8 M’s of

Entrepreneurial
Success™
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TRAINING PROGRAM

Presented by : Mark A. Turnquest, MBA

Tel: ( 242 ) 326-6748 / 427-3640

Email: markaturnquest@gmail.com
Website: ww. markturnquestconsulting.com

8 M’S OF
ENTREPRENEURIAL
SUCCESS™
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TRAINING MANUAL

www.markturnquestconsulting.com
8 M’s OF ENTREPRENEURIAL SUCCESS™
STEP 1 STEP 2

MARKET MEANS

STEP 3

MISSION

STEP 4 STEP 6
STEP 5

MONEY MARKETING
MANAGEMENT
MANAGEMENT

STEP 7

METHOD

STEP 8

MEASUREMENT
 STEP 1 STEP 2
www.markturnquestconsulting.com Page 1
MARKET MEANS
Conduct: “5Ms of Resources”
1. Marketing Research
2. Feasibility Study 1. Money: Obtain enough financial funding
3. Opportunity Analysis to start and run the business for 3 years
4. Target Market Analysis
5. Industry Analysis ( 5 forces) 2. Material: The right amount of inventory
and supplies needed to start /run the
Determine: business
1. Market demand (primary /selective)
2. Customer needs 3. Machine : The necessary equipment
3. Customer wants needed to successfully operate the
4. Customer expectations business

Choose the right Business: 4. Manpower: Having employees/

1. Target customers must be willing and
able to buy your products or services
2. Must be profitable
3. Gain competitive advantage
4. Must be sustainable / viable
consultants that are capable of operating
the business in an effective and efficient
manner
5. Minutes: allocating the right amount of

STEP 3 STEP 4
MISSION MONEY
The new Entrepreneur should be focus and
developed a BUSINESS PLAN that covers the 1. Ensure that you know how much money
following topics: you need to start and run your business for the
first three (3) years:
1. Executive Summary
2. Vision Statement 1. Inventory
3. Mission Statement 2. Marketing program
4. Goals / Objectives 3. Rent /lease agreements /Prepaid
5. Strategies Expenses
6. Product /Service Offerings 4. Working capital (salaries, utilities etc)
7. Operating /Organizational Plan 5. Bank Loan payments, etc.
8. Industry /Competitive Analysis
9. Location & security Plans 2. Ensure that you know where to obtain the
10. Management / Human Resources Plan money to start your business:
11. Marketing Plan 1. Bahamas Entrepreneurial Venture Fund
12. Information Technology Plan 2. Bahamas Development Bank
13. Insurance Plan 3. Commercial Banks ( RBC, ScotiaBank etc)
14. Financial Requirements 4. Caribbean / International (EU . IDB etc)
15. Financial Projections 5. Credit Unions
16. Risk / Critical Success factors 6. Venture Capitalists
17. Action & Control Plans 7. Business Angels / Private Investors
 STEP 5 STEP 6
www.markturnquestconsulting.com
MANAGEMENT MARKETING Page 2

1. Develop a BUSINESS MODEL (buy/sell) Marketing is “anticipating, identifying target

that is ideal for your business: customers’ needs, wants, expectations and
delivering products and services that satisfy
Home Based, Brick & Mortar, E-Commerce etc them in a profitable manner”.

2. Decide on the right LEGAL STRUCTURE You must understand that marketing is a not a
expenses …...but an investment
A. Sole proprietorship …….Without a proper designed and
B. Partnership implemented marketing plan you will go
C .Corporation out of business very fast !

