Reference no: EM133643465

Develop and implement business plans

Assessment Task 1: Knowledge questions

Questions
Provide answers to all of the questions below:
1. Outline three reasons why a company may choose to develop a business plan.
2. Identify the key steps involved in developing a business plan (at least four).
3. List five common components of a business plan.
4. Outline three areas that the initial business planning process may address.
5. Describe the purpose of a SWOT analysis in a business planning process.
6. Explain the relationship between performance objectives and key performance indicators in a business plan.
7. Explain why it is important for a business to use a range of performance measures within its business plan.
8. If a business plan has an objective of improving customer satisfaction, identify three performance measures that could be used to measure customer satisfaction.
9. Identify key stakeholders who may be involved in business planning and explain how they are involved.
10. Explain the importance of pre-existing strategic, business, and operational plans to the development of a newbusiness plan.
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.
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

Information for students
In this task, you are required to demonstrate your skills and knowledge by working through several activities and completing and submitting a project portfolio.
You will need access to:
• a suitable place to complete activities that replicates a business environment including a meeting space and computer and internet access
• your learning resources and other information for reference
• Project Portfolio template.
• Simulation Pack (if using the case study) or a pre-existing Strategic Plan, business plan or Operation Plan (if using your own business).

Ensure that you:
• comply with the due date for assessment which your assessor will provide
• adhere with ASIA's submission guidelines
• answer all questions completely and correctly
• submit work which is original and, where necessary, properly referenced
• submit a completed cover sheet with your work
• avoid sharing your answers with other students.

Activities
Complete the following activities:
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.
Vocational education and training is all about gaining and developing practical skills that are industry relevant and that can help you to succeed in your chosen career. For this reason, we are giving you the choice to base this project on your own business, one you work in or are familiar with, or you can use the case study provided. This will mean that you are applying your knowledge and skills in a relevant, practical and meaningful way to your own situation!
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.
Start working on Section 1 of your Project Portfolio. Steps 2 and 3 form part of Section 1.
If you are basing this assessment on your own business, you need access to at least one pre-existing Strategic Plan, business plan or Operational Plan. The plan should provide information about the business vision, mission, values, objectives, goals, financial targets, management arrangements and marketing approaches.

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.

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.

If you are using your own business, you need access to at least two stakeholders willing to participate in a meeting (step 4). These people must agree to their participation being viewed by your assessor (in person, online or via video recording). You also need information that allows you to confirm that skilled labour is available to implement your business plan (step 7). Information about the availability of skilled labour may for example be found in:
• existing work plans
• staff lists and work hours
• project plan
• information from recruitment agents.

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.
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.
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.

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.

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.

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.
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.
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.
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.

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.
As part of the coaching session:
• explain why coaching is needed (e.g., how is the person underperforming)
• ask the person if there are any reasons for their underperformance
• together, identify goals for coaching over a specified period (e.g., what you want to achieve at the end of three months)
• provide coaching to address underperformance (e.g., ask them to participate in a role-play with you demonstrating how to interact with difficult customers)
• provide constructive feedback on their performance during the coaching session (e.g., I liked how you nodded to show the customer you understand. Next time rephrase what the customer said to clarify you understand what they want...)
• set a time for the next coaching session.
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.

Project Portfolio

Section 1: Planning to develop a Business Plan

Provide an overview of your business
What is the name of the business?
What are the main products, services, or programs of the business?
Describe the legislative and regulatory requirements relevant to developing yourBusiness Plan (include at least one)
What is the legislation/regulatory requirements called?
How are the legislation/regulatory requirements relevant to your business and Business Plan?
How are the legislation/regulatory requirements relevant to you as you perform your role?
Describe the organisational requirements relevant to developing your Business Plan
What is the business' vision?
What is the business' mission?
What are the business' values?
What are the objectives and goals of the business?
What are the financial targets of your business?
What are the management arrangements/organisational structure of your business (use a diagram and/or words to answer)?
What is your business' current marketing strategies?
Describe the pricing structure of your business.
What are the requirements outlined in any pre-existing strategic, business, and/or operational plans?
Are there any other organisational requirements (such as a template etc.) that you need to consider when developing your Business Plan?
Attach proof of the existing plans/organisational requirements to this section of your portfolio.
Research the market requirements for your business' products/services/programs (include mathematical information in your research)
What does the market want?
What is an acceptable price point?
What are the quality expectations?
Are there opportunities for different quality/price point options?
What are other market requirements?
Attach proof of your research/information sources to this section of your portfolio (e.g., websites, surveys etc.).
Research information relevant to the competitors of your business and Business Plan (include at least one competitor and include mathematical information in your research)
Who are your competitors?
What are your competitors' business models/approaches?
What is your competitors' market position and brand awareness?
What are the geographic locations of your competitors?
What is the pricing of your competitor?
What is your competitors' sales channels?
Attach proof of yourresearch/information sources to this section of your portfolio.
Research other industry-related information
What are industry trends?
What are marketing trends?
Attach proof of your research/information sources to this section of your portfolio (e.g., websites, surveys etc.).
Analyse your businessand its objectives (consider the research you've done on the vision, mission, values, objectives, goals, competitors, financial targets, management arrangements and marketing approaches)
What are the strengths of your business?
What are the weaknesses of your business?
Are there any opportunities for improvement?
What are the existing or future threats to your business?
Note: You may use any method of analysis suitable to the information you researchedin addition to the questions above.
Propose performance and productivity targets
What are your proposed:
• key aspects of business to focus on in the Business Plan (at least three)?
• productivity and performance targets (including at least one financial indicator such as revenue) related to the key aspects?

