BSBMGT617 Develop and Implement a Business Plan Assessment 02- Written Response and Project Section A: Written Response
1. Explain in a paragraph why it is important to regularly review and evaluate existing strategic, business and operational plans when developing a business plan.
2. Describe in a paragraph why is it crucial to consult with key stakeholders when reviewing and developing a business plan?
3. Explain in a paragraph why is it important to constantly review market requirements for an organization’s products and services?
4. How does including a comprehensive customer profile in a business plan help an organization?
5. What information can a customer pricing options involve?
6. Explain in a paragraph what does researching pricing options involved?
7. Describe the crucial step of setting performance objectives and measures in a business plan.
8. Describe why a manager must take responsibility for ensuring that permits, licences and relevant legislation are addressed in a business plan. Give examples to illustrate.
9. Describe the process for preparing a business plan that ensures the content will be easily understood.
10. Describe in a paragraph why it is necessary to test performance measurement systems.
11. Explain in a paragraph how a manager can ensure that reports on all key aspects of the business are available on time, and are user-friendly and balanced in terms of financial and non-financial performance.
12. Explain in a paragraph why is it crucial to report system failures, product failures and variances to the business plan as they occur? Provide an example of a product, service of system failure.
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13. Describe methods to use analyze performance reports against planned objectives.
14. Describe corrective actions that required following a performance analysis.
15. Explain methods for monitoring performance and identifying opportunities for improvement
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Section B – Project
Developing and Implementing a Business Plan at BizOps Enterprises
Task Overview and
You received an email from Rose Hargreaves, Chief Executive Officer.
Subject: Change at BizOps
As you know, BizOps is planning to act on the recent research that has been undertaken as part of its annual scoping of the strategic planning process.
Three changes have been identified:
• BizOps plan to increase customer service satisfaction by purchasing and implementing state-of-the-art customer relationship management software, to be established by June. Customer service staff will need to be trained.
• A decision has been made to develop a new luxury hamper product that reflects BizOps’s sustainability environmental policy. Competitors already have a basic one at the low-end of the market, but research shows they are seeking to move into luxury market. BizOps currently has 10% of this market, but wants to increase this to 15% by the end of quarter 4.
• There is a need to introduce a new mentoring program for team leaders and supervisors.
As a result, the business and operational plan must be reviewed and the existing business plan revised, redeveloped, implemented and monitored as part of BizOps’s continuous improvement cycle.
As arranged at the recent management meeting, I would like you to review the current business plan and revise or add to the objectives and performance indicators. Seek advice from stakeholders where appropriate and present your revisions to the management group by 28 May. You will find the business plan revision document in the ‘resources required’ section. As part of our improvements, I would also like you to develop a mentoring program for team leaders and supervisors, and arrange training for the customer service staff for the new CRM software.
Chief Executive Officer
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Instruction to the Student Your first task is to access and read the following BizOps organizational information and procedures:
• Company business plan
• Organization operational plan
• Continuous improvement procedure
• Risk management procedure
See the “Resources for the Project Task” in Moodle.
You are required to demonstrate the skills of running a business operation by providing examples of your work in developing, implementing and monitoring a business plan by responding to the task below.
Resources Required The following materials are required for this project to be completed:
• Computer and office software
• Access to “Resources for Project Task” in Moodle for the following:
Review and revise the Business Plan to ensure it reflects the changes in strategic directions and provide the comments where required.
• Check that vision, mission and values are current.
• Check whether the changes are in line with the current objectives or whether new objectives need to be written.
• Write performance measures for the introduction of the CRM software, the production of the luxury hamper and the mentoring program.
• List the financial, human and physical resources required.
• List the specific legislation or regulations that the hamper needs to comply with.
• List the stakeholders you will consult with and how you will communicate with them.
• Review the market requirements for the new product and list pricing options.
• Analyse the strength and weaknesses of the business plan.
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Prepare a Power Point Presentation (of no more than 10 Slides) to communicate the Business Plan changes to management to ensure their understanding of performance requirements and time frames.
Explain how you will ensure that skilled labours are available to implement the changes to the plan.
Describe how you will monitor and respond to the business performance of the three changes in relation to:
• Profit and loss
• Community awareness
• Environmental impact
• Triple bottom line (environmental impact, social impact, financial position).
Develop a continuous improvement checklist to use to review system processes and work methods and ensure system failures, product failures and variance are reported and acted upon.
Note for Students:
Student must produce and provide the followings:
^ A reviewed and revised of the Business Plan.
^ A communication plan to communicate the revised Business Plan.
^ A report that describes how skilled labour will be available to implement the changes to the plan.
