Reference no: EM132996284

BSBMGT617 Develop and implement a business plan

Assessment 1 - Written Questions

1 Briefly outline processes you would use for developing business plans. Your response should be in no more than 200 words.

2 Briefly describe the following performance objectives and measures, and provide two examples of each:
• Efficiency measures, including unit cost and productivity
• Input measures
• Outcomes measures

3 Briefly describe Lag and Lead indicators used in the workplace to measure performance against objectives. In your response, you must provide at least one example for each and explain which indicator may be better. Your response
should be in no more than 150 words.

4 Give two examples each of quantitative and qualitative measures of performance.

5 What is a Key Performance Indicator? Give an example of a KPI a restaurant business should monitor.

6 Explain how Benchmarking helps a business. Your response should be in no more than 60 words.

7 How will you implement and test a performance system? Mention 5 points.

8 Identify any 3 external and 3 internal stakeholders you should seek input from when developing a business plan.

9 How can the following stakeholders of your business provide consultation to you in preparing a business plan? You must mention one way each stakeholder can help.

Assessment 2 - Project 1 - Prepare a draft business plan

Pesto's is a new medium-sized restaurant located in Brunswick in Victoria. As part of the business planning process, the Chef Mario has prepared the outline above, but he has been too busy to actually prepare a business plan.

You have recently been appointed as their General Manager. The business owner has asked you to prepare a business plan for them. To assist you, he has provided you with an outline of a business plan that he has prepared.

Part A: Analyse information provided in the outline of the business plan

This is a simulated task.

You will need to work with the information provided and play the role of the General Manager of Pesto's.

Your first task as the General Manager is to analyse the outline of the business plan that Chef Mario has provided to you.

A. In the space below identify at least four weaknesses in the existing outline of the business plan that you were given.

B. This outline demonstrates some strengths. Identify at least three strengths.

C. Make notes on summarising the key information you will need to consider when writing the business plan for Pesto's.

Part B: Role play - Participate in a Role play discussion with business owner

This is a simulated task. You must:
• Make an appointment with your assessor for a discussion.
• Your assessor will organise the setting for the role play on the agreed date and time.
• Your assessor will play the role of the business owner/ organise for a volunteer to play the role of the business owner.
• During this session, you must contribute your analysis of the business outline and highlight the strengths and weaknesses.
• Based on your analysis, you must ask the business owner for their inputs on:
o a suitable business vision statement
o a suitable mission statement
o financial objectives performance indicators benchmarks for the new business, such as sales figures, personnel costs, break-even point, etc.
o non-financial objectives and performance indicators benchmarks, such as customer satisfaction, performance and productivity
• During/ after the session, you must make notes of the information you have gathered from the consultation in the space given below.
• You must submit these notes with your assessment.

Part C: Prepare a draft business plan for approval

This is a continuation of the simulated Part B, and you are to develop a draft business plan for Pesto's Restaurant, as you would for a real company. You should base your plan on the information provided to you in the scenario for Assessment 2 Part A, and where required you are to use imaginary but reasonable information.

• Include the following information:
• Executive summary - a half-page overview written after your business plan is finalised
• Description of the business (you would need to insert some imaginary details, as this is a simulated activity)
o Business details: General details about the business

o A vision statement which briefly outlines the overall goals for the business

o A Mission Statement

o Registration details including a list of all required licenses and permits

o Business premises, registrations and license required

o Organisation chart: staff hierarchy and the positions you need to fill in the recruitment process

o Management and owner ship: Who owns the business and if more than 1 person the % shares between all owners

• Products/services: What you sell
• Insurance required for the business
• Laws that affect business policies and procedures
• A S.W.O.T. analysis: Research and review the market
• Review of market requirements for the product or service, profile customer needs and research pricing options
• Research competitors and review pricing structures for the business
• Target market and marketing strategy summary and 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, identify the advertising methods you will use)
• Financial, human and physical resource requirements
o Financial resources: 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?

o Key personnel: staff / human resource requirements for the business

• Productivity and performance targets for key result areas of the business

o Two performance measures for financial management:

» Expenses actual to projection

» Income actual to projection

o Two performance measure for marketing strategy

o Two performance measures for customer satisfaction

o Two performance measures for sustainability

o Plan of how you would test the performance measurement systems, including:

» Acceptable levels of variance to planned objectives (where applicable).

» The timeframe for each report - how frequently reports will be completed?

» What benchmarking will be used?

» Who the key stakeholder will be for each report?

