Business Deep Dive Intro 11/08/2023
Summary:
In this comprehensive business deep dive, we delve into the intricate facets of Slice Roboticsâ business operations, assessing past achievements, areas in need of improvement, and our concerted efforts to evolve and thrive in the competitive landscape. As we approach our third season, we reflect upon the lessons learned and the strategic shifts undertaken to ensure our continued success.
Challenges and Areas for Improvement:
While our performance in managing competitions has been commendable, it is imperative to acknowledge that a substantial part of our success resides behind the scenes, underpinning the visible triumphs. There are various dimensions within our business operations that have demanded our attention and improvement. Each time we do a deep dive, we will cover a few of these topics in depth.
Resolution and Implementation:
In response to these identified challenges, we have undertaken a series of targeted strategies and operational adjustments. These initiatives have been meticulously designed and implemented to address specific issues and to support the overarching goals of our business team.
Local and Community Outreach:
While we have excelled in outreach efforts to other schools, it has come to our attention that our engagement at the high school and community levels requires reinforcement. The goal of our outreach initiatives is to make our team a local cornerstone and to build sustainable relationships in our immediate community. Furthermore, refining our budgeting practices is essential to ensure the longevity of our operations.
Sustainability:
Ensuring the long-term sustainability of our team is of paramount importance. This necessitates the enhancement of our organization and the implementation of more efficient systems for task assignment and order confirmation. Achieving sustainability means fostering a strategic approach that enables us to thrive over time, even as we navigate through various challenges.
Role Clarification and Organizational Enhancement:
Recognizing the critical role that finances play in sustaining our team, we initiated a comprehensive evaluation of roles within our business team. This assessment led to individual meetings with team leaders, ensuring a comprehensive understanding of each memberâs responsibilities. The aim is to promote organization and knowledge-sharing among team members.
Leadership Roles:
Business Captain:
The Business Captain plays a pivotal role in managing leads, task assignments, and meeting planning. Their primary responsibility is to ensure that the team meets its business objectives, including fundraising targets and community outreach goals. They also work alongside the Operations Lead to maintain budgets and maximize revenues, ensuring that the team operates within budgetary constraints.
Outreach Lead:
The Outreach Lead is responsible for planning community events and formulating strategies to increase recognition for the robotics team in the broader community.
Marketing Lead:
The Marketing Lead ensures that the team is presented professionally, maintaining a consistent appearance with proper gear and sponsor representation.
Operations Lead:
Primarily responsible for financial matters, the Operations Lead collaborates closely with the CFO to manage budgets and financial flows, ensuring compliance with established standards.
Task Management and Deadlines:
An effective system for task management and deadline enforcement is pivotal to our success. To this end, we introduced deadlines via a dedicated Trello board created exclusively for the business team. This approach necessitated a heightened level of precision and adherence to timelines. Moreover, we introduced a task assignment system where team members can request assistance from the Business Captain or other leads.
Evolution of Budgeting:
In previous years, our budgeting approach was marked by its ad-hoc nature, reliant on shared budget sheets and single-order forms. This approach often resulted in confusion and non-transparent budgeting practices, posing challenges for future business teams. This year, we implemented a more structured strategy known as the virtual envelope budgeting method.
This method involves allocating a predetermined percentage of funds to each subteam. It grants flexibility, allowing for adjustments between subteams if one requires more financial support. Additionally, it provides enhanced visibility into the allocation of funds for various purposes, including competition registration fees. As part of this approach, we thoroughly calculate all registration fees, including those for Worlds, and maintain a stringent record to ensure compliance.
Enhanced Marketing:
The marketing team has undergone significant transformations, transitioning from a small, understaffed group to a larger, more diverse team. As our marketing operations expanded, we recognized the need for streamlined management and submission processes.
As part of this restructuring, all marketing initiatives are subject to approval by the Marketing Lead and Business Captain, ensuring that the team remains focused and aligned with its core objectives. Although this process is not yet complete due to our ongoing search for a dedicated Marketing Lead, all marketing endeavors are overseen by the Business Captain, promoting clarity and oversight.
Merchandise Strategy:
Our merchandise strategy has evolved significantly to cater to the diverse needs of our team and supporters. We have categorized our merchandise into two distinct types: uniform merchandise and product merchandise.
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Uniform Merchandise:
- Uniform merchandise is exclusively designed for team members and is an essential part of our teamâs identity. It is marked by the inclusion of all current sponsors for the season. Team members are required to wear these uniforms in the pits at competitions, ensuring a unified and professional appearance.
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Product Merchandise:
- Product merchandise serves a different purpose and is intended for external use. It includes merchandise that is suitable for wear around school and in local stores. Product merchandise, in contrast to uniform merchandise, does not feature sponsor logos. Both categories adhere to the consistent SLICE color scheme and branding.
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Decision-Making Process:
- The process for approving product merchandise is designed to be a democratic one, involving a vote by the entire business team. This ensures that the perspectives and preferences of all team members are considered in merchandise decisions. On the other hand, the approval of uniform merchandise is determined by the leadership team, as their decision-making is guided by the unique requirements of pit appearances at competitions.
Community Outreach:
Our outreach efforts are at the heart of our mission, aiming to achieve dual goals: gaining support from the local community and nurturing the next generation of STEM leaders. We actively mentor the Fuquay-Varina Middle Schoolâs FLL team and the Ballentine Elementary FLL team, both of which represent crucial opportunities for our team to foster STEM interest at the elementary and middle school levels.
In our pursuit of broader outreach, we are striving to strengthen connections with other schools and the town of Fuquay, seeking to enhance our recognition and build valuable partnerships. Participation in events such as the Manifest event, focused on the future of STEM in the black community, underscores our commitment to community engagement. Our aspiration is to build upon these successes, using our connections to further elevate our outreach initiatives and achieve new milestones in community support.
In Summary:
Our Business Deep Dive Report provides a comprehensive overview of our business operations, challenges, and initiatives aimed at improving our teamâs sustainability and community engagement. These strategic changes are essential to our continued growth and success. As we move forward, we remain committed to the mission of Slice Robotics, with a strong focus on innovation, teamwork, and the development of STEM leaders in our community.