Reference no: EM133992288

Develop and implement business plans

Assessment Task 1

Question 1: Answer the following questions:
a. What do you understand by a business plan Elaborate the process involved in developing a business plan for an organisation 300-350 words

b. A well-developed business plan should be comprehensive and persuasive effectively communicating the vision and goals of the business to potential investors partners and stakeholders No AI shortcuts - Just Genuine Assignment Help from Real Tutors.
Analyse the above statement and discuss the elements to be included in a business plan 350-400 words

Question 2: Answer the following:
a. Elaborate the significance of stakeholder consultation while preparing business plans 100-150 words

b. Identify and examine the role of any five 5 key stakeholders that you as a chief operating officer may need to consult with while developing a business plan 250-300 words

Question 3: Answer the following:
a. Determine the relevance of performance objectives performance measures and key performance indicators 200-250 words

b. Imagine you are the Chief Operating Officer of a startup company that produces and sells organic skincare products As part of your responsibilities you need to develop performance objectives and measures for your business plan How would you go about doing this 200-250 words

Question 4:
a. Analyse the role and types of organisational and legislative frameworks for development of business plans 250-300 words

b. Compile a list of any four business authorities in Australia who grant permits and licenses for a range of new business activities Also explain their roles briefly 200-250 words

Question 5: Scenario
You are the Chief Executive Officer CEO of a startup called Green Eats which produces healthy sustainable and environmentally friendly food products

Your investors have asked you to develop a business plan that outlines your vision mission values and objectives and how they will be reflected in the plan

As you begin the process of developing the business plan you first focus on clarifying Green Eats vision mission values and objectives

Vision
Your vision for Green Eats is to create a world where healthy sustainable and environmentally friendly food products are accessible to all

Mission
Your mission is to provide high-quality nutritious and sustainable food products that promote health and well-being for both people and the planet

Values
Your companys values are sustainability transparency and community You believe that by prioritizing sustainability being transparent with customers about your ingredients and practices and engaging with the community you can build a loyal customer base and achieve long-term success

Objectives
Your objectives include launching a line of healthy snacks within the next six months expanding distribution to major grocery stores within the next year achieving a 90 percent customer satisfaction rate within the first year of operations and becoming profitable within three years

Question
How do you think mission vision values and objectives of your business will impact on development of business plan

Question 6: Determine the role of following in the development of new business plans 150-200 words each
a. Existing strategic plans
b. Existing business plans
c. Existing operational plans

Question 7: Scenario
You are a business consultant working with a new startup that is developing phone accessories The startup has conducted market research and identified customer needs for a fast and convenient delivery service This is also informed to you that the company has limited funds for launch of services

How would you advise the startup to incorporate customer needs and budgeting information into their business plan to ensure a successful launch and sustainable growth of the business 250-300 words

Question 8:
Appraise the different ways of monitoring the business plans in an organisation 250-300 words

Unit Project

Purpose
The pre-assessment checklist helps students determine if they are ready for assessment The Trainer Assessor must review the checklist with the student before the student attempts the assessment task If any items of the checklist are incomplete or not clear to the student the Trainer Assessor must provide relevant information to the student to ensure they understand the requirements of the assessment task The student must ensure they are ready for the assessment task before undertaking it

Scenario
Career Training is acknowledged as an industry training leader delivering nationally recognised and specialised courses Career Training is a private Registered Training Organisation RTO based in Geraldton Western Australia with other offices in Broome Derby and Perth

Career Training follows the important standards of industry and focusses on supporting informed decisions engagement and participation The RTO applies a systematic approach to ensure quality across all training and assessment services including staff and systems It seeks feedback from students and internal staff on a monthly basis and conducts internal audits of the companys policies and procedures to ensure compliance against the standards for registered training organisations

Mission
To provide quality education to the international students to make them successful in their chosen field

Vision
To continue to provide a quality and innovative education

Values
Integrity transparency and accountability in work styles
Fostering an inclusive learning environment for all students
Continuous improvement based on regular feedbacks from students and community
Integrating principles of equity and non-discrimination

Activity 1: Consultation meeting with stakeholders for strategic planning process

Task

As an Executive manager conduct a meeting with the CEO and business consultant to evaluate the organisational framework legislative framework and performance measures and to communicate the planning processes to all stakeholders in order to gain their support

Discuss the following topics
Analyse and discuss the relevance of the organisational vision mission and values for developing business plan
Identify relevant legislations and confirm with stakeholders
Discuss target market and their needs for upcoming new branch
Identify and discuss existing competitors and their impact on business plan
Analyse the existing business plans and goals in order to align the new business plan with them
Discuss performance expectations and develop performance objectives and financial targets
Discuss financial human and physical resource requirements for the opening up a new branch and confirm the availability

Participants of the meeting
Executive manager You will play the role of Executive manager and will perform the above-mentioned activities
CEO David One of your fellow students will play the role of David
Business consultant Ryan One of your fellow students will play the role of Ryan

