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1、Small Business ManagementProfessor HornadayLecture 2Small Business ManagementGETTING THE IDEA4 Need a Niche1.Identifiable Market Segment2.Can Satisfy the Segment at a Profit3.Can Defend against all Competitors4 Usually Small Firms offer Superior Quality&Service1.Flexible2.Short Decision Time3.Short
2、Production Runs4.Small Inventory Balances5.Personal Contact with Customers4 New-New or New-Old?Small Business ManagementTHE BUSINESS OPPORTUNITY4 Open Niche4 Competition4 Availability of Materials4 Availability of People4 Availability of Location4 Availability of Funding4 Specific Competitive Edge4
3、Desired Growth PatternSmall Business ManagementMarket Analysis1.Brief Description of the Business Opportunity2.A Detailed Description of the Market Segment3.A Detailed Description of the Market Niche4.Emphasize Price,Unit Sales Estimates,and CompetitionSmall Business ManagementGETTING INTO BUSINESS4
4、 Start-up?4 Purchase?4 Inherit?4 Franchise?Small Business ManagementSTART-UP PROBLEMS4 Timing4 Cash Flow Estimates4 Initial Capital Requirements4 Location4 Equipment&Services Required4 Legal Form of OrganizationSmall Business ManagementMARKETING4 Nature of the MarketWho,What,When,Where,&How?4 Price,
5、Place,Product,Promotion4 Estimate Volume in Units4 Determine PricingCover CostsMeet Customer Demand CurveMeet Competition4 Consider Seasonality4 Specific Competitive Edge4 Desired Growth PatternSmall Business ManagementMANAGING&CONTROLLING OPERATIONS4 Planning,Organizing,Staffing,Directing,Controlli
6、ng4 Specific Location and Layout4 Work Flow Analysis4 Who does What When?4 Pay and Incentives4 Control of Cash,Inventories,and Supplies4 Insurance&Security RequirementsSmall Business ManagementFINANCIAL PROJECTIONS4 Financial Projections put the Plan into Numbers4 Pro Forma Income Statements4 Pro Fo
7、rma Balance Sheets4 Cash Flow Projections4 When do Investors get their Money Back?4 How&When are Investors Rewarded?4 How&When are Owners Rewarded?Small Business ManagementAdvantages of Buying1.Continued Success?2.Good Location3.Employees and Suppliers on Hand4.Equipment and Capacity Known5.Inventor
8、ies and Credit Established6.Hit Ground Running7.Experience of Previous Owner8.Bargain?Small Business ManagementDisadvantages of Buying1.Its a Dog2.Ill Will from Previous Owner3.Unsuitable Employees4.Poor Location5.Obsolete/Unusable Equipment6.Difficult to Change and Innovate7.Outdated Inventory8.Wor
9、thless Accounts Receivables9.Business Overpriced(Good Will)Small Business ManagementFinding a Business1.Advertisements2.Brokers3.Banks,Accountants4.Friends5.Look AroundSmall Business ManagementQuestions before Buying1.Why is Owner Selling?2.Physical Condition of the Business?3.Continued Market for P
10、roducts/Services?4.Customer Base?5.Competition?Overhead 52Small Business ManagementScreening the DealsPreliminary:Visit,inspect,interview.Quicklook at marketing,finances,and inventory.Second Stage:Examine the value of the investment.Facilities Financial Ratios Ownership-What are you buying?Capital R
11、equired Personnel Market NicheFinal Screen:Do a business plan.Small Business ManagementHOW MUCH IS IT WORTH?1.Book Value2.Replacement Value3.Liquidation Value4.Past Earnings5.Cash FlowSmall Business ManagementValuing AssetsIntangiblesImage and reputation with suppliers,customers,and bankers.Any nega
12、tive things to be overcome?Importance of skills and relationships ofowner and/or key employees.Physical AssetsTrue value of equipment and fixtures.True value of inventory.Small Business ManagementLegal Problems1.Legal encumbrances:Mortgages,liens,judgments,zoning,environmental,etc.2.Patent,trademark
13、,or copyright problems?3.Title to land and buildings?4.Access and parking?5.Existing buy or sell contracts?6.Licenses?7.All debts paid?Small Business ManagementPricing the BusinessAssetsBook,Cost,Market,Replacement?GoodwillEarning PowerMultiple of Revenue or ProfitSmall Business ManagementDETERMININ
14、G THE PRICE4 Book Value4 Replacement Value4 Liquidation Value4 Past Earnings4 Cash FlowSmall Business ManagementASSET PRICING4 Building4 Inventory4 Prepaid Expenses4 Supplies&Equipment4 Accounts Receivable4 GoodwillSmall Business ManagementONE WAY TO ARRIVE AT A PRICE4 Net Market Value of Assets$100
15、,0004 Earning Power at 10%$10,0004 Owner Salary$15,000$25,0004 Average Profit$30,0004 Extra Earning Power$5,0004 Value of Intangibles$25,0004 Final Price$125,000Small Business ManagementPricing ExamplesProtected Franchise:1 years profit plus inventory.Bakery(6-day operation):10 times weekly gross.Ma
16、nufacturing:Appraised value of machinery plusraw materials,packing materials,and inventoryat cost plus 1/2 to 1 years net profit.Restaurant:Replacement value of equipment plusfood inventory plus one-half annual profit.Dry Cleaning Pickup Store:Pay$3500 for each$100weekly net up to$250;$5000 for each
17、$100 weekly netover$250.Ladies Wear:25-50%cost of fixtures plus inventoryat 50-100%.No goodwill.Small Business ManagementTHE BUSINESS PLAN4 Purpose&Need4 The Business Opportunity4 Getting into Business4 Start-up Problems4 Marketing4 Managing&Controlling Operations4 Financial ProjectionsSmall Business ManagementParts of the Business Plan1.Executive Summary2.Owner/Officer Resumes3.Company History4.Description of the Business5.Business Strategy6.Description of Product/Service7.MARKETING STRATEGY!8.Operational Plans9.Financial Projections10.Loan Proposal