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.
Download the Week 3 – Company Description and SWOT Template [DOC]Download Week 3 – Company Description and SWOT Template [DOC]
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.
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 textbook (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 textbook 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?
- Sample questions to ask when choosing distribution channels:
- 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] Download SWOT Matrix [DOCX](table) when revising your SWOT matrix.
Formatting
Format your assignment according to these requirements:
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.
- Typed, double-spaced, using Times New Roman font (size 12), with one-inch margins on all sides. You may single-space the information included in the SWOT Matrix.
- You must include headings in your paper for each major topic.
- Include a cover page containing the assignment title, your name, the professor's name, the course title, and the date. The cover page is not included in the required page length.
- Include a source list page. Citations and references must follow the Strayer Writing Standards format. All sources used must be listed in the source list page and have a corresponding in-text citation. The source list page is not included in the required page length.
- Note: There is no minimum requirement for the number of resources used in this assignment.
Learning Outcomes
The specific course learning outcome associated with this assignment is:
- Develop a company overview and SWOT analysis that include trends, strategic positioning, distribution channels, and risks.
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 yourWeek 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.
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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 f inal 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.
Staf f Budget Worksheet
BUSINESS EXPENSES Marketing Expenses Professional Services
• Consultants • Attorneys • Accountants • Industry specialists
Inventory Purchases (as needed)
Marketing Budget Worksheet Professional Services Worksheet
Inventory Worksheet
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Item Worksheet Within the
Business Plan Financials Excel Template
Additional Expenses • Telephone/fax • Business insurance • Off ice supplies • Mailings and postage • Building maintenance • Utilities, including
o Water/sewer o Gas o Electricity o 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
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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 30 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. Ref lect 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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- COMPANY OF YOUR CHOICE* GUIDELINES
- Key Business Plan Parameters
- Specific Business Details
- Guide to Complete the Business Financials Excel Template
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SNACK FOOD COMPANY GUIDELINES • You must build your business plan using the information included within these guidelines.You can add to this information as needed. • You will create a business plan for a company operating in the snack food industry. • The instructor will approve your company in a reply to yourWeek 1 discussion post in which you will describe this business.You will revise your
work based on feedback provided. • 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 the recipe for the snack, and you have been operating from your home, but sales
are small. You were selling the product for $3 per item at a cost of $1. 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 You must focus on a snack. You decide what the snack will be and whether it will be sold in individual sizes or wholesale. The Snack Food industry produces snack foods, such as potato and corn chips, pretzels, roasted and salted nuts, nut butters, popcorn and other similar snacks.
Market Size You will start marketing and selling the product in your geographical area within a 100-mile radius from your home.
Existing Funds You received $50,000 from your grandmother as a gift, and you borrowed $30,000 from your family and friends.
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.
Employees You will have employees, and you will develop your own organizational hierarchy.
Annual CEO Salary
As CEO your salary will be $60,000 the first year, $120,000 the second year, and finally adjusted to $160,000 for all remaining years in the position.
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Specific Business Details This table identifies specific details you must use for your snack company business plan. Reflect any costs in your business plan narrative and in the Business Plan Financials Excel Template. The f inal 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
• 2 machines to produce and package the product @ $10,000 each; about 50 bags per minute each
• 2 vans for distribution @ $15,000 each • 3 computers @ $1,400 each • Software for inventory, payments, and customer accounts management • Printer
Capital Expenditures Worksheet
PERSONNEL Current Personnel
• CEO (you) • 1 part-time production worker @ $15.00/hour (20 hours/week) • 1 IT support person @ $25.00/hour (20 hours/week) • 1 paid consultant (your neighbor); retired executive in the snack food
industry Considerations: Your goal is to reach sales of over $1 million by the end of the second year. You will need to hire additional personnel to meet this goal. Potential additional hires include: • 2 production line foremen • Production employees (more than one shift)
o Business size of business will determine number • Maintenance staff
o Business size will determine number • Additional employees according to your preferences
Staf f Budget Worksheet
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Item Worksheet Within he Business Plan Financials Excel Template
BUSINESS EXPENSES Marketing Expenses Professional Services
• Consultant (your neighbor); 1st year only • Attorney • Accountant • Industry specialist
Inventory Purchases (as needed) Additional Expenses
• Telephone/fax • Business insurance • Off ice supplies • Mailings and postage • Building maintenance • Utilities, including
o Water/sewer o Gas o Electricity o Trash removal
Marketing Budget Worksheet Professional Services Worksheet
Inventory Worksheet Income Statement Worksheet
FINANCIAL INFORMATION Available Funds
• Balance in the bank • Gif t from grandmother • Loan f rom relatives and friends
o This is to be paid by the end of the second year of operation with 5% interest.
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
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Guide to Complete the Business Plan 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 30 days; you may adjust this for your business. Line 43—Enter $15,000; this is the money you currently have in the bank.
Worksheet #2: Sales Projections Speculate how much your company will grow and how much you will sell. Ref lect this information in the Operations Section of your Business Plan (Week 5 Discussion and Week 8 Assignment). You need to reach sales of over $1 million by the end of the second year.
Worksheet #3: Inventory (Adjust These Figures Line 7– Enter the cost of ingredients. As Needed) Line 8—Enter the cost of bags.
Line 9—Enter the cost of cartons to package the products. Repeat these three lines for each product line.
Worksheet #4: Capital Expenditures (applies to purchased NOT leased equipment)
Insert the cost of the 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. (Discussion 4 and Assignments 2 and 3).
Worksheet #7: Professional Services Line 6—Enter $3,000.00. Line 7–Enter $2,500.00. Line 9—Enter $2,000.00 Line 11—Enter $10,000.00 (f irst year only)
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Worksheet Data Entry Worksheet #8 Capital Investments Worksheet Equity Capital Investments
Line 6—Gif t—Enter $50,000.00. Loans (Friends and Family) Line 24–$30,000 Note: The loan period = 24 months; interest rate = 5%
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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Resources on the Snack Food Industry
These resources are a good starting point for you as being researching the snack food industry.
C. Barnes. 2020. 2020 U.S. industry & market report–NAICS 31191: Snack food manufacturing, 1–196.
Jan Conway. 2018. U.S. Snack Foods Industry—Statistics & Facts. Statista. https://www.statista.com/topics/1496/snack- foods/
Patrick Limdico. 2019. 47 Snack Food Industry Trends and Consumption Statistics. Foodtruck Empire. https://foodtruckempire.com/news/snack-food-industry/
Douglas J. Peckenpaugh. 2019. State of the Industry 2019: Defining the Future of Snacking. SF&WB. https://www.snackandbakery.com/articles/93232-state-of-the-industry-2019-defining-the-future-of-snacking
L. Petrak. 2019. Mindful Munching: The Evolution of Mealtime Is Fueling the Trend Toward New Kinds of Nibbles. Progressive Grocer, 98(5), 50–54.
Statisa. No date. Consumer Market Outlook: Snack Food; United States. https://www.statista.com/outlook/40110000/109/snack-food/united-states
Mordor Intelligence. No date. Snack Food Market—Growth, Trends, and Forecasts (2020–2025). https://www.mordorintelligence.com/industry-reports/snack-food-market
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- SNACK FOOD COMPANY GUIDELINES
- Key Business Plan Parameters
- Specific Business Details
- Guide to Complete the Business Plan Financials Excel Template
- Resources on the Snack Food Industry