Final Business Plan

Management Summary

Heather Taylor

Kaplan

MT499: Bachelors Capstone in Management-peregrine

Prof:  Angie Sokol

August 27, 2016

Management is one of the core pillars that ensure business success, and by extension, the management team is responsible to ensuring that all this is achieved. Since the early times in the history of business management, it has been a norm for the business owner for the business to try as much as possible to minimize cost by managing everything on their own. However, as the business grows, it becomes impractical for one to solely man the operations and accounting of their business coupled with the sales together. At this point, the proprietor needs to consider hiring high level managers that will see the situation rescued. The proprietor needs to identify the critical areas of the business, and then build a strong team to ensure that the business is steered to the next level.

Team building requires matching of people’s skills and appropriate jobs. This means that responsibilities are signed to people according to the level of their skills and experience. This includes even the owner who needs not to play a role that he or she is not conversant with. It is hence very appropriate for the investor to assign himself duties and responsibilities as per the skills thereof (Pearce, 2004). It is a fact that real entrepreneurs hire their bosses when it is clear to them that their skills lie somewhere else in the organization.

Due to the rise in demand and subsequent expansion of the Cosmetic booth, it has become mandatory for us to consider hiring team skills to aid in the running of this business. The following are the team members of the cosmetic booth that are responsible for the running of the business by making of critical decisions. The Chief Executive officer who doubles up as the owner of the business and the boss of everyone through his role as the chief decision maker and risk taker in the organization. He has a role in determining the company’s strategy. He hires and build senior teams in the organization. It is a mandatory requirement that the CEO’s skills must encompass strategic thinking, the ability to rise above the daily efforts and determine the direction the business is headed. They are then expected to determine the direction which the business takes to secure a successful future. The success of Cosmetic booth is highly dependent on the CEO’s skills to hire and fire. An ideal management team can shelter the weaknesses of a CEO. Alone, a CEO may be able to set the right strategy for Cosmetic Booth, control its budget and predict its future thereof. However, all these skills cannot be implemented if the team players are not appropriate. The CEO, therefore needs to be surrounded with the best. We are going to discuss the following team players.

Among the first are the advisors. For every business to succeed, communication is an aspect that must not be ignored whatsoever. The CEO needs to build the right advisory board to ensure that the accuracy of decisions made are improved. This is because Advisors possess relevant skills concerning the Cosmetic Booth. The advisors have the mandate to develop specific skill within the organization or even avert the company’s chances of making costly mistakes that may see the cosmetic booth out of business. They may have to weigh in on very difficult decisions, make connections to bring in customers or at times new talent. They offer me the knowledge, as the founder of the organization, how to navigate through the uncertainties of entrepreneurship. The advisors hold a very vital position within the organization. The advisory board serves as feeder group for the board of directors. The directors will then use the information found to appropriate the needs of the business. The development of the team of advisors is not just a short term project but rather a long term one. As the business grows, the team of advisors also grows to encompass all stakeholders and experts from various fields such as marketing research, finance, accounting and even legal. These fields prove to be vital to all the operations of Cosmetic booth in its operations. They nature, the skills and talents of the members of the board of directors and aid their decision making skills in the organization.

Another aspect of the management team is the consultancy one. Every organization requires business consultancy to ensure and improved performance in generally all the department s of the organization. Management consultancy supports the management with the right resources for the purposes of improving their overall performance. For instance the purpose of the human resource department is to recruit, run payrolls of employees, check their insurance as well as handle other employee related benefits and issues related to salaries. Being experts in measuring and forecasting the future consequences of today’s actions, the consultants work closely with the marketing, finance and human resource departments. They normally take proactive actions when they feel like something detrimental may happen. The following are the purposes of consultants.

To begin with, consultants offer the daunting task of strategic planning to aid organization’s success. To be effective, the plan leans heavily on the current state of the organization and the desired goal. Its aim is to increase organizational efficiency. Consultants also assist in improvising the business process to improve product turn around and efficiency of flow of goods from the point of production to the consumption point. Thirdly, consultants play a big role in the management of change by continually adapting changes in the organization. Consultants also play other roles such as leadership development and Human resource. Cosmetic booth shall employ the use of consultants to aid in the above.

An accountant, on the other hand, performs financial functions related to the collection, accuracy, recording, analysis and presentation of a business financial status, organization or company's financial operations. He/she has various administrative roles within Cosmetic Booth’s operations. Their main role would be collection of financial data, entry and report generation. However, as the business grows, they would be the financial advisors and financial operators, and would be expected to present the Booth’s financial statements to stakeholders, interpret it and advice accordingly. Accountants may also deal with third parties such as suppliers, vendors, customers and financial institutions. Their main functions would be, financial data management, data analysis and advice, financial report preparation, compliance to deadlines and external business affiliations. Cosmetic Booth appreciates the importance of financial officers within the organization, and will hire such skills to ensure that the success of the business is monitored and costs controlled appropriately. Cosmetic booth is prepared enough to build a strong management team. The use of online and newspaper classifieds would be appropriate for acquisition of the required skills. This will ensure that there is maximal sourcing of experts from all divides. Networking also will prove instrumental in acquiring these skills.

