A Rub-A-Dub Scrubs Company Structure and Financial Statements, Study Guides, Projects, Research of Introduction to Business Management

Download A Rub-A-Dub Scrubs Company Structure and Financial Statements and more Study Guides, Projects, Research Introduction to Business Management in PDF only on Docsity! A Rub-A-Dub Scrubs A Rub-A-Dub Scrubs Company Summary Fall 2000 A Rub-A-Dub Scrubs Page 2 Table of Contents Mission Statement Company Structure Letter to Management 101 Board EECR Letter to future Management 101 companies Pictures of Buffalo Valley Nursing Home Pictures of Sullivan County Headstart HRM Work Hours Summary Financial Statements Back cover Jim Leahy 11/28/00 3 4 5 6 17 18 20 22 25 30 A Rub-A-Dub Scrubs Page 5 November 28, 2000 Dear MGMT 101 Board, In our operating plans, we talked about our mission of helping the Buffalo Valley Nursing Home and the Sullivan County Headstart. Through our determined effort and enthusiasm, we truly believe that we accomplished our goal. Our service project helped the Buffalo Valley Nursing Home by playing Bingo and enjoying two good nights of smiles and laughter. While we did not give money to the senior citizens home, we believe the money would go further by helping the younger generation enrolled in the Sullivan County Head Start. $1,366.21 will go to help the unprivileged kids of Sullivan County. They even sent us a thank you e-mail (see company Archives) for the small group that visited the kids and acted as role models for them. Through the sale of scrub pants, we helped finance the nights with senior citizens, but most importantly our profit of $1,366.21 went to Headstart. We sold 432 scrub pants in two days, which was a magnificent feat. The demand for the pants was extremely strong on the first day when we sold 328 pairs. Our company could not accomplish our excellent sales record without the sales training of Suji Roman and the constant supervision of Board Member Professor Miller. We are extremely grateful to Professor Miller because he observed our sales training in class and then worked us through the sales process so we could prepare for the demands of selling in the Langone Center. The effectiveness of our business and service projects was our preset goal before when we started our company. Nevertheless, we experienced an additional success that positively affected the outcome of our company. After the Forming Phase, many company members were not very passionate about our service projects, particularly the nursing home. For many reasons, such as a fear of the elderly, many company members were not excited about working at a nursing home. Nonetheless, once we started to work with the residents, both our community and our enthusiasm for the project improved. Many students felt an affinity for the residents of the home and felt as though they connected with the elderly people. In fact, Marty Pfinsgraff made such a connection with a woman named Judy, she started calling him her boyfriend by the end of the first night of Bingo. Overall, an amazing thing happened when we participated in our service project; we were effective in servicing the Buffalo Val- ley Nursing Home, but we were also effective in satisfying our own needs. I feel that this connection between the company and the service project helps represent the true A Rub-A-Dub Scrubs story. Overall, we helped people in the Buffalo Valley Nursing Home and Sullivan County Headstart, but also we helped ourselves by learning a new perspective of the importance of service and commu- nity in a company’s environment. In order to realize our overall success, we needed to see the bigger picture and realize the worth of our business endeavor. In all, we learned a lot about how a company works and we in turn learned a lot about ourselves. Thank you for giving us the chance to learn. Sincerely, Joseph Morrow Quintilian CEO, A-Rub-A-Dub Scrubs Joe Quintilian 11/28/00 A Rub-A-Dub Scrubs Page 6 Executive Committee (l to r) Jim Leahy, Shannon Beauchemin, Marcy MacMillan, Jessica Rafferty, Joe Quintilian, Mary Rude CEO Joe Quintilian Jim Leahy 11/27/00 A Rub-A-Dub Scrubs Page 7 Business Division (l to r) Julie Ricci, Nick Perini, Laurie Purse, Shannon Beauchemin, Suji Roman (l to r) Marty Pfinsgraff, Nikhil Menon, Sahana Ravindranath, Mary Rude, Ryan Weidner, Taylor Lukof Acct/Finance DepartmentHRM Department (l to r) Marcy MacMillan, Morgan Paige, Jess Sinni, Laura Hager, Amy Newlan MIS/Reports Division (l to r) Jim Leahy, Jen Ruby, Kacy O’Brien, Megan Engler, Lauren Mosler, Mike McCullough, Pat Creighton Service Division (l to r) Mike McNeice, Jessica Rafferty, Suzanne Raffaele, Kristen Csaszar, Chris Robinson Jim Leahy 11/27/00 A Rub-A-Dub Scrubs Page 10 been to a doctor or a dentist. Furthermore, the meals provided by the program are usu- ally the only nutritious meals the children re- ceive all day. Perhaps the most touching part of the Headstart visit was when the children sat down to read with the company members at the end. The children were attentive and interested even though they were