3. Develop BUSINESS DEPARTMENTS KNOW THE 10 Ps OF MARKETING

although you own a small /medium sized
enterprise (SME): Marketing, Accounting etc. Positioning, Product, Price, Place, People,
Process, Physical Evidence, Promotion,
4. Have access to BUSINESS Productivity, Profit
CONSULTANTS
(Business Planners, Accountants, Lawyers

STEP 7 STEP 8
METHOD MEASUREMENT

Ensure that you develop processes and Ensure that you have the correct Information
structures to operate an efficient and Technology System that can provide quick
effective business. and accurate information to all departments

1. Human Resource Management Dept. 1. Human Resource Management Dept.

(Attracting, developing /training, and retaining  Performance Appraisals
an effective workforce)  Performance Management Review

2. Sales & Marketing Departments 2. Sales & Marketing Departments

(Determine market demand and develop  Break Even Point Analysis
products and services to satisfied that  Sales Performance (Product, Customer
demand) etc)

3. Accounting & Finance Departments 3. Accounting & Finance Departments

(Keep proper records (QuickBooks  Financial Ratios
Accounting, keep adequate cash flow)  Balance Sheet
 Income (Profit/Loss) Statement
4. Operations & IT Departments  Statement of Cash Flow
(develop a system to purchase, ship, receive,
store and ship goods in a secure manner) 4. Operations & IT Departments
 www.markturnquestconsulting.com Page 3

OGRAM

8 M’S OF
ENTREPRENEURIAL
SUCCESS™
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WORKBOOK
8 M’S OF ENTREPRENEURIAL SUCCESS™ WORKSHEET 1-4

www.markturnquestconsulting.com
STEP 1 STEP 2
MARKET MEANS

1. Targeted Market What resources do you need?

(A) Who is your main targeted Customer? 1. Money: Cash_______________________
_______________________________
_ ____________________________

(B) Do you know your main targeted 2. Material: Inventory,

Customer: parts_______________
Needs?
___________________________
_______________________________
Expectations? _________________________
3. Machine :
2. Product(Service) Equipment__________________
__________________________
(A) What is your most profitable product:
4. Manpower:
Benefits?_____________________________ Staff_____________________
_________________________

STEP 3 STEP 4
MISSION MONEY
Does your Business Plan have?
(yes/no) 1. How much money do you
need?
1. Executive Summary ____________
2. Vision Statement ______________ A. Start up?___________________________
3. Mission Statement _____________ B. Just to stay in business?______________
4. Goals / Strategies______________
5. Strategies___________ C. Growth?
6. Product /Service Offerings_____________ ____________________________
7. Operating /Organizational
Plan__________ 2. What you need the money for?
8. Industry /Competitive
Analysis___________ A. Inventory_________________________
9. Location Plan_____________ B. Marketing program_______________
10. Management / Human Resources C. Rent _________________
Plan____ D. Utilities____________________
11. Marketing Plan_________________ E. Bank Loan payments,_______________
12. Information Technology Plan________ F. Salaries_______________
13. Security Plan ______________ G. Other_________________
14. Insurance Plan________________ 3. Where are you going to get the
15. Financial Requirements____________
 8 M’S OF ENTREPRENEURIAL SUCCESS™ WORKSHEET 5-8
STEP 5
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MANAGEMENT
1. What is your Business Model (buy/sell)?
A. Home Based________________
B. Brick & Mortar_______________
C. E-Commerce________________
2. What is your Legal Structure?
A. Sole proprietorship_______________
B. Partnership_____________________
C .Corporation_____________________
3. Rate your Business Management Skills
A. Marketing _______________________
B. Human Resources_________________
C. Finance And Accounting ___________
D. Operations & Computer (IT)__________
4. Do you have Business Consultants?
_______________________________
STEP 7
METHOD
1. Do you have PROCESSES and
structures to operate an efficient
and effective business? (yes/no)
A. Human Resource Management Dept.
(Attracting, developing /training, and
retaining an effective workforce)_________
B. Sales & Marketing Department
(Determine market demand and develop
products and services to satisfied that
demand) _________________
C. Accounting & Finance Departments
Keep proper records (QuickBooks
Accounting)_____________
D. Operations & IT Departments
(Develop a system to purchase, ship,
receive, store and ship goods in a secure
manner)______________________
STEP 6
Page 4
MARKETING
1. What is your Strategic Marketing Plan?
A. Market Research
_____________________
B. Market
Segmentation__________________
C. Market
Targeting_____________________
D. Market
Positioning____________________
E. Unique Selling
Proposition(USP)_________
2. What is your Tactical Marketing Plan?
A. Product
Differentiation_________________
B. Price
STEP 8
MEASUREMENT
1. Do you use the following
evaluation
and monitoring tools? (yes/no)
A. Human Resource Management Dept.
 Performance Appraisals_____________
 Performance Management
Review_______
B. Sales & Marketing Departments
 Break Even Point Analysis__________
 Sales Performance ___________
C. Accounting & Finance Departments
 Financial Ratios______________
 Balance Sheet_______________
 Income (Profit/Loss)
Statement__________
 Statement of Cash Flow_____________
D. Operations & IT Departments
 www.markturnquestconsulting.com Page 5

