IA03

Personal Business Plan

At Company Me, our main focuses are to provide a quality product for our customers and a meaningful work experience for our employees. We enjoy working with both our employees and our customers in order to create a better Product Me, and hope to improve this product even more in the future.

Business Environment

Company Me competes in the goods-producing industry, specifically, manufacturing. This industry has been steadily losing jobs, going from about 14,155,800 in 2006 to 12,448,100 in 2016. The number of jobs is expected to drop to about 11,611,700 by 2026.¹ The drop in available jobs could be a result of the rapidly changing social and technological environment. Since technology and expectations for products are always changing, the manufacturing is very competitive and customers have multiple substitutes for Product Me and there are competitors who provide a similar product. For these reasons, we plan to adapt to this changing environment in order to make Product Me the best product available to the public.

Entrepreneurship and Strategy

In order to effectively promote Product Me in such a difficult market, Company Me plans to create brand loyalty with its customers. Our company plans to build brand loyalty by proving to our customers that Product Me is the most effective product on the market and Company Me will always be there to provide excellent service.

Management

As the General Manager of Company Me, I will run the company by planning ahead, but I will not shy away from making adjustments as new situations and opportunities arise.² Many managers are afraid to be themselves when they work, and end up coming off as stiff and unapproachable, but that just isn’t how I plan to manage my company. I will manage my employees by making sure that I am always around when they need me, and I’ll build their trust so that I’m always notified when there’s a problem.³

Marketing

Since Company Me produces Product Me for a consumer market, we strive to collect information to figure out who our target market is and how we will market the product to them. The potential customers range in age, so we plan to advertise on many different platforms, including social media and television.

Accounting and Finance

In order to manage the investments of Company Me, I will hire an accountant to keep track of all company purchases and sales. As the CFO of Company Me, I will set financial goals for the company to help us save money and plan for the unexpected.

Information Systems and Operations

In order to optimize productivity and keep everything organized, Company Me will create a database for company information. We will also use Google Analytics to help keep track of our website traffic in an effort to grow our company and better sell or product.  

Sources:

1.     Employment by major industry sector. (2017, October 24). Retrieved April 18, 2018, from https://www.bls.gov/emp/ep_table_201.htm

2.     Drucker, P. F., Kanter, R. M., & Kantrow, A. (2016, October 17). Managing Oneself. Retrieved April 18, 2018, from https://hbr.org/2005/01/managing-oneself

3.     Granville, K. (n.d.). How to Manage Your Career. Retrieved April 18, 2018, from https://www.nytimes.com/guides/business/manage-your-career?smid=fb-nytimes&smtyp=pay&smvar=guides