Business Finance - Management Wk 3 Assignment

Team Needs Assessment

In the left-hand column are descriptions of skills that are often needed in organizations. In the second column, evaluate how important each skill is to the overall success of your venture. In the third column, indicate how strongly you possess that skill. This will help you determine what you need in your company, what you have personally, and where you need mentors and team members to fill in the gaps.

Company Leadership How Important? 1 = seldom needed 2 = occasionally needed 3 = critical to success

Your Strength? 1 = fairly weak 2 = moderate 3 = very strong

Business Planning: defining a clear company purpose; understanding the planning process; developing short and long- term objectives and creating annual execution plans

1 2 3 1 2 3

Product Development: generating new product and service ideas based on intimate knowledge of customers; determining ideas that should be prototyped and tested in the market

1 2 3 1 2 3

Communication: possessing excellent oral, written, and presentation skills; communicating the company purpose, strategy, and values to team members, investors, and company partners

1 2 3 1 2 3

Creating Partnerships: identifying mentors and advisors to help with the business; creating win-win strategic partnerships with other companies

1 2 3 1 2 3

Team Building

Recruiting and Hiring: identifying the kinds of team members needed in the venture; attracting potential partners; enticing key individuals to join the organization

1 2 3 1 2 3

Training and Development: identifying training needs for various roles in the company; designing effective training programs to develop required skill sets

1 2 3 1 2 3

Managing Performance: understanding the goal-setting process; acquiring buy-in from team members; providing ongoing feedback through effective coaching; managing conflict when it arises

1 2 3 1 2 3

Problem-Solving: anticipating problems that may arise and creating plans to avoid them; analyzing and solving problems that do arise in the organization

1 2 3 1 2 3

Sales and Marketing

Product Pricing: calculating competitive pricing, product margins, and break-even analysis; pricing products in the market based on existing price structure

1 2 3 1 2 3

Marketing Strategy: planning advertising, promotions, and sales campaigns; establishing channels of distribution; recruiting a strong sales force or networks of distributors

1 2 3 1 2 3

E-commerce: maintaining an appealing website; building a social media presence; creating sales and marketing programs on the internet; optimizing search rankings; transacting business online

1 2 3 1 2 3

Customer Service: determining customer needs and preferences; creating a system to deliver excellent service; training and managing a superb customer service team

1 2 3 1 2 3

Production and Operations

Purchasing: identifying multiple suppliers of materials and goods; negotiating attractive purchasing contracts; receiving and managing flow of materials and goods into inventory

1 2 3 1 2 3

Manufacturing: possessing knowledge of manufacturing planning; managing production within time, quality requirements, and budget; establishing effective inventory and quality controls

1 2 3 1 2 3

Distribution: setting up and managing the flow of products from production through channels of distribution to customers; managing margins along the supply chain

1 2 3 1 2 3

Information Technology: understanding various information systems required for company growth; sourcing and selecting appropriate software and hardware

1 2 3 1 2 3

Accounting and Finance

Capital Budgeting: acquiring initial startup funds, forecasting future funding needs; preparing capital budgets; allocating expenditures

1 2 3 1 2 3

Accounting: using appropriate bookkeeping systems; preparing income statements, balance sheets, and break-even analysis; managing cash flow, payables, receivables, and bank relations

1 2 3 1 2 3

Taxes: complying with state and federal reporting requirements; being familiar with compensation regulations and payroll tax; understanding tax consequences of bonus and benefit plans

1 2 3 1 2 3

Credit and Collections: developing credit policies, screening criteria, and collection practices; implementing a system for effectively acquiring funds owed the company

1 2 3 1 2 3

Legal Issues

Organization: understanding various forms of organizing, including partnerships and corporations; understanding rights, obligations, and roles of directors, officers, and shareholders

1 2 3 1 2 3

Contracts: understanding various types of government and commercial contracts; understanding leasing, licensing, franchising, and other agreements

1 2 3 1 2 3

Intellectual Property: understanding of patents, trademarks, copyrights, and trade secrets; knowing how to manage intellectual property and keep it protected

1 2 3 1 2 3

Real Estate: understanding options for physical facilities and the advantages of each; understanding the agreements necessary for renting, leasing, purchasing, or selling property

1 2 3 1 2 3

Each skill you rated a “3” in the second column is a skill that needs to be filled within your organization. If you also gave the skill a “3” in the third column, you are covered on that need because it is something that you can do yourself. However, skills that you rated a “3” in the second column but scored a “1” or “2” in the third column need to be filled by other people who are experts at that particular skill. At first, you can meet these needs with mentors and advisors because you won’t have a lot of cash. As your business grows, you can fill these roles with full- time team members and strategic partners. Good luck building your supporting cast.