Business Management

Being a new manager of a failing division of a company comes with challenges and changes which have to be made in order to turn things around. The first step is to write a business plan. The business plan includes the executive summary which is a brief overview of the business organization. The executive summary should consist of solid, substantiated facts that will clearly establish a competitive advantage in the chosen target market. In this section, the mission, vision, business and strategic objectives of the business should be included. Also in this section should be a brief description of the product, a description of the target market and what makes it unique in its chosen market, any problems that can be solved by the product and alternatives to the product, major conclusions in how the product will do in the market, and financial requirements of the business. The body of the business plan should include a description of the business, defined customer base, pertinent information about product or service, any potential competition and a business strategy to compete, marketing and sales strategy, daily operations, personnel management, and financial data. The business plan will serve as a helpful communication tool to attract investment, funding, employees, and strategic business partners. The plan should be about 30 to 40 pages total and should be clear and concise as possible.

Once the vision of the new organizational structure has begun, next is the process of realigning individuals, tasks, processes, and functions. As new manager, the first step is to review the company expenses and create a spreadsheet to show how money is being spent, then to trim some of the excessive, unnecessary expenses so that money can be used more effectively. After creating the spreadsheet, copies of the new business plan will be given to everyone in the company so that employees will know what is going on and will have a chance to provide feedback. In order to...