BUS218 Cuyahoga Community Advantages & Disadvantages of Digital Documentation Memo

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Business Finance

BUS218

Cuyahoga Community College

Description

Assignment Topic: Draft a Informational Memo on the advantages and disadvantage of Digital Documentation to be Approved by the CEO.
Format: Informational Memo Format. Use the Memo Format on page 402 (Analytical Report) BUSINESS COMMUNICATIONS TODAY.
Submit: PDF draft via CANVAS to CEO Dana Fitch for approval
Background:
1. Company: Bill Billiards
2. Specialization: global distributions company specializing board games
3. Company Location: New York, New York

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www.downloadslide.net Ch AP T E R 1 4 ●● ●● ●● ●● ●● ●● ●● ●● ●● ●● ●● ●● Planning reports and Proposals 445 and indicate how much money you will need from investors or lenders and where it will be spent. Mission and objectives. Explain the purpose of your business and what you hope to accomplish. Company and industry. Give full background information on the origins and structure of your venture and the characteristics of the industry in which you plan to compete. Products or services. Concisely describe your products or services, focusing on their unique attributes and their appeal to customers. Market and competition. Provide data that will persuade investors that you understand your target market and can achieve your sales goals. Be sure to identify the strengths and weaknesses of your competitors. Management. Summarize the background and qualifications of the key management personnel in your company. Include résumés in an appendix. Marketing strategy. Provide projections of sales volume and market share; outline a strategy for identifying and reaching potential customers, setting prices, providing customer support, and physically delivering your products or services. Whenever possible, include evidence of customer acceptance, such as advance product orders. Design and development plans. If your product requires design or development, describe the nature and extent of what needs to be done, including costs and possible problems. For new or unusual products, you may want to explain how the product will be manufactured. Operations plan. Provide information on facilities, equipment, and personnel requirements. Overall schedule. Forecast important milestones in the company’s growth and development, including when you need to be fully staffed and when your products will be ready for the market. Critical risks and problems. Identify significant negative factors and discuss them honestly. Financial projections and requirements. Include a detailed budget of start-up and operating costs, as well as projections for income, expenses, and cash flow for the first few years of business. Identify the company’s financing needs and potential sources, if appropriate. Exit strategy. Explain how investors will be able to profit from their investment, such as through a public stock offering, sale of the company, or a buyback of the investors’ interest. As Chapter 13’s Communication Close-Up on page 411 notes, not everyone believes a conventional business plan is the right approach for every start-up company. If a company still needs to prove the viability of its business model or key product, the time it would take to write a full business plan might be better spent on getting the product or service operational and in front of customers in order to prove its viability. A regular business plan would make more sense after that, when the company needs to transition from start-up to ongoing operations. REAL-TIME UPDATES learn more BY reaDing This PDf Crafting your “wow” statement Bill Reichert of Garage Technology Ventures offers advice on capturing an investor’s attention in just a matter of seconds. Go to real-timeupdates.com/bct14 and select Learn More in the Students section. Planning analytical reports The purpose of analytical reports is to analyze, to understand, or to explain a problem or an opportunity and figure out how it affects the company and how the company should respond. In many cases you’ll also be expected to make a recommendation based on your analysis. As you saw in Figure 14.1, analytical reports fall into three basic categories: ●● Reports to assess opportunities. Every business opportunity carries some degree of risk and requires a variety of decisions and actions in order to capitalize on the opportunity. For instance, market analysis reports are used to judge the likelihood of success 3 LEarninG OBJECTiVE Discuss three major ways to organize analytical reports. Analytical reports are used to assess opportunities, to solve problems, and to