BSBMGT617 Develop and implement a business plan

BSBMGT617 Develop and implement a business plan
Assessment Task 1- Assignment
Question 1
a) Explain in a paragraph why it is critical to evaluate the organisation’s strategic plan when developing a business plan.
b) What steps might you take to develop measurable business objectives?
c) List 5 key steps for developing a business plan.
d) Explain in a paragraph why is it important to continually review the market?
e) Describe in a paragraph how you would build a customer profile?
f) List three reasons why it is essential to consult with key stakeholders when developing or
revising a business plan.
Question 2
Use your organisation’s current business plan to write notes to assist with developing a draft business plan, based on the information and questions raised in this topic. Use the following table to record your notes about the current business plan.
Alternatively, access the Lifestyle Architects Business Plan from the following web page at: www.business.qld.gov.au/business/support-tools-grants/tools/business-planing-kit
Include:
• Whether the information is current
• Whether all sections that should be included in a business plan are present, including a current analysis of the market, customer profile trends, market trends and possible marketing options
• Any strengths and weaknesses of the plan
• Suggested options and areas for improvement.
Checked Item Notes
^Description
of the business
Organisation’s purpose (vision, mission and values statement)
Organizational chart
Key personnel/statement
Current target market and marketing strategy
SMART goals/objectives and key performance indicators
Finances
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Product services (including market position, unique selling position/value to customer, anticipated demand, market trends, pricing strategy, growth potential) Customer profile trends:
Market trends:
Possible marketing options to take:
Insurance
Risk management
Legal considerations (including Acts, regulations, codes to comply with, permits and licence required)
Strengths and weaknesses of the plan
Areas for improvements
Question 3
a) Explain in a paragraph how you would test a performance measurement system.
b) Explain why it is important to get reports on all key aspects of the business to the relevant people within appropriate time frames.
c) Why it is important that reports should have a balance between financial and nonfinancial information?
Question 4: Scenario
Imagine you are the general manager for a medium-sized company. You need to communicate the approved business plan to your staff, which consists of four departmental managers, eight team leaders and 20 staffs. The business plan reinforces the organisation’s vision and business objectives, provides a market analysis for their products and services includes a financial plan with projected profit-and- loss and cash-flow statements, describes performance requirements and responsibilities, and timeframes for meeting objectives. You prepare to disseminate the information.
a) What method would you use to communicate the business plan to ensure everyone is aware of performance requirements and timeframes for meeting objectives? Explain why these methods would be appropriate.
b) Explain in a paragraph how do you prepare for the session in which you communicate the business plan to staff? For example, what documentation do you prepare?
Question 5: Scenario
New customer management database software has just been introduced to your company to enable more efficient customer service. The software reporting function has made you aware that some of the customer service staff may need to be trained. You confirm this need with the customer service manager.
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Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870D
North Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888
Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888
Use dot points to explain what managers should do to ensure staffs have the skills to implement the business plan and meet performance measures.
Question 6: Scenario
The business plan has been implemented and you are regularly analyzing business performance. You have noticed that the performance measures put in place to measure the business’s environmental impact and uptake of environmental procedures (increase of sales of sustainable products; number of staff recycling paper; decrease in waste; increased commitment by staff) have not provided sufficient information to make effective decisions. You collect test samples, analyze the data, compare variations between actual and forecasted performance. Subsequently you report the system failure. Then, in consultation with others, you identify refinements that must be made and include them in the business plan.
Explain in a paragraph what should you do when you notice that a system is not working well? Provide specific examples.
Question 7:
a) Explain the value of variance analyzing performance against planned objectives.
b) Using your experience or research, list at least three reasons why there may be a favourable variance and three reasons for an unfavourable variance.
c) Why is it crucial to regularly review objectives and performance indicators?
d) What is the purpose of root cause analysis in analyzing the performance against planned objectives?
e) Explain in a paragraph what is process mapping and why is it a valuable tool?
Question 8: Scenario
Living outdoors is a furniture manufacturer supplying outdoor furniture products at the premium end of the market. The company has been in business for over50 years. It has always relied on the processes and works methods it has had in place for all those years, and a steady stream of customers for its expensive products. However, a number of factors are driving down the success of the company, such as the current poor economic climate, new employees not being as well trained as in previous years, and a lack of modern technology for production and customer service staff. These factors mean that production values are slipping and sales are decreasing.
In the last four months, the variance between actual sales and forecasted sales has reached an unfavourable variance of 15%. Many of the management staffs have been with the firm for 20 years or more. There has never been a rigorous continuous improvement process in place, as the company has always relies on its reputation for success.
Imagine you have just been hired as a manager at living outdoors. You have been asked to review system process and work methods to identify opportunities for improvement.
a) Explain in a paragraph how you would utilize process improvement tools and techniques, in line with Deming’s PDCA cycle, to ensure continuous improvement. Provide possible examples for each stage of the cycle.
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b) Describe a range of appropriate coaching of raining opportunities to help develop staff that underperforms, either in your workplace or at living outdoors. For each strategy, explain how this will improve specific staff performance.
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BSBMGT617 Develop and implement a business plan Assessment Task 1 – Marking Checklist
Assessment Specification Satisfactory
Yes No
Did the Student submit the required assessment in the specified timeframes?
Did the Student meet the following requirements: Satisfactory
Yes No
why it is critical to evaluate the organisation’s strategic plan when developing a business plan
Steps to develop measurable business objectives
Steps to developing a business plan
Why it is important to continually review the market
Build a customer profile
Consult with key stakeholders when developing or revising a business plan.
Developing a draft business plan
Process to test the performance measurement system
Importance of reporting timeframe
Financial and non-financial information in the report
Methods to communicate in the business plan
Information session to communicate the business plan to staff
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Did the Student meet the following requirements: Satisfactory
Yes No
staffs have the skills to implement the business plan and meet
performance measures
Process to recover when a system is not working well?
The value of variance analyzing performance against planned objectives.
Three reasons why there may be a favourable variance and three reasons for an unfavourable variance.
Regularly review objectives and performance indicators
The purpose of root cause analysis in analyzing the performance against planned objectives
Process mapping and why is it a valuable tool
Process improvement tools and techniques in line with Deming’s PDCA cycle to ensure continuous improvement
Range of appropriate coaching of raining opportunities to help develop staff that underperforms
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Assessment Task 1.