OGRAM

8 M’S OF
ENTREPRENEURIAL
SUCCESS™
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STUDY GUIDE
 www.markturnquestconsulting.com
STEP 1: MARKET
MARKET RESEARCH PROCESS PRODUCT ANALYSIS
Step 1: Define problem (solve) or opportunity (take)
Products Policy: brands, package, labeling,
Step 2: Determine research objectives warrantees
Service Policy: reliable, presentation, assurance
Step 3: Develop Research plan: (1) data sources,
(2) research approach, (3) research instrument, Each product is a complex of tangible and intangible
characteristics which define the product, its use and
(4) sampling plan & (5) contact method value. Product characteristics can be viewed as
technological, consumer and market:
Step 4: Collect & analyze data
Step 5: Interpreting & Reporting (YOUR HOBBY!)        technological: raw materials, composition,
structure, size/shape ,processing method, storage
TYPE, TIMING OF NEEDS & DEMAND method, product type;

 Improvements and development of existing        consumer: convenience, sensory properties, use,
nutrition, safety, psychological, social;
forms (value, features, benefits)
 Improvements and development of existing        market: type of market, marketplace, sales, price,
process (selling, buying, distribution, ) promotion.
 Increase: sales, wealth, happiness, comfort,
convenience, family time, image, quality, Product Benefits over Product Features
knowledge, free time, spirituality, quality, joy
Core Products, complimentary, facilitating,
 Reduce: costs, expenses, time, stress, pain, augmented, supported services
povertyINDUSTRY ANALYSIS SEGMENTING & TARGET
 FACTORS SITUATION
Create: good feelings, organization effectiveness Customer MARKETING
Service must be attached
(STP)
Major Problem / Current recession, hurricane season
Threat (June –November).Intense competition
These targeted markets were selected because of the
Major Opportunity Projected favorable economic condition following:
in the Copying and Printing Industries
Growth Potential 20 % annually ( estimated)  Measurable- are easy to be identified and
measured
Profitability Potential 15-20% annually within 5 years (estimated)