support decisions. www.downloadslide.net 446 PART 5 reports and Proposals ●● ●● for new products or sales initiatives by identifying potential opportunities as well as competitive threats and other risks. Due diligence reports examine the financial aspects of a proposed decision, such as acquiring another company. Reports to solve problems. Managers often assign troubleshooting reports when they need to understand why something isn’t working properly and what can be done to fix the situation. A variation, the failure analysis report, studies events that happened in the past, with the hope of learning how to avoid similar failures in the future. Reports to support decisions. Feasibility reports are called for when managers need to explore the ramifications of a decision they’re about to make (such as replacing an advertising agency or switching materials used in a manufacturing process). Justification reports justify a decision that has already been made. Writing analytical reports presents a greater challenge than writing informational reports, for three reasons. First, you’re doing more than simply delivering information; you’re also analyzing a problem or an opportunity and presenting your conclusions. The best writing in the world can’t compensate for flawed analysis. Second, when your analysis is complete, you need to present your thinking in a credible manner. Third, analytical reports often convince other people to make significant financial and personnel decisions, so your reports carry the added responsibility of the consequences of these decisions. In some situations the problem or opportunity you address may be defined by the person who authorizes the report. In other cases you will have to define it yourself. Be careful not to confuse a simple topic (quarterly profits) with a problem (the decline in profits over the past six quarters). Moreover, if you’re the only person who thinks a particular issue is a problem, your readers won’t be interested in your solution unless your report first convinces them that a problem exists. As with marketing and sales messages, sometimes you need to “sell the problem” before you can sell the solution. To help define the problem that your analytical report will address, answer these questions: Clarify the problem in an analytical report by determining what you need to analyze, why the issue is important, who is involved, where the trouble is located, and how and when it started. Use problem factoring to divide a complex problem into more manageable pieces. ●● ●● ●● ●● ●● ●● What needs to be determined? Why is this issue important? Who is involved in the situation? Where is the trouble located? How did the situation originate? When did it start? Not all these questions apply in every situation, but asking them helps you define the problem being addressed and limit the scope of your discussion. Another effective way to tackle a complex problem is to divide it into a series of logical, connected questions, a process sometimes called problem factoring. You probably subconsciously approach most problems this way. When your car won’t start, what do you do? You use the available evidence to organize your investigation and to start a search for cause-and-effect relationships. For example, if the engine doesn’t turn over, you might suspect a dead battery. If the engine does turn over but won’t fire, you can conclude that the battery is okay, but perhaps you’re out of gas. When you speculate on the cause of a problem, you’re forming a hypothesis, a potential explanation that needs to be tested. By subdividing a problem and forming hypotheses based on available evidence, you can tackle even the most complex situations. With a clear picture of the problem or opportunity in mind, you’re ready to consider the best structure for your report. Whenever you are preparing an analytical report, make sure you are clear in your own mind about whether you are advocating one particular line of thought or objectively exploring all the available options.3 Even if advocating one position is appropriate in the circumstances, your readers will expect you to have considered the other options so that you can help them understand why your answer is preferred. www.downloadslide.net Ch AP T E R 1 4 Planning reports and Proposals 447 oRgAnIzATIonAL STRATEgIES FoR AnALyTICAL REPoRTS When you expect your audience to agree with you, use the direct approach to focus attention on conclusions and recommendations. When you expect your audience to disagree with you or to be hostile, use the indirect approach to focus attention on the rationale behind your conclusions and recommendations. The three most common structural approaches for analytical