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Assessment Guidelines (BSBMGT617) DATE OF SUBMISSION 12/06/2020 Assessment task 1 Part (A) Submit a complete report, analysing the business plan of WorkChairs (Appendix 1). Words Limit 1500 Please follow the report format as mentioned below. 1) Executive Summary regarding your report 2) Introduction (WorkChairs) 3) Analysis (this is your part of analysis · Action plan · Business goals · Competitor analysis · Financing arrangements or financial targets · Management arrangements and/or personnel requirements · Marketing approaches · Product / services research and analysis · Compare strengths and weaknesses of the business plan. Part (B) i) Submit a completed business plan (No words limit) Review and analyse the information in the case study ‘Fast Track Couriers’ (see Appendix 2) and complete the following tasks: · Cover sheet · Executive summary · Table of Contents · Description of business · Business product / services · Marketing activity · Business operation · Management and Organizational structure · Personnel plan · Financial Plan - Forecasting · Physical Resources Plan · Risks (Risk Analysis) · Licensing and Permit requirements · Conclusion ii) Consult with key stakeholder (assessor) and document the outcomes of the consultation · Analyse and interpret business vision, mission, values and objectives embedded in the case study. · Consult with your assessor (assume your assessor as a key stakeholder) about the information essential for writing a business plan. Describe which consultation process you opted for this activity. Attach the outcome of the activity as evidence for consultation. · Review the marketing activity of the business. Discuss about the following in this section. · Market requirements for the product /service · Customer needs · Pricing options. · d) Consult with your assessor (the key stakeholder) about developing performance objectives and measures to monitor and evaluate the effectiveness of the business plan you will develop in the later steps. Use “Three Steps to monitoring and evaluating performance” for this task. Develop at least 2 financial and 2 non-financial performance objectives for this task. Assessment task (2) 1) Submit a presentation on The Business plan you created in Assessment 1. Please make presentation slides on the topics listed below. · The process you used to develop the business plan · Who are the key stakeholders? · What information will each person (position) require? · What are the relevant timeframes? · How will you communicate this information? · How will you ensure their understanding of their role in implementing the business plan? 2) A written report of 750 words on selection and implementation of performance management system to measure you selected financial and non-financial performance objectives. Executive Summary Introduction Analysis i) Selection of performance management system you will implement to measure both financial and non-financial performance objectives. You have developed in your assessment task 1. ii) To test financial performance objectives, use financial plan you developed in assessment 1. iii) You can select from the following performance management system: a. Review of variance b. Balanced scorecard Other requirements of the report which helps you to understand the ingredients of the evidence. · One report for selecting and implementing performance management system · Variance report for financial performance objective and Balance scorecard for non-financial performance objectives · One report for testing performance management system · Your report should cover all 4 points asked in Question 3. · report should be pitched at the appropriate level for the recipient · should be presented in a readable and logical format · should include graphs, charts or other methods of presenting data 3) Write a report of 1250 words on testing performance management system and refine, if necessary considering the following points: Executive Summary Introduction Analysis i) Acceptable levels of variance to planned objectives (where applicable). ii) The timeframe for each report – how frequently reports will be completed. iii) What benchmarking will be used. iv) Who the key stakeholder will be for each report. Other requirements of the report listed below. i) Acceptable levels of variance to planned objectives (where applicable). ii) The timeframe for each report – how frequently reports will be completed. iii) What benchmarking will be used. iv) Who the key stakeholder will be for each report. Assessment Task 3) Please review the case study ‘B&A Toy Warehouse’. Please answer a written response that addresses all questions in the assessment tool see page 16 and 17 for potential help. BSBRES401A Analyse and present research information Develop a business plan BSBMGT617 Develop and implement a business plan Session 1 Purpose of this presentation At the end of this session, you should be able to: review and evaluate pre-existing strategic, business and operational plans (if available) analyse and interpret business vision, mission, values and objectives consult with key stakeholders review market requirements for the product or service Purpose of this presentation (continued) develop performance objectives and measures identify financial, human and physical resource requirements for the business consider any permits or licences that may be required for new activity. 3 Internal uses for business plans Implementation of a new system, process or piece of equipment that requires a financial investment. To achieve growth targets. To increase market share. To ensure the ongoing profitability of the organisation. External uses for business plans To seek investors in a new business venture or existing business. To secure funds from a financial institution to purchase a business. To assist you with running your own business. To obtain a grant or regulatory approval. General content of a business plan The business objectives. How and when these objectives will be achieved. The resources required to achieve objectives. 