Personal Business Plan
My mission is to take the knowledge and skills that I have acquired through college and apply them to my future career in the Accounting industry.
Business Environment
The industry that I will be competing in is the Accounting industry. There is a high demand for accountants right now since the economy is growing. New laws and financial regulations will lead to economic demand in accounting careers. New positions will be created to ensure accurate and legitimate accounting practices in private, governmental, and public sectors. Sarbanes-Oxley Act (SOX) which is talked about in the textbook was designed to encourage ethical corporate behavior and to discourage fraud and forms of corporate wrongdoing. This is why companies have a higher demand for accountants. Companies looking for highly skilled accounting and finance professionals continue to face a shortage of job candidates. In public accounting, hiring remains strong. Candidates with experience in tax and audit are in particular demand, and salaries are increasing. Some firms have started to introduce job-sharingand flexible work arrangements to attract top talent. Companies are providing employees with flextimewhich is when companies allow employees to designate starting and quitting times. The median salaries are $69,350 based off of O*NET.
Entrepreneurship and Strategy
One of the challenges that I envision with “promoting” and “selling” Product Me is that there are many people selling the same thing so I have to find something what will make Product Me unique. I need to figure out my promotion mixwhich is the means by which I communicate with customers which are the people that are willing to hiring me as an accountant. Personal selling would probably be the best type of communication since it is one-on-one communication with customers or potential customers just like an interview. Another strategy would be publicity. I would do this by trying to get mentioned in news media for something important that I did for a company that I am working for which will get my name around. A potential strategy that I would consider, starting out, as an “entrepreneur” is trying to find someone who is willing to take a risk on me, almost like an investor, so then I can work my way up to the position that I was to have.
Management
Planningis setting goals and determine the best way to achieve them. So, my plan/goal is to get my dream job as an accountant and the best way to achieve that is to get the skills I need from college and training and to possibly get a CPA and Masters. Organizingis allocating the resources needed to achieve the plan. I would find a mentor which could help me network with different people so then I could get the job that I want and also taking the right classes at college. Internships are also a big resource. Directing is providing focus. To do this I would have a democratic leadership stylewhich seeks input from subordinates but still having authority to make the final decision. Lasting for controlling I would just measure the performance based on how close I am to my dream job. I would manage Employee me by using clear communication and holding employee me accountable for goals that are set. I would motivate myself by rewards when I complete a goal that I have set to reach my main goal. Also getting my dream job is motivation. To get into the right profession I would internship at different types of companies, so I could figure out which type of accounting is right for me. I would also use networking to find different opportunities for me. I would work well with teams by clear communication and making sure everyone is doing a fair amount of work. Also, to work well with teams Peter Drunker said “The first secret of effectiveness is to understand the people you work with so that you can make use of their strengths.” That is from his article Manage Oneself.
Marketing
One way that I would promote Product Me would be my networking with people in the industry. My potential customers are any accounting firm that have job openings and also any companies that need an accountant or auditor. My marketing mixis, the product is me, the price is the salary that I would get from the company, the place is where I will be living at that time and promotingwould be networking. I would design and develop Product Me so that it is an innovative offering that would attract potential customers by getting my Master and CPA which would make me more valuable. I would apply digital marketingusing LinkedIn to connect with people in the work industry.
Accounting and Finance
Balance sheet
For the Month of October 2022
Assets
Cash – Job 1,500
Total Assets 1,500
Liabilities
Accounts Payable 500
Equity
Owners’ Equity 1,000
Total Liability and Equity 1,500
I plan on investing some money into the stock market but save some of my money that I get from my job. To create a financial plan, I would first have to evaluate my current financial situation. To evaluate my situation, I need to know my net worthwhich the difference between my assets and liabilities. The next step is to set short-term, intermediate-term and long-term financial goals. The third step is to develop abudgetand use it to evaluate Financial Performance. In the third step you need to figure out the variance which is the difference between the actual amount and the budgeted amount.
Information Systems and Operations
Some information systems that I would consider using would be management information systemwhich extracts data from a database to compile reports, such as sales analyses and financial statements to help managers make routine decisions. Also, decision support systemwould help because it is an interactive system that collects, displays, and integrates data from multiple sources to help managers make nonroutine decisions. And lastly executive information systemswhich provides ready access to strategic information that’s customized to their needs and presented in a convenient format. All these information systems will help me collect the information that I need to optimize my productivity and operational efficiency.
Half, R. (2017). 2017 Salary Guide Accounting and Finance. Retrieved November 7, 2018, from
13-2011.01 - Accountants. (n.d.). Retrieved November 7, 2018, from
https://www.onetonline.org/link/summary/13-2011.01
Drucker, P. F. (2005). Managing Oneself. Harvard Business Review, 83(1), 100–109. Retrieved from