Business Finance - Management assignment subject 3

Student name:

Assessor:

Date:

Business this assessment is based on:

Role assumed to complete this assessment:

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 your Business 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 your research/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 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)

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 researched in 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?

Attach:

Existing plans/organisational requirements

Proof of competitor, market, and industry research

Section 2: Developing a Business Plan

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.

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 Plan for:

[Name of Business]

Duration of Plan

20XX – 20XX

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?

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).

Attach:

Meeting (if not viewed in person by your assessor)

Business Plan (if different template was used)

Section 3: Implementing and monitoring a Business Plan

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

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

Assume a period has passed and your Business Plan has been implemented. Your assessor will have provided you with simulated information to monitor, review and evaluate your Business Plan.

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 Plan for:

[Name of Business]

Duration of Plan:

20XX – 20XX

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?

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.

Checklist for [Performance measurement system]

Yes

No

Is the system accurate and fair?

Does the system assist in measuring performance?

Is the system comprehensive?

Does the system adhere to legislative requirements?

Does the system disadvantage staff?

Refinement

Make any changes to the system (if required).

Coach underperforming staff

Unless already viewed in person by your assessor, attach proof of a coaching session to this section of your Portfolio.

Attach:

Proof of reporting variances/failures (if screenshots have not been inserted)

Report on key aspects of Business (if your business has its own template)

Coaching session (if not viewed in person by the assessor)