Reference no: EM132132513
ASSESSMENT 1 - PROJECT
Part A: Analyse two business plans
1. Analysis
Assessment Description:
Review two completed business plans. Analyse the strengths and weaknesses of each business plan, and prepare two written reports of your findings.
Procedure:
Business Plan 1:
1. Read the business plan 'Quality Training' (see Appendix A).
2. Compare and contrast the business plan against the criteria for effective business plans, as described in your workbook or other reference materials.
3. Analyse the strengths and weaknesses of the business plan.
4. Complete a written report, detailing a critical analysis of the strengths and weaknesses of the business plan as detailed below.
Business Plan 2:
1. Choose a business plan from the hospitality industry e.g. Hotel, Cafe or Restaurant on the following website.
a. Bplans.com, 2010, 'Free sample business plans',
There are many hospitality business plans on this website however if you don't find a suitable Business plan from the hospitality industry, your Assessor will provide you with a sample one.
2. Compare and contrast the business plan against the criteria for effective business plans, as described in your workbook or other reference materials.
3. Analyse the strengths and weaknesses of the business plan.
4. Complete a written report, detailing a critical analysis of the strengths and weaknesses of the business plan as detailed below.
2. Written reports
What you must provide:
Submit two completed reports, analysing the strengths and weaknesses of the two business plans
Your assessor will be looking for:
- Analyse and interpret the businesses vision, mission, values and objectives. Does the business plan have this information, is it realistic to the type of business and market share and is the information sufficient?
- Comment on the quality of information, i.e. did the business plan demonstrate adequate research on competition market conditions? Does it address ways the business will meet customer needs?
- Comment on the quantity of information - was there sufficient information to determine the likely success of the business in accordance with its performance measures?
Were the performance measures specific and realistic and pricing competitive in order to grow the business and make solid profits?
- Was the business plan well set out, easily understood and pitched at an appropriate level for the reader?
Part B: Develop a business plan
You must develop a business plan for a Hotel, Café or Restaurant. Your Assessor will provide you with a blank business plan template (or you can download it from the following webpage www.business.gov.auilausinessplan). You must plan and organise in order to seguence activities and to develop a logical structure. The business plan template provides in depth instructions regarding how to prepare your business plan and a summary of each section is below. Your business plan can be based on a business you are working in or are familiar with, or it can be for a business you would like to set up.
Business Plan Summary: Create a hypothetical business name and a brief summary of the following:
- All the relevant business details: You can create these hypothetically if your assignment is not based on a real business
- Identify your stakeholders - One of them would be your Senior Business partner (Assessor). Who are the other key stakeholders?
- What information will each person (position) require?
- How will you ensure their understanding of their role in implementing the business plan?
- Target market and marketing strategy summary, what marketing methods you will use. Review the market requirements for the product or service, profile customer needs and research pricing options while formulating a marketing strategy
- A vision statement which briefly outlines your future plan for the business. It should state clearly what your overall goals for the business are.
- Goals and obiectives including your short & long term goals, KPls. What activities will you undertake to meet them?
- Finances: Briefly outline approximately how much profit you intend on making in a particular timeframe. How much money will you need up-front? Where will you obtain these funds? & How much of your own money are you contributing towards the business?
- The business: follow the instructions in the template regarding the preparation of:
- Business details: General details about the business
- Registration details including a list of all required licenses and permits
- Business premises: Also registrations and license required
- Organisation chart: staff hierarchy and the positions you need to fill in the recruitment process
- Management and owner shim Who owns the business and if more than 1 person the % shares between all owners
- Key personnel: current staff if you have any yet. human resource requirements for the business
- Products/services: What you sell
- Innovation: Research and intellectual property
- Insurance: Identify all insurance required for the business
- Risk management: Possible issues that could impact the performance of the business
- Legal considerations: Laws that affect business policies and procedures
- Operations & Sustainability plan: Production processes plus ensuring physical resource requirements for the business
- The Market: Review market requirements for the product or service, profile customer needs and research pricing options
- S.W.O.T. analysis: Research and review the market
- Your competitors: Research competitors and to review pricing structures for your business
- Advertising and sales: What methods you will use
- The future
- Financial Plan including
- Initial outlay
- Profit/Loss statement predicted
- Balance sheet
- Cash flow and a break even analysis,
- Performance objectives and targets
(Templates are provided for each financial statement in the guide however the Assessor may issue you with excel spread sheet templates if you prefer)
Arrange a time with your senior business partner (your assessor), to discuss the business plan and seek agreement on performance objectives. Ensure that your assessor has copies of or access to documents you will be referring to.
a. Deliver the presentation of your business plan
i. Summarise your proposed performance objectives
ii. Provide justifications for your decisions
b. Ask for questions, either during or at the end of the presentation, to:
i. demonstrate your oral communication skills
ii. use questioning and listening techniques
iii. demonstrate competent exchange of information
iv. use appropriate conventions and protocols
v. ensure the senior business partner is clear about the performance objectives
c. Seek feedback (or discuss as required) and incorporate the feedback in your business plan.
Your assessor will complete the following Observation Checklist to assess your performance. Please read it before the meeting so you know exactly what they are looking for.
Part C: Implement and monitor performance of the business plan
Now that your business plan draft is complete you need to conduct a full review of the business with the Assessor acting as your senior business partner. You must also prepare report regarding how you will monitor the performance of the business plan. Write a report prior to your meeting with the Assessor for the business plan review along with your plan for monitoring the following key areas:
- How will you communicate the business plan to all relevant parties, what performance data will be prepared and communicated, and how often? You may choose to present this as an action plan
- How will you ensure staff have the relevant skills and what will you do if staff have skills gaps?