Describe the team concept and group dynamics

Teams are groups of two or more persons who interact and influence each other towards achieving a common goal and objective. They are mutually accountable for each other’s actions in ensuring that their mission is met. All teams are for the purpose of fulfilling a given goal in an organization. The members are held together by their interdependence and their collaborative needs to achieve a common goal. Teams require some communication to enable coordination and sharing of a common objective, goal, mission or vision among members. All teams are groups since they share a common purpose.

On the other hand, a group may be defined as a number of individuals who come together to accomplish a particular task or objective. Group dynamics is a term used to refer to attitudinal and behavioral traits of a group. It concerns ho a group’s form, their structure, processes and how they function. The knowledge of group dynamics is very relevant to both the informal and formal sectors. In an organizational set up, groups are a very common entity (Kirkeby, 2000). The following elements are very vital in the study of group dynamics.

First and foremost, one needs to understand why and how groups form i.e. group development. Many theories have been developed describe how groups develop. George Homans, asserted, in his classic theory that groups develop based on activities, interactions and sentiments. This is to mean that when people have common activities, they will interact even the more and thus develop attitudes towards one another. Alternatively, social exchange theory argues that groups are formed based on the implicit expectation of mutually beneficial exchange based on trust and felt obligations (Cook & Emerson, 1987). Another important aspect is the group types, command groups, task groups, functional groups and interest groups.

Strengths and weaknesses of business teams.

Companies employ cross functional teams that involve employees from various functional departments of the organization. These teams work together to with an aim to achieve given organizational goals in partial fulfilment of the organizational goals. The teams take advantage of their diversity in terms of skills, knowledge and experience. In addition to diversity, there is a well structure of decision making as there is improved consultation among members of the group (Pearce, 2004). Again the shared factor or mission of the team encourages cohesion thus performance and profitability. However, there are several shortcomings of group, for instance, teams may create employ unrest as the unity might pose challenge to smooth running of the organization. There may also arise, intra-team and inter-team conflicts. Members of a given team may pay allegiance in different measure to given leaders of those groups. This may create internal conflicts. At the same time there may exist favoritism, from the top management to a group, may cause other groups to envy them. This may make it difficult for the organization to man the dynamics as members will channel their demand through their leader.

Describe management philosophy concerning communication, and organizational culture

Management philosophy is adapted by the executives of a company demarcating their belief in haw a business should be directed, particularly with regard to treatment of fellow workers and employees. The philosophy is less concerned with the day-to-day mechanics of running a business. However, it helps in the creation of a relationship founded on ideal interpersonal practices (Mulford, Leithwood, & Silins, 2004)

Management philosophy concerning communication appreciates the importance of communicating with people. Interacting personally with your people shows that you personally value their being in the organization. Communication, involves listening to employees when they have problems with their jobs or management. The management of Cosmetic Booth recognizes the value of our employees, and their impact to the business. We believe that association and good interaction with our team players. This enables us to curb any possibility of an unrest. The booth is committed in ensuring that the team players participate in every decision making process. Communication through participation will result in your employees being more motivated, increase their enthusiasm in their jobs

A people who work together to accomplish a particular goals and objectives organization is formed. As the operations continue to grow and goals become more specific and long-term and more specialization of work, they become institutions and formal (Mulford, Leithwood & Silins, 2004). that direct the action of its members. Several practices tend to keep this culture alive among the employees and the management. Cosmetic booth blends practices that will be of help in keeping the spirits of every employee. Human resource actions such as performance appraisal, training and career development act as a reinforcement of the organizational culture. Cosmetic Booth also recognizes that the shared beliefs tend to influence the work norms, communication practices and the philosophical stances of employees.

Leadership styles

Leadership style is the manner and approach of providing direction, implementing plans and motivating people. The style that individuals us is founded in the combination of their beliefs, values and preferences coupled with the organizational culture. The cosmetic booth will employ bureaucratic style to make sure that the operatives know the consequences of labor. The booth will also arrange for outside contractors for supply. On the other hand, when new competitors arise, I would use a style of leadership that encourages innovation, that which is all inclusive to ensure that every member of the organization participate. Leize’s fare style of leadership would give room for such to take Centre stage. Lastly, charismatic leadership will help the booth reassure the remaining employees that their jobs are secure. And also give a clear report outlining why retrenchment was necessary (Burke, & Barron, 2014). By so doing, I will rejuvenate their morale in the business hence performance.

References

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Brown, A. D. (1998). Organisational culture. London: Financial Times.

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Mulford, W., Leithwood, K. A., & Silins, H. (2004). Educational leadership for organizational learning and improved student outcomes. New York: Kluwer.

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Burke, R., & Barron, S. (2014). Project management leadership: Building creative teams.

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Bovée, C. L., Thill, J. V., & Schatzman, B. E. (2004). Business communication essentials. Upper Saddle River, N.J: Prentice Hall.

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Guffey, M. E. (1997). Business communication: Process & product. Cincinnati, Ohio: South Western College Pub.

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Kirkeby, O. F. (2000). Management philosophy: A radical-normative perspective. Berlin: Springer.

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Pearce, L. M. (2004). Business plans handbook: A compilation of actual business plans developed by small businesses throughout North America. Detroit: Thomson/Gale.

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Cook, K. S., & Emerson, R. M. (1987). Social exchange theory. Beverly Hills, Calif: SAGE Publications.Top of Form

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