Researching & Writing a Business Plan – Management Assessment
Small Business Development Center
University of Wisconsin Oshkosh College of Business
Tel. 1-800-232-8939 (In Oshkosh, (920) 424-1453) – Web Site: www.uwosh.edu/sbdc
*Business Planning Process Overview
– Step #1 – Market Assessment
– Step #2 – Financial Assessment
– Step #3 – Management Assessment
– Step #4 – Securing Start-Up/Expansion Financing
*Management Assessment – Will Starting or Owning A Business Make Personal Sense?
– Your Current Business Skills (Worksheet #11)
– Areas for Personal Improvement
– Areas to Seek Outside Assistance
– Your Personal Finances (Worksheet #12)
– Personal Income
– Personal Assets and Liabilities
– Personal Goals (Worksheet #13)
– Five-Year Goals
– Goals for the Coming Year
– Impact of a Business on Your Life (Worksheet #14)
– Impact on Personal Life and Goals
– Impact on Others Who Are Part of Your Life
– Impact of a Business on Your Personal Goals (Worksheet #15)
– Potential Risks
– Potential Rewards
Researching & Writing a Business Plan
– Management Assessment
University of Wisconsin Oshkosh Center
Wisconsin Small Business Development Center Network
Worksheet #11 – Assessing Your Business Skills
There are many skills required to start and run your own business. Part of the key to running a successful
business is to build on your strengths and take steps to address your weaknesses.
Rank in order from 1 thru 5, your current knowledge or experience of each of following:
Accounting & Finance – managing the financial aspects of the business, including budgeting, paying bills,
establishing pricing, collecting accounts, calculating taxes, working on payroll, etc.
Product/Service Delivery – physically producing the product or providing the service to the customer,
including supervising co-workers.
Advertising and Marketing – promoting products or services to potential customers using a variety media,
such as news releases, promotional events, paid advertising on television or radio.
Sales & Customer Service Management – dealing directly with current and potential customers including
providing product and service information, preparing price quotations, closing the sale in person or on the
telephone.
Personnel Management – recruiting, hiring, managing, evaluating, promoting and discharging employees,
in compliance with local, state and federal laws and regulations.
Business Skill Area
1.
Current Level of Knowledge or Experience
Strongest Skill
2.
3.
4.
5.
Skill Most Needing Improvement
Worksheet #11 – Assessing Your Business Skills (cont.)
In light of your current business skills, what is your plan or strategy for managing these areas of your
business? Possible strategies include doing the work personally based on your current skill level or after
more training, using outside resource people (such as bookkeepers, marketing consultants, etc.) and/or
hiring employees with the required business skills.
Business Skill Area
Accounting & Finance – managing the
financial aspects of the business, including
budgeting, paying bills, establishing pricing,
collecting accounts, calculating taxes,
working on payroll, etc.
Product or Service Delivery – physically
producing the product or providing the
service to the customer, including
supervising co-workers.
Advertising and Marketing – promoting
products or services to potential customers
using a variety media, such as news
releases, promotional events, paid
advertising on television or radio.
Sales & Customer Service – dealing
directly with current and potential customers
including providing product and service
information, preparing price quotations,
closing sales in person or on the telephone.
Personnel Management – recruiting,
hiring, managing, evaluating, promoting and
discharging employees, in compliance with
local, state and federal laws and regulations.
Product or Service Development –
generating ideas for new products or
services, and/or finding ways to improve
existing products or services.
Management Strategy
Researching & Writing a Business Plan
– Management Assessment
University of Wisconsin Oshkosh Center
Wisconsin Small Business Development Center Network
Worksheet #12 – Assessing Your Personal Finances
Evaluate Your Current Income
Look carefully at your current income - the amount of money that you are used to living on.
Your total income will probably decrease during the first year of your new business.
How much you are willing to put at risk in your small business?
Source of Income
Salary
Bonuses and Commissions
Rental Income
Interest Income
Dividend Income
Capital Gains
Partnership Income
Annual Amount
$
$
$
$
$
$
$
Other Income:
$
Total Income
$
Worksheet #12 – Assessing Your Personal Finances (cont.)
Evaluate Your Net Worth
Your net worth - what is left after subtracting liabilities from assets - will be a factor in
credit decisions. Evaluate your net worth by doing an inventory of your assets - what you own – and
liabilities - what you owe.
Assets
Cash in Bank
Readily Marketable
Securities
Non-readily Marketable
Securities
Accounts and Notes
Receivable
Cash Value of Life
Insurance
Residential Real Estate
Real Estate investments
Personal Property
Amount
Liabilities
Amount
$
Mortgage Loan
$
$
Auto Loan
$
$
Credit Card Debt
$
$
Taxes
$
$
Other Liabilities (list):
$
Total Liabilities
$
$
$
$
Other Assets (list):
$
Total Assets
$
Estimated Net Worth:
Total Assets – Total Liabilities = $________________ Net Worth
Researching & Writing a Business Plan
– Management Assessment
University of Wisconsin Oshkosh Center
Wisconsin Small Business Development Center Network
Worksheet #13 – Identifying Your Personal Goals
In the table below, write down your personal goals for the next five years, and then write down your goals for
the next year. Don’t take a lot of time thinking about them. You can return them later and make changes.
Think of these goals as works in progress that will change over time. The most important thing is put your goals
down on paper which has been shown to increase the likelihood that a person will take steps to achieve them.
Personal Development
Family & Friends
My
5 Year
Goals
Health & Fitness
Community
Financial
Personal Development
My
Goals
for
Next Year
Family & Friends
Health & Fitness
Community
Financial
Researching & Writing a Business Plan
– Management Assessment
University of Wisconsin Oshkosh Center
Wisconsin Small Business Development Center Network
Worksheet #14 – Visualizing Impact of a Business on Your Life
To help visualize owning or starting your own business, write down answer to the following questions.
How much money are you earning? Be specific, such as “$75,000 per year” rather than “a ton.”
What kind of lifestyle are you and your family leading? Describe it in detail.
How big is your business? Describe in terms of sales, employees, stores and other measures.
How does your business reflect you and your values?
What products and/or services are you offering?
Who are your customers? How many are there? What are they like?
Where is your business located?
What does your place of business look like?
Who are your employees? How many are there? What are they doing? How are you treating them?
What are you doing in the business? Do you like what you are doing?
Researching & Writing a Business Plan – Management Assessment
University of Wisconsin Oshkosh Center
Wisconsin Small Business Development Center Network
Worksheet #15 – Visualizing the Impact of a Business on Your Goals – Risks and Rewards
In the table below, list as many risks and rewards associated with starting your own business as you can think of for the four categories listed.
Risks
Rewards
Financial
Family & Friends
Career & Community
Health & Fitness
Which of the risks listed above concern you the most? List some ways that you might be able to reduce those risks.