Reference no: EM133649730

Develop and Implement Business Plans

Assessment Task 1: Knowledge questions

Provide answers to all of the questions below:

Question 1. Outline three reasons why a company may choose to develop a business plan.

Question 2. Identify the key steps involved in developing a business plan (at least four).

Question 3. List five common components of a business plan.

Question 4. Outline three areas that the initial business planning process may address.

Question 5. Describe the purpose of a SWOT analysis in a business planning process.

Question 6. Explain the relationship between performance objectives and key performance indicators in a business plan.

Question 7. Explain why it is important for a business to use a range of performance measures within its business plan.

Question 8. If a business plan has an objective of improving customer satisfaction, identify three performance measures that could be used to measure customer satisfaction.

Question 9. Identify key stakeholders who may be involved in business planning and explain how they are involved.

Question 10. Explain the importance of pre-existing strategic, business, and operational plans to the development of a newbusiness plan.

Question 11. Explain why it is important to understand a business' vision, mission, values and objectives when developing a business plan. Give an example to illustrate your answer.

Question 12. Describe at least three regulations/permits requirements/licence requirements to consider when initiating a new business activity that may require a permit or licence

Assessment Task 2: Project Portfolio

Activities
Complete the following activities:

Step 1. Carefully read the following:
This project requires you to develop and implement a business plan. As part of the assessment you, you will:
• analyse and research the aspects of your business relevant to the business plan
• write a business plan
• implement the business plan
• monitor, evaluate and respond to performance relating to the business plan.

If you are using the case study business, all relevant information for you to complete this assessment can be found in the Simulation Pack.
If you are basing this assessment on your own choice of business or work area, make sure you have access to all required information (read through the requirements in the green boxes below for further information). Speak to your assessor to get approval if you want to base this on your own business.
You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below. Before you begin, complete page 4 of your Project Portfolio.

Step 2. Plan to develop abusiness plan.
Research and analyse your business in preparation for developing a business plan. To do this, you need to:
• describe the legislative and regulatory requirements relevant to developing your business plan and explain how they are relevant to your role
• describe the organisational requirements relevant to developing your business plan, including:
o pre-existing strategic, business and/or operational plans
o existing business vision, mission, values, objectives, goals, financial targets, management arrangements, marketing strategies and pricing structures
o other organisational requirements (such a templates etc.)
• research the market requirements for your business' products/services/programs (include mathematical information in your research)
• research information relevant to the competitors of your business and business plan (include at least one competitor and include mathematical information in your research)
• research other industry-related information
• analyse your business and its objectives (consider the research you've done on the vision, mission, values, objectives, goals, competitors, financial targets, management arrangements and marketing approaches).

Examples of mathematical information related to the market and competitors may include:
• price options for products or services
• labour costs
• resource costs
• number of competitors
• percentage market share of competitors
• number of customer reviews and ratings.

Step 3. Propose performance and productivity targets.
Propose performance objectives and measures for three key aspects of your business (include at least one financial indicator such as revenue).

Examples of key aspects include:
• staffing
• logistics
• manufacturing
• financial processes
• marketing
• customer care
• social responsibility.
Make sure you have answered all questions in Section 1. Submit to your assessor for review.
You are also required to attach certain documents as part of your evidence - review the documents you need to attach as outlined in Section 1 of the Project Portfolio and make sure you attach these when you submit this section.

Step 4. Develop performance objectives and measures in consultation with others.
First, identify who you will meet with and describe how you will lead, facilitate, and influence the discussion.
Schedule the meeting by adding it to your Calendar and send a meeting invite to the attendees.

If you are using the case study business, you will meet with the two Owners of the business and the Administrative Manager.
Meet with at least two stakeholders to develop and agree on performance objectives and measures of your business plan. These must include productivity and performance targets for at least three key result areas (you must include at least one financial indicator in your agreed performance targets).
First, present your proposed key aspects of business and related productivity and performance targets to the meeting attendees (proposed in step 3 and Section 1 of the Project Portfolio), then seek their input to reach an agreement on the final targets.
As part of the meeting, you are required to demonstrate your ability to:
• lead a team
• facilitate group interaction
• influence the direction of the outcomes of the meeting
• present information/seek advice (using appropriate language, listening to the views of others, asking questions to clarify and confirm understanding).