reading the same ten books that they read everyday. Therefore, our donation to Headstart will provide the children with some health care, good nu- trition, and a priceless edu- cational foun- dation. Another external stake- holder group that A Rub-A-Dub-Scrubs serviced is the cus- tomers that wanted to buy scrub pants. We originally got the idea of selling scrub pants from a company that successfully sold them two years ago. However, we did not aim to emulate the other company’s success—we ini- tially aimed to provide scrub pants to the stu- dents who wanted them two years ago and could not buy them because the pants sold out. Once we got further into the project of mar- keting the pants, we also realized that we wanted to offer the pants to freshmen and sophomores because they never had the op- portunity to buy the pants before. Our objective concerning our customers, then, was to provide enough pants to those who wanted them without overestimating the num- ber of pants to order. Many company mem- bers wanted to sell more than the 432 pairs of pants that we ordered because the demand for the pants was so high. However, though we sold out in only two days, there was a s i g n i f i c a n t purchasing lull on the second day. The lull was so obvi- ous that every- one in the Business Divi- sion agreed that we prob- ably could not have sold another full box (72 pairs of pants) to the Bucknell community. Therefore, we believe we effectively serviced the people who wanted a pair of scrub pants. Also, we know we satisfied our customers because the com- pany did not receive any complaints about the pants, and we see people wearing the scrubs all over campus. Another very important , yet sometimes ignored, stakeholder group is the members of our own company. We cannot judge the ef- fectiveness of our company without consider- Megan Engler 11/26/00 A Rub-A-Dub Scrubs Page 11 ing the satisfaction of its company members. Impressively, satisfaction abounds in our or- ganization. For example, though we voted on the Buffalo Valley Nursing Home as one of our service projects, many company members still dreaded going to the nursing home. Yet, after a brief informational session by Maryann from Buffalo Valley, and after attending the parties, our company is now abuzz with sto- ries and anecdotes from the nursing home. In lab we laughed and traded stories about all the fun things that happened during the Bingo parties. In fact, everyone told positive stories about the service project—though some had reservations about the project, afterward no one voiced a negative opinion about the par- ties. Aside from receiving satisfaction from our rewarding service projects or from our successful business venture, our company also fulfilled its members needs internally. The Human Resource Department organized many activities to ensure company-wide satisfaction. For example, they handed out two Quality of Worklife (QWL) surveys to decipher the level of satisfaction in the company. Initially, MIS/ Report had a lower level of satisfaction than the rest of the company. HRM worked with these members who were unsatisfied with their jobs, identified their problems, and gave the division members more responsibility. By the next QWL, everyone in the company reported back positively. HRM also brought in bagels for the early morning labs, organized pizza par- ties, and even organized a schedule that fa- cilitated secondary jobs and prevented mem- bers from being overworked. The last stakeholder group that we wished to satisfy is the MGMT 101 Board. We worked very hard to ensure that both our service and business projects appealed to the Board. In fact, we valued the opinions of the External Stakeholder Panel during the Storming Phase and especially used their opinions in choos- ing the nursing home as one of our service projects. Therefore, we heeded their advice in order to make the most prudent decisions that the Board would approve of. We con- sciously tried to make our projects valuable, and we satisfied the Board during the Operat- ing Plans Presentation, as the Board approved our proposal and loan request. We truly hope that our effectiveness in regards to the Board will continue during the final presentations and we aimed our final oral and written reports to satisfy the MGMT 101 Board. EFFICIENCY For an 8 a.m. lab group, our company’s attendance and motivation is exceptionally high, a simple fact which indicates just how Megan Engler 11/26/00 A Rub-A-Dub Scrubs Page 12 efficient our company is. Our ability to use time wisely is not, however, our only strength. In fact, the innovative spirit of our company members is perhaps even a greater test of effi- ciency than our ability to simply attend weekly meetings. A great ex- ample of our in- novative spirit occurred within our Service Di- vision, which created a budget smaller than the amount of money actually needed to suc- cessfully complete the Buffalo Valley service project. The division was unaware of the costs attached to the prizes for the participants, and was shocked