Role of participants

Student playing the role of Executive manager
He will discuss the alignment of business plan with organisational mission vision and values
He will discuss and seek confirmation upon financial human and physical resource requirements from stakeholders
He will discuss the existing plans and goals of business and its impact on development of new business plan
He will seek clarity on performance expectations and develop performance objectives and measures for monitoring performance

Student playing the role of CEO
He will discuss the organisational objectives and performance expectations
He will discuss and agree upon financial human and physical resource requirements

Student playing the role of Business consultant
He will discuss the legislative requirements relevant to development of business plan
He will discuss the existing competitors and market requirements

Students can refer to the information provided in the scenario and research online to play their roles

Activity 2: Develop business plan

Your task
In this activity you as an executive manager need to develop a business plan based on the previous activitys consultation

The business plan will give in-depth information on how the business will operate to open a new branch You must develop a business plan based on research and engagement with stakeholders in activity 1

Report on business plan

Executive summary Description of business

The main body of the report covering the following topics in appropriate details

Legislative requirements for opening a new branch of Carer Training and business expansion
Review the existing strategies business and operational plans including mission vision and values
Stakeholders involved and consultation plan
Market analysis including target market and marketing strategies
Products and services to be offered
Resources required Human financial physical and sources of recruitment to be used for human resources
Use the SMART method to set up the performance objectives Take into consideration the following and develop financial targets
Cost
Quality
Growth
Time
Identify regulatory requirements in terms of permits and licences required to implement this new business plan

Activity 3: Business plan presentation

As an executive manager you need to present the business development plan to the CEO business consultant marketing manager and finance manager Input will also be provided by the stakeholders attending the presentation

Your fellow students will play the role of participants as mentioned above They will attend the presentation confirm their accountabilities as discussed in presentation and provide their input and feedback as asked by executive manager

You need to cover the following points in the presentation

Present your business plan to the stakeholders as developed in activity 2
Discuss the performance objectives and measures developed to fix the accountabilities
Discuss with the finance manager the viability of the project
Discuss the skilled labour required and seek approval from administrative manager and CEO about the availability of human resources in order to start the operations

Activity 4: Performance data and report

The new branch of Career Training had been started and is in the operation for last one year The performance information has been gathered based on performance measurement systems to analyse the performance results As per the recent reports it was clear that some aspects of the business are not performing well as they have not been able to meet their targets

As per the business plan developed by Career Training it was expected that the business would not make a large profit in its initial year However it will merely cover overhead costs as the business plan focuses on cost control marketing and building a customer loyalty program

The plan predicted that the business would earn 240000 during its first year of sales with expenses costing 200000 This would leave a net profit of 40000

However the first year of sales results revealed that business earned only 220000 with expenses costing 250000 This left business with a net loss of 30000

Another objective was to launch 3 courses Career Training launched all the courses successfully

For the third objective to capture 10 percent of the market share Career Training only could retain 8 percent of market share

You as an executive manager are determined to address concerns with the appropriate people and provide suitable training and coaching to rectify this

A key reason why the business was not performing well was due to the following reasons

1 underperformance of the employees
Administrative staff lacked confidence when communicating with potential customers potential students which resulted in less enrolments
Administrative staff was unsure how to issue refunds and process exchanges which resulted in customer complaints and customer dissatisfaction

2 The revenue target was set collectively for all the products all the courses However upon the performance analysis it was realised that the majority of the revenue is coming from one product and that sales of other products have been declining

3 The expenses were not clearly budgeted and reviewed by a financial accountant of the company

4 The company has a high turnover of junior staff who require training

5 The traditional marketing strategies were used

The company also wants to set up a continuous improvement program based on regular performance reviews that will be implemented every six months The CEO has allocated this task to you and asked you to prepare a report

Based upon the given additional scenario you need to prepare a report for the CEO

The report needs to cover the following information

Prepare performance summary against planned objectives
Analyse and review the given scenario Indicate weaknesses of performance indicators and how you would refine the performance indicators and performance measurement systems
Assess system failures product and service failures and variances to the business plan
Review the underperformance of the employees and make recommendations based on the type of support required ie informal discussion coaching and formal training
Review the system process given in the scenario Develop a continuous review and improvement program that must be implemented every six months

Activity 5: Coaching and support for employees

As discussed in previous activity two of the administrative staff members Riya and John have underperformed in following areas

1 Dealing with customers
2 Refunds and exchanges

You have planned to have an informal discussion with these two employees to coach and support them

You must assume the role of the Executive manager Perform a role play on discussing the improvement areas and strategies to improve the performance

You need to perform the following activities

Discuss the improvement areas and provide them feedback
Discuss the online courses published material to refer in order to understand the processes and improve performance
Discuss the importance of peer consultation to ensure consistency throughout the organisation