 Accessible- can be effectively and efficiently

Key Success Factors Quick turnaround, affordability, quality work
researched, reached and served
Expected Future Trend The South West New Providence will continue
to become a major economic-friendly area  Substantial- are profitable, large in size and
growing at a good rate
PESTEL Analysis  no Political threat,
 moderate level of Economic challenges,
 moderate level of Social challenges,  Differentiable- respond to different marketing
 low level of Technological challenges, and sales promotions
 no Environmental challenges
 and no Legal challenges
  Actionable- marketing programs can be
5 FACTORS Analysis (1) Moderate threat of New effectively designed and communicated in a
Products/Suppliers in the marketplace,
(2) low threat of Substitute Products/Services
successful manner
(3) low Buyers’ Power influence over pricing,
(4) low Suppliers’ Power over pricings  Affordable- Not significant resources are
(5) low Competitive Intensity(CI),
required to reach these markets
 STEP 2: MEANS
IDENTIFYING MONEY IDENTIFYING MANPOWER
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Entrepreneurs must know how much cash is
required to start and run their business for at least
six (6) months. There are many avenues where
money could be obtained your savings, banks,
grants, family, friends, business angels,
venture capitalist, government grants etc.
However, one thing is certain, if you do not have
adequate financial funding to start a new venture
the business will most definitely fail within the first
year of operations
Without money, no venture or enterprise can
motivate workers, get quality and sufficient
materials, get the right machines and maintain
them or even ensure that time is properly
managed.
Money management, when not properly organized
has been the most known factor involved in the
collapse of enterprises in history. You can start
now by start thinking about how much money you
IDENTIFYING
are going to personally invest (equity) and how
much money you are going to borrow (debt).
MATERIAL
Entrepreneurs should determine how much raw
material and inventory is required before opening
shop. A retail business should have at least three
(3) months worth of inventory when opening. This
will give the entrepreneur a chance to determine
what the fast and slow selling products are and to
formulate a strategy on how to purchase future
inventory.
They also must have a clear understanding about
what types of office supplies and stationeries
are needed to properly operate a new business. A
management consultant must have all the
necessary books and manuals needed to
effectively provide business advice.
If land needs to be purchased to start a business,
the new entrepreneur must ensure that he has all
of the necessary financial funding available and to
seek the advice of an attorney.
The right employee in the right position is very
important for organizational effectiveness and
efficiency.
Employees must be committed to the goals of an
organization. Employees must be afforded
appropriate incentives in order to excel in the
workplace. Entrepreneurs must do their best when
hiring staff because it could be very costly if
employees have chronic attendance,
performances and misconduct challenges. The
main human resource goal of the new business or
existing one must be to keep loyal staff.
You also need to think about business advisors:
accountants, lawyers, financial experts,
business consultants, insurance, marketing
and human resources professional.
Performance management System (PMS)
Attracting, Developing, Maintaining, Retaining
IDENTIFYING MACHINE &
Be Careful: Friends, Family, Others
MINUTES
Every business type requires some form of
equipment and basic supplies. Before adding
equipment expense to the list of startup costs, a
decision has to be made: to lease or to buy.
The state of finances will play a major part in this
decision. Even if you have enough money to buy
equipment, unavoidable expenses may make
leasing (with the intention to buy at a later date) a
viable option. However, it is important to remember
that, regardless of the cash position, a lease may
not always be best, depending on the type of
equipment to be leased and the terms.
Time management skills vary from, but are not
limited to, prioritizing tasks, planning,
scheduling, organizing and the delegation of
functions. An important technique in time
management is prioritizing your tasks
according to what is important and what is
urgent.
 STEP 3: MISSION
VISION, MISSION, www.markturnquestconsulting.com
GOALS & PRODUCT / SERVICES Page 7
STRATEGIES INDUSTRY, COMPETITION,
TARGETS MARKET
A vision statement focuses on what you want MARKETING,
your business to become. It should describe your
idealized perception of what your business will
look like under ideal conditions. Marketing Focus Target Market

Event Promoters
Your mission statement is an opportunity to
define your business at the most basic level. It Positioning Very creative and
should articulate what business you are in and the innovative
Product Differentiation High Quality
purpose of that business.
Pricing More affordable than
A mission statement should focus on 5 Ps: competition
Product, People (customers, employees,
Place:
Process, Productivity and Profitability. *Distribution Channels Quick turnaround
*Service Delivery Process

Think of goals as the end destination on a trip. If Promotion:

you don't establish where you're going you won't * Advertising: Print, internet, TV
* Sales Promotions: Volume discounts
know if you got there.
* Public Relations: Newspaper article
* Direct Marketing: E blast
Objectives are the benchmarks along the way and * Personal Selling: Corporate meetings
strategiesMANAGEMENT, HR,
are the road map that will guide you to FINANCIAL STATEMENTS,
Customer Service Do the job right the first
your goals. ORGANIZATION, FUNDING, PAY-BACK, time RISK
OPERATIONAL, LOCATION & ASSESSMENT,
After Sales support ACTION
Quick &
complaint handling

