Entrepreneurship. Rhonda Abrams

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СКАЧАТЬ in the amount of data it acquires, but also in how it disseminates results throughout the organization in ways that actually drive the business forward. Data isn’t just kept in reports on some executive’s desk. Instead, Ritz-Carlton analyzes the ocean of data and incorporates its understanding of changing customer and market requirements into business decisions—and then involves the entire workforce to take action. This information is disseminated in a variety of ways: through formal classes, electronic communications, and printed materials, but most commonly through face-to-face interactions.

      For example, at the Ritz, every employee in every location participates in a daily preshift meeting in which the top priorities and goals are presented and discussed. Result: Everyone is always informed, and on board, with the latest strategy. Most important, all employees understand the particular ways that they, personally, contribute to reaching the goals.

      Through research, the Ritz-Carlton clearly leaves little to chance. By knowing its customers, its industry, and its markets, it ensures that it maintains a competitive edge. ■

      1. “1999 Baldrige Award Recipient, Ritz-Carlton Hotel Company, L.L.C.,” Oct. 5, 2010. National Institute of Standards and Technology.

      2. “How the Ritz-Carlton Manages the Mystique,” by Jennifer Robinson, Dec. 11, 2008. Gallup Management Journal.

      3. Ibid.

      4. http://patapsco.nist.gov/Award_Recipients/PDF_Files/RCHC_Application_Summary.pdf.

      5. Ibid.

      6. “How Ritz-Carlton Stays at the Top,” by Robert Reiss, Oct. 30, 2009, Forbes.com.

       questions

      1. What types of information do you think would be most useful to a luxury hotel company to improve its performance and profitability?

      2. How does research for an existing company differ from the kind of research needed for a prelaunch venture?

      3. Why is it important that the results of research be shared throughout a company?

      4. Can you think of examples of other companies at which doing research on customers’ lifestyles might affect their choice of product offerings?

EXERCISE: critical thinking

WHAT DO YOU NEED TO KNOW?

       Goal:

       Think through the type of information you’ll need to help you plan your business.

       What to do:

       In this exercise, identify the types of questions you’ll need answered in order to help you plan a successful venture.

       Here’s the situation: You have an idea for a new business. It’s a high-end travel service, specializing in luxury active adventures. Your trips will combine first-class accommodations and food with active pastimes, such as scuba diving on the Great Barrier Reef, bicycling in France, or hiking in Yellowstone National Park.

       What do you need to know to gauge whether this will be successful? What information will help you better plan your new business? In this exercise, you will not conduct actual research, but just will list the kind of questions you need answered.

       For each aspect of your potential new luxury adventure travel business, write two questions you should research and answer to help you plan a successful venture:

       1. Your competition

       2. Potential target market

       3. The travel industry

       4. The operations and human resources part of your business

       5. Money

      CHAPTER

       4

       Business Planning

      

Why You Need a Business Plan

       Business model canvas

       Business plan success factors

      

What Goes into Your Plan?

      

Preparing Your Financials

       Sources and use of funds

       Assumption sheet

       Guidelines for preparing your financial forms

       Historical performance of your company

      

Preparing Your Plan

       Length of the plan

       Language that conveys success

      

Distributing and Presenting Your Plan

       A word about confidentiality: Nondisclosure agreements

       Preparing a digital presentation

       Your elevator pitch

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