reports are focusing on conclusions (a direct format), focusing on recommendations (another direct format), and focusing on logical arguments (an indirect format) (see Table 14.3). Before you choose an approach, determine whether your audience is receptive or skeptical. Focusing on Conclusions When writing for audiences that are likely to accept your conclusions—either because they’ve asked you to perform an analysis or they trust your judgment—consider using a direct approach that focuses immediately on your conclusions. This structure communicates the main idea quickly, but it presents some risks. Even if audiences trust your judgment, they may have questions about your data or the methods you used. Moreover, starting with a conclusion may create the impression that you have oversimplified the situation. You’re generally better off taking this direct approach in a report only when your credibility is high—when your readers trust you and are willing to accept your conclusions (see Figure 14.5 on the next page). Focusing on conclusions is often the best approach when you’re addressing a receptive audience. Focusing on recommendations A slightly different approach is useful when your readers want to know what they ought to do in a given situation (as opposed to what they ought to conclude). You’ll often be asked to solve a problem or assess an opportunity rather than just study it. The actions you want your readers to take become the main subdivisions of your report. When structuring a report around recommendations, use the direct approach as you would for a report that focuses on conclusions. Then unfold your recommendations using a series of five steps: 1. Establish or verify the need for action in the introduction by briefly describing the problem or opportunity 2. Introduce the benefit that can be achieved, without providing any details 3. List the steps (recommendations) required to achieve the benefit, using action verbs for emphasis 4. Explain each step more fully, giving details on procedures, costs, and benefits 5. Summarize your recommendations If your recommendation carries any risks, be sure to clearly address them. Doing so not only makes your report more ethical but also offers you some protection in the event TABLE 14.3 When readers want to know what you think they should do, organize your report to focus on recommendations. Whenever a recommendation carries some element of risk, you owe it to your audience to make this clear. Common ways to Structure Analytical Reports Focus on Logical argument Element Focus on Conclusions or recommendations Reader mindset Approach Writer credibility High Low Low Advantages Readers quickly grasp conclusions or recommendations Works well when you need to show readers how you built toward an answer by following clear, logical steps Works well when you have a list of criteria (standards) that must be considered in a decision; alternatives are all measured against the same criteria Drawbacks Structure can make topic seem too simple Can make report longer Readers must agree on criteria; can be lengthy because of the need to address all criteria for every alternative use 2 + 2 = 4 Model use Yardstick Model Are likely to accept Hostile or skeptical Hostile or skeptical Direct Indirect Indirect www.downloadslide.net 448 PART 5 reports and Proposals /'#574+0)37#.+6;+/2418'/'065 +PMGGRKPIYKVJVJG FKTGEVCRRTQCEJVJG TGRQTVYKNNQRGPYKVJ VJGEQPENWUKQPVJCV VJGRTQITCOKUC UWEEGUU 6JGUGVYQUGEVKQPU YKNNUWRRQTVVJGEQP ENWUKQPYKVJGXKFGPEG HTQOVYQMG[CTGCU ++PVTQFWEVKQP ++%QPENWUKQP1WVUQWTEKPIGORNQ[GGVTCKPKPIJCUTGFWEGFEQUVUCPFKORTQXGFSWCNKV[ +++%QUVTGFWEVKQPU #'ZEGGFGFRGTEGPVEQUVTGFWEVKQPIQCNYKVJRGTEGPVUCXKPIUKPƂTUV[GCT $#EJKGXGFCEVWCNTGFWEVKQPQHRGTEGPV %4GCUUKIPGFVJTGGUVCHHGTUYJQWUGFVQYQTMQPVTCKPKPIHWNNVKOG &4GFWEGFOCPCIGOGPVVKOGPGGFGFVQQXGTUGGVTCKPKPI '5QNFVJGEQORWVGTUVJCVWUGFVQDGTGUGTXGFHQTVTCKPKPI +83WCNKV[KORTQXGOGPVU #'ORNQ[GGUUC[VJG[CTGOQTGEQPƂFGPVKPQWVQHMG[UMKNNCTGCU $/GCUWTCDNGOKUVCMGUJCXGFTQRRGFD[RGTEGPV 6JKUUGEVKQPYKNNEQO RNGVGVJGUVQT[D[JKIJ NKIJVKPICTGCUVJCVUVKNN PGGFKORTQXGOGPV 8#TGCUPGGFKPIKORTQXGOGPV #6JTGGUMKNNCTGCUUVKNNPGGFKORTQXGOGPV $6YQVTCKPGTUTGEGKXGFCRRTQXCNTCVKPIUDGNQYRGTEGPV %1WVUKFGVTCKPGTUCTGPoVCNYC[UCYCTGQHKPVGTPCNEQORCP[KUUWGU &9GJCXGNQUVUQOGƃGZKDKNKV[HQTUEJGFWNKPIEQWTUGU 8+5WOOCT[ Figure 14.5 Preliminary Outline of a Research Report Focusing on Conclusions A year after a bank decided to have an outside firm handle its employee training, an analyst was asked to prepare a report evaluating the results. The analysis shows that the outsourcing experiment was a success, so the report opens with that conclusion but supports it with clear evidence. Readers who accept the conclusion can stop reading, and