Strategic Thinking for the New Reality: Creating and Executing a Blueprint for Your Custom Building Business
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1 Strategic Thinking for the New Reality: Creating and Executing a Blueprint for Your Custom Building Business International Home Builders Show January 13, 2011 An outline of the talk given by Charles C. Shinn, Jr. Ph.D. and Emma S. Shinn, CPA, MBA The Shinn Group / Builder Partnerships I. OVERVIEW A. This presentation will focus on PLANNING 1. The most basic of all management functions 2. Planning involves selecting from alternative future courses of action 3. The purposes of the plan is: a. To contribute toward the accomplishment of the company s objectives; b. To offset uncertainty and change; c. To focus attention on the objectives; d To minimize operating costs; and e. To facilitate control 4. Planning and control are inseparable. B. To run your business properly you need to analyze and plan 1. How much you want to grow 2. What resources you need 3. Which capabilities you have 4. You need to become Proactive instead of Reactive. C. The objective of any planning is to produce RESULTS Results Follow Up Planning Actions The Shinn Group * 6637 W Hinsdale Ave * Littleton, CO * * 1
2 The Thinking Process for Strategic Business Planning Analysis Phase Strategic Decisions Detailed Planning Business Plan Market Definition Competetive Analysis Market Segmentation Products Operating Results Financial Condition Market Targeting Market Positioning Management Sources of Funds Users of Funds Marketing Programs Production Management & Staffing Revenue & Expenses Financial Plan Management Plan Production Plan Market Plan Cash Flow The Shinn Group * 6637 W Hinsdale Ave * Littleton, CO * * 2
3 II. STRATEGIC PLAN A. Written document of YOUR intent for YOUR Company. 1. Definition of your vision for the Company 2. Means to develop commitment among employees 3. Strategic thinking and vision that guides all other decisions 4. Blueprint to help develop and maintain a superior competitive advantage 5. Helps envision what you can be B. Effective strategic planning will: 1. Improve your business decisions 2. Increase profitability 3. Allow resources to be used more effectively 4. Focus attention on critical problems C. Steps for developing a strategic plan 1. Write a Mission Statement a. Probably the most difficult single task Who are we Who do we represent and benefit What do we do as an organization Who do we want to become What are our long term mission goals b. Promotes clarity of purpose c. Foundation for major decisions d. Commitment to company goals e. Understanding and support from outsiders f. Tasks: Evaluate Strengths, Weaknesses, Opportunities, and Threats Assess Core Values Statement of Quantitative and Qualitative goals 2. Understand your business, products and services a. Two primary factors: Product and services analysis Customer analysis 3. Understand your customer a. Customer profiles Decision making process Customer needs Customer benefits Buying criteria 4. Redefine your business a. Strategic Business Unit (Specific products and customers) 5. Understand your industry a. Industry forces b. Industry competitors c. Industry success factors The Shinn Group * 6637 W Hinsdale Ave * Littleton, CO * * 3
4 6. Understand your competitors a. Competitive value map b. Competitive differentiation 7. Formulate internal strategies a. Market growth rate b. Relative market share c. Operations 8. Formulate external strategies a. Differentiation b. Determine strengths 9. Implement the strategic plan a. Rally organization What needs to be done Who should do it When should it be started and completed What are the approximate cost including human resources and direct expenses b. Review management teams c. Focus resources d. Establish needed policies, personnel, and controls e. Leadership issues 10. Review strategic plan every six months D. Plan your Work, Work your Plan II. BUSINESS PLANS A. What makes a good Business Plan? Contents Results of a Business Plan Follow Up Simple Specific Realistic Planning Actions The Shinn Group * 6637 W Hinsdale Ave * Littleton, CO * * 4
5 B. Who will be the primary users of your Business Plan? 1. Investors 2. Lenders 3. Management SUGGESTIONS: Be sure you understand what decisions they will make Know their decision criteria Find out what information they want C. What is the main purpose of you business plan? 1. Define the business 2. Create the future 3. Describe the strategy 4. Communicate expected results 5. Show how to accomplish results 6. Align management SUGGESTIONS: Be sure your purpose is clear and explicit. It helps to write it down. D. A good business plan. 1. Is concise 2. Is easy to understand 3. Sets concrete goals 4. Defines measureable results 5. Is realistic and achievable 6. Includes specific actions 7. Assigns tasks to people 8. Identifies specific completion dates 9. Has 10 parts implementation for every one part strategy E. Sections to be included in a Business Plan 1. Executive Summary 2. Marketing Plan 3. Product Plan 4. Management Plan 5. Financial Plan F. Outline of a Business Plan 1. Executive Summary a. Introduction Corporate strategies b. Mission Statement c. Investment opportunity d. Management Senior management team The Shinn Group * 6637 W Hinsdale Ave * Littleton, CO * * 5
6 Organization Chart e. Five Year Objectives Sales and production goals f. Financial Information Pro forma Financial Statements 2. Company Summary a. Company Ownership b. Company history c. Company structure d. Corporate strategies Geographic area and expansion Land acquisition Product planning Technology Target market segments Competitive advantages 3. Marketing Plan a. Market overview Population Household income Job formation and employment Housing market Competition b. Market segments Market needs Market trends Market growth c. Industry Analysis Competition and buying patterns Main competitors d. Marketing Marking Strategy Merchandising Advertising and public relations Marketing programs Pricing strategy Sales strategy Sales forecast Sales programs Strategic alliances Customer service and warranty Awards and recognitions d. Maps of past and current subdivisions e. Project profiles Current residential communities Completed residential communities The Shinn Group * 6637 W Hinsdale Ave * Littleton, CO * * 6
7 4. Product / Production Plan a. Unique features b. Advantages and benefits c. Competitive comparison d. Sales literature e. Subcontracting and sourcing f. Technology g. Future products 5. Management and organization a. Management team b. Future personnel requirements c. Management philosophy d. Biographies of senior managers e. Outside advisors and consultants f. Organization Chart i. Procedures for financial control budgeting Project scheduling Subcontracting and purchasing Financial reports Cash management 6. Financial Plan a. Assumptions and definitions Key issues: Length of forecast Amount of detail How optimistic Alternatives b. Key financial indicators c. Historical Income Statements d. Projected Income Statements e. Balance Sheet f. Business ratios g. Breakeven analysis h. Projected Cash Flow 7. Appendix a. Photographs b. Articles c. Sample marketing brochures The Shinn Group * 6637 W Hinsdale Ave * Littleton, CO * * 7
8 III. FINANCIAL PLANS A. Annual Operating Budgets 1. Sales Plans 2. Cost of Sales Plan 3. Indirect Construction Cost Plan 4. Financing Expense Plan 5. Sales and Marketing Expense Plan 6. General and Administrative Expense Plan 7. Profit Plan B. Cash Flow IV. METRICS TO TRACK A. Marketing B. Sales C. Inventory management D. Production E. Warranty F. Customer satisfaction G. Financial V. THE MANAGEMENT CYCLE A. A continuum of management action in an effort to maintain the company s health and direction B. Determine your current level of performance C. Steps in the cycle Establish goals and objectives Develop a plan to direct activities toward the goals Activate the resources to obtain the goals Accomplish results Measure results against the plans, goals, and objectives Feedback information on the variances Take corrective action; modify the plan or the implementation Re-work the cycle The Shinn Group * 6637 W Hinsdale Ave * Littleton, CO * * 8
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