List the stakeholders of business

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Reference no: EM132835328

1. Imagine you have just bought an existing business (it could be a takeaway shop, service -hairdressing, childcare, plumbing or any other small business.) in a busy location. Your plan is to restructure the business entirely and start with a fresh new set up. The available capital with you is limited, so you have decided to go for a business loan. While applying for a bank loan, the bank manager has asked a business plan. Now, you have to prepare structured business plan to achieve your goal.

Start preparing a miniature (short) business plan which will eventually help to design a full business plan. Use the following points;

a) A short description of your business (size, location, staffing and key operations)

b) Review and make changes to previous owner's plan

c) Identify mission, vision, and goals of business

d) List the stakeholders of your business and how to consult them

e) Provide examples of performance objectives that you could develop through consultation with key stakeholders.

f) Market information, competitors activity and a brief marketing/promotional plan

g) Human and physical resource requirements of your business

h) How you would like to finance your business

i) License or permit requirements

Discuss the ways in which the organization can communicate the plan and the implementation strategies to the stakeholders. The students may use a communication plan template (mention 5 different stakeholders) as below,

How would you ensure the supply of skilled labor to your business? (Hint: discuss recruitment and training plan, also you may add special bonus and incentives plan to retain quality staff)

2. Once the business plan is operational, it is important to know the measures that you have implemented are effective and monitor the performance successfully.

a. Develop a few key performance indicators for your business.

b. Explain why you would like to review them time to time.

c. After reviewing if you found any short-comings and discrepancies, how would you like to refine them?

3. Identify the financial and non-financial performance areas of your business.

4. How would you design reporting procedures for them?(in relation to Q5)

5. Suppose the first quarter has just finished and you want see a team-wise performance report of your business.

Design and prepare a sample performance report (in a format as shown) using the points below;

Plan goal/objective (eg. Increase sales or increase market share)
Departments/Division/Any specific team
Person or group responsible
Key actions undertaken /Programs planned
Current status/ Percentage of work done
Personal comments
Plan goal Department/Division
Plan objective Person responsible
Key actions Current status or accomplishments Comments
(Divide the whole plan into smaller objectives)

6. List the kind of failures and variances your business might experience in this case.

Reference no: EM132835328

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