Winter 2012 Report -...

Ristics Student Enterprises, Inc. April 25, 2012 Report

Winter 2012 Report


Faculty and students of BMGT 499- Applied Business Management

Winter 2012 term


RISTICS CLASS

Table of Contents

Foreword………………………………………………………………………………………………………….…………….....1

Presidents………………………………………………………………………………………………………………….....2-3

VP Administration/Human Resources……………………………………………………….………………..4-5

VP Marketing……………………………………………………………………………………………….…………………6-7

VP Sales………………………………………………………………………………………………………………………...8-9

VP Operations…………………………………………………………………………………………………..………….10-11

VP Finance…………………………………………………………………………………………………………..………12-13

Class Teams………………………………………………………………………………………………………..…………..14

Financial Statements…………………………………………………………………………………………….………..15

Appendix A- Income Statement…………………………………………………………………………….………..16

Appendix B- Balance Sheet…………………………………………………………………………………….………17


The Business School at Humber College takes pride in preparing our students for the ever-changing business world. Our approach is to provide students with the practical skills and knowledge they will need to succeed in their business careers.

The capstone of the two-year Business Management Diploma is the BMGT499 (Applied Business Management) course. Many graduating business students are never given the opportunity of actually coping with the challenges faced by the owners of a small business enterprise. Until now. Ristics is an incorporated business, created solely to provide students with a realistic business experience within which to integrate what they have learned in the previous two years. Ristics was created to give students as real a life experience as was possible to manage of a fully functioning corporation.

Two Business School faculty co-conducted the course, Paul Pieper and myself. We were impressed with the calibre of students taking the course and equally impressed with their achievements in the course itself. What follows is the Ristics Report for business activities conducted during the Winter of 2012.

Our congratulations to all the students who participated in this experience.

Bob Bolf Professor and Program Coordinator - Business Management The Business School Humber College

As an instructor of the Applied Business Management course, and concomitantly a Director of RISTICS Inc., I would like to congratulate the student managers noted in this annual report on a job exceptionally well done. The RISTICS senior management team (Presidents and Vice Presidents) exceeded all expectations. The team rose to the challenge posed in this unique business course. They showed great teamwork, reliability and the all important component in any business undertaking - inspired initiative. As the Chair of the Board of Directors of RISTICS Inc., I am particularly pleased with the performance of our corporation given the unique challenges presented in selling a premium priced quality product in the current economic situation.

I trust that the student experience with RISTICS Inc. will serve to inspire them to make their own unique mark in the business world. Not only in the conduct of creating wealth for themselves and their employees, but also in practicing responsible corporate behaviour in the way that RISTICS Inc. gave back to its loyal customer base.

Paul Pieper, Chair Board of Directors RISTICS Student Enterprises Inc. and Professor, Business Management The Business School Humber College


RISTICS PRESIDENTS

From left to right: Adam Moretti, Arsheep Kaur Bachhal, Karmjit Kaur Sidhu,

Naoe Yamazaki


Presidents

Roles and Duties: Set goals Make business plan Decide on Expectations for everyone Create timeline Lead discussions in meetings AGM preparations As presidents of Ristics Student Enterprise Inc., we have the responsibility over all operations of the business. Over the weeks being the presidents of Ristics, we have successfully led discussions and weekly meetings; this including decisions to be made and if any issues arrived we dealt with. We worked closely with each department in the tasks that needed to be completed for each of the weeks. Our main task was to set the critical path where all important activities are set with deadlines to ensure that we meet our goals. Most recently, our task was the preparation for the Annual General Meeting where we set the layout of the boardroom, create an invite list, choose the refreshments, and coordinate any final decisions made. We have learned many things being the presidents of Ristics. We have learned that not everything can go one way and that the decision is for many to make and not one person. We have learned that being a president you have to ensure that everybody is putting an equal effort for the succession of the business. We have also learned that the decisions made will be followed by driving and repelling forces, pushing and pulling the direction of the decision. This is why it is important to monitor and supervise the decisions and ensure that it is going according to plan. It is always good practice to have a contingency plan in place in the event that something goes wrong. Finally, we have learned that taking charge and trying to lead a team means that you must put 110% effort, in the business and out. This has been a very rewarding experience and each of us will hold on to this for the years to come and hopefully carry on into our careers. This has been a wonderful opportunity and we are very grateful to have been chosen.


