product lines you will have up to 10 lines.
Line 21—Standard default is
3
0 days, you may adjust this for your business.
Line 43—Enter the balance in your bank account as you open your business. Remember you were selling from home.
Worksheet #2: Sales Projections
Speculate how much your company will grow and how much you will sell.
Reflect this information in the Operations Section of Your Business Plan (Week 5 Discussion and Week 8 Assignment).
You will need to reach sales of over $1 million by the end of the second year.
Worksheet #3: Inventory (adjust as needed)
Enter the cost of ingredients, packaging, bags, et cetera.
Repeat these lines for each product line.
Worksheet #4: Capital Expenditures (applies to purchased NOT leased equipment)
Insert the cost of your facility, equipment, vehicles, computers, et cetera, you decide to purchase.
Worksheet #5: Staffing Budget
Account for every paid employee using the appropriate lines for the six categories of employees
1. Management
2. Administrative/Support
3. Sales/Marketing
4. Operations/Production
5. Other
6. Part-Time/Hourly
Indicate when their employment will start according to the Operations and Management and Organization sections of your business plan.
Worksheet #6: Marketing Budget
Enter the cost for the marketing vehicles you plan to use (Week 4 Discussion and Weeks 5 and 8 Assignments).
Worksheet #7: Professional Services
Enter payments to accountants, consultants, attorneys, industry specialists as needed.
Worksheet #8 Capital Investments Worksheet:
Enter equity capital investments, loans, et cetera.
Enter projections of other funds you intend to raise.
Worksheet #9: Income Statement
Enter the cost of your expenses; see Business Expenses in the table that appears under the Specific Business Details section of these guidelines.
Worksheet #10: Cash Flow Statement
Pay off taxes.
Worksheet 11: Balance Sheet
This will automatically populate from the other completed worksheets.
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TechIQS.W.O.T. Analysis Matrix
Strengths
· Our workplace technology has been updated within the past year.
· We have a highly skilled and innovative IT team, CEO has 15 years as an industry leader in DOD / Medical / Banking and top 20 Fortune 500 corporations.
· Certified Microsoft an Apple Brand Identity, Innovative Products, Loyal Customer Base, Marketing and Advertising, Consumer Focus,
· Brand Value and Reputation. Smooth distribution chain.
Weaknesses
· Employees have to navigate between
too many different workplace apps
throughout the day to utilize troubleshooting / Connectivity and DB acceptances.
· We don’t have an easy way to
manage Real
time Traffic and on road instances.
· Dependency on other few products, Limited Distribution Network, Limited Dependence of sales on High-end market segments,
· Lack of marketing and promotions.
Opportunities
· Moving to cloud-based Virtual visit / Virtual consult / troubleshooting.
· Consolidating multiple applications into one to simplify our technology stack.
· Steady Customer Growth, Lack of Green Technology, Qualified Professionals, Promoting the use of Artificial Intelligence (AI), Expand Distribution Network, Green Technology and use of Electric Car, Collaboration, Expand Distribution Network, The use of smart technology such as watches , tablets and smart glasses.
· Equipment supply on demand, Remote drop off and remote off site warehouses.
Threats
·
New data security regulations
could impact our IT department.
· Wide spread use of Counterfeit Products makes hard to troubleshoot, Rising Labor Costs in Other Countries , Increased Competition , Market Penetration, Certification validation.
· Changing regulatory environment.
· “Just another startup attitude” from newer clients in a failing economy.
· “Work Life” and “Home life” conflicts.
Company Name >
TechIQ . I named TechIQ because of the Multi-level knowledge my team provides to customers. Tech with a multi-facet Intelligence. High-level thinking with multi versed responses.
Company description >
We are a mid to large-sized company that encompasses the needs of the customer. We do Cradle to grave type jobs making the customer our #1 priority. From consultation to enterprise integration we handle it all.
Mission statement >
A partnership isn’t just our business objective—it’s a significant part of our history. Today, TechIQ provides advanced IT consulting and rapid-response support services for small to mid-size businesses regionally, nationally, and across the globe. Supported by a team of certified IT professionals, we’re committed to building and implementing the most effective infrastructure for your businesses. Our goal is to equip your team with the access and tools they need to boost productivity and position your company as an industry leader.
We firmly believe a relationship built on reciprocal trust ensures mutual success. While other managed service providers troubleshoot systems, resolve problems and make decisions on your behalf behind closed doors, TechIQ believe in maintaining open, honest and completely transparent communication. Our proactive, consultative approach and commitment to partnership assures your technology solutions will continually exceed your expectations.
Whether your business demands a fully managed IT solution, a project-based service or simply an extra set of hands for your next network upgrade, our team is dedicated to bringing you the industry expertise, technologies and insight you need to exceed your objectives every day.
If you choose your own company, and it is a service company, clarify the service options you plan to offer .
TechIQ offers the following services:
Operations
Design
Production
Logistics
Customer Services
Design/Implementation
Deployment
Post-Sales Services
Applications
IT Networking
Hosting
Telecom
Contact Center
Robotic Automation
Security
RF
Peripherals
Customers we support and continue to grow.
Government
FMF
Enterprise
MSP / BPO / Integrators
XaaS
SWOT Apple