those who desire more information can continue. that your recommendation is implemented but doesn’t work out as you had hoped. In short, make sure your readers know the potential disadvantages as well as the potential benefits. Focusing on Logical arguments Two common logical patterns arguments are the 2 + 2 = 4 approach (adding everything up) and the yardstick approach (comparing solutions against criteria). Start by considering using the 2 + 2 = 4 approach; it’s familiar and easy to develop. The yardstick approach compares a solution or several solutions to a set of predetermined standards. When readers are likely to be skeptical or hostile to the conclusion or recommendation you plan to make, use an indirect approach. If you guide people along a logical path toward the answer, they are more likely to accept it when they encounter it. The two most common logical approaches are known as the 2 + 2 = 4 approach and the yardstick approach. The 2 + 2 = 4 Approach The 2 + 2 = 4 approach is so named because it convinces readers of your point of view by demonstrating that everything adds up. The main points in your outline are the main reasons behind your conclusions and recommendations. You support each reason with the evidence you collected during your analysis. Because of its natural feel and versatility, the 2 + 2 = 4 approach is generally the most persuasive and efficient way to develop an analytical report for skeptical readers. When organizing your own reports, try this structure first. You’ll find that many business situations lend themselves nicely to this pattern of logical argumentation. The Yardstick Approach The yardstick approach is useful when you need to use a number of criteria to evaluate one or more possible solutions. These criteria become the “yardstick” by which you measure the various alternatives. With this approach, you begin by discussing the problem or opportunity and then list the criteria that will guide the decision. The body of the report then evaluates the alternatives against those criteria. www.downloadslide.net Ch AP T E R 1 4 Planning reports and Proposals 449 The main points of the outline are either the criteria themselves or the alternatives (see Figure 14.6). The yardstick approach is particularly useful for proposals when the audience has provided a list of criteria the solution must meet. Imagine that your company has been asked to bid on a contract to design and install a factory-floor distribution system for a large corporation. The client has listed the requirements (criteria) for the system, and you’ve developed a preliminary design to meet them. In the body of your proposal, you could use the client’s list of requirements as the main headings and under each one explain how your preliminary design meets the requirement. The yardstick approach has two potential drawbacks. First, your audience members need to agree with the criteria you’re using in your analysis. If they don’t, they won’t agree with the results of the evaluation. If you have any doubt about their agreement, build consensus before you start your report, if possible, or take extra care to explain why the criteria you’re using are the best ones in this particular case. Second, the yardstick approach can get tedious when you have many options to consider or many criteria to compare them against. One way to minimize repetition is to compare the options in tables and then highlight the most unusual or important aspects of each alternative in the text so that you get the best of both worlds. This approach allows you to compare all the alternatives against the same yardstick while calling attention to the most significant differences among them. Main Idea: We should move into the commercial irrigation equipment market but not into the residential market. These five criteria (standards or rules) that will be used in the evaluation make up the “yardstick” in the yardstick approach. She will evaluate the two alternatives by judging them according to the five criteria. I. Introduction II. Criteria for entering new markets A. Size and growth B. Profit potential C. Ability to compete D. Distribution costs and opportunities E. Fit with current capabilities III. Irrigation equipment trends A. Water shortages leading to demand for more efficient irrigation B. Labor costs encouraging automation C. More homeowners attempting do-it-yourself projects IV . Comparison of new market opportunities A. Commercial landscapers and building owners 1. Size and growth 2. Profit potential 3. Ability to compete 4. Distribution costs and opportunities 5. Fit with current capabilities B. Residential landscapers and homeowners 1. Size and growth 2. Profit potential 3. Ability to