COST benefit analysis
Costs that are applicable in the project and the benefits that are associated with it are as follows:
Risk occurs at different levels. It takes place in a certain time frame and also it helps to plan the response of the risks in the business. In this business, risks that might include are as follows:
Risks would be of the time as well as the cost which would be the major risk and people and resources as well as benefits are also the risk in this project in the initial stage. (Mitchell, 2011)
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Risk and cost analysis for major goals
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Reasons
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Required data and information
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Employees / Trainers
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To achieve the business goals by safe and proper monitoring.
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Trainer's trainees, their expertise, their approach and experiences, services towards clients.
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Infrastructure
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It is based on the facilities, VAS (value added services) and ambience of the centre.
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To attract more customers, to create, retain more customers.
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Locality
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Easy to reach, better connectivity and networks
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It should be environmental friendly, target group and best location.
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Loyalty
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Expected outcome from the idea selected
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Analysis of cost required and the achieved outcome.
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Services
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Services should be unique, differentiated and responsive to meet the clients need and requirements.
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Implementation of a plan as well as resources with proper analysis.
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Competitor
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Scope of improvements and opportunities
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Cost analysis and benefits associated with the competitor's analysis.
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The above mentioned analysis in terms of cost and risk to achieve the goals of the business will successfully help to reach the market. The company should analyse before applying the major financial budgets and other costs in their planning of the project implementation. The company should try to focus on the trainees and employees who have an expertise, idea and proper knowledge about the fitness and health program. Thus, safe and proper monitoring should be provided by the company to their trainers for effective session programs.
In the next phase of analysing the long term benefits by the company, the company need to focus on infrastructure. This is the major requirement as this helps to attract more customers, to create, retain more customers. It is based on the facilities that will be provided by the company to its customers and it would be the high VAS (value added services) and the strong ambience of the centre will help the customers to enter and to use this services. This will also bring the good word of mouth to the company and good reputation will build.
The company will attain benefits if they will focus on the good location where there will be target because for getting high return on investment, location is the major factor which comes in the mind of the customers and this should be based on proper connectivity where there is strong network and connection, environmental friendly etc.
Thus, to reach the level of huge benefits, the company need to be loyal and this requires high quality services, best expertise, trainers and better infrastructure from the company to the clients.
Thus to get huge benefits in the business, the business should be focus on providing best services which should be unique, differentiated and responsive to meet the clients need and requirements.
Cost analysis and benefits associated with the competitor's analysis and the company will need to analyse and need to focus on competitor's service and competitor's strategy so that it could help to reach the level of unique and differentiated services from the competitor's.