INSURANCE, SECURITY & IT CONTROL PLANS

(A) Financial Measurement
PARTICULAR CHARACTERISTICS
Legal Structure Private Limited Company
Accounting QuickBooks Accounting System (front
Your business must maintain accurate financial
(Record-keeping) statements (balance sheet, income statement and
and back office) statement of cash flows). The organization should
Location of Suppliers The Bahamas & USA
also maintain detail records of customers’ buying
Operating hours Weekdays: 8 am – 8 pm, Saturdays: 9 am- behavior.
5 pm
Location Suite # 6 Bernard Plaza, Bernard Road,
Nassau; Bahamas. (B) Sales and Marketing Measurement
Premise size (capacity) 1,000 sq.ft. The organization should monitor the effectiveness
Type of equipment Reprographies, printers, plotters, cutters, of different promotional strategies and of different
etc.
Amount of Employees 2 Managers and 4 Supporting Staff marketing messages. The cornerstone of the
organization’s strategic advantage in the future lies
Types of Business burglary, fire, content
in having superior data on how prospects and
Insurances customers response to marketing effects.
Type of Security CCTV & Alarms. Security Officers

(C) Quality Control

Services will be constantly inspected in order to

accomplish quality objectives.
 STEP 4: MONEY
DEBT FINANCING EQUITY FINANCING
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ADVANTAGES TO DEBT FINANCING:
ADVANTAGES TO EQUITY FINANCING:

The bank or lending has no say in the way you run

It's less risky than a loan because you don't have to
your company and does not have any ownership in
pay it back, and it's a good option if you can't afford to
your business. The business relationship ends once
take on debt.
the money is paid back.
You tap into the investor's network, which may add
more credibility to your business.
Loans can be short term or long term.
Investors take a long-term view, and most don't
expect a return on their investment immediately.
Principal and interest are known figures you can
You won't have to channel profits into loan
plan in a budget (provided that you don't take a variable
repayment.
rate loan).
You'll have more cash on hand for expanding the
DISADVANTAGES TO DEBT FINANCING:
business.
There's no requirement to pay back the investment
Money must be paid back within a fixed amount of
if the business fails.
time. 

DISADVANTAGES TO EQUITY FINANCING:

If you rely too much on debt and have cash flow
problems, you will have trouble paying the loan
It may require returns that could be more than the
back.
rate you would pay for a bank loan.

If you carry too much debt you will be seen as "high

The investor will require some ownership of your
risk" by potential investors – which will limit your
company and a percentage of the profits. You may not
ability to raise capital by equity financing in the future.
want to give up this kind of control.

