Part 1- Introduction The report contains the...
BSBMGT617 Develop and Implement a Business Plan Editing Services
This assignment explains about the knowledge and skills required to run business operations and cover different steps required to develop and implement a business plan. This plan can be applied to individuals who are running an organization.
1.This project consist of two main sections, as
Part A– It require the students to evaluate, plan and develop a business plan for your workplace, determined by your tutor.
PartB – It require students to provide an overview of performance monitoring based on the business plan during the implementation and allow them to understand how will they respond to the performance data once the business plan has been implemented.
2. This assignment helps to collect the evidence towards gaining different competencies.
3. In order to demonstrate the competencies, each question must be answered by the students.
4. You are required to plan and develop a complete business plan in this assessment.
5. You have to access the appropriate resources and documentation.
6. You have to use the existing business plan in your workplace with the financial details and recent trading figures in order to review the business operations.
Note – Ask your teacher for a business plan to be applied in the business operations
Additional resources for the purpose of this assessment:
1. A business plan template can provide detailed instructions for the completion of each section of business plan
2. A template for a 5 year balance sheet forecast can be used if needed.
3. A sample business plan can be outsourced from important websites
4. An online template with instructions to prepare a step-by-step business plan can be used for free registration.
Part A – Plan and develop the business plan
Students have to review the existing or available business plan and develop new plan for the organization by addressing the criteria mentioned below:
Q1.Where the organization has an existing business plan, review and evaluates the following documentation, if no existing business plan needs to be developed using examples that could provide different resources. You have to create a draft and consult with your selected stakeholders to clarify or verify each aspect.
Q2.Students have to attach a brief document which outlines with whom you have consulted and details of what was discussed.
Note –You can take the reference of each source you are accessing for research information like products, statistics and legislation, etc. Also, attach this as a bibliography to completed work.
The following key points need to be addressed, however format may vary:
Summary –It includes business, market, future and finances.
a. The Business –It includes business details, registration details, Business premises, Organization chart, Management & ownership, Key personnel, Products/services, Innovation, Insurance, Risk management, Legal considerations, Operations and Sustainability plan.
b. The Market –It includes research and target of markets, Environmental/industry analysis, your customers, S.W.O.T. analysis, your competitors and Advertising & sales.
c. The Future –It includes Vision statement, Mission statement, Goals/objectives and Action plan.
d. The Finances –It includes Key objectives & financial review, Assumptions, Start-up costs for [YEAR], Balance sheet forecast, Profit and loss forecast, Expected cash flow, Break-even analysis and supporting documentation.
Part B - Monitoring the performance and responding to performance data post implementation
In this section, you have to answer a series of questions and scenarios related to monitoring performances and responding to the data of the performance.
Q1.Using your completed business plan, who are the relevant parties to whom you need to communicate the business plan? Which details does this need to include for each party in terms of performance requirements and timeframes?
Q2.What are the skilled labor requirements in the organization to implement the business plan? Provide an overview of skilled labor in each department.
Q3.Provide 2 examples how you could test the performance measurements you have set for your business plan.
Q4.List 5 examples for reports and when these would have to be provided to the various departments in your organization in terms of timelines and importance.
Q5.You have noticed that an important product line offered by your organization becomes inconsistent due to supply issues. Which actions do you need to take?
Q6.On occasion it may be necessary to refine performance indicators as the set target is exceeded or can no longer be achieved. List 2 examples where a performance indicator needs to be refined.
Q7.Your Food and Beverage department showed an underperformance of targeted sales by 5 % last month and again by 7 % this month. The occupancy rate at the hotel for the same period showed an increase of average 4% with high profile customers and the number of covers in the restaurant increased on average by 7 %. There have been also a number of indications from customers that service attendance is average. Which potential factors for training could this indicate?
Q8.What is the purpose of continuous improvement? How would this be reflected in a business plan? Provide 2 examples.
Challenges students might face
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