Question 1:
a) It is critical to evaluate an organization’s strategic plan when developing a business plan because a strategic plan provides the overall direction and goals of an organization, while a business plan outlines the specific actions and steps that need to be taken to achieve those goals. A business plan that is not aligned with the organization’s strategic plan may not be effective in achieving the organization’s long-term goals.

b) To develop measurable business objectives, it is important to use the SMART framework, which stands for Specific, Measurable, Achievable, Relevant, and Time-bound. This framework ensures that objectives are well-defined, quantifiable, realistic, aligned with the organization’s goals, and can be accomplished within a specified timeframe.

c) The five key steps for developing a business plan are:

Conducting market research and analysis
Developing a marketing strategy
Defining the organizational structure and management team
Developing financial projections and budgets
Creating an action plan and implementing it.
d) Continually reviewing the market is important because markets are constantly changing. It is essential to stay informed about market trends, customer preferences, and competitors’ actions to stay competitive and adjust the business plan accordingly.

e) To build a customer profile, it is important to gather data on customers’ demographics, preferences, behaviors, and needs. This can be done through surveys, interviews, focus groups, and market research.

f) Consulting with key stakeholders when developing or revising a business plan is essential because stakeholders have a vested interest in the success of the organization. Their input can provide valuable insights, perspectives, and ideas that can help refine the business plan and ensure its effectiveness.

Question 2:
After reviewing the Lifestyle Architects Business Plan, it appears to be current and includes all sections that should be present in a business plan. The strengths of the plan include a clear description of the business, a well-defined target market, a detailed marketing strategy, and realistic financial projections. However, the plan could benefit from more detailed analysis of market and customer trends, as well as a more comprehensive risk management plan.

Question 3:
a) To test a performance measurement system, it is important to ensure that the system aligns with the organization’s goals and objectives, uses appropriate metrics to measure performance, provides accurate and timely data, and allows for ongoing monitoring and evaluation. It can also be helpful to conduct pilot tests and gather feedback from stakeholders to refine the system.

b) It is important to get reports on all key aspects of the business to the relevant people within appropriate time frames to ensure that everyone has access to the information they need to make informed decisions and take appropriate actions. This can improve overall performance, productivity, and accountability.

c) Reports should have a balance between financial and nonfinancial information because both types of information are essential for understanding the organization’s overall performance. Financial information provides data on revenue, expenses, and profitability, while nonfinancial information provides insights into customer satisfaction, employee engagement, and other important factors that impact the organization’s success.

Question 4:
a) To communicate the business plan to all staff, it may be appropriate to use a combination of methods, such as an all-staff meeting, departmental meetings, email communication, and training sessions. These methods can ensure that all staff members are aware of the performance requirements and timeframes for meeting objectives.

b) To prepare for the session in which the business plan is communicated to staff, it may be helpful to prepare a summary of the plan, create visual aids, such as slides or handouts, and anticipate potential questions or concerns that staff members may have.

Question 5:
To ensure staff have the skills to implement the business plan