RISTICS VP- ADMINISTRATION/HR

From left to right:

Tarundeep Banga, Ekta Singh, Dustin Housh

Kateryna Andriyevska,


Vice-Presidents- Administration and H/R As part of Ristics Student Enterprises, the Administration and Human Resources team was responsible for varies functions regarding Ristics and its ongoing operations. In addition to actively participating in weekly executive meetings with other VPs, the Admin/HR team organized and executed varies key business functions such as the following:

• Identified and cataloged the various skillsets of individual employees, enabling us to better allocate our resources.

• The team developed a list of sales skills required prior to making sales calls to the various deans and their respective schools. (For example: Effective communication skills, knowledge of product offering and problem-solving skills). Our team established a sales skillset assessment form to identify individual employees’ sales skills.

• Developed and provided sales training specific to our product offering. During which we outlined the program itself, its purpose and goals, and how Ristics as a team would achieve them. In addition to the sales training, we created a sales performance guideline. (For example: How to effectively deliver a strong sales pitch).

• Developed employee performance evaluation and established a method to recognize and award excellence for individual performance and contribution. We had members of each functioning department within the business evaluate one another based on specific criteria and how each had contributed to the team’s efforts. In the end, one member from each team stood out and was rewarded for their commitment to Ristics.

• Also, the Administration/HR team recorded the minutes for each weekly executive meeting and posted them for all employees to see; whether they had missed a meeting or wanted to briefly recap on the previous meeting.

During the course of Ristics operations, our Admin/HR team has supported and encouraged the other functioning departments making up the organization. As a team we learned the true importance of the administration and human resources functions within an organization and the role it plays within any successful business’s operations. Individually we’ve all taken away valuable lessons that we can carry forward as we pursue our individual ambitions upon graduating from the Humber Business School.


RISTICS VP- MARKETING

From left to right:

Hilda Egharevba, Christina Luangrath, Roy Zamora,

Nadine Wright


Vice-Presidents- Marketing

As VP marketing, our efforts are geared toward creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization.

Our first duty was to investigate our potential markets within the college. With the great buying power Deans possess we took the strategic approach to establish this as our target market and came up with a list of 11 schools of the college and programs to reach out to.

Product selection criteria were developed to help narrow down what product we would sell. Customized e-mails were sent to each Dean to acquire a meeting to help sell our products and idea. Once the meeting was held we knew we needed to develop something tangible for the Deans to remember our efforts. A leave-behind was handed to each client summarizing our products and benefits they would attain by purchasing from us.

After the great success of our business, we then placed a story on the Humber College radio and newspaper outlining our achievements for this year Ristics team, help recognizing our efforts and create awareness of the corporation.


RISTICS VP- SALES

From left to right:

Suedene Aitken, Manraj Kaur Chauhan, Chongan Liu,

Vipul Chaudhary


Vice-Presidents- Sales Roles and Duties:

• Identify potential customers. • Contacts of deans and coordinators of different schools. • Product selection process. • Student interview summary of products. • Order Form • Sales Training workshop.

After Every executive meeting, the sales team planned who would do what. We used to divide all tasks and then communicate through blackboard to make sure everything was going fine.

Identify Potential Customers:

Our first main duty was to identify our potential customers. First, we looked into all Humber College campuses and found the 10 largest diploma courses. Then we went deeper, and found the size of graduating classes in those largest diploma courses. This helped us in deciding our potential customers which were graduating classes.

Sales found all the contacts of deans and coordinators of school whom we would contact for our products. Operations helped us in that.

Sales came up with a product selection process to help everyone select any particular product.

Summary of Tasks:

All departments also took students interviews to identify products. Sales summarize all results and came up with the short listed products.

Sales also summarize the sales results from time to time so that everyone gets updated about the sales results.

Order Form:

Sales made the order form for Ristics. We put all our efforts to make it look professional. We tried hard to make it filled very easily. It was tried by all other departments in sales training and some changes were made according to requirements.

Sales Training Workshop:

Sales design the sales training workshop for the sales teams. Sales trained all the sales team through this workshop. For instance, training was on topics like how to approach potential customers, how to deliver sales pitch and so on. HR helped in this workshop. We also did role plays for training which helped sales teams to have realistic preview of sales calls.

Results:

Through hard work and support for each other helped sales team to do all tasks on time and effectively. Everyone in the team helped each other. All of this resulted in good quality of work by sales. It was a great experience for all of us as a team and to do all tasks.


RISTICS VP- OPERATIONS

From left to right:

Harjot Karu Deol, Gifty Owusu, Madiha Ahmed,

Alex Zeng

“Being part of the Ristics truly enriches me by giving me an opportunity for hands-on operation. This, my friends, is priceless.” —Alex

“This is the perfect experience for being introduced into the ever changing work environment. Thanks to Ristics.” —Madiha

“Ristics was a great experience and we would totally do it over again however, it has helped us adapt to real life experience.” —Gifty

“Ristics has made us understand that in a real world there are many problems that we can encounter.” —Harjot


Vice-Presidents- Operations

One would think that the operations function is the easiest aspect in any company, but that is not at all true. Operations are the backbone of any company. Dealing with people in the organization is hard, but here in operations, we have to not only deal with our team but the suppliers team as well. Whenever a problem occurred, we did our best to solve it by maintaining a great flow of communication with others and even taking initiative with a can-do attitude to accomplish what needed to be done.

As a team we worked to find the appropriate supplier to provide us with high quality products for us to present the best for our customers. We arranged the process from start to finish including contacting the supplier, picking the product, ordering the, ironing out the specifics to dealing with the logistics and everything in between. We had three different products, but the main ones were the portfolios.

Building a strong relationship from the start is the key to success. There is a ton of responsibility on us to arrange the timings according to different schedules to meet deadlines. We’ve learned that things can change on a whim. Ristics has been an eye opener to everyone who participated in this business. It has shown us a unique experience outside of our comfort zone which we would not have learned from reading a book and taking notes. All in all everything was a success!


RISTICS VP- FINANCE

From left to right:

Richard Damota, Amy Wallace, Randy Jairam, Nataliya Yavna


Vice-Presidents- Finance

Roles and Responsibilities:

Develop, maintain and present financial statements; • Balance Sheet • Income Statement • Cash Flow

Develop financial controls for the company Prepare Income tax for 2011 Develop a bonus plan Forecast financial outcomes Present financial position to executive’s every week

After an executive meeting, the finance team would meet to discuss job roles and responsibilities for the week. This ensured that each task was complete and that each team member worked together to reach our goals successfully.

Accounting Programs:

Our first responsibility as a team was to develop a bookkeeping method. Both Excel and Simply Accounting are programs that can be used to develop and maintain the financial statements for Ristics. As a team, we wanted a program that was easy to use and easily accessible. After a group discussion the finance team decided that Excel would be the best option to use as everyone had access to the program at home and had previous experience using it.

Financial Forecasts:

Financial forecasts allow a company to project achievable sale revenues. The finance team was able to develop an excel spread sheet that provided the Ristics company with an overview of sales outcomes. This spreadsheet consisted of; Products, Cost, Price, Quantity Ordered and Company Expenses. With the ability to change the quantity ordered with just a click, Ristics was able to see all achievable outcomes and make the necessary changes needed to ensure a positive outcome.

Results:

Hard work and discipline from each team member allowed the finance team to be successful in completing all tasks. Working together as a team with each department ensured all the information provided was correct and allowed this year to be a complete success.


RISTICS TEAMS

Presidents VP Marketing

VP Operations VP Sales

VP Admin/HR VP Finance


RISTICS STUDENT ENTERPRISES, LTD.

FINANCIAL STATEMENTS

as of

April 25, 2012


APPENDIX A

INCOME STATEMENT

Ristics Student Enterprises Inc. Income Statement

Jan. 31, 2012- April 25, 2012 Revenue: Sales of Exclusive Portfolios $ 6,570.00 Sales of Economic Portfolios 4,392.00 Total Revenue $10,962.00 Cost of Goods Sold: COGS of Exclusive Portfolios $ 5,503.67 COGS of Economic Portfolios 3,435.48 Total Cost of Goods Sold $8,939.15 Gross Profit $2,022.85 Expenses Bank Fee $ 5.85 AGM Meeting 100.00 Student Awards (5% sales) 548.10 Selling Expenses 800.00 Performance Bonus 70.00 Total Expenses $1,523.95 Net Income $ 498.90


17

APPENDIX B

BALANCE SHEET

Ristics Student Enterprises Inc.

Balance sheet for the Term Ending April 25, 2012

Current Assets: Liabilities & Equity Cash................................ $ 6,132.25 Accounts Payable............... $ 8,939.15

Accounts Receivable...... 10,962.00 Student Awards Payable 548.10 Bank Fees Payable 17.55 Total Liabilities $ 9,504.80

Shareholder’s Equity $ 7,589.45

Total Assets $ 17,094.25 Total Liabilities & Equity $ 17,094.25


RISTICS CLASS

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