Debt financing can leave the business vulnerable

during hard times when sales take a dip.
Debt can make it difficult for a business to grow
because of the high cost of repaying the loan.
Assets of the business can be held as collateral to
CAPITAL STRUCTURE
the lender. And the owner of the company is often
required to personally guarantee repayment of the loan.
Most businesses opt for a blend of both equity
and debt financing to meet their needs when
expanding a business. The two forms of financing
together can work well to reduce the downsides of
each.
The right ratio will vary according to your
 type of business,
 cash flow,
 profits and the amount of money you need to
expand your business.
You will have to consult with investors before
making big (or even routine) decisions -- and you may
disagree with your investors.
In the case of irreconcilable disagreements with
investors, you may need to cash in your portion of the
FINANCIAL REQUIREMENTS &
business and allow the investors to run the
company without you. 
PAY BACK TERMS
Ensure that you know how much money you
need to
 Start your business
 6 months cash reserves (working capital)
 3 years line of credit
Pay back loans or fulfill equity obligations
without stagnating the growth of the business
 STEP 5: MANAGEMENT
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MANAGERIAL LEADERSHIP
SKILLS
PLANNING
Planning is the function of management that involves
setting objectives and determining a course of action
for achieving these objectives.
ORGANIZING
Organizing is the function of management that involves
developing an organizational structure and allocating
human resources to ensure the accomplishment of
objectives
LEADING
Leading involves the formal and informal sources of
influence that you use to inspire action taken by others. If
managers are effective leaders, their subordinates will be
enthusiastic about exerting effort toward the attainment of
organizational objectives.
CONTROLLING
Controlling involves ensuring that performance does not
deviate from standards. Controlling consists of three steps,
which include establishing performance standards,
ORGANIZATIONAL STRUCTURE
comparing actual performance against standards, and
Board of
Advisors
LEGAL STRUCTURE
SOLE TRADER
Page 9
An individual who runs an unincorporated business on
his or her own. Sometimes otherwise known as a "sole
proprietor"
A sole trader is personally liable for the debts of the
business, but also owns all the profits.
PARTNERSHIP
A partnership is an association of two or more people
formed for the purpose of carrying on a business. Unlike
an incorporated company (see below), a partnership
does not have a "legal personality" of its own.
Therefore the Partners are liable for any debts of the
business.
Partner liability can take several forms. General
Partners (the usual situation) are fully liable for business
debts. Limited Partners are limited to the amount of
investment they have made in the Partnership.
INCORPORATED COMPANY
Incorporating a business transforms it into a "separate
legal person". Profits and losses are the company's
and it has its own debts and obligations. The company
continues despite the resignation, death or bankruptcy
of management or shareholders. A company also offers
the best vehicle for expansion and the provision of
outside investors.
There are four main types of company:

(1) Private limited company by shares - members'

liability is limited to the amount unpaid on shares they
hold
General
Manager
(2) Private limited company by guarantee - members'
liability is limited to the amount they have agreed to
contribute to the company's assets if it is wound up.
Sales &
Human Operations (3) Private unlimited company - there is no limit to the
Accounts Marketing
Resources members' liability

(4) Public limited company (PLC) - the company's

BUSINESS CONSULTANTS
A SME owners need management, marketing, HR IT
consultants, lawyers, accountants etc.
shares may be offered for sale to the general public and
members' liability is limited to the amount unpaid on
shares held by them
 STEP 6: MARKETING
PRODUCT
www.markturnquestconsulting.com
A DESCRIPTION OF YOUR PRODUCT / SERVICE
Include information about the specific benefits of your
product or service – from your customers' perspective.
You should also talk about your product or service's
ability to meet consumer needs, any advantages your
product has over that of the competition, and the
current development stage your product is in (e.g., idea,
prototype).
DETAILS ABOUT YOUR PRODUCT’S LIFE CYCLE
Be sure to include information about where your
product or service is in its life cycle, as well as any
factors that may influence its cycle in the future.
INTELLECTUAL PROPERTY
If you have any existing, pending, or any
anticipated copyright or patent filings, list them here.
Also disclose whether any key aspects of a product may
be classified as trade secrets.
RESEARCH AND DEVELOPMENT (R&D) ACTIVITIES
PLACE
Outline any R&D activities that you are involved in or
areProduct Distribution
planning. What results& Service
of futureDelivery System do
R&D activities
you expect?
The location of your business depends on a number
of factors as outlined below:
 Are you retailing direct to the public or working
through an intermediary?
 Is it convenient for customers to visit you?
 Where is your target market located?
 How important is exposure to your business?
 Where are your major competitors located?
 What is the occupancy cost?
Logistics is how you plan, implement and control the
physical flow of raw materials, final products or services
and related information from your business, or source of
supply, to the final end-user (or consumer).
You will need to consider:
 how you will plan and schedule production
 how you will order and receive raw materials or
finished products from your suppliers
 how much of each finished product you should
carry in stock and what are the re-order points
 how you will store the products to ensure they are
ready for delivery to your customers in good
condition
 What stock control system will be used?
PRICE
Page 10
Cost-plus pricing - Set the price at your production
cost, including both cost of goods and fixed costs at
your current volume, plus a certain profit margin.
Target return pricing - Set your price to achieve a
target return-on-investment (ROI).
Value-based pricing - Price your product based on the
value it creates for the customer.
Psychological pricing - Ultimately, you must take into
consideration the consumer's perception of your
price, figuring things like:
 
 Positioning - If you want to be the "low-cost
leader", you must be priced lower than your
competition. If you want to signal high quality, you
should probably be priced higher than most of your
competition.
 