^ A description of how the business performance of the changes will be monitored and responded to.
^ A continuous improvement checklist for system processes and work methods.
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Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371CRICOS Provider Code: 02870D
North Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 99553888
Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 99553888
BSBMGT617 Develop and Implement a Business Plan Assessment Task 02 – Marking Checklist
Assessment Specification Satisfactory
Did the Student submit the required assessment in the specified timeframes?
Did the Student meet the following Requirements: Satisfactory
Important to regularly review and evaluate existing strategic,
business and operational plans when developing a business plan
Reasons to consult with key stakeholders when reviewing and developing a business plan?
Reasons to constantly review market requirements for an
organization’s products and services?
Comprehensive customer profile in a Business Plan.
Information for customer pricing options.
Information for researching pricing options.
Steps of setting performance objectives and measures in a business plan.
Permits, licenses and relevant legislation in a Business Plan.
Process for preparing a Business Plan.
Performance measurement systems.
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Did the Student meet the following Requirements: Satisfactory
Reporting process of business.
Reasons to report system failures, product failures and variances to the business plan as they occur.
Methods to use to analyze performance reports against planned objectives.
Corrective actions required to follow performance analysis.
Methods for monitoring performance and identifying opportunities for improvement.
Review and revise the Business Plan to ensure it reflects the changes in strategic direction.
Presentation to communicate the Business Plan changes to
Ensure the availability of skilled manpower to implement the changes to the plan.
Monitor and respond to the business changes.
A continuous improvement checklist to review system processes and work methods.
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It is crucial to regularly review and evaluate existing strategic, business and operational plans when developing a business plan for several reasons. Firstly, businesses operate in a constantly changing environment, which can impact the effectiveness of the plans. Regularly reviewing and evaluating plans can ensure that the business remains adaptable to changes in the internal and external environment. Secondly, regular review and evaluation of plans can identify areas of the business that are not performing as intended. This provides opportunities to make necessary changes to the plans, which can help the business achieve its goals. Thirdly, reviewing plans regularly can ensure that the business remains competitive and relevant in the market.
Consulting with key stakeholders is crucial when reviewing and developing a business plan for several reasons. Firstly, stakeholders have valuable insights and knowledge about the business and can provide feedback on the plan’s effectiveness. Secondly, involving stakeholders in the process can help build support and buy-in for the plan, which can increase the likelihood of its success. Thirdly, stakeholders may have specific requirements or needs that should be considered when developing the plan, and their input can help ensure that these are addressed.
Constantly reviewing market requirements for an organization’s products and services is essential for several reasons. Firstly, it ensures that the business remains aware of changes and trends in the market, which can impact its success. Secondly, regular review of market requirements can help identify new opportunities for growth and expansion. Thirdly, it can help the business maintain a competitive edge by ensuring that its products and services meet the needs and expectations of its target market.
Including a comprehensive customer profile in a business plan helps an organization in several ways. Firstly, it helps the organization understand the needs and preferences of its customers, which can inform product and service development. Secondly, it can help the organization tailor its marketing efforts to better reach and connect with its target audience. Finally, a customer profile can help the organization identify opportunities to improve customer satisfaction and loyalty.
A customer pricing options can involve information about the different pricing strategies, discounts and promotions, payment terms and conditions, and the cost of the product or service.
Researching pricing options involves collecting and analyzing data on the cost of production, competitor pricing, customer demand and preferences, and the business’s financial goals. This research can inform the development of a pricing strategy that is competitive and profitable while meeting the needs of the target market.
Setting performance objectives and measures is a crucial step in developing a business plan. Performance objectives should be specific, measurable, achievable, relevant, and time-bound (SMART). Performance measures should also be established to assess the organization’s progress in achieving the objectives. Setting clear objectives and measures can help ensure that the organization stays on track and achieves its goals.
A manager must take responsibility for ensuring that permits, licenses, and relevant legislation are addressed in a business plan to ensure that the organization operates within legal boundaries. For example, a restaurant must obtain the necessary permits and licenses from the local council to operate and ensure compliance with food safety and hygiene regulations. A manager must also ensure that the organization complies with employment laws and regulations, such as those related to fair labor practices and workplace health and safety.
The process for preparing a business plan that ensures the content will be easily understood includes using clear and concise language, avoiding technical jargon, and presenting information in a logical and organized manner. Visual aids such as charts and graphs can also be used to help convey complex information. Finally, the plan should be reviewed by others to ensure that it is easy to understand and effectively communicates the organization’s goals and strategies.
It is necessary to test performance measurement systems to ensure that they are reliable, valid, and relevant to the organization’s objectives. Testing can identify any weaknesses or inconsistencies in the measurement