You may use the Business Plan Template and guide provided in Appendix A.

Assessment 3 - Project 2 - Prepare, implement and monitor the finalised business plan

Part A: Present the draft plan for approval

You are the General Manager of the company and have prepared a draft business plan according to your brief in Assessment 2.

You are to present the draft business plan to a team of stakeholders, whom you must collaborate with to gain approval for the plan.

In this assessment, you are required to actively facilitate effective group interaction, influence direction, and taking a leadership role.

Your assessor will record and assess your presentation and the resulting discussion/consultation against the criteria in the Role Play Observation Checklist.
• Your assessor will allocate a team of classmates to act as a team of key stakeholders, such as business partner, financier, staff member and technical adviser.
• The aim of the consultation/discussion is to gain their approval for the plan.
• You must seek their advice, listen actively and question them to clarify or elicit information.
• You must review and prioritise change requirements or opportunities with them and make a note of their inputs, any changes suggested.
• At the end of the presentation you should provide any clarification your stakeholders may require and summarise the proceedings and discussions of the meeting.
• You must ask the stakeholders if they are satisfied with the plan and ask for their formal approval.
• You must take notes during the role play, and submit these to your assessor during Part B.

Part B: Prepare the final draft of the business plan

Once the business plan is approved (or conditionally approved subject to changes), prepare the final draft of the business plan, incorporating all relevant feedback from the stakeholders. You must use the notes you prepared during Task 1 to complete the business plan.

Part C: Implement and monitor the business plan

This is a continuation of the simulation in Part A and Part B.

• Prepare a plan for implementing and monitor the business plan you developed Task 2.
• Your plan must include actions, responsibilities on staff and date/time periods.
• It must include the following tasks/ actions:
o Checking of performance of plan against indicators
o Reviewing of performance indicators and refining if necessary
o Ensuring skilled labour is available
o Testing and refining the performance measurement systems
o Ensuring timely reporting on all key aspects of the business
o Ensuring business reports are user-friendly
o Ensuring a good balance of financial and non-financial performance in the reporting
o Reporting system failures, product failures and variances to the business plan as they occur
o Analysing performance reports against planned objectives
o Implementing continuous improvement through review of processes and work methods

Assessment 4 - Project 3 - Report, analyse and review business performance

Scenario
The business has now been running for 6 months and you have conducted a customer and staff survey as per your monitoring schedule.

You have investigated the reasons for the results above, and the following issues have come to your notice:
• Customer survey results:
o Food served is not consistent in taste, portions and presentation
o Wait staff are not able to explain the dishes
o Bar service is slow at times- Sometimes drinks arrive after the food
o Food service is very slow and some customers have even cancelled orders and left the restaurant after complaining

• Staff survey/ consultation results:
o The head cook reports that some of their staff struggle to produce food as directed. He agrees that there should be a more systematic approach to training staff, particularly on using guidelines for serving, portion control and presentation. He also agrees that wait staff need coaching on how to make menu suggestions, describe dishes, etc.
o The bar manager agrees that he would benefit from some training on rostering staff. He also suggests that there should be better coordination between the back of the house and the front of the house, for planning the workflow and forecasting guest traffic more accurately, so that rostering is more efficient.

Part A: Prepare a continuous improvement plan

Read the above survey results and consider improvement measures for at least two problem areas, such as coordinated roster planning and staff training.

Prepare a continuous improvement plan using the template in Appendix C and plan information on the activity, how it will be achieved, the timeframe for completion, responsibilities and resources required.

Your continuous improvement plan should include measures to ensure groups and individuals contributing to under-performance are coached and trained.

Part B: Report system failures, and variances to the business

Write a brief report for the owners reporting system failure and variances to the business. Your report must cover the following:
• analysis of performance reports against planned objectives
• the review processes you have followed
• analysis of failures in communication, planning, reporting and training
• brief description of the continuous improvement plan you have prepared, including how you will ensure groups and individuals contributing to under-performance are coached and trained

Part C: Analyse and review performance reports

Conduct investigations into each of the financial and non-financial performance data and write a brief report for the owners reporting system failure and variances to the business. Your report must cover the following:
• analysis of financial and non-financial performance reports against planned objectives
• comment on the suitability of performance indicators and what changes might be required to achieve organisational goals such as lowering or increasing the benchmark levels to ensure more realistic and achievable objectives.
• recommend performance improvement strategies

Attachment:- Develop and implement a business plan.rar