Section 2: Developing a Business Plan
Complete the next section before meeting with relevant stakeholders.

Plan to meet with relevant stakeholders (at least two)
Who will you meet with?
How will you demonstrate your ability to:
• lead others
• facilitate group interaction
• influence the direction of the outcomes
• present information/seek advice?
Schedule meeting
Insert a screen shot showing the meeting in your calendar.
Insert a screen shot showing that the meeting invites has been sent to meeting participants.

Complete the next section after you've met with relevant stakeholders.
Note: If your meeting was not viewed in person by your assessor, attach proof of the meeting to this section of the portfolio.
Performance and productivity targets.
Summarise the agreed performance objectives and measures for your Business Plan.
What are the agreed key result areas (at least three)?
What are the agreed productivity and performance targets (include at least one financial indicator such as revenue)?

Business Description
Describe the business and the environment it operates in. What are the current products, services and/or programs offered by the business? What are the strengths, weaknesses, opportunities and threats for your business?
Products, services and/or initiatives
Which key aspects of the business does this Business Plan focus on?
Describe the desired products, services and/or initiativesthat will support the key aspects.
Productivity and performance objectives and measures
What are the performance and productivity targets(including financial indicators) to address the key aspects?
How will the targets be monitored and measured (i.e., what is the performance measurement system for the target)?

Resource requirements
What financial resources are required for the Business Plan to be implemented?
What physical resources are required for the Business Plan to be implemented?
Which human resources are required for the Business Plan to be implemented (including at least one skilled labour requirement)?
Regulatory requirements
What are the regulatory requirements for the Business Plan and its related operations?

Marketing strategy
What marketing strategy will you follow to achieve your Business Plan?

Implement the Business Plan.
Communicate the Business Plan
Insert a screen shot of your draft email to relevant stakeholders.

Confirm that skilled labour is available to implement the plan
How have you confirmed that skilled labour is available?
Attach proof of your confirmation (e.g., highlighted work schedule and staff list).

Section 3: Implementing and monitoring a Business Plan

Report system failures and variances promptly.
Report the variance to all relevant people promptly
Insert a screen shot of how you reported the variance to all relevant people (or attach as proof to this section of your portfolio).

Report on key aspects of the business.
Report on key aspects of business for
[Business Name]
[Date]
Summary of business performance
What are the business results?

Evaluation of results
How have key aspects performed against the performance and productivity objectives?
Performance indicators
Are the financial indicators realistic and achievable?
Are other performance indicators realistic and achievable?
What changes do you suggest (at least one)?

Legislative compliance
How have legislative and regulatory requirement been adhered to?
Underperformance
Are any staff members underperforming?
Which areas do they need to improve in?

Strengths and weaknesses of the Business Plan
Identify any strengths and weaknesses of your Business Plan.
Variations
Summarise any variations required to the Business Plan (at least one).
Review Processes
Establish ongoing review processes for the Business Plans.

Business Description:
Describe the business and the environment it operates in. What are the current products, services and/or programs offered by the business? What are the strengths, weaknesses, opportunities, and threats for your business?

Products, services and/or initiatives
Which key aspects of the business does this Business Plan focus on?
Describe the desired products, services and/or initiatives that will support the key aspects.

Productivity and performance objectives and measures
What are the performance and productivity targets (including financial indicators) to address the key aspects?
How will the targets be monitored and measured (i.e., what is the performance measurement system for the target)?

Resource requirements
What financial resources are required for the Business Plan to be implemented?
What physical resources are required for the Business Plan to be implemented?
Which human resources are required for the Business Plan to be implemented (including at least one skilled labour requirement)?
Regulatory requirements
What are the regulatory requirements for the Business Plan and its related operations?

Marketing strategy
What marketing strategy will you follow to achieve your Business Plan?

Share report and Business Plan.
Draft an email to share your report
Insert a screen shot of your draft email to communicate the Updated Business Plan and share your report.