Small Business Management. 1.) Discussion Question……
“Inventory and Staffing” Please respond to the following:
- Discuss three (3) inventory factors that you believe could present problems for a business. Next, create a strategy that would help mitigate these challenges.
- Outline a strategic plan for hiring and retaining competent, motivated employees within a business.
2.) Discussion Response (Tina Williams)
Three factors that could contribute to inventory strategies are:
- Not having a good software program – SAAS Software as a Service. Software is a necessity with inventory management – It will provide reports to help with your inventory control, identify customers’ demands, seasonality items and more.
- Having too many suppliers. Too many suppliers can increase your costs by having to managing the multiple suppliers, preventing you from getting better benefits/discounts by purchasing more from the same supplier. There are usually rebates or incentives to source from one company.
- Not moving inventory fast enough or too fast. It’s a balancing act to determine how much product is needed to meet the demand and not have too much on hand that you must use inventory space to store.
A good software program will help mitigate these issues. It reduces cost, time and labor. It also helps with maintaining the right balance of stock.
The strategic plan for hiring and maintaining good employees will start with word of mouth/referrals from family and friends. There will be a panel interview process with the members of the business. Situational scenarios will be presented to understand how the interviewee will handle the situation. There will also be questions such as; What are their short and long-term goals and what motivates them. There be a bonus offered to any current employee that refers someone who gets hired. It will be a staggered bonus, offering half of the bonus after 3 months and the other half after 6 months. All my employees will be part-time in the beginning and my main objective will be to get competent and reliable individuals.
Assignment 4: Supply Chain Management and Financial Plan
Due Week 10 and worth 135 points
”One of the most important steps in launching a new business venture is fashioning a well-designed, practical, realistic financial plan” (Scarborough & Cornwall, 2015, p. 454).
With this assignment, you are creating two important elements of a financial plan: an Income Statement and Balance Sheet. You also are preparing an outline of a presentation of your business plan to potential investors or lenders.
Using the business you created from Assignments 2 and 3, write a three to four (3–4) page paper in which you:
- Prepare a simple pro forma (projected) income statement and balance sheet for the first two years of operation, using income projections and incorporating an advertising plan.
- Outline a plan for hiring and retaining competent, motivated employees for your business.
- Prepare an outline for a “pitch,” i.e., a short 20–30 minute business plan presentation that will be made to lenders or investors.
- Include at least two (2) references outside the textbook.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.
The specific course learning outcomes associated with this assignment are:
- Analyze the key financial management considerations in operating a small business, including sources of financing.
- Determine the various control and support functions needed to manage a small business.
- Use technology and information resources to research issues in small business management.
- Write clearly and concisely about small business management using proper writing mechanics.