 Popular price points - There are certain "price
PROMOTION
points" (specific prices) at which people become
much more willing to buy EXPLANATION
a certain type of product.
PARTICULAR
For example: $99.99, $19.99, $4.99.
Any non personal paid form of communication
Advertising
using any form of mass media.
Involves developing positive relationships with the
organization media public. The art of good public
Public
relations is not only to obtain favorable publicity
Relations
within the media, but it is also involves being able
to handle successfully negative attention.
Commonly used to obtain an increase in sales
Sales
short term. Could involve using money off
promotion
coupons or special offers.
Personal
Selling a product service one to one
selling
Is the sending of publicity material to a named
person within an organization
Direct mail allows an organization to use their
resources more effectively by allowing them to
send publicity material to a named person within
Direct Mail
their target segment. By personalizing advertising,
response rates increase thus increasing the
chance of improving sales.  Listed below are links
to organization who's business involves direct
mail.
Promoting and selling your services online using
Internet
various forms of online marketing techniques such
Marketing as banner advertisements, videos or social media.
 STEP 7: METHOD
HUMAN RESOURCES MARKETING
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OPERATIONS
Buy –Receive –Store – Distribute

ACCOUNTING PROCESS
 STEP 8: MEASUREMENT
HUMAN RESOURCES MARKETING
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PERFORMANCE MANAGEMENT SYSTEM (PMS)
PRODUCT

STEP 1: JOB ANALYSIS  Sales in Dollars, Sales in Volume

 Market Share increase (new & existing customers)
Review job descriptions, Review Job Goals &  Competitive Advantage
Performance Appraisal system  Customer Complaints
 Listed Benefits & Added Value
Evaluate job tools, and employee motivation and
effectiveness and efficiency PRICE

STEP 2: GOAL SETTING  Breakeven Point Analysis ( + product

measurements)
Ensure that corporate and departmental goals are
specific, measurable, attainable, rewarding and time PLACE
rewarding (S. M. A. R. T)
 Convenience
STEP 3: TRAINING & DEVELOPMENT  Safety
 Environmental Friendly
Ensure that all employees are trained based on their job  Service Delivery Processes (internal)
descriptions  On-time Delivery

PROMOTION
STEP 4: PERFORMANCE EVALUATION

Ensure that employees are evaluated based on their job

 ACCOUNTING & FINANCE
Cost per thousand Analysis (Ad Cost x 1000 / Circulation)
 Initial & Repeat Buying responses
description, corporate and departmental goals, and job
related goals FINANCIAL STATEMENTS

Note that employees should be evaluated by their Income (Profit / Loss) Statement
co-workers, supervisors, customers and themselves
(360 degree feedback) 1. Revenue
2. Cost of Services/Goods Sold
STEP 5: FEEDBACK 3. Gross Profit
4. Expenses
Carrot: Reward excellent employee performances 5. Net Profit

Stick: Discipline employees for poor performance

OPERATIONS Balance Sheet

1. Assets
INPUT 2. Liabilities
3. Equity
Examine all resources entering the business
Cash Flow Statement
PROCESS
1. Receipts
Monitor all activities (procedures) of the business 2. Payments
3. Cash flow surplus or deficit
OUTPUT 4. Opening cash balance
5. Closing cash balance
Evaluate all products and services leaving the business
(Quality, costs, quality, time & degree of change)
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