compete 4. Distribution costs and opportunities 5. Fit with current capabilities V. Recommendations A. Enter the commercial segment 1. Select a test market 2. Learn from the test and refine our approach 3. Roll out product marketing nationwide B. Do not attempt to enter the residential market at this point Here she will give readers important background information about current trends in the marketplace. She will recommend in favor of one alternative and against the other, based on how each fared in the “yardstick” measurement. Figure 14.6 Outline of an Analytical Report Using the Yardstick Approach This report was drafted by a market analyst for a company that makes irrigation equipment for farms and ranches. The company has been so successful in the agricultural market that it is starting to run out of potential customers. To keep growing, it needs to find another market. Two obvious choices to consider were commercial buildings and residences, but management needed to evaluate both carefully before making a decision. www.downloadslide.net 450 PART 5 reports and Proposals EFFECTIvE AnALyTICAL REPoRTS: An ExAMPLE As national sales manager of a New Hampshire sporting goods company, Binh Phan was concerned about his company’s ability to sell to its major accounts, the giant national chains that now dominate retailing. Even though these customers are getting bigger, the company’s sales to them are dropping, and it’s critical to figure out why and propose a solution. Phan’s boss, the vice president of marketing, asked Phan to analyze the situation and make a recommendation. Phan’s troubleshooting report appears in Figure 14.7. The main idea is that the company should establish a separate sales team for each these major national accounts rather than continuing to service them through the company’s four regional divisions. However, Phan knew his plan would be controversial because it requires a big change in the company’s organization and in the way sales reps are paid. His thinking had to be clear and easy to follow, so he used the 2 + 2 = 4 approach to focus on his reasons. /'/1 61 (41/ ' 57$,'%6 6JGƂTUVRCTC ITCRJXGTKƂGU YJQTGSWGUVGF VJGTGRQTVYJGP KVYCUTGSWGUVGF CPFYJQYTQVGKV 6JKUUGEVKQP GZRNCKPUJQYVJG KPHQTOCVKQPWUGF KPVJGCPCN[UKU YCUEQNNGEVGF 4QDGTV/GPFQ\C8KEG2TGUKFGPVQH/CTMGVKPI $KPJ2JCP0CVKQPCN5CNGU/CPCIGT 5GRVGODGT /CLQTCEEQWPVUUCNGURTQDNGOU #U[QWTGSWGUVGFQP#WIWUVVJKUTGRQTVQWVNKPGUVJGTGUWNVUQHO[KPXGUVKICVKQPKPVQVJG TGEGPVUNQYFQYPKPUCNGUVQOCLQTCEEQWPVUCPFVJGCEEQORCP[KPITKUGKPUCNGUCPF UGTXKEGTGNCVGFEQORNCKPVUHTQOUQOGQHQWTNCTIGUVEWUVQOGTU 1XGTVJGNCUVHQWTSWCTVGTUOCLQTCEEQWPVUCNGUFTQRRGFYJGTGCUQXGTCNNUCNGU YGTGWR&WTKPIVJGUCOGVKOGYGoXGCNNPQVKEGFCPKPETGCUGKPDQVJHQTOCNCPF KPHQTOCNEQORNCKPVUHTQONCTIGTEWUVQOGTUTGICTFKPIJQYEQPHWUKPICPFEQORNKECVGFKV JCUDGEQOGVQFQDWUKPGUUYKVJWU 6JGUGEQPFRCTC ITCRJJKIJNKIJVU VJGUGTKQWUPCVWTG QHVJGRTQDNGO /[KPXGUVKICVKQPUVCTVGFYKVJKPFGRVJFKUEWUUKQPUYKVJVJGHQWTTGIKQPCNUCNGUOCPCIGTU ƂTUVCUCITQWRCPFVJGPKPFKXKFWCNN[6JGVGPUKQP+HGNVKPVJGKPKVKCNOGGVKPIGXGPVWCNN[ DWDDNGFVQVJGUWTHCEGFWTKPIO[OGGVKPIUYKVJGCEJOCPCIGT5VCHHOGODGTUKPGCEJ TGIKQPCTGEQPXKPEGFVJCVQVJGTTGIKQPUCTGDQQMKPIQTFGTUVJG[FQPoVFGUGTXGYKVJQPG TGIKQPFQKPICNNVJGNGIYQTMQPN[VQUGGCPQVJGTTGIKQPIGVVJGUCNGVJGEQOOKUUKQPCPF VJGSWQVCETGFKV +HQNNQYGFWRVJGUGHQTOCNFKUEWUUKQPUD[VCNMKPIKPHQTOCNN[CPFGZEJCPIKPIGOCKNYKVJ UGXGTCNUCNGUTGRTGUGPVCVKXGUHTQOGCEJTGIKQP8KTVWCNN[GXGT[QPGYJQKUKPXQNXGFYKVJQWT OCLQTPCVKQPCNCEEQWPVUJCUCUVQT[VQUJCTG0QQPGKUJCRR[YKVJVJGUKVWCVKQPCPF+UGPUG VJCVUQOGTGRUCTGYCNMKPICYC[HTQOOCLQTEWUVQOGTUDGECWUGVJGRTQEGUUKUUQHTWUVTCVKPI 6JGFGENKPGKPUCNGUVQQWTOCLQTPCVKQPCNEWUVQOGTUCPFVJGKPETGCUGKPVJGKTEQORNCKPVU UVGOHTQOVYQRTQDNGOU  UCNGUHQTEGQTICPK\CVKQPCPF  EQOOKUUKQPRQNKE[ 14)#0+
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Attached.

MEMO
TO: Dana Fitch, CEO, Bill Billiards Company
FROM:
DATE: July 1, 2019
SUBJECT: Advantages and Disadvantages of Digital Documentation
After a careful reflection of the need to shift to a paperless system of running organizational
activities, I am pleased to present the benefits and drawbacks of digital documentation. The
world advances so fast through software and internet services that make paperless offices a
significant trendsetter. This information educates employees on the essence of digital systems
which are better to maintain and manage than the age-old paper practices.
Digital documentation has several advantages. The foremost benefit is that it enables access to
documents from any location. Employees and managers of the Company can access documents
at the same time from a remote location since the digital data is readily available on electronic
files. Individuals only requ...


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