when they inadvertently went over budget. Rather than returning the prizes for cheaper ones, members of the Service Di- vision decided to use some ingenuity to make up for their missing funds. Suzanne and Kristin obtained a twenty dollar donation from Weis Markets that covered most of the food expenses. Then, Jessi was able to negotiate a twenty-five dollar deduction in the price of the singing group. As a result of their clever fundraising skills, the Service Division was actually under budget and they prevented an inefficient use of company funds. Another department that worked effi- ciently was Finance. Perhaps the cause of their success was due to Mary’s decision to create Business and Service Liaisons in the Finance Department. These positions were uncommon in previous MGMT 101 companies, yet they were efficient nonetheless. The positions pro- vided a connection between the Finance De- partment and the Service and Business Divisions. Each liai- son obtained purchase orders, collected receipts, and monitored the budget of his respective di- vision. As a result, the liaisons alleviated stress from and less- ened the work of other members of the Finance Department. The liaisons were also beneficial because they pro- vided a connection between Finance and the activities of the rest of the company. Finally, both liaisons also acted as community build- ers within the Finance Department because, during lapses between workloads, they had the time to work with other members of the de- partment to lightheartedly keep up the department’s morale. Efficiency was especially important in the Business Division, as they needed to con- stantly monitor the status of the scrub pants from the time we ordered them up until the Megan Engler 11/26/00 A Rub-A-Dub Scrubs Page 15 then, suffered mainly because our service project occurred so late in the semester. As mentioned before, after we completed the service projects, community tremendously improved and the company began to focus on larger goals. A good example of this com- pany focus is the participation in the oral re- port. Our company really banded together to create a funny, original, and effective oral report. During the plan- ning period for the report, people shouted out ideas and ignored department/division boundaries. The ideas, then, flourished. Laurie from the Business Division wrote a song, and so did the whole Fi- nance Department. Everyone worked together for the common benefit of the company and worked to help each other. Our community came a long way from the iso- lation in the beginning of the semester and now our company is a community in every sense of the word. We no longer can say that we ignored community for the benefit of effec- tiveness and efficiency; now, we realize that our community came as a result of effective service projects and efficient task delegation. RESPONSIBILITY From the beginning of our company, we always emphasized that we were working not for a huge profit, but rather for effective busi- ness and service projects. However, our com- pany somehow got lost in emphasizing effi- ciency over community, and, for a long time, our company morale suffered. Though we were on track to concentrate on effectiveness, we lost sight of the importance of community. Efficiency too is important, yet we didn’t re- alize that by organizing our company in the most efficient manner we also alienated our- selves from one another. However, we man- aged, in the end, to intertwine aspects of ef- fectiveness, efficiency, and community into our company. The best example our of ability to inte- grate effectiveness, efficiency, and community lies within the success of our Buffalo Valley service project. This project was the one op- portunity our entire company had in order to share a common goal and experience. Every- one in the company actively participated in at least one of the two Bingo parties, which built the community that we lacked throughout the semester. In fact, company members achieved community satisfaction as a direct response Megan Engler 11/26/00 A Rub-A-Dub Scrubs Page 16 to the nursing home experience. The community building aspect of the project, then, was inherent in the design of the project, which is perhaps why our company deemed the nursing home so important to pro- vide service for. Therefore, effectiveness in- tertwined with community as the entire com- pany organized not for the main reason of building community, but rather for the reason of creating an effective and successful service project. We concerned ourselves with the en- joyment of the nursing home residents, yet our own enjoyment came along with satisfying the objective. Finally, we incorporated efficiency in the nursing home project by using the most effi- cient means to achieve effectiveness. The Service Division worked with the Finance Department to compensate for budget prob- lems, and in turn obtained donations in order to both serve the Buffalo Valley residents and to efficiently manage company funds. Fur- thermore, the Service Division also obtained the