BSBMGT617 Develop and Implement a Business Plan

Task:

Question 1

Identify five (5) common components/ sections of a business plan. Student response must include any five (5) of the following dot points: 

Executive summary 

Business profile 

Market analysis 

Marketing Plan

Risk Management Strategy

Operating Plan

Management and staff plan

Finance plan/ Budget 

Question 2

Discuss three (3) areas that a business planning process may address. Student response must include any three (3) of the following dot points: 

Review of current situation of the business through an analysis of, for example, profitability. 

Review of industry trends to identify business opportunities 

Review of competitors to identify business opportunities 

Review of current business performance to see if there are opportunities for growth

Plan for future development and growth

Question 3

Discuss the four (4) key steps in developing a business plan. Student response must include each of the four dot points: 

Creating an outline for the business plan that shows the main components of the plan.

Write the plan according to the outline developed. This will also include conducting research.

Review the plan in consultation with key stakeholders and incorporate any feedback.

Finalise the plan ready for implementation. 

Question 4

Identify three (3) key stakeholders who may be involved in business planning. Student response must include any three (3) of the following dot points: 

Company Director 

Company Shareholder 

CEO 

Management team 

Customers/ Clients 

Suppliers 

Question 5

Describe three (3) performance objectives of a business plan. 

Student response must include any three (3) of the following dot points: 

Communication 

Quantity 

Quality 

Timeframes 

Efficiencies 

Dependability 

Flexibility 

Costs 

Question 6

Describe three (3) performance measures that could be used to measure customer satisfaction. Student response must include any three (3) of the following dot points: 

Customer retention – the time period for customer retention could be varied. 

Satisfaction of customers on a number of aspects and overall satisfaction 

Number of complaints received during a specific time period

Conversion rate from leads to sales 

Satisfaction improvement – how was customer satisfaction improved over time. 

Question 7

List three (3) benefits of using key performance indicators in the business planning process. Student response must include any three (3) of the following dot points: 

Goal measurement

Vital and reliable information about the business

Snapshot of overall business performance

Educating the business at all levels

Bring about improvement and growth.