This meeting should take 20 to 30 minutes.
If you are basing this assessment on your own business, this meeting may take place with actual people who work for/are associated with your chosen business. Alternatively, your assessor may play the role of one or more team members. Speak to your assessor if you require a role-play interaction.
If you are using the case study business, you will participate in this meeting in a round-table type discussion. First, each student will have a chance to summarise their proposed productivity and performance targets. Then, each student will have 5 minutes to lead the meeting in the role of the Operations Manager while the other students play the roles of the two Owners and Administrative Manager. At the end of the meeting, all role-play participants must agree on the productivity and performance targets of the business plan, including financial indicators.
This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated. If this session is not viewed in person by your assessor, you will attach proof of the meeting to Section 2 of your Project Portfolio.
After your meeting, summarise the business plan performance and productivity targets agreed to during your meeting.

Step 5. Develop a business plan.
Develop a written business plan (for at least three years) that includes:
• a description of the business, including current products, services or programs and its strengths, weaknesses, opportunities, and threats.
• key business aspects to be addressed and the products/services/initiatives that will support the key aspects
• agreed performance objectives and measures (including financial indicators) of key aspects of your business and how they will be measured
• financial, physical, and human resource requirements (including the skilled labour requirements)
• regulatory requirements
• marketing strategy.

Skilled labour involves work that requires skills that have usually been trained for, such as Trainers, Accountants, Mechanics, Project Leaders, Human Resources personnel etc.
The text of your business plan should be in grammatically correct English, written in an appropriate (polite, business-like) style.
Use the template provided in the Project Portfolio. However, if your business has its own template, use that instead.

Step 6. Communicate the business plan.
Draft an email to relevant stakeholders (those you met with in step 4) to communicate the business plan to them. In your email, summarise the contents of the business plan.

You may assume your business plan is attached to the email.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

Step 7. Confirm that skilled labour is available to implement the plan.
Access relevant information to confirm that skilled labour (identified in your business plan) is available for the plan to be implemented.

If you are using the case study business, you are required to view the staff list. Highlight the available skilled labour.
Make sure you have answered all questions in Section 2. Submit to your assessor for review.
You are also required to attach certain documents as part of your evidence - review the documents you need to attach as outlined in Section 2 of the Project Portfolio and make sure you attach these when you submit this section.

Step 8. Report system failures or variances promptly.

Assume that your business premises and/or staff have been exposed to COVID-19 and you have been required to shut down and isolate for two weeks.
Report the variance to all relevant people promptly, indicating what your response to the situation is.

If you are using the case study, your cleaning staff were exposed to COVID-19 while attending an informal work function at a nearby restaurant. Draft three emails showing a prompt response to the situation. The first email should be to all customers to explain the situation, apologize for the inconvenience and offer a goodwill gesture (such as a discount or a free carpet clean). The second email should be to the Directors to explain the situation and outline your communication strategy. The third email should be to the cleaning staff to empathise and help if required.

Step 9. Report on key aspects of the business.
Write a report on the business' performance. In your report:
• summarise the business performance
• evaluate the key aspects of your business against the planned objectives
• review the performance indicators in your business plan (identify at least one change)
• evaluate the legislative compliance of your business
• identify underperformance of staff members
• analyse the strengths and weaknesses of the business plan
• identify any variations required to the business plan (at least one).
• establish ongoing review processes.

Use the template provided in the Project Portfolio. However, if your business has its own template, use that instead.

Step 10. Update your business plan to address variances and refine performance indicators.
Update your business plan to address at least one variance and to refine the performance indicators.

Base your update on the outcomes of your report in step 9.
Highlight the changes.

Step 11. Share your report and updated business plan with relevant stakeholders.
Draft an email to relevant stakeholders (those you shared your original business plan with) to communicate the Updated business plan to them and share your report (from step 9).

You may assume your business plan and report are attached to the email.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

Step 12. Test your performance measurement systems and refine if required.
Select one performance measurement system outlined in your business planand test it by completing the checklist in the Project Portfolio. If required, refine the system.

Base your responses to the checklist on your evaluation in the Report of Key Aspects of your business.
If you are using the case study, you are required to test the Job Description of the Marketing Assistant for its accuracy and completeness. Make necessary changes.

Step 13. Address underperformance.

You have already identified an underperforming staff member in step 9.
Meet with the underperforming staff member and provide them with coaching to address their underperformance. For example, if the staff member is hesitant to interact with certain customers, coach them by providing role play scenarios to show them how to approach the customer and allow them a chance to practice with you being the customer.

This coaching session should take 10 minutes.
This meeting may take place with an actual person who works for/is associated with your chosen business. Alternatively, classmates or your assessor may play the role of an underperforming staff member. This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated. If this session is not viewed in person by your assessor, you will attach proof of the meeting to Section 2 of your Project Portfolio.

Step 14. Submit your completed Project Portfolio.
Make sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary. Remember to submit all necessary attachments as indicated.