6 Review existing documentation action plans to implement planned activities business goals competitor analysis financing arrangements or financial targets management arrangements and/or personnel requirements marketing approaches product or service research or analysis. 7 Key stakeholders May include: senior management teams business partners or financiers customers shareholders staff technical experts or advisors. 8 Consultation process Consultation may involve any of the following: meetings or interviews brainstorming sessions focus groups feedback sessions email communications newsletters. 9 Review market requirements What business are you in? Who are your target markets? What do your customers buy? What benefits do your customers think they receive from your products or services? 10 Market segmentation Demographic segmentation Grouping customers together by personal attributes such as: age sex education socioeconomic positioning. 11 Market segmentation Geographic segmentation Grouping customers together based on where they live and choose to buy. In most cases, customers choose to buy locally because of convenience, however, customers will travel to make a purchase for other factors, such as: quality availability price. 12 Market segmentation Benefit segmentation Grouping customers together based on the benefits the product or service provides to them. 13 Performance objectives and measures Performance objectives and measures may relate to: efficiency measures input measures such as employee time or dollars allocated outcome measures qualitative indicators, such as feedback from customers, effect on the wider market/competitors, staff reports quantitative indicators, such as numbers produced and sold, turnover, customer satisfaction ranking, lower staff turnover. 14 Monitoring and evaluating performance Decide on: what you will measure how you will measure performance how you will analyse the results. 15 Decide what you will measure What is most important to your organisation? expenses quality sales productivity customer satisfaction employee engagement. 16 Decide what to measure What is your business plan trying to achieve? business growth introduction of new products and services change in business direction regulatory compliance secure financial investment. 17 Determine how you will measure performance It can be useful to categorise focus areas into the following categories: time cost quality production growth. 18 SMART objectives Specific Measureable Agreed Realistic Time-framed. 19 Identify resources financial resources human resources physical resources. 20 The next step You should now: Complete all activities in Section 1 of the Student Workbook. Review any assessment requirements. Discuss any additional learning needs with your facilitator. Write a business plan BSBMGT617 Develop and implement a business plan Session 2 Purpose of this presentation At the end of this session, you should be able to: produce a document that is well written and structured, and contains accurate information about the business communicate the business plan to all relevant parties, to ensure a clear understanding of performance requirements and timeframes. Contents of a business plan Cover sheet Executive summary Table of contents Description of business Products/Service The market Operations Management Financials Risks Conclusion Appendices. Cover sheet The cover sheet to your business plan details: the business name the author/s or the business plan contact details of the author. Executive summary Your summary should, at a minimum, include an overview of: your business and structure what you are proposing why it will be successful what you need from the reader, e.g. if money, how much money? 26 Description of business What is your business? When did the business form? How was it formed? Who formed it and why? Why it will be successful? 27 Products and services The product/service you provide. How the product/service is supplied or distributed to the customer. The benefits your product/service offers. Any unique qualities of the product or service you provide. Where/how do you obtain your product – what are you supply arrangements? Supply issues or constraints. 28 The market You should describe: the structure of the market - who are the ‘main’ players? your competitors and how they compete with you market segments - who purchases your product/service and why do they choose you? trends price marketing plan. 29 Management Who are the management team involved in implementing the plan? Who are the support resources required to implement the plan? What are their roles and responsibilities? Where can you access additional expert support and guidance if required? 30 Financials Financial information may include: sources and allocations of funding financial plan or budget balance sheet profit and loss statement. 31 Risk When documenting risk, you should answer the following questions: What are the risks associated with implementing the business plan? What mitigants exist to reduce the likelihood of these risks having an impact? 32 Conclusion Your conclusion should summarise each of the key sections of your business plan, including: description of business products/services the market operations management financials risks. 33 Appendices Examples of appendices include: licences resumes of key staff credit information leases. 34 Communicating business plans A communication plan captures: who the audience is the message they will receive when this communication activity will occur how the message will be communicated (e.g. email, face-to-face, newsletter) who is responsible for communicating the message. 35 The next step You should now: Complete all activities in Section 2 of the Student Workbook. Review any assessment requirements. Discuss any further learning needs with your facilitator. Monitor performance BSBMGT617 Develop and implement a business plan Session 3 Purpose of this presentation At the end of this session, you should be able to: test performance measurement systems and refine if necessary ensure