Silhouettes for the parties for the enjoy- ment of the residents, but the division negoti- ated a smaller fee in order to not waste com- pany money. Clearly, the Buffalo Valley Nursing Home provided our company with an ex- tremely valuable learning experience. The nature of the project allowed us to combine effectiveness, efficiency, and community is- sues into our company. However, as men- tioned before, other aspects of our company resulted in a series of trade-offs. All too of- ten, we sacrificed community in order to be the most efficient company instead of balanc- ing the two company values. We were fortu- nate enough to have a service project that com- bined the important criteria, and we urge all future companies to also consider effective- ness, efficiency, and community when choos- ing service and business projects. Megan Engler 11/26/00 A Rub-A-Dub Scrubs Page 17 Dear Future MGMT 101 Companies, MGMT 101 is truly an exceptional learning experience; it is a chance to be a dynamic part of a real company that deals with real dollars. You will be responsible for thousands of dollars, so take the responsibility seriously. Remember, you will make some mistakes on your road to success. More importantly, you will realize that your MGMT success goes deeper than just dollars and cents. It is crucial that you learn from mistakes and develop from them. The most important thing to remember through it all is to be truthful to yourself and to your fellow company members. Whether you end up as an executive or not, never underestimate your worth as a member of your company. Each and every member plays an essential role in the magnificent plan of your company’s success. Every member of a company is a vital piece of the big picture. Work together candidly and try to do well together while maintaining a good sense of community, effectiveness, and efficiency. Sincerely Joseph Morrow Quintilian Joe Quintilian 11/27/00 A Rub-A-Dub Scrubs Page 20 Sullivan County Headstart Jim Leahy 11/27/00 A Rub-A-Dub Scrubs Page 21 Sullivan County Headstart Jim Leahy 11/27/00 A Rub-A-Dub Scrubs Page 22 0 20 40 60 80 100 120 140 160 180 200 Hours Business HRM Finance Service Report CEO Departments/Divisions Projected Hours vs. Actual Hours Actual Projected HRM Time Budgets The following are the company-wide time buget analysis reports from Human Resourses Management. They are unaudited and are cover operations through Thanksgiving. The information in the charts was updated on Nevember 30, 2000, at 4:20 to include all hours through November 27, 2000. This was done at the request of the Management 101 Board and took place after the time of A Rub-A-Dub Scrubs’ final presentation. Amy Newlan 11/28/00 A Rub-A-Dub Scrubs Page 25 Financial Statements The following are the unaudited financial statements for A Rub-A-Dub Scrubs. They represent the final financial figures as of the close of the company’s business on November 27, 2000. Our final donation, not reflected in the Income Statement , to the Sullivan County Headstart Program is $1,366.21. Nikhil Menon 11/28/00 A Rub-A-Dub Scrubs Page 26 Forecasted Actual Variance Business Scrub Pants ($6 * 432) $2,592.00 $ 2,592.00 $ - Graphics Set-up (Fixed Cost) $ 40.00 $ 40.00 $ - Graphics (Variable Cost - $.70*432) $ 302.40 $ 302.40 $ - Shipping Costs ($.15 * 432) $ 64.80 $ 64.80 $ - Fax $ 2.00 $ 3.88 $ (1.88) Gas $ 5.00 $ 5.00 Color Posters (Advertising) $ 40.00 $ 44.22 $ (4.22) Markers $ 5.00 $ 7.40 $ (2.40) Banner $ 10.00 $ 10.00 Miscellaneous $ 20.00 $ 15.23 $ 4.77 Total Business Request $3,081.20 $ 3,069.93 $ 11.27 Service Phone Calls $ 6.00 $ 6.00 Decorations $ 20.00 $ 10.02 $ 9.98 Prizes $ 50.00 $ 78.77 $ (28.77) Gas $ 50.00 $ 33.00 $ 17.00 Refreshments $ 50.00 $ 35.40 $ 14.60 Posters/Signs $ 5.00 $ 8.59 $ (3.59) Singing Groups $ 50.00 $ 25.00 $ 25.00 Miscellaneous $ 15.00 $ 50.08 $ (35.08) Total Service Request $ 246.00 $ 240.86 $ 5.14 Report Paper $ 30.00 $ 22.25 $ 7.75 Copies $ 30.00 $ 38.23 $ (8.23) Binding Materials $ 12.00 $ 13.00 $ (1.00) Office Supplies $ 15.00 $ 4.93 $ 10.07 Props $ 40.00 $ 36.72 $ 3.28 Art Supplies $ 25.00 $ 4.96 $ 20.04 Printing $ 20.00 $ 20.00 Miscellaneous $ 20.00 $ 34.75 $ (14.75) Total Report Request $ 192.00 $ 154.84 $ 37.16 HRM Job Fair $ 20.51 $ 18.51 $ 2.00 Variance Analysis Nikhil Menon 11/28/00 A Rub-A-Dub Scrubs Page 27 Staffing/Scheduling $ 7.00 $ 7.00 QWL $ 24.00 $ 24.00 Performance Evaluation $ 9.00 $ 9.00 Worker of the week $ 30.00 $ 24.14 $ 5.86 Pizza Parties $ 80.00 $ 48.93 $ 31.07 Donuts/Bagels $ 36.00 $ 43.68 $ (7.68) Drinks $ 12.00 $ 9.26 $ 2.74 Cups $ 6.00 $ 6.00 Food for final report rehearsals $ 50.00 $ 28.41 $ 21.59 Miscellaneous $ 30.00 $ 30.00 Total HRM Request $ 304.51 $ 172.93 $ 131.58 Finance Copies $ 5.00 $ 5.00 Ledger $ 3.50 $ 3.50 Notebooks $ 4.00 $ 4.00 Index Cards $ 2.00 $ 2.00 Transparencies $ 2.50 $ 2.50 Check Expenses $ 20.00 $ 11.75 $ 8.25 Files $ 5.00 $ 4.97 $ 0.03 Miscellaneous $ 3.00 $ 3.00 $ 45.00 $ 16.72 $ 28.28 TOTAL COMPANY EXPENSES $3,868.71 $ 3,655.28 $ 213.43 Variance Analysis cont. Nikhil Menon 11/28/00