Students in Niels Andersen’s Small Business Management class at Minnesota School of Business-Shakopee applied what they learned about business plans with two local businesses: Iron River Construction and The Pearl Salon. Throughout the term, students worked with these community partners to build the foundations for solid business plans to help guide them in achieving their business goals.
Students evaluated their current business status and practices, completed a SWOT analysis (strengths, weaknesses, opportunities and threats), and analyzed current operations and financial results for each company. Once the business plans were compiled, students presented their findings and recommendations for the future to each owner and received outstanding feedback for their efforts.
Andersen added that “both companies have implemented some of the recommendations to improve their business practices. This demonstrates that the students’ hard work has truly paid off.”