- How will you test performance measurement systems to ensure they are effective and accurate and reflect the targets or expectations of the key performance areas within the business plan?
- How will you ensure timely reports on all key aspects of the business performance are available to the relevant staff or stakeholders including financial and non-financial performance reports? Discuss what performance measurement approaches you will use and what benchmarks you will set.
- What will you do in the case of business system failures, product failures and variances to the business plan as they occur? How will this affect the business plan and what procedure will you use to continuously improve the business plan as the business adapts and grows?
- What training can you provide to relevant staff members who are responsible for key areas of business performance monitoring?
Arrange a time with your senior business partner (your assessor), to discuss the business plan and seek agreement on evaluation methods of checking performance. Ensure that your assessor has copies of or access to documents you will be referring to.
i. Summarise your SWOT analysis
ii. Discuss evaluation methods of checking performance against documented indicators in key performance areas
Ask for questions and respond appropriately to:
. demonstrate your oral communication skills
iv. use questioning and listening techniques
v. demonstrate competent exchange of information
IMPORTANT: Seek feedback (or discuss as required) and incorporate the feedback in your business plan and version control the business plan. Make sure you communicate this to the Assessor once the modifications to the business plan are complete (as he is acting as the senior stakeholder) so s/he is aware of the changes
Your assessor will complete the following Observation Checklist to assess your performance. Please read it before the meeting so you know exactly what they are looking for.
Part D: Respond to performance data
Scenario: The business has now been running for 6 months and you have now got a better picture from the performance data you have received in each area of the business. There are some issues that conflict with the initial performance targets set in the original business plan. These are summarised below:
- From your original predictions the overall revenue of the business is 5.6% less than the
original projection in the predicted Profit/Loss Statement prepare upon business opening.
- Overall labour costs have been 4.3% over budget in the current profit/loss statement
- Food costs have been 1.6% under budget in the current profiVloss statement.
- From performance reviews conducted a cook you employed 3rd in charge it was noted that this person is struggling to produce consistent food and a number of complaints from customers have been received.
The bar manager has also had issues and it has been noticed by yourself that he at times struggles to manage his team and rostering of staff has also been very unorganized, sometimes leaving the bar struggling to keep up with demand and in other cases over staffed and costing the business unnecessary additional labour costs. This was also noted in complaint letters from multiple bar staff complaining that the roster is always late and makes it hard to plan their days off.
- The communication between the kitchen team and front of house team during very busy times on some occasions fails and mistakes are made by staff resulting in food going to the wrong tables and/or significant delays in customers receiving their meals. This has also been noted on customer feedback forms and from minutes of discussions held in staff meetings.
- You have also noticed that in attempts to discuss these issues staff meetings have on many occasions been cancelled.
Your Task:
- Conduct investigations into each of the financial and non-financial performance data and write a report with possible improvements to be made for each of the issues.
- Financial performance data - Find the causes and/or reasons for the performance data being slightly different to projections and explain the processes/methods you will use for each,
- Discuss all the possible ways you could improve these margins
- Review systems and processes
- Rostering processes
Marketing strategies
- Analyse feedback
- Conduct financial analysis of product mix
- Non-financial performance data - Again find the causes and/or reasons for the above issues explain the processes/methods you will use to resolve each issue;
Discuss all the possible ways you could decrease the impact of these problems eg:
- Training you could provide
- Recruitment and candidate screening processes
- Customer service procedures
- Meeting schedules
- Quality assurance procedures
- Communication and production system improvements
- Procedures for analysing customer feedback
Arrange a time with your senior business partner (your assessor), to discuss the performance of your business, plan changes to business plan in view of the performance for last 6 months and seek agreement on planned changes. Ensure that your assessor has copies of or access to documents you will be referring to.
i. Summarise your financial performance and or reasons for the performance data being different to projections and explain the processes/methods to be used
ii. Summarise your non-financial performance data and possible ways to reduce the impact of these problems
b. Ask for questions and respond appropriately to:
I. demonstrate your oral communication skills ii. use questioning and listening techniques
iii. demonstrate competent exchange of information
IMPORTANT: Seek feedback (or discuss as required) and incorporate the feedback in your business plan and version control the business plan. Make sure you communicate this to the Assessor once the modifications to the business plan are complete (as he is acting as the senior stakeholder) so s/he is aware of the changes
Your assessor will complete the following Observation Checklist to assess your performance. Please read it before the meeting so you know exactly what they are looking for.
ASSESSMENT 2 - WRITTEN TASK
Student Instructions:
- Read each question carefully and speak to your assessor if there is anything you are unsure
of or don't understand.
You will find some of the information in your course text books and may also need to conduct your own research on the internet.
- Ensure you note down any sources such as websites that you accessed to find the relevant information.
- Acknowledge clearly when and how you are drawing on the ideas or phrases of others. Read the Acumen Education Plagiarism Policy and Procedure carefully to understand the consequences that you could face if your work has been plagiarized.
This task is to be completed in your own time, either at home or at Acumen Education, if you don't have internet access at home.
- Speak to your assessor if there is any reason you are unable to complete this task.
- Submit this assessment by the due date given to you by your assessor.
'Summarise the key approaches would you take to develop a business plan for the following types of hospitality establishments, and describe what you would do differently between the 2 1 types of businesses:
Cafe: Busy City Lunch Trade
A La Carte Restaurant: 150 seater
What would you do differently compared to developing a business plan for an A La Carte Restaurant?
What would you do differently compared to developing a business plan for a Cafe
What processes and techniques would you use to analyse the strengths and weaknesses of a business plan?
List 5 stakeholders you should seek input from when developing a business plan.